Document:

Prepared by MerrillDirect

Exhibit
10.2

 

	OUR
  CREDIT NUMBER	ISSUE
  DATE	EXPIRY
  DATE	LETTER
  OF CREDIT AMOUNT
	SM441521P	APRIL
  25,2001	DEC.
  31,2001	USD1,890,000.00

 

	BENEFICIARY:	 	ISSUER::	 
	GREENWICH
  INSURANCE COMPANY	 	GE
  CAPITAL CORPORATION.	 
	160
  WATER STREET 16T" FLOOR	 	 	 
	NEW
  YORK, NY 10038	 	 	 

 

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, THIS 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 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

 

             LETTER
OF CREDIT NO                                                 ISSUE
DATE                              EXPIRY
DATE

             SE441521P                                                                          APRIL
25,2001                           DEC.
31,2001

             FDL

BENEFICIARY:            APPLICANT:

GREENWICH INSURANCE COMPANY                                    LABOR
READY, INC.

160 WATER STREET 16TH FLOOR                                             TREASURY
DEPARTMENT

NEW YORK, NY 10038                                                                  P.0
BOX 2910

                                                                                                           TACOMA,
WASHINGTON 98401

DEAR BENEFICIARY,

AT THE REQUEST OF LABOR READY, INC., WE,
FIRST UNION NATIONAL BANK HAVE OPENED AN IRREVOCABLE LETTER OF CREDIT IN YOUR
FAVOR FOR UP TO AN AMOUNT NOT EXCEEDING USD1,890,000.00, AVAILABLE BY YOUR DRAFTS
AT SIGHT ON GE CAPITAL CORPORATION.

WE WARRANT TO YOU THAT ALL YOUR DRAFTS
UNDER THIS IRREVOCABLE LETTER OF CREDIT WILL BE DULY HONORED UPON PRESENTATION
AT OUR LETTER OF CREDIT DEPARTMENT, ONE SOUTH BROAD STREET, 9TH FLOOR,
ATTENTION INTERNATIONAL TRADE OPERATIONS PA4928, PHILADELPHIA, PA 19107 ON OR
BEFORE THE EXPIRATION DATE OR ON OR BEFORE ANY AUTOMATICALLY EXTENDED DATE AS
SET FORTH BELOW.

EXCEPT AS EXPRESSLY STATED HEREIN, THIS
IRREVOCABLE LETTER OF CREDIT IS NOT SUBJECT TO ANY CONDITION OR QUALIFICATION
AND IS OUR INDIVIDUAL OBLIGATION WHICH IS IN NO WAY CONTINGENT UPON
REIMBURSEMENT.

THIS IRREVOCABLE LETTER OF CREDIT IS
EFFECTIVE APRIL 19,2001 AND EXPIRES ON DECEMBER 31,2001, BUT WILL AUTOMATICALLY
BE EXTENDED WITHOUT AMENDMENT FOR SUCCESSIVE ONE YEAR PERIODS FROM THE CURRENT
EXPIRATION DATE AND ANY FUTURE EXPIRATION DATE UNLESS AT LEAST 45 DAYS PRIOR TO
THE EXPIRATION DATE WE NOTIFY YOU BY LETTER SENT CERTIFIED MAIL AT THE ABOVE
LISTED ADDRESS THAT WE ELECT NOT TO RENEW FOR SUCH ADDITIONAL ONE YEAR PERIODS.

EXCEPT SO FAR AS OTHERWISE EXPRESSLY
STATED, THIS 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) 973-8157;
(215) 973-1944.

	/s/
  Richard Fortino	 	/s/
  Diane Ruch
	

	 	

	 
	RICHARD
  FORTINO	 	DIANE
  RUCH
	ASST.
  VICE PRESIDENT	 	TEAM
  LEADER
						

 

A GE Capital Services CompanyPrepared by MerrillDirect

Exhibit
10.3

 

FIRST UNION NATIONAL BANK

OUR CREDIT NO.                                  DATE

SE441640P                                                June
4, 2001

 

To Beneficiary:                                                                                             Issuer:

Lumbermens Mutual Casualty Company                                                 General
Electric Capital Corporation

American Motorist Insurance Company

American Manufacturers Mutual Insurance Company

American Protection Insurance Company

One Kemper Drive

Long Grove, IL 60049

Attn:    RMG Collections M- I

Dear beneficiary:

At the request of the above issuer and on
behalf of Labor Ready, Inc. (The, Applicant). 
We hereby irrevocably confirm General Electric Capital Corporation's
(the "issuer") Letter of Credit No SE441640P, the "Letter of
Credit"), and hereby undertake to honor each draft drawn and presented in
strict accordance with its terms to us.

The Confirmation is deemed to be automatically
extended without amendment for one year from the expiration date or any future
expiration date unless 60 days prior to such expiration date, we notify you by
Registered Mail that this Letter of Credit will not be renewed for any such
additional period.

This Confirmation is subject to and
governed by the laws of the State of Illinois and the 1993 Revision of the
Uniform Customs and Practice for Documentary Credits of the International
Chamber of Commerce (Publication No. 500) and, in the event of any conflict,
the laws of the State of Illinois will control.  If this credit expires during an interruption of business as
described in Article 17 of said Publication 500, the issuer hereby specifically
agrees to effect payment of this Credit if drawn against within 30 days after
the resumption of business.

Please note that any and all
correspondence related to this letter of credit should be sent to First Union
National Bank One South Board St, 9'h Floor Mail Code PA4928 Philadelphia, Pa.
19107 Attn: GE Capital Standby Letters Of Credit.  All telephone inquiries regarding this credit should be directed
to us at our phone numbers (215) 973-5981; (215) 973-8793; (215) 973-1944;
(215) 973-8803.

 

 

	/s/
  Diane Ruch
	

	 
	AUTHORIZED
  SIGNATURE

                                                                                             GE Capital

                                                                                                                                      General
Electric Capital Corporation

Issue Date: June 4, 2001

Irrevocable Clean Letter of Credit No.
SE441640P

To Beneficiary,:            Lumbermens
Mutual Casualty Company

                                        American
Motorist Insurance Company

                                        American
Manufacturers Mutual Insurance Company

                                        American
Protection Insurance Company

                                        One
Kemper Drive

                                        Long
Grove, IL 60049

                                        Attn:
RMG Collections M- I

We have established this clean
irrevocable, and unconditional Letter of Credit in your favor as Beneficiary
for drawings up to U.S. $16,800,000.00 effective immediately.  This Letter of Credit is issued, presentable
and payable at our office located at One South Board St, 9th Floor Mail Code
PA4928 Philadelphia, Pa. 19107 Attn: GE Capital Standby Letters Of Credit
Department and expires with our close of business on June 4, 2002, unless
extended as hereinafter provided. 
Except when the amount of this Letter of Credit is increased, this
Credit cannot be modified or revoked without your consent.

The term "Beneficiary" includes
any successor by operation of law of the named Beneficiary.  If a court of law appoints a successor in
interest to the named Beneficiary, then the named Beneficiary includes and is
limited to the court-appointed domiciliary receiver (including conservator,
rehabilitator or liquidator).

It is a condition of this Letter of
Credit that the amount available to you will automatically increase as follows:

	Increase By	 	Increase Dates	 	Amount Available	 
	

	 	

	 	

	 
	US$5,600,000	 	September 1, 2001	 	US$22,400,000	 

We hereby undertake to promptly honor
your sight draft(s) drawn on us, indicating our credit No. SE441640P, for all
or any part of this Credit upon presentation of your draft drawn on us at our
address above or before the expiration date hereof or any automatically extended
expiry date.

Except as expressly stated herein, this
undertaking is not subject to any agreement, requirement or qualification.  The obligation of General Electric Capital
Corporation under this Credit is the individual obligation of General Electric
Capital Corporation and is in no way contingent upon reimbursement with respect
thereto, or upon our ability to perfect any lien, security interest or any
other reimbursement.

The Letter of Credit is deemed to be
automatically extended without amendment for one year from the expiration date
or any future expiration date unless 60 days prior to such expiration date, we
notify you by Registered Mail that this Letter of Credit will not be renewed
for any such additional period.

This
Letter of Credit is subject to and governed by the laws of the State of
Illinois and the 1993 Revision ofthe Uniform Customs and Practice for
Documentary Credits of the International Chamber of Commerce (Publication No.
500) and, in the event of any conflict, the laws of the State of Illinois will
control.  If this credit expires during
an interruption of business as described in Article 17 of said Publication 500,
the issuer hereby specifically agrees to effect payment of this Credit if drawn
against within 30 days after the resumption of business.

All telephone inquiries regarding this
credit should be directed to us at our phone numbers (215) 973-5981;

(215) 973-8793; (215) 973-1944; (215)
973-8803.

Very Truly Yours,

	/s/
  Richard Fortino
	

	 
	AUTHORIZED
  SIGNATURE

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