Re: BLA-0000002955 - ARYA HEALTHY LIVING INC. - MLITSD THA Licence Application - Request for Additional Information

--0000000000008a40130643834399 Content-Type: multipart/alternative; boundary="0000000000008a40130643834398" --0000000000008a40130643834398 Content-Type: text/plain; charset="UTF-8" Content-Transfer-Encoding: quoted-printable Dear Ms. Dragon, Thank you for your email and for identifying the amendment required to the Irrevocable Letter of Credit (ILOC) associated with our application for Arya Healthy Living Inc. We have reviewed your feedback with our issuing bank, JPMorgan Chase Bank, N.A. (Toronto Branch). The bank has indicated that removing the reference to =E2=80=9CHCA Home Care Assistance Canada Inc.=E2=80=9D would require Ary= a Healthy Living Inc. to undergo a full Know-Your-Client (KYC) process, which typically takes 4=E2=80=936 weeks to complete and would substantially delay the licen= sing process. To expedite resolution while ensuring the security remains fully enforceable for the benefit of the Ministry, the bank has proposed retaining the current language in the first paragraph of the ILOC, which reads as follows: =E2=80=9CFOR THE ACCOUNT HCA HOME CARE ASSISTANCE CANADA INC., 1100-1055 We= st Georgia Street, Vancouver, British Columbia, V6E 3P3 FOR AND ON BEHALF OF ARYA HEALTHY LIVING INC., 375 University Avenue East, Unit 104, Waterloo, Ontario, N2K 3M7 (the =E2=80=98Customer=E2=80=99)=E2=80=A6=E2=80=9D The bank has confirmed that this structure does *not* change the legal or financial obligations under the Letter of Credit and that the Ministry remains the direct beneficiary with the same right to draw on the full CAD $25,000 amount. The wording simply reflects the administrative banking arrangement under which Arya Healthy Living Inc. operates its financial accounts through its parent company. We would like to confirm whether the Ministry can accept this alternate wording, given that: - The ILOC remains irrevocable, unconditional, and payable on demand to the Ministry. - The amount, beneficiary, and enforceability are unchanged. - The inclusion of =E2=80=9Cfor and on behalf of Arya Healthy Living Inc.= =E2=80=9D clearly identifies the applicant entity as the obligor. If this wording cannot be accepted, we will proceed with initiating the KYC process for Arya Healthy Living Inc. to allow the bank to issue an amended ILOC fully in its name; however, we would appreciate confirmation to avoid unnecessary delays if the current structure is permissible. Please let us know whether this version of the ILOC will satisfy the Ministry=E2=80=99s security requirements or if a new ILOC must be issued. Thank you for your time and consideration. Kind regards, On Thu, Nov 6, 2025 at 8:28=E2=80=AFAM Sean Cygan wrote= : > Hi Katia, > > Yes we have received the email and we are working on the request. > > Sean > > On Thu, Nov 6, 2025 at 5:52=E2=80=AFAM 'Dragan, Katia (MLITSD)' via Compl= iance compliance@thekey.com> wrote: > >> Hello, >> >> I am just writing to ask that you confirm having received this email. >> >> Thank you, >> >> *Katia Dragan* >> >