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Ratio; (C) the quotient of (I) the portion of Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier Ill Currencies, divided by (II) Tier Ill Net Open Position is equal to or less than Tier Ill Close-Out Ratio; (D) the quotient of (I) the portion of Net Collate
qual to or greater than the Tier II Ceiling Limit; (H) the Ticr III Net Open Position is equal to or greater than the Tier Ill Ceiling Limit; (I) the Tier IV Net Open Position is equal to or greater than the Tier IV Ceiling Limit; in each case irrespective of whether or not Eligible Credit Support has been requested by Pa
of (I) the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier Ill Currencies or Tier IV Currencies to (2) the Tier II Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Opti
rtion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier IV Currencies, divided by (B) the Tier IV Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being fifteen percent (15%). (Q) "Tier IV Indep
of (1) the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier Ill Currencies or Tier IV Currencies to (2) the Tier 11 Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Opti
rtion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier IV Currencies, divided by (B) the Tier IV Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being fifteen percent (15%). (Q) "Tier IV Indep
of (1) the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier Ill Currencies or Tier IV Currencies to (2) the Tier 11 Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Opti
rtion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier IV Currencies, divided by (B) the Tier IV Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being fifteen percent (15%). (Q) "Tier IV Indep
of (I) the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier Ill Currencies or Tier IV Currencies to (2) the Tier II Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Opti
rtion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier IV Currencies, divided by (B) the Tier IV Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being fifteen percent (15%). (Q) "Tier IV Indep
of (1) the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier II Currencies but not involving Tier Ill Currencies or Tier IV Currencies to (2) the Tier 11 Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Opti
rtion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions involving Tier IV Currencies, divided by (B) the Tier IV Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being fifteen percent (15%). (Q) "Tier IV Indep
Entities connected to both Tier Ill Currencies and the Tier IV Net Open Position