The Auto-Manage space feature of lets you allocate a storage limit for videos. When this feature is enabled, Auto-manage space will move older video files to your Recycle Bin as needed to free up space. This can prevent your hard drive from becoming full of large videos that can take up space will stop recording if the associated drive for recording has less than 20% of it's free space left. 

Keep in mind that Auto-Manage Space only is available if you are using Automatic Recording, and is not available in Manual Recording mode.

You can find this setting in the Preferences under 'Advanced' as well as where you can choose the location to save your videos.

If you are using the newest Plays Beta version of the App, and want to learn how its Auto Manage Space works, go HERE.