Crossword Genius

It must honour its pledges (8)

Ross

I believe the answer is:

pawnshop

I'm a little stuck... Click here to teach me more about this clue!

'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" .)

I've seen this clue in The Globe and Mail.
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