Core Vehicles definition
Core Vehicles means Vehicles for which each of the following exists:
Core Vehicles means Vehicles for which each of the following exists: (a) a Wholesale Value; and (b) a certificate of title (or the relevant applications therefor, duly completed and executed by Borrower), in the possession of Agent, properly reflecting Agent's first priority Lien on behalf of the Lender Group, each of the foregoing of which shall be reasonably satisfactory to Agent.
Core Vehicles means Vehicles for which each of the following exists: (a) a Wholesale Value; and (b) a certificate of title (or the relevant applications therefor, duly completed and executed by Borrower or the appropriate Restricted Subsidiary, as the case may be), in the possession of Agent, properly reflecting Agent's first priority Lien on behalf of the Lender Group, each of the foregoing of which shall be reasonably satisfactory to Agent; provided, however, that Agent may, in its discretion, decline to include as a Core Vehicle any Vehicle owned by a Restricted Subsidiary that was not a Core Vehicle as of the Closing Date.