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s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier 11I and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to t
l Value attributable to all IX Transactions and Currency Option Transactions not involving Tier II, Tier III and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). Ow) "Tier I Independe
s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier HI and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to ti
l Value attributable to all FX Transactions and Currency Option Transactions not involving Tier II, Tier Ill and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). (w) "Tier I Independe
s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier 11I and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to t
l Value attributable to all IX Transactions and Currency Option Transactions not involving Tier II, Tier III and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). Ow) "Tier I Independe
s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier HI and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to ti
l Value attributable to all FX Transactions and Currency Option Transactions not involving Tier II, Tier Ill and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). (w) "Tier I Independe
s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier 11I and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to t
l Value attributable to all IX Transactions and Currency Option Transactions not involving Tier II, Tier III and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). Ow) "Tier I Independe
s not involving Tier II, Tier III and Tier IV Currencies to (2) the Tier I Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier 11I and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to t
l Value attributable to all IX Transactions and Currency Option Transactions not involving Tier II, Tier III and Tier IV Currencies, divided by (B) the Tier I Net Open Position, such number being determined and notified by Party A to Party B from time to time, and initially being three percent (3%). Ow) "Tier I Independe
Entities connected to both FX Transactions and Currency Option and the Tier I Net Open Position
the International Swaps and Derivatives Association, Inc.
ORGANIZATIONFX Transactions
ORGANIZATIONEmerging Markets Traders Association
ORGANIZATIONthe Foreign Exchange Committee
ORGANIZATIONCredit Support Annexes
ORGANIZATIONthe Posted Credit Support
ORGANIZATIONTier IV Currencies
ORGANIZATIONTier 11I
ORGANIZATIONTier Ill
ORGANIZATION