Common use of WHEN FEDERAL LAW APPLIES Clause in Contracts

WHEN FEDERAL LAW APPLIES. When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

WHEN FEDERAL LAW APPLIES. When SBA is the holder, this the Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this the Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

WHEN FEDERAL LAW APPLIES. When the SBA is the holderholder of the Note, this Note Agreement will be interpreted and enforced under federal law, including SBA regulations. Lender or the SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, the SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this NoteAgreement, Borrower may not claim or assert against the SBA any local or state law to deny any obligation, defeat any claim of the SBA, or preempt federal law. XIII. Dispute Resolution.