|
|
|
MERRILL LYNCH MORTGAGE INVESTORS, INC.
Depositor
WELLS FARGO BANK, N.A.
Master Servicer and Securities Administrator
LITTON LOAN SERVICING LP,
Servicer
and
HSBC BANK USA, NATIONAL ASSOCIATION,
Trustee
-------------------------------
POOLING AND SERVICING AGREEMENT
Dated as of December 1, 2005
-------------------------------
OWNIT MORTGAGE LOAN TRUST,
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2005-5
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
PAGE
{S} {C}
ARTICLE I DEFINITIONS..................................................................................................... 1
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES.................................................... 53
SECTION 2.01. Conveyance of Mortgage Loans..................................................................... 53
SECTION 2.02. Acceptance by the Trustee of the Mortgage Loans.................................................. 56
SECTION 2.03. Representations, Warranties and Covenants of the Depositor....................................... 58
SECTION 2.04. Representations and Warranties of the Master Servicer; Representations and Warranties of the
Servicer; Representations and Warranties of the Securities Administrator......................... 62
SECTION 2.05. Substitutions and Repurchases of Mortgage Loans that are not "Qualified Mortgages.".............. 65
SECTION 2.06. Authentication and Delivery of Certificates...................................................... 65
SECTION 2.07. REMIC Elections.................................................................................. 65
SECTION 2.08. [RESERVED]....................................................................................... 69
SECTION 2.09. Covenants of the Servicer........................................................................ 69
SECTION 2.10. [RESERVED]....................................................................................... 70
SECTION 2.11. Permitted Activities of the Trust................................................................ 70
SECTION 2.12. Qualifying Special Purpose Entity................................................................ 70
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS.................................................................. 70
SECTION 3.01. Servicer to Service Mortgage Loans............................................................... 70
SECTION 3.02. Servicing and Subservicing; Enforcement of the Obligations of Servicer........................... 72
SECTION 3.03. Rights of the Depositor, the Securities Administrator and the Trustee in Respect of the
Servicer......................................................................................... 73
SECTION 3.04. Master Servicer to Act as Servicer............................................................... 73
SECTION 3.05. Collection of Mortgage Loan Payments; Collection Account; Certificate Account.................... 74
SECTION 3.06. Collection of Taxes, Assessments and Similar Items; Escrow Accounts.............................. 77
SECTION 3.07. Access to Certain Documentation and Information Regarding the Mortgage Loans..................... 78
SECTION 3.08. Permitted Withdrawals from the Collection Account and Certificate Account........................ 78
SECTION 3.09. [RESERVED]....................................................................................... 80
SECTION 3.10. Maintenance of Hazard Insurance.................................................................. 80
SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption Agreements........................................ 81
SECTION 3.12. Realization Upon Defaulted Mortgage Loans; Determination of Excess Proceeds...................... 82
SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files.................................................. 86
SECTION 3.14. Documents, Records and Funds in Possession of Servicer to be Held for the Trustee................ 87
SECTION 3.15. Servicing Compensation........................................................................... 87
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
SECTION 3.16. Access to Certain Documentation.................................................................. 88
SECTION 3.17. Annual Statement as to Compliance................................................................ 88
SECTION 3.18. Annual Independent Public Accountants' Servicing Statement; Financial Statements................. 88
SECTION 3.19. Rights of the NIMs Insurer....................................................................... 89
SECTION 3.20. [RESERVED]....................................................................................... 89
SECTION 3.21. Annual Certificate by Securities Administrator................................................... 89
SECTION 3.22. Annual Certificate by Servicer................................................................... 89
SECTION 3.23. Prepayment Charge Reporting Requirements......................................................... 90
SECTION 3.24. Statements to Securities Administrator........................................................... 90
SECTION 3.25. Indemnification.................................................................................. 90
SECTION 3.26. Nonsolicitation.................................................................................. 92
ARTICLE IV DISTRIBUTIONS................................................................................................... 92
SECTION 4.01. Advances......................................................................................... 92
SECTION 4.02. Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls............ 93
SECTION 4.03. Distributions on the REMIC Interests............................................................. 94
SECTION 4.04. Distributions.................................................................................... 94
SECTION 4.05. Monthly Statements to Certificateholders......................................................... 100
ARTICLE V THE CERTIFICATES................................................................................................ 104
SECTION 5.01. The Certificates................................................................................. 104
SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates...................... 105
SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates................................................ 113
SECTION 5.04. Persons Deemed Owners............................................................................ 113
SECTION 5.05. Access to List of Certificateholders' Names and Addresses........................................ 113
SECTION 5.06. Book-Entry Certificates.......................................................................... 113
SECTION 5.07. Notices to Depository............................................................................ 114
SECTION 5.08. Definitive Certificates.......................................................................... 114
SECTION 5.09. Maintenance of Office or Agency.................................................................. 115
ARTICLE VI THE DEPOSITOR, THE MASTER SERVICER, THE SERVICER AND THE SECURITIES ADMINISTRATOR............................... 115
SECTION 6.01. Respective Liabilities of the Depositor, the Master Servicer, the Servicer and the
Securities Administrator......................................................................... 115
SECTION 6.02. Merger or Consolidation of the Depositor, the Master Servicer, the Servicer or the
Securities Administrator......................................................................... 116
SECTION 6.03. Limitation on Liability of the Depositor, the Securities Administrator, the Master Servicer,
the Servicer and Others.......................................................................... 116
SECTION 6.04. Limitation on Resignation of Servicer............................................................ 117
SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds................................................... 118
SECTION 6.06. Limitation on Resignation of the Master Servicer................................................. 118
SECTION 6.07. Assignment of Master Servicing................................................................... 118
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
ARTICLE VII DEFAULT; TERMINATION OF SERVICER................................................................................ 119
SECTION 7.01. Events of Default................................................................................ 119
SECTION 7.02. Servicer Trigger Event........................................................................... 120
SECTION 7.03. Master Servicer to Act; Appointment of Successor................................................. 121
SECTION 7.04. Notification to Certificateholders............................................................... 123
ARTICLE VIII CONCERNING THE TRUSTEE AND THE SECURITIES ADMINISTRATOR........................................................ 123
SECTION 8.01. Duties of the Trustee and the Securities Administrator........................................... 123
SECTION 8.02. Certain Matters Affecting the Trustee and the Securities Administrator........................... 124
SECTION 8.03. Trustee and Securities Administrator Not Liable for Certificates or Mortgage Loans............... 126
SECTION 8.04. Trustee and Securities Administrator May Own Certificates........................................ 126
SECTION 8.05. Trustee's and Securities Administrator's Fees and Expenses....................................... 126
SECTION 8.06. Indemnification and Expenses of Trustee.......................................................... 126
SECTION 8.07. Eligibility Requirements for Trustee............................................................. 127
SECTION 8.08. Resignation and Removal of Trustee............................................................... 128
SECTION 8.09. Successor Trustee................................................................................ 128
SECTION 8.10. Merger or Consolidation of Trustee............................................................... 129
SECTION 8.11. Appointment of Co-Trustee or Separate Trustee.................................................... 129
SECTION 8.12. Tax Matters...................................................................................... 130
ARTICLE IX TERMINATION..................................................................................................... 132
SECTION 9.01. Termination upon Liquidation or Auction of all Mortgage Loans.................................... 132
SECTION 9.02. Final Distribution on the Certificates........................................................... 133
SECTION 9.03. Additional Termination Requirements.............................................................. 134
ARTICLE X MISCELLANEOUS PROVISIONS........................................................................................ 135
SECTION 10.01. Amendment........................................................................................ 135
SECTION 10.02. Counterparts..................................................................................... 136
SECTION 10.03. Governing Law.................................................................................... 136
SECTION 10.04. Intention of Parties............................................................................. 137
SECTION 10.05. Notices.......................................................................................... 137
SECTION 10.06. Severability of Provisions....................................................................... 138
SECTION 10.07. Assignment....................................................................................... 138
SECTION 10.08. Limitation on Rights of Certificateholders....................................................... 138
SECTION 10.09. Inspection and Audit Rights...................................................................... 139
SECTION 10.10. Certificates Nonassessable and Fully Paid........................................................ 139
SECTION 10.11. Third Party Rights............................................................................... 139
SECTION 10.12. Additional Rights of the NIMs Insurer............................................................ 139
SECTION 10.13. Assignment; Sales; Advance Facilities............................................................ 140
ARTICLE XI ADMINISTRATION AND MASTER SERVICING OF THE MORTGAGE LOANS....................................................... 142
SECTION 11.01. Master Servicer.................................................................................. 142
SECTION 11.02. Monitoring of Servicer........................................................................... 143
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
SECTION 11.03. Fidelity Bond.................................................................................... 144
SECTION 11.04. Power to Act; Procedures......................................................................... 144
SECTION 11.05. Documents, Records and Funds in Possession of Master Servicer to Be Held for Trustee............. 145
SECTION 11.06. Trustee to Retain Possession of Certain Insurance Policies and Documents......................... 145
SECTION 11.07. Compensation for the Master Servicer and the Securities Administrator............................ 146
SECTION 11.08. Annual Statement as to Compliance................................................................ 146
SECTION 11.09. Periodic Filings................................................................................. 146
SECTION 11.10. Obligation of the Master Servicer in Respect of Prepayment Interest Shortfalls................... 147
{/TABLE}
iv
{PAGE}
{TABLE}
{S} {C}
EXHIBIT A FORMS OF CERTIFICATES
EXHIBIT B-1 MORTGAGE LOAN SCHEDULE - MORTGAGE POOL
EXHIBIT B-2 MORTGAGE LOAN SCHEDULE - GROUP ONE MORTGAGE LOANS
EXHIBIT B-3 MORTGAGE LOAN SCHEDULE - GROUP TWO MORTGAGE LOANS
EXHIBIT B-4 MORTGAGE LOAN SCHEDULE - MI MORTGAGE LOANS
EXHIBIT C [RESERVED]
EXHIBIT D FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1 FORM OF [CLASS R/CLASS R-X] TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2 FORM OF [CLASS R/CLASS R-X] TRANSFEROR'S AFFIDAVIT
EXHIBIT F FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)
EXHIBIT H FORM OF RULE 144A LETTER (QUALIFIED INSTITUTIONAL BUYER)
EXHIBIT I FORM OF REQUEST FOR RELEASE
EXHIBIT J [RESERVED]
EXHIBIT K FORM OF OFFICER'S CERTIFICATE OF TRUSTEE
EXHIBIT L FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1 FORM OF DELINQUENCY REPORT
EXHIBIT M-2 FORM OF MONTHLY REMITTANCE ADVICE
EXHIBIT M-3 FORM OF REALIZED LOSS REPORT
EXHIBIT N-1 FORM OF CLASS A-1 CAP CONTRACT
EXHIBIT N-2 FORM OF CLASS A-2 CAP CONTRACT
EXHIBIT N-3 FORM OF SUBORDINATE CERTIFICATE CAP CONTRACT
EXHIBIT O-1 ONE-MONTH LIBOR CAP TABLE - CLASS A-1 CAP CONTRACT
EXHIBIT O-2 ONE MONTH LIBOR CAP TABLE - CLASS A-2 CAP CONTRACT
EXHIBIT O-3 ONE MONTH LIBOR CAP TABLE - SUBORDINATE CERTIFICATE CAP CONTRACT
EXHIBIT P FORM OF POWER OF ATTORNEY
EXHIBIT Q FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER TO REGULATION S BOOK-ENTRY CERTIFICATE
FROM A HOLDER OF A RULE 144A BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE
EXHIBIT R FORM OF TRANSFEROR REPRESENTATION LETTER FOR TRANSFER PURSUANT TO RULE 144A FROM A HOLDER OF
A REGULATION S BOOK-ENTRY CERTIFICATE OR DEFINITIVE CERTIFICATE
EXHIBIT S FORM OF MI POLICY
{/TABLE}
v
{PAGE}
POOLING AND SERVICING AGREEMENT (the "Agreement"), dated as of December 1,
2005, among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware corporation, as
depositor (the "Depositor"), WELLS FARGO BANK, N.A, a national banking
association, as master servicer (the "Master Servicer") and securities
administrator (the "Securities Administrator"), LITTON LOAN SERVICING LP, a
Delaware limited partnership, as servicer (the "Servicer") and HSBC BANK USA,
NATIONAL ASSOCIATION, a national banking association, as trustee (the
"Trustee").
The Depositor is the owner of the Trust Fund that is hereby conveyed to
the Trustee in return for the Certificates. The Trust Fund for federal income
tax purposes will consist of (i) ten real estate mortgage investment conduits,
(ii) the right to receive payments distributable to the Class P Certificates
pursuant to Section 4.04(b)(i) hereof, (iii) each Cap Contract and the Cap
Contract Account and (iv) the grantor trusts described in Section 2.07 hereof.
The Lower Tier REMIC will consist of all of the assets constituting the Trust
Fund (other than the assets described in clauses (ii), (iii) and (iv) above, the
Lower Tier REMIC Regular Interests, the Class UTM Interests, the Class UTB
Interests, and the Class UTC Interest) and will be evidenced by the Lower Tier
REMIC Regular Interests (which will be uncertificated and will represent the
"regular interests" in the Lower Tier REMIC) and the Class LTR Interest as the
single "residual interest" in the Lower Tier REMIC. The Trustee will hold the
Lower Tier REMIC Regular Interests. The Upper Tier REMIC will consist of the
Lower Tier REMIC Regular Interests and will be evidenced by the REMIC Regular
Interests (which will represent the "regular interests" in the Upper Tier REMIC)
and the Residual Interest as the single "residual interest" in the Upper Tier
REMIC. The Trustee will hold the Class UTM Interests, the Class UTB Interests
and the Class UTC Interest. The M3 REMIC will consist of the Class UTM3 Interest
and will be evidenced by the Class M-3 Certificates (which will represent the
"regular interest" in the M3 REMIC) and the Class M3R Interest as the single
"residual interest" in the M3 REMIC. The M4 REMIC will consist of the Class UTM4
Interest and will be evidenced by the Class M-4 Certificates (which will
represent the "regular interest" in the M4 REMIC) and the Class M4R Interest as
the single "residual interest" in the M4 REMIC. The M5 REMIC will consist of the
Class UTM5 Interest and will be evidenced by the Class M-5 Certificates (which
will represent the "regular interest" in the M5 REMIC) and the Class M5R
Interest as the single "residual interest" in the M5 REMIC. The M6 REMIC will
|
End of Preview |
Home Intelligence Services Subscriptions News About Us