... and no delegation is permitted without a corresponding registration ...
Joe, I came across this situation when a "thread leasor" associated a registry to the "thread leasor"'s client, and then declined to convey the registrant data to the registrar from which the "thread" was "leased". After discussion with ICANN General Counsel on the problem presented to a registrar when a domain was registered "by" the registrar (in fact by some form of reseller) but without the underlying registrant data (or proof of payment as that too is a required element, so equivalent for this purpose), communicated to the registrar of record, the conclusion was that the registration was invalid. So my guess is that delegation without registration will lead you, or whom ever wants to skate on that ice, to a similar awkwardness. YMMV, Eric