vba does not find new workbook

Hello,

     Application.Wait TimeSerial(Hour(Now()), Minute(Now()), Second(Now()) + 10)
     

     Dim i As Integer
     For i = 1 To Application.Workbooks.Count
        If InStr(Application.Workbooks.Item(i).Name, "report") > 0 Then
            Application.Workbooks.Item(i).Activate
            Dim aSheet As Worksheet
            Set aSheet = Application.Workbooks.Item(i).Sheets(1)
            Exit For
        End If
     Next i
     Application.Wait TimeSerial(Hour(Now()), Minute(Now()), Second(Now()) + 5)

My excel application contains two workbooks, the second one directly created before running the code above.
If I set a breakpoint before the for-loop and then execute the code, everything works fine. By executing the code in an automated manner, vba does not execute the code inside the if-statement.

Why vba does not find the second workbook, it surely exists.

Thank you very much!

Lloyd