Which of the following statements are correct regarding the recent guidelines released by SEBI for Category I and Category II Alternative Investment Funds (AIFs)?

1. Category I and II AIFs are allowed to borrow funds for temporary needs or operational expenses, with a limit of up to 30 days and no more than 4 times in a calendar year.
2. The borrowed amount by Category I and II AIFs cannot exceed the lower of 20% of the investment, 10% of the fund’s investable assets, or the pending commitments from other investors.
3. Large Value Funds for Accredited Investors (LVFs) can extend their tenure by up to 7 years with the approval of two-thirds of unit holders.