Common use of Absence of Contingent Liabilities Clause in Contracts

Absence of Contingent Liabilities. No Loan Party has any outstanding Indebtedness in excess of $1,000,000 (in the aggregate) or other material liability (including, without limitation, contingent liabilities) or unusual, forward or long term commitments other than (i) as of the Effective Date and until the first quarterly financial statements are delivered pursuant to Section 5.01(b), those disclosed in Pro Forma Balance Sheets, and thereafter, those disclosed in the Current Financials, or the notes thereto, (ii) those expressly described in this Agreement (including in the Schedules hereto and specifically including those arising under the Petro Acquisition Purchase Agreement) and (iii) those entered into or incurred in compliance with the terms of this Agreement.