Present and Future Liabilities Sample Clauses
The Present and Future Liabilities clause defines the parties' responsibilities for both existing and potential obligations arising under the agreement. It typically clarifies that a party is liable not only for debts or duties incurred up to the date of the contract but also for those that may arise in the future as a result of ongoing or future actions. For example, this clause may ensure that a seller remains responsible for any undisclosed debts related to a business sold, even if those debts surface after the sale. Its core function is to allocate risk and responsibility clearly between the parties, preventing disputes over who is accountable for liabilities that may not be immediately apparent.
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Present and Future Liabilities. ANY AND ALL PRESENT AND FUTURE OBLIGATIONS AND INDEBTEDNESS OF EVERY KIND AND DESCRIPTION OF THE MORTGAGOR TO THE BANK AND/OR ANY AFFILIATE (as herein defined) arising out of all sums due under the Loan Documents (as herein defined) in connection with financial accommodations in the principal amount of up to EIGHT HUNDRED THOUSAND AND XX/100 Dollars ($800,000.00) at the interest rate set forth in the Promissory Note attached hereto as Exhibit A and incorporated herein by reference, including, without limitation, principal, interest, fees, late fees, expenses, attorneys' fees and costs and/or allocated fees and costs of the Bank's in-house legal counsel, that have been or may hereafter be contracted or incurred (collectively, the "Liabilities"); and