Exhibit 10.6
OUR CREDIT NUMBER ISSUE DATE EXPIRY DATE LETTER OF CREDIT AMOUNT SE441429P FEB.
26, 2001 FEB. 26, 2002 USD37,675,000.00
BENEFICIARY: ISSUER: US BANK NATIONAL ASSOCIATION GE CAPITAL CORPORATION
INTERNATIONAL DEPARTMENT
1420 FIFTH AVENUE, 9TH FLOOR
SEATTLE, WA. 98101
DEAR BENEFICIARY:
AT THE REQUEST OF THE ABOVE ISSUER WE HAVE BEEN INSTRUCTED TO ADVISE YOU THAT
THE ATTACHED IRREVOCABLE STANDBY LETTER OF CREDIT HAS BEEN ESTABLISHED IN YOUR
FAVOR, AS BENEFICIARY.
ALL DEMANDS FOR PAYMENTS MUST BE SENT TO FIRST UNION NATIONAL BANK, ONE SOUTH
BROAD STREET, PHILADELPHIA, PA 19106, MAIL CODE PA 4928, ATTN: GE CORPORATE
FINANCE STANDBY TEAM.
DOCUMENTS MUST CONFORM STRICTLY WITH THE TERMS OF THE ATTACHED LETTER OF
CREDIT.
IF YOU ARE UNABLE TO COMPLY WITH SAME, PLEASE COMMUNICATE DIRECTLY WITH
YOUR CUSTOMER IN ORDER TO HAVE THE ISSUER AMEND THE RELEVANT CONDITIONS.
THIS
SHOULD ELIMINATE DIFFICULTIES AND DELAYS IN PAYMENT IN THE EVENT DOCUMENTS ARE
PRESENTED FOR NEGOTIATION.
ALL DEMANDS HEREUNDER MUST INDICATE THE ABOVE REFERENCED LETTER OF CREDIT
NUMBER.
EXCEPT SO FAR AS OTHERWISE EXPRESSLY STATED HEREIN, THIS LETTER OF CREDIT IS
SUBJECT TO THE "INTERNATIONAL STANDBY PRACTICES (1998 EDITION),
INTERNATIONAL CHAMBER OF COMMERCE, PUBLICATION NUMBER 590"
ALL INQUIRIES REGARDING THIS CREDIT SHOULD BE DIRECTED TO FIRST UNION NATIONAL
BANK AT OUR PHONE NUMBER (215) 973-7012.
/s/ Richard Fortino
FIRST UNION NATIONAL BANK AUTHORIZED SIGNATURE
GE Capital
General Electric Capital Corporation
OUR CREDIT NO. ISSUE DATE EXPIRY DATE LETTER OF CREDIT AMOUNT SE441429P FEBRUARY
26, 2001 FEBRUARY 26, 2002 USD 37,675,000.00
BENEFICIARY: APPLICANT:
US BANK NATIONAL ASSOCIATION LABOR READY, INC
INTERNATIONAL DEPARTMENT 1016 SOUTH 28TH 1420 FIFTH AVENUE, 9TH FLOOR TACOMA, WA
98409 SEATTLE, WA 98101
DEAR BENEFICIARY:
WE HEREBY ESTABLISH, AT THE REQUEST OF AND FOR THE ACCOUNT OF LABOR READY, INC
("LABOR READY") IN YOUR FAVOR, OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO.
SE441429P FOR AN AMOUNT NOT TO EXCEED $37,675,000.00 THIRTY SEVEN MILLION SIX
HUNDRED AND SEVENTY FIVE THOUSAND DOLLARS (THE "STATED AMOUNT"), AVAILABLE
IMMEDIATELY.
WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT IN YOUR FAVOR, AS
BENEFICIARY, WHICH IS AVAILABLE BY SIGHT PAYMENT.
THIS STANDBY LETTER OF CREDIT IS BEING ISSUED TO SUPPORT THE OBLIGATIONS OF
LABOR READY (TO THE EXTENT NOT IN EXCESS OF THE STATED AMOUNT) IN RESPECT TO THE
LABOR READY STANDBY LC'S. (AS EACH SUCH TERM IS DEFINED BELOW)
FOR PURPOSES OF THIS STANDBY LETTER OF CREDIT AND ANY DRAWING CERTIFICATE
DELIVERED HEREUNDER, THE FOLLOWING TERMS SHALL HAVE THE MEANINGS INDICATED:
"LABOR READY STANDBY LC'S" MEANS ONE OF THE IRREVOCABLE STANDBY LETTERS OF
CREDIT ISSUED BY US BANK NATIONAL ASSOCIATION FOR THE ACCOUNT OF LABOR READY SET
FORTH ON ANNEX I HERETO.
IT IS A CONDITION OF THIS STANDBY LETTER OF CREDIT THAT IT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM ITS EXPIRY DATE OF
FROM ANY FUTURE EXPIRY DATE, UNLESS AT LEAST 30 DAYS PRIOR TO ANY SUCH EXPIRY
DATE WE SHALL NOTIFY YOU BY CERTIFIED MAIL THAT WE ELECT NOT TO CONSIDER THIS
STANDBY LETTER OF CREDIT