Common use of Transfers Under First Tier Agreement Clause in Contracts

Transfers Under First Tier Agreement. In the case of the Seller (except for the Receivables acquired by the Seller in respect of the termination of the existing receivables securitization on or prior to the date of the initial funding hereunder), each Receivable has been purchased by it from the Originator pursuant to, and in accordance with, the terms of the First Tier Agreement.