After the depreciation, the collateral, valued in dollars, is worth less. Loan covenants have likely been broken, and lenders begin demanding that the borrower either put up new collateral or deleverage and repay part of the loan.
但在这个例子中，还有一个非标准因素起作用。贬值后，用美元衡量的抵押品价值下降了。贷款合同有可能无法维持，贷款人将开始要求借款人要么拿出新抵押品，要么去杠杆并偿还部分贷款。