BSIP70: Clarification and fixing typo

bsip-0070.md

@@ -58,9 +58,9 @@ The process flow for margin trading is depicted below.  The process consists of
 
 1. [Stage 1a](#process-authorized-leveraged-trading): Prior to any loan being offered or matched, the asset issuer must authorize the loan asset for lending for margin trading against sets of tradable assets.
 1. [Stage 1b](#process-reference-price): Prior to any loan being offered or matched, it must be possible to look up a [_valid_ reference price](#reference-price-determination) between the tradable asset and the the loan asset on the internal DEX market.
-2. [Stage 2](#process-loan-offers): Lenders and potential Borrowers can place offers on the _Lending Order Book_.  The offers by lenders ("loan offers") and the offers by borrowers ("borrow offers") shall remain on the books until they either expire or are matched by counter-offers.
+2. [Stage 2](#process-loan-offers): Lenders and potential Borrowers can place offers on the _Lending Order Book_.  The offers by lenders ("loan offers") and the offers by borrowers ("borrow offers") shall remain on the books until they are canceled by the offeror, expire, or are completely matched by counter-offers.
 3. [Stage 3](#process-loan-matching): Compatible offers are matched to create a loan.
-4. [Stage 4a](#process-margin-trading): A borrower/ may hold the borrowed asset and/or trade against the agreed-upon tradable asset for the _duration of the loan_.  [Stage 4b](#process-interest-payment): The smart contract will transfer interest payments from the borrower's loan portfolio to the lender on a daily basis.  [Stage 4c](#process-loan-appraisal) The smart contract shall appraise the loan to check whether sufficient collateral backs the loan.  [Stage 4d](#process-portfolio-updating): A borrower may update the amount of collateral in their loan.
+4. [Stage 4a](#process-margin-trading): A borrower may hold the borrowed asset and/or trade against the agreed-upon tradable asset for the _duration of the loan_.  [Stage 4b](#process-interest-payment): The smart contract will transfer interest payments from the borrower's loan portfolio to the lender on a daily basis.  [Stage 4c](#process-loan-appraisal) The smart contract shall appraise the loan to check whether sufficient collateral backs the loan.  [Stage 4d](#process-portfolio-updating): A borrower may update the amount of collateral in their loan.
 5. [Stage 5a](#process-loan-closure-initiation): _A borrower_ may initiate a loan closure any time prior to the loan expiry.  [Stage 5b](#process-loan-expiration): _The smart contract_ may initiate a margin call when the loan expires.  [Stage 5c](#process-margin-call-initiation-due-to-inability-to-pay-interest): _The smart contract_ may initiate a loan closure if it is unable to pay the daily interest on behalf of the borrower.  [Stage 5d](#process-margin-call-initiation): _The smart contract_ may initiate a loan  closure by margin call if it appraises the loan's collateral as being too low.
 6. [Stage 6](#process-margin-call): During a margin call process the smart contract attempts to liquidate a [loan portfolio](#process-margin-trading) to obtain a [sufficient balance](#process-loan-closure) of the borrowed asset to repay the lender.  This might require selling the balance of the tradable asset on the market.
 7. [Stage 7a](#process-loan-closure): During a loan closure, the lender is repaid what is [owed](#debt-owed) and any balance of assets that remain in the [loan portfolio](#process-margin-trading) are transferred to the borrower's regular set of balances.  [Stage 7b](#process-unconventional-loan-closure): Alternatively, if a [margin call](#process-margin-call) is initiated that does not complete within a certain amount of time, the [entire loan portfolio shall be confiscated from the borrower](#process-portfolio-confiscation) and [transferred to the lender](#process-unconventional-loan-closure) as a _substitute payment_ for what is owed.