Common use of Agreement to Sell and Contribute on the Closing Date Clause in Contracts

Agreement to Sell and Contribute on the Closing Date. On the terms and subject to the conditions set forth in this Agreement, Michigan Bank agrees to transfer, assign, set over, sell and otherwise convey to FTH LLC without recourse (subject to the obligations herein) on the Closing Date all of its right, title, interest, claims and demands of the Michigan Bank, in, to and under the Receivables described on Schedule III hereto, the Collections after the Cut-Off Date, the Receivable Files and the Related Security relating thereto, described in the assignment in the form of Exhibit A (“Assignment”) delivered on the Closing Date (the “Michigan Bank Sold Assets”) having a Net Pool Balance as of the Cut-Off Date equal to $401,257,666.46, which sale shall be effective as of the Cut-Off Date. The sale, transfer, assignment and conveyance made hereunder does not constitute and is not intended to result in an assumption by FTH LLC of any obligation of Michigan Bank or the applicable Originator to the Obligors, the Dealers or any other Person in connection with the Receivables or the other assets and properties conveyed hereunder or any agreement, document or instrument related thereto.