Liabilities definition clarifies inclusion of undertaking-specific liabilities, dedicated borrowings, and proportionate share of general borrowings. Definition of Liabilities for the specified clause treats as liabilities: obligations from the undertaking's activities; loans, borrowings and debentures raised and used solely for those activities; and, for general or multipurpose borrowings, the portion attributable to the undertaking measured by the ratio of transferred asset value to the demerged company's total asset value immediately before the demerger.