I'll take a shot at it.
What Mr. Waugh indicated would make sense, in the sense that it's admissible and it may achieve what he wants to achieve, in a way. It's not going to achieve the point of reopening any clauses, since we know that requires the consent of the committee.
The way it has been spelled out would do what Mr. Waugh is looking for. That's pretty much all I can say on that.