Issuance of Commitments. During the Commitment Period for each Program, the Participating Lending Institution shall use its commercially reasonable efforts to issue Commitments to Eligible Borrowers for Mortgage Loans meeting the requirements of the applicable Program Agreement. Each Commitment shall (i) specify a Closing Date which shall permit the sale of the Mortgage Loan to the Servicer during the applicable Commitment Period and in accordance with the applicable Schedule of Purchase Dates, and (ii) specify the rate of interest the Mortgage Loan will bear, the term of the Mortgage Loan, and any conditions precedent to the funding of such Mortgage Loan by the Participating Lending Institution.
Issuance of Commitments. If Lender determines that an Application meets its Guidelines, Lender may issue a commitment in its name to the borrower setting forth the terms and conditions under which it will close the Loan and advance funds. If Lender determines that an Application does not meet its Guidelines, Lender will issue a notice of declination to the borrower in compliance with all state and federal laws and regulations. Lender will have no obligation or liability to Broker for any decision to decline an Application or for any delays in determining whether an Application meets Guidelines.
