Template:EUA Annex Allowances to be Delivered

Allowances to be Delivered: Means, in respect of an EU Emissions Allowance Transaction that is:

(1) an Allowance Forward Transaction, a number of Allowances equal to the Number of Allowances; or

(2) an Allowance Option Transaction and in respect of an Exercise Date, a number of Allowances equal to the number of Options exercised or deemed exercised on that Exercise Date multiplied by the Option Entitlement.