Document:

Exhibit 4.70

 

PFGV

 

WAIVER, CONSENT AND MODIFICATION NO.
1 TO

AMENDED AND RESTATED LOAN AND SECURITY
AGREEMENT

 

This Waiver and Modification
No. 1 to Amended and Restated Loan and Security Agreement (this “Modification”) is entered into as of June 28,
2019 (the “Modification Effective Date”), by and between Partners for Growth V, L.P., a Delaware limited partnership
with its principal place of business at 1751 Tiburon Blvd., Tiburon, California 94920 (“PFG”) Borqs Hong Kong
Limited, a Hong Kong company, and Borqs Technologies (HK) Limited, each with its principal place of business at Office B, 21/F,
Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong (“Borrower”), and each of BORQS International
Holding Corp, a Cayman Islands company (“Holdings”) and Borqs Technologies, Inc., a British Virgin Islands company,
a guarantor of the obligations of Borrower under that certain Amended and Restated Loan and Security Agreement between PFG and
Borrower dated as of March 8, 2019 (the “Loan Agreement”). Capitalized terms used but not defined herein have
their meanings as set forth in the Loan Agreement.

 

RECITALS

 

WHEREAS, Borrower is
currently in default under the Loan Agreement due to its having failed to meet the minimum Revenues financial covenant for the
reporting periods ending December 31, 2018 and March 31, 2019 and the minimum EBITDA financial covenants set forth in the Loan
Agreement for the reporting periods ending February 28, 2019, March 31, 2019 and April 30, 2019 (the “Current Defaults”)
and for its anticipated failure to meet the minimum Revenues financial covenant for the reporting period ending June 30, 2019 and
the minimum EBITDA financial covenant for the reporting periods ending May 31, 2019 and June 30, 2019 (the “Anticipated
Defaults” and, together with the Current Defaults, the “Specified Defaults”);

 

WHEREAS, Borrower desires
to consummate the sale of its equity ownership in a mobile virtual network operator business as disclosed to PFG (the “Yuantel
Sale”), for which PFG’s consent is required under the Loan Agreement;

 

WHEREAS, the parties
desire to adjust the minimum performance thresholds under the Loan Agreement to facilitate Borrower’s ability to reasonably
comply with the Loan Agreement;

 

NOW THEREFORE, the
parties hereby agree as follows:

 

1. DESCRIPTION OF EXISTING INDEBTEDNESS:
As of the Modification Effective Date, Borrower is directly indebted to PFG for the Obligations pursuant to the Existing Loan Documents
(as defined below) in the aggregate principal amount of $1,000,000 under the convertible loan, $2,750,000 under the term loan,
and $9,500,000 under the revolving line of credit.

 

2. DESCRIPTION OF COLLATERAL. Repayment
of the Obligations is secured by the Collateral, as described in the Loan Agreement, in that certain Intellectual Property Security
Agreement and related Collateral Agreements and Notices of even date with the Loan Agreement, Deeds of Guaranty, Debentures, Hong
Kong Security Documents, BVI Security Documents, Cayman Security Documents, PRC Security Documents, India Security Documents and
such documents, agreements and instruments as were entered into in contemplation of the Loan Agreement. The above-described security
documents, together with all other documents securing and/or perfecting security interests in the repayment of the Obligations,
shall be referred to herein as the “Security Documents”. Hereinafter, the Security Documents, together with
all other documents evidencing or securing the Obligations are referred to as the “Existing Loan Documents”.

 

     

     

    

 

3. DESCRIPTION OF CHANGES IN TERMS.
As from the Modification Effective Date:

 

3.1 Section
5 of the Schedules. The first (operative) paragraph of Section 5 of Schedule 3 Loan Agreement (made applicable to all Schedules)
is hereby restated to read in its entirety as follows, with the remaining parts of the Section to remain unamended):

 

	“	     (Section 4.1):	The Group shall meet or exceed (i) Revenues of $27,500,000 on a calendar quarterly
basis commencing with the quarter ending September 30, 2019, and (ii) three (3) month trailing EBITDA of not less than $1,350,000,
tested monthly commencing with the month ending August 31, 2019; provided, however, if the Group fails to meet the foregoing minimum
Revenues requirement, such failure may be cured by the Group meeting for any such non-compliant reporting period trailing twelve
(12) month Revenues of not less than $120,000,000. “

 

3.2 Restated
Compliance Certificate. The Compliance Certificate is amended and restated in the form appended as Exhibit B hereto.

 

4. ACKNOWLEDGMENT
OF SPECIFIED DEFAULTS; WAIVER. Borrower acknowledges that it is currently in default under the Loan Agreement due to the Specified
Defaults as set forth in the Recitals hereto. If no Default or Event of Default has occurred and is continuing under the Loan Agreement,
other than the Specified Defaults and the conditions set forth in Section 7 are timely satisfied, PFG shall be deemed to have forever
waived the Specified Defaults. Borrower hereby acknowledges and agrees that except as specifically provided herein, nothing in
this Section or anywhere in this Modification shall be deemed or otherwise construed as a waiver by PFG of any of its rights and
remedies pursuant to the Existing Loan Documents, applicable law or otherwise. The waiver of Specified Defaults set forth in this
Modification shall be limited precisely as written and shall not be deemed (a) to be a forbearance, waiver or modification of any
other term or condition of the Loan Agreement or of any other instrument or agreement referred to therein or to prejudice any right
or remedy which PFG may now have or may have in the future under or in connection with the Loan Agreement, the Existing Loan Documents
or any instrument or agreement referred to therein; (b) to be a consent to any future amendment or modification, forbearance or
waiver to any instrument or agreement the execution and delivery of which is consented to hereby, or to any waiver of any of the
provisions thereof; or (c) to limit or impair PFG’s right to demand strict performance of all terms and covenants as of any
date, subject to this Modification. The Loan Agreement, as amended by this Modification, shall continue in full force and effect.

 

    2

     

    

 

5. Representations
And Warranties OF OBLIGOR. Each Obligor hereby represents and warrants that:

 

(a) immediately upon
giving effect to this Modification (i) the representations and warranties contained in the Existing Loan Documents are true,
accurate and complete in all material respects as of the date hereof (except to the extent qualified in the updated Representations
deliverable to PFG on or before the Modification Effective Date), and (ii) no Event of Default has occurred and is continuing,
other than the Specified Defaults;

 

(b) it has the corporate
power and authority to execute and deliver this Modification and to perform its respective obligations under the Existing Loan
Documents, as amended by this Modification, and in the case of Group Parent, its obligations in relation to the conversion of the
Schedule 2 Loan;

 

(c) its Constitutional
Documents as last delivered to PFG remain true, accurate and complete and have not been amended, supplemented or restated and are
and continue to be in full force and effect;

 

(d) it has duly executed
and delivered this Modification and the performance by it of its obligations under the Existing Loan Documents, as amended by this
Modification, and any required consents, including of shareholders, have been duly secured;

 

(e) this Modification
constitutes (i) its binding obligation, enforceable against it in accordance with the terms of this Modification, except as such
enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general
application and equitable principles relating to or affecting creditors’ rights, and (ii) a reaffirmation of its respective
obligations under the Existing Loan Documents applicable to it, including under the Hong Kong Security Documents, the Cayman Security
Documents, the BVI Security Documents, the PRC Security Documents and the India Security Documents;

 

(f) as of the date
hereof, it has no defenses against its obligation to repay the Obligations, it has no claims of any kind against PFG and it acknowledges
that PFG has acted in good faith and in a commercially reasonable manner in connection with this Modification and the Existing
Loan Documents;

 

(g) the Security Documents
relating to Intellectual Property either disclose an accurate, complete and current listing of all Collateral that consists of
Intellectual Property; and

 

(h) it hereby ratifies,
confirms and reaffirms, all and singular, the terms and disclosures contained in the Representations previously delivered to PFG
by Borrower, and acknowledges, confirms and agrees that, subject to the update to the Representations to be provided under Section
7 hereof, the disclosures and information provided to PFG therein remain true, correct, accurate and complete in all material respects
as of the Modification Effective Date.

 

    3

     

    

 

Each Obligor understands
and acknowledges that PFG is entering into this Modification in reliance upon, and in partial consideration for, the above representations
and warranties, and agrees that such reliance is reasonable and appropriate.

 

6. CONTINUING VALIDITY. Each of
Borrower and Group Parent understands and agrees that in modifying the existing Obligations, PFG is relying upon Borrower’s representations,
warranties, and agreements, as set forth in the Existing Loan Documents. Except as expressly modified pursuant to this Modification,
the terms of the Existing Loan Documents remain unchanged and in full force and effect. PFG’s agreement to modifications to the
existing Obligations in no way shall obligate PFG to make any future consents, waivers or modifications to the Obligations. Nothing
in this Modification shall constitute a satisfaction of the Obligations or a waiver of any default under the Existing Loan Documents.
It is the intention of PFG and Borrower to retain as liable parties all makers and endorsers, if any, of the Existing Loan Documents,
unless the party is expressly released by PFG in writing. Unless expressly released herein, no maker, endorser, or guarantor will
be released by virtue of this Modification. The terms of this paragraph apply not only to this Modification, but also to all subsequent
loan modifications.

 

7. CONDITIONS. The effectiveness
of this Modification is conditioned upon each of:

 

7.1Execution
and Delivery. Each Obligor shall have duly executed and delivered a counterpart of this Modification to PFG.

 

7.2 Lender
Expenses. Promptly upon PFG invoice, Borrower shall have promptly paid all Lender Expenses noticed by PFG in connection with
this Modification.

 

7.3 Waiver
and Modification Fee. Promptly upon PFG invoice, Borrower shall have promptly paid PFG a fee in consideration of this Modification
in the amount of $28,909, provided, however, if Borrower fails to meet either of the Revenue or EBITDA threshold under Section
5 of the Schedule, as amended by this Modification (regardless of whether Borrower’s performance is measured for any particular
period for purposes of compliance with the Loan Agreement), then the above-referenced fee shall increase to $38, 545.

 

7.4 Updated
Representations. Within ten (10) Business Days from the Modification Effective Date, Borrower shall have provided an update
to the Representations.

 

The failure of any of
the conditions set forth in this Section 7 shall constitute an immediate Event of Default.

 

8.
CONSISTENT CHANGES. The Existing Loan Documents are hereby amended wherever necessary to reflect the changes described above.

 

    4

     

    

 

9.
CONSENT. PFG hereby consents to the Yuantel Sale substantially as disclosed to PFG and confirms and acknowledges that the
entry into and consummation of the Yuantel Sale by the Borrower, shall not constitute a breach of any obligations or covenants,
including under Section 4.6 of the Loan Agreement or otherwise be deemed an Event of Default under any of the PFG Loan Documents.

 

10.
RATIFICATION OF EXISTING LOAN DOCUMENTS; FURTHER ASSURANCES. Borrower (a) acknowledges and agrees that (i) each of the Existing
Loan Documents remains in full force and effect in accordance with the original terms, except as expressly modified hereby, (ii)
the Liens granted by the Borrower to PFG under the Existing Loan Documents shall remain in place, unimpaired by the transactions
contemplated by this Agreement, and PFG’s priority with respect thereto shall not be affected hereby or thereby, and (iii)
the Loan Agreement and the other Existing Loan Documents shall continue to secure all Obligations as stated therein except as expressly
amended and modified by this Modification; (b) Borrower ratifies, reaffirms, restates and incorporates by reference all of its
representations, warranties, covenants, and agreements made under the Existing Loan Documents; (c) Borrower hereby ratifies, confirms,
and reaffirms that the Obligations include, without limitation, the Loans, and any future modifications, amendments, substitutions
or renewals thereof; (d) Borrower has no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims,
actions or causes of action of any kind or nature whatsoever against PFG or any past, present or future agent, attorney, legal
representative, predecessor-in-interest, affiliate, successor, assign, employee, director or officer of PFG, directly or indirectly,
arising out of, based upon, or in any manner connected with, any transaction, event, circumstance, action, failure to act, or occurrence
of any sort or type, whether known or unknown, which occurred, existed, was taken, permitted, or began prior to the execution of
this Agreement and accrued, existed, was taken, permitted or begun in accordance with, pursuant to, or by virtue of the terms or
conditions of the Existing Loan Documents, or which directly or indirectly relate to or arise out of or in any manner are connected
with any of the Existing Loan Documents; (e) Borrower and PFG confirm that neither party has heretofore waived or modified, and
has not agreed to waive or modify, any term of the Existing Loan Documents, and any actions that Borrower takes or fails to take
(including the expenditure of any funds) is voluntary, informed and taken at its own risk; and (g) Borrower shall, from and after
the execution of this Agreement, execute and deliver to PFG whatever additional documents, instruments, and agreements that PFG
may reasonably require in order to perfect the Collateral granted in the Loan Agreement more securely in PFG and to otherwise give
effect to the terms and conditions of this Modification. Nothing in this Modification shall constitute a satisfaction of the Obligations
or a waiver of any default under the Existing Loan Documents, except of the Specified Defaults to the extent waived herein. It
is the intention of PFG and Borrower to retain as liable parties all makers and endorsers, if any, of the Existing Loan Documents,
unless the party is expressly released by PFG in writing. Unless expressly released herein, no maker, endorser, or guarantor will
be released by virtue of this Modification. The terms of this paragraph apply not only to this Modification, but also to all subsequent
loan modification agreements.

 

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11. INTEGRATION; CONSTRUCTION. This
Modification, the Loan Agreement and the Existing Loan Documents (as modified) and any documents executed in connection herewith
or pursuant hereto contain the entire agreement between the parties with respect to the subject matter hereof and supersede all
prior agreements, understandings, offers and negotiations, oral or written, with respect thereto and no extrinsic evidence whatsoever
may be introduced in any judicial or arbitration proceeding, if any, involving this Modification; provided, however, that any financing
statements or other agreements or instruments filed by PFG with respect to Borrower shall remain in full force and effect. The
Existing Loan Documents are hereby amended wherever necessary to reflect the modifications set forth in this Modification. The
quotation marks around modified clauses set forth herein and any differing font styles in which such clauses are presented herein
are for ease of reading only and shall be ignored for purposes of construing and interpreting this Modification. This Modification
is subject to the General Provisions of Section 8 of the Loan Agreement, each of which are incorporated herein as if set forth
in this Modification.

 

12. ADVICE OF COUNSEL. PFG and Borrower
have prepared this Modification and all documents, instruments, and agreements incidental hereto with the aid and assistance of
their respective counsel. Accordingly, all of them shall be deemed to have been drafted by PFG and Borrower and shall not be construed
against the PFG or Borrower.

 

13. ILLEGALITY OR UNENFORCEABILITY.
Any determination that any provision or application of this Modification or the Loan Agreement is invalid, illegal, or unenforceable
in any respect, or in any instance, shall not affect the validity, legality, or enforceability of any such provision in any other
instance, or the validity, legality, or enforceability of any other provision of this Agreement.

 

14. Governing
Law; Venue. THIS MODIFICATION SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF CALIFORNIA. Borrower and PFG submit to the exclusive jurisdiction of the State and Federal courts in Santa Clara County,
California, in connection with any proceeding or dispute arising in connection herewith.

 

[Signature Page Follows]

 

    6

     

    

 

This Modification No.
1 to Amended and Restated Loan and Security Agreement is executed as of the date first written above.

 

	Executed
and Delivered as a Deed by	)	 	PARTNERS FOR GROWTH V, L.P.
	BORQS Hong Kong Limited	)	 	 
	Acting by:	 	 

 

	/s/ Pat
    Sek Yuen Chan	 	By:	/s/
    Geoffrey Allan
	Name: Pat Sek Yuen Chan	 	Name: Geoffrey Allan

 

	Title: Chief Executive Officer	 	Title: Manager, Partners for Growth V, LLC, its General Partner
	in the presence of :	 	 

 

	/s/
    Anthony K. Chan	 	 
	Witness name: Anthony K. Chan	 	 
	Witness occupation: Chief Financial Officer	 	 

 

	Executed and Delivered as
a Deed by	)	 	Executed and Delivered  as
a Deed by	)
	BORQS Technologies (HK) Limited	)	 	BORQS International Holding
Corp	)
	Acting by:	 	Acting by:
	/s/  Pat
    Sek Yuen Chan	 	/s/  Pat Sek Yuen Chan
	Name: Pat Sek Yuen Chan	 	Name: Pat Sek Yuen Chan
	 	 	 
	Title: Chief Executive Officer	 	Title: Chief Executive Officer
	in the presence of :	 	in the presence of :
	 	 	 
	/s/ Anthony K. Chan	 	/s/ Anthony K. Chan
	Witness name: Anthony K. Chan	 	Witness name: Anthony K. Chan
	Witness occupation: Chief Financial Officer	 	Witness occupation: Chief Financial Officer
	 	 	 
	Executed and delivered as a deed by	 	)
	Borqs Technologies, Inc.	 	)
	Acting by its duly authorised director	 	)     - - - - - - - - - - - - - - - - - - - - - - - -
	 	 	Name: ______________________

 

 

7Exhibit 4.71

 

Supplementary
Agreement 1 of

the
“Mobile Communication Resale

Business
Cooperation Agreement”

 

This
Agreement is signed by the following Parties:

 

PARTY
A: YUANTEL (BEIJING) INVESTMENT MANAGEMENT CO., LTD. (hereinafter referred to as “Party A” or “Resale
Company”)

 

Yuantel
Agreement Number: 9120190010

 

PARTY
B: CHINA UNICOM (hereinafter referred to as “Party B” or “China Unicom”)

 

China
Unicom Agreement Number: CU12-1001-2018-000028-2

 

		1.	Party
                                         A and Party B signed the Mobile Communications Resale Business Cooperation Agreement
                                         (hereinafter referred to as the “Original Agreement”, numbered CU12-1001-2018-000028)
                                         on January 10, 2018.

 

		2.	Party
                                         A and Party B signed the Formal Commercial Cooperation Agreement for Mobile Communication
                                         Resale Business (hereinafter referred to as the “Formal Commercial Agreement”,
                                         numbered CU12-1001-2018-000028-1) on June 5, 2018.

 

The
two Parties signed a Supplementary Agreement on Jan 16, 2019 to supplement and change the above Original Agreement. Below is an
overview of the material terms of the Agreement (the specific cooperation content and terms are subject to the official contract
signed and sealed by both Parties).

 

1.
The validity period of the Original Agreement is extended by 2 years from the date of expiration of the Original Agreement, that
is, the Original Agreement will be remain in effect from January 1, 2018 to December 31, 2020. If the Pilot Approval or Business
License of Party A’s original mobile resale business expires and the legal and valid administrative approval documents required
for the mobile communication resale business are not obtained within the prescribed time limit as required by the Regulatory Authorities
of The Telecommunications Industry, this Agreement will be automatically terminated.

 

     

     

    

 

2.
The provisions of the Original Agreement on payment guarantee deposit, performance bond and international business deposit shall
be modified to:

 

12.3.1.2
The payment guarantee deposit due for Party A in 2019 is RMB 7.08 million yuan. Because Party A has paid RMB 8.85 million yuan
payment guarantee deposit in the previous period, the payment guarantee deposit of RMB 1.77 million yuan exceeding the 2019 standard
will be converted into performance bond.

 

12.3.1.3
Party A’s performance bond due in 2019 is RMB 10.62 million yuan. Since Party A has paid RMB 3.56 million yuan of performance
bond (cash) in the previous period, it should pay RMB 5.29 million yuan performance bond before February 13, 2019, or submit an
equivalent letter of guarantee from the bank in accordance with Article 12.2 of the Original Agreement. The bank guarantee shall
be valid until March 31, 2020.

 

12.3.1.5
If the cash guarantee deposit paid by Party A has exceeded the 2019 Standard, the amount in excess will be credited against the
wholesale settlement fees.

 

12.3.2.1
Before, Party A obtains the permit for International Long-Distance and Roaming Services, Party A should make deposit payment for
International businesses at RMB 2 million yuan, or submit a bank letter of guarantee valid through March 31, 2020 with equivalent
amount in accordance with 12.2 of the Original Agreement.

 

    2

     

    

 

(no
text below)

 

	PARTY A: YUANTEL (BEIJING) INVESTMENT MANAGEMENT CO., LTD.	 
	 	 
	/s/ Lei Wang	 
	Lei Wang, its Legal Representative or Authorized Representative	 
	 	 
	Date: January 16, 2019	 
	 	 
	PARTY B: CHINA UNICOM	 
	 	 
	/s/ Renjie Zhou	 
	Renjie Zhou, its Authorized Representative or Authorized Representative	 
	 	 
	Date: January 14, 2019	 

 

 

3

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