Borrowers are required to comply with all applicable:

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

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

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