Change of Account - ISDA Provision
|
2(b) in a Nutshell™ (2002 ISDA edition)
2(b) Change of Account. Either party may change its standard settlement instructions by five Local Business Days’ notice before any Scheduled Settlement Date but the other party may make reasonable objections to such a change.
Note the new definition of Scheduled Settlement Date in the 2002 ISDA. And what happens if the recipient makes a reasonable objection, and for that matter what conceivably could be a reasonable objection? Who can say?