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

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

" means, at any time, the sum of (i) the Tier I Net Open Position, (ii) the Tier II Net Open Position (iii) the Tier III Net Open Position and (iv) the Tier IV Net Open Position. (C) "Bare Currency" means U.S. Dollars. (D) "Derivatives Transaction" means any Transaction other than a Foreign Exchange Transaction. (E) "T

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

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

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

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

" means, at any time, the sum of (i) the Tier I Net Open Position, (ii) the Tier II Net Open Position (iii) the Tier III Net Open Position and (iv) the Tier IV Net Open Position. (C) "Bare Currency" means U.S. Dollars. (D) "Derivatives Transaction" means any Transaction other than a Foreign Exchange Transaction. (E) "T

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

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