Borrowers are required to comply with all applicable:
    
    
        
        (a) 
         Federal, State, or local laws;
     
    
        
        (b) 
         Regulatory commission rules; and
     
    
        
        (c) 
         Regulations which are presently in existence, or which may be later adopted including, but not limited to, those governing the following:
     
    
        
        (1) 
         Borrowing money, pledging security, and raising revenues for repayment of debt;
     
    
        
        (2) 
         Accounting and financial reporting; and
     
    
        
        (3) 
         Protection of the environment.