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Answer (C) is correct . Long-term obligations that are or will become callable by the creditor because of the debtor’s violation of a provision of the debt agreement at the balance sheet date normally are classified as current liabilities. However, the debt need not be reclassified if the violation will be cured within a specified grace period or if the creditor formally waives or subsequently loses the right to demand repayment for a period of more than a year from the balance sheet date (also, reclassification is not required if the debtor expects and has the ability to refinance the obligation on a long-term basis).

Answer (A) is incorrect because Such obligations must be current liabilities.
Answer (B) is incorrect because Bankruptcy is not an exception.
Answer (D) is incorrect because Such obligations are not contingent.