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.
Surrounded by the rolling hills of Hunterdon County, Spruce Run Recreation Area is popular with picnickers, swimmers, fishermen, boaters and campers. The reservoir was one of the first water supply facilities to be constructed and operated by the state and covers 1,290 acres with 15 miles of shoreline for recreation. Spruce Run is the third largest reservoir in the state after Round Valley and Wanaque reservoirs.