September 13, 2018 Dear Mr. Malaspina,Chou America Mutual Funds • April 24th, 2019
Reference is made to the Securities Lending Authorization Agreement (the “SLAA”) between you and The Bank of New York Mellon (“Agent”), which, among other things, outlines the terms and conditions under which Agent may lend securities on your behalf to certain approved borrowers (“Borrowers”). We also refer to the accompanying educational materials issued by the Risk Management Association (available on the RMA website as provided in Exhibit A), which provide background information for this Consent.
