--000000000000f621b806039e1e0f Content-Type: multipart/alternative; boundary="000000000000f621b706039e1e0e" --000000000000f621b706039e1e0e Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Thanks Sean. Will get this submitted and circle back once in hand. *From:* Sean Cygan *Sent:* Wednesday, August 23, 2023 4:25 PM *To:* Laszlo Kovacs *Cc:* Timothy Thomas *Subject:* Re: Ontario - Temporary Help Agency and Recruiter licensing Application 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in Canada or credit union - be electronic - be in the amount of $25,000 - be irrevocable so it cannot be recalled or repealed - automatically renew when it expires - permit =E2=80=9Cpartial drawings=E2=80=9D without any conditions, mean= ing that the Director of Employment Standards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 su= bmitted, 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 *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 wrot= e: 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 with= 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 acco= unt 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.