Document:

Document

Exhibit 10.4

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, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands, 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") 
 17 June 2021
Dear Sirs,
Extension Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as amended by (i) the request letter dated 9 March 2020 and countersigned by the Agent on 27 March 2020 (the "First Letter", a copy of which is attached hereto as Exhibit I) and (ii) the waiver extension and amendment request letter dated 24 August 2020 and countersigned by the Agent on 11 September 2020 (the "Second Letter", a copy of which is attached hereto as Exhibit II (but without its original schedule and exhibit)), and as further supplemented, amended, novated and / or restated from time to time (the "Facility Agreement").
Capitalised terms used but not defined in this extension 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)Pursuant to the First Letter, the Lenders have agreed to, among other things:
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)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); and
(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).
(b)Pursuant to the Second Letter, the Lenders have agreed to, among other things:
(i)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(ii)amend and restate the Facility Agreement in order to, among other things:
(1)insert Clause 2.1A (Increase) into the Facility Agreement, which provides the Company with the option to increase the Total Commitments by an aggregate amount of up to the Base Currency Amount of US$1,000,000,000; and
(2)insert Clause 21.15 (Restriction on dividends) into the Facility Agreement, which restricts the ability of the Company to declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Company at any time during the period from (and including) 1 July 2020 to (and including) 1 January 2022 (the "Dividend Restriction Period") if at such time:
(A)the Total Commitments exceed US$2,000,000,000 by operation of the increase pursuant to Clause 2.1A (Increase) of the Facility Agreement; and
(B)the Consolidated Leverage Ratio specified in the most recent Compliance Certificate received by the Agent is greater than 4.0x, 
unless, after giving effect to such payment, the Liquidity is greater than US$2,000,000,000.
(c)As at the date hereof, the Total HKD Commitments have been increased by HK$3,826,250,000 to an aggregate amount of HK$17,632,655,600 pursuant to Clause Clause 2.1A (Increase).  The Total USD Commitments remain at the amount of US$237,000,000.  As at the date hereof, the Total Commitments therefore exceed US$2,000,000,000 by operation of the increase pursuant to Clause 2.1A (Increase).
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)Clause 19.1(a) (Financial statements) requires the Company to supply the Agent with (among other things), as soon as the same becomes 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.
(e)The purpose of this Letter is to request the Majority Lenders to:
(i)further extend the Relevant Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022; and
(ii)for the purposes of Clause 19.1(a) (Financial statements), extend the deadline by which the Company shall supply the Agent with its audited financial statements for the financial year ended on 31 December 2021 (the "2021 Financials Delivery Deadline") from 90 days after 31 December 2021 to 30 April 2022,
in consideration of which the Company will:
(1)pay to the Agent, for the account of the relevant consenting Lenders, a consent fee as set out in paragraph 4 below; and
(2)for the purposes of Clause 21.15 (Restriction on dividends), agree to the extension of the Dividend Restriction Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022.
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)further extend the Relevant Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022; and
(b)for the purposes of Clause 19.1(a) (Financial statements), extend the 2021 Financials Delivery Deadline from 90 days after 31 December 2021 to 30 April 2022,
subject to each of the following:
(1)payment by the Company of the consent fee as set out in paragraph 4 below; and
(2)the Dividend Restriction Period being extended, for the purposes of Clause 21.15 (Restriction on dividends), such that it ends on (and includes) 1 January 2023 instead of 1 January 2022.
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	

(3)EFFECTIVENESS AND AMENDMENT
(a)The Company and the Agent (acting on behalf of the Majority Lenders) agree that, with effect on and from the date of countersignature of this Letter by the Agent (acting on behalf of the Majority Lenders) (the "Effective Date"), the respective extensions of the Relevant Period, the Dividend Restriction Period and the 2021 Financials Delivery Deadline as set out in paragraph 2 above shall become effective.
(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 respective extensions as 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 extensions requested in this Letter by 4:00 p.m. (Macao time) on 6 July 2021 (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 Company hereby instructs and authorises the Agent to, on the Payment Date:
(i)deduct the amount of the USD Consent Fee from the Company's USD-denominated account no. [***] held with the Agent and apply such amount towards payment of the USD Consent Fee on behalf of the Company; and
(ii)deduct the amount of the HKD Consent Fee from the Company's HKD-denominated account no. [***] held with the Agent and apply such amount towards payment of the HKD Consent Fee on behalf of the Company. 
(f)The Consent Fee shall only be payable if the Effective Date occurs.
(5)REPRESENTATIONS
The Company confirms to the Agent and each other Finance Party that on the date of this Letter and on the Effective Date:
(a)the Repeating Representations (which are not qualified by a Material Adverse Effect or any other materiality threshold) are true in all material respects; and
(b)the Repeating Representations (which are qualified by a Material Adverse Effect or any other materiality threshold) are true in all respects; and
(c)the Repeating Representations would also be true (as qualified above) if references to the Facility Agreement were construed as references to the Facility Agreement as amended by this Letter.
(6)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.
(b)Subject to the extensions of the relevant dates as set out in paragraphs 2 and 3 above, the Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
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	

(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.
(7)GOVERNING LAW
This Letter is 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 Extensions 
Re: Sands China Ltd. – US$2,000,000,000 Facility Agreement dated 20 November 2018 
(as amended and restated from time to time)
The Agent (acting on the instructions of the Majority Lenders) hereby: 
(a)    acknowledges the following extensions as requested in the letter dated 17 June 2021 (the "Letter"):
(i)    the further extension of the Relevant Period (as defined in the Letter); and
(ii)    the extension of the 2021 Financials Delivery Deadline (as defined in the Letter),
in each case subject to (1) the payment of the consent fee as set out in the Letter and (2) the extension of the Dividend Restriction Period (as defined in the Letter); and
 (b)    agrees to the terms of the Letter and that the respective extensions of the Relevant Period, the 2021 Financials Delivery Deadline and the Dividend Restriction Period shall be effective on and from the Effective Date (as defined in the Letter). 

THE AGENT

			
	/s/ Wong Iao Kun
	Title: Deputy Director of Credit Admin. Dept.
	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: 7 July 2021

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	

EXHIBIT I
COPY OF THE FIRST LETTER

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
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	

(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:
(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.
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	

(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).
(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.
(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.
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	

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	

EXHIBIT II
COPY OF THE SECOND LETTER
(without original schedule and exhibit)

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") 
 24 August 2020
Dear Sirs,
Waiver Extension and Amendment Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as amended by the request letter dated 9 March 2020 and countersigned by the Agent on 27 March 2020 (the "First Letter", a copy of which is attached hereto as Exhibit I) and as further supplemented, amended, novated and / or restated from time to time (the "Facility Agreement").
Capitalised terms used but not defined in this waiver extension 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)Pursuant to the First Letter, the Lenders have agreed to, among other things:
(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); and
(i)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).
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)The purpose of this Letter is to request the Majority Lenders to:
(i)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(ii)consent to the amendment and restatement of the Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter, which provides for the following amendments to the Facility Agreement:
(1)providing the Company with the option to increase the Total Commitments (such increase in Commitments to be assumed by one or more Lenders or other Qualified Financial Institutions selected by the Company) by an aggregate amount of up to the Base Currency Amount of US$1,000,000,000; and
(2)inserting a restriction on the ability of the Company to declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Company at any time during the period from (and including) 1 July 2020 to (and including) 1 January 2022 if at such time:
(A)the Total Commitments exceed US$2,000,000,000 by operation of the increase referred to in sub-paragraph (1) above; and
(B)the Consolidated Leverage Ratio specified in the most recent Compliance Certificate received by the Agent is greater than 4.0x, 
unless, after giving effect to such payment, the sum of (i) the aggregate amount of Cash and Cash Equivalents of the Company on such date and (ii) the aggregate amount of the Available Facility and unused commitments under other credit facilities of the Company is greater than US$2,000,000,000.
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(b)consent to the amendment and restatement of the Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter. 
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	

3.EFFECTIVENESS AND AMENDMENTS
The Company and the Agent (acting on behalf of the Majority Lenders) agree that, with effect on and from the date of countersignature of this Letter by the Agent (acting on behalf of the Majority Lenders) (the "Effective Date"): 
(a)the extension of the Relevant Period as set out in paragraph 2(a) above shall become effective; and
(b)the Facility Agreement will be amended and restated in the form attached as the Schedule to the enclosed acknowledgement of this Letter.
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 waiver extension and consenting to the amendment and restatement of the Facility Agreement as 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 waiver extension and amendment and restatement requested in this Letter by close of business on 11 September 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.REPRESENTATIONS
The Company confirms to the Agent and each other Finance Party that on the date of this Letter and on the Effective Date:
(a)the Repeating Representations (which are not qualified by a Material Adverse Effect or any other materiality threshold) are true in all material respects; and
(b)the Repeating Representations (which are qualified by a Material Adverse Effect or any other materiality threshold) are true in all respects; and
(c)the Repeating Representations would also be true (as qualified above) if references to the Facility Agreement were construed as references to the Facility Agreement as amended by this Letter.
6.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 
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	

amendment to, consent under or waiver or variation of any provision of any Finance Document.
(b)Subject to the waiver extension and amendment and restatement of the Facility Agreement as set out in paragraphs 2 and 3 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.
7.GOVERNING LAW
This Letter is 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 Waiver Extension and 
Amendment and Restatement of Facility Agreement 
Re: Sands China Ltd. – US$2,000,000,000 Facility Agreement dated 20 November 2018 
(the "Facility Agreement")
The Agent (acting on the instructions of the Majority Lenders) hereby acknowledges the waiver extension and amendment and restatement of the Facility Agreement requested in the letter dated 24 August 2020 (the "Letter") and agrees to the terms of the Letter and that with effect on and from the Effective Date (as defined in the Letter):
(a)    the waiver extension and amendments requested in the Letter shall be effective; and
(b)    the Facility Agreement shall be amended and restated in the form as attached as the Schedule hereto. 
THE AGENT
			
	/s/ Wong Iao Kun
	Title: Deputy Director, Credit Administration Department
	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: September 11, 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 : 1928Exhibit 10.1

 

 

 

EXPATRIATE LETTER AGREEMENT 

(US
ASSIGNMENT)

 

Dear Gaël,

 

We are pleased to confirm your assignment to AptarGroup, Inc.
(the “Company”) in Congers, New York, USA.

 

You are currently an employee of Aptar Europe Holding SAS under an unlimited term contract and commenced employment with the group on April 19th, 1995 (the “French
Contract”).

 

The aim of the present amendment is to clarify the modifications
to your employment contract resulting from your assignment.

 

 1 – EFFECTIVE DATA/POSITION/LINE REPORTING

 

From January 1st, 2022 and provided
you obtain your US social security number, you will be working as President of Pharma Segment within AptarGroup, Inc. based
in Congers, New York, USA. You will continue to report to Stephan Tanda, President and Chief Executive Officer of AptarGroup, Inc.

 

 2 – DURATION OF THE ASSIGNMENT

 

Your expatriate assignment in the United
States is expected to last three (3) years. This duration may be extended, with joint agreement between the parties. The total duration
of the assignment will not exceed five (5) years. Your existing French Contract will be suspended in accordance with the Suspension
of the French Contract attached hereto as Exhibit A.

 

 3 - COMPENSATION

 

Annual Reference base salary

 

During the Term, except as otherwise
provided in this Agreement, you will be entitled to the compensation and benefits consistent with similarly-situated employees of the
Company on an expatriate assignment or as otherwise approved by the Management Development and Compensation Committee of the Board of
Directors of the Company.

 

The application of a “goods
and services” allowance calculated by ORC Inc. or other equivalent service provider.

 

Goods and Services Allowance. The Executive
shall receive a local goods and services allowance in accordance with the Company’s expatriate relocation policy.

 

 

AptarGroup, Inc.

265
Exchange Dr., Suite 100 

Crystal Lake, IL 60014, U.S.A.

 

aptar.com

 

     

     

    

 

 4 – HOUSING

 

The Company will provide a housing allowance
for the rental of an apartment or home in an area within a reasonable commuting distance to the Company’s Congers, NY office and
your dependent(s) school and as mutually agreed to between you and the Company. If you elect housing that results in a cost in excess
of this allowance, you will pay the difference. In addition, in the event you require to relocate because of the location of the Company’s
offices in the United States (the “Host Country”), the Company agrees to pay reasonable moving expenses with respect to such
relocation.

 

 5 – EDUCATIONAL ASSISTANCE

 

Educational Assistance. The Company
will pay the cost of private schooling for primary or secondary (i.e., high school) international schools located in the Host Country
that are mutually agreed to between you and the Company for your dependents. If you arrange for private schooling in excess of the amount
reimbursable by the Company, the difference in cost shall be your responsibility.

 

 6 – SOCIAL COVERAGE

 

Health Insurance. You and your dependents
will be eligible to participate in the Company’s international health insurance plan, subject to the terms and conditions of such
plan.

 

 7 - ANNUAL TRAVEL

 

Annual Travel. The Company shall pay
two (2) time during each calendar year the round trip airfare for Executive and Executive’s immediate family to visit France
(the “Home Country”).

 

 8 – COMPANY CAR

 

The Company will provide you with an
automobile for your use in the Host Country, with insurance, maintenance, fuel, taxes, and registration costs for this vehicle borne by
the Company.

 

 9 – TAXES AND EQUALIZATION

 

Taxes and Equalization. During your
assignment in the Host Country, you will continue to be responsible for the payment of taxes as if you had remained in the Home Country.
You will also be responsible for Host Country taxes on the income you earn while performing services in the Host Country. You will be
entitled to tax equalization to minimize the effect of this dual taxation and to leave you in a net after-tax position equivalent to what
you would experience if the you were subject to taxes in his Home Country. At the end of the tax year, a tax reconciliation shall be performed
by the Company’s tax advisor and the Company’s tax advisor shall assist in the filing of Executive’s U.S. Federal, state
and Host Country income tax returns, the cost of which shall be borne by the Company.

 

 10 – SECTION 409A

 

The expatriate benefits provided are
intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and shall be interpreted and construed consistently with such intent. Payments under this Agreement are also intended to be exempt from
Section 409A of the Code to the maximum extent possible, and each payment hereunder shall be considered a separate payment. Any reimbursement
payments will be made promptly and in accordance with company policy; however, in no event will reimbursement payments be made later than
the end of the year following the year in which the expense was incurred. The amounts eligible for reimbursement provided in one taxable
year will not affect the amounts eligible for reimbursement provided in any other taxable year, and the right to reimbursement will not
be subject to liquidation or exchange for another benefit. In addition, any reimbursement for tax payments shall be made no later than
the end of Executive’s taxable year next following the taxable year in which Executive remit the related taxes.

 

     

     

    

 

 11 – END OF ASSIGNMENT

 

The End of the Assignment shall be governed by the provisions
of the French Contract and the Suspension of the French Contract. A copy of the Suspension of the French Contract is attached hereto as
Exhibit A.

 

 12 - APPLICABLE LAW/COLLECTIVE AGREEMENT

 

This Agreement shall be governed by
and construed in accordance with the internal laws (as opposed to conflict of law provisions) of the State of New York.

 

 13 – COMPETENT JURISDICTION

 

Each party hereto irrevocably (a) submits
in any suit, action or proceeding arising out of or related to this Agreement to the exclusive jurisdiction of the United States District
Court for the Southern District of New York and the jurisdiction of any court of the State of New York, New York City and (b) waives
any and all objections to jurisdiction that it may have under the laws of the State of New York or the United States.

 

New York City, January 25, 2022

 

	/s/ Stephan Tanda	 	/s/ Shiela Vinczeller
	
    

    Stephan TANDA

    President and Chief Executive Officer, on behalf of 

AptarGroup, Inc.

    Date: January 25, 2022
	 	
    

    Shiela VINCZELLER

    Chief Human Resources Officer, on behalf of 

AptarGroup, Inc.

    Date: January 25, 2022

	 	 	 
	/s/ Gaël Touya	 	/s/ Jean-Philippe Seveno
	
    

    Gaël TOUYA

    Executive

    Date: January 25, 2022
	 	
    

    Jean-Philippe SEVENO

    HR Director EMEA, on behalf of

    Aptar Europe Holding SAS

    Date: January 25, 2022

 

     

     

    

 

Exhibit A

 

Suspension of the French Contract

 

     

     

    

 

 

 

EMPLOYMENT CONTRACT AMENDMENT 

SUSPENDING
THE FRENCH CONTRACT

 

Dear Gaël,

 

We are pleased to confirm your assignment to AptarGroup, Inc.
in Congers, New York, USA.

 

You are currently an employee of Aptar Europe Holding SAS under an unlimited term contract and commenced employment with the group on April 19th, 1995.

 

The aim of the present amendment is to clarify the modifications to
your employment contract resulting from your assignment.

 

 1 – EFFECTIVE DATA/POSITION/LINE REPORTING

 

From January 1st, 2022 and provided you obtain
your US social security number, you will be working as President of Pharma Segment within AptarGroup, Inc. based in
Congers, New York, USA. You will continue to report to Stephan Tanda, President and Chief Executive Officer of AptarGroup, Inc.

 

 2 – SUSPENSION OF THE FRENCH CONTRACT

 

As the exercise of your position has to be made exclusively for AptarGroup, Inc.,
your employment contract with Aptar Europe Holding SAS will be suspended for the entire duration of your expatriation.

 

 3 – DURATION OF THE ASSIGNMENT

 

Your expatriate assignment in the United States
is expected to last three (3) years. This duration may be extended, with joint agreement between the parties. The total duration
of the assignment will not exceed five (5) years.

 

 4 – END OF ASSIGNMENT

 

4.1. If
the project that you will be responsible for is suspended, postponed or stopped, AptarGroup, Inc. reserves the right to put an
end to your expatriation period at any time that it sees fit after a notice period of six (6) months.

 

 

 

     

     

    

 

 

 

4.2. Likewise,
if you would want to discontinue your assignment in the US before the end of the period mentioned above, and you would like to
remain in our group, six (6) month notice should be given, except in exceptional circumstances.

 

4.3. At
the end of the assignment, whether this is by arrival at the planned end or ending in advance, or for any reason and with any cause,
your expatriation within AptarGroup, Inc. will automatically terminate and your employment contract with your home company
would immediately and automatically come into force.

 

Aptar Europe Holding SAS
will do everything possible to offer you a job that corresponds to the skills and the experience acquired on the date of return with a
level of responsibility that comes as close as possible to the one assumed in the US.

 

In any case, we commit ourselves to reserving
for you, on this basis, a job at Aptar Europe Holding SAS or with one of the companies in the group Aptar with your
acquired years of service that will take into consideration the duration of your assignment in the US.

 

4.4 It
is hereby expressly agreed that in case of resignation from your expatriation with AptarGroup, Inc., this resignation will be
considered to be a resignation from your employment contract with your home company. Following this resignation, your French
employment contract will immediately come into force and notice of three (3) months for your French contract will be due. The
notice due for your French employment contract may be worked in the US with the prior agreement of Aptar Europe Holding SAS.

 

 4.5 Return’s conditions

 

Removal costs (Sea and Air Freight) will be supported by your new entity
(in the same conditions as when you started your expatriation).

 

The return flight airfare in business class from the US will be paid
by your new entity.

 

You will benefit from a temporary accommodation for duration of four
(4) weeks if necessary.

 

 5 - APPLICABLE LAW/COLLECTIVE AGREEMENT

 

French law is applicable under reserve of the adherence by Mr. Gaël
Touya of the stipulations of the local legislation and the regulations in force in the US that are considered to be of public order.

 

The present amendment is voluntarily placed in the application area
of the National Collective Agreement for the Plastics Industry.

 

 6 – COMPETENT JURISDICTION

 

In case of dispute concerning the interpretation, execution or termination
of the present contract, the parties agree to bring their difference before the French courts.

 

     

     

    

 

 

 

Louveciennes, January 25, 2022

 

	/s/ Stephan Tanda	 	/s/ Shiela Vinczeller
	
    

    Stephan TANDA

    President and Chief Executive Officer, on behalf of 

AptarGroup, Inc.

    Date: January 25, 2022
	 	
    

    Shiela VINCZELLER

    Chief Human Resources Officer, on behalf of 

AptarGroup, Inc.

    Date: January 25, 2022

	 	 	 
	/s/ Gaël Touya	 	/s/ Jean-Philippe Seveno
	
    

    Gaël TOUYA

    Executive

    Date: January 25, 2022
	 	
    

    Jean-Philippe SEVENO

    HR Director EMEA, on behalf of

    Aptar Europe Holding SAS

    Date: January 25, 2022

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