Can an ELTIF use borrowings, as referred to in Article 16(1) of the ELTIF Regulation, to meet redemptions?

Can confirmed but undrawn credit lines be considered as “expected cash flows”, as referred to in Article 5(6) of the ELTIF Delegated Regulation, and thus be taken into account in the maximum limit referred to in Article 18(2), point (d) of the ELTIF Regulation?

What are the criteria to assess the “prudent” nature of the expected cash flows forecasted […] over 12 months, as referred to in Article 5(6) of the ELTIF Delegated Regulation that could be added to the maximum size of redemption at a given redemption date?

For private debt ELTIFs, what elements should be taken into account in the abovementioned "expected cash flows"?

Should the ELTIF comply with the minimum liquid asset requirements referred to in Annex II of the Delegated Regulation at all times, and if not, which types of “necessary measures”, as referred to in Article 5(7) of the ELTIF Delegated Regulation, and within which time frame, are expected to be implemented by the ELTIF manager?

When should the calculation of liquid assets be conducted?

Should the minimum percentage of liquid assets referred to in Annex II of the ELTIF Delegated Regulation solely comprise, as per Article 5(5) point b) of the ELTIF Delegated Regulation, the UCITS eligible assets, or should it also include, as it is the case for the purpose of the denominator of the percentage referred to in Article 18(2) point (d), the expected cash flow, forecasted on a prudent basis over 12 months?

Should it be understood from the requirements of Article 10(1) point (d) of the ELTIF Regulation that investing in non-EU AIFs is not compatible with the requirements of the ELTIF regulation?

Do underlying investment funds referred to in Article 10(1) point (d) of the ELTIF Regulation (ELTIFs, EuVECAs, EuSEFs, UCITS and EU AIFs managed by EU AIFMs) have to be invested only in “in eligible investments as referred to in Article 9(1) and (2)”? If not, how to interpret the abovementioned requirement according to which the underlying funds in which the ELTIF has invested must be invested “in eligible investments as referred to in Article 9(1) and (2)”?