In Australia, negative pledge lending took off after a substantial deal by Pioneer Concrete in 1978. It was a new way of lending, which allowed the banks to lend to corporations, something previously the domain of life insurers. Negative pledge clauses are almost universal in modern unsecured commercial loan documents. The purpose is to ensure that a borrower, having taken out an unsecured loan, cannot subsequently take out another loan with a different lender, securing the subsequent loan on the specified assets.
Spruce Knob, highest point in West Virginia, U.S., located in the Allegheny Mountains in the eastern part of the state, about 25 miles (40 km) southeast of Elkins.
The lookout was built in 1931 and stands at an elevation of 6,850 feet. It is open to the public on a first-come-first-serve basis for overnight use. Water is available by melting snow. When snowpack is gone visitors will need to bring water. Website Spruce Mountain Lookout-WyomingFormerly used to detect fires, the live-in tower rises 55 feet above a forested mountaintop in the Medicine Bow-Routt National Forests. The tower was renovated and opened to the public for overnight rental in 1997.