Common use of Stepdown Date Clause in Contracts

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

Stepdown Date. The earlier to occur of (a1) the date on Distribution Date after which the aggregate Class Certificate Balances Principal Balance of the Senior Certificates have has been reduced to zero, zero and (b2) the later to occur of (ix) the Distribution Date in August 2008, October 2009 and (iiy) the first Distribution Date on which the Credit Enhancement Percentage of the Senior Certificates (calculated for this purpose only after taking into account distributions of principal on the Mortgage Loans Loans, but prior to any distribution of the Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount to the holders of the Certificates Certificateholders then entitled to distributions of principal on such Distribution Date) is greater than or equal to 49.1016.00%.

Stepdown Date. The later to occur of (x) earlier to occur of (a1) the date Distribution Date immediately following the Distribution Date on which the aggregate Class Certificate Balances Principal Balance of the Senior Certificates have been is reduced to zero, zero and (b) the later to occur of (i2) the Distribution Date in August 2008, March 2010 and (iiy) the first Distribution Date on which the Credit Senior Enhancement Percentage (calculated for this purpose only after taking into account distributions of principal on the Mortgage Loans Loans, but prior to any distribution of the Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount principal to the holders of the Certificates then entitled to distributions of principal on such the Distribution Date) is greater than or equal to 49.1064.10%.

Stepdown Date. The earlier to occur of (a1) the date Distribution Date on which the aggregate Class Certificate Balances Principal Balance of the Group I Senior Certificates have has been reduced to zero, zero and (b2) the later to occur of (ix) the Distribution Date in August 2008, October 2009 and (iiy) 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 Mortgage Loans Loans, but prior to any distribution of the Group 1 Principal Distribution Amount and the Group 2 Principal Distribution Amount to the holders of the Certificates Certificateholders then entitled to distributions of principal on such Distribution Date) is greater than or equal to 49.10%[12.30]%.