FLC OF A B737-400 FAILED TO DSND IN A TIMELY MANNER TO MAKE AN ALT XING RESTR. FMC WAS NOT PROGRAMMED WITH NEW DSCNT ALT.

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RECEIVED DSCNT CLRNC TO CROSS JAYBO INTXN AT 15000 FT. I (PNF) READ BACK THAT CLRNC. FMC HAD 15000 FT AT HEDGE INTXN; WHICH IS 9 DME PAST JAYBO INTXN. AS I WAS ABOUT TO BRING THE ERROR TO THE CAPT'S ATTN; HE BROUGHT DOWN 15000 FT TO THE SCRATCH PAD. BEING DUSK; LOOKING INTO THE SUN; AND THE GLARE MAKING VIEWING HIS FMC DIFFICULT; I FAILED TO CONFIRM THE CHANGE. PAST JAYBO; I CHKED THE DSCNT PAGE AND REALIZED THE FMC HAD NOT BEEN CHANGED AND WE HAD MISSED THE RESTR. MY INACTION TO CONFIRM THE PROPER XING RESTR HAD BEEN EXECUTED BY THE PF WAS THE RESULT OF: 1) THE PF WAS COMPETENT AND NOT PRONE TO MAKING SUCH A MAJOR MISTAKE; THEREFORE; LEADING ME IN ASSUMING THE CORRECTION WAS MADE. 2) INTENSE GLARE MAKING VIEWING THE FMC DIFFICULT. 3) SEEING THE PF BRING DOWN 15000 FT TO THE SCRATCH PAD; I WAS CONFIDENT HE WAS AWARE OF THE ERROR IN THE FMC. 4) 15000 FT IS PLAINLY NOTED ON THE ARR AS THE ALT TO EXPECT AT JAYBO; NOT HEDGE. 5) I ASSUMED MY READBACK OF THE PROPER RESTR WAS HEARD BY THE PF; IN ADDITION TO ATC'S INSTRUCTION.