Common use of Acknowledgment of Current Outstanding Obligations Clause in Contracts

Acknowledgment of Current Outstanding Obligations. The Seller and Cloud Peak hereby acknowledge that, as of the Effective Date (as defined below), the Seller is indebted to the Forbearing Parties (as defined below) for all amounts outstanding on the Effective Date in respect of the Aggregate Capital, the LC Participation Amount and the aggregate amount of accrued and unpaid Discount and Fees (the foregoing amounts are hereafter collectively referred to as the “Current Outstanding Obligations”), all without offset, counterclaims or defenses of any kind. Except as specifically set forth herein, nothing shall alter, amend, modify or extinguish the obligation of the Seller or Cloud Peak to repay any Current Outstanding Obligations or any other obligations they have or may have under the Transaction Documents.