a) 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?

b) 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 Commission Delegated Regulation (EU) 2024/2759 at all times, and if not, which types of “necessary measures”, as referred to in Article 5(7) of the Commission Delegated Regulation, and within which time frame, are expected to be implemented by the ELTIF manager?
Is the manager prevented from accepting redemptions if the minimum liquid asset requirement has not yet been entirely met?

Should the calculation of liquid assets be performed before the start of the notice period, or at another point in time, and if so, which point of time?

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?

Pursuant to Article 23(4) point (d) of the ELTIF Regulation, shall the ELTIF disclose in its rules or instruments of incorporation a minimum (and not only a maximum, as per the requirements of Article 18(2) point d) of the ELTIF Regulation) percentage of liquid assets referred to in article 9(1) point (b) to be used for redemption requests?