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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 September 1, 2006
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OWNIT MORTGAGE LOAN TRUST,
MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-6
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TABLE OF CONTENTS
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ARTICLE I DEFINITIONS................................................. 11
ARTICLE II CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
WARRANTIES............................................... 60
SECTION 2.01. Conveyance of Mortgage Loans........................... 60
SECTION 2.02. Acceptance by the Trustee of the Mortgage Loans........ 64
SECTION 2.03. Representations, Warranties and Covenants of the
Depositor........................................... 65
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............ 71
SECTION 2.07. REMIC Elections........................................ 71
SECTION 2.08. [RESERVED]............................................. 76
SECTION 2.09. Covenants of the Servicer.............................. 76
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............................. 79
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................................. 85
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
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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.......................... 94
SECTION 3.15. Servicing Compensation................................. 95
SECTION 3.16. Access to Certain Documentation........................ 95
SECTION 3.17. Annual Statement as to Compliance...................... 95
SECTION 3.18. Reports on Assessment of Compliance and Attestation.... 96
SECTION 3.19. Rights of the NIMs Insurer............................. 97
SECTION 3.20. [RESERVED]............................................. 97
SECTION 3.21. [RESERVED]............................................. 97
SECTION 3.22. [RESERVED]............................................. 97
SECTION 3.23. Prepayment Charge Reporting Requirements............... 97
SECTION 3.24. Information to the Trustee............................. 98
SECTION 3.25. Indemnification........................................ 98
SECTION 3.26. Nonsolicitation........................................ 98
SECTION 3.27. Periodic Filings....................................... 99
ARTICLE IV DISTRIBUTIONS............................................... 104
SECTION 4.01. Advances............................................... 104
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.......................................... 106
SECTION 4.05. Monthly Statements to Certificateholders............... 115
ARTICLE V THE CERTIFICATES............................................ 118
SECTION 5.01. The Certificates....................................... 118
SECTION 5.02. Certificate Register; Registration of Transfer and
Exchange of Certificates............................ 119
SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...... 123
SECTION 5.04. Persons Deemed Owners.................................. 123
SECTION 5.05. Access to List of Certificateholders' Names and
Addresses........................................... 123
SECTION 5.06. Book-Entry Certificates................................ 123
SECTION 5.07. Notices to Depository.................................. 124
SECTION 5.08. Definitive Certificates................................ 125
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SECTION 5.09. Maintenance of Office or Agency........................ 125
SECTION 5.10. Authenticating Agents.................................. 125
ARTICLE VI THE DEPOSITOR AND THE SERVICER.............................. 126
SECTION 6.01. Respective Liabilities of the Depositor and the
Servicer............................................ 126
SECTION 6.02. Merger or Consolidation of the Depositor or the
Servicer............................................ 126
SECTION 6.03. Limitation on Liability of the Depositor,
the Servicer and Others............................. 127
SECTION 6.04. Limitation on Resignation of Servicer.................. 127
SECTION 6.05. Errors and Omissions Insurance; Fidelity Bonds......... 128
ARTICLE VII DEFAULT; TERMINATION OF SERVICER............................ 128
SECTION 7.01. Events of Default...................................... 128
SECTION 7.02. Trustee to Act; Appointment of Successor............... 130
SECTION 7.03. Notification to Certificateholders..................... 131
ARTICLE VIII CONCERNING THE TRUSTEE...................................... 131
SECTION 8.01. Duties of the Trustee.................................. 131
SECTION 8.02. Certain Matters Affecting the Trustee.................. 132
SECTION 8.03. Trustee Not Liable for Certificates or Mortgage Loans.. 134
SECTION 8.04. Trustee May Own Certificates........................... 134
SECTION 8.05. Trustee's Fees and Expenses............................ 134
SECTION 8.06. Indemnification and Expenses of Trustee................ 134
SECTION 8.07. Eligibility Requirements for Trustee................... 135
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.......... 137
SECTION 8.12. Tax Matters............................................ 138
ARTICLE IX TERMINATION................................................. 140
SECTION 9.01. Termination upon Liquidation or Auction of all
Mortgage Loans...................................... 140
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........................................... 145
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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..................................... 148
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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EXHIBITS
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 FORM OF RULE 144A INVESTMENT LETTER
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 NOTIFICATION
v
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POOLING AND SERVICING AGREEMENT (the "Agreement"), dated as of September 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").
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