Section 457-303-7 - COMMITMENTA. Upon approval of an application by the chief executive officer, a loan commitment will be issued setting forth the terms and conditions upon which the loan will be extended directly or through the lender, as applicable.B. In the event the chief executive officer rejects the application, the chief executive officer will promptly send the borrower (and lender if applicable) notice containing reasons for the rejection. The notice shall include a statement of the applicant's right to appeal the chief executive officer's decision to the members of the Authority's Board of Directors.94- 457 C.M.R. ch. 303, § 7