Document:

Exhibit 4.2

                         SUBSEQUENT TRANSFER INSTRUMENT

      Pursuant to this Subsequent Transfer Instrument, dated June 25, 2004 (the
"Instrument"), between IMH Assets Corp. as seller (the "Company"), and Deutsche
Bank National Trust Company as indenture trustee of the IMH Assets Corp.,
Collateralized Asset-Backed Bonds, Series 2004-5, (the "Indenture Trustee"), on
behalf of Impac CMB Trust Series 2004-5 (the "Issuer"), as purchaser, and
pursuant to the Indenture, dated as of May 28, 2004 (the "Indenture"), between
the Issuer and the Indenture Trustee, as indenture trustee, the Company and the
Indenture Trustee agree to the sale by the Company and the purchase by the
Indenture Trustee in trust, on behalf of the Trust, of the Group 1 Subsequent
Mortgage Loans on the attached Schedule 1 of Mortgage Loans (the "Group 1
Subsequent Mortgage Loans").

      Capitalized terms used but not otherwise defined herein shall have the
meanings set forth in the Indenture.

      Section 1. Conveyance of Group 1 Subsequent Mortgage Loans; Acceptance of
Group I Subsequent Mortgage Loans by the Indenture Trustee.

      (a) The Company does hereby sell, transfer, assign, set over and convey to
the Indenture Trustee in trust, on behalf of the Trust, without recourse, all of
its right, title and interest in and to the Group 1 Subsequent Mortgage Loans,
including all amounts due on the Group 1 Subsequent Mortgage Loans after the
related Subsequent Cut-off Date, and all items with respect to the Group 1
Subsequent Mortgage Loans to be delivered pursuant to Section 2.05 of the
Indenture; provided, however that the Company reserves and retains all right,
title and interest in and to amounts due on the Group 1 Subsequent Mortgage
Loans on or prior to the related Subsequent Cut-off Date. The Company,
contemporaneously with the delivery of this Agreement, has delivered or caused
to be delivered to the Indenture Trustee each item set forth in Section 2.05 of
the Indenture. The transfer to the Indenture Trustee by the Company of the Group
1 Subsequent Mortgage Loans identified on the Mortgage Loan Schedule shall be
absolute and is intended by the Company, the Master Servicer, the Indenture
Trustee, the Bondholders and the Bond Insurer to constitute and to be treated as
a sale by the Company to the Trust Fund.

      (b) The Company, concurrently with the execution and delivery hereof, does
hereby transfer, assign, set over and otherwise convey to the Indenture Trustee
without recourse for the benefit of the Bondholders and the Bond Insurer all the
right, title and interest of the Company, in, to and under the Subsequent
Mortgage Loan Purchase Agreement, dated June 25, 2004, between the Company, as
purchaser, and Impac Mortgage Holdings, Inc., as seller (the "Purchase
Agreement").

      (c) The Indenture Trustee acknowledges receipt of, subject to the
exceptions it notes pursuant to the procedures described in Section 2.03 of the
Indenture, the documents (or certified copies thereof) referred to in Section
2.1(b) of the Subsequent Mortgage Loan Purchase Agreement, and declares that it
holds and will continue to hold those documents and any amendments, replacements
or supplements thereto and all other assets of the Trust Estate as Indenture
Trustee in trust for the use and benefit of all present and future Holders of
the Bonds.

      (d) Additional terms of the sale are set forth on Attachment A hereto.

<PAGE>

      Section 2. Representations and Warranties; Conditions Precedent.

      (a) The Company hereby confirms that each of the conditions precedent and
the representations and warranties set forth in Section 2.05 of the Indenture
are satisfied as of the date hereof.

      (b) All terms and conditions of the Indenture are hereby ratified and
confirmed; provided, however, that in the event of any conflict, the provisions
of this Instrument shall control over the conflicting provisions of the
Indenture.

      Section 3. Recordation of Instrument.

      To the extent permitted by applicable law, this Instrument, or a
memorandum thereof if permitted under applicable law, is subject to recordation
in all appropriate public offices for real property records in all of the
counties or other comparable jurisdictions in which any or all of the properties
subject to the Mortgages are situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Master
Servicer at the Bondholders' expense on direction of the related Bondholders,
but only when accompanied by an Opinion of Counsel to the effect that such
recordation materially and beneficially affects the interests of the Bondholders
or is necessary for the administration or servicing of the Group 1 Subsequent
Mortgage Loans.

      Section 4. Governing Law.

      This Instrument shall be construed in accordance with the laws of the
State of New York and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws, without giving
effect to principles of conflicts of law.

      Section 5. Counterparts.

      This Instrument may be executed in one or more counterparts and by the
different parties hereto on separate counterparts, each of which, when so
executed, shall be deemed to be an original; such counterparts, together, shall
constitute one and the same instrument.

      Section 6. Successors and Assigns.

      This Instrument shall inure to the benefit of and be binding upon the
Company and the Indenture Trustee and their respective successors and assigns.

<PAGE>

IMH ASSETS CORP.,
  as Seller

By:    /s/ Richard J. Johnson
       ----------------------
Name:  Richard J. Johnson
Title: Chief Financial Officer

DEUTSCHE BANK NATIONAL TRUST COMPANY,
  not in its individual capacity
  but solely as Indenture Trustee for the Trust.

By:    /s/ Alan Sueda
       --------------
Name:  Alan Sueda
Title: Associate

By:    /s/ Ronaldo Reyes
       ------------------
Name:  Ronaldo Reyes
Title: Assistant Vice President<PAGE>

AGREEMENT dated as of June 11, 2002 among Narrowstep Inc., a corporation having
an address at 29 Queen Anne Street, London W1G 9HU, England ("Narrowstep") and
Iolo Jones, an individual having an address at 103B South Hill Park, London NW3
2SP, England ("Jones").

Whereas, Jones has represented that he is the owner of all the outstanding
shares of Narrowstep Ltd. ("Ltd."), a corporation organized under the laws of
England and Wales, which is engaged in the business of commercialising the
streaming of content, over the Internet, to targeted audiences, a concept called
"Narrowcasting"; and

Whereas, Management of Narrowstep believes the Narrowcasting business of Ltd.
can be profitable and attractive to investors; and

Whereas, Narrowstep is planning to raise capital by selling to investors
("Investors") a minimum of $250,000 of its common shares ("Shares") and a
maximum of $1,350,000 of its Shares, at a price of $0.20 per Share, in a private
offering of its Shares ("Offering") so that, after the Offering, the Investors
would own no more than forty (40%) of Narrowstep s outstanding Shares and Jones
would own 5,062,500 Shares, representing 30% of Narrowsteps Shares; and

Whereas, Jones believes it would be advantageous for him for Ltd. s
Narrowcasting business to be owned by Narrowstep, the parties hereby agree to
the following:

Upon Narrowstep raising at least $250,000 in the Offering,

                1. Jones agrees to sell to Narrowstep, for a purchase price of
                GBP30,000, one (1) share of Ltd. s outstanding shares, which
                Jones represents are all the outstanding shares of Ltd., thereby
                making Ltd. a wholly-owned subsidiary of Narrowstep;

                2. In connection with his sale to Narrowstep of all his shares
                in Ltd., Jones agrees to assign to Narrowstep (i) all of his
                interests in patents granted or patent applications pending in
                connection with the Narrowstep Player, Narrowstep Adserver,
                Narrowstep Content Manager, Narrowstep Network, and Narrowstep
                Bureau Services (the list of patents granted and patents applied
                for is set forth at Appendix A); (ii) all of his assets relating
                to

<PAGE>

                the intellectual property of the Narrowcast business such as (a)
                the URLs for Narrowstep.com, Narrowstep.tv, Narrowstep.co.uk,
                and Narrowstep.net., (b) trademarks, (c) business support
                materials, and (d) any other rights or assets necessary for the
                development of the Narrowcasting business; and (iii) rights in
                any consulting agreements he or Ltd. is engaged in;

                3. Narrowstep agrees to pay Jones an annual salary of GBP65,000
                for serving as Narrowstep s Chief Executive Officer and Chief
                Technical Officer;

                4. Jones will assign to Narrowstep his rights in any consulting
                services he is providing to outside parties, unrelated to the
                Narrowcasting business. Jones will be entitled to receive 80% of
                the revenues received from such consulting, after payment of all
                related expenses, with Narrowstep retaining the remaining 20%.
                Any revenues received from consulting conducted by Jones in
                connection with the Narrowcast business shall belong in its
                entirety to Narrowstep;

If the Offering does not raise at least $250,000, Narrowstep, or its assignee,
shall have the right to purchase from Jones all his Shares in Narrowstep for the
same purchase price that Jones paid for the Shares.

ACCEPTED AND AGREED TO:

Narrowstep Inc.

By:  /s/ Paul Robinson
   ----------------------------------
Paul Robinson
Chairman of the Board of Directors

                                       -2-

<PAGE>

     /s/ Iolo Jones
   ----------------------------------
Iolo Jones, Individually

                                   APPENDIX A

                    [LIST OF PATENTS AND PATENT APPLICATIONS]

                                       -3-

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