Common use of NEW BANKS; EXITING BANKS Clause in Contracts

NEW BANKS; EXITING BANKS. (a) As of the Closing Date, the New Banks shall become Banks parties to this Agreement, and the terms "Bank" and "Banks" as used in this Agreement shall be deemed to include each New Bank. Each New Bank (i) hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement and the other Loan Documents as provided by the terms thereof and in accordance with Section 8 hereof and (ii) agrees that as of the Closing Date it will perform in accordance with their terms all of the obligations which by the terms of this Agreement and the other Loan Documents are required to be performed by it as a Bank. As of the Closing Date, each New Bank shall have all the rights of a Bank under this Agreement.