Common use of Transfers Under First Tier Agreement Clause in Contracts

Transfers Under First Tier Agreement. In the case of the SPV, ------------------------------------ each Receivable has been purchased by it from Arrow pursuant to, and in accordance with, the terms of the First Tier Agreement. In the case of Arrow, each Receivable has either been originated by Arrow or purchased by Arrow from an Originator pursuant to, and in accordance with, the terms of the applicable Originator Sale Agreement.