What is a trigger event on BlockFi?

I’ve heard this been spoken about a lot. Could someone provide some clarity as to what it is on BlockFi?

BlockFi defines a trigger event happening when the value of collateral drops, conversely increasing the LTV of your loan. The first trigger event occurs at a 70% LTV.
When this happens, you have three days to add additional collateral or to pay down the loan balance.

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