FMC’s Purchase Obligations Sample Clauses

FMC’s Purchase Obligations. SunTrust shall be entitled to cause FMC (or its Affiliate designee) to purchase, subject to the terms and conditions set forth in this Section 5, any Loan (each such Loan purchased pursuant to this Section 5, a “Purchased Loan”). Such right shall apply to any Loan that is reasonably determined by SunTrust to be a Loan which should not have been approved due to FMER’s or FMC’s failure to comply in any material respect with the terms of this Agreement, the Program Guidelines or Requirements of Law, and not due to any action or omission of SunTrust. In order to exercise such purchase right, SunTrust, pursuant to the terms of and within the time limitation set forth in the Program Guidelines and Servicing Agreement, shall make demand of FMC in writing that FMC purchase such Loans as have been so determined for an amount equal to the Purchase Price, calculated in the manner set forth below. If FMC objects to SunTrust’s characterization of any Loan as a Loan which should not have been approved, the dispute resolution procedure set forth in this Agreement shall apply; if FMC provides no such objection to SunTrust within ten (10) Business Days of SunTrust’s written purchase demand, then FMC shall pay SunTrust the Purchase Price in immediately available funds (outside of funds in the Participation Account) within fifteen (15) Business Days after receipt of SunTrust’s purchase notice.