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nt to the terms of this Annex. For purposes of determining whether such an Additional Termination Event has occurred, at the discretion of Party A, Exposure and Net Collateral Value may be calculated at any time on any calendar day and, if such day is not a Valuation Date, the Value of Posted Credit Support may at the discretio
the Tier II Net Open Position is equal 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 Cre
nt to the terms of this Annex. For purposes of determining whether such an Additional Termination Event has occurred, at the discretion of Party A, Exposure and Net Collateral Value may be calculated at any time on any calendar day and, if such day is not a Valuation Date, the Value of Posted Credit Support may at the discretio
the Tier II Net Open Position is equal 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 Cre
nt to the terms of this Annex. For purposes of determining whether such an Additional Termination Event has occurred, at the discretion of Party A, Exposure and Net Collateral Value may be calculated at any time on any calendar day and, if such day is not a Valuation Date, the Value of Posted Credit Support may at the discretio
the Tier II Net Open Position is equal 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 Cre
Entities connected to both Exposure and Net Collateral Value and the Tier Ill Ceiling Limit