Template:M summ EUA Annex (d)(i)(2)

All tediously quotidian, largely-goes-without-saying stuff, until you stumble over subparagraph (B) like an inattentive trail-runner not noticing a tree-root.

So:

(A) you have to comply with the Scheme, and deliver from your Holding Account to the Receiving Party’s. (Quite why it matters whence the Allowances come we cannot say — a vague fretfulness about theft perhaps? — but ok; let’s run with it. The transfer is done once the Allowances hit the Receiving Party’s account (I know, I know: you don’t say.)

(B) Let’s skip (B) for a minute.

(C) If the Receiving Party has designated multiple Specified Holding Accounts — as to why a Receiving Party would have multiple accounts, let alone specify them for a single transaction we can provide no answer beyond basic bloody-minded perversity — but let’s just say — you start at the top and work your way down, if for some reason the first-named accounts are subject to some kind of disruption and the later ones are not — again, search us what might cause that — until you have delivered all of them. (If you get to the bottom unfulfilled, see Settlement Disruption Event and Suspension Event).

(D) If you deliver outside the normal window during business hours, your delivery is deemed satisfied at the next moment where a window on business hours opens. Workaday stuff that will be familiar with anyone who deals with the settlement of securities for a living.

But (B) — what this is getting at is harder to figure.