It remains a contingent or conditional obligation. No setoff is necessary to protect the bank's position.
Testing has also established that a right of contractual set-off, coupled with a preservation element (or a conditional obligation), does cross the definitional threshold, and creates a PPSA security interest (Scenarios C & D).
If the obligor is relying on the relevant condition not to perform the relevant conditional obligation, it is merely reflecting the fact that it is not under an obligation to do anything.
The programme would provide opportunities to vulnerable people which also place conditional obligation
on them to secure food by their own.
The company's second argument was that the obligation to pay the redemption amount existed and was enforceable but was conditioned upon a redemption election by the investors so the company had a conditional obligation that should be treated as a debt.
Likewise, the Tax Court rejected the conditional obligation argument because a debt obligation did not exist and would not exist until the investors had exercised their rights and created an obligation for Media Space to pay the redemption amount.
She ruled that language in the will of Josephine Newcomb contained "no enforceable conditional obligation
to support" claims of the plaintiffs, The Future of Newcomb College (TFNC).
dismemberment of ownership rights" presumed by the second branch of the twofold test in Wardean Drilling, (62) Chief Justice Couture of the Tax Court of Canada characterized the contract as a "a conditional obligation on a suspensive condition," which does not transfer ownership until the purchase option is exercised.
Where a conditional obligation is suspended until a future and uncertain event occurs or is certain not to occur, the condition is suspensive and the obligation comes into existence only when the event occurs or is certain not to occur.
* A financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation
, that the issuer must or may settle by issuing a variable number of its equity shares, if, at inception, the monetary value of the obligation is based solely or predominantly on any of the following:
Inter RAO sold 26.43% stake in Enel OGK-5 to investment funds for $625mplus conditional obligations
, which we view as quite favorable.