Past obligations definition
Past obligations is understood as those already entered into, although not yet liquid and/or collectable, relating to relations, operations, and events that had already occurred at the time the guarantee contract relating to this application shall have effect, and “future obligations” is understood as those that take place subsequently.
Examples of Past obligations in a sentence
Past obligations and/or liabilities incurred during the period of membership for a withdrawing Member shall continue until absolved unless otherwise extinguished as part of a mutually agreed upon separation agreement between the withdrawing Member and all remaining Members of the Authority (unanimous consent).