[F11. The loan and grant components of this assistance shall be made available to Serbia and Montenegro in at least three instalments. Subject to Article 2, the first instalment is to be released on the basis of satisfactory implementation of the adjustment and reform programme of [F2the ] [F1Serbia and Montenegro under the present Extended Arrangement with the IMF.]
2.Subject to Article 2, the second and any further instalments shall be released on the basis of a satisfactory track record on [F2the ] Serbia and Montenegro's adjustment and reform programme, and not before one quarter after the release of the previous instalment.
3.The funds shall be paid to the National Bank of [F2the ] Serbia and Montenegro], and after the entry into force of a new Constitutional Charter, to the institution or institutions designated to take on the responsibilities of the National Bank of Yugoslavia for receiving funds in the context of this Decision.