Although the KBM note in question doesn't contain one many of the convertible notes have usuary clauses in them specifically intended to protect the convertible note just in case it's found to be usurious under New York laws. So obviously the convertible note lenders consider the New York usury laws pertain to them. But from cases I've already posted here such clauses don't protect the convertible notes from being unenforceable. The entire notes can be thrown out without the lender collecting a dime on them. But again the courts will decide this particular case based on the evidence presented.

https://www.lawinsider.com/usage/new-york-use...tible-note