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Source: instructions/account_manager/borrow.rs.

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user_borrow(assets, max_debt_shares)

  1. Gate on operating mode, reserve status (Active) and borrow_enabled.
  2. init_if_needed the DebtPosition ["debt", margin, reserve] and the margin vault. The margin must have room under max_debts_per_margin for a new debt.
  3. Accrue. Require total_borrow + assets ≤ borrow_cap and assets ≤ available_cash.
  4. Mint debt shares (rounded up), at most max_debt_shares.
  5. Transfer the tokens from the reserve to the margin vault.
  6. Value every holding through the oracle. The full-set health factor must exceed 1.10.
Borrowed tokens land in the margin vault, so a borrow raises both collateral and debt. A Token-2022 borrow is health-checked on what actually arrives, net of transfer fees. Only the pool assets (USDC, USDT, SOL) are borrow_enabled.

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user_repay_from_margin(max_assets, repay_all)

Repay from the margin vault’s own balance. repay_all repays the exact accrued debt. The amount is capped at what the vault holds. When shares reach zero, the debt leaves the margin’s active list. Close the DebtPosition with user_reclaim_rent.
There is no wallet-side repay instruction for owners. To repay with wallet funds, deposit them into the margin first, then repay from margin. Liquidators repay from their own wallet inside public_liquidate.