--00000000000030780106039dbf5d Content-Type: multipart/alternative; boundary="00000000000030780006039dbf5c" --00000000000030780006039dbf5c Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Hi Laszlo, No worries. The following are the requirements. Letter of credit requirements To be acceptable, the letter of credit must: - be made in favour of the Director of Employment Standards, - be issued by a bank in Canada or credit union - be electronic - be in the amount of $25,000 - be irrevocable so it cannot be recalled or repealed - automatically renew when it expires - permit =E2=80=9Cpartial drawings=E2=80=9D without any conditions, mean= ing that the Director of Employment Standards can, for reasons set out in the regulat= ion and in accordance with the prescribed processes, demand and receive a payment less than the entire amount specified in the letter of credit - have no other conditions We recommend you use our template for irrevocable letters of credit to ensure your letter of credit meets all requirements. On Wed, Aug 23, 2023 at 10:37=E2=80=AFAM Laszlo Kovacs wrote: > Hi Sean, > > > > Apologies for the delay on getting this to you. I had to do some more > digging and ensure a few folks were onboard as there is an impact to our > lending covenants. I think we=E2=80=99re all set now to get this request = submitted, > but wanted to confirm with you that the amount is for $25K USD and the > entity that we are issuing the LOC to will be the Canadian Ministry of > Finance. Please advise and I=E2=80=99ll get this request submitted asap. > > > > Thanks and sorry again for the delay. > > > > Best, > > > > *From:* Sean Cygan > *Sent:* Tuesday, August 22, 2023 2:12 PM > *To:* Timothy Thomas > *Cc:* Laszlo Kovacs ; Belle Chen bchen@thekey.com> > *Subject:* Re: Ontario - Temporary Help Agency and Recruiter licensing > Application > > > > Hi Laszlo, > > > > I was just following up on the letter of credit. Do you know when I will > receive it? > > > > Thank you > > > > On Tue, Aug 8, 2023 at 12:36=E2=80=AFPM Timothy Thomas wr= ote: > > Great, thanks. > > > > On Tue, Aug 8, 2023 at 3:18=E2=80=AFPM Laszlo Kovacs > wrote: > > Gotcha. No, you can holdoff. If we aspire to ultimately migrate all our > business into the JPM bank accounts, then anything you=E2=80=99d setup wi= th the > legacy bank. Just trying to get all the facts so I can speak from an > informed perspective with Paul. I=E2=80=99ve already broached with our ac= count rep > at JPMC. Will circle back to you on this and apologies for the delay. > > > > *From:* Timothy Thomas > *Sent:* Tuesday, August 8, 2023 1:27 PM > *To:* Laszlo Kovacs > *Cc:* Sean Cygan ; Belle Chen > *Subject:* Re: Ontario - Temporary Help Agency and Recruiter licensing > Application > > > > We haven't had to provide a LOC to the Ontario government before. Only in > Quebec and the format was different. Should I ask our banking partner if > she can assist? > > > > On Tue, Aug 8, 2023 at 2:00=E2