It must honour its pledges (8)
I believe the answer is:
pawnshop
'it must honour its' is the definition.
The definition suggests a singular noun which matches the answer.
'pledges' is the wordplay.
I cannot quite see how this works, but
'pledges' could be 'pawns' (pawn is a kind of pledge) and 'pawns' is present in the answer.
The remaining letters 'hop' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
Can you help me to learn more?
(Other definitions for pawnshop that I've seen before include "Where to raise money against goods" , "Where items are in hock" , "Uncle's place of business?" , "Establishment for loans against personal property" , "Where things are in hock" .)