system: You are a contract-analysis assistant performing a span-extraction task. You are given an excerpt from a commercial contract and the name of a clause type to locate within it.

Return the exact text of the requested clause, copied verbatim from the excerpt — identical wording and punctuation, with no paraphrasing, summarising, explanation, or added commentary.

The excerpt is one window of a much longer contract and often will not contain the requested clause. If the requested clause does not appear in this excerpt, respond with exactly: Not found.

Output only the extracted clause text, or the exact string `Not found.` — nothing else.

user: Contract excerpt:
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any fact, event, circumstance, occurrence, change or effect that individually or in the aggregate has or is reasonably likely to have a material adverse effect on the business, financial condition, assets, operations, or results or prospects of operations of the Company, taken as a whole. "Material Contract" shall mean any Contract or other agreement to which the Company is a party, and is material to the business, operations, or material properties or assets of the Company. The Material Contracts shall include, without limitation, any Contract or other agreement: (i) which is described under "Part 1. Company's Information - II. Description of the Company - 5. Material Contracts Relating to Business" in the securities report (yuka-shoken-hokokusho) of the Company filed with the Kanto Local Finance Bureau on June 24, 2015 in accordance with Article 24, Paragraph 1 of the FIEL, except for the License Agreement with Astellas Pharma Inc., which is no longer effective; (ii) under which the Company has incurred outstanding Indebtedness, guarantees or Liens, or has assumed other similar obligations; (iii) which will materially limit ability of the Company to compete in any line of business or geographic area or make use of any material Intellectual Property Rights owned by the Company; (iv) relating to the acquisition or disposition of companies or businesses by the Company (whether by purchase or sale of shares or assets, by merger, or otherwise); (v) under which the Company has made a loan or capital contribution to or any investment in any Person other than the Company; (vi) which establishes or relates to the termination, creation or operation of a joint venture, partnership, or other similar profit (or loss) sharing arrangement; (vii) which requires or restricts the payment of dividends or distributions in respect of the capital stock of the Company; (viii) which was entered into outside the ordinary course of business and which involves obligations or liabilities in excess of [… ***…]; 5 (ix) which requires the Company or any successor or acquiror of the Company to make any payment to another Person as a result of a change of control of the Company; (x) with any Affiliate, director, executive officer, any holder of 5% or more of the outstanding shares of Common Stock or immediate family members (other than Contracts for stock options); or which, either as a single Contract or series of related or affiliated Contracts or work orders, constituted one of the 20 largest Contracts of the Company on the basis of revenues generated in the most recent fiscal year. "Offer" shall have the meaning set forth in the recitals hereto. "Offer Documents" shall have the meaning set forth in Section 2.02(d). "Offer Period" shall have the meaning set forth in Section 2.02(a). "Order" shall mean any order, injunction, judgment, decree, ruling, assessment, judicial or administrative order, award or determination of any Governmental Authority or arbitrator. "Organizational Documents" shall mean the articles of incorporation, the rules of the board of directors, the share handling regulations, the partnership agreement, the limited liability company agreement, the operating agreement or other similar governing instruments, in each case as amended as of the date specified, of any Person. "Owned Real Property" shall mean the land listed on Schedule III. "PAL" shall mean the Pharmaceutical Affairs Law of Japan (iyakuhin-iryoukikito-no-hinshitu-yukousei-anzensei-no-kakuhoto-ni- kansuru-horitu) (Law No. 145 of 1955, as amended). "Parties" shall have the meaning set forth in the preamble hereto, and "Party" shall mean either of the Parties. "Permits" shall have the meaning set forth in Section (g) of Schedule 3.01. "Person" shall mean any natural person, general or limited partnership, limited liability company, limited liability partnership, corporation, joint stock company, trust, unincorporated association, joint venture, Governmental Authority, or other entity, whether acting in an individual, fiduciary or other capacity. "Products" shall have the meaning set forth in Section (u) of Schedule 3.01. "Registered IP" shall have the meaning set forth in Section (v) of Schedule 3.01. 6 "Release" shall mean any release, spill, emission, leaking, pumping, pouring, dumping, emptying, injection, deposit, disposal, discharge, dispersal, leaching or migration on or into the Environment or into or out of any property. "Settlement" shall have the meaning set forth in Section 2.02(e). "Settlement Date" shall mean the 5t h Japan Business Day following the last day of the Offer Period, except as such date may be adjusted pursuant to Section 2.02(f). "Share Offer Price" shall have the meaning set forth in the recitals hereto. "SPI" shall have the meaning set forth in the recitals hereto. "Squeeze-out" shall mean
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Extract the exact clause related to "Parties" from the excerpt above.