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Assets, Any investment manager shall be a qualified investment advisor under the Investment <br />Advisors Act of 1940. The Plan Administrator may also remove any investment manager. The Plan <br />Administrator shall promptly notify the Trustee in writing of the appointment or removal of any <br />investment manager. <br />The Plan Administrator shall cause the investment manager to acknowledge to the Trustee in writing <br />that the investment manager is a fiduciary with respect to the Plan and Trust. If the foregoing <br />conditions are met, the investment manager shall have the power to manage, acquire, retain, or <br />dispose of any Trust Assets subject to the investment manager's management and direction. The <br />Trustee shall not be liable for the acts or omissions of such investment manager, or be under an <br />obligation to review the investments of, or to invest or otherwise manage any asset of the Trust that <br />is subject to the management and direction of such investment manager. <br />2.5 Participant Directed Accounts. The Agency may, by written resolution and execution of <br />the Adoption Agreement, terminate the Plan Administrator's right to direct 'the investment and <br />management of all or any portion of the Assets of the Trust and allow Participants to direct their own <br />account balances ("Participant Directed Accounts"). Notwithstanding any other provision of this <br />Trust Agreement, for Participant Directed Accounts, the Trustee shall be entitled to act upon proper <br />directions of the Plan Administrator, Record -keeper, and Participants including directions in writing, <br />or oral instructions which'I'rustee in its discretion may follow without receipt of written instructions, <br />instruction given by photostatic teletransmission using facsimile signature, or those instructions <br />which are digitally recorded on the Union Bank Voice Response Unit ("VRU") or internet website. <br />Trustee is hereby authorized to record conversations and transmissions made in connection with the <br />Trust, Trustee's recording or lack of recording of any such oral, internet or digital instructions, <br />and/or receipt or lack of receipt of facsimile transmissions, as reflected in the Trustee's records <br />maintained in the ordinary course of business shall constitute conclusive proof of Trustee's receipt or <br />non -receipt of such instructions. <br />The Trustee and/or Record -keeper shall not be liable in any manner for investment or other losses or <br />other liability attributable to Participant's directions, or lack thereof, or exercise of control over the <br />investments of their Participant Directed Accounts. Likewise, the Trustee and/or Record -keeper <br />shall have no duty or responsibility to review, monitor or make recommendations regarding <br />investments made at the direction of the Participants or the Plan Administrator. In order for Agency <br />to be relieved of investment fiduciary liability, the requirements of California law including Section <br />53213.5 of the California Government Code must be met. The Plan Administrator shall establish <br />uniform and nondiscriminatory rules for the operation of the Participant Directed Accounts, <br />including whether the Participant shall direct the Trustee or direct the Plan Administrator who then <br />directs the Record -keeper and the Record -keeper forwards such directions to the Trustee. Agency <br />shall designate whether Participant Directed Accounts are to be established pursuant to the <br />provisions of section 2.5(a) or 2.5(b), below: <br />(a) Participant Direction in Individually Directed Accounts. If the Agency has so <br />elected, Participants may have investment direction power over their own segregated account <br />balances ("Individually Directed Account" or "IDA"), Investments may be directed by Participants <br />into assets administratively acceptable to Trustee, as limited by guidelines developed by the Plan <br />Administrator (the "Permissible Investment Guidelines"). Plan Administrator shall notify <br />Participants of the Plan's Permissible Investment Guidelines as in effect from time to time. In the <br />absence of directions from a Participant, the Plan Administrator may direct the investment of the <br />55A�23 <br />