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MERRILL LYNCH MORTGAGE INVESTORS, INC.
Depositor
LITTON LOAN SERVICING LP
Servicer
and
WELLS FARGO BANK, N.A.
Trustee
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POOLING AND SERVICING AGREEMENT
Dated as of February 1, 2006
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OWNIT MORTGAGE LOAN TRUST,
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-2
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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 Servicer.............. 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 and the Trustee in Respect of the
Servicer.................................................... 73
SECTION 3.04. Trustee 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
SECTION 3.16. Access to Certain Documentation............................. 88
SECTION 3.17. Annual Statement as to Compliance........................... 88
SECTION 3.18. Reports on Assessment of Compliance and Attestation......... 88
SECTION 3.19. Rights of the NIMs Insurer.................................. 89
SECTION 3.20. [RESERVED].................................................. 89
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SECTION 3.21. [RESERVED].................................................. 89
SECTION 3.22. [RESERVED].................................................. 89
SECTION 3.23. Prepayment Charge Reporting Requirements.................... 90
SECTION 3.24. Statements to Trustee....................................... 90
SECTION 3.25. Indemnification............................................. 90
SECTION 3.26. Nonsolicitation............................................. 92
SECTION 3.27. Periodic Filings............................................ 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 AND THE SERVICER..................................... 115
SECTION 6.01. Respective Liabilities of the Depositor and the Servicer.... 115
SECTION 6.02. Merger or Consolidation of the Depositor or the Servicer.... 116
SECTION 6.03. Limitation on Liability of the Depositor, the Servicer and
Others...................................................... 116
SECTION 6.04. Limitation on Resignation of Servicer....................... 117
SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds.............. 118
ARTICLE VII DEFAULT; TERMINATION OF SERVICER................................... 119
SECTION 7.01. Events of Default........................................... 119
SECTION 7.02. Servicer Trigger Event...................................... 120
SECTION 7.03. Trustee to Act; Appointment of Successor.................... 121
SECTION 7.04. Notification to Certificateholders.......................... 123
ARTICLE VIII CONCERNING THE TRUSTEE............................................. 123
SECTION 8.01. Duties of the Trustee....................................... 123
SECTION 8.02. Certain Matters Affecting the Trustee....................... 124
SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans....... 126
SECTION 8.04. Trustee May Own Certificates................................ 126
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SECTION 8.05. Trustee'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
SECTION 10.14. Compliance with Regulation AB............................... 140
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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 C [RESERVED]
EXHIBIT D FORM OF TRUSTEE CERTIFICATION
EXHIBIT E-1 FORM OF CLASS R TRANSFEREE'S LETTER AND AFFIDAVIT
EXHIBIT E-2 FORM OF CLASS 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 [RESERVED]
EXHIBIT L [RESERVED]
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-2A CAP CONTRACT
EXHIBIT N-3 FORM OF CLASS M 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-2A CAP CONTRACT
EXHIBIT O-3 ONE-MONTH LIBOR CAP TABLE - CLASS M 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 SWAP AGREEMENT
EXHIBIT T-1 FORM OF ASSESSMENT OF COMPLIANCE
EXHIBIT T-2 SERVICING CRITERIA (EXHIBIT A TO FORM OF ASSESSMENT OF COMPLIANCE)
EXHIBIT T-3 FORM OF SARBANES-OXLEY CERTIFICATION (SERVICER)
EXHIBIT T-4 FORM OF ITEM 1123 CERTIFICATION (SERVICER)
EXHIBIT T-5 FORM OF OFFICER'S CERTIFICATE (TRUSTEE)
EXHIBIT X ITEMS FOR FORM 8-K
EXHIBIT Y ITEMS FOR FORM 10-D
EXHIBIT Z ITEMS FOR FORM 10-K
EXHIBIT Z-1 ADDITIONAL DISCLOSURE INFORMATION
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POOLING AND SERVICING AGREEMENT (the "Agreement"), dated as of February 1,
2006, among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware corporation, as
depositor (the "Depositor"), LITTON LOAN SERVICING LP, a Delaware limited
partnership, as servicer (the "Servicer") and WELLS FARGO BANK, N.A, 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) three 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, (iv) the grantor trusts described in Section 2.07 hereof and
(v) the Supplemental Interest Trust, which in turn will hold the Swap Agreement.
The SWAP REMIC will consist of all of the assets constituting the Trust Fund
(other than the assets described in clauses (ii), (iii), (iv) and (v) above,
other than the SWAP REMIC Regular Interests and other than the Lower Tier REMIC
Regular Interests) and will be evidenced by the SWAP REMIC Regular Interests
(which will be uncertificated and will represent the "regular interests" in the
SWAP REMIC) and the Class SWR Interest as the single "residual interest" in the
SWAP REMIC. The Lower Tier REMIC will consist of SWAP REMIC Regular Interests
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 Class R Certificate will
represent beneficial ownership of the Class SWR Interest, the Class LTR Interest
and the Residual Interest. The "latest possible maturity date" for federal
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