Article (12) Utilization of the Funds

12.1 The BSE shall use the assets of the Guarantee Fund contribution as collateral for the credit facility to be provided by the Settlement Bank, for the settlement of the net to pay obligations arising from securities transactions concluded on the BSE for individual Participants who fail to settle their obligations, or if the funds of the Liquidity Reserve, in accordance with Article (20) hereof, do not suffice for the fulfillment of obligations pertaining to the concluded transactions on the BSE.
12.2 If a Participant fails to pay his net to pay balance not later than 09:30 hours on Settlement Day (T+2), the amount of deficiency shall be debited from the Guarantee Fund account and credited to the BSE's clearing account.