When the curve is not enough

Kamino says its interest-rate model "handles 99%+ of utilization management automatically". How should a spread plan treat that?

• As a measured statistic that makes the backstops irrelevant
• As Kamino's claim about normal times; the plan still needs a line for the backstops
• As a promise that deleverage will never be used

In an auto-deleverage, which positions become eligible first?

• The largest positions, by dollar size
• The newest positions
• The highest-LTV positions, as the threshold falls past them