Xxxxx Xxxxx Paper Co., Inc Sample Clauses

Xxxxx Xxxxx Paper Co., Inc. On September 26, 2003, Nashua Corporation and Xxxxx Xxxxx Paper Co., Inc. (“Elish”) entered into an Asset Purchase Agreement relative to Elish’s acquisition of Nashua’s business of marketing and selling certain cut sheet bond papers and transparencies under the Nashua brand. Nashua provided Elish the right to use the “Nashua” trademark in conjunction with the business sold through December 31, 2008. The purchase price was $200,000 of which $50,000 was paid within 90 days of closing and the remaining $150,000 on a basis of 1% of gross revenues quarterly with the balance to be paid by December 31, 2008. As of December 31, 2008, Nashua was paid the up front payment of $50,000 and $59,904 of the $150,000 leaving an unpaid balance of $90,096, which is past due. Nashua demanded the payment from Elish on January 9, 2009. Prior to that date, letters were sent to Elish reminding it of the impending obligation. Nashua served a Writ of Summons on Elish, but the registered mail was refused. Nashua filed suit against Elish in the N.H. Superior Court demanding payment of the obligation.