the quotient of (I) the portion of Net Collateral Value attributable to all FX Transactions and Currency Option Transactions not involving Tier II, Tier Ill and Tier IV Currencies, divided by (II) Tier I Net Open Position is equal to or less than Tier I Close-Out Ratio; (B) the quotient of (I) the por

quotient of (A) the portion of the Net Collateral Value attributable to all FX Transactions and Currency Option Transactions not involving Tier It, 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 13 from time to

l Net Open Position, which Party B must maintain in respect of outstanding FX Transactions and Currency Option Transactions not involving Tier II, Tier Ill and Tier IV Currencies, such number being determined and notified by Party A to Party B from time to time, and initially being seven percent (7%).

the quotient of (I) the portion of Net Collateral Value attributable to all FX Transactions and Currency Option Transactions not involving Tier II, Tier Ill and Tier IV Currencies, divided by (II) Tier I Net Open Position is equal to or less than Tier 1 Close-Out Ratio; (B) the quotient of (I) the por

quotient of (A) the portion of the Net Collateral 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 t

quotient of (A) the portion of the Net Collateral 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 t