I believe a number of Normal checklists use this phrase when the PM is reading the check list and wants to hold before going any further down the list there are hold points if you will, that allow the crew to stop and then later move on. An example might be on a Before Takeoff check list where the crew stops short of turning the xpnder to TA/RA, and the lights and or strobes on. The PM might say "down to the" or "holding at the line" thus signyfing that there are item remaining on the checklist that need to be done before announcing the Before takeoff checklist is complete.
If all this is wrong......sorry.