Common use of Backstop Notice Clause in Contracts

Backstop Notice. On the Business Day following the date by which the Acquiror Shareholder Redemption is required to be made in accordance with CTAC’s Articles of Association (which date is two (2) Business Days prior to the date of the Special Meeting), in the event and only to the extent of any Closing Cash Shortfall, the Company may, at its option and in its sole discretion, deliver a written notice (the “Backstop Notice”) to the Purchaser setting forth: (i) the Available Closing Acquiror Cash; (ii) the Closing Cash Shortfall; (iii) the Backstop Purchase Amount (as defined below); and (iv) the Company’s wire instructions.