Common use of Indemnity by Bank Clause in Contracts

Indemnity by Bank. The Bank will indemnify the Merchant against all direct liabilities, losses and costs which the Merchant may incur, directly or indirectly, as a result of a breach by the Bank of this Agreement, provided that in no event shall the liability of the Bank under this Agreement ever exceed the aggregate of all merchant service fees payable by the Merchant to the Bank during the period of six consecutive months immediately preceding the date on which the liabilities, losses or costs first arose.