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EXECUTION VERSION
MERRILL LYNCH MORTGAGE INVESTORS, INC.
Depositor
LITTON LOAN SERVICING LP
Servicer
and
LASALLE BANK NATIONAL ASSOCIATION
Trustee
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POOLING AND SERVICING AGREEMENT
Dated as of June 1, 2006
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OWNIT MORTGAGE LOAN TRUST,
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-4
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ARTICLE I DEFINITIONS.................................................... 11
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES.. 61
SECTION 2.01. Conveyance of Mortgage Loans........................... 61
SECTION 2.02. Acceptance by the Trustee of the Mortgage Loans........ 64
SECTION 2.03. Representations, Warranties and Covenants of the
Depositor.............................................. 66
SECTION 2.04. Representations and Warranties of the Servicer......... 70
SECTION 2.05. Substitutions and Repurchases of Mortgage Loans that
are not "Qualified Mortgages."......................... 71
SECTION 2.06. Authentication and Delivery of Certificates............ 72
SECTION 2.07. REMIC Elections........................................ 72
SECTION 2.08. [RESERVED]............................................. 77
SECTION 2.09. Covenants of the Servicer.............................. 77
SECTION 2.10. [RESERVED]............................................. 77
SECTION 2.11. Permitted Activities of the Trust...................... 77
SECTION 2.12. Qualifying Special Purpose Entity...................... 77
ARTICLE III ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............... 77
SECTION 3.01. Servicer to Service Mortgage Loans..................... 77
SECTION 3.02. Servicing and Subservicing; Enforcement of the
Obligations of Servicer................................ 80
SECTION 3.03. Rights of the Depositor and the Trustee in Respect of
the Servicer........................................... 80
SECTION 3.04. Trustee to Act as Servicer............................. 80
SECTION 3.05. Collection of Mortgage Loan Payments; Collection
Account; Certificate Account........................... 81
SECTION 3.06. Collection of Taxes, Assessments and Similar Items;
Escrow Accounts........................................ 85
SECTION 3.07. Access to Certain Documentation and Information
Regarding the Mortgage Loans........................... 85
SECTION 3.08. Permitted Withdrawals from the Collection Account and
Certificate Account.................................... 86
SECTION 3.09. [RESERVED]............................................. 88
SECTION 3.10. Maintenance of Hazard Insurance........................ 88
SECTION 3.11. Enforcement of Due-On-Sale Clauses; Assumption
Agreements............................................. 89
SECTION 3.12. Realization Upon Defaulted Mortgage Loans;
Determination of Excess Proceeds....................... 90
SECTION 3.13. Trustee to Cooperate; Release of Mortgage Files........ 93
SECTION 3.14. Documents, Records and Funds in Possession of Servicer
to be Held for the Trustee............................. 95
SECTION 3.15. Servicing Compensation................................. 95
SECTION 3.16. Access to Certain Documentation........................ 95
SECTION 3.17. Annual Statement as to Compliance...................... 96
SECTION 3.18. Reports on Assessment of Compliance and Attestation.... 96
SECTION 3.19. Rights of the NIMs Insurer............................. 98
SECTION 3.20. [RESERVED]............................................. 98
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SECTION 3.21. [RESERVED]............................................. 98
SECTION 3.22. [RESERVED]............................................. 98
SECTION 3.23. Prepayment Charge Reporting Requirements............... 98
SECTION 3.24. Statements to Trustee.................................. 98
SECTION 3.25. Indemnification........................................ 98
SECTION 3.26. Nonsolicitation........................................ 99
SECTION 3.27. Periodic Filings....................................... 99
ARTICLE IV DISTRIBUTIONS................................................. 105
SECTION 4.01. Advances............................................... 105
SECTION 4.02. Reduction of Servicing Compensation in Connection with
Prepayment Interest Shortfalls......................... 106
SECTION 4.03. Distributions on the REMIC Interests................... 106
SECTION 4.04. Distributions.......................................... 107
SECTION 4.05. Monthly Statements to Certificateholders............... 115
ARTICLE V THE CERTIFICATES............................................... 119
SECTION 5.01. The Certificates....................................... 119
SECTION 5.02. Certificate Register; Registration of Transfer and
Exchange of Certificates............................... 120
SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...... 123
SECTION 5.04. Persons Deemed Owners.................................. 124
SECTION 5.05. Access to List of Certificateholders' Names and
Addresses.............................................. 124
SECTION 5.06. Book-Entry Certificates................................ 124
SECTION 5.07. Notices to Depository.................................. 125
SECTION 5.08. Definitive Certificates................................ 125
SECTION 5.09. Maintenance of Office or Agency........................ 126
SECTION 5.10. Authenticating Agent................................... 126
ARTICLE VI THE DEPOSITOR AND THE SERVICER................................ 127
SECTION 6.01. Respective Liabilities of the Depositor and the
Servicer............................................... 127
SECTION 6.02. Merger or Consolidation of the Depositor or the
Servicer............................................... 127
SECTION 6.03. Limitation on Liability of the Depositor, the Servicer
and Others............................................. 127
SECTION 6.04. Limitation on Resignation of Servicer.................. 128
SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds......... 128
ARTICLE VII DEFAULT; TERMINATION OF SERVICER............................. 129
SECTION 7.01. Events of Default...................................... 129
SECTION 7.02. Trustee to Act; Appointment of Successor............... 130
SECTION 7.03. Notification to Certificateholders..................... 132
ARTICLE VIII CONCERNING THE TRUSTEE...................................... 132
SECTION 8.01. Duties of the Trustee.................................. 132
SECTION 8.02. Certain Matters Affecting the Trustee.................. 133
SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans.. 134
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SECTION 8.04. Trustee May Own Certificates........................... 135
SECTION 8.05. Trustee's Fees and Expenses............................ 135
SECTION 8.06. Indemnification and Expenses of Trustee................ 135
SECTION 8.07. Eligibility Requirements for Trustee................... 136
SECTION 8.08. Resignation and Removal of Trustee..................... 136
SECTION 8.09. Successor Trustee...................................... 137
SECTION 8.10. Merger or Consolidation of Trustee..................... 137
SECTION 8.11. Appointment of Co-Trustee or Separate Trustee.......... 138
SECTION 8.12. Tax Matters............................................ 139
ARTICLE IX TERMINATION................................................... 141
SECTION 9.01. Termination upon Liquidation or Auction of all Mortgage
Loans.................................................. 141
SECTION 9.02. Final Distribution on the Certificates................. 142
SECTION 9.03. Additional Termination Requirements.................... 143
ARTICLE X MISCELLANEOUS PROVISIONS....................................... 144
SECTION 10.01. Amendment.............................................. 144
SECTION 10.02. Counterparts........................................... 146
SECTION 10.03. Governing Law.......................................... 146
SECTION 10.04. Intention of Parties................................... 146
SECTION 10.05. Notices................................................ 146
SECTION 10.06. Severability of Provisions............................. 147
SECTION 10.07. Assignment............................................. 147
SECTION 10.08. Limitation on Rights of Certificateholders............. 147
SECTION 10.09. Inspection and Audit Rights............................ 148
SECTION 10.10. Certificates Nonassessable and Fully Paid.............. 148
SECTION 10.11. Third Party Rights..................................... 149
SECTION 10.12. Additional Rights of the NIMs Insurer.................. 149
SECTION 10.13. Assignment; Sales; Advance Facilities.................. 149
SECTION 10.14. Compliance with Regulation AB.......................... 151
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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 R TRANSFEROR'S AFFIDAVIT
EXHIBIT F FORM OF TRANSFEROR CERTIFICATE
EXHIBIT G [FORM OF INVESTMENT LETTER (ACCREDITED INVESTOR)]
EXHIBIT H [RESERVED]
EXHIBIT I [FORM OF REQUEST FOR RELEASE]
EXHIBIT J [RESERVED]
EXHIBIT K [RESERVED]
EXHIBIT L [RESERVED]
EXHIBIT M-1 [RESERVED]
EXHIBIT M-2 [RESERVED]
EXHIBIT M-3 [RESERVED]
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 CERTIFICATES 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 CERTIFICATES CAP
CONTRACT
EXHIBIT P FORM OF POWER OF ATTORNEY
EXHIBIT Q [RESERVED]
EXHIBIT R [RESERVED]
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 U [RESERVED]
EXHIBIT V [RESERVED]
EXHIBIT W [RESERVED]
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 June 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 LASALLE BANK 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) 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
income tax purposes of all interests created hereby will be the Latest Possible
Maturity Date.
All covenants and agreements made by the Transferor in the Transfer
Agreement, by the Sponsor in the Sale Agreement and by the Depositor and the
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