If there are large dollar debts outstanding, and many firms find themselves in the same position, the additional demand for dollars will cause the exchange rate to depreciate even further. And that, of course, causes the dollar value of the collateral to fall yet again.
要偿还贷款，该企业必须买入美元。如果存在大量美元债务，并且许多企业都陷入了这一状况，那么新增美元需求将推动汇率进一步贬值。当然，抵押品的美元价值也会随之进一步下跌。