A foreign pledge agreement is one in which a loan is obtained by the pledgor from the pledgee on the basis of a foreign asset. The pledgor pledges a foreign asset which is in another country in the name of the foreign company in order to secure the loan. The agreement has three parties to the loan namely the foreign company that is providing the collateral, the pledgor and the pledgee. Usually companies having foreign assets resort to this pledge when there are no other domestic business assets to pledge.
The key elements covered under this foreign pledge agreement are name of pledgor along with address, name of pledgee along with address, details of foreign pledge being provided, valuation certificate of foreign asset, rate of interest charged on the loan, date of maturity of the loan, lien term provided on the loan, all fess and legal expenses etc. the agreement ahs to be executed and signed by the pledgor in agreement of the above mentioned terms.
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