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(including attorneys' fees) of defending against any claim of liability, but excluding liabilities <br />due to the Trustee's negligence or willful misconduct. The Trustee shall have no duty or <br />obligation to review or verify any information provided to it by the Borrower or the School or to <br />determine the materiality of a Listed Event and shall not be deemed to be acting in any fiduciary <br />capacity for the Borrower, the Holders or any other party. The Trustee shall have no <br />responsibility for the Borrower's failure to report a Listed Event to the Trustee. The obligations <br />of the Borrower under this Section shall survive resignation or removal of the Trustee and <br />payment of the Securities. <br />Section 13. Governing Law. This Disclosure Agreement shall be governed by the <br />laws of the State of Minnesota. <br />Section 14. Beneficiaries. This Disclosure Agreement shall inure solely to the benefit <br />of the Borrower, the School, the Trustee, the Underwriter, the Holders and beneficial owners <br />from time to time of the Securities, and shall create no rights in any other person or entity. <br />(The remainder of this page is intentionally left blank.) <br />-8- <br />