Common use of Stepdown Date Clause in Contracts

Stepdown Date. The earlier to occur of (1) the Distribution Date on which the aggregate Certificate Principal Balance of the Group I Senior Certificates has been reduced to zero and (2) the later to occur of (x) the Distribution Date in October 2009 and (y) the first Distribution Date on which the Credit Enhancement Percentage of the Group I Senior Certificates (calculated for this purpose only after taking into account distributions of principal on the Loans, but prior to any distribution of the Principal Distribution Amount to the Certificateholders then entitled to distributions of principal on such Distribution Date) is greater than or equal to [12.30]%.

Stepdown Date. The later to occur of (x) earlier to occur of (1) the Distribution Date immediately following the Distribution Date on which the aggregate Certificate Class Principal Balance of the Group I Senior Certificates has been is reduced to zero and (2) the later to occur of (x) the Distribution Date in October 2009 March 2010 and (y) the first Distribution Date on which the Credit Senior Enhancement Percentage of the Group I Senior Certificates (calculated for this purpose only after taking into account distributions of principal on the Mortgage Loans, but prior to any distribution of the Principal Distribution Amount principal to the Certificateholders holders of the Certificates then entitled to distributions of principal on such the Distribution Date) is greater than or equal to [12.30]%64.10%.

Stepdown Date. The earlier to occur of (1a) the Distribution Date date on which the aggregate Class Certificate Principal Balance Balances of the Group I Senior Certificates has have been reduced to zero zero, and (2b) the later to occur of (xi) the Distribution Date in October 2009 August 2008, and (yii) the first Distribution Date on which the Credit Enhancement Percentage of the Group I Senior Certificates (calculated for this purpose only after taking into account distributions of principal on the Loans, Mortgage Loans but prior to any distribution of the Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount to the Certificateholders holders of the Certificates then entitled to distributions of principal on such Distribution Date) is greater than or equal to [12.30]%49.10%.

Stepdown Date. The earlier to occur of (1) the Distribution Date on after which the aggregate Certificate Principal Balance of the Group I Senior Certificates has been reduced to zero and (2) the later to occur of (x) the Distribution Date in October 2009 and (y) the first Distribution Date on which the Credit Enhancement Percentage of the Group I Senior Certificates (calculated for this purpose only after taking into account distributions of principal on the Loans, but prior to any distribution of the Principal Distribution Amount to the Certificateholders then entitled to distributions of principal on such Distribution Date) is greater than or equal to [12.30]%16.00%.