We consider a model describing the waiting time of a server alternating between two service points. This model is described by a Lindley-type equation. We are interested in the time-dependent behaviour of this system and derive explicit expressions for its time-dependent waiting-time distribution, the correlation between waiting times, and the distribution of the cycle length. Since our model is closely related to Lindleys recursion, we compare our results to those derived for Lindleys recursion.