Adjusted Wholesale Value definition
Adjusted Wholesale Value means, with respect to a Vehicle, and as of any date of measurement, the product of (x) the Wholesale Value of such Vehicle times (y) the difference of (i) 1.00 minus (ii) (A) the Adjustment Factor times (B) the number of calendar months that have begun since Agent’s receipt of the most recent Current Appraisal, commencing with July 1, 2004; provided, however, that in the event Borrower delivers to Agent a subsequent Current Appraisal which ascribes the same or higher aggregate value to the Vehicles than was ascribed in the prior Current Appraisal, then Adjusted Wholesale Value shall, until any subsequent Current Appraisal, mean the Wholesale Value of such Vehicles.