(b) Borrowers are required to comply with all applicable:

1. (1) Federal, State, or local laws;
2. (2) Regulatory commission rules; and

3. (3) Regulations which are presently in existence, or which may be later adopted including, but not limited to, those governing the following:

   1. (i) Borrowing money, pledging security, and raising revenues for repayment of debt;
   2. (ii) Accounting and financial reporting; and
   3. (iii) Protection of the environment.