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Leverage & risk
Borrowing limits, margin-call mechanics, and the draw → paydown lifecycle.
Borrowing capacity (Y_max) — the safety envelopeThe per-period margin pull is bounded by a risk-profile safety envelope that ramps toward the ceiling rather than slamming to it.Margin-call mechanics — modelling the downsideWhen LTV reaches the maintenance equity floor, the broker forces a sale. Keel liquidates just enough and counts it.Leverage lifecycle — draw → paydownSmith runs an explicit draw → paydown lifecycle; Margin Float's arc is emergent from the safety math, steered by an end-game dial.
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