Escalation of hostiities involving Philliphines, China and USA...

Escalation of hostiities involving Philliphines, China and USA has happened.
China has fired water cannon and done dangerous ship movements against a Philippine boat in the South China Sea on Saturday

US has considered this as "an armed attack":

"By Sunday, Manila’s main ally, Washington, condemned the Chinese actions and reiterated that it would meet its mutual defense treaty obligations with the Philippines.

“The United States reaffirms an armed attack on Philippine public vessels, aircraft, and armed forces — including those of its Coast Guard in the South China Sea — would invoke US mutual defense commitments under Article IV of the 1951 US Philippines Mutual Defense Treaty,” US State Department spokesperson Matthew Miller said in a statement."

https://edition.cnn.com/2023/08/07/asia/china-philippines-coast-guard-confrontation-south-china-sea-intl-hnk/index.html

This could be a reason for the underwriter to escape paying 500 000 AUD if the offering would appear to fail?
because of a major escalation in existing hostilities

"(s) (hostilities) there is an outbreak of hostilities (whether or not war has been declared) not presently existing, or a major escalation in existing hostilities occurs, involving any of the following:
...;(4) the United States of America;(5) the People’s Republic of China;..or(7) the Philippines;