A pledge agreement usually refers to a share pledge agreement created between a borrower and a lender whereby the lender gets an additional guarantee from the borrower that the debt will be repaid. In order to assure the lender the debt will be paid in full, the borrower makes the assurance in the form of collateral, that is, a property is pledged as security for the amount taken. By entering the pledge agreement, the borrower assures the borrower that if by any chance he cannot pay the money back, the borrower has a right to use the collateral property.
To make sure that the collateral is of good value and is collectable if there is any default regarding the payment, both the parties create a security agreement which lays down the various terms and conditions related to the pledge agreement and the rights the lender will have to the collateral. The names of both the parties along with the details about the collateral must be mentioned.
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