sabhajitah -- honored; bhagavata -- by the personal expansion of the Supreme Lord (Vyasadeva); krita -- having done; asana -- of a seat; parigrahah -- the acceptance; tasmai -- to him; tat -- that; varnayam asa -- he described; narayana-mukhat -- from the mouth of Sri Narayana Rishi; srutam -- what he had heard.

Vyasadeva, the incarnation of the Personality of Godhead, respectfully greeted Narada Muni and offered him a seat, which he accepted. Narada then described to Vyasa what he had heard from the mouth of Sri Narayana Rishi.