Common use of Stepdown Date Clause in Contracts

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.30%.

Stepdown Date. The earlier to occur of (i1) the first Distribution Date following the Distribution Date on which the Class aggregate Certificate Principal Amounts Balance of the Group I Senior Certificates have each has been reduced to zero or and (ii2) the later to occur of (x) the Distribution Date in December October 2009 and (y) the first Distribution Date on which the Senior Credit Enhancement Percentage of the Group I Senior Certificates (calculated for this purpose only after giving effect taking into account distributions of principal on the Loans, but prior to payments or other recoveries in respect any distribution of the Mortgage Loans during Principal Distribution Amount to the related Collection Period but before giving effect Certificateholders then entitled to distributions on the Certificates of principal on such Distribution Date) is greater than or equal to 32.30%[12.30]%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December July 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3035.90%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December March 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3031.20%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3037.30%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3060.80%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December June 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3035.50%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December May 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3046.40%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December November 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3033.50%.

Stepdown Date. The earlier later to occur of (ix) earlier to occur of (1) the first Distribution Date immediately following the Distribution Date on which the aggregate Class Principal Amounts Balance of the Senior Certificates have each been is reduced to zero or and (ii) the later to occur of (x2) the Distribution Date in December 2009 March 2010 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose only after giving effect taking into account distributions of principal on the Mortgage Loans, but prior to payments or other recoveries in respect any distribution of principal to the holders of the Mortgage Loans during the related Collection Period but before giving effect Certificates then entitled to distributions of principal on the Certificates on such Distribution Date) is greater than or equal to 32.3064.10%.

Stepdown Date. The earlier to occur of (ia) the first Distribution Date following the Distribution Date date on which the aggregate Class Principal Amounts Certificate Balances of the Senior Certificates have each been reduced to zero or zero, and (iib) the later to occur of (xi) the Distribution Date in December 2009 August 2008, and (yii) the first Distribution Date on which the Senior Credit Enhancement Percentage (calculated for this purpose only after giving effect to payments or other recoveries in respect taking into account distributions of principal on the Mortgage Loans during but prior to distribution of the related Collection Period but before giving effect Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount to the holders of the Certificates then entitled to distributions on the Certificates of principal on such Distribution Date) is greater than or equal to 32.3049.10%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December 2009 February 2010 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3050.00%.

Stepdown Date. The earlier to occur of (i1) the first Distribution Date following the Distribution Date on after which the Class aggregate Certificate Principal Amounts Balance of the Senior Certificates have each has been reduced to zero or and (ii2) the later to occur of (x) the Distribution Date in December October 2009 and (y) the first Distribution Date on which the Senior Credit Enhancement Percentage of the Senior Certificates (calculated for this purpose only after giving effect taking into account distributions of principal on the Loans, but prior to payments or other recoveries in respect any distribution of the Mortgage Loans during Principal Distribution Amount to the related Collection Period but before giving effect Certificateholders then entitled to distributions on the Certificates of principal on such Distribution Date) is greater than or equal to 32.3016.00%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December November 2009 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3040.90%.

Stepdown Date. The earlier of (i) the first Distribution Date following the Distribution Date on which the Class Principal Amounts of the Senior Certificates have each been reduced to zero or (ii) the later to occur of (x) the Distribution Date in December 2009 March 2010 and (y) the first Distribution Date on which the Senior Enhancement Percentage (calculated for this purpose after giving effect to payments or other recoveries in respect of the Mortgage Loans during the related Collection Period but before giving effect to distributions on the Certificates on such Distribution Date) is greater than or equal to 32.3043.50%.