Common use of Adjustable Rate Clause in Contracts

Adjustable Rate. Class A-[1][2][3] Senior Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] First Distribution Date: April 25, 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off Date: $[__________] Master Servicer and Securities Administrator: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Distribution Date: [__________, __] evidencing a fractional undivided interest in the distributions allocable to the Class A-[1][2][3] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family fixed and adjustable interest rate mortgage loans sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLC. This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC, the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other person. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC, the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other person. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as this Certificate in a trust (the “Trust Fund”) generally consisting of conventional, closed-end, first and second lien, subprime, fixed and adjustable rate mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, the “Master Servicer,” which term includes any successors thereto under the Agreement referred to below). The Trust Fund was created pursuant to the Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacity, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacity, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, capitalized terms used herein shall have the meaning ascribed to them in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect to the First Distribution Date, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator will distribute on the 25th day of each month, or, if such 25th day is not a Business Day, the immediately following Business Day (each, a “Distribution Date”), commencing on the First Distribution Date specified above, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution Date), an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to the Holders of Certificates of the same Class as this Certificate. The Assumed Final Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing Agreement. Distributions on this Certificate will be made by the Securities Administrator by check mailed to the address of the Person entitled thereto as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the Agreement. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator for that purpose and designated in such notice. The initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable hereto. This Certificate is one of a duly authorized issue of Certificates designated as set forth on the face hereof (the “Certificates”). The Certificates, in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The Certificateholder, by its acceptance of this Certificate, agrees that it will look solely to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement. This Certificate does not purport to summarize the Agreement and reference is made to the Agreement for the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, and the rights, duties and immunities of the Securities Administrator and the Trustee. The Agreement permits, with certain exceptions therein provided, the amendment thereof and the modification of the rights and obligations of the Depositor and the rights of the Certificateholders under the Agreement from time to time by the parties thereto with the consent of the Holders of the Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classes. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders of this Certificate and of any Certificate issued upon the transfer hereof or in lieu hereof whether or not notation of such consent is made upon this Certificate. The Agreement also permits the amendment thereof, in certain limited circumstances, without the consent of the Holders of any of the Certificates. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with the Securities Administrator upon surrender of this Certificate for registration of transfer at the offices or agencies maintained by the Securities Administrator for such purposes, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Securities Administrator duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Certificates in authorized denominations representing a like aggregate Percentage Interest will be issued to the designated transferee. The Certificates are issuable only as registered Certificates without coupons in the Classes and denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is exchangeable for one or more new Certificates evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfer, but the Securities Administrator may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The Depositor, the Master Servicer, the Securities Administrator, the Trustee and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of the Depositor, the Master Servicer, the Securities Administrator, the Trustee or any such agent shall be affected by notice to the contrary. The obligations created by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund in accordance with the terms of the Agreement. Such optional repurchase may be made only on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3A[1-A][1-B][1-C][-M] Senior Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇April 1, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 2007 Percentage Interest: 100% First Distribution Date: May 25, 2007 Aggregate Initial Certificate Principal Balance of this Certificate as of the CutClass A[1-off DateA][1-B][1-C][-M] Certificates: $[_____________] First Distribution DateMaster Servicer: April 25, 2006 Impac Funding Corporation Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: $[__________] Master Servicer and Securities Administrator: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Assumed Final Distribution Date: September 25, 2037 CUSIP: [__________, __] evidencing a fractional undivided percentage interest in the distributions allocable to the Class A-[1][2][3A[1-A][1-B][1-C][-M] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family fixed adjustable-rate first lien and adjustable interest fixed-rate first and second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, Fund and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class A Certificates, both as specified above) in certain distributions with respect to the Trust Fund consisting primarily of an interest in a trust (the “Trust Fund”) generally consisting pool of conventional, closedone- to four-end, family adjustable-rate first lien and fixed-rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class A[1-A][1-B][1-C][-M] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable heretoprincipal. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, from related recoveries on such Mortgage Loan or from other cash that would have been distributable to Certificateholders. For the Class AM Certificates: Ambac Assurance Corporation, in consideration of the payment of the premium and subject to any liability under the terms of the Certificate Guaranty Insurance Policy, has unconditionally and irrevocably guaranteed the payment of an amount equal to the Insured Amount (as defined in the Certificate Guaranty Insurance Policy) with respect to the Class AM Certificates with respect to each Distribution Date. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% and with consent of the Voting Rights of such Class or ClassesCertificate Insurer. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Prior to the termination of the Supplemental Interest Trust, any transferee shall be deemed to have made the representations in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as 10% of the Cut-off of Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no eventbalance; provided, however, that no such purchase will be permitted if it would result in a draw on the Trust Fund created Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase. Unless the certificate of authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3M-[1][2][3][4][5][6] Senior Aggregate Initial Certificate [7][8] Principal Balance of the Class M- [1][2][3][4][5][6][7][8] Certificates: $[__________] Date of Pooling and Servicing Initial Certificate Principal Balance Agreement and Cut-off Date: ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: April 1, 2007 $[__________] First Distribution Date: April 25, 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCUSIP: $[__________] May 25, 2007 Master Servicer and Securities AdministratorServicer: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Impac Funding Corporation Assumed Final Distribution Date: [__________September 25, __] 2037 evidencing a fractional undivided percentage interest in the any distributions allocable to the Class A-[1][2][3M-[1][2][3][4][5][6][7][8] Certificates with respect to a the Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family adjustable-rate first lien and fixed rate first and adjustable interest rate second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class M Certificates, both as specified above) in certain distributions with respect to a trust (the “Trust Fund”) generally Fund consisting primarily of conventional, closeda pool of one- to four-end, family adjustable-rate first lien and fixed rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class M-[1][2][3][4][5][6][7][8] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of the distributions allocable to principal hereon and any Realized Losses allocable hereto. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% and with the consent of the Voting Rights of such Class or ClassesCertificate Insurer. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Any transferee shall be deemed to have made the representations set forth in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage of the aggregate Stated Principal Balance of the Mortgage Loans as 10% of the Cut-off of Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no eventbalance; provided, however, that no such purchase will be permitted if it would result in a draw on the Trust Fund created Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase. Unless the certificate of authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3M-[1][2][3][4][5][6] Senior [7][8] Aggregate Initial Certificate Principal Balance of the Class M- [1][2][3][4][5][6][7][8]Certificates: $[__________] Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇September 1, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: $[__________] First Distribution Date: April October 25, 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCUSIP: $[__________] Master Servicer and Securities AdministratorServicer: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Impac Funding Corporation Assumed Final Distribution Date: [__________November 25, __] 2036 evidencing a fractional undivided percentage interest in the any distributions allocable to the Class A-[1][2][3M-[1][2][3][4][5][6][7][8] Certificates with respect to a the Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family adjustable-rate first lien and fixed rate first and adjustable interest rate second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class M-[] Certificates, both as specified above) in certain distributions with respect to a trust (the “Trust Fund”) generally Fund consisting primarily of conventional, closeda pool of one- to four-end, family adjustable-rate first lien and fixed rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, Agreement dated as of the Cut-off Date specified above (the “Agreement”), ) among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class M-[1][2][3][4][5][6][7][8] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of the distributions allocable to principal hereon and any Realized Losses allocable hereto. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classesthereby. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Any transferee shall be deemed to have made the representation set forth in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no eventDate; provided, however, that no such purchase will be permitted if it would result in a draw on the Trust Fund created Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase. Unless the certificate of authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3A-[1][2A][2B][2C][M] Senior Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇November 1, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 2006 Percentage Interest: 100% First Distribution Date: December 26, 2006 Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off DateClass A-[1][2A][2B][2C][M] Certificates: $[_____________] First Distribution DateMaster Servicer: April 25, 2006 Impac Funding Corporation Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: $[__________] Master Servicer and Securities Administrator: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Assumed Final Distribution Date: January 25, 2037 CUSIP: [__________, __] evidencing a fractional undivided percentage interest in the distributions allocable to the Class A-[1][2][3A-[1][2A][2B][2C][M] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family fixed adjustable-rate first lien and adjustable interest fixed-rate first and second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, Fund and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class A Certificates, both as specified above) in certain distributions with respect to the Trust Fund consisting primarily of an interest in a trust (the “Trust Fund”) generally consisting pool of conventional, closedone- to four-end, family adjustable-rate first lien and fixed-rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class A-[1][2A][2B][2C][M] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable heretoprincipal. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classesthereby. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Prior to the termination of the Supplemental Interest Trust, any transferee shall be deemed to have made the representations in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in Date. Unless the Agreement. The exercise certificate of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3M-[1][2][3][4][5][6][7][8] Senior Aggregate Initial Certificate Principal Balance of the Class M-[1][2][3][4][5][6][7][8] Certificates: $[__________] Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: November 1, 2006 $[__________] First Distribution Date: April 25, 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCUSIP: $[__________] December 26, 2006 Master Servicer and Securities AdministratorServicer: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Impac Funding Corporation Assumed Final Distribution Date: [__________January 25, __] 2037 evidencing a fractional undivided percentage interest in the any distributions allocable to the Class A-[1][2][3M-[1][2][3][4][5][6][7][8] Certificates with respect to a the Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family adjustable-rate first lien and fixed rate first and adjustable interest rate second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class M Certificates, both as specified above) in certain distributions with respect to a trust (the “Trust Fund”) generally Fund consisting primarily of conventional, closeda pool of one- to four-end, family adjustable-rate first lien and fixed rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class M-[1][2][3][4][5][6][7][8] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of the distributions allocable to principal hereon and any Realized Losses allocable hereto. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classesthereby. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Any transferee shall be deemed to have made the representations set forth in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in Date. Unless the Agreement. The exercise certificate of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3M-[1][2][3][4][5][6] Senior Aggregate Initial Certificate [7][8] Principal Balance of the Class M- [1][2][3][4][5][6][7][8] Certificates: $[__________] Date of Pooling and Servicing Initial Certificate Principal Balance Agreement and Cut-off Date: ▇▇▇▇▇ ▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: February 1, 2007 $[__________] First Distribution Date: April 25, 2006 Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCUSIP: $[__________] March 26, 2007 Master Servicer and Securities AdministratorServicer: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Impac Funding Corporation Assumed Final Distribution Date: [__________March 25, __] 2037 evidencing a fractional undivided percentage interest in the any distributions allocable to the Class A-[1][2][3M-[1][2][3][4][5][6][7][8] Certificates with respect to a the Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family adjustable-rate first lien and fixed rate first and adjustable interest rate second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust Fund, and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class M Certificates, both as specified above) in certain distributions with respect to a trust (the “Trust Fund”) generally Fund consisting primarily of conventional, closeda pool of one- to four-end, family adjustable-rate first lien and fixed rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, dated as of the Cut-off Date specified above (the “Agreement”), among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class M-[1][2][3][4][5][6][7][8] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of the distributions allocable to principal hereon and any Realized Losses allocable hereto. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The CertificatesCertificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the aggregate, evidence the entire beneficial ownership interest in the Trust Fund formed pursuant to the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classesthereby. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Any transferee shall be deemed to have made the representations set forth in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in Date. Unless the Agreement. The exercise certificate of such right will effect the early retirement of the Certificates. In no event, however, will the Trust Fund created authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.

Adjustable Rate. Class A-[1][2][3A-[1][2][2M][3][3M][4][4M][5][5M][6] [6M][7] Senior Date of Pooling and Servicing Agreement and Cut-off Date: ▇▇▇▇▇ ▇September 1, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ 2006 Percentage Interest: 100% First Distribution Date: October 25, 2006 Aggregate Initial Certificate Principal Balance of this Certificate as of the Cut-off DateClass A- [1][2][2M][3][3M][4][4M][5][5M][6] [6M][7] Certificates: $[_____________] First Distribution DateMaster Servicer: April 25, 2006 Impac Funding Corporation Initial Certificate Principal Balance of this Certificate as of the Cut-off DateCertificate: $[__________] Master Servicer and Securities Administrator: LaSalle Bank National Association CUSIP: [_____] Last Scheduled Assumed Final Distribution Date: November 25, 2036 CUSIP: [__________, __] evidencing a fractional undivided percentage interest in the distributions allocable to the Class A-[1][2][3A-[1][2][2M][3][3M][4][4M][5][5M][6][6M][7] Certificates with respect to a Trust Fund consisting primarily of a pool of conventional, closed-end, first and second lien, one- to four-family fixed adjustable-rate first lien and adjustable interest fixed-rate first and second lien mortgage loans formed and sold by BEAR ▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLCIMPAC SECURED ASSETS CORP. This Certificate is payable solely from the assets of the Trust FundFund [and the Certificate Guaranty Insurance Policy], and does not represent an obligation of or interest in Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee referred to below or any of their affiliates or any other personaffiliates. Neither this Certificate nor the underlying Mortgage Loans are guaranteed or insured by any governmental entity agency or instrumentality or by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCImpac Secured Assets Corp., the Master Servicer, the Securities Administrator or the Trustee or any of their affiliates or any other personaffiliates. None of Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLCthe Company, the Master Servicer or any of their affiliates will have any obligation with respect to any certificate or other obligation secured by or payable from payments on the Certificates. This certifies that Cede & Co. is the registered owner of the Percentage Interest evidenced hereby in the beneficial ownership interest of Certificates of the same Class as by this Certificate (obtained by dividing the Initial Certificate Principal Balance of this Certificate by the aggregate Initial Certificate Principal Balance of all Class []-A-[] Certificates, both as specified above) in certain distributions with respect to the Trust Fund consisting primarily of an interest in a trust (the “Trust Fund”) generally consisting pool of conventional, closedone- to four-end, family adjustable-rate first lien and fixed-rate first and second lien, subprime, fixed and adjustable rate lien mortgage loans secured by one- to four- family residences (collectively, the “Mortgage Loans”) ), formed and sold by Bear ▇▇▇▇▇▇▇ Asset Backed Securities I LLC Impac Secured Assets Corp. (“BSABS I”). The Mortgage Loans were sold by EMC Mortgage Corporation (“EMC”) and Master Funding LLC to BSABS I. LaSalle Bank National Association will act as master servicer of the Mortgage Loans (in that capacity, hereinafter called the “Master ServicerCompany,” which term includes any successors thereto successor entity under the Agreement referred to below). The Trust Fund was created pursuant to the a Pooling and Servicing Agreement, Agreement dated as of the Cut-off Date specified above (the “Agreement”), ) among BSABS I, as depositor (the “Depositor”), EMC Mortgage Corporation as sponsor (in such capacityCompany, the “Sponsor”) and as company (in such capacity, the “Company”), LaSalle Bank National Association, as Master Servicer and securities administrator (in such capacityDeutsche Bank National Trust Company, the “Securities Administrator”) and Citibank, N.A. as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein shall have the meaning ascribed to them meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of its the acceptance hereof assents and by which such Holder is bound. Interest on this Certificate will accrue from and including the immediately preceding Distribution Date (or with respect Pursuant to the First Distribution Dateterms of the Agreement, the Closing Date) to and including the day prior to the current Distribution Date on the Certificate Principal Balance hereof at a per annum rate equal to the Pass-Through Rate set forth above. The Securities Administrator distribution will distribute be made on the 25th day of each month, month or, if such 25th day is not a Business Day, the Business Day immediately following Business Day (each, a “the "Distribution Date”), commencing on as described in the First Distribution Date specified aboveAgreement, to the Person in whose name this Certificate is registered at the close of business on the Business Day immediately preceding such Distribution Date so long as such Certificate remains in book-entry form (and otherwise, the close of business on the last Business Day of the month immediately preceding the month of such Distribution “Record Date”), from the Available Funds in an amount equal to the product of the Percentage Interest evidenced by this Certificate and the amount (of interest and principal, if any) , required to be distributed to the Holders of Class A-[1][2][2M][3][3M][4][4M][5][5M][6][6M][7] Certificates of the same Class as this Certificate. The Assumed Final on such Distribution Date is the Distribution Date in the month following the latest scheduled maturity date of any Mortgage Loan. Each holder of a Certificate or beneficial ownership shall be deemed to have made the representations set forth in Section 7.02(h) of the Pooling and Servicing AgreementDate. Distributions on this Certificate will be made either by the Securities Administrator Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto thereto, as such name and address shall appear on the Certificate Register or, if such Person so requests by notifying the Securities Administrator in writing as specified in the AgreementRegister. Notwithstanding the above, the final distribution on this Certificate will be made after due notice by the Securities Administrator of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency appointed by the Securities Administrator Trustee for that purpose in the City and designated in such noticeState of New York. The initial Initial Certificate Principal Balance of this Certificate is set forth above. The Certificate Principal Balance hereof will be reduced to the extent of distributions allocable to principal hereon and any Realized Losses allocable heretoprincipal. This Certificate is one of a duly authorized issue of Certificates issued in several Classes designated as set forth on Mortgage Pass-Through Certificates of the face hereof Series specified hereon (herein collectively called the “Certificates”). The Certificates[Ambac Assurance Corporation, in consideration of the aggregatepayment of the premium and subject to the terms of the Policy, evidence has unconditionally and irrevocably guaranteed the entire beneficial ownership interest payment of an amount equal to the Insured Amount (as defined in the Trust Fund formed pursuant Certificate Guaranty Insurance Policy) with respect to the Class A-1 Certificates with respect to each Distribution Date.] The Certificates are limited in right of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in the Agreement. The CertificateholderIn the event the Master Servicer advances funds with respect to any Mortgage Loan, by its acceptance of this Certificate, agrees that it will look solely such advance is reimbursable to the Trust Fund for payment hereunder and that neither the Trustee nor the Securities Administrator is liable Master Servicer, to the Certificateholders for any amount payable under this Certificate or the Agreement or, except as expressly extent provided in the Agreement, subject from related recoveries on such Mortgage Loan or from other cash that would have been distributable to any liability under Certificateholders. As provided in the Agreement. This , withdrawals from the Custodial Account and/or the Certificate does not purport Account created for the benefit of Certificateholders may be made by the Master Servicer from time to summarize the Agreement and reference is made time for purposes other than distributions to Certificateholders, such purposes including without limitation reimbursement to the Agreement for Trustee, the interests, rights and limitations of rights, benefits, obligations and duties evidenced hereby, Company and the rightsMaster Servicer of advances made, duties and immunities or certain expenses incurred, by either of the Securities Administrator and the Trusteethem. The Agreement permits, with certain exceptions therein provided, the amendment thereof of the Agreement and the modification of the rights and obligations of the Depositor Company, the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement from time to at any time by the parties thereto Company, the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3% of the Percentage Interests of each Class or Classes of Certificates affected thereby evidencing over 50% of the Voting Rights of such Class or Classesthereby. Any such consent by the Holder of this Certificate shall be conclusive and binding on such Holder and upon all future Holders holders of this Certificate and of any Certificate issued upon the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon this the Certificate. The Agreement also permits the amendment thereof, thereof in certain limited circumstances, circumstances with the consent of the Certificate Insurer and without the consent of the Holders of any of the Certificates and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates. Prior to the termination of the Supplemental Interest Trust, any transferee shall be deemed to have made the representations in Section 5.02(c) of the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, the transfer of this Certificate is registrable with in the Securities Administrator Certificate Register upon surrender of this Certificate for registration of transfer at the offices or agencies maintained appointed by the Securities Administrator for such purposesTrustee, duly endorsed by, or accompanied by a an assignment in the form below or other written instrument of transfer in form satisfactory to the Securities Administrator Trustee and the Certificate Registrar duly executed by the Holder hereof or such Holder’s 's attorney duly authorized in writing, and thereupon one or more new Certificates in of authorized denominations representing a like evidencing the same Class and aggregate Percentage Interest will be issued to the designated transfereetransferee or transferees. The Certificates are issuable only as registered Certificates without coupons in the Classes and in denominations specified in the Agreement. As provided in the Agreement and subject to certain limitations therein set forth, this Certificate is Certificates are exchangeable for one or more new Certificates of authorized denominations evidencing the same Class and in the same aggregate Percentage Interest, as requested by the Holder surrendering the same. No service charge will be made to the Certificateholders for any such registration of transfertransfer or exchange, but the Securities Administrator Trustee may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. The DepositorCompany, the Master Servicer, the Securities Administrator, Servicer and the Trustee and any agent of any of them the Company, the Master Servicer or the Trustee may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and none of neither the DepositorCompany, the Master Servicer, the Securities Administrator, the Trustee or nor any such agent shall be affected by notice to the contrary. The obligations created This Certificate shall be governed by the Agreement and the Trust Fund created thereby (other than the obligations to make payments to Certificateholders with respect to the termination of the Agreement) shall terminate upon the earlier of (i) the later of (A) the maturity or other liquidation (or Advance with respect thereto) of the last Mortgage Loan remaining in the Trust Fund and disposition of all property acquired upon foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (B) the remittance of all funds due under the Agreement, or (ii) the optional repurchase by the party named in the Agreement of all the Mortgage Loans and other assets of the Trust Fund construed in accordance with the terms laws of the AgreementState of New York. Such optional repurchase may be made only The Mortgage Loans are subject to termination in whole, but not in part, by the Master Servicer, on or after the first Distribution Date on which the aggregate Stated Principal Balance of the Mortgage Loans is less than or equal to a certain percentage 10% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date as set forth in the Agreement. The exercise of such right will effect the early retirement of the Certificates. In no eventDate; provided, however, that no such purchase will be permitted if it would result in a draw on the Trust Fund created Certificate Guaranty Insurance Policy, unless the Certificate Insurer consents in writing to such purchase. Unless the certificate of authentication hereon has been executed by the Agreement continue beyond the earlier of (i) the expiration of 21 years after the death of certain persons identified in the Agreement and (ii) the Latest Possible Maturity Date (as defined in the Agreement). Unless this Certificate has been countersigned by an authorized signatory of the Securities Administrator Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement, Agreement or be valid for any purpose.