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    <title>Borrowings and deferred payments</title>
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    <description>An InvIT with listed units may issue debt securities only in the prescribed manner and with listing on a recognized stock exchange. Consolidated borrowings and deferred payments of the InvIT, holdco and SPVs, net of cash and cash equivalents, must not exceed seventy per cent of InvIT asset value. Further borrowing beyond twenty-five per cent is subject to credit rating, unit holder approval, use-of-funds limits, a distribution track record, and enhanced approval requirements, while market-driven breaches must be reported and cured within six months.</description>
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      <description>An InvIT with listed units may issue debt securities only in the prescribed manner and with listing on a recognized stock exchange. Consolidated borrowings and deferred payments of the InvIT, holdco and SPVs, net of cash and cash equivalents, must not exceed seventy per cent of InvIT asset value. Further borrowing beyond twenty-five per cent is subject to credit rating, unit holder approval, use-of-funds limits, a distribution track record, and enhanced approval requirements, while market-driven breaches must be reported and cured within six months.</description>
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