CREDIT SHALL BE ACCOMPANIED BY
YOUR WRITTEN CERTIFICATION THAT YOU, AS SURETY, HAVE EXECUTED OR PROCURED THE
EXECUTION OF THE BOND(S), UNDERTAKING(S), AGREEMENT(S) OF INDEMNITY, OR OTHER
INSTRUMENT(S) OF SURETYSHIP AT THE REQUEST OF LABOR READY, INC. 1016 SO. 28TH
STREET, TACOMA, WA. 98409 AND THAT EITHER OF THE FOLLOWING ALTERNATIVES EXISTS:
(A) CLAIMS HAVE BEEN OR MAY BE MADE THEREUNDER AND THAT IN YOUR SOLE JUDGMENT AS
SURETY THE FUNDS REPRESENTED BY YOUR DRAFT(S) ARE REQUIRED FOR YOUR PROTECTION
AND FOR THE PROTECTION OF YOUR CO-SURETY(IES) AND RE-INSURER(S) IF ANY; (B) OUR
NOTICE OF ELECTION NOT TO RENEW HAS BEEN RECEIVED AND THAT YOU HAVE NOT BEEN
RELEASED FROM LIABILITY UNDER THE BOND(S), UNDERTAKING(S), AGREEMENT(S), OR
INSTRUMENT(S) AFORESAID AND THAT THE PROCEEDS OF YOUR DRAFT(S) WILL BE HELD BY
YOU AS COLLATERAL AGAINST LOSS, COST OR EXPENSE THEREUNDER.
3.
WE HEREBY REPRESENT AND AFFIRM THAT THE EXECUTION OF THIS LETTER OF CREDIT
WILL NOT CONSTITUTE A VIOLATION OF ANY LAW OR REGULATION WHICH MAY LIMIT THE
AMOUNT OF CREDIT WHICH CAN BE EXTENDED BY THIS BANK TO ANY SINGLE BORROWER OR
CUSTOMER.
4.
YOUR ACCEPTANCE OF THIS LETTER OF CREDIT WILL CONSTITUTE YOUR AGREEMENT TO
REPAY TO US FUNDS PAID TO YOU HEREUNDER TO THE EXTENT THAT SUCH FUNDS EXCEED THE
TOTAL OF YOUR LOSS, COST AND EXPENSE (INCLUDING UNPAID PREMIUMS) UNDER THE
MENTIONED BOND(S), UNDERTAKING(S), AGREEMENT(S), OR INSTRUMENT(S).
DRAFT(S) DRAWN UNDER THIS CREDIT MUST SPECIFICALLY REFERENCE OUR CREDIT
NUMBER.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN THIS ORIGINAL LETTER OF
CREDIT IS SUBJECT TO THE "UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS:
(1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NO. 500."
ALL INQUIRIES REGARDING THIS CREDIT SHOULD BE DIRECTED TO US AT
OUR PHONE NUMBERS:
215-973-5981, 215-973-7012, 215-973-8803.
/s/ Richard Fortino
AUTHORlZED SIGNATURE
A GE Capital Services Company