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.
Appears in 14 contracts
Samples: First Preferred Ship Mortgage (Amphitrite Digital Inc), Business Loan Agreement (Wilhelmina International, Inc.), Business Loan Agreement (Wilhelmina International, Inc.)
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.
Appears in 4 contracts
Samples: Loan Authorization and Agreement, Authorization and Agreement (Amphitrite Digital Inc), Authorization and Agreement (Maison Solutions Inc.)
