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tions (the "FX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the EX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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
tions (the "EX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the FX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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
tions (the "FX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the EX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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
tions (the "EX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the FX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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
tions (the "FX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the EX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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
tions (the "FX Definitions") (published by the International Swaps and Derivatives Association, Inc., the Emerging Markets Traders Association, and the Foreign Exchange Committee) shall have the meaning set forth in the EX Definitions (without regard to any amendments thereto subsequent to the date hereof). Nothing in this A
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 the Foreign Exchange Committee and the Tier I Net Open Position
Emerging Markets Traders Association
ORGANIZATIONthe International Swaps and Derivatives Association, Inc.
ORGANIZATIONCredit Support Annexes
ORGANIZATIONFX Transactions and Currency Option
ORGANIZATIONFX Transactions
ORGANIZATIONthe Posted Credit Support
ORGANIZATIONTier IV Currencies
ORGANIZATIONTier 11I
ORGANIZATIONTier Ill
ORGANIZATION