Henry Allison’s interpretation of Kant’s First Analogy is among the most intriguing in the literature. Its virtues are considerable, but no previous discussion has done full justice to them. Nor has any previous discussion systematically explored the most important challenges to which it seems subject. This paper does both. Early sections provide a more thorough exegesis than is otherwise available and provide stronger textual backing than does Allison himself. Later sections turn to problems, most of which have not been raised by others. These problems, while serious, do not necessarily rule out the interpretation of Allison.