Article 43 - Rights and remedies

(1) If the Debtor is in Default under a Security Agreement then,
(A) except as provided in paragraphs (3) to (5), the Secured Party has:
(1) the rights and remedies provided in the Security Agreement;
(2) the rights, remedies and obligations provided in this Part; and
(3) the rights, remedies and obligations provided in Article 55 if the Secured Party is in possession or control of the Collateral; and
(B) the Debtor has as against the Secured Party:
(1) the rights and remedies provided in the Security Agreement;
(2) the rights and remedies provided in this Part and in Article 55; and
(3) any other rights and remedies under any other Regulations or rules made by the QFC Authority which are not inconsistent with these Regulations.
(2) The rights and remedies of the Secured Party and the Debtor are cumulative, and may be exercised simultaneously so long as they are not mutually incompatible and simultaneous exercise is not commercially unreasonable.
(3) The following provisions, to the extent that they give rights to the Debtor or impose obligations on the Secured Party, cannot be waived or varied by agreement or otherwise:
(A) Article 44(3);
(B) Article 44(4);
(C) Article 46;
(D) Article 47;
(E) Article 48;
(F) Article 49(1); and
(G) Article 51.
(4) The parties to a Security Agreement may, by agreement, determine the standards which fulfil the rights of a Debtor or obligations of a Secured Party under a provision mentioned in paragraph (3), so long as those standards are not manifestly unreasonable having regard to the nature of the rights and duties.
(5) If the Debtor is in Default under a Security Agreement relating to a Security Interest in Financial Collateral then the rights and remedies of the Secured Party are as set out in Article 54 (Enforcement rights in respect of Financial Collateral).