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(g) To maintain and operate the Issuer's water facilities in a sound and economical manner and in accordance with standards as may be required or prescribed by federal, state,or local regulatory agencies; (h) To obtain review and make a determination that the Project is in compliance with the Arkansas Water Plan;and (i) To comply with the federal requirements set forth in Exhibit D attached hereto unless such requirements are waived by the Commission and the Environmental Protection Agency. (For purposes of Exhibit D,the term"Borrower"therein shall have the same meaning as the term"Issuer"herein.) 12. The Issuer covenants and agrees with the Authority as follows: (a) For purposes of this paragraph,the following terms shall have the meanings set forth below. "Financial Obligation"shall mean a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for,an existing or planned debt obligation;or (iii) guarantee of obligations described in(i)or(ii). The term Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the Municipal Securities Rulemaking Board consistent with Rule 150-12. "Rule 15c2-12" shall mean Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time(17 C.F.R.,Part 240§240.15c2-12). "Obligated Person"shall mean any person who is committed by contract or other arrangement to support payments in a sum equal to twenty percent(20%)or more of the aggregate payments of the loans,including the Bond,which comprise the Revolving Loan Funds administered by the Authority,and which are pledged as security for ADFA Bonds. (b) If,during any fiscal year of the Authority,the outstanding obligations of the Issuer under the terms of the Bond shall cause the Issuer to be deemed an Obligated Person,and unless in the opinion of bond counsel for the ADFA Bonds an exemption from Rule 15c2-12 is then available,the Issuer shall,upon notice from the Authority,within 120 days after the close of each fiscal year of the Authority,furnish the Authority(i)a copy of the latest financial statements of the Issuer(or the System if separately audited)prepared in accordance with generally accepted government accounting standards and audited by its independent auditors(or,if not available as 6