Template:M summ EUA Annex (d)(vi)

ISDA’s crack drafting squad™ to the max

Some of the more dismal drafting — outwardly innocuous, not having that “see if you can get through this tract without lashing out at nearby loved ones” vibe that characterises, say the regulatory initial margin credit support deed — but just lazy, fearful wordsmithing all the same, in a workaday provision, that should be uncontentious enough to invite unfussy, direct drafting.

For one thing, a Delayed Delivery Date is a sub-category of Delivery Date, so when you have said the latter you necessarily include the former: there is no need for that “Delivery Date or Delayed Delivery Date (as the case may be)” nonsense. Indeed, logically, one never needs to say, “as the case may be”: if the case isn’t, then it isn’t; if it is then it is. This puff of celery does nothing to advance matters.

What does this do?

This simply asks parties to an Emissions Transaction to make sure they have the necessary accounts set up with the European Registries and correctly configured so they can efficiently perform their settlement obligations. Have an account, add your counterparty’s account to your trusted list, and don’t behave like such a berk that you get thrown out of the system, of have your account frozen.