Document:

EXHIBIT 4.2

    

    

    DESCRIPTION OF CAPITAL STOCK

    

    

    The following description of capital stock of Bimini Capital Management, Inc. (the “Company,” “we” or “us”) summarizes certain provisions
      of our Articles of Amendment and Restatement, as supplemented (the “Charter”), and our Amended and Restated Bylaws (the “Bylaws”).  The description is intended as a summary, and it is qualified in its entirety by reference to our Charter and Bylaws,
      copies of which are exhibits to this Annual Report on Form 10-K.

    

    

    Authorized Shares

    

    

    The total number of shares of capital stock which we have the authority to issue is 110,000,000 shares, classified as 100,000,000 shares of
      common stock and 10,000,000 shares of preferred stock.   Our Board of Directors has the authority to classify any unissued shares by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers,
      restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such shares.

    

    

    Common Stock

    

    

    General

    

    

    Of the 100,000,000 shares of authorized common stock, 98,000,000 shares are designated as Class A Common Stock, 1,000,000 shares are
      designated as Class B Common Stock and 1,000,000 shares are designated as Class C Common Stock. All shares of common stock have a par value of $0.001 per share.  Holders of shares of common stock have no sinking fund or redemption rights and have no
      preemptive rights to subscribe for any securities.

    

    

    Under the Maryland General Corporation Law (“MGCL”), a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all
      or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business unless approved by the affirmative vote of stockholders holding at least two-thirds of the shares entitled to
      vote on the matter, unless a lesser percentage (but not fewer than a majority of all of the votes entitled to be cast by the stockholders on the matter) is set forth in the corporation's charter. Our Charter provides that any such action shall be
      effective and valid if taken or authorized by stockholders by the affirmative vote of a majority of all the votes entitled to be cast on the matter, except that amendments to the provisions of our Charter relating to the removal of directors must be
      approved by stockholders by the affirmative vote of at least two-thirds of the votes entitled to be cast on the matter.

    

    

    Class A Common Stock

    

    

    Each outstanding share of Class A Common Stock entitles the holder to one vote on all matters submitted to a vote of stockholders,
      including the election of directors. Holders of shares of Class A Common Stock are not entitled to cumulate their votes in the election of directors.

    

    

    
      
        

    

    Subject to the preferential rights of any other class or series of stock, holders of shares of our Class A Common Stock are entitled to
      receive dividends on such stock if, as and when authorized and declared by our Board of Directors out of assets legally available therefor.

    

    

    Class B Common Stock

    

    

    Each outstanding share of Class B Common Stock entitles the holder to one vote on all matters submitted to a vote of common stockholders,
      including the election of directors. Holders of shares of Class B Common Stock are not entitled to cumulate their votes in the election of directors. Holders of shares of Class A Common Stock and Class B Common Stock vote together as one class in all
      matters, except that any matter that would adversely affect the rights and preferences of Class B Common Stock as a separate class requires a separate approval by holders of a majority of the outstanding shares of Class B Common Stock.

    

    

    Holders of shares of Class B Common Stock are entitled to receive dividends on each share of Class B Common Stock in an amount equal to the
      dividends declared on each share of Class A Common Stock if, as and when authorized and declared by our Board of Directors out of assets legally available therefor.

    

    

    Class C Common Stock

    

    

    No dividends will be paid on shares of Class C Common Stock. Holders of shares of our Class C Common Stock are not entitled to vote on any
      matter submitted to a vote of stockholders, including the election of directors, except that any matter that would adversely affect the rights and privileges of the Class C Common Stock as a separate class requires the approval of a majority of the
      Class C Common Stock.

    

    

    Liquidation Rights

    

    

    As used herein, "Class A Per Share Preference Amount" means $150.00, adjusted equitably for any future stock splits, stock combinations,
      stock dividends or the like.

    

    

    In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, after payment or adequate provision for
      all known debts, liabilities and preference amounts payable on any preferred stock outstanding, liquidation proceeds shall be allocated as follows:

    

    

    (i)  first, to each share of Class A Common Stock outstanding, the Class A Per Share Preference Amount;

    

    

    (ii)  second, (x) to each share of Class B Common Stock outstanding, its pro rata share of $1.9 million, less the aggregate Class A Per
      Share Preference Amount with respect to shares of Class A Common Stock issued on conversion of Class B Common Stock (such amount being the "Class B Per Share Preference Amount") and (y) to each share of Class C Common Stock outstanding, its pro rata
      share of $1.9 million, less the aggregate Class A Per Share Preference Amount with respect to shares of Class A Common Stock issued on conversion of Class C Common Stock (such amount being the "Class C Per Share Preference Amount"); and

    

    

    (iii)  finally, any excess pro rata on a share for share basis to holders of the common stock outstanding.

    

    

    
      
        

    

    Whenever funds are insufficient to pay in full the applicable Class A Per Share Preference Amount, the available funds shall be allocated
      ratably among the shares of Class A Common Stock. Whenever funds are insufficient to pay in full the applicable Class B Per Share Preference Amount and the Class C Per Share Preference Amount, the available funds shall be allocated ratably in
      accordance with the amount owing to the shares of Class B Common Stock and Class C Common Stock under (ii) above.

    

    

    Conversion of the Class B Common Stock and Class C Common Stock

    

    

    Each share of Class B Common Stock shall automatically be converted into one share of Class A Common Stock on the first day of the fiscal
      quarter following the fiscal quarter during which our Board of Directors shall have been notified that, as of the end of such fiscal quarter, the stockholders' equity attributable to the Class A Common Stock, calculated on a pro forma basis as if
      conversion of the Class B Common Stock (or portion thereof to be converted) had occurred, and otherwise determined in accordance with GAAP, equals not less than $150.00 per share (adjusted equitably for any future stock splits, stock combinations,
      stock dividends or the like); provided, that the number of shares of Class B Common Stock to be converted into Class A Common Stock in any quarter shall not exceed an amount that will cause the stockholders' equity attributable to the Class A Common
      Stock calculated as set forth above to be less than $150.00 per share; provided further, that such conversions shall continue to occur until all shares of Class B Common Stock have been converted into shares of Class A Common Stock.

    

    

    Each share of Class C Common Stock shall automatically be converted into one share of Class A Common Stock on the first day of the fiscal
      quarter following the fiscal quarter during which our Board of Directors shall have been notified that, as of the end of such fiscal quarter, the stockholders' equity attributable to the Class A Common Stock, calculated on a pro forma basis as if
      conversion of the Class C Common Stock had occurred and giving effect to the conversion of all of the shares of Class B Common Stock as of such date, and otherwise determined in accordance with GAAP, equals not less than $150.00 per share (adjusted
      equitably for any future stock splits, stock combinations, stock dividends or the like); provided, that the number of shares of Class C Common Stock to be converted into Class A Common Stock shall not exceed an amount that will cause the
      stockholders' equity attributable to the Class A Common Stock calculated as set forth above to be less than $150.00 per share; and provided further, that such conversions shall continue to occur until all shares of Class C Common Stock have been
      converted into shares of Class A Common Stock.

    

    

    Following such conversions, all authorized shares of Class B Common Stock and Class C Common Stock so converted shall be cancelled and
      become authorized but unissued shares of Class A Common Stock.

    

    

    

    

    
      
        

    

    Preferred Stock

    

    

    General

    

    

    There are 10,000,000 authorized shares of preferred stock.  All shares of preferred stock have a par value of $0.001 per share. Our Board
      of Directors has the authority to classify any unissued shares of preferred stock and to reclassify any previously classified but unissued shares of any series of preferred stock previously authorized by our Board of Directors.  Prior to issuance of
      shares of each class or series of preferred stock, our Board of Directors is required by our Charter to fix the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions,
      qualifications and terms or conditions of redemption for each such class or series.

    

    

    Of the 10,000,000 authorized shares of preferred stock, 100,000 shares are currently designated as Series A Junior Preferred Stock (the
      “Series A Preferred Stock”).  The remaining 9,900,000 shares of preferred stock are currently undesignated.

    

    

    Series A Preferred Stock

    

    

    The Series A Preferred Stock was authorized in connection with our adoption of the Rights Plan described below.  Shares of Series A
      Preferred Stock may be issued upon exercise of the Rights (as defined below) in accordance with the terms and conditions of the Rights Plan.  If issued, one ten-thousandth of a share of Series A Preferred Stock would give the holder approximately the
      same distribution, voting and liquidation rights as does one share of our Class A Common Stock.  The distribution, voting and liquidation rights of the Series A Preferred Stock are protected by customary anti-dilution provisions. Holders of Series A
      Preferred Stock have no sinking fund or redemption rights and have no pre-emptive rights to subscribe for any of our securities.

    

    

    Rights Plan

    

    

    On December 21, 2015 our Board of Directors adopted a Rights Plan.  Our stockholders approved the Rights Plan on June 9, 2016.  Pursuant to
      the Rights Plan, our Board declared a distribution of one preferred stock purchase right (a “Right”) for each outstanding share of our Class A Common Stock, Class B Common Stock, and Class C Common Stock.  The distribution was payable to stockholders
      of record as of the close of business on December 21, 2015.

    

    

    The Rights

    

    

    Subject to the terms, provisions and conditions of the Rights Plan, if the Rights become exercisable, each Right would initially represent
      the right to purchase from the Company one ten-thousandth of a share of Series A Preferred Stock for a purchase price of $4.76, subject to adjustment in accordance with the terms of the Rights Plan (the “Purchase Price”).  If issued, each one
      ten-thousandth of a share of Series A Preferred Stock would give the stockholder approximately the same distribution, voting and liquidation rights as does one share of our Class A common stock.  However, prior to exercise, a Right does not give its
      holder any rights as a stockholder of the Company, including without limitation any distribution, voting or liquidation rights.

    

    

    
      
        

    

    Exercisability

    

    

    The Rights will generally not be exercisable until the earlier of (i) 10 business days after a public announcement by the Company that a
      person or group has acquired 4.9% or more of the outstanding Class A Common Stock without the approval of our Board of Directors (an “Acquiring Person”) and (ii) 10 business days after the commencement of a tender or exchange offer by a person or
      group for 4.9% or more of the Class A Common Stock.

    

    

    The date that the Rights may first become exercisable is referred to as the “Distribution Date.”  Until the Distribution Date, the Class A
      Common Stock, Class B Common Stock and Class C Common Stock certificates will represent the Rights and will contain a notation to that effect.  Any transfer of shares of Class A Common Stock, Class B Common Stock and/or Class C Common Stock prior to
      the Distribution Date will constitute a transfer of the associated Rights.  After the Distribution Date, the Rights may be transferred other than in connection with the transfer of the underlying shares of Class A Common Stock, Class B Common Stock
      or Class C Common Stock.

    

    

    After the Distribution Date and following a determination by our Board that a person is an Acquiring Person, each holder of a Right, other
      than Rights beneficially owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive upon exercise of a Right and payment of the Purchase Price, that number of shares of Class A Common Stock, Class B
      Common Stock or Class C Common Stock, as the case may be, having a market value of two times the Purchase Price (or, at our option, shares of Series A Preferred Stock or other consideration as provided in the Rights Plan).

    

    

    Exchange

    

    

    After the Distribution Date and following a determination by our Board that a person or group is an Acquiring Person, our Board may
      exchange the Rights (other than Rights owned by such an Acquiring Person which will have become void), in whole or in part, at an exchange ratio of one share of Class A Common Stock, Class B Common Stock or Class C Common Stock, as the case may be,
      or a fractional share of Series A Preferred Stock (or of a share of a similar class or series of our preferred stock having similar Rights, preferences and privileges) of equivalent value, per Right (subject to adjustment).

    

    

    Expiration

    

    

    The Rights and the Rights Plan will expire on the earliest of (i) December 21, 2025, (ii) the time at which the Rights are redeemed
      pursuant to the Rights Plan, (iii) the time at which the Rights are exchanged pursuant to the Rights Plan, (iv) the repeal of Section 382 of the Internal Revenue Code or any successor statute if our Board determines that the Rights Plan is no longer
      necessary for the preservation of the applicable tax benefits and (v) the beginning of a taxable year of the Company to which our Board determines that no applicable tax benefits may be carried forward.

    

    

    

    

    
      
        

    

    Redemption

    

    

    At any time prior to the time an Acquiring Person becomes such, our Board may redeem the Rights in whole, but not in part, at a price of
      $0.001 per Right (the “Redemption Price”). The redemption of the Rights may be made effective at such time, on such basis and with such conditions as our Board in its sole discretion may establish. Immediately upon any redemption of the Rights, the
      right to exercise the Rights will terminate and the only right of the holders of Rights will be to receive the Redemption Price.

    

    

    Anti-Dilution Provisions

    

    

    Our Board may adjust the Purchase Price, the number of shares of Series A Preferred Stock or other securities issuable and the number of
      outstanding Rights to prevent dilution that may occur as a result of certain events, including among others, a stock dividend, a forward or reverse stock split or a reclassification of the preferred shares or Class A Common Stock, Class B Common
      Stock or Class C Common Stock. No adjustments to the Purchase Price of less than 1% will be made.

    

    

    Anti-Takeover Effects

    

    

    Our Board adopted the Rights Plan in order to protect against certain ownership changes that could limit our ability under applicable tax
      laws to use net operating loss carryforwards of the Company and its subsidiary.  Although it was not the purpose of our Board when adopting the Rights Plan, the Rights will have certain anti-takeover effects. The Rights will cause substantial
      dilution to any person or group that attempts to acquire the Company without the approval of our Board. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire the Company even if such
      acquisition may be favorable to the interests of our stockholders. Because our Board can redeem the Rights, the Rights should not interfere with a merger or other business combination approved by our Board.

    

    

    Amendments

    

    

    Before the Distribution Date, our Board may amend or supplement the Rights Plan without the consent of the holders of the Rights. After the
      Distribution Date, our Board may amend or supplement the Rights Plan only to cure an ambiguity, to alter time period provisions, to correct inconsistent provisions, or to make any additional changes to the Rights Plan, but only to the extent that
      those changes do not impair or adversely affect, in any material respect, any Rights holder and do not result in the Rights again becoming redeemable, and no such amendment may cause the Rights again to become redeemable or cause this Rights Plan
      again to become amendable other than in accordance with the applicable timing of the Rights Plan.

    

    

    

    

    
      
        

    

    CERTAIN PROVISIONS OF MARYLAND LAW AND

      OF OUR CHARTER AND BYLAWS

     

    The following description summarizes certain provisions of Maryland law, our Charter and Bylaws.  The description is intended as a summary,
      and it is qualified in its entirety by reference to our Charter and Bylaws, copies of which are exhibits to this Annual Report on Form 10-K.

    

    

    Classification of Board of Directors

    

    

    Our Bylaws provide that the number of directors may be established, increased or decreased by our Board of Directors but may not be fewer
      than the minimum number required by the MGCL (which currently is one) nor more than fifteen.  Any vacancy on our Board may be filled by a majority of the remaining directors, even if such a majority constitutes less than a quorum, except that a
      vacancy resulting from an increase in the number of directors must be filled by a majority of the entire Board of Directors. Stockholders may elect a successor to fill a vacancy on our Board which results from the removal of a director.  Our Bylaws
      provide that a majority of our Board of Directors must be independent directors.

     

    Pursuant to our Charter, our Board of Directors is divided into three classes of directors. Directors of each class are chosen for a
      three-year term.  Each year one class of directors will be elected by stockholders.  Holders of shares of common stock will not have the right to cumulative voting in the election of directors.  Consequently, at the applicable annual meeting of
      stockholders, the holders of a majority of the shares of our common stock entitled to vote will be able to elect all of the successors of the class of directors whose terms expire at that meeting.

    

    

    The classified Board provision could have the effect of making the replacement of incumbent directors more time consuming and difficult. 
      Two separate meetings of stockholders, instead of one, will generally be required to effect a change in a majority of our Board of Directors.  Thus, the classified Board provision could increase the likelihood that incumbent directors will retain
      their positions.  The staggered terms of directors may delay, defer or prevent a tender offer or an attempt to change control of us, even though a tender offer or change in control might be in the best interest of our stockholders.

    

    

    Removal of Directors

    

    

    Our Charter provides that a director may be removed only for cause (as defined in our Charter) and only by the affirmative vote of at least
      two-thirds of the votes entitled to be cast by stockholders generally in the election of directors.  This provision, when coupled with the Bylaw provision authorizing our Board of Directors to fill vacant directorships, will preclude stockholders
      from removing incumbent directors and filling the vacancies created by such removal with their own nominees except upon the existence of cause for removal and a substantial affirmative vote.

    

    

    
      
        

    

    

    

    Maryland Business Combination Act

    

    

    The MGCL establishes special requirements for "business combinations" between a Maryland corporation and "interested stockholders" unless
      exemptions are applicable.  An interested stockholder is any person who beneficially owns, directly or indirectly, 10% or more of the voting power of our then-outstanding voting stock or any affiliate or associate who beneficially owned, directly or
      indirectly, 10% or more of the voting power of our then-outstanding voting stock within the two year period prior to the date in question.  Among other things, the law prohibits for a period of five years a merger and other similar transactions
      between us and an interested stockholder unless our board of directors approved the transaction prior to the party becoming an interested stockholder.  The five-year period runs from the most recent date on which the interested stockholder became an
      interested stockholder.  The law also requires a supermajority stockholder vote for these transactions after the end of the five-year period.  This means that the transaction must be approved by at least:

    

    

    
      	
              •

            	
              80% of the votes entitled to be cast by holders of outstanding voting shares; and

            

    

    

    

    
      	
              •

            	
              66 2/3% of the votes entitled to be cast by holders of outstanding voting shares other than shares held by the interested stockholder or an
                affiliate of the interested stockholder with whom the business combination is to be effected.

            

    

    

    

    Our Charter contains a provision exempting the Company from the provisions of the MGCL relating to business combinations with interested
      stockholders or affiliates of interested stockholders. However, such provision can be altered or repealed, in whole or in part, by an amendment to our charter.  If such provision is repealed, the business combination statute could have the effect of
      discouraging offers to acquire us and of increasing the difficulty of consummating these offers, even if acquisition of the Company would be in stockholders' best interests.

    

    

    Maryland Control Share Acquisitions Act

    

    

    The MGCL provides that "control shares" of a Maryland corporation acquired in a "control share acquisition" have no voting rights except to
      the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter, excluding shares of stock owned by the acquiror, by officers or by directors who are employees of the corporation.  "Control shares" are voting shares of
      stock which, if aggregated with all other such shares of stock previously acquired by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would
      entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power: (i) one-tenth or more, but less than one-third; (ii) one-third or more, but less than a majority; or (iii) a majority or more of
      all voting power.  Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A "control share acquisition" means the acquisition of control shares, subject to
      certain exceptions.

    

    

    A person who has made or proposes to make a control share acquisition, upon satisfaction of certain conditions (including an undertaking to
      pay expenses), may compel our Board of Directors to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares.  If no request for a meeting is made, we may present the question at any
      stockholders meeting.

    

    

    
      
        

    

    If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by
      the Maryland Control Share Acquisition Act, then, subject to certain conditions and limitations, we may redeem any or all of the control shares (except those for which voting rights have previously been approved) for fair value determined, without
      regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquiror or of any meeting of stockholders at which the voting rights of such shares are considered and not approved.  If
      voting rights for control shares are approved at a stockholders' meeting and the acquiror becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights.  This means that you would be able to
      force us to redeem your stock for fair value. Under Maryland law, the fair value of the shares as determined for purposes of such appraisal rights may not be less than the highest price per share paid by the acquiror in the control share acquisition.
      Furthermore, certain limitations otherwise applicable to the exercise of appraisal rights would not apply in the context of a control share acquisition.

    

    

    The control share acquisition statute does not apply (i) to shares acquired in a merger, consolidation or share exchange if we are a party
      to the transaction, or (ii) to acquisitions approved or exempted by the Charter or Bylaws.

    

    

    Our Bylaws contain a provision exempting from the control share acquisition statute any and all acquisitions by any person of shares of our
      stock.  If in the future such provision is eliminated for any reason, the control share acquisition statute could have the effect of discouraging offers to acquire the Company and increasing the difficulty of consummating any such offers, even if
      such as acquisition would be in stockholders' best interests.

    

    

    Amendment to our Charter

    

    

    Except as provided below, our Charter, including its provisions on classification of our Board of Directors, may be amended only if
      approved by stockholders by the affirmative vote of not less than a majority of all of the votes entitled to be cast on the matter. Amendments to the provisions of our Charter relating to the removal of directors will be required to be approved by
      stockholders by the affirmative vote at least two-thirds of all votes entitled to be cast on the matter.

    

    

    Dissolution

    

    

    Dissolution of the Company must be approved by stockholders by the affirmative vote of not less than a majority of all of the votes
      entitled to be cast on the matter.

    

    

    Advance Notice of Director Nominations and New Business

    

    

    Our Bylaws provide that with respect to an annual meeting of stockholders, nominations of persons for election to our Board of Directors
      and the proposal of business to be considered by stockholders may be made only (i) pursuant to our notice of the meeting, (ii) at the direction of our Board of Directors, or (iii) by a stockholder who is entitled to vote at the meeting and has
      complied with the advance notice procedures set forth in our Bylaws.Document

Exhibit 10.1

Certain identified information has been excluded from the exhibit because such information both (i) is not material and (ii) would be competitively harmful if publicly disclosed.

From: SANDS CHINA LTD., an exempted company incorporated in the Cayman Islands with limited liability with registration number 228336 and its registered address at Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 as borrower (the "Company")
To:  BANK OF CHINA LIMITED, MACAU BRANCH, acting as agent under the Facility Agreement (as defined below) on behalf of the Finance Parties (as defined in the Facility Agreement) (the "Agent") 
 9 March 2020
Dear Sirs,
Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as supplemented, amended, novated and / or restated from time to time (the “Facility Agreement”).
Capitalised terms used but not defined in this waiver and amendment request letter (this "Letter") shall have those meanings given to them in the Facility Agreement. References herein to Clauses and Schedules are to clauses of, and schedules to, the Facility Agreement.
The provisions of Clause 1.2 (Construction), 1.3 (Currency symbols and definitions), 1.4 (Third party rights), Clause 17.2 (Amendment costs), Clause 29 (Notices), Clause 34 (Confidential Information) and Clause 38 (Enforcement) of the Facility Agreement shall apply to this Letter as though they were set out in full in this Letter except that references therein to any "Finance Document" or to "this Agreement" shall be construed as references to this Letter.
1.BACKGROUND
(a)The purpose of this letter is to request the Majority Lenders:
(i)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the period beginning on 1 January 2020 and ending on 1 July 2021 (both dates inclusive) (the "Relevant Period") (other than with respect to the financial year ended on 31 December 2019);
(ii)waive any Default that may arise as a result of any breach of Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); and
(iii)for the purposes of Clause 19.1(a) (Financial statements), extend the period of time during which the Company may supply the Agent with (1) its audited consolidated 
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928   	

financial statements for the financial year ended on 31 December 2019, to 30 April 2020 and (2) its audited consolidated financial statements for the financial year ended on 31 December 2020, to 30 April 2021.
(b)Clause 19.1 (Financial statements) requires the Company to supply the Agent with:
(i)as soon as the same become available, but in any event within 90 days after the end of each of its financial years, its audited consolidated financial statements for that financial year; and
(ii)as soon as the same become available, but in any event within 50 days after the end of each Financial Quarter, its unaudited financial statements (in substantially the form set out in Schedule 10, or such other form as agreed between the Agent and the Company) for that Financial Quarter.
(c)Clause 19.2 (Compliance Certificate) requires the Company to supply the Agent with each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) a Compliance Certificate, signed by at least one director, the chief financial officer, the chief executive officer, or a senior vice president – finance or similar authorised officer, in each case, of the Company, setting out certain computations as at the date on which those financial statements were drawn up.
(d)Clause 20.2 (Financial condition) requires the Company to ensure that:
(i)the Consolidated Leverage Ratio as at the last day of any Financial Quarter shall not exceed 4.00 to 1.00; and
(ii)the Consolidated Interest Coverage Ratio as at the last day of any Financial Quarter is greater than 2.50 to 1.00. 
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); 
(b)waive any Default that may arise as result of  any breach of Clause 20.2 (Financial condition)  during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); and
(c)for the purposes of Clause 19.1(a) (Financial statements), extend the period of time during which the Company may supply the Agent with:
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928   	

(i)its audited consolidated financial statements for the financial year ended on 31 December 2019, to 30 April 2020; and 
(ii)its audited consolidated financial statements for the financial year ended on 31 December 2020, to 30 April 2021. 
3.EFFECTIVENESS
(a)The Company and the Agent (acting on behalf of the Majority Lenders) agree that the waivers and extension set out in paragraph 2 above shall become effective on and from the date of countersignature of this Letter by the Agent (the "Effective Date").
(b)On and from the Effective Date, any reference to the Facility Agreement in any other Finance Document shall be read as a reference to the Facility Agreement as amended by this Letter. 
4.CONSENT FEE
(a)As consideration for the Lenders granting the waivers and extension set out in paragraph 2 above, the Company shall pay (or shall cause to be paid) to the Agent for the account of the Lenders (the "Consenting Lenders") that have agreed to the waivers and extension requested in this Letter by close of business on 27 March 2020 (the "Consent Approval Date"):
(i)a fee payable in USD in an aggregate amount equal to [***]% of the aggregate USD Commitments of the Consenting Lenders as at the Consent Approval Date (the "USD Consent Fee"); and
(ii)a fee payable in HKD in an aggregate amount equal to [***]% of the aggregate HKD Commitments of the Consenting Lenders as at the Consent Approval Date (the "HKD Consent Fee"),
in each case, within 10 Business Days following the Effective Date (or such later date as agreed between the Company and the Agent) (the "Payment Date").
(b)Promptly following (and in any event within 3 Business Days of) the Effective Date, the Agent shall supply the Company with such information the Company reasonably requires in order to calculate the amount of the USD Consent Fee and the HKD Consent Fee payable pursuant to paragraph (a) above.
(c)The USD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate USD Commitments of all the Consenting Lenders (calculated as at the Consent Approval Date).
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928   	

(d)The HKD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate HKD Commitments of all Consenting Lenders (calculated as at the Consent Approval Date).
(e)The USD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
									
		Account Bank:	

		Name of Account:	

		Account Number:	

		Ref:	

The HKD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
									
		Account Bank:	

		Name of Account:	

		Account Number:	

		Ref:	

(f)The Consent Fee shall only be payable if the Effective Date occurs. 
5.MISCELLANEOUS
(a)Save as expressly set out in this Letter, nothing in this Letter shall constitute or be deemed to be a waiver or consent by any Finance Party to any breach or potential breach of any provision of a Finance Document or a waiver of any Event of Default or an amendment to, consent under or waiver or variation of any provision of any Finance Document.

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928   	

(b)Subject to the waivers and extension set out in paragraph 2 above, the Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
(c)This Letter is a Finance Document for the purposes of the Facility Agreement.
(d)This Letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.
6.GOVERNING LAW
This Letter, and any non-contractual obligations arising out of or in connection with it are governed by and construed in accordance with Hong Kong law.
Please acknowledge your agreement to, and acceptance of, the terms of this Letter by signing, dating and returning the enclosed acknowledgement of this Letter as soon as possible.

Yours faithfully,
SANDS CHINA LTD.
Acting by:

			
	/s/ Sun Minqi (Dave Sun)
	Title: Senior Vice President and Chief Financial Officer
	Name: Sun Minqi (Dave Sun)

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928   	

Acknowledgement of Waivers and Extension
The Agent hereby acknowledges the waivers, extension and amendments requested in the letter dated March 9, 2020 (the "Letter") and agrees to the terms of the Letter and that such waivers, extension and amendments shall be effective on and from the Effective Date (as defined in the Letter).

			
	/s/ Wong Iao Kun
	Title: Deputy Director
	Name: Wong Iao Kun

For and on behalf of
BANK OF CHINA LIMITED, MACAU BRANCH
as Agent and on behalf of each other Finance Party under and as defined in the Facility Agreement
Dated: March 27, 2020

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) 	*For identification purposes only僅供識別
	 HKEx Stock Code股份代碼 : 1928

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