All Debts contracted and Engagements entered into, before the Adoption of this Constitution, shall be as valid against the United States under this Constitution, as under the Confederation.
The Declaration of Independence, the Treaty of Paris, the Articles of Confederation and the Northwest Ordinance were all engagements entered into the before the ratification of the Constitution and the provisions contained therein are all as valid after the ratification as they were before it was ratified.
This means that any contradictions of the earlier engagements included in the Constitution are null and void. Contrary to what most believe the Articles of Confederation were not repealed or abolished. They have only been temporarily abandoned.
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I think perhaps you're stretching the meaning of "engagement" to also include "agreements". This is not the intent of that word. The word engagement meant wars, battles or conflicts with other nations/countries, not all engagements of all activities of whatever kind. If that were the case, then the meaning of engagement could be expanded to include ANY activity or state of being or activity.
Just my opinion.
Is an engagement refer only to wars or does it include agreements. Is the Declaration of Independence binding agreement? Is the government of the United States bound to the provisions of the Treaty of Paris, the Articles of Confederation and the Northwest Ordinance?
To make an "agreement", (treaty), with another country, was mostly used to avoid an "engagement" over disagreements or in the pursuit of mutual interests. Either way, I believe I have already said that I believe the word "engagement" does not include engagements of the pen, but only engagements of the sword.
If you just read the words, you will see the truth.
"All [ loans and resulting indebtedness to XYZ bank(s)] and [wars, conflicts, or other violence based] engagements entered into..."
Read it that way and you see it's nothing more or less than what you would see in a modern disclaimer, meant for the bankers and lawyers of the era, so they would be reassured that the money would keep flowing.