A credit support and pledge agreement is one that is entered into between two parties for providing credit support. The credit support is offered by one of the parties to other on account of pledging some of the securities which can be raw materials, work in progress or any other security that belongs to the business of the borrower. The credit support offered by the lender is assigned a base value and is flexible according to the requirements of the borrower.
This agreement specifies the details of credit support offered against the securities pledged by the borrower. Some of the information that is included in this agreement are base credit support, date of credit, mode of credit, type of security pledged, value of security pledged, valuation of the security and certificate of valuation thereof, obligations of the borrower, beneficiaries of credit support in event of death or bankruptcy of borrower etc. The agreement is signed by the borrower only.
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