Common use of First issue Clause in Contracts

First issue. Before the Issuer reaches its first agreement with any Dealer for the issue of and subscription for Notes, the Dealers shall have received, and found satisfactory (in its reasonable opinion) all of the documents and confirmations described in Part I of Schedule 1 (Initial Documentation List) from the Issuer or the Arranger. Each relevant Dealer must notify the Arranger and the Issuer within 10 (ten) Business Days (or such shorter period as may be agreed between the Issuer, the Arranger and each relevant Dealer(s)) of receipt of all the documents and confirmations described in Part I of Schedule 1 (Initial Documentation List) if it considers any to be unsatisfactory in its reasonable opinion and, in the absence of such notification, the Dealer shall be deemed to consider such documents and confirmations to be satisfactory.

First issue. Before the Issuer reaches its first agreement with any Dealer for the issue of and subscription for Notes, the Dealers each Dealer shall have received, and found satisfactory (in its reasonable opinion) all of the documents and confirmations described in Part I of Schedule 1 (Initial Documentation List) from the Issuer or the Arranger. Each relevant Dealer must notify the Arranger and the Issuer within 10 (ten) Business Days (or such shorter period as may be agreed between the Issuer, the Arranger and each relevant Dealer(s)) of receipt of all the documents and confirmations described in Part I of Schedule 1 (Initial Documentation List) if it considers any such documents and/or confirmations to be unsatisfactory in its reasonable opinion and, in the absence of such notification, the such Dealer shall be deemed to consider such documents and confirmations to be satisfactory.