Supercuts 2002 Annual Report Download - page 129

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(d) any waiver of the payment, performance or observance of any of the obligations, conditions, covenants or agreements contained in any Note
Document, or any other waiver, consent, extension, indulgence, compromise, settlement, release or other action or inaction under or in respect
of any of the Note Documents or any other instrument or agreement referred to in paragraph (a) above or any obligation or liability of the
Company, or any exercise or non-exercise of any right, remedy, power or privilege under or in respect of any such instrument or agreement or
any such obligation or liability;
(e) any failure, omission or delay on the part of any of the Holders to enforce, assert or exercise any right, power or remedy conferred on such
Holder in this Guaranty, or any such failure, omission or delay on the part of such Holder in connection with any Note Document, or any other
action on the part of such Holder;
(f) any voluntary or involuntary bankruptcy, insolvency, reorganization, arrangement, readjustment, assignment for the benefit of creditors,
composition, receivership, conservatorship, custodianship, liquidation, marshaling of assets and liabilities or similar proceedings with respect
to the Company, any Guarantor or to any other person or any of their respective properties or creditors, or any action taken by any trustee or
receiver or by any court in any such proceeding;
(g) any discharge, termination, cancellation, frustration, irregularity, invalidity or unenforceability, in whole or in part, of any of the Note
Documents or any other agreement or instrument referred to in paragraph (a) above or any term hereof;
(h) any merger or consolidation of the Company or any Guarantor into or with any other corporation, or any sale, lease or transfer of any of the
assets of the Company or any Guarantor to any other person;
(i) any change in the ownership of any shares of capital stock of the Company or any change in the corporate relationship between the
Company and any Guarantor, or any termination of such relationship;
(j) any release or discharge, by operation of law, of any Guarantor from the performance or observance of any obligation, covenant or
agreement contained in this Guaranty; or
(k) any other occurrence, circumstance, happening or event whatsoever, whether similar or dissimilar to the foregoing, whether foreseen or
unforeseen, and any other circumstance which might otherwise constitute a legal or equitable defense or discharge of the liabilities of a
guarantor or surety or which might otherwise limit recourse against any Guarantor.
3
Exhibit 1(c)