Insurance – Contract of insurance. The words 'including but not limited to any agreement entered into by the respondent and its lender to repay a loan' in an exclusion clause of a financial guarantee indemnity insurance policy were not able to be taken to be referring to a subsequent refinancing agreement for the respondent to repay loans. Accordingly, the Court of Appeal, Civil Division, dismissed the appellant insurance company's appeal and upheld the judge's decision that the exclusion clause had not covered any breaches of the refinancing agreement.