OG140-划线部分是同位语吗? 不明白...

140. Declining values for farm equipment and land, the collateral against which farmers borrow to get through the harvest season, is going to force many lenders to tighten or deny credit this spring.

(A) the collateral against which farmers borrow to get through the harvest season, is

(B) which farmers use as collateral to borrow against to get through the harvest season, is

(C) the collateral which is borrowed against by farmers to get through the harvest season, is

(D) which farmers use as collateral to borrow against to get through the harvest season, are

(E) the collateral against which farmers borrow to get through the harvest season, are

答案是E, 但我不明白the collateral.... 和前面是什么关系. 如果是同位语的话, 很明显the collateral 和Declining values是不同的事物.  

谁可以翻译一下这个句子

谢谢先

这个句子的意思是，由于农民们用来抵押贷款的农场工具和土地贬值，使得许多借款人拒绝放贷或者缩紧贷款。

这样的理解就是COLLETERAL 和farm equipment and land是同位语. against the collateral是固定词组, which 可以理解为colleteral.

谢谢青鸟 如果有错 请指正!