When the torque limiter function is engaged, a green TQ LIMITER ON will appear on the MFD. The All Engines Operating (AEO) total engine torque is limited to be the combined torque of TQ228% (114%/114%) when the torque limiter function is set to ON. The One Engine Inoperative (OEI) torque is not affected.
From my FSI Phase 7 notes. Maybe my initial phrasing was unclear, but as it was explained to me during ground class, if you lose an engine with the torque limiter on, the tq is not limited on the remaining engine!