CVL - relationship mtg 2 conditions is not producing a value

I'm taking apart a working example of a conditional value list--recreating it myself to see if it will help me with understanding concept.

The file I'm playing with is a two table example. Very simple. Designed to produced three layers of values (the second two value lists based on conditions).

These values lists are on a single record context layout. The first two value lists work properly. The third is producing an undefined value. I've double-checked my relationships and fields and value list setup with that of the working copy and am not able to locate what I've done differently.

Can anyone out there please take a look at this tiny file and point out to me what I've missed? I want to go on to read and understand conditional vl in portals... but before doing so I need to know I've got this even more basic concept down-pat. I would be extremely greatful if someone could point out where I've gone wrong.

CondVL from Layout Context.zip