Document:

Prepared by MerrillDirect

Exhibit
10.4

 

FIRST UNION NATIONAL BANK

ONE SOUTH BOARD ST

9TH FLOOR MAIL CODE PA4928

PHILADELPHIA, PA. 19107

ATTENTION STANDBY LETTER OF CREDIT DEPARTMENT,

GE CORPORATE FINANCE STANDBY TEAM

RELIANCE INSURANCE COMPANY                                        GENERAL
ELECTRIC CAPITAL CORPORATION

5 HANOVER SQUARE, 8TH FLOOR                                          ICO
FIRST UNION NATIONAL BANK

TREASURY OPERATIONS DEPARTMENT                             ONE
SOUTH BOARD ST

NEW YORK, NY 10004                                                                  9TH
FLOOR MAIL CODE PA4928

                                                                                                           PHILADELPHIA,
PA. 19107

                                                                                                           ATTN:
STANDBY LETTER OF CREDIT DEPT

                                                                                                           GE
CORPORATE FINANCE STANDBY TEAM.

IRREVOCABLE CONFIRMATION NO.: SM441600P               ISSUE DATE:MAY 15, 2001

STANDBY LETTER OF CREDIT AMOUNT:
$19,500,000.00

EXPIRY DATE: MAY 15,2002

APPLICANT NAME: LABOR READY, INC.

WE HEREBY IRREVOCABLY CONFIRM GE CAPITAL
CORPORATION (THE "ISSUER") LETTER OF CREDIT NO.  SM441600P, A COPY OF WHICH IS ATTACHED
HERETO AS (THE "LETTER OF CREDIT"), AND HEREBY UNDERTAKE TO HONOR
EACH DRAFT DRAWN AND PRESENTED IN ACCORDANCE WITH ITS TERMS TO US AFTER THE
ISSUING BANK FAILS TO PAY A PROPERLY PRESENTED DRAFT THEREUNDER AND OUR RECEIPT
FROM YOU OF A STATEMENT TO THAT EFFECT AND COPIES OF SUCH DRAFT PRESENTED
THEREWITH AT OUR COUNTERS AT FIRST UNION NATIONAL BANK ONE SOUTH BOARD STREET,
PHILADELPHIA, PA. 19107 ATTN: STANDBY LETTER OF CREDIT DEPT 9THFLOOR
MAIL CODE PA4928, ON OR BEFORE THE EXPIRATION DATE OF THIS CONFIRMATION.

THIS CONFIRMATION SHALL EXPIRE MAY
15,2002 AND WILL BE AUTOMATICALLY RENEWED FOR ADDITIONAL SUCCESSIVE PERIODS OF
ONE YEAR FROM THE PRESENT OR FUTURE EXPIRATION DATE UNLESS 60 DAYS PRIOR TO
SUCH EXPIRATION DATE WE NOTIFY YOU IN WRITING BY REGISTERED MAIL AT THE ABOVE
ADDRESS THAT WE ELECT NOT TO RENEW THIS CONFIRMATION FOR SUCH ADDITIONAL
PERIOD.

WE AGREE TO PAY ALL DRAWINGS HEREUNDER
WITH OUR OWN FUNDS.

THIS CONFIRMATION IS SUBJECT TO AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE 1993 REVISION OF THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL
CHAMBER OF COMMERCE (ICC PUBLICATION 500).  IN
THE EVENT OF CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL CONTROL.

IF THIS CONFIRMATION EXPIRES DURING AN
INTERRUPTION OF BUSINESS AS DESCRIBED IN ARTICLE 17 OF ICC PUBLICATION 500, WE
AGREE TO HONOR ANY DRAFRS PRESENTED ON OR BEFORE THE THIRTIETH DAY AFTER
RESUMPTION OF BUSINESS.

 

	/s/
  Diane Ruch
	

	 
	AUTHORIZED
  SIGNATURE

 

                                                                                             GE Capital

                                                                                                                                     General
Electric Capital Corporation

GENERAL ELECTRIC CAPITAL CORPORATION

ICO FIRST UNION NATIONAL BANK

ONE SOUTH BOARD ST,

9TH FLOOR MAIL CODE PA4928

PHILADELPHIA, PA. 19107

ATTN: STANDBY
LETTER OF CREDIT DEPARTMENT,

GE CORPORATE FINANCE STANDBY TEAM.

	RELIANCE
  INSURANCE COMPANY	LABOR
  READY, INC.
	5
  HANOVER SQUARE, 8TH FLOOR	1016
  SOUTH 28TH
	TREASURY
  OPERATIONS, FINANCE DEPARTMENT	TACOMA,
  WA  98409
	NEW
  YORK, NY 10004	 
	ATTN
  REESE ROCHE	 

IRREVOCABLE LETTER OF CREDIT NO.:
SE441600P            ISSUE DATE: MAY 15,
2001

EXPIRY DATE: MAY 15, 2002

WE HAVE ESTABLISHED THIS CLEAN,
UNCONDITIONAL, AND IRREVOCABLE LETTER OF CREDIT IN YOUR FAVOR, AS BENEFICIARY,
FOR DRAWINGS UP TO U.S. $19,500,000.00 EFFECTIVE IMMEDIATELY.  THIS LETTER OF CREDIT IS ISSUED,
PRESENTABLE, AND PAYABLE AT OUR OFFICE AT FIRST UNION NATIONAL BANK P.O. BOX
13866, 1345 CHESTNUT STREET, NINTH FLOOR, MAIL CODE PA4928, ATTENTION: LETTER
OF CREDIT DEPARTMENT, PHILADELPHIA, PA. 19107 AND EXPIRES WITH OUR CLOSE OF
BUSINESS ON MAY 15, 2002.

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 INCLUDING WITHOUT
LIMITATION ANY LIQUIDATOR, REHABILITATOR, RECEIVER OR CONSERVATOR.  DRAWINGS BY ANY LIQUIDATOR, REHABILITATOR,
RECEIVER OR CONSERVATOR SHALL BE FOR THE BENEFIT OF ALL OF THE BENEFICIARYS
POLICYHOLDERS.

WE HEREBY UNDERTAKE TO PROMPTLY HONOR
YOUR SIGHT DRAFF(S) DRAWN ON US, INDICATING OUR LETTER OF CREDIT NUMBER
SE441600P, FOR ALL OR ANY PART OF THIS CREDIT IF PRESENTED AT OUR OFFICE
SPECIFIED ABOVE IN PARAGRAPH ONE ON OR BEFORE THE EXPIRATION DATE OR ANY
AUTOMATICALLY EXTENDED EXPIRATION DATE.

EXCEPT AS EXPRESSLY STATED HEREIN, THIS
UNDERTAKING IS NOT SUBJECT TO ANY AGREEMENT, CONDITION, OR QUALIFICATION, OR BY
ANY OTHER AGREEMENT, DOCUMENT OR UNDERSTANDING WHETHER REFERRED TO HEREIN OR TO
WHICH THIS LETTER OF CREDIT MAY RELATE. 
OUR OBLIGATION UNDER THIS LETTER OF CREDIT SHALL BE THE INDIVIDUAL
OBLIGATION OF THE ISSUER IN NO WAY CONTINGENT UPON REIMBURSEMENT WITH RESPECT
THERETO, OR UPON OUR ABILITY TO PERFECT ANY LIEN, SECURITY INTEREST, OR ANY
OTHER REIMBURSEMENT.

THIS LETTER OF CREDIT SHALL BE DEEMED
AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ONE YEAR FROM THE EXPIRATION DATE
OR ANY FUTURE EXPIRATION DATE, UNLESS AT LEAST SIXTY DAYS PRIOR TO ANY
EXPIRATION DATE, WE NOTIFY YOU BY REGISTERED MAIL THAT THIS LETTER OF CREDIT
WILL NOT BE RENEWED FOR ANY SUCH ADDITIONAL PERIOD.

ATTACHED TO AND FORMING PART OF STANDBY
CREDIT NO.  SE441600P DATED MAY 15,2001
PAGE 2

SHOULD YOU HAVE OCCASION TO COMMUNICATE
WITH US REGARDING THIS LETTER OF CREDIT, KINDLY DIRECT YOUR COMMUNICATION TO
THE ATTENTION OF OUR LETTER OF CREDIT DEPARTMENT, MAKING SPECIFIC REFERENCE TO
OUR LETTER OF CREDIT NUMBER SE441600P. 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.

 

THIS LETTER OF CREDIT IS SUBJECT TO AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE 1993 REVISION OF THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS OF THE INTERNATIONAL
CHAMBER OF COMMERCE (ICC PUBLICATION 500). 
IN THE EVENT OF CONFLICT, THE LAWS OF THE STATE OF NEW YORK WILL
CONTROL.

 

IF THIS LETTER OF CREDIT EXPIRES DURING
AN INTERRUPTION OF BUSINESS AS DESCRIBED IN ARTICLE 17 OF ICC PUBLICATION 500,
WE AGREE TO HONOR ANY DRAFTS PRESENTED ON OR BEFORE THE THIRTIETH DAY AFTER
RESUMPTION OF BUSINESS.

	 
	/s/
  Richard Fortino
	

	 
	AUTHORIZED
  SIGNATUREPrepared by MerrillDirect

Exhibit
10.5

 

	OUR
  CREDIT NUMBER	ISSUE
  DATE	EXPIRY
  DATE	LETTER
  OF CREDIT AMOUNT
	SE441524P	APRIL
  25,2001	DEC.
  31,2001	USD3,125,000.00
	 	 	 	 

 

	BENEFICIARY:	ISSUER:	 	 
	TRAVELERS
  CASUALTY AND	GE
  CAPITAL CORPORATION.	 	 
	SURETY
  COMPANY OF AMERICA	 	 	 
	ONE
  TOWER SQUARE H.O.	 	 	 
	BOND,
  3 PB	 	 	 
	HARTFORD,
  CT.  06183-9062	 	 	 

 

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

SE441524P                                                                          APRIL
25, 2001                                                     DEC.
31, 2001

FDL

	BENEFICIARY:	APPLICANT:
	TRAVELERS
  CASUALTY AND	LABOR
  READY, INC.
	SURETY
  COMPANY OF AMERICA	TREASURY
  DEPARTMENT
	ONE
  TOWER SQUARE H.O.	P.O
  BOX 2910
	BOND,
  3 PB	TACOMA,
  WASHINGTON 98401
	HARTFORD,
  CT.  06183-9062	 

 

	ATTENTION:	COLLATERAL
  PROCESSING, NATIONAL RESOURCES
	 	H.O.
  BOX 3PB (BRANCH, SEATTLE CODE 018)

 

DEAR BENEFICIARY,

WE HEREBY ESTABLISH OUR IRREVOCABLE
STANDBY LETTER OF CREDIT IN YOUR FAVOR AND AUTHORIZE YOU (TRAVELERS CASUALTY
AND SURETY CO.  OF AMERICA, INDIVIDUALLY
AND COLLECTIVELY "YOU" TO DRAW ON US, UP TO THE AGGREGATE AMOUNT OF
$3,125,000.00 AND WE ENGAGE WITH YOU THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT WILL BE FULLY HONORED BY US IF PRESENTED AT THIS
OFFICE LOCATED AT GE CAPITAL CORPORATION, ONE SOUTH BROAD STREET, 9TH
FLOOR MAIL CODE PA4928 ATTN: INTERNATIONAL STANDBY LETTER OF CREDIT DEPT.  PHILADELPHIA, PA. 19107 ON OR BEFORE
12/31/01 OR ANY EXTENDED DATE, PROVIDED:

 

1. 
THIS LETTER OF CREDIT SHALL BE AUTOMATICALLY EXTENDED FOR ADDITIONAL
PERIODS OF ONE YEAR FROM THE PRESENT OR EACH FUTURE EXPIRATION DATE UNLESS WE
HAVE NOTIFIED YOU IN WRITING, NOT LESS THAN SIXTY (60) DAYS BEFORE SUCH DATE,
THAT WE ELECT NOT TO RENEW THIS LETTER OF CREDIT.  OUR NOTICE OF SUCH ELECTION SHALL BE SENT BY OVERNIGHT COURIER TO
THE ABOVE ADDRESS, ATTENTION OF "COLLATERAL PROCESSING, NATIONAL RESOURCES,
H.O. BOND, 3PB."

 

CONTINUED ON NEXT PAGE WHICH FORMS AN
INTEGRAL PART OF THIS LETTER OF

CREDIT

	IRREVOCABLE
  STANDBY LETTER OF CREDIT NO. 
  SESE441524P	PAGE
  NO. 2
	 	 

2. 
ANY DRAFTS DRAWN BY YOU UNDER THIS LETTER OF 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

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