Common use of Liability Absolute Clause in Contracts

Liability Absolute. Lyric shall have the right to assert any defenses to enforcement of the Obligations that would be available to Franchisees, other than defenses based on bankruptcy or insolvency laws. However, except for the preceding sentence, Lyric's liability for payment and performance of the Obligations shall be absolute and unconditional; and Lyric unconditionally and irrevocably waives each and every defense which, under principles of guaranty or suretyship law, would otherwise operate to impair or diminish such liability; and nothing except actual full payment and performance to Franchisor of the Obligations shall operate to discharge Lyric's liability under this Article 29. Without limiting the foregoing, Franchisor shall have the right, from time to time and without notice, to: (a) extend any credit to any Franchisee, (b) accept any collateral, security or guarantee for any Obligations or any other credit, (c) determine how, when and what application of payments, credits and collections, if any, shall be made on the Obligations and any other credit and accept partial payments, (d) determine what (if anything) shall be done with respect to any collateral or security, (e) subordinate, sell, transfer, surrender, release or otherwise dispose of any such collateral or security, and purchase or otherwise acquire any such collateral or security at foreclosure or otherwise, and (f) with or without consideration grant, permit or enter into any waiver, amendment, extension, modification, refinancing, indulgence, compromise, settlement, subordination, discharge or release of any of the Obligations.