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.
Not to be confused with Spruce Run, New Jersey. Spruce Run Recreation Area is a 1,290-acre (5.2 km2) New Jersey state recreation area located in Union Township and Clinton Township in Hunterdon County, New Jersey, United States. It encompasses the Spruce Run Reservoir that is used as a backup reservoir to protect the state from prolonged droughts.