EXHIBIT 10.4


 





SECURITY AGREEMENT


THIS SECURITY AGREEMENT (this “Security
Agreement”) is made and entered into as of March 4, 2014, by and between China Motion Telecom (HK) Limited, a
business company organized under laws of Hong Kong (“Borrower”), and AQC, LLC, a limited liability company
organized under the laws of Delaware (“Secured Party”).


RECITALS 


Borrower owes US$2,863,000 to Secured
Party pursuant to a promissory note of even date herewith from Borrower, payable to the order of Secured Party (the “Note”).
As partial consideration for the Note, Borrower agrees to provide the Secured Party with a security interest in all of Borrower’s
presently existing and hereafter acquired property, wherever located, in accordance with this Security Agreement.


AGREEMENT 


NOW, THEREFORE, in consideration
of the premises and the mutual covenants and conditions contained herein, the receipt and sufficiency of which are hereby acknowledged,
Borrower agrees with Secured Party as follows:


ARTICLE
1


Rules of Construction; Definitions



1.1              
Rules of Construction. For purposes of this Security Agreement, except as otherwise expressly provided or unless the context
otherwise requires:


(a)               
Words of masculine, feminine or neuter gender include the correlative words of other genders. Singular terms include the plural
as well as the singular, and vice versa.


(b)              
All references herein to designated Articles, Sections and other subdivisions or to lettered Exhibits are to the designated Articles,
Sections and subdivisions hereof and the Exhibits annexed hereto unless expressly otherwise designated in context. All Article,
Section, other subdivision and Exhibit captions herein are used for reference only and do not limit or describe the scope or intent
of, or in any way affect, this Security Agreement.


(c)               
The terms “include,” “including,” and similar terms shall be construed as if followed by the phrase “without
being limited to.”


(d)              
The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Security Agreement as a whole and not to any particular Article, Section, other subdivision or Exhibit. All Recitals set forth
in, and all Exhibits to, this Security Agreement are hereby incorporated in this Security Agreement by reference.


(e)              
No inference in favor of or against any party shall be drawn from the fact that such party or such party’s counsel has drafted
any portion hereof.


(f)                
All references in this Security Agreement to a separate instrument are to such separate instrument as the same may be amended,
restated, modified or supplemented from time to time pursuant to the applicable provisions thereof.



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1.2              
Definitions. As used in this Security Agreement, capitalized terms that are not otherwise defined herein shall have the
respective meanings defined for them in the Note, and the following terms are defined as follows:


(a)               
“Collateral” shall mean all rights of Borrower now or hereafter existing in and to the following items:


(i)                 
All of the properties, assets, business and goodwill of Borrower of every kind and nature whatsoever, tangible or intangible, personal
or mixed, whether now owned or hereafter acquired or arising at any time or from time to time hereafter, wherever located, whether
in the possession of Borrower or in transit or in the possession of any other person, and all rights, title and interest of Borrower
of every kind and nature whatsoever in and to the foregoing, and including, without limiting the generality of the foregoing provisions
of this paragraph (i), all of the properties and assets of Borrower identified and described below in paragraphs (ii) through (viii);


(ii)               
All claims, demands, judgments, rights, choses in action, equities, accounts, accounts receivable, bills and notes receivable,
including without limitation, all contract privileges of Borrower, credits, bank accounts, cash on hand and in banks, instruments,
documents and securities of every description, investments, all insurance policies in which Borrower is now (or are hereafter)
named as a beneficiary, including the cash surrender value thereof and all proceeds thereof;


(iii)              
All contract rights of every kind and nature whatsoever (including leases of real property), and all claims, indemnities, rights,
remedies, powers and privileges of Borrower in, to and under all contracts or agreements among Borrower and any other parties,
whether now existing or hereafter created, made or entered into by Borrower;


(iv)             
All rights, permits, approvals, authorizations, and licenses of every kind and description of Borrower;


(v)               
All real estate and real property interests, furniture, fixtures, goods, equipment, inventory, machinery, supplies, raw materials,
goods in process, work in process, finished and unfinished products, wares and merchandise, all documents of title, and, in general,
all tangible personal property, goods and chattels of Borrower of every kind and description, wheresoever situated;


(vi)             
All fees, leases, contracts and agreements for the use, sale or assignment of property, whether tangible or intangible, real or
personal, leaseholds, assignments, options, permits and licenses of every kind and description, and all documents and instruments
of title relating to or in any way connected with the property of Borrower, whether tangible or intangible;


(vii)            
All general intangibles of every kind whatsoever and all files, books, records and other writings, including without limitation
all records and books of account, and also including without limitation all computer programs and tapes and all electronic data
processing software and all data recorded, contained or stored in any of the foregoing, and ideas on which such data is based,
all developmental ideas and concepts, all papers, drawing, blueprints, sketches and documents relating to any of the foregoing
and/or relating to the operation of the businesses of Borrower and/or the Collateral, all databases, supplier and customer lists,
all technology, trademarks, service marks, trade names, the right of the Borrower to use of the name “CMMobile,” and
all applications for and licenses, rights and interests to or under or in respect of any technology;



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(viii)          
All intellectual property rights of Borrower, including but not limited to the following:


(A)              
Trade secrets, know how, and similar proprietary technical and business information including algorithms, ideas, processes, procedures
and techniques that have been treated as confidential information;


(B)              
Copyrights, works of authorship and similar rights, including rights in computer program code;


(C)              
Mask work rights or similar protection; and


(D)              
Copyrights, trademarks, trade names and service marks, and licenses to use, applications for, and other rights to, patents, copyrights,
trademarks, trade names and service marks.


(ix)             
All of the income, products and proceeds of, and all additions, substitutions and accessions to, all of the properties and assets
of Borrower identified and described in the foregoing paragraphs (i) through (viii) of this Section 1.2(a);


in each and every case whether now owned or hereafter acquired
by Borrower and howsoever its interest may arise or appear.


(b)              
“Default Rate” means a rate of interest equal to 20% per annum or the maximum rate per annum permitted by law,
whichever is less.


(c)               
“Event of Default” is defined in Section 4.1. An Event of Default “exists” if the same has occurred
and is continuing.


(d)              
“Governmental Authority” means any national, state, county, municipal or other government, domestic or foreign,
and any agency, authority, department, commission, bureau, board, court or other instrumentality thereof.


(e)              
“Loan Documents” means, collectively, the Note and this Security Agreement.


(f)                
“Person” (whether or not capitalized) includes natural persons, sole proprietorships, corporations, trusts,
unincorporated organizations, associations, companies, institutions, entities, joint ventures, partnerships, limited liability
companies and Governmental Authorities.


(g)               
“Secured Obligations” means, collectively, (i) all indebtedness evidenced by the Note, (ii) all other obligations,
if any, described or referred to in any other place in this Security Agreement, and (iii) any and all sums and the interest which
accrues on them as provided in this Security Agreement which Secured Party may advance or which Borrower may owe Secured Party
pursuant to this Security Agreement on account of Borrower’s failure to keep, observe or perform any of Borrower’s
covenants under this Security Agreement.



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ARTICLE
2


Security Agreement 


2.1              
Grant of Security Interest. To secure the complete and timely satisfaction of all of the Secured Obligations, Borrower hereby
grants the Secured Party a security interest in the Collateral and any proceeds thereof.


ARTICLE
3 


Representations, Warranties and
Covenants 


3.1              
Warranties and Representations. Borrower represents, warrants and covenants to Secured Party that:


(a)               
Borrower has the right and authority to enter into this Security Agreement and to grant the rights and securities provided herein
and to perform and comply with all covenants and obligations contained herein;


(b)              
Borrower will take reasonable steps to maintain and protect the Collateral.


(c)               
Borrower has disclosed to Secured Party all prior security interests that encumber any of the Collateral. Borrower shall timely
pay all amounts and shall perform all other obligations necessary to avoid a default under any security agreement that encumbers
any of the Collateral.


(d)              
Borrower will not, during the term of this Security Agreement, incur, create, assume or permit to exist any additional liens, mortgages,
pledges, security interests, licenses, encumbrances, or claims of any nature, whatsoever, on the Collateral created by or through
Borrower, or permit any of the foregoing to occur or arise, except (A) liens in favor of Secured Party, (B) liens in favor of third
parties providing loans to Borrower, the proceeds of which are used to retire the Note, and (C) mechanics, materialmen, or other
similar statutory liens securing obligations that are not yet due and payable.


(e)              
Borrower will perform all acts and execute any documents that are reasonably requested by the Secured Party at any time to evidence,
perfect and maintain the rights of the Secured Party in the Collateral under this Security Agreement, including but not limited
to filing a Registration of Charge in the Hong Kong Companies Registry.


(f)                
No consent, authorization or other action by, and no notice to or filing with, any other person is required for (i) the execution
and delivery of this Security Agreement by the Borrower, or (ii) the granting to Secured Party of the liens on the Collateral under
this Security Agreement.


(g)               
This Security Agreement has been duly executed and delivered by Borrower and constitutes the legal, valid and binding obligations
of Borrower, enforceable against Borrower in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
or other similar laws now or hereafter in effect relating to creditors’ rights generally.


(h)              
Neither the execution and delivery of this Security Agreement by Borrower, nor the performance by Borrower of its obligations hereunder,
will (i) with or without the giving of notice or the lapse of time or both, conflict with or result in a breach of any terms or
provisions of, or result in the creation or imposition of any lien, claim, charge or encumbrance upon any of the Collateral under
any material agreements or other instrument, or (ii) violate any applicable law, rule, regulation, judgment, decree or order of
any court or governmental instrumentality.



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3.2              
Dispositions. Borrower shall not sell, transfer or dispose of any of the Collateral except: (i) as may occur in the ordinary
course of Borrower’s business; (ii) sales of excess inventory at fair market value; provided that the net proceeds of such
sales are used to pay or prepay all or a portion of the Note, or (iii) to Secured Party pursuant to definitive transaction documents,
appropriately authorized, prepared and executed to effect such a sale.


3.3              
Taxes and Assessments. Borrower shall pay when due all taxes, assessments and other charges levied or assessed against any
of the Collateral, and all other claims that are or may become liens against the Collateral.


3.4              
Further Assurances. At the Borrower’s cost and expense, upon request of Secured Party, Borrower shall (i) duly execute
and deliver, or cause to be duly executed and delivered, to Secured Party such further instruments and do and cause to be done
such further acts as may be reasonably necessary or proper in the opinion of Secured Party or its counsel to perfect, preserve
and protect the validity of the liens of Secured Party in the Collateral and to carry out more effectively the provisions and purposes
of this Security Agreement, and (ii) promptly correct any defect, error or omission which may be discovered in the contents of
this Security Agreement or in any other instrument executed in connection herewith or in the execution or acknowledgment thereof.


3.5              
Performance of Borrower’s Obligations. If Borrower should fail to comply with any of its agreements, covenants or
obligations under this Security Agreement or any other Loan Document, then Secured Party (in Borrower’s name or in Secured
Party’s own name) may perform them or cause them to be performed for Borrower’s account and at Borrower’s expense,
but shall have no obligation to perform any of them or cause them to be performed. Any and all expenses thus incurred or paid by
Secured Party shall be Borrower’s obligations to Secured Party, due and payable on demand, and each shall bear interest from
the date Secured Party pays it until the date Borrower repays it to Secured Party at the Default Rate.


ARTICLE
4 


Events of Default 


4.1              
Events of Default. The occurrence and continuation of any of the following events shall constitute an event of default (an
“Event of Default”) under this Security Agreement (whatever the reason for such event and whether or not it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any governmental requirement):


(a)               
any representation or warranty made in this Security Agreement or any other Loan Document shall prove to be false or misleading
in any material respect as of the time made; or


(b)              
Borrower fails to perform, observe or comply with - or defaults under - any of the terms, covenants, conditions or provisions of
this Security Agreement unless the failure or default is fully cured within 15 calendar days after Secured Party has given Borrower
written notice thereof - provided, however, that in no event shall Secured Party be required to provide notice with respect
to any violation of Sections 3.1 or 3.2 hereof and such violation shall immediately constitute an Event of Default hereunder; or


(c)               
Borrower shall claim - or any court shall find or rule - that Secured Party does not have a valid lien on the Collateral or any
other security which may have been provided by Borrower; or


(d)              
any default, event of default or similar event (however denominated) shall occur under any of the other Loan Documents and shall
continue beyond any applicable cure periods.



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ARTICLE
5 


Remedies 


5.1              
Remedies. During the existence of an Event of Default:


(a)               
Secured Party shall have the option of declaring, without notice to any person, all Secured Obligations to be immediately due and
payable.


(b)              
Secured Party is authorized, in any legal manner and without breach of the peace, to take exercise without interference from Borrower
any and all rights which Borrower has with respect to the management, possession, operation, protection or preservation of the
Collateral, including the right to sell or rent the same for the account of Borrower and to deduct from such sale proceeds or such
rents all costs, expenses and liabilities of every character incurred by Secured Party in collecting such sale proceeds or such
rents and in managing, operating, maintaining, protecting or preserving the Collateral and to apply the remainder of such sales
proceeds or such rents on the Secured Obligations in such manner as Secured Party may elect. Before any sale, Secured Party may,
at its option, complete the processing of any of the Collateral and any sums expended therefor by Secured Party shall be reimbursed
by Borrower. All costs, expenses, and liabilities incurred by Secured Party in collecting such sales proceeds or such rents, or
in managing, operating, maintaining, protecting or preserving such properties, or in processing the Collateral if not paid out
of such sales proceeds or such rents as hereinabove provided, shall constitute a demand obligation owing by Borrower and shall
bear interest from the date of expenditure until paid at the Default Rate, all of which shall constitute a portion of the Secured
Obligations. In connection with any action taken by Secured Party pursuant to this Section 5.1(b), Secured Party shall not be liable
for any loss sustained by Borrower resulting from any failure to sell the Collateral, or any part thereof, or from other act or
omission of Secured Party with respect to the Collateral unless such loss is caused by the willful misconduct and bad faith of
Secured Party, nor shall Secured Party be obligated to perform or discharge any obligation, duty, or liability under any sale or
lease agreement covering the Collateral or any part thereof or under or by reason of this instrument or the exercise of rights
or remedies hereunder.


(c)               
Secured Party may, without notice except as hereinafter provided or as may otherwise be required by applicable law, sell the Collateral
or any part thereof at public or private sale (with or without appraisal or having the Collateral at the place of sale) for cash,
upon credit, or for future delivery, and at such price or prices as Secured Party may deem best, and Secured Party may be the purchaser
of any and all of the Collateral so sold and may apply upon the purchase price therefor any of the Secured Obligations and thereafter
hold the same absolutely free from any right or claim of whatsoever kind. Secured Party is authorized at any such sale, if Secured
Party deems it advisable or is required by applicable law so to do, to disclaim and to refuse to give any warranty, and to impose
such other limitations or conditions in connection with any such sale as Secured Party reasonably deems necessary or advisable
in order to comply with applicable law. Upon any such sale Secured Party shall have the right to deliver, assign and transfer to
the purchaser thereof the Collateral so sold. Each purchaser at any such sale shall hold the property sold absolutely free from
any claim or right of whatsoever kind, including any equity or right of redemption, stay or appraisal which Borrower has or may
have under any rule of law or statute now existing or hereafter adopted. To the extent notice is required by applicable law, Secured
Party shall give Borrower written notice at the address set forth herein (which shall satisfy any requirement of notice or reasonable
notice in any applicable statute) of Secured Party’s intention to make any such public or private sale. Such notice (if any
is required by applicable law), in case of public sale, shall state the time and place fixed for such sale or, in case of private
sale or other disposition other than a public sale, the time after which the private sale or other such disposition is to be made.
Any public sale shall be held at such time or times, within the ordinary business hours and at such place or places, as Secured
Party may fix in the notice of such sale. At any sale the Collateral may be sold in one lot as an entirety or in separate parcels
as Secured Party may determine. Secured Party shall not be obligated to make any sale pursuant to any such notice. Secured Party
may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time by announcement
at any time and place fixed for the sale, and such sale may be made at any time or place to which the same may be so adjourned.
In case of any sale of all or any part of the Collateral on credit or for future delivery, the Collateral so sold may be retained
by Secured Party until the selling price is paid by the purchaser thereof, but Secured Party shall incur no liability in case of
the failure of such purchaser to take up and pay for the Collateral so sold, and in case of any such failure, such Collateral may
again be sold upon like notice. Each and every method of disposition described in this Section 5.1(c) shall constitute disposition
in a commercially reasonable manner. Borrower, to the extent applicable, shall remain liable for any deficiency.



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(d)              
Secured Party shall have all the rights of a secured party after default under the Hong Kong Companies Ordinance.


5.2              
Additional Security, Etc. Without notice to or consent of the Borrower, and without impairment of the liens and rights created
by this Security Agreement, Secured Party may accept from the Borrower, or any other Person, additional security for the Secured
Obligations. Neither the giving of this Security Agreement nor the acceptance of any such additional security shall prevent Secured
Party from resorting first to any such additional security, or first to the liens created by this Security Agreement, without affecting
the liens and rights of Secured Party under this Security Agreement.


5.3              
Remedies Cumulative. The rights and remedies of Secured Party under this Security Agreement are cumulative and not exclusive
of any other rights or remedies now or hereafter existing at law or in equity.


5.4              
Lifting of Stay. In the event that Borrower or any other obligor under the Loan Documents is the subject of any insolvency,
bankruptcy, receivership, dissolution, reorganization or similar proceeding, voluntary or involuntary, under any present or future
law or act, Secured Party is entitled to the automatic and absolute lifting of any automatic stay as to the enforcement of its
remedies under the Loan Documents against the security for the Secured Obligations. Borrower hereby consents to the immediate lifting
of any such automatic stay, and will not contest any motion by Secured Party to lift such stay. Borrower expressly acknowledges
that the security for the Secured Obligations is not now and will never be necessary to any plan of reorganization of any type.


ARTICLE
6 


Miscellaneous 


6.1              
Notices. All notices, statements, requests and demands given to or made upon any of the parties under this Security Agreement
shall be in writing and shall be deemed to be given when delivered in person or by private courier with receipt, when telefaxed
and received, or three (3) Business Days after being deposited in the United States mail, first-class, registered or certified,
return receipt requested, with postage paid and,



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If to Borrower:


Yan Qin


China Motion Telecom (HK) Limited


Suites 1105-1106, 11th Floor, Chinachem Golden Plaza


77 Mody Road, TsimShaTsui East


Hong Kong


Fax No.: + 852 2209 1270


Email: jim.yang@cmmobile.com.hk


 


With a copy to:


 


Kenneth Hobbs


VelaTel Global Communications, Inc.


5950 La Place Court, Suite 160


Carlsbad, CA 92008


Fax No.: + 1 760 359 7040


khobbs@velatel.com


 


If to Secured Party:


David Somrack


AQC, LLC


38448 Lakeshore Boulevard


Willoughby, OH 44095


Email: zelous99@yahoo.com


 


or to such other address as a party shall designate by written
notice to the other party.


6.2              
Expenses. Borrower shall pay, promptly on demand, all costs and expenses, including the fees and disbursements of counsel
to Secured Party, incurred by Secured Party in connection with (a) the enforcement of this Security Agreement, (b) the preservation
of the Collateral, (c) the protection or perfection of Secured Party’s rights and interests under this Security Agreement
in the Collateral, (d) the exercise by or on behalf of Secured Party of any of its rights, powers or remedies under this Security
Agreement, and (e) the prosecution or defense of any action or proceeding by or against Secured Party, Borrower, or any one or
more of them, concerning any matter related to this Security Agreement, any of the Collateral or the Note. All such amounts shall
be included in the obligations secured hereby. The obligations under this Section 6.2 shall survive the payment in full of the
Note and the termination of this Security Agreement.


6.3              
Successors and Assigns. Whenever in this Security Agreement any party hereto is referred to, such reference shall be deemed
to include the heirs, successors and assigns of such party, except that Borrower may not assign or transfer this Security Agreement
without the prior written consent of Secured Party and Secured Party only may assign this Security Agreement in connection with
the sale or other transfer of the Note; and all covenants and agreements of Borrower contained in this Security Agreement shall
bind Borrower’s successors and assigns and shall inure to the benefit of the successors and assigns of Secured Party.



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6.4              
Independent Obligations. Borrower agrees that each of the obligations of Borrower to Secured Party under this Security Agreement
may be enforced against Borrower without the necessity of joining any other holders of liens in any Collateral or any other person,
as a party.


6.5              
Governing Law. This Security Agreement shall be deemed to be a contract governed by and construed shall be governed by and
construed in accordance with the laws of Hong Kong, without regard to its conflicts of laws principles.


6.6              
Severability. The provisions of this Security Agreement are intended to be severable. If any provision of this Security
Agreement shall for any reason be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall,
as to such jurisdiction, be ineffective to extent of such invalidity or unenforceability and shall not affect the validity or enforceability
of such provision in any other jurisdiction or any other provision of this Security Agreement in any jurisdiction.


6.7              
Counterparts. This Security Agreement may be executed by facsimile and in any number of counterparts, each of which so executed
shall be deemed an original, but all such counterparts shall together constitute but one and the same agreement.


6.8              
No Oral Agreements. The terms and conditions of this Security Agreement constitute the entire agreement of the parties and
shall supersede all previous agreements, either oral or written, with respect to the subject matter hereof. This Security Agreement
may only be modified by a written agreement signed by a duly authorized representative of each of the parties.


6.9              
Waiver and Election. The exercise by Secured Party of any option given under this Security Agreement shall not constitute
a waiver of the right to exercise any other option. No failure or delay on the part of Secured Party in exercising any right, power
or remedy under this Security Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such
right, power or remedy preclude any further exercise thereof or the exercise of any other right, power or remedy. No modification,
termination or waiver of any provisions of the Note, nor consent to any departure by the Borrower therefrom, shall be effective
unless in writing and signed by an authorized officer of Secured Party, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No notice to or demand on the Borrower in any case shall
entitle the Borrower to any other or further notice or demand in similar or other circumstances.


6.10           
No Obligations of Secured Party; Indemnification. Secured Party does not by virtue of this Security Agreement or any of
the transactions contemplated by the Note assume any duties, liabilities or obligations with respect to any of the Collateral unless
expressly assumed by Secured Party under a separate agreement in writing, and this Security Agreement shall not be deemed to confer
on Secured Party any duties or obligations that would make Secured Party directly or derivatively liable for any person’s
negligent, reckless or willful conduct. The Borrower agrees to indemnify and hold Secured Party harmless against and with respect
to any damage, claim, action, loss, cost, expense, liability, penalty or interest (including attorney fees) and all costs and expenses
of all actions, suits, proceedings, demands, assessments, claims and judgments directly or indirectly resulting from, occurring
in connection with, or arising out of: (a) any inaccurate representation made by the Borrower in this Security Agreement; (b) any
breach of any of the warranties or obligations of the Borrower under this Security Agreement; and (c) the Collateral, or the liens
of Secured Party thereon. The provisions of this Section 6.10 shall survive the payment of the Note in full and the termination,
satisfaction, release (in whole or in part) and foreclosure of this Security Agreement.



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6.11           
Rights, Liens and Obligations Absolute. All rights of Secured Party hereunder, all Liens granted to Secured Party hereunder,
and all obligations of the Borrower hereunder, shall be absolute and unconditional and shall not be affected by (a) any lack of
validity or enforceability as to any other person of the Note, (b) any change in the time, manner or place of payment of, or any
other term of the Note, (c) any amendment or waiver of any of the provisions of the Note as to any other person, and (d) any exchange,
release or non-perfection of any other collateral or any release, termination or waiver of any guaranty, for the Note.


6.12           
Termination. This Security Agreement and Secured Party’s Liens in the Collateral hereunder shall terminate upon the
repayment in full of the Note.


6.13           
Reinstatement. This Security Agreement, the obligations of the Borrower hereunder, and the Liens, rights, powers and remedies
of Secured Party hereunder, shall continue to be effective, or be automatically reinstated, as the case may be, if at any time
any amount applied to the payment of any of the obligations under the Note is rescinded or must otherwise be restored or returned
to the Borrower or any other person (or paid to the creditors of any of them, or to any custodian, receiver, trustee or other officer
with similar powers with respect to any of them, or with respect to any part of their property) upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Borrower or any such person, or upon or as a result of the appointment of a custodian,
receiver, trustee or other officer with respect to any of them, or with respect to any part of their property, or otherwise, all
as though such payment had not been made.


6.14           
Submission to Jurisdiction. Borrower hereby irrevocably submits to the jurisdiction of the courts of Hong Kong and of any
country in which it has assets and hereby irrevocably waives any objection to any proceedings in any such courts on the basis of
forum non conveniens. Borrower agrees that a judgment in any proceedings brought in any such courts may be enforced in any
other jurisdiction by suit on the judgment or in any other manner permitted by law. Borrower IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING.


IN WITNESS WHEREOF, and intending to
be legally bound hereby, the parties have executed this Security Agreement from the date set forth above.


CHINA MOTION TELECOM (HK) LIMITED


 


 


 


By: 
/s/ Colin Tay


        Colin Tay, its Director


 


AQC, LLC


 


 


 


By 
/s/ David Somrack


        David Somrack, its Manager




 






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