REPRESENTATIONS AND WARRANTIES OF THE TRUSTEE AND THE SCHOOL. Representations Made by the Trustee By signing this Agreement and with respect to each Loan sold to ECFC or serviced by Xxxxxx Xxx, the Trustee represents and warrants (as of the date hereof and as of the date of each sale of Loans) that the following statements are true: The Trustee is a national banking association duly created under the National Banking Act, and is an eligible lender or other qualified holder of student loans under the Act and Regulations. The Trustee is the sole owner of legal title to the Loans, free and clear of any liens, claims or encumbrances of any nature. The Trustee has taken all legal and corporate action to permit it to enter into and perform all of the obligations in this Agreement, including the sale of Loans to ECFC and the repurchase of Loans. There is nothing in this Agreement that will violate any provision of law or any contract by which it is bound. The Trustee does not discriminate on the basis of race, sex, color, creed or national origin. Further, the Trustee does not require the Borrower to maintain a bank account or other business relationship with it to qualify for the Loan, except that the Trustee may require an account or other business relationship if it is a credit union, savings and loan association, mutual savings bank, institution of higher education or a depository institution with less than $75 million in deposits.
