DEFAULT MANAGEMENT SERVICES. ICE Clear shall maintain appropriate financial resources in relation to the management of defaults of Clearing Members in accordance with the ICE Clear Rules. ICE Clear shall perform default management as required in accordance with the ICE Clear Rules. To the extent inconsistent with the above, and in accordance with the ICE Clear Rules, ICE Clear shall maintain full discretion with respect to the declaration and management of a default of a Clearing Member.
Appears in 2 contracts
Sources: Clearing and Financial Intermediary Services Agreement (NYSE Euronext), Clearing and Financial Intermediary Services Agreement (Intercontinentalexchange Inc)