7. Other Short-Term and Long-Term Obligations

Federal Coal Lease Obligations

Federal coal lease obligations consisted of (in thousands):

	March 31,		December 31,
	2013		2012
Federal coal lease obligations, current	$	63,191	$	63,191
Federal coal lease obligations, noncurrent	122,928		122,928
Total federal coal lease obligations	$	186,119	$	186,119

Our federal coal lease obligations, as reflected in the consolidated balance sheets, consist of obligations payable to the Bureau of Land Management of the U.S. Department of the Interior (the “BLM”) discounted at an imputed interest rate. Imputed interest is included in accrued expenses.

We have federal coal lease payments, as follows (dollars in thousands):

					March 31, 2013				December 31, 2012
	Annual		Imputed		Carrying		Fair		Carrying		Fair
Payment Dates	Payment		Interest Rate		Value		Value(1)		Value		Value(1)
May 1, 2009 — 2013	$	9,620	8.70	%	$	8,852	$	9,602	$	8,852	$	9,532
July 1, 2011 — 2015	$	59,545	8.50	%	152,078		173,407		152,078		171,075
September 1, 2011 — 2015	$	9,862	8.50	%	25,189		28,437		25,189		28,196
					$	186,119	$	211,446	$	186,119	$	208,803

(1) The fair value of estimates for federal coal lease obligations were determined by discounting the remaining lease payments using the then current estimate of the credit-adjusted, risk-free rate based on our then current credit rating, which are considered Level 2 in the fair value hierarchy.

Future payments on federal coal leases are as follows (in thousands):

Year Ended December 31,
2013	$	79,027
2014	69,407
2015	69,407
Total	217,841
Less: imputed interest	31,722
Total principal payments	186,119
Less: current portion	63,191
Long-term federal coal leases payable	$	122,928

Accounts Receivable Securitization

On February 11, 2013, we executed an Accounts Receivable Securitization Facility (“A/R Securitization Program”) with capacity of up to $75 million. CPE Resources and certain of our subsidiaries are parties to the A/R Securitization Program. In January 2013, we formed CPE Receivables LLC (the “SPE”), a special purpose, bankruptcy-remote wholly-owned subsidiary to purchase, subject to certain exclusions, in a true sale, trade receivables generated by certain of our subsidiaries without recourse (other than customary indemnification obligations for breaches of specific representations and warranties), and then transfer undivided interests in up to $75 million of those accounts receivable to a financial institution for cash borrowings for our ultimate benefit. The total aggregate borrowings and letters of credit are limited by eligible accounts receivable, as defined under the terms of the A/R Securitization Program. At March 31, 2013, the A/R Securitization Program would have allowed for $51.8 million of borrowing capacity. There were no borrowings from the A/R Securitization Program at March 31, 2013. The SPE is consolidated into our financial statements.

Amended Credit Agreement

On January 18, 2013, CPE Resources entered into Amendment No. 2 to the Amended Credit Agreement and Amendment No. 1 to the Security Agreement, which provides for amendments to allow for the release of certain types of liens, among other things.

The Amended Credit Agreement establishes a commitment to provide us with a $500 million senior secured revolving credit facility, which can be used to borrow funds or issue letters of credit. The financial covenants in the Amended Credit Agreement are based on EBITDA (which is defined in the Amended Credit Agreement and is not the same as EBITDA or Adjusted EBITDA otherwise presented), requiring us to maintain defined minimum levels of interest coverage and providing for a limitation on our leverage ratio. If our EBITDA were to decline and we were unable to negotiate an amendment with the bank group, our actual borrowing capacity under the Amended Credit Agreement may be reduced. Subject to the satisfaction of certain conditions, we may elect to increase the size of the revolving credit facility and/or request the addition of one or more new tranches of term loans in a combined amount of up to $200 million. Our obligations under the credit facility are secured by substantially all of CPE Resources’s assets and substantially all of the assets of certain of CPE Resources’s subsidiaries, subject to certain permitted liens and customary exceptions for similar coal financings. Our obligations under the credit facility are also supported by a guarantee by CPE Resources’s domestic restricted subsidiaries. The credit facility matures on June 3, 2016. As of March 31, 2013, no cash borrowings were outstanding under the credit facility.