Common use of Registered Note Clause in Contracts

Registered Note. The principal and interest of the Note will be payable only to the person who is shown on the books and records of Alon Brands as being the registered holder of the Note and who is reflected in the outstanding Note as the named payee of the principal and interest payable thereunder. Notwithstanding anything herein to the contrary, the Note, any beneficial ownership interest therein and any right to the payment of principal and interest thereunder and under this Agreement shall be transferable only by surrender of the outstanding Note to Alon Brands for transfer on the books and records of Alon Brands and the reissuance of a new Note in substitution for the Note so surrendered (which new Note shall have the same outstanding principal balance as the Note surrendered at the effective time of the transfer of the Note on the books and records of Alon Brands and otherwise have the same terms and conditions as the Note surrendered).