Common use of Advances and Security Agreement Clause in Contracts

Advances and Security Agreement. The Member acknowledges and agrees that (a) this Agreement and all related documents constitute “Borrowing Documents” under the Advances and Security Agreement between the Member and the Bank (as the same may be amended, restated, supplemented or modified from time to time, the “Advances Agreement”), (b) the obligations of the Member under this Agreement and all related documents constitute “Liabilities” under the Advances Agreement, (c) all such obligations are secured by the collateral granted from time to time pursuant to the Advances Agreement, (d) any failure by the Member to comply with any of its obligations under this Agreement or any related document shall constitute an “Event of Default” under the Advances Agreement, and (e) Member agrees that any liability, loss, cost or expense suffered or incurred by the Bank as a result of a Member noncompliance shall be deemed to be a Loss, as such term is defined in Section 6.12 of the Advances Agreement, for which Member agrees to indemnify, defend (with counsel acceptable to the Bank), and hold harmless the Bank, and its subsidiaries and affiliates, and the respective directors, officers, agents, attorneys and employees of each.

Advances and Security Agreement. The Member acknowledges and agrees that (a) this Agreement and all related documents constitute “Borrowing Documents” under the Advances and Security Agreement between the Member and the Bank (as the same may be amended, restated, supplemented or modified from time to time, the “Advances AgreementAgreement ”), (b) the obligations of the Member under this Agreement and all related documents constitute “Liabilities” under the Advances Agreement, (c) all such obligations are secured by the collateral granted from time to time pursuant to the Advances Agreement, (d) any failure by the Member to comply with any of its obligations under this Agreement or any related document shall constitute an “Event of Default” under the Advances Agreement, and (e) Member agrees that any liability, loss, cost or expense suffered or incurred by the Bank as a result of a Member noncompliance shall be deemed to be a Loss, as such term is defined in Section 6.12 of the Advances Agreement, for which Member agrees to indemnify, defend (with counsel acceptable to the Bank), and hold harmless the Bank, and its subsidiaries and affiliates, and the respective directors, officers, agents, attorneys and employees of each.