BEAR STEARNS ASSET BACKED SECURITIES I LLC Bear Stearns Asset Backed Securities I Trust 2006-IM1 Asset-Backed Certificates, Series 2006-IM1 TERMS AGREEMENT
BEAR
▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLC
Bear
▇▇▇▇▇▇▇ Asset Backed Securities I Trust 2006-IM1
Asset-Backed
Certificates, Series 2006-IM1
TERMS
AGREEMENT
Dated:
as
of April 21, 2006
To: BEAR
▇▇▇▇▇▇▇ ASSET BACKED SECURITIES I LLC
Re: Underwriting
Agreement dated April 13, 2006
Underwriter: Bear,
▇▇▇▇▇▇▇ & Co. Inc.
Series
Designation: Series
2006-IM1
Class
Designation Schedule of the Certificates: Class A-1, Class A-2, Class A-3,
Class
A-4, Class A-5, Class A-6, Class A-7, Class M-1, Class M-2, Class M-3, Class
M-4, Class M-5, Class M-6, Class M-7, Class M-8 and Class M-9
Certificates.
Terms
of the Certificates:
|
Class
|
Original Certificate Principal Balance |
Pass-Through
|
|||||
|
A-1
|
$
|
373,977,000
|
Adjustable
|
||||
|
A-2
|
$
|
266,834,000
|
Adjustable
|
||||
|
A-3
|
$
|
36,391,000
|
Adjustable
|
||||
|
A-4
|
$
|
89,647,000
|
Adjustable
|
||||
|
A-5
|
$
|
81,669,000
|
Adjustable
|
||||
|
A-6
|
$
|
20,730,000
|
Adjustable
|
||||
|
A-7
|
$
|
96,583,000
|
Adjustable
|
||||
|
M-1
|
$
|
18,687,000
|
Adjustable
|
||||
|
M-2
|
$
|
16,551,000
|
Adjustable
|
||||
|
M-3
|
$
|
12,280,000
|
Adjustable
|
||||
|
M-4
|
$
|
9,076,000
|
Adjustable
|
||||
|
M-5
|
$
|
9,610,000
|
Adjustable
|
||||
|
M-6
|
$
|
6,941,000
|
Adjustable
|
||||
|
M-7
|
$
|
8,542,000
|
Adjustable
|
||||
|
M-8
|
$
|
6,407,000
|
Adjustable
|
||||
|
M-9
|
$
|
5,873,000
|
Adjustable
|
||||
The
Certificates purchased by the Underwriter will be offered from time to time
by
the Underwriter in negotiated transactions at varying prices to be determined
at
the time of sale.
Defined
Terms:
Terms
not otherwise defined herein shall have the meanings given to such terms in
the
Pooling and Servicing Agreement, dated as of April 1, 2006, among Bear ▇▇▇▇▇▇▇
Asset Backed Securities I LLC, as depositor, ▇▇▇▇▇ Fargo Bank, National
Association, as master servicer and securities administrator, EMC Mortgage
Corporation, as sponsor, and U.S. Bank National Association, as
trustee.
Form
of Certificates Being Purchased by the Underwriter:
Book-Entry.
Distribution
Dates:
The
25th day of each month or, if such 25th day is not a business day, the next
succeeding business day beginning in May 2006.
Certificate
Rating for the Certificates Being Purchased by the Underwriter:
|
Class
|
Ratings
|
|
|
▇▇▇▇▇’▇
|
S&P
|
|
|
A-1
|
Aaa
|
AAA
|
|
A-2
|
Aaa
|
AAA
|
|
A-3
|
Aaa
|
AAA
|
|
A-4
|
Aaa
|
AAA
|
|
A-5
|
Aaa
|
AAA
|
|
A-6
|
Aaa
|
AAA
|
|
A-7
|
Aaa
|
AAA
|
|
M-1
|
Aa1
|
AA+
|
|
M-2
|
Aa2
|
AA
|
|
M-3
|
Aa3
|
AA-
|
|
M-4
|
A1
|
A+
|
|
M-5
|
A2
|
A
|
|
M-6
|
A3
|
A-
|
|
M-7
|
Baa1
|
BBB+
|
|
M-8
|
Baa2
|
BBB
|
|
M-9
|
Baa3
|
BBB-
|
Mortgage
Assets:
The
Mortgage Loans to be included in the Trust Fund are as described in Annex A
hereto.
Purchase
Price:
The
aggregate purchase price payable by the Underwriter for the Certificates covered
by this Agreement will be $ *
(plus
$ *
in
accrued interest).
Credit
Enhancement:
Excess
spread, overcollateralization, the interest rate swap agreement, the yield
maintenance agreement and subordination of the Class M Certificates as described
in the related Prospectus Supplement.
*
Contact
Bear, ▇▇▇▇▇▇▇ & Co. Inc. for pricing information
Closing
Date:
April
25, 2006.
[Signature
Page Follows]
The
undersigned, as the Underwriter, agrees, subject to the terms and provisions
of
the above-referenced Underwriting Agreement, which is incorporated herein in
its
entirety and made a part hereof, to purchase the respective principal amounts
of
the Classes of the above-referenced Series of Certificates as set forth
herein.
|
BEAR,
▇▇▇▇▇▇▇ & CO. INC.
|
|
|
By:
|
/s/
▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
|
|
Name:
|
▇▇▇▇
▇. ▇▇▇▇▇▇▇▇
|
|
Title:
|
Senior
Managing Director
|
|
Accepted:
BEAR
▇▇▇▇▇▇▇ ASSET BACKED
SECURITIES
I LLC
|
|
|
By:
|
/s/
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
|
|
Name:
|
▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇
|
|
Title:
|
Vice
President
|
Annex
A
Mortgage
Loan Schedule
[Available
Upon Request]