REOFFER,
RESALE,
PLEDGE OR TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT AND OTHER
APPLICABLE LAWS OR IN EACH CASE IN
ACCORDANCE
WITH
ALL
APPLICABLE
SECURITIES
LAWS
OF
THE
UNITED
STATES
AND
ANY
OTHER
APPLICABLE
JURISDICTION.
THIS
CERTIFICATE
MAY NOT BE ACQUIRED
DIRECTLY OR
INDIRECTLY
BY, OR ON BEHALF OF, AN
EMPLOYEE
BENEFIT
PLAN OR OTHER
RETIREMENT
ARRANGEMENT
(A
"PLAN")
THAT IS
SUBJECT TO TITLE I OF THE
EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED,
AND/OR SECTION 4975 OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED (THE "CODE"),
OR BY A PERSON USING "PLAN ASSETS" OF A PLAN,
UNLESS THE PROPOSED
TRANSFEREE
PROVIDES
THE
TRUSTEE
WITH AN OPINION OF COUNSEL FOR THE BENEFIT OF THE TRUSTEE AND ON WHICH
IT MAY RELY WHICH IS
SATISFACTORY
TO THE TRUSTEE THAT THE PURCHASE OF THIS
CERTIFICATE
IS
PERMISSIBLE
UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED
TRANSACTION UNDER SECTION
406 OF THE EMPLOYEE
RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED,
OR SECTION 4975 OF THE CODE AND
WILL NOT
SUBJECT THE TRUSTEE TO ANY
OBLIGATION
OR
LIABILITY
IN
ADDITION TO THOSE
UNDERTAKEN
IN THE
AGREEMENT.
[FOR THE CLASS II-B-IO CERTIFICATES ONLY]
[NO
TRANSFER
OF ANY
CLASS II-B-IO
CERTIFICATE
SHALL
BE MADE
UNLESS
THE
PROPOSED
TRANSFEREE
OF
SUCH
CLASS
II-B-IO
CERTIFICATE
PROVIDES
TO THE
TRUSTEE
AND
ANY
PAYING
AGENT
THE
APPROPRIATE TAX CERTIFICATION
FORM (I.E., IRS FORM W-9 OR IRS FORM W-8BEN,
W-8IMY,
W-8EXP OR W-8ECI, AS
APPLICABLE
(OR ANY SUCCESSOR
FORM
THERETO)) AND AGREES TO UPDATE SUCH FORMS (I) UPON
EXPIRATION OF ANY
SUCH FORM,
(II) AS REQUIRED
UNDER THEN
APPLICABLE
U.S.
TREASURY
REGULATIONS
AND (III) PROMPTLY UPON
LEARNING
THAT SUCH FORM HAS BECOME
OBSOLETE OR
INCORRECT,
AS A CONDITION TO SUCH
TRANSFER.
UNDER THE
AGREEMENT,
UPON
RECEIPT
OF ANY SUCH TAX
CERTIFICATION
FORM FROM A
TRANSFEREE
OF ANY
CLASS
II-B-IO
CERTIFICATE,
THE
TRUSTEE
SHALL
FORWARD
SUCH
TAX
CERTIFICATION
FORM
PROVIDED
TO
IT
TO
THE
CAP
COUNTERPARTY.
EACH HOLDER OF A CLASS II-B-IO
CERTIFICATE AND EACH TRANSFEREE
THEREOF SHALL BE DEEMED TO
HAVE CONSENTED TO THE TRUSTEE
FORWARDING TO THE CAP COUNTERPARTY ANY SUCH TAX
CERTIFICATION
FORM IT HAS
PROVIDED AND UPDATED IN ACCORDANCE WITH THESE TRANSFER
RESTRICTIONS.
ANY PURPORTED SALES OR TRANSFERS OF
ANY CLASS
II-B-IO
CERTIFICATE
TO A TRANSFEREE
WHICH DOES NOT COMPLY WITH THESE
REQUIREMENTS
SHALL BE
DEEMED NULL AND VOID UNDER THE AGREEMENT.]
Certificate No. [1][2]
Variable Pass-Through Rate
Class [I][II]-B-IO Subordinate
Date of Pooling and Servicing Agreement and
Aggregate Initial Notional Amount of this
Cut-off Date:
Certificate as of the Cut-off Date:
April 1, 2007
$_____________
Initial Notional Amount of this Certificate
First Distribution Date:
as of the Cut-off Date:
May 25, 2007
$______________
Servicer:
Percentage Interest of this Certificate:
EMC Mortgage Corporation
__________%
Assumed Final Distribution Date:
CUSIP: ____________
[April][June] 25, 2037
BEAR STEARNS MORTGAGE FUNDING TRUST 2007-AR4
MORTGAGE PASS-THROUGH CERTIFICATE
SERIES 2007-AR4
evidencing a fractional
undivided interest in the distributions
allocable to the Class
[I][II]-B-IO
Certificates
with respect to a Trust Fund consisting
primarily of a pool