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.
Spruce, Michigan. A historic and beautiful spot in eastern Alcona County. Spruce is located in Caledonia Township on the Northern border of Alcona County. It began as a lumbering town in when Donald A. Hecox established a sawmill there in 1898 and became itâs first postmaster. Spruce is located five miles east of Hubbard Lake and today serves its tourist and resident population. Pictured is the famous old stone church, one of several historic sites throught the county.