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To be placed on LTIR the player must be at the NHL level; however, a player CAN clear waivers, be kept at the NHL level, get injured and be placed on LTIR
Once a player clears waivers, there is no obligation to send the player to the minors, they can clear waivers and simply stay on the roster if management so chooses
LTIR use would allow the team to exceed the cap, while loaning the player to the minors would free up to a maximum of $950k in cap space