definiens: means an effect which is materially adverse to th e Purchased Assets, taken as a whole, but will not include ( i ) any adverse effec t to the extent due to changes in conditions genera lly affecting ( A ) the pharmaceutical industry or ( B ) the economy, financial or securities markets or political, legi slative or regulatory conditions, taken as a whole, except in the case of effects referenced in clauses ( A ) or ( B ), to the extent such effects disproportionately impact the P urchased Assets, taken as a whole, as compared to s imilar assets of other companies 4 in the pharmaceutical industry, ( ii ) any adverse ef fect caused by the announcement of this Agreement a nd the pendency of any of the transactions contemplated he reby, ( iii ) any adverse effect due to legal or regu latory changes or other binding directives issued by a Gov ernmental Authority except for any such effects tha t disproportionately impact the Purchased Assets, tak en as a whole, as compared to similar assets of oth er companies in the pharmaceutical industry or ( iv ) an y adverse effect due to acts of natural disaster, w ar, armed hostility or terrorism