Common use of Sync Clause in Contracts

Sync. Sync has authorized the issuance of 50,000,000 shares of common stock, of which 1,000 shares are issued and outstanding as of the date of this Agreement, all of which have been issued to and are held by the Company. All shares of common stock have been duly authorized, have been validly issued, are fully paid and nonassessable and are free of any liens or encumbrances. There are no authorized or outstanding options, warrants, preemptive rights, rights of first refusal or other rights to purchase any capital stock of Sync or any equity or debt securities convertible into or exchangeable or exercisable for capital stock of Sync.