pect to any Pledged Obligation, as of any date of determination, the outstanding principal amount of such Pledged Obligation; provided, that: (a) the Principal Balance of any Collateral Obligation received upon acceptance of an Offer for another Collateral Obligation, which Offer expressly states that failure to accept such Offer may result i

h Current Pay Obligations with the lowest Market Value) will be treated as a Defaulted Obligation: provided, that for purposes of determinations of the Principal Balance of any Collateral Obligation pursuant to this clause (d), if more than one subclause would apply. the Principal Balance of such Collateral Obligation will be the lowest value d

pect to any Pledged Obligation, as of any date of determination, the outstanding principal amount of such Pledged Obligation; provided, that: (a) the Principal Balance of any Collateral Obligation received upon acceptance of an Offer for another Collateral Obligation, which Offer expressly states that failure to accept such Offer may result i