CRM2011 Workflow: What happens if the field which is used in the condition of the workflow is updated after the workflow has started?

Example: Lets say I have a workflow which send an email 2 days before warranty enddate. This workflow is triggered on the "Created" of a entity.

step 1: wait condition - process timeout < (warrantyendate - 2)
     after wait: send email.

So when the record is created, the workflow is started. But what happens when the user goes back and updates the warranty enddate.

Does the workflow check the updated warranty enddate or does it still use the enddate entered when it was triggered (i.e the initial on create value)?