COUNTIFS combining text and values

Question that I am struggling with somewhat.

I have a list of account values and then manager names next to them. What I would like to do is count how many accounts two particular managers have that are less than a certain number. E.g. How many accounts in total that both Terry and James (which to me is an OR function) manage are less than 50,000 in value. I've tried to use various permutations of COUNTIFS but to no avail. In the above example the answer is 3 but I can't manage to figure it out.

Manager Acc Value
Terry 20,000
James 1,000
John 80,000
Terry 100,000
James 90,000
John 2,000
Terry 3,000
James 55,000
John 6,000

Many thanks in advance

Or

=SUM(COUNTIFS(A:A,{"Terry","James"},B:B,"<50000"))