definiens: means any event, change, occurrence, fact, development or effect that has had or would reasonably be expected to have, in dividually or in the aggregate, a material adverse effect on the prospects, business, condition ( financial or ot herwise ) or results of operations of the Group Comp anies, taken as a whole, other than any event, change, occurrenc e, fact, development or effect to the extent arisin g out of, attributable to or resulting from ( i ) general busin ess or economic changes or developments in any of t he industries in which the Group Companies operate, ( i i ) changes in regional, national or international p olitical conditions ( including any outbreak or escalation of hostilities, any acts of war or terrorism or any o ther national or international calamity, crisis or emergency ) or in general economic, business, regulatory, politica l or market conditions or in national or international financia l markets, ( iii ) natural disasters or calamities, i ncluding, for the avoidance of doubt, COVID-19 or other pandemics or epidemics, or ( iv ) changes in any applicable accoun ting regulations or principles ; provided, that in the ca se of each of the clauses ( i ) through ( iv ) set fort h above, only to the extent that any such event, change, occurrence, fact, development or effect has not had, and would not reasonably be expected to have, individually or in the aggregate, a disproportionate effect on the Gro up Companies relative to other companies in the Group Companies ’ industry )