Pooling and Servicing Agreement (2006)Full Document 

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                     MERRILL LYNCH MORTGAGE INVESTORS, INC.,
                                    Depositor

                          WILSHIRE CREDIT CORPORATION,
                                    Servicer

                                       and

                       LASALLE BANK NATIONAL ASSOCIATION,
                                     Trustee

                                   ----------

                         POOLING AND SERVICING AGREEMENT
                           Dated as of October 1, 2006

                                   ----------

                     MERRILL LYNCH MORTGAGE INVESTORS TRUST,
            MORTGAGE LOAN ASSET-BACKED CERTIFICATES, SERIES 2006-RM5



                                TABLE OF CONTENTS



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                                                                            ----
                                                                         
ARTICLE I      DEFINITIONS...............................................     13

ARTICLE II     CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND
               WARRANTIES................................................     66
   SECTION 2.01.    Conveyance of Mortgage Loans.........................     66
   SECTION 2.02.    Acceptance by the Trustee of the Mortgage Loans......     68
   SECTION 2.03.    Representations, Warranties and Covenants of the
                    Depositor............................................     70
   SECTION 2.04.    Representations and Warranties of the Servicer.......     74
   SECTION 2.05.    Substitutions and Repurchases of Mortgage Loans that
                    are not "Qualified Mortgages"........................     75
   SECTION 2.06.    Authentication and Delivery of Certificates..........     75
   SECTION 2.07.    REMIC Elections......................................     75
   SECTION 2.08.    [RESERVED]...........................................     81
   SECTION 2.09.    Covenants of the Servicer............................     81
   SECTION 2.10.    [RESERVED]...........................................     81
   SECTION 2.11.    Permitted Activities of the Issuing Entity...........     81
   SECTION 2.12.    Qualifying Special Purpose Entity....................     81
   SECTION 2.13.    Depositor Notification of NIM Notes..................     81

ARTICLE III    ADMINISTRATION AND SERVICING OF MORTGAGE LOANS............     81
   SECTION 3.01.    Servicer to Service Mortgage Loans...................     81
   SECTION 3.02.    Servicing and Subservicing; Enforcement of the
                    Obligations of Servicer..............................     83
   SECTION 3.03.    Rights of the Depositor and the Trustee in Respect
                    of the Servicer......................................     84
   SECTION 3.04.    Trustee to Act as Servicer...........................     84
   SECTION 3.05.    Collection of Mortgage Loan Payments; Collection
                    Account; Certificate Account.........................     85
   SECTION 3.06.    Collection of Taxes, Assessments and Similar Items;
                    Escrow Accounts......................................     89
   SECTION 3.07.    Access to Certain Documentation and Information
                    Regarding the Mortgage Loans.........................     89
   SECTION 3.08.    Permitted Withdrawals from the Collection Account and
                    Certificate Account..................................     89
   SECTION 3.09.    [RESERVED]...........................................     92
   SECTION 3.10.    Maintenance of Hazard Insurance......................     92
   SECTION 3.11.    Enforcement of Due-On-Sale Clauses; Assumption
                    Agreements...........................................     93



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   SECTION 3.12.    Realization Upon Defaulted Mortgage Loans;
                    Determination of Excess Proceeds; Special Loss
                    Mitigation...........................................     93
   SECTION 3.13.    Trustee to Cooperate; Release of Mortgage Files......     97
   SECTION 3.14.    Documents, Records and Funds in Possession of
                    Servicer to be Held for the Trustee..................     98
   SECTION 3.15.    Servicing Compensation...............................     98
   SECTION 3.16.    Access to Certain Documentation......................     99
   SECTION 3.17.    Annual Statement as to Compliance....................     99
   SECTION 3.18.    Annual Independent Public Accountants' Servicing
                    Statement; Financial Statements......................     99
   SECTION 3.19.    Subordination of Liens...............................    102
   SECTION 3.20.    Periodic Filings.....................................    102
   SECTION 3.21.    Indemnification by Trustee...........................    106
   SECTION 3.22.    Indemnification by Servicer..........................    106
   SECTION 3.23.    Prepayment Charge Reporting Requirements.............    107
   SECTION 3.24.    Information to the Trustee...........................    107
   SECTION 3.25.    Indemnification......................................    108
   SECTION 3.26.    Solicitation.........................................    108
   SECTION 3.27.    High Cost Mortgage Loans.............................    108

ARTICLE IV     DISTRIBUTIONS.............................................    108
   SECTION 4.01.    Advances.............................................    108
   SECTION 4.02.    Reduction of Servicing Compensation in Connection
                    with Prepayment Interest Shortfalls..................    110
   SECTION 4.03.    Distributions on the REMIC Interests.................    110
   SECTION 4.04.    Distributions........................................    110
   SECTION 4.05.    Monthly Statements to Certificateholders.............    119

ARTICLE V      THE CERTIFICATES..........................................    123
   SECTION 5.01.    The Certificates.....................................    123
   SECTION 5.02.    Certificate Register; Registration of Transfer and
                    Exchange of Certificates.............................    125
   SECTION 5.03.    Mutilated, Destroyed, Lost or Stolen Certificates....    129
   SECTION 5.04.    Persons Deemed Owners................................    129
   SECTION 5.05.    Access to List of Certificateholders' Names and
                    Addresses............................................    130
   SECTION 5.06.    Book-Entry Certificates..............................    130



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   SECTION 5.07.    Notices to Depository................................    131
   SECTION 5.08.    Definitive Certificates..............................    131
   SECTION 5.09.    Maintenance of Office or Agency......................    132
   SECTION 5.10.    Authenticating Agents................................    132

ARTICLE VI     THE DEPOSITOR AND THE SERVICER............................    133
   SECTION 6.01.    Respective Liabilities of the Depositor and the
                    Servicer.............................................    133
   SECTION 6.02.    Merger or Consolidation of the Depositor or the
                    Servicer.............................................    133
   SECTION 6.03.    Limitation on Liability of the Depositor, the
                    Servicer and Others..................................    133
   SECTION 6.04.    Limitation on Resignation of Servicer................    134
   SECTION 6.05.    Errors and Omissions Insurance; Fidelity Bonds.......    134

ARTICLE VII    DEFAULT; TERMINATION OF SERVICER..........................    135
   SECTION 7.01.    Events of Default....................................    135
   SECTION 7.02.    Trustee to Act; Appointment of Successor.............    136
   SECTION 7.03.    Notification to Certificateholders...................    137

ARTICLE VIII   CONCERNING THE TRUSTEE....................................    138
   SECTION 8.01.    Duties of the Trustee................................    138
   SECTION 8.02.    Certain Matters Affecting the Trustee................    139
   SECTION 8.03.    Trustee Not Liable for Certificates or Mortgage
                    Loans................................................    140
   SECTION 8.04.    Trustee May Own Certificates.........................    141
   SECTION 8.05.    Trustee's Fees and Expenses..........................    141
   SECTION 8.06.    Indemnification and Expenses of Trustee..............    141
   SECTION 8.07.    Eligibility Requirements for Trustee.................    142
   SECTION 8.08.    Resignation and Removal of Trustee...................    142
   SECTION 8.09.    Successor Trustee....................................    143
   SECTION 8.10.    Merger or Consolidation of Trustee...................    143
   SECTION 8.11.    Appointment of Co-Trustee or Separate Trustee........    144
   SECTION 8.12.    Tax Matters..........................................    145

ARTICLE IX     TERMINATION...............................................    147
   SECTION 9.01.    Termination upon Liquidation or Repurchase of all
                    Mortgage Loans.......................................    147
   SECTION 9.02.    Final Distribution on the Certificates...............    148
   SECTION 9.03.    Additional Termination Requirements..................    149

ARTICLE X      MISCELLANEOUS PROVISIONS..................................    151



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   SECTION 10.01.   Amendment............................................    151
   SECTION 10.02.   Counterparts.........................................    152
   SECTION 10.03.   Governing Law........................................    153
   SECTION 10.04.   Intention of Parties.................................    153
   SECTION 10.05.   Notices..............................................    153
   SECTION 10.06.   Severability of Provisions...........................    154
   SECTION 10.07.   Assignment...........................................    154
   SECTION 10.08.   Limitation on Rights of Certificateholders...........    156
   SECTION 10.09.   Inspection and Audit Rights..........................    156
   SECTION 10.10.   Certificates Nonassessable and Fully Paid............    157
   SECTION 10.11.   Compliance with Regulation AB........................    157
   SECTION 10.12.   Third Party Rights...................................    157



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                                TABLE OF CONTENTS



                                                                            PAGE
                                                                            ----
                                                                         
EXHIBIT A     FORMS OF CERTIFICATES
EXHIBIT B     MORTGAGE LOAN SCHEDULE
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 LETTER (QUALIFIED INSTITUTIONAL BUYER)
EXHIBIT I     FORM OF REQUEST FOR RELEASE
EXHIBIT J     [RESERVED]
EXHIBIT K     FORM OF BACK-UP CERTIFICATION OF TRUSTEE
EXHIBIT L     FORM OF OFFICER'S CERTIFICATE OF SERVICER
EXHIBIT M-1   FORM OF CLASS A-1 CAP CONTRACT
EXHIBIT M-2   FORM OF CLASS A-2 CAP CONTRACT
EXHIBIT M-3   FORM OF SUBORDINATE CERTIFICATES CAP CONTRACT
EXHIBIT N-1   ONE-MONTH LIBOR CAP TABLE -- CLASS A-1 CAP CONTRACT
EXHIBIT N-2   ONE-MONTH LIBOR CAP TABLE -- CLASS A-2 CAP CONTRACT
EXHIBIT N-3   ONE-MONTH LIBOR CAP TABLE -- SUBORDINATE CERTIFICATES CAP CONTRACT
EXHIBIT O     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 P     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 Q     FORM OF SWAP AGREEMENT
EXHIBIT R     FORM OF ASSESSMENT OF COMPLIANCE
EXHIBIT S     SERVICING CRITERIA TO BE ADDRESSED
EXHIBIT T     FORM OF SARBANES-OXLEY CERTIFICATION
EXHIBIT U     FORM OF ITEM 1123 CERTIFICATION OF SERVICER
SCHEDULE X
SCHEDULE Y
SCHEDULE Z



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     POOLING AND SERVICING AGREEMENT, dated as of October 1, 2006 (the
"Agreement"), among MERRILL LYNCH MORTGAGE INVESTORS, INC., a Delaware
corporation, as depositor (the "Depositor"), WILSHIRE CREDIT CORPORATION, a
Nevada corporation, 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

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