Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 196

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 196
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 escalations and effects thereof), hurricanes, volcanoes, tornados, floods, earthquakes, tsunamis, mudslides, weather-related events, epidemics, pandemics (including COVID-19), plagues, other outbreaks of illness or public health events, fires or natural or man-made disaster or act of God, including any worsening of such conditions 
 existing as of the date of the Merger Agreement; or                                                                                                                                                                                                                                                                                                                                                                           |

| (J) | any failure by Enfusion to meet, or changes to, internal or analysts’ estimates, projections,                                                                                                                                                      
 expectations, budgets or forecasts of operating statistics, revenue, earnings, cash flow or any other financial or performance measures (whether made by Enfusion or any third parties), any change in Enfusion’s credit ratings, or any change in 
 the price or trading volume of shares of Enfusion Common Stock (the underlying causes of such failures or changes in this clause (J) may be taken into account in determining whether a Enfusion Material Adverse Effect has occurred, unless such 
 underlying cause would otherwise be excepted by this definition);                                                                                                                                                                                  |

providedthat in the case of clauses (C), (D), (E), (F) and (I), any Effect may be taken into account in determining whether or not there has been a Enfusion Material Adverse Effect, but only to the extent such Effect has had or would reasonably be expected to have, individually or in the aggregate, a disproportionate adverse effect on Enfusion and its subsidiaries, taken as a whole, as compared to other similarly situated participants in the industry in which Enfusion and its subsidiaries operate, in which case only the incremental disproportionate impact or impacts may be taken into account in determining whether or not there has been a Enfusion Material Adverse Effect. “ Clearwater Material Adverse Effect” means any Effect that, individually or in the aggregate with all other Effects, that (i) would reasonably be expected materially impede, materially delay or prevent the Buyer Parties’ ability to consummate the transactions contemplated by the Merger Agreement or (ii) has had, or would reasonably be expected to have, a material adverse effect on the business, financial condition, assets, liabilities or results of operations of Clearwater and its subsidiaries, taken as a whole; provided, however, that none of the following (alone or in combination) will constitute or be taken into account in determining whether a Clearwater Material Adverse Effect has occurred or would reasonably be expected to occur pursuant to the foregoing clause (ii):

| (A