market value of such Defaulted Obligation or Deferring PH( Obligation as determined by the Collateral Manager. and (B) thereafter, the lesser of (i) the Moody's Recovery Amount of such Defaulted Obligation or Deferring PIK Obligation and (ii) the Market Value of such Defaulted Obligation or Deferring PIK Obligation,

market value of such Defaulted Obligation or Deferring PH( Obligation as determined by the Collateral Manager. and (B) thereafter, the lesser of (i) the Moody's Recovery Amount of such Defaulted Obligation or Deferring PIK Obligation and (ii) the Market Value of such Defaulted Obligation or Deferring PIK Obligation,