Common use of First issue Clause in Contracts

First issue. On or before the First Issue Date, each Dealer has received, and found satisfactory (in its reasonable opinion), all of the documents and confirmations described in Part 1 of the Initial Documentation List. If any Dealer (other than any Dealer participating in the first issue of Covered Bonds under this Agreement) considers any document or confirmation described in Part 1 of the Initial Documentation List to be unsatisfactory in its reasonable opinion, it must notify the Arrangers and the Issuer within five Canadian Business Days of receipt of such documents and confirmations and, in the absence of notification, each Dealer shall be deemed to consider the documents and confirmations to be satisfactory.