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When EIN152 passes FL116, then it has left FL120 and will then move down into the vacant FL110 slot, thus leaving the FL120 slot vacant for the next aircraft, in this case BMA7KD.
If EIN152 moved straight into the vacant FL110 slot as you suggested, then there would be a danger of descending an aircraft to a level not vacated as in this example EIN152 was only passing FL119 and thus has yet to vacate FL120.