BORROWINGS AND DEFERRED PAYMENTS :

• The aggregate consolidated borrowings and deferred payments of the REIT net of cash and cash equivalents shall never exceed 49% of the value of the REIT assets. However, such borrowings and deferred payments shall not include any refundable security deposits to tenants.

• If the aggregate consolidated borrowings and deferred payments of the REIT net of cash and cash equivalents exceed 25% of the value of the REIT assets, for any further borrowing,-

(a) Credit rating shall be obtained from a credit rating agency registered with SEBI and

(b) Approval of unit holders shall be obtained in the manner as prescribed in these regulations.

• If the conditions specified above are breached on account of market movements of the price of the underlying assets or securities, the manager shall inform the same to the trustee and ensure that the conditions shall satisfied within six months of such breach.