Auction Amount Sample Clauses

Auction Amount. On each Business Day that ReFlow conducts an Auction, ReFlow shall establish an Initial Auction Amount, equal to the amount of cash it will make available that day to purchase shares of Participating Funds. The Initial Auction Amount, plus any cash received from Automatic Redemptions (as defined below in Section II.5) and Voluntary Redemptions equal the Final Auction Amount.
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Auction Amount. On each Business Day that ReFlow conducts an Auction, ReFlow shall establish an Initial Auction Amount, equal to the amount of cash it will make available that day to purchase shares of Participating Funds. The Initial Auction Amount, plus any cash received from Automatic Redemptions (as defined below in Section II.5) and Voluntary Redemptions equal the Final Auction Amount. Auction Bids. Prior to Market Close on each Business Day that ReFlow conducts an Auction, ReFlow may establish a Minimum Fee Bid, below which no Fee Bid will be accepted. Any Minimum Fee Bid will be posted on ReFlow's website. If the Fund desires to participate in a particular Auction, the Fund shall submit a bid to ReFlow, consisting of (a) the amount of liquidity the Fund desires, either in the form of a Cash Bid or Standing Bid; and (b) the Fund's Fee Bid. The Fund's submission may be placed, and may be modified or cancelled, by the Fund at any time up until the Market Close. A Cash Bid shall be effective for only one Auction. A Standing Bid shall remain in continuous effect from day to day unless modified or cancelled by the Fund. Fee Bid Calculations. If the Fund places a Standing Bid, the Auction Program shall calculate the dollar amount of the Fund's bid based on its net redemptions reported. If the Fund places a Cash Bid but thereafter reports net redemptions of less than that amount, the Fund's bid shall be the amount of its net redemptions. Automatic Redemptions. If the Fund reports net inflows in its Order Flow Report and ReFlow holds Shares of the Fund, ReFlow shall automatically redeem an amount of Shares equal to the lesser of (a) the net number of shares sold as reported in the Order Flow Report; or (b) the number of shares owned by ReFlow. ReFlow may, in its sole discretion, adopt additional automatic redemption policies, pursuant to which ReFlow shall redeem shares, regardless of whether a Participating Fund remains in a state of net redemptions. Any such policy shall be disclosed on ReFlow's website. Any policy shall apply uniformly to all Participating Funds, and any change to a policy shall apply only in respect of shares of the Fund purchased after such policy is disclosed. The Fund shall effect all automatic redemption orders at the NAV of the Fund calculated at Market Close that day. Any cash to be received by ReFlow from automatic redemptions will be added to the Final Auction Amount. ReFlow reserves the right to cancel automatic redemptions at any time prior to...
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Related to Auction Amount

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