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Article 38 Participants Contributions

38.1 The minimum contribution of each Participant to the Guarantee Fund shall be fixed by the BSE, in accordance with a formula based upon the Participant's anticipated settlement obligations, at the time such Participant's application for participation is approved.
38.2 Notwithstanding the above, the BSE may fix the Participants' contributions on a basis other than the formula specified in sub-Article (34.1) above.
38.3 Contributions made by a Participant must be paid in cash to the Guarantee Fund account.
38.4 Participants contributions to the Guarantee Fund account may, from time-to-time, be increased or reduced by the BSE, in accordance with the foregoing formula or any other basis. The BSE may also require any Participant to make additional contributions to the Guarantee Fund account, based upon current (net or gross) settlement obligations.
38.5 Participants must at all times maintain the fixed minimum Guarantee Fund contribution established by the BSE.
38.6 Notice of any change to the fixed or additional contribution amount shall be given to each Participant at least three business days prior to the effective date of the change. Payment of the additional contribution in the Guarantee Fund account shall be made within 5 business days after the notice.