Company: CWAN
Filing Date: 2025-02-11
Form Type: S-4
Source: 0001193125-25-023759
Chunk: 194

Company: Clearwater Analytics Holdings, Inc.
Filing Date: 2025-02-11
Form: S-4
Chunk 194
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 together, from qualifying as a reorganization within the meaning of Section 368(a) of the Code; and |

| • |     | the ownership and tax classification of Acquirer and Merger Sub. |

123

Except as otherwise provided in the Merger Agreement, the representations and warranties contained in the Merger Agreement will not survive the Effective Time. Material Adverse Effect Some of the representations and warranties in the Merger Agreement made by Enfusion are qualified as to materiality or Enfusion Material Adverse Effect. For purposes of the Merger Agreement, “ Enfusion Material Adverse Effect” means any change, effect, event, occurrence, development, condition or fact (collectively, “ Effects”) that, individually or in the aggregate with all other Effects, that (i) would reasonably be expected materially impede, materially delay or prevent Enfusion’s 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 Enfusion 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 Enfusion Material Adverse Effect has occurred or would reasonably be expected to occur pursuant to the foregoing clause (ii):

| (A) | the negotiation, execution, announcement or performance of the Merger Agreement or the pendency or consummation                                                                                                                                           
 of the Transactions or the other transactions contemplated by the Merger Agreement (including, solely to the extent it relates to the foregoing, any loss of or adverse change in the relationship of Enfusion and its subsidiaries with their respective 
 employees, investors, contractors, lenders, customers, technology and other partners, suppliers, vendors or governmental authorities or other third parties related thereto); provided, that no effect will be given to this clause (A) for               
 purposes of the non-contravention representation or warranty made by Enfusion or the condition to Closing to the extent relating to such representation or warranty;                                                                                      |

| (B) | the identity of Clearwater or any of its affiliates as the acquiror of Enfusion, or any facts or circumstances                                                                                                                                     
 concerning Clearwater or any of its affiliates, including any communication by any of them regarding plans, proposals or projections with respect to Enfusion, its subsidiaries or their employees; provided, that no effect will be given to this 
 clause (B) or