The Eleventh Meeting of the Executive Committee decided that promissory notes do constitute committable resources and that the deposit of a promissory note would be considered to be payment of a country's contribution to the Fund.
The Twelfth Meeting of the Executive Committee decided that arrears for 1993 and prior years should be paid in cash in accordance with the decision taken at the Eleventh Meeting of the Executive Committee on establishing promissory notes for payment of future contributions. However, in view of the difficulties experienced by countries with economies in transition in meeting their obligations, the Executive Committee decided to extend to them the facilities of payment of their arrears through promissory notes.
(UNEP/OzL.Pro/ExCom/12/37, para. 20).
Promissory notes would be encashed on a fixed schedule with the option of accelerated encashment on demand by the Treasurer in light of needs on a pro rata basis. If there was a need for an accelerated encashment, notes deposited prior to 1994 should be encashed before accelerated encashment of notes deposited in 1994 or after was required.
The scheduling of draw down from 1994 promissory notes would begin in 1995. If the notes deposited before 1994 were encashed in totality in 1994, the draw down from 1994 promissory notes could begin in 1994.
(UNEP/OzL.Pro/ExCom/11/36, para. 128).
(Supporting document: UNEP/OzL.Pro/ExCom/11/7).