Ideas for the Future Sample Clauses

Ideas for the Future. If anything is clear from the past fifteen years in the effort to adopt industry-standard master agreements, it is that the agreements must be sufficiently flexible to adapt to new situations and learning. As the market learns from court cases, changes in law, market disruptions, changes in technology, and evolving prac- tices, it becomes desirable from time to time to adapt master agreements for the changing times. We believe that the structure of IFXCO is uniquely positioned to allow for this. Because IFXCO is published in the form of Terms, the FX Committee can more easily publish enhancements, amendments, or supplements that take market developments into account. Such changes would be prospective in operation, so that existing Adherence Agreements would not be affected. If parties wished to incorporate a change, they could do so by exchanging a simple amendment to the Adherence Agreement. Some of the possible supplements have already been noted—there may be particular representations or covenants that are desirable in particular jurisdictions from a regulatory point of view. Alternatively, new types of transactions may come to be recognized. A new Annex could be published to apply to the dealings in such transactions. Thought will soon be given to whether a form of standard default notice or an update to the 1999 Collateral Annex is desirable. 122 FOREIGN EXCHANGE COMMITTEE 2005 ANNUAL REPORT One particular question concerns what relationship IFXCO will have to changes to the 1998 Definitions. Although there have been few, if any, changes to the main body of the 1998 Definitions, there have been several updates to the rate source definitions in Annex A to the 1998 Definitions. The Terms provide that the 1998 Definitions, as amended up to the date of the Adherence Agreement, shall be incorporated into the Terms. This provision would address changes to Annex A that take place after publication of the Terms, but would preclude revisions to the 1998 Definitions from automatically governing the relationship between the parties after the date they executed the Adherence Agree- ment. This approach is consistent with that taken to amendments to Annex A, which are applied as of their date of publication but not retroactively to outstanding trades (unless the parties otherwise agree). It is anticipated that, if the 1998 Definitions are updated in the future in a more substantive way, the Terms will be reviewed in light of these changes. It should also be noted t...