> Can the borrower then selectively default if the X/Y exchange rate moves in their favor? They very much can. For that reason though, the loans are always ove

> Can the borrower then selectively default if the X/Y exchange rate moves in their favor? They very much can. For that reason though, the loans are always over collateralized so defaulting involves leaving some money on the table. That money could be less than hypothetical tax payments though..not sure.