I, the undersigned, hereby apply to receive the capital credit for the above account. In applying to receive the capital credit on this account, I certify that I am the person legally entitled to receive the same and in consideration of payment of the credit to me, I agree that I will indemnify and hold harmless Pioneer Electric Cooperative, Inc., from all loss or damage, including incidental and consequential damages, which it may incur or become in any way obligated to pay, arising directly or indirectly out of its payment to me of the capital credit.