1. The defaulting broker who fails to pay the net payable balance amount due from him by 09:30 a.m. on settlement day (T+2), and causes the Exchange to satisfy his obligations to other brokers participating in the Guarantee Fund account, shall undertake to replenish the Guarantee Fund account with the amount drawn from the Fund by the Exchange to cover his debit balance.

2. If it becomes evident to the Exchange by 09:45 a.m. on T+3 that the broker has failed to repay the amount drawn from the Guarantee Fund account to settle the broker's debit balance, the Exchange may instruct the defaulting broker to sell the purchased securities in absolute secrecy by another broker.

3. If the defaulting purchaser's broker fails to sell the purchased securities through the authorized broker on T+3, the Exchange may allow the defaulting broker one additional day to sell the relevant securities on T+4.

4. If the defaulting broker fails to sell the purchased securities on T+4, the Exchange may instruct the Trading and Members Affairs Units to sell the relevant securities by public auction on T+5.

5. If it becomes evident to the Unit by 09:30 a.m. on T+6 that the proceeds of the sale of the securities according to this Article are insufficient to cover the amount required to supplement the Guarantee Fund account, the Unit shall require the defaulting broker to pay the balance, provided that any surplus amount (if any) shall be paid to the relevant investor after deduction of all expenses and fines payable by the defaulting broker.