(1) The value of any debt due, or to become due, to an undertaking, other than a debt to which Article 39 (3), paragraph (2), (3) or (4) of this Article or Article 46 or 48 applies, shall be -
(a) in the case of any such debt which is due, or will become due, within twelve months of the relevant date (including any debt which would become due within that period if the undertaking were to exercise any right to which it is entitled to require payment of the same), the amount which can reasonably be expected to be recovered in respect of that debt (due account being taken of any security being held in respect thereof); and
(b) in the case of any other such debt, the amount which would reasonably be paid by way of consideration for an immediate assignment of the debt together with the benefit of any security held in respect thereof:
Provided that, in determining the amounts referred to in subparagraphs (a) and (b), no account shall be taken of any letter of credit.
(2) The value of an