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AT&S HOLDINGS, INC., 

a Nevada corporation

STOCK SUBSCRIPTION AGREEMENT

THE STOCK REFERRED TO HEREIN HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) OR CERTAIN APPLICABLE STATE SECURITIES ACTS.  THE STOCK MUST BE ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE.  THE STOCK MAY NOT BE TRANSFERRED UNLESS REGISTERED OR QUALIFIED FOR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER FEDERAL AND STATE SECURITIES LAWS.  PRIOR TO ANY SALE OR TRANSFER OF STOCK, THE CORPORATION WILL REQUIRE A SATISFACTORY OPINION OF COUNSEL THAT THE TRANSFER DOES NOT VIOLATE ANY FEDERAL OR STATE SECURITIES LAWS.  

1.

Subscription.  Subject to the terms and conditions of this Stock Subscription Agreement (the “Agreement”), Subscriber hereby irrevocably subscribes for and agrees to purchase 124,121 shares of Common Stock (the “Stock”) from AT&S Holdings, Inc. (the” Corporation”) in exchange for 1,241.21 shares of Common Stock of American Trailer & Storage, Inc. (fka Financial Credit Corporation), a Missouri corporation, receipt of which Common Stock (the “Transferred Stock”) of American Trailer & Storage, Inc. is hereby acknowledged by the Corporation.

3.

Representations and Warranties.  Subscriber hereby represents and warrants that:

(a)  The undersigned owns the Transferred Stock free and clear of any encumbrances.

(b)  The undersigned confirms and understands and has fully considered for purposes of this investment that (i) this investment is not suitable for an investor who does not have a substantial net worth and/or substantial annual income with expectations of remaining at such income level for the duration of the investment, (ii) no dividends are expected to be paid in the foreseeable future; (iii) the Stock is a speculative investment which involves a high degree of risk of loss, and (iv) there are substantial restrictions on the transferability of, and there will be no public market for, the Stock and accordingly, it may not be possible to liquidate an investment in the Stock in the case of an emergency.

(c)  The Stock is being acquired for long-term investment purposes only and for his own account and not with any present intention of distributing or selling any of the Stock.

(d)  Subscriber consents to the placement of the following legend on the Stock Certificate, which legend outlines the restrictions on transferability set forth in the Memorandum:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.  THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THE SHARES OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SAID ACT THAT IS THEN APPLICABLE TO THE SHARES, AS TO WHICH A PRIOR OPINION OF COUNSEL MAY BE REQUIRED BY THE ISSUER OR THE TRANSFER AGENT. 

(e)  Subscriber is capable of bearing the high economic risks of this investment, including a total loss of his investment.

(f)  Subscriber has substantial means of providing for his current needs and personal contingencies and has no need for liquidity in this investment.

(g)  Subscriber is a citizen of the United States and not at Foreign Investor..

(h)  The foregoing representations, warranties and undertakings are made by Subscriber with the intent that they be relied on in determining his suitability as a shareholder in the Corporation, and Subscriber thereby agrees that such representations and warranties shall survive his acceptance as a shareholder of the Corporation.

4.  Exemption from Registration.  Subscriber understands that the Stock are being sold under the exemption provided by the Act, and rules and regulatory promulgated thereunder and certain applicable state securities laws for offerings not involving a public offering.  Subscriber is making this investment solely for his own account for investment and without any present intention of selling, offering to sell or otherwise disposing of, or distributing the Stock, and he does not presently have any reason to anticipate any change in his circumstances or any particular occasion or event which would cause him to transfer his interest.

Subscriber further covenants and agrees that if, due to a change in circumstances, he hereafter desires to dispose of the Stock, he will not sell, assign, transfer or otherwise dispose of, or encumber, such Stock in a manner which would constitute a violation of any of the provisions of the Act, any applicable state securities laws or the rules and regulations under the Act and/or state laws. In any event, he will not dispose of any such Stock until he has delivered to the Corporation a satisfactory opinion of counsel to the effect that such disposition does not violate any of the provisions of the Act, state laws or the rules or regulations thereunder.

5.  Transferability.  Subscriber agrees not to transfer or assign this Agreement, or any of his interest herein and further agrees that the assignment and transfer of the Stock acquired pursuant hereto shall be made only in accordance with the Agreement and all applicable laws.

6.  Revocation.  Subscriber agrees that, prior to acceptance of this agreement by the Corporation, he may not cancel, terminate or revoke this Agreement or any agreement hereunder made by him and that this Agreement shall survive his death or disability and shall be binding upon his heirs, executors, administrators, successors and assigns.

7.  Indemnification.  Subscriber acknowledges that he understands the meaning and legal consequences of the representations and warranties contained in Paragraph 3 of this Agreement.  Subscriber hereby agrees to indemnify and hold harmless the Corporation from and against any and all loss, damage or liability due to or arising out of Subscriber’s breach or any representation, warranty, or acknowledgment of Subscriber, including, but not limited to, all costs, expenses and attorneys’ fees incurred by the Corporation in successfully defending any claims brought under the Act or the Securities Exchange Act of 1934.

8.  Venue/Attorney’s Fees.  In any action between the parties hereto (excluding state securities laws claims) to enforce any of the terms of this Agreement, the forum for such litigation shall be Jackson County, Missouri, or the nearest Missouri federal court to Jackson County, Missouri.  The prevailing party or parties shall be entitled to recover from the non-prevailing party or parties their reasonable attorneys’ fees and costs, including those on appeal.

9.  Miscellaneous. 

(a)  All notices or other communications given or made hereunder shall be in writing and shall be delivered or mailed by registered or certified mail, return receipt requested, postage prepaid, to Subscriber or to the Corporation at the respective addresses set forth below.

(b)  This Agreement shall be governed by the construed in accordance with the laws of the state of Missouri.

(c)  This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and may be amended only by a writing executed by all parties.

10.  Survival.  The provisions of this Agreement shall survive the closing.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has hereby executed this Agreement as of the 31st day of December, 2003.

JEFFREY N. ORR                               

  S/S  JEFFREY N. ORR                              

                                                                        

Name of Subscriber

Signature of Subscriber

(Please Print)

STATE OF MISSOURI

   

)  SS

COUNTY OFJACKSON

On this 31st day of December 2003, before me appeared Jeffrey N. Orr, to me known to be the person described in the foregoing instrument and who acknowledged that he executed said instrument as his free act and deed.

IN WITNESS WHEREOF, I have hereunto subscribed my name and affixed my official seal the day and year last above written.

                                                                        

Notary Public

My Commission Expires:

   June 2007                                                                     [   SEAL   ]PROMISSORY NOTE

PROMISSORY NOTE

July 15, 2004

FOR VALUE RECEIVED, the undersigned American Trailer & Storage (hereinafter referred to as "Maker"), promises to pay to the order of Richard G. Honan ("Lender") at such other place or places as may be hereafter designated from time to time by the holder hereof, the principal sum of Four Hundred Sixty-One Thousand One Hundred and 00/100 ($461,100.00), together with interest, from the Effective Date on the whole of said principal sum that remains outstanding and unpaid on the actual number of days principal is outstanding at the rate of fifteen and one-half percent (15.50%) per annum prior to an Event of Default, and at the Default Rate after any Event of Default.

Equal monthly payments of $14,000.00 shall be due and payable no later than the 15th day of each month for forty-two (42 months) with the first payment due on August 15, 2004 plus a final payment of $16,441.51 due on February 15, 2008.  

All documents and instruments now or hereafter evidencing the indebtedness evidenced hereby or any part thereof, including but not limited to this Note, are sometimes collectively referred to herein as the "Loan Documents."

Maker and Lender agree that this Promissory Note replaces and supersedes previous Promissory Notes between Maker and Lender and that any such previous Notes are hereby declared paid in full.

Upon the occurrence of any Event of Default by Maker hereunder, the interest rate charged hereunder shall automatically increase five percent (5%) per annum (the "Default Rate"), without notice to Maker or any other person.  Collection of additional interest as a result of any increase of the interest rate charged hereunder to the Default Rate is for the purpose of reasonably compensating Lender for additional costs and expenses, all of which are difficult to establish precisely.  Lender and Maker agree that Lender's collection of any such additional interest is not a fine or penalty but is reasonable compensation to Lender for increased costs and expenses that Lender will incur as in the event of default hereunder.  If any interest, costs, expenses, charges, disbursements and fees due hereunder or under any other Loan Document are not paid when due, all such sums shall become principal and shall bear interest at the Default Rate.  Collection of interest at the Default Rate shall not limit or impair any rights and remedies of Lender hereunder or under the Loan Documents.

This Note may be prepaid in whole or in part at any time without premium or penalty.

#

All agreements in this Note and all other Loan Documents are expressly limited so that in no contingency or event whatsoever, whether by reason or acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount agree to be paid hereunder for the use, forbearance or detention of money exceed the highest lawful rate permitted under applicable usury laws.  If, from any circumstance whatsoever, fulfillment of any provision of this Note or any other Loan Document at the time performance of such provision shall be due, shall involve exceeding any usury limit prescribed by law which a court of competent jurisdiction may deem applicable hereto, then ipso facto, the obligations to be fulfilled shall be reduced to allow compliance with such limit, and if, from any circumstance whatsoever, Lender shall ever receive as interest an amount which would exceed the highest lawful rate, the receipt of such excess shall be deemed a mistake and shall be canceled automatically or, if theretofore paid, such excess shall be credited against the principal amount of the indebtedness evidenced hereby to which the same may lawfully be credited, and any portion of such excess not capable of being so credited shall be refunded immediately to Maker.  Maker affirms that the indebtedness evidenced hereby is being incurred, and that the proceeds thereof shall be used, solely for business purposes.

Maker and any endorsers, guarantors, sureties and all other persons liable for the payment of any sum or sums due or to become due under the terms of this Note severally waive demand, presentment, demand for payment, protest, notices of protest, nonpayment and dishonor, and all other notices except as specifically provided herein, and consent that the time of payment of this Note may be extended, renewed, or modified from time to time, without notice to them or their consent.

Maker and all other persons liable for the payment of any sum or sums due or to become due under the terms of this Note or any other Loan Document shall pay to Lender all costs, expenses, charges, disbursements and attorneys' fees incurred by Lender in connection with the collecting, enforcing or protecting this Note or any other Loan Document, whether incurred in or out of court, including probate proceedings, appeals and bankruptcy proceedings.

To the extent that the payment or payments to Lender in reduction of the indebtedness evidenced hereby are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, to Maker as a debtor in possession, or to a receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then the portion of the indebtedness evidenced hereby intended to have been satisfied by such payment or proceeds shall be revived and shall continue in full force and effect as if such payment or proceeds had never been received by Lender.

If this Note is signed by more than one Maker, each obligation herein contained shall be the joint and several obligation of each of the Makers.  Any reference to a particular gender shall include all genders.  Singular references shall include the plural and vice versa.

All payments from Maker to Lender shall be applied, in such order and manner as Lender elects in its sole discretion, in reduction of costs, expenses, charges, disbursements and fees payable by Maker hereunder or under any other Loan Document in reduction of interest due on unpaid principal or in reduction of principal.  Lender may, without notice to Maker or any other person, accept one or more partial payments of any sums due or past due hereunder from time to time while an uncured Event of Default exists hereunder, after Lender accelerates the indebtedness evidenced hereby and/or after Lender commences enforcement of its remedies under the Loan Documents, without thereby waiving any Event of Default, rescinding any acceleration or waiving, delaying or forbearing in the pursuit of any remedies under the Loan Documents.  Lender may endorse and deposit any check or other instrument tendered in connection with such a partial payment without thereby giving effect to or being bound by any language purporting to make acceptance of such instrument an accord and satisfaction of the indebtedness evidenced hereby.

Maker acknowledges and agrees that time is of the essence hereof.

Each of the following events or occurrences shall constitute an "Event of Default" hereunder: (a) if default is made in the payment of any monetary amount payable hereunder, under the terms of any Loan Document, or under the terms of any other obligation of Maker to Lender, when the same is due; (b) if default is made in the performance of any other promise or obligation described herein, in any Loan Document, or in any other document evidencing or securing any indebtedness of any Maker to Lender.

Upon the occurrence of any Event of Default, or at any time thereafter when any Event of Default may continue, Lender may, at its option and in its sole discretion, declare the entire balance of this Note, all accrued interest, costs, expenses, charges, disbursements and fees payable by Maker hereunder or under any other Loan Document and any other indebtedness evidenced hereby to be immediately due and payable, and upon such declaration of sums outstanding and unpaid under this Note and all other Loan Documents shall become and be in default, matured and immediately due and payable, without presentment, demand, protest or notice of any kind to Maker or any other person, all of which are hereby expressly waived, anything in this Note or any other Loan Document to the contrary notwithstanding.

This Note has been delivered to Lender and accepted by Lender in the State of Missouri, and shall be governed and construed generally according to the laws of said State, except to the extent that creation, validity, perfection or enforcement of any liens or security interests securing this Note are governed by the laws of another jurisdiction.  Venue of any action brought pursuant to this Note or any other Loan Document, or relating to the indebtedness evidenced hereby or the relationships created by or under the Loan Documents shall, at the election of lender, be in (and if any such action is originally brought in another venue, such action shall, at the election of lender, be transferred to) a State or Federal court of appropriate jurisdiction located in or having jurisdiction over Jackson County, Missouri.  Maker and Lender each waives any objection to the jurisdiction of or venue in any such court and to the service of process issued by such court and agrees that each may be served by any method of process described in the Missouri or Federal Rules of Civil Procedure.  Maker and Lender each waives any right to claim that any such court is an inconvenient forum or any similar defense.

If, in any jurisdiction, any provision of this Note shall, for any reason, be held to be invalid, illegal, or unenforceable in any respect, such holding shall not affect any other provisions of this Note, and this Note shall be construed, to the extent of such invalidity, illegality or unenforceability (and only to such extent) as if any such provision had never been contained herein.  Any such holding of invalidity, illegality or unenforceability in one jurisdiction shall not prevent valid enforcement of any affected provision if allowed under the laws of another relevant jurisdiction.

As used in this Note, the term "person" shall include, but is not limited to, natural persons, corporations, partnerships, trusts, joint ventures and other legal entities, and all combinations of the foregoing natural persons or entities, and the term "obligation" shall include any requirement to pay any indebtedness and/or perform any promise, term, provision, covenant or agreement included or provided for in this Note or any other Loan Document.

Lender and maker hereby agree to trial by court and irrevocably waive jury trial in any action or proceeding (including but not limited to any counterclaim) arising out of or in any way related to or connected with this note or any other loan document, the relationship created thereby, or the origination, administration or enforcement of the indebtedness evidenced and/or secured by this note or any other loan document.

THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

Executed by the undersigned Maker and Lender as of the year and day first above written.

Maker:

AMERICAN TRAILER & STORAGE

By:

//s//                                 

Name:

_____Richard G. Honan, II___________

Title:

___________Secretary_______________

Lender:

RICHARD G. HONAN

//s//Richard G. Honan

Signature

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