HSBC CREDIT CARD MASTER NOTE TRUST (USA) I Series 2006-1 $917,127,000 5.10 % Class A Asset Backed Notes, Series 2006-1 $82,873,000 Class B Floating Rate Asset Backed Notes, Series 2006-1 UNDERWRITING AGREEMENTUnderwriting Agreement • September 15th, 2006 • HSBC Receivables Funding Inc. I • Personal credit institutions • New York
HSBC Bank Nevada, National Association (the “Bank”) has conveyed and proposes to further convey, from time to time, the receivables (the “Receivables”) that are generated in a portfolio of certain consumer revolving credit card accounts and other rights and property to HSBC Receivables Acquisition Company I (“HRAC”), which has conveyed the Receivables to HSBC Receivables Funding Inc. I (the “Transferor”), which has conveyed and will convey the Receivables to the HSBC Credit Card Master Note Trust (USA) I (the “Issuer” or the “Trust”), and the Transferor proposes to cause the Issuer to sell to you and to the underwriters named in Schedule I hereto (the “Underwriters”), for whom you are acting as the Representative, $917,127,000 5.10 % Class A Asset Backed Notes, Series 2006-1 (the “Class A Notes”) and $82,873,000 Class B Floating Rate Asset Backed Notes, Series 2006-1 (the “Class B Notes” and, together with the Class A Notes, the “Notes”) in the Trust. The Receivables have been, and wil
