ELIGIBLE CONSUMER NOTES definition
ELIGIBLE CONSUMER NOTES means all Consumer Notes (i) which are made payable to the order of Borrower or have been endorsed (without restriction or limitation) payable to the order of Borrower,(ii) which are valid and enforceable in accordance with their respective terms,(iii) in which Bank One has been granted and continues to hold a perfected first-priority security interest,(iv) which are in a form that has been prepared by Bankers Systems or otherwise approved by Bank One,(v) which, are eligible for purchase under an Asset Securitization Facility and by any of The Money Store, The Associates or another purchaser acceptable to Lender, and conform in all respects with all the requirements for purchase of such Consumer Notes thereunder or thereby, and (vi) as to which the representations and warranties set forth in Section 5.22 are true and correct without any limitation as to Borrower's knowledge thereof; PROVIDED, HOWEVER, that any Consumer Note (vii) pledged by Borrower under the Security Agreement for a period in excess of the Warehousing Period or (viii) which has been out of Bank One's possession under a Bailee Letter for twenty-one (21) or more days, or (ix) which has been out of Bank One's possession under a Trust Receipt for fifteen (15) or more days, or (x) which is in default more than 60 days; or (xi) which was not originated in accordance with the Underwriting Guidelines or (xii) which was originated fraudulently or (xiii) the Obligor of which has instituted a proceeding in bankruptcy or reorganization under Debtor Laws, or (xiv) is no longer eligible for purchase under the Asset Securitization Facility or ceases to conform in all respects with all requirements for purchase thereunder, SHALL NOT BE AN ELIGIBLE CONSUMER NOTE.