(c) " Crown land " means land which is vested in the Borrower; (d) " First Loan Agreement " means the loan agreement (Trinidad and Tobago Electricity Commission Project) dated August 16, 19611 between the Territory of Trinidad and Tobago and the Bank; and (e) " First Loan "means the loan provided for in the First Loan Agreement.
Article II THE LOAN
Section 2.01. The Bank agrees to lend to the Borrower, on the terms and conditions in this Agreement set forth or referred to, an amount in various currencies equivalent to five million dollars ($5,000,000). Section 2.02. The Bank shall open a Loan Account on its books in the name of the Borrower and shall credit to such Account the amount of the Loan. The amount of the Loan may be withdrawn from the Loan Account as provided in, and subject to the rights of cancellation and suspension set forth in, the Loan Agreement; provided, however, that no withdrawals shall be made: (i) with respect to expenditures for dairy farming, until a dairy husbandry expert and dairy stockman schall have been employed in accordance with Section 5.01 (f) of this Agreement, and (ii) with respect to expenditures for pig farming, until a pig husbandry expert shall have been employed in accordance with the said Section. Section 2.03. (a) Except as the Bank shall otherwise agree, the Borrower shall be entitled, subject to the provisions of the Loan Agreement, to withdraw from the Loan Account: (i) such amounts as shall have been paid (other than for local currency expenditures) for the reasonable cost of the imported goods to be financed out of the proceeds of the Loan and, if the Bank shall so agree, such amounts as shall be required to meet payments to be made for the reasonable cost of such goods; and (ii) the equivalent of a percentage or percentages to be established from time to time by agreement between the Borrower and the Bank of such amounts as shall have been paid by the Borrower for the reasonable cost of all other goods to be financed out of the proceeds of the Loan and not included in the foregoing; provided, however, that no withdrawals shall be made on account of (i) expenditures prior to the date of this Agreement, or (ii) expenditures made in the 1 United Nations, Treaty Series, Vol. 426, p. 287. No. 8662
