DECLARATION OF APPROVED CAUSES OF LOSS
PURSUANT to section 21(1) of the Export Finance and Insurance Corporation Act 1991 (Cth) and a resolution of the Board, Export Finance and Insurance Corporation declares the following causes of loss to be approved causes of loss for the purposes of Part 4 of the Act:
(a) expropriation or confiscation of property;
(b) prevention or restriction of constructing, operating or dealing with property;
(c) damage to or loss of effective control over property caused by a war-like operation. (War-like operation includes any operation in the course of war (including civil war), terrorism, riot, civil commotion, revolution, insurrection, rebellion or any similar uprising);
(d) inability to transfer money to another country or convert money to another currency;
(e) breach of contractual obligations;
(f) inability to perform a contract due to external causes.
Export Finance and Insurance Corporation revokes all prior declarations of approved causes of loss to the extent to which they are applicable to it.
Dated and effective from this 3rd day of September 2004.
Executed as a deed
THE COMMON SEAL of EXPORT FINANCE AND INSURANCE CORPORATION was affixed in accordance with section 6(3) of the Export Finance and Insurance Corporation Act 1991 (Cth) in the presence of: __________________________
Name: Rizwan Akhund
Title: Senior Counsel
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__________________________
Name: Angus Armour
Title: Managing Director
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