Document:

Exhibit 10.2

 

EXECUTION VERSION

 

RECEIVABLES SALE AGREEMENT

 

Dated as of September 13, 2019

among

 

VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO,

as Originators,

 

NABORS INDUSTRIES, INC.,

as Master Servicer,

 

and

 

NABORS A.R.F., LLC,

as Buyer

  

    1

     

    

  

CONTENTS

 

	Clause	Subject Matter	Page

  

	ARTICLE I
	AGREEMENT TO PURCHASE AND SELL
	2
	 	 	 
	SECTION 1.1	Agreement To Purchase and Sell	2
	SECTION 1.2	Timing of Purchases	3
	SECTION 1.3	Consideration for Purchases	3
	SECTION 1.4	Purchase and Sale Termination Date	3
	SECTION 1.5	Intention of the Parties	3
	 	 	 
	ARTICLE II
	PURCHASE REPORT; CALCULATION OF PURCHASE PRICE
	4
	 	 	 
	SECTION 2.1	Purchase Report	4
	SECTION 2.2	Calculation of Purchase Price	4
	 	 	 
	ARTICLE III
	CONTRIBUTIONS AND PAYMENT OF PURCHASE PRICE
	5
	 	 	 
	SECTION 3.1	Initial Contribution of Receivables and Initial Purchase Price Payment	5
	SECTION 3.2	Subsequent Purchase Price Payments	6
	SECTION 3.3	Settlement as to Specific Receivables and Dilution	7
	 	 	 
	ARTICLE IV
	CONDITIONS OF PURCHASES; ADDITIONAL ORIGINATORS
	8
	 	 	 
	SECTION 4.1	Conditions Precedent to Initial Purchase	8
	SECTION 4.2	Certification as to Representations and Warranties	9
	SECTION 4.3	Additional Originators	9
	 	 	 
	ARTICLE V
	REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS
	10
	 	 	 
	SECTION 5.1	Existence and Power	10
	SECTION 5.2	Power and Authority; Due Authorization	10
	SECTION 5.3	No Conflict or Violation	11
	SECTION 5.4	Governmental Approvals	11
	SECTION 5.5	Valid Sale	11
	SECTION 5.6	Binding Obligations	11
	SECTION 5.7	Accuracy of Information	12
	SECTION 5.8	Litigation and Other Proceedings	12
	SECTION 5.9	No Material Adverse Effect	12
	SECTION 5.10	Names and Location	12
	SECTION 5.11	Margin Regulations	12
	SECTION 5.12	Eligible Receivables	12

 

    -i-

     

    

 

CONTENTS

 

	Clause	Subject Matter	Page

 

	SECTION 5.13	Credit and Collection Policy	13
	SECTION 5.14	Investment Company Act	13
	SECTION 5.15	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	13
	SECTION 5.16	Financial Condition	13
	SECTION 5.17	Taxes	14
	SECTION 5.18	ERISA Compliance	14
	SECTION 5.19	Bulk Sales Act	15
	SECTION 5.20	No Fraudulent Conveyance	15
	SECTION 5.21	Ordinary Course of Business	15
	SECTION 5.22	Perfection Representations	15
	SECTION 5.23	Additional Perfection Representations	16
	SECTION 5.24	Reliance on Separate Legal Identity	16
	SECTION 5.25	Opinions	16
	SECTION 5.26	Enforceability of Contracts	16
	SECTION 5.27	Nature of Pool Receivables	17
	SECTION 5.28	Compliance with Laws	17
	SECTION 5.29	Servicing Programs	17
	SECTION 5.30	Adverse Change in Receivables	17
	SECTION 5.31	Compliance with Transaction Documents	17
	 	 	 
	ARTICLE VI	 
	COVENANTS OF THE ORIGINATORS	 
	17	 
	 	 	 
	SECTION 6.1	Covenants	17
	SECTION 6.2	Separateness Covenants	23
	 	 	 
	ARTICLE VII	 
	ADDITIONAL RIGHTS AND OBLIGATIONS IN RESPECT OF RECEIVABLES	 
	25	 
	 	 	 
	SECTION 7.1	Rights of the Buyer	25
	SECTION 7.2	Responsibilities of the Originators	25
	SECTION 7.3	Further Action Evidencing Purchases	26
	SECTION 7.4	Application of Collections	26
	SECTION 7.5	Performance of Obligations	26
	SECTION 7.6	Collection Account Arrangements	27

 

	ARTICLE VIII	 
	PURCHASE AND SALE TERMINATION EVENTS	 
	27	 
	 	 	 
	SECTION 8.1

	Purchase and Sale Termination Events

	27
	SECTION 8.2

	Remedies

	28

  

    -ii-

     

    

 

CONTENTS

 

	Clause	Subject Matter	Page

 

	ARTICLE IX
	INDEMNIFICATION
	28
	 	 	 
	SECTION 9.1	Indemnities by the Originators	28
	 	 	 
	ARTICLE X
	MISCELLANEOUS
	31
	 	 	 
	SECTION 10.1	Amendments, etc.	31
	SECTION 10.2	Notices, etc.	31
	SECTION 10.3	No Waiver; Cumulative Remedies	31
	SECTION 10.4	Binding Effect; Assignability	32
	SECTION 10.5	Governing Law	32
	SECTION 10.6	Costs, Expenses and Taxes	32
	SECTION 10.7	SUBMISSION TO JURISDICTION	33
	SECTION 10.8	WAIVER OF JURY TRIAL	33
	SECTION 10.9	Captions and Cross References; Incorporation by Reference	33
	SECTION 10.10	Execution in Counterparts	34
	SECTION 10.11	Acknowledgment and Agreement	34
	SECTION 10.12	No Proceeding	34
	SECTION 10.13	Mutual Negotiations	34
	SECTION 10.14	Joint and Several Liability	34
	SECTION 10.15	Severability	35
	 	 	 
	SCHEDULES
	 	 	 
	Schedule I	List and Location of Each Originator	 
	Schedule II	Location of Books and Records of Originators	 
	Schedule III	Trade Names	 
	Schedule IV	Notice Addresses	 
	Schedule V	Actions/Suits	 
	 	 	 
	EXHIBITS
	 	 	 
	Exhibit A	Form of Purchase Report	 
	Exhibit B 	Form of Subordinated Note	 
	Exhibit C	Form of Joinder Agreement	 

 

    -iii-

     

    

  

THIS RECEIVABLES
SALE AGREEMENT, dated as of September 13, 2019 (as amended, restated, supplemented or otherwise modified from time to time,
this “Agreement”), is entered into among the VARIOUS ENTITIES LISTED ON SCHEDULE I HERETO (the “Originators”
and each, an “Originator”), NABORS INDUSTRIES, INC., a Delaware corporation, as initial Master Servicer (as
defined below) (“Nabors”), and NABORS A.R.F., LLC, a Delaware limited liability company (the “Buyer”).

 

DEFINITIONS

 

Unless otherwise indicated
herein, capitalized terms used and not otherwise defined in this Agreement are defined in Article I of the Receivables Purchase
Agreement, dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time,
the “Receivables Purchase Agreement”), among the Buyer, as seller, Nabors, as initial Master Servicer (in such
capacity, the “Master Servicer”), the Persons from time to time party thereto as Purchasers and Wells Fargo
Bank, N.A., as Administrative Agent. All references hereto to months are to calendar months unless otherwise expressly indicated.
All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used in Article 9 of
the UCC in the State of New York, and not specifically defined herein, are used herein as defined in such Article 9. Unless the
context otherwise requires, “or” means “and/or,” and “including” (and with correlative meaning
“include” and “includes”) means including without limiting the generality of any description preceding
such term.

 

RECITALS

 

WHEREAS, the
Buyer is a special purpose limited liability company, all of the issued and outstanding membership interests of which are owned
by Nabors Drilling Technologies USA, Inc., a Delaware corporation (the “Contributing Originator”);

 

WHEREAS, the
Originators generate Receivables in the ordinary course of their businesses;

 

WHEREAS, the
Originators wish to sell and/or, in the case of the Contributing Originator, contribute Receivables and the Related Rights to the
Buyer, and the Buyer is willing to purchase and/or accept such Receivables and the Related Rights from the Originators, on the
terms and subject to the conditions set forth herein;

 

WHEREAS, the
Originators and the Buyer intend each such transaction to be a true sale and/or, in the case of the Contributing Originator, an
absolute contribution and conveyance of Receivables and the Related Rights by each Originator to the Buyer, providing the Buyer
with the full risks and benefits of ownership of the Receivables and Related Rights, and the Originators and the Buyer do not intend
the transactions hereunder to be, or for any reason to be characterized as, loans from the Buyer to any Originator;

 

WHEREAS, the
Buyer intends to sell and/or pledge the Receivables and the Related Rights to the Administrative Agent pursuant to the Receivables
Purchase Agreement.

 

Receivables Sale
Agreement

 

     

     

    

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements herein contained, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, agree as follows:

 

ARTICLE
I

AGREEMENT TO PURCHASE AND SELL

 

SECTION
1.1 Agreement To Purchase and Sell. On the terms and subject to the conditions set forth in this Agreement, each
Originator, severally and for itself, agrees to sell to the Buyer, and the Buyer agrees to purchase from such Originator, from
time to time on or after the Closing Date, but before the Purchase and Sale Termination Date (as defined in Section 1.4),
all of such Originator’s right, title and interest in and to:

 

(a)              
each Receivable (other than Contributed Receivables as defined in Section 3.1(a)) of such Originator that existed
and was owing to such Originator at the closing of such Originator’s business on the Cut-Off Date (as defined below);

 

(b)              
each Receivable (other than Contributed Receivables) generated by such Originator from and including the Cut-Off Date to
but excluding the Purchase and Sale Termination Date;

 

(c)              
all of such Originator’s right, title and interest (if any) in the goods, the sale of which gave rise to such Receivable,
and any and all insurance contracts with respect thereto;

 

(d)              all
other Security Interests or Liens and property subject thereto from time to time, if any, purporting to secure payment of such
Receivable, whether pursuant to the Contract related to such Receivable or otherwise, together with all financing statements and
security agreements describing any collateral securing such Receivable;

 

(e)              
all guaranties, letters of credit, insurance and other supporting obligations, agreements or arrangements of whatever character
from time to time supporting or securing payment of such Receivable whether pursuant to the Contract related to such Receivable
or otherwise;

 

(f)               
all Records related to such Receivable;

 

(g)              
all of such Originator’s right, title and interest in each Lock-Box and each Collection Account; and

 

(h)              
all Collections and other proceeds (as defined in the UCC) of any of the foregoing that are or were received by such Originator
on or after the Cut-Off Date, including, without limitation, all funds which either are received by such Originator, the Buyer
or the Master Servicer from or on behalf of the Obligors in payment of any amounts owed (including, without limitation, invoice
price, finance charges, interest and all other charges) in respect of any of the above Receivables or are applied to such amounts
owed by the Obligors (including, without limitation, any insurance payments that such Originator, the Buyer or the Master Servicer
applies in the ordinary course of its business to amounts owed in respect of any of the above Receivables, and net proceeds of
sale or other disposition of Returned Goods or other collateral of the Obligors in respect of any of the above Receivables or any
other parties directly or indirectly liable for payment of such Receivables).

 

    2 

     

    

 

All purchases and contributions hereunder
shall be made without recourse, but shall be made pursuant to, and in reliance upon, the representations, warranties and covenants
of the Originators set forth in this Agreement. No obligation or liability to any Obligor on any Receivable is intended to be assumed
by the Buyer hereunder, and any such assumption is expressly disclaimed. The property, proceeds and rights described in clauses
(c) through (h) above, including with respect to any Contributed Receivable, are herein referred to as the “Related
Rights”, and the Buyer’s foregoing commitment to purchase Receivables and Related Rights is herein called the “Purchase
Facility.”

 

As used herein, “Cut-Off
Date” means (a) with respect to each Originator party hereto on the date hereof, July 31, 2019, and (b) with respect
to any Originator that first becomes a party hereto after the date hereof, the calendar day prior to the date on which such Originator
becomes a party hereto or such other date as the Buyer and such Originator agree to in writing.

 

SECTION
1.2 Timing of Purchases.

 

(a)              
Closing Date Purchases. Effective on and as of the Closing Date, each Originator hereby sells to the Buyer, and the
Buyer hereby purchases, all of such Originator’s right, title and interest in, to and under (i) each Receivable (other than
Contributed Receivables) that existed and was owing to such Originator on the Cut-Off Date, (ii) each Receivable (other than Contributed
Receivables) generated by such Originator from and including the Cut-Off Date, to and including the Closing Date, and (iii) all
Related Rights with respect thereto.

 

(b)              
Subsequent Purchases. After the Closing Date, until the Purchase and Sale Termination Date, each Receivable and the
Related Rights generated by each Originator shall be, and shall be deemed to have been, sold or contributed, as applicable, by
such Originator to the Buyer immediately (and without further action) upon the creation of such Receivable.

 

SECTION
1.3 Consideration for Purchases. On the terms and subject to the conditions set forth in this Agreement, the Buyer
agrees to make Purchase Price payments to the Originators and to reflect all capital contributions in accordance with Article
III.

 

SECTION
1.4 Purchase and Sale Termination Date. The “Purchase and Sale Termination Date” shall be the
earlier to occur of (a) the date the Purchase Facility is terminated pursuant to Section 8.2(a) and (b) the Final Payout
Date.

 

SECTION
1.5 Intention of the Parties. It is the express intent of each Originator and the Buyer that each conveyance by such
Originator to the Buyer pursuant to this Agreement of the Receivables, including without limitation, all Receivables, if any, constituting
general intangibles (as defined in the UCC), and all Related Rights be construed as a valid and perfected sale (or contribution)
and absolute assignment (without recourse except as provided herein) of such Receivables and Related Rights by such Originator
to the Buyer (rather than the grant of a lien to secure a debt or other obligation of such Originator) and that the right, title
and interest in and to such Receivables and Related Rights conveyed to the Buyer be prior to the rights of and enforceable against
all other Persons at any time, including, without limitation, lien creditors, secured lenders, purchasers and any Person claiming
through such Originator. Notwithstanding the foregoing and as a precautionary matter, (i) this Agreement also shall be deemed to
be, and hereby is, a security agreement within the meaning of the UCC and (ii) each Originator shall grant and be deemed to have
granted to the Buyer as of the date of this Agreement, and such Originator hereby grants to the Buyer a security interest in, to
and under all of such Originator’s right, title and interest in and to: (A) the Receivables and the Related Rights now existing
and hereafter created by such Originator transferred or purported to be transferred hereunder, (B) all monies due or to become
due and all proceeds and other amounts received with respect thereto and (C) all books and records of such Originator to the extent
related to any of the foregoing.

 

    3 

     

    

  

ARTICLE
II

PURCHASE REPORT; CALCULATION OF PURCHASE PRICE

 

SECTION
2.1 Purchase Report. On the Closing Date and on each date when a Monthly Report is due to be delivered under the
Receivables Purchase Agreement (each such date, a “Monthly Purchase Report Date”), the Master Servicer shall
deliver to the Buyer and each Originator a report in substantially the form of Exhibit A (each such report being herein
called a “Purchase Report”) setting forth, among other things:

 

(a)               Receivables
purchased by the Buyer from each Originator, or contributed to the capital of the Buyer by the Contributing Originator, on
the Closing Date (in the case of the Purchase Report to be delivered on the Closing Date); provided, however,
such Purchase Report shall only set forth Receivables existing as of July 31, 2019;

 

(b)              
Receivables purchased by the Buyer from each Originator, or contributed to the capital of the Buyer by the Contributing
Originator, during the calendar month immediately preceding such Monthly Purchase Report Date (in the case of each subsequent Purchase
Report); and

 

(c)              
the calculations of reductions of the Purchase Price for any Receivables as provided in Section 3.3(a) and (b).

 

SECTION
2.2 Calculation of Purchase Price. The “Purchase Price” to be paid to each Originator on any Payment
Date in accordance with the terms of Article III for the Receivables and the Related Rights that are purchased hereunder
from such Originator shall be determined in accordance with the following formula:

 

	PP	=	OB x FMVD
	where:	 	 
	PP	=	Purchase Price for each Receivable as calculated on the relevant Payment Date.
	OB	=	The Outstanding Balance of such Receivable on the relevant Payment Date.
	FMVD	=	Fair Market Value Discount, as measured on such Payment Date, which is equal to the quotient (expressed as percentage) of (a) one, divided by (b) the sum of (i) one, plus (ii) the product of (A) the Prime Rate on such Payment Date, times (B) a fraction, the numerator of which is the Days Sales Outstanding (calculated as of the last day of the calendar month immediately preceding such Payment Date) and the denominator of which is 365 or 366, as applicable.

 

    4 

     

    

 

“Payment Date”
means (i) the Closing Date and (ii) each Business Day thereafter that the Originators are open for business.

 

“Prime Rate”
means a per annum rate equal to the “U.S. Prime Rate” as published in the “Money Rates” section
of The Wall Street Journal or if such information ceases to be published in The Wall Street Journal, such other publication as
determined by the Administrative Agent in its sole discretion.

 

ARTICLE
III

CONTRIBUTIONS AND PAYMENT OF PURCHASE PRICE

 

SECTION
3.1 Initial Contribution of Receivables and Initial Purchase Price Payment.

 

(a)              
On the Closing Date, the Contributing Originator shall, and hereby does, contribute to the capital of the Buyer Receivables
and Related Rights consisting of each Receivable of the Contributing Originator that exists and is owing to the Contributing Originator
on the Closing Date beginning with the oldest of such Receivables and continuing chronologically thereafter such that the equity
(taking into account any cash contributions made on or prior to the Closing Date) held by the Contributing Originator in the Buyer,
after giving effect to such contribution of Receivables (the value of which shall be determined based on the Purchase Price definition),
shall be at least equal to the Required Capital Amount. Each Receivable contributed by the Contributing Originator to the capital
of the Buyer pursuant to this Section 3.1(a) and Section 3.2 below is herein referred to as a “Contributed
Receivable”.

 

(b)              
On the terms and subject to the conditions set forth in this Agreement, the Buyer agrees to pay to each Originator the Purchase
Price for the purchase to be made from such Originator on the Closing Date (i) to the extent the Buyer has cash available therefor,
partially in cash (in an amount to be agreed between the Buyer and such Originator and set forth in the initial Purchase Report)
and, solely in the case of the Contributing Originator if elected by the Contributing Originator in its sole discretion, by accepting
a contribution to the Buyer’s capital and (ii) the remainder by issuing a promissory note in the form of Exhibit B
to such Originator (each such promissory note, as it may be amended, supplemented, endorsed or otherwise modified from time to
time, together with all promissory notes issued from time to time in substitution therefor or renewal thereof in accordance with
the Transaction Documents, each being herein called a “Subordinated Note”) with an initial principal amount
equal to the remaining Purchase Price payable to such Originator not paid in cash or, in the case of the Contributing Originator,
contributed to the Buyer’s capital.

 

    5 

     

    

 

SECTION
3.2 Subsequent Purchase Price Payments. On each Payment Date subsequent to the Closing Date, on the terms and subject
to the conditions set forth in this Agreement, the Buyer shall pay the Purchase Price to each Originator for the Receivables and
the Related Rights generated by such Originator on such Payment Date:

 

(a)              First,
in cash to each Originator to the extent the Buyer has cash available therefor (and such payment is not prohibited under the Receivables
Purchase Agreement);

 

(b)             Second,
solely in the case of the Contributing Originator, if elected by the Contributing Originator in its sole discretion, to the extent
any portion of the Purchase Price remains unpaid, by accepting a contribution of such Receivable and the Related Rights to its
capital in an amount equal to such remaining unpaid portion of such Purchase Price; and

 

(c)             Third,
to the extent any portion of the Purchase Price remains unpaid, the principal amount outstanding under the applicable Subordinated
Note shall be automatically increased by an amount equal to the lesser of (x) such remaining unpaid portion of such Purchase Price
and (y) the maximum increase in the principal balance of the applicable Subordinated Note that could be made without rendering
the Buyer’s Net Worth less than the Required Capital Amount;

 

provided, however,
that if more than one Originator is selling Receivables to the Buyer on the date of such purchase, the Buyer shall make cash payments
among the Originators in such a way as to minimize to the greatest extent practicable the respective aggregate principal amount
outstanding under each Subordinated Note; provided, further, however, that the foregoing shall not be construed
to require the Contributing Originator to make any capital contribution to the Buyer.

 

“Net Worth”
has the meaning set forth in the definition of “Seller’s Net Worth” contained in the Receivables Purchase Agreement.

 

All amounts paid by
the Buyer to any Originator shall be allocated first to the payment of any Purchase Price then due and unpaid, second
to the payment of accrued and unpaid interest on the Subordinated Note of such Originator and third to the repayment of
the principal outstanding on the Subordinated Note of such Originator to the extent of such outstanding principal thereof as of
the date of such payment before such amounts may be allocated for any other purpose. The Master Servicer shall make all appropriate
record keeping entries with respect to each of the Subordinated Notes to reflect the foregoing payments and payments and reductions
made pursuant to Section 3.3, and the Master Servicer’s books and records shall constitute rebuttable presumptive
evidence of the principal amount of, and accrued interest on, each of the Subordinated Notes at any time. Each Originator hereby
irrevocably authorizes the Master Servicer to mark the Subordinated Notes “CANCELED” and to return such Subordinated
Notes to the Buyer upon the final payment thereof after the occurrence of the Purchase and Sale Termination Date.

 

If, on any Business
Day, the Buyer is unable to pay the Purchase Price for Receivables and Related Rights pursuant to this Section 3.2, then
the Originators shall on such Business Day provide written notice thereof to the Administrative Agent.

 

    6 

     

    

 

SECTION
3.3 Settlement as to Specific Receivables and Dilution.

 

(a)              
If, (i) on the day of purchase of any Receivable from any Originator hereunder, any of the representations or warranties
set forth in Sections 5.5, 5.12, 5.20, 5.22, 5.23, 5.26 or 5.27 are not true with
respect to such Receivable or (ii) on any subsequent day, as a result of any action or inaction (other than solely as a result
of the failure to collect such Receivable due to a discharge in bankruptcy, insolvency, financial inability to pay or other credit
related reasons with respect to the relevant Obligor) of such Originator, any of such representations or warranties set forth in
Sections 5.5, 5.12, 5.20, 5.22, 5.23, 5.26 or 5.27 is no longer true with respect
to such Receivable, then the Purchase Price for such Receivable shall be reduced by an amount equal to the Outstanding Balance
of such Receivable and shall be accounted to such Originator as provided in clause (c) below; provided, that if the
Buyer thereafter receives payment on account of the Outstanding Balance of such Receivable, the Buyer promptly shall deliver such
funds to such Originator.

 

(b)              
If, on any day, the Outstanding Balance of any Receivable purchased or contributed hereunder is reduced or adjusted as a
result of any defective, rejected, returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance,
rebate, credit memo, discount or other adjustment made by the Buyer, any Originator, the Master Servicer or any Affiliate of the
Master Servicer, or any setoff, counterclaim or dispute between the Buyer or any Affiliate of the Buyer, an Originator or any Affiliate
of an Originator, or the Master Servicer or any Affiliate of the Master Servicer, and an Obligor, then the Purchase Price with
respect to such Receivable shall be reduced by the amount of such net reduction and shall be accounted to such Originator as provided
in clause (c) below.

 

(c)              Any
reduction in the Purchase Price of any Receivable pursuant to clause (a) or (b) above shall be applied as a credit
for the account of the Buyer against the Purchase Price of Receivables subsequently purchased by the Buyer from such Originator
hereunder; provided, however if there have been no purchases of Receivables from such Originator (or insufficiently
large purchases of Receivables prior to the Settlement Date immediately following any such reduction in the Purchase Price of
any Receivable) to create a Purchase Price sufficient to so apply such credit against, the amount of such credit:

 

    (i)                to
the extent of any outstanding principal balance under the Subordinated Note payable to such Originator, shall be deemed to
be a payment under, and shall be deducted from the principal amount outstanding under, the Subordinated Note payable to such
Originator; and

 

    (ii)               after making any deduction pursuant to clause (i) above, shall be paid in cash to the Buyer by such Originator on
such Settlement Date subject to the following proviso; 

 

provided, further, that at
any time (x) when an Event of Termination or an Unmatured Event of Termination, exists under the Receivables Purchase Agreement
or (y) on or after the Purchase and Sale Termination Date, the amount of any such credit shall be paid by such Originator to the
Buyer in cash by deposit of immediately available funds into a Collection Account for application by the Master Servicer to the
same extent as if Collections of the applicable Receivable in such amount had actually been received on such date.

 

    7 

     

    

 

ARTICLE
IV

CONDITIONS OF PURCHASES; ADDITIONAL ORIGINATORS

 

SECTION
4.1 Conditions Precedent to Initial Purchase. The initial purchase hereunder is subject to the condition precedent
that the Buyer and the Administrative Agent (as the Buyer’s assignee) shall have received, on or before the Closing Date,
the following, each (unless otherwise indicated) dated the Closing Date, and each in form and substance satisfactory to the Buyer
and the Administrative Agent (as the Buyer’s assignee):

 

(a)              
a copy of the resolutions or unanimous written consent of the board of directors or other governing body of each Originator,
approving this Agreement and the other Transaction Documents to be executed and delivered by it and the transactions contemplated
hereby and thereby, certified by the Secretary or Assistant Secretary of such Originator;

 

(b)              
good standing certificates for each Originator issued as of a recent date acceptable to the Buyer and the Administrative
Agent (as the Buyer’s assignee) by the Secretary of State (or similar official) of the jurisdiction of such Originator’s
organization or formation and each other jurisdiction where such Originator is required to be qualified to transact business, except
where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect;

 

(c)              
a certificate of the Secretary or Assistant Secretary of each Originator, certifying the names and true signatures of the
officers authorized on such Person’s behalf to sign this Agreement and the other Transaction Documents to be executed and
delivered by it (on which certificate the Master Servicer, the Buyer, the Administrative Agent (as the Buyer’s assignee)
and each Purchaser may conclusively rely until such time as the Master Servicer, the Buyer and the Administrative Agent (as the
Buyer’s assignee) shall receive from such Person a revised certificate meeting the requirements of this clause (c));

 

(d)              
the certificate or articles of incorporation or other organizational document of each Originator (including all amendments
and modifications thereto) duly certified by the Secretary of State (or similar official) of the jurisdiction of such Originator’s
organization as of a recent date, together with a copy of the by-laws or other governing documents of such Originator (including
all amendments and modifications thereto), as applicable, each duly certified by the Secretary or an Assistant Secretary of such
Originator;

 

(e)              
proper financing statements (Form UCC-1) that have been duly authorized and name each Originator as the debtor/seller and
the Buyer as the buyer/assignor (and the Administrative Agent, for the benefit of the Purchasers, as secured party/assignee) of
the Receivables generated by such Originator as may be necessary or, in the Buyer’s or the Administrative Agent’s
reasonable opinion, desirable under the UCC of all appropriate jurisdictions to perfect the Buyer’s ownership or security
interest in such Receivables and the Related Rights in which an ownership or security interest has been assigned to it hereunder;

 

    8 

     

    

 

(f)               
a written search report from a Person satisfactory to the Buyer and the Administrative Agent (as the Buyer’s assignee)
listing all effective financing statements that name the Originators as debtors or sellers and that are filed in all jurisdictions
in which filings may be made against such Person pursuant to the applicable UCC, together with copies of such financing statements
(none of which, except for those described in the foregoing clause (e) (and/or released or terminated, as the case may be,
prior to the date hereof), shall cover any Receivable or any Related Rights which are to be sold to the Buyer hereunder), and tax
and judgment lien search reports (including, without limitation, liens of the PBGC) from a Person satisfactory to the Buyer and
the Administrative Agent (as the Buyer’s assignee) showing no evidence of such liens filed against any Originator;

 

(g)              
favorable opinions of counsel to the Originators, in form and substance satisfactory to the Buyer and the Administrative
Agent;

 

(h)              
a copy of a Subordinated Note in favor of each Originator, duly executed by the Buyer; and

 

(i)                evidence
(i) of the execution and delivery by each of the parties thereto of each of the other Transaction Documents to be executed and
delivered by it in connection herewith and (ii) that each of the conditions precedent to the execution, delivery and effectiveness
of such other Transaction Documents has been satisfied to the Buyer’s and the Administrative Agent’s (as the Buyer’s
assignee) satisfaction.

 

SECTION
4.2 Certification as to Representations and Warranties. Each Originator, by accepting the Purchase Price related
to each purchase or contribution of Receivables generated by such Originator, shall be deemed to have certified that the representations
and warranties of such Originator contained in Article V, as from time to time amended in accordance with the terms hereof,
are true and correct in all material respects (unless such representation or warranty contains a materiality qualification and,
in such case, such representation and warranty shall be true and correct as made) on and as of such day, with the same effect as
though made on and as of such day (except for representations and warranties which apply to an earlier date, in which case such
representations and warranties shall be true and correct in all material respects (unless such representation or warranty contains
a materiality qualification and, in such case, such representation and warranty shall be true and correct as made) as of such earlier
date).

 

SECTION
4.3 Additional Originators. Additional Persons may be added as Originators hereunder, with the prior written consent
of the Buyer, the Administrative Agent and each Purchaser (which consents may be granted or withheld in their sole discretion);
provided that the following conditions are satisfied or waived in writing by the Administrative Agent and each Purchaser
on or before the date of such addition:

 

(a)              
the Master Servicer shall have given the Buyer, the Administrative Agent and each Purchaser at least thirty (30) days’
prior written notice of such proposed addition and the identity of the proposed additional Originator and shall have provided such
other information with respect to such proposed additional Originator as the Buyer, the Administrative Agent or any Purchaser may
reasonably request;

 

    9 

     

    

 

(b)              
such proposed additional Originator shall have executed and delivered to the Buyer and the Administrative Agent an agreement
substantially in the form attached hereto as Exhibit C (a “Joinder Agreement”);

 

(c)              
such proposed additional Originator shall have delivered to the Buyer and the Administrative Agent (as the Buyer’s
assignee) each of the documents with respect to such Originator described in Section 4.1, in each case in form and substance
satisfactory to the Buyer and the Administrative Agent (as the Buyer’s assignee);

 

(d)               no
Purchase and Sale Termination Event or Unmatured Purchase and Sale Termination Event shall have occurred and be continuing;
and

 

(e)              
no Event of Termination or Unmatured Event of Termination shall have occurred and be continuing.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF THE ORIGINATORS

 

In order to induce
the Buyer to enter into this Agreement and to make purchases hereunder, each Originator (and solely with respect to Section
5.21, the Buyer) hereby represents and warrants with respect to itself that each representation and warranty concerning it
or the Receivables sold by it hereunder that is contained in the Receivables Purchase Agreement is true and correct, and hereby
makes the representations and warranties set forth in this Article V:

 

SECTION
5.1 Existence and Power. Such Originator (i) is duly organized, validly existing and in good standing under the laws
of the jurisdiction of its organization or formation, (ii) has full power and authority under its organizational documents and
under the laws of the jurisdiction of its organization or formation to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted and (iii) is duly qualified to do business, is in good standing as
a foreign entity and has obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business
requires such qualification, licenses or approvals, except where the failure to do so could not reasonably be expected to have
a Material Adverse Effect.

 

SECTION
5.2 Power and Authority; Due Authorization. Such Originator (i) has all necessary power and authority to (A) execute
and deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform its obligations under this Agreement
and the other Transaction Documents to which it is a party and (C) sell, assign, transfer and convey (and, with respect to the
Contributing Originator, contribute) the Receivables and the Related Rights to the Buyer on the terms and subject to the conditions
herein provided and (ii) has duly authorized by all necessary action such grant and the execution, delivery and performance of,
and the consummation of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.

 

    10 

     

    

 

SECTION
5.3 No Conflict or Violation. The execution and delivery of this Agreement and each other Transaction Document to
which such Originator is a party, the performance of the transactions contemplated by this Agreement and the other Transaction
Documents and the fulfillment of the terms of this Agreement and the other Transaction Documents by such Originator will not (i)
violate, result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both)
a default under its organizational documents or any indenture, sale agreement, credit agreement, loan agreement, security agreement,
mortgage, deed of trust or other agreement or instrument to which such Originator is a party or by which it or any of its property
is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of the Receivables or Related Rights pursuant
to the terms of any such indenture, credit agreement, loan agreement, security agreement, mortgage, deed of trust or other agreement
or instrument, other than this Agreement and the other Transaction Documents or (iii) violate any applicable Law, which, in any
of the foregoing cases, could reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.4 Governmental Approvals. Except where the failure to obtain or make such authorization, consent, order, approval
or action could not reasonably be expected to have a Material Adverse Effect, all authorizations, consents, orders and approvals
of, or other actions by, any Governmental Authority that are required to be obtained by such Originator in connection with the
sale, transfer, assignment and conveyance (and, with respect to the Contributing Originator, contribution) of the Receivables and
the Related Rights to the Buyer hereunder or the due execution, delivery and performance by such Originator of this Agreement or
any other Transaction Document to which it is a party and the consummation by such Originator of the transactions contemplated
by this Agreement and the other Transaction Documents to which it is a party have been obtained or made and are in full force and
effect.

 

SECTION
5.5 Valid Sale. Each sale of Receivables and the Related Rights made by such Originator pursuant to this Agreement
shall constitute a valid sale (or, with respect to the Contributing Originator, contribution), transfer and assignment of Receivables
and Related Rights to the Buyer, enforceable against creditors of, and purchasers from, such Originator, except (i) as such enforceability
may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting
the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in equity or at law.

 

SECTION
5.6 Binding Obligations. This Agreement and each of the other Transaction Documents to which it is a party constitutes
legal, valid and binding obligations of such Originator, enforceable against such Originator in accordance with their respective
terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability
may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity
or at law.

 

    11 

     

    

 

SECTION
5.7 Accuracy of Information. All schedules, certificates, reports, statements, documents and other information furnished
to the Buyer, the Administrative Agent or any other Purchaser Party by or on behalf of such Originator pursuant to any provision
of this Agreement or any other Transaction Document, or in connection with or pursuant to any amendment or modification of, or
waiver under, this Agreement or any other Transaction Document, is, at the time the same are so furnished, complete and correct
in all material respects on the date the same are furnished to the Buyer, the Administrative Agent or such other Purchaser Party,
and does not contain any material misstatement of fact or omit to state a material fact or any fact necessary to make the statements
contained therein not misleading; provided, however, that with respect to any projected or pro forma financial information,
such Originator covenants only that such projected or pro forma financial information will be prepared in good faith based upon
assumptions that are believed to be reasonable at the time such information is prepared, and it is understood that such projected
or pro forma financial information may vary from the actual results and that such variances may be material.

 

SECTION
5.8 Litigation and Other Proceedings. Except as set forth on Schedule V, (i) there is no action, suit, proceeding
or investigation pending, or to such Originator’s knowledge, threatened, against such Originator before any Governmental
Authority and (ii) such Originator is not subject to any order, judgment, decree, injunction, stipulation or consent order of or
with any Governmental Authority that, in the case of either of the foregoing clauses (i) and (ii), (A) asserting
the invalidity of this Agreement or any of the other Transaction Documents; (B) seeking to prevent the sale, transfer, assignment
and conveyance (and, with respect to the Contributing Originator, contribution) of any Receivable or Related Right by such Originator
to the Buyer, the ownership or acquisition by the Buyer of any Receivables or Related Right or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents; (C) seeking any determination or ruling that could reasonably
be expected to materially and adversely affect the performance by such Originator of its obligations under, or the validity or
enforceability of, this Agreement or any of the other Transaction Documents or (D) individually or in the aggregate for all such
actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect.

 

SECTION
5.9 No Material Adverse Effect. Since December 31, 2018, no event has occurred that could reasonably be expected
to have a Material Adverse Effect.

 

SECTION
5.10 Names and Location. Except as described in Schedule III, such Originator has not used any corporate names,
trade names or assumed names since the date occurring five calendar years prior to the Closing Date other than its name set forth
on the signature pages hereto. Such Originator is “located” (as such term is defined in the applicable UCC) in the
jurisdiction specified in Schedule I and since the date occurring five calendar years prior to the Closing Date, has not
been “located” (as such term is defined in the applicable UCC) in any other jurisdiction (except as specified in Schedule
I). The office(s) where such Originator keeps its records concerning the Receivables is at the address(es) set forth on Schedule
II.

 

SECTION
5.11 Margin Regulations. Such Originator is not engaged in the business of extending credit for the purpose of purchasing
or carrying margin stock (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System), and no Purchase
Price payments or proceeds under this Agreement will be used to purchase or carry any margin stock or to extend credit to others
for the purpose of purchasing or carrying any margin stock.

 

SECTION
5.12 Eligible Receivables. Each Receivable sold, transferred, contributed or assigned hereunder is an Eligible Receivable
on the date of sale, transfer, contribution or assignment, unless otherwise specified in the first Monthly Report that includes
such Receivable.

 

    12 

     

    

 

SECTION
5.13 Credit and Collection Policy. Such Originator has complied in all material respects with the Credit and Collection
Policy with regard to each Receivable sold by it hereunder and the related Contracts.

 

SECTION
5.14 Investment Company Act. Such Originator is not an “investment company” within the meaning of the
Investment Company Act.

 

SECTION
5.15 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. (a) None of (i) such Originator, any Subsidiary,
any of their respective directors, officers, or, to the knowledge of such Originator or such Subsidiary, any of their respective
employees or Affiliates, or (ii) any agent or representative of such Originator or any Subsidiary that will act in any capacity
in connection with or benefit from the Transaction Documents, (A) is a Sanctioned Person or currently the subject or target of
any Sanctions, (B) is controlled by or is acting on behalf of a Sanctioned Person, (C) has its assets located in a Sanctioned Country,
except as permitted by applicable laws, rules and regulations or as licensed or otherwise authorized by U.S. Department of the
Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce, or any other United States federal governmental
authority with applicable jurisdiction thereover, (D) is under administrative, civil or criminal investigation for an alleged violation
of, or received notice from or made a voluntary disclosure to any governmental entity regarding a possible violation of, Anti-Corruption
Laws, Anti-Money Laundering Laws or Sanctions by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or
Anti-Money Laundering Laws, or (E) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned
Persons, except as permitted by applicable laws, rules and regulations or as licensed or otherwise authorized by U.S. Department
of the Treasury’s Office of Foreign Assets Control, the U.S. Department of Commerce, or any other United States federal governmental
authority with applicable jurisdiction thereover.

 

(b)           Each
of such Originator and its Subsidiaries has implemented and maintains in effect policies and procedures designed to ensure compliance
by such Originator and its Subsidiaries and their respective directors, officers, employees, agents and Affiliates with all Anti-Corruption
Laws, Anti-Money Laundering Laws and applicable Sanctions.

 

(c)            Each
of such Originator and its Subsidiaries, each director, officer, and to the knowledge of such Originator, employee, agent and Affiliate
of such Originator and each such Subsidiary, is in compliance with all Anti-Corruption Laws, Anti-Money Laundering Laws in all
respects and applicable Sanctions.

 

(d)           No
Purchase Price payments or proceeds under this Agreement have been used, directly or indirectly, by such Originator, any of its
Subsidiaries or any of its or their respective directors, officers, employees and agents in violation of Section 5.11.

 

SECTION
5.16 Financial Condition.

 

(a)              
The audited consolidated balance sheets of the Parent and its consolidated Subsidiaries as of December 31, 2018 and the
related statements of income and shareholders’ equity of the Parent and its consolidated Subsidiaries for the fiscal year
then ended, copies of which have been furnished to the Administrative Agent and the Purchasers, present fairly in all material
respects the consolidated financial position of the Parent and its consolidated Subsidiaries for the period ended on such date,
all in accordance with GAAP.

 

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(b)              
On the date hereof, and on the date of each purchase hereunder (both before and after giving effect to such purchase), such
Originator is, and will be on such date, Solvent and no Insolvency Proceeding with respect to such Originator is, or will be on
such date, pending or threatened.

 

SECTION
5.17 Taxes. Such Originator has (i) timely filed all material income and other tax returns (federal, state, foreign
and local) required to be filed by it and (ii) paid, or caused to be paid, all material income and other taxes, assessments and
other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith
by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP.

 

SECTION
5.18 ERISA Compliance. Except as would not result or reasonably be expected to result in a Material Adverse Effect:

 

(a)              
During the five-year period prior to the date on which this representation is made or deemed made: (i) no ERISA Termination
Event has occurred, and, to the best knowledge of any Nabors Party, no event or condition has occurred or exists as a result of
which any ERISA Termination Event would be reasonably expected to occur; (ii) there has been no failure to meet the minimum
funding standards under Section 430 of the Code or Section 303 of ERISA (determined without regard to any waiver of funding provisions
therein) with respect to any Plan; (iii) each Plan (excluding any Multiemployer Plan) has been maintained, operated, and funded
in material compliance with its terms and the provisions of ERISA, the Code, and any other applicable federal or state laws;
and (iv) no Lien in favor of the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.

 

(b)              The
aggregate actuarial present value of all accumulated plan benefits of all Single Employer Plans (determined utilizing the assumptions
used for purposes of Statement of Financial Accounting Standards ASC No. 960) did not, as of the most recent valuation dates reflected
in Parent’s annual financial statements contained in Parent’s most recent Form 10-K, exceed the aggregate fair market
value of the assets of all such Single Employer Plans, except as disclosed in Parent’s financial statements.

 

(c)              
None of any Nabors Party, any Subsidiary thereof or any ERISA Affiliate has incurred, or, to the best knowledge of any Nabors
Party, is reasonably expected to incur, any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan.
None of any Nabors Party, any Subsidiary thereof or any ERISA Affiliate has received any notification that any Multiemployer Plan
is insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA).

 

(d)              No
prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility
has occurred with respect to a Plan which has subjected or would be reasonably likely to subject any Nabors Party, any Subsidiary
thereof, or any ERISA Affiliate to any material liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975
of the Code, or under any agreement or other instrument pursuant to which any Nabors Party, any Subsidiary thereof, or any ERISA
Affiliate has agreed or is required to indemnify any person against any such liability.

 

    14 

     

    

  

(e)              The
aggregate actuarial present value of all accumulated post-retirement benefit obligations of the Nabors Parties, their Subsidiaries
and the ERISA Affiliates under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA), as of the most recent
valuation dates reflected in Parent’s annual financial statements contained in Parent’s most recent form 10-K, are
reflected on such financial statements in accordance with Accounting Standards Codification 715.

 

SECTION
5.19 Bulk Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales
act or similar law.

 

SECTION
5.20 No Fraudulent Conveyance. No sale or contribution hereunder constitutes a fraudulent transfer or conveyance
under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or
similar laws or principles or for any other reason.

 

SECTION
5.21 [Reserved].

		 	 

SECTION
5.22 Perfection Representations.

 

(a)              
Immediately preceding its sale or contribution of each Receivable hereunder, such Originator was the owner of such Receivable
sold or contributed or purported to be sold or contributed, as the case may be, free and clear of any Adverse Claims, and each
such sale or contribution hereunder constitutes a valid sale or contribution, transfer and assignment of all of such Originator’s
right, title and interest in, to and under the Receivables sold or contributed by it, free and clear of any Adverse Claims.

 

(b)              
On or before the date hereof and before the generation by such Originator of any new Receivable to be sold, contributed
or otherwise conveyed hereunder, all financing statements and other documents, if any, required to be recorded or filed in order
to perfect and protect the Buyer’s ownership interest in Receivables to be sold or otherwise conveyed hereunder against all
creditors of and purchasers from such Originator will have been duly filed in each filing office necessary for such purpose, and
all filing fees and taxes, if any, payable in connection with such filings shall have been paid in full.

 

(c)              
Upon the creation of each new Receivable and Related Rights sold, contributed or otherwise conveyed or purported to be conveyed
hereunder on the Closing Date and from time to time for then existing Receivables and Related Rights, the Buyer shall have a valid
and perfected first priority ownership or security interest in each Receivable sold to it hereunder, free and clear of any Adverse
Claim (other than any Permitted Lien).

 

    15 

     

    

  

SECTION
5.23 Additional Perfection Representations.

 

    (a)          This Agreement creates a valid and continuing ownership or security interest (as defined in the applicable UCC) in the Originator’s
right, title and interest in, to and under substantially all of the Receivables and Related Rights which (A) security interest
has been perfected and is enforceable against creditors of and purchasers from such Originator and (B) will be free of all Adverse
Claims (other than any Permitted Lien).

 

    (b)          [Reserved].

 

    (c)           Prior
to their sale or contribution to Buyer pursuant to this Agreement, such Originator owned and had good and marketable title to
the Receivables and Related Rights free and clear of any Adverse Claim of any Person.

 

    (d)          All
appropriate financing statements, financing statement amendments and continuation statements have been filed in the proper filing
office in the appropriate jurisdictions under applicable Law in order to perfect (and continue the perfection of) the sale and
contribution of the Receivables and Related Rights (solely to the extent perfection may be achieved by filing a financing statement
under the UCC) from each Originator to the Buyer pursuant to this Agreement.

 

    (e)          Other
than the ownership or security interest granted to the Buyer pursuant to this Agreement, such Originator has not pledged, assigned,
sold, granted a security interest in, or otherwise conveyed any of the Receivables or Related Rights except as permitted by this
Agreement and the other Transaction Documents. Such Originator has not authorized the filing of and is not aware of any financing
statements filed against such Originator that include a description of collateral covering the Receivables and Related Rights
other than any financing statement (i) in favor of the Administrative Agent or (ii) that has been terminated or amended to reflect
the release of any security interest in the Receivables and Related Rights. Such Originator is not aware of any judgment lien,
ERISA lien or tax lien filings against such Originator.

 

    (f)           Notwithstanding
any other provision of this Agreement or any other Transaction Document, the representations contained in this Section 5.23
shall be continuing and remain in full force and effect until the Final Payout Date.

 

SECTION
5.24 Reliance on Separate Legal Identity. Such Originator acknowledges that each of the Purchasers and the Administrative
Agent are entering into the Transaction Documents to which they are parties in reliance upon the Buyer’s identity as a legal
entity separate from such Originator.

 

SECTION
5.25 Opinions. The facts regarding such Originator, the Receivables sold or contributed by it hereunder, the Related
Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with this Agreement
and the Transaction Documents are true and correct in all material respects.

 

SECTION
5.26 Enforceability of Contracts. Each Contract with respect to each Receivable sold or contributed by such Originator
hereunder is effective to create, and has created, a valid and binding obligation of the related Obligor to pay the Outstanding
Balance of such Receivable created thereunder and any accrued interest thereon, enforceable against such Obligor in accordance
with its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar
laws relating to or limiting creditors’ rights generally and by general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law).

 

    16 

     

    

  

 

SECTION
5.27 Nature of Pool Receivables. All Pool Receivables: (i) were originated by such Originator in the ordinary course
of its business, (ii) were sold to Buyer for fair consideration and reasonably equivalent value and (iii) represent all, or a portion
of the purchase price of merchandise, insurance or services within the meaning of Section 3(c)(5)(A) of the Investment Company
Act. The purchase of Pool Receivables with the proceeds of Investments made under the Receivables Purchase Agreement would constitute
a “current transaction” for purposes of Section 3(a)(3) of the Securities Act.

 

SECTION
5.28 Compliance with Laws. Such Originator has complied with all applicable Laws to which it may be subject the violation
of which could have a Material Adverse Effect.

 

SECTION
5.29 Servicing Programs. No license or approval is required for Servicer or Buyer’s use of any software or
other computer program used by such Originator in the servicing of the Receivables, other than (i) those which have been obtained
and are in full force and effect and (ii) those for which the failure to obtain could not reasonably be expected to have a Material
Adverse Effect.

 

SECTION
5.30 Adverse Change in Receivables. Since December 31, 2018, there has been no material adverse change in either
the collectability or the payment history of the Receivables originated by such Originator taken as a whole.

 

SECTION
5.31 Compliance with Transaction Documents. Each Originator has complied in all material respects with all of the
terms, covenants and agreements contained in the other Transaction Documents to which it is a party.

 

Notwithstanding any
other provision of this Agreement or any other Transaction Document, the representations and warranties contained in this Article
shall be continuing and remain in full force and effect until the Final Payout Date.

 

ARTICLE
VI

COVENANTS OF THE ORIGINATORS

 

SECTION
6.1 Covenants. At all times from the Closing Date until the Final Payout Date, each Originator will, unless
the Administrative Agent and the Buyer shall otherwise consent in writing, perform the following covenants:

 

(a)           Financial
Reporting. Each Originator will maintain a system of accounting established and administered in accordance with GAAP, and
each Originator shall furnish to the Buyer, the Administrative Agent and each Purchaser such information as the Buyer, the Administrative
Agent or any Purchaser may from time to time reasonably request relating to such system.

 

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(b)          Notices. Such Originator will notify the Buyer, Administrative Agent and each Purchaser in writing of any of the
following events promptly upon (but in no event later than three (3) Business Days after) a Financial Officer or other officer
learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s)
affected with respect thereto:

 

(i)           Notice
of Purchase and Sale Termination Events, Unmatured Purchase and Sale Termination Events, Events of Termination or Unmatured Events
of Termination. A statement of a Financial Officer of such Originator setting forth details of any Purchase and Sale Termination
Event (as defined in Section 8.1), Unmatured Purchase and Sale Termination Event (as defined in Section 8.1), Event
of Termination or Unmatured Event of Termination that has occurred and is continuing and the action which such Originator proposes
to take with respect thereto.

 

(ii)          Representations
and Warranties. The failure of any representation or warranty made or deemed made by such Originator under this Agreement
or any other Transaction Document to be true and correct in any material respect when made.

 

(iii)         Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably
be expected to have a Material Adverse Effect.

 

(iv)         Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon Receivables or Related Rights or any portion
thereof (except as provided in clause (B) below), (B) any Person other than an Originator, the Buyer, the Master Servicer or the
Administrative Agent shall obtain any rights or direct any action with respect to any Collection Account (or related Lock-Box)
or (C) any Obligor shall receive any change in payment instructions with respect to Pool Receivable(s) from a Person other than
the Master Servicer or the Administrative Agent.

 

(v)          Name
Changes. At least thirty (30) days before any change in such Originator’s name, jurisdiction of organization or any
other change requiring the amendment of UCC financing statements.

 

(vi)         Change in Accountants or Accounting Policy. Any change in (A) the external accountants of any Nabors Party or (B)
any material accounting policy of such Originator that is relevant to the transactions contemplated by this Agreement or any other
Transaction Document (it being understood that any change to the manner in which such Originator accounts for the Pool Receivables
shall be deemed “material” for such purpose).

 

(vii)        Material
Adverse Change. Promptly after the occurrence thereof, notice of any material adverse change in the business,
operations, property or financial condition of such Originator.

 

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(c)          Conduct
of Business; Preservation of Existence. Each Originator will carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted and will do all things necessary to preserve and
keep in full force and effect its existence and, except where the failure to do so would not reasonably be expected to have a
Material Adverse Effect, its franchises, authority to do business in each jurisdiction in which its business is conducted, licenses,
patents, trademarks, copyrights and other proprietary rights.

 

(d)          Compliance with Laws. Each Originator will comply with all applicable Laws to which it may be subject if the failure
to comply could reasonably be expected to have a Material Adverse Effect.

 

(e)           Furnishing
of Information and Inspection of Receivables. Each Originator will furnish or cause to be furnished to the Buyer, the Administrative
Agent and each Purchaser from time to time such information with respect to the Pool Receivables and the Related Rights as the
Buyer, the Administrative Agent or any Purchaser may reasonably request. Each Originator will, at such Originator’s expense,
during regular business hours with prior written notice, (i) permit the Buyer, the Administrative Agent and each Purchaser or
their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating
to the Pool Receivables or the Related Rights, (B) visit the offices and properties of such Originator for the purpose of examining
such books and records, and (C) discuss matters relating to the Pool Receivables, the Related Rights or such Originator’s
performance hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees
or independent public accountants of such Originator (provided that representatives of such Originator are present during such
discussions) having knowledge of such matters and (ii) without limiting the provisions of clause (i) above, during
regular business hours, at such Originator’s expense, upon reasonable prior written notice from the Buyer or the Administrative
Agent, permit certified public accountants or other auditors acceptable to the Buyer or the Administrative Agent, as applicable,
to conduct a review of its books and records with respect to such Pool Receivables and the Related Rights; provided, that
such Originator shall be required to reimburse the Buyer and the Administrative Agent for only one (1) such review pursuant to
clause (ii) above in any twelve-month period, unless (x) an Event of Termination has occurred and is continuing or (y)
the first such review had one or more material adverse findings.

 

(f)           Payments
on Receivables, Collection Accounts. Each Originator will, at all times, instruct all Obligors to deliver payments on the
Pool Receivables to a Collection Account or a Lock-Box. Each Originator (or the Master Servicer on its behalf) will at all times
maintain such books and records necessary to identify Collections received from time to time on Pool Receivables and to segregate
such Collections from property of the Originators. If any payments on the Pool Receivables or other Collections are received by
an Originator, the Buyer or the Master Servicer, it shall hold (or cause such Originator, the Buyer or the Master Servicer to
hold) such payments in trust for the benefit of the Buyer (and the Administrative Agent, the Purchasers and the other Secured
Parties as the Buyer’s assignees) and promptly (but in any event within two (2) Business Days after receipt) remit such
funds into a Collection Account. The Originators shall not permit funds other than Collections on Pool Receivables and the Related
Rights to be deposited into any Collection Account. If such funds are nevertheless deposited into any Collection Account, the
Originators will cause the Master Servicer to, within two (2) Business Days, identify and transfer such funds to the appropriate
Person entitled to such funds. The Originators will not, and will not permit any other Person to, commingle Collections or other
funds to which the Administrative Agent, any Purchaser or any other Secured Party is entitled, with any other funds. The Originators
shall only add (or permit the Master Servicer to add) a Collection Account (or a related Lock-Box) or a Collection Account Bank
to those listed in the Receivables Purchase Agreement, if the Administrative Agent has received notice of such addition and an
executed and acknowledged copy of a Control Agreement (or an amendment thereto) in form and substance acceptable to the Administrative
Agent from the applicable Collection Account Bank. The Originators shall only terminate (or permit the Master Servicer to terminate)
or close a Collection Account (or a related Lock-Box) with the prior written consent of the Administrative Agent. The Originators
shall ensure that no disbursements are made from any Collection Account, other than such disbursements that are made at the direction
and for the account of the Buyer.

 

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(g)          Sales,
Liens, etc. Except as otherwise provided herein, no Originator will sell, assign (by operation of law or otherwise) or otherwise
dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any financing statement)
or with respect to, any Pool Receivable or other Related Rights, or assign any right to receive income in respect thereof.

 

(h)          Extension
or Amendment of Pool Receivables. Except as otherwise permitted by the Receivables Purchase Agreement, no Originator
will, or will permit the Master Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise modify
the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or condition
of any related Contract. Each Originator shall at its expense, timely and fully perform and comply in all material respects with
all provisions, covenants and other promises required to be observed by it under the Contracts related to the Pool Receivables,
and timely and fully comply with the Credit and Collection Policy with regard to each Pool Receivable and the related Contract.

 

(i)           Fundamental
Changes. No Originator shall, without the prior written consent of the Administrative Agent and the Majority Purchasers, permit
itself (i) to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether in one transaction
or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to, any Person
or (ii) undertake any division of its rights, assets, obligations, or liabilities pursuant to a plan of division or otherwise
pursuant to applicable Law. No Originator shall, without the prior written consent of the Administrative Agent and the Majority
Purchasers, make any change in such Originator’s name, identity, corporate structure or location or make any other change
in such Originator’s identity or corporate structure that could impair or otherwise render any UCC financing statement filed
in connection with this Agreement or any other Transaction Document “seriously misleading” as such term (or similar
term) is used in the applicable UCC.

 

(j)           Change in Credit and Collection Policy. No Originator will make, or direct the Master Servicer to make, any change
in the Credit and Collection Policy that would reasonably be expected to materially and adversely impact the validity, enforceability,
value or collectibility of any material portion of the Pool Receivables, without the prior written consent of the Administrative
Agent and the Majority Purchasers. Promptly following any change in the Credit and Collection Policy, the Originator will deliver
a copy of the updated Credit and Collection Policy to the Buyer, Administrative Agent and each Purchaser.

 

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(k)          Books
and Records. Each Originator will maintain and implement (or cause the Master Servicer to maintain and implement) administrative
and operating procedures (including an ability to recreate records evidencing Pool Receivables and related Contracts in the event
of the destruction of the originals thereof), and keep and maintain (or cause the Master Servicer to keep and maintain) all documents,
books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool
Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and
adjustments to each existing Pool Receivable).

 

(l)           Ownership Interest, Etc. Each Originator shall (and shall cause the Master Servicer to), at its expense, take all
action necessary or reasonably desirable to establish and maintain a valid and enforceable ownership or security interest in the
Pool Receivables, the Related Rights and Collections with respect thereto, free and clear of any Adverse Claim (other than any
Permitted Lien), in favor of the Buyer (and the Administrative Agent (on behalf of the Secured Parties), as the Buyer’s assignee),
including taking such action to perfect, protect or more fully evidence the interest of the Buyer (and the Administrative Agent
(on behalf of the Secured Parties), as the Buyer’s assignee) as the Buyer, the Administrative Agent or any Purchaser may
reasonably request. In order to evidence the security interests of the Administrative Agent under this Agreement, such Originator
shall, from time to time take such action, or execute and deliver such instruments as may be necessary (including, without limitation,
such actions as are reasonably requested by the Administrative Agent) to maintain and perfect, as a first-priority interest, the
Administrative Agent’s security interest in the Receivables, Related Security and Collections. Such Originator shall, from
time to time and within the time limits established by law, prepare and present to the Administrative Agent for the Administrative
Agent’s authorization and approval, all financing statements, amendments, continuations or initial financing statements in
lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative Agent’s
security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize such
Originator to file such financing statements under the UCC without the signature of such Originator, any Originator or the Administrative
Agent where allowed by applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, such Originator
shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes
the name of a debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents,
without the prior written consent of the Administrative Agent.

 

(m)         Further
Assurances. Each Originator hereby authorizes and hereby agrees from time to time, at its own expense, promptly to execute
(if necessary) and deliver all further instruments and documents, and to take all further actions, that may be necessary or desirable,
or that the Buyer or the Administrative Agent may reasonably request, to perfect, protect or more fully evidence the purchases
and contributions made hereunder or under the Receivables Purchase Agreement and/or security interest granted pursuant to the
Receivables Purchase Agreement or any other Transaction Document, or to enable the Buyer or the Administrative Agent (on behalf
of the Secured Parties) to exercise and enforce their respective rights and remedies hereunder, under the Receivables Purchase
Agreement or under any other Transaction Document. Without limiting the foregoing, such Originator hereby authorizes, and will,
upon the request of the Buyer or the Administrative Agent, at such Originator’s own expense, execute (if necessary) and
file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents, that
may be necessary or desirable, or that the Buyer or Administrative Agent may reasonably request, to perfect, protect or evidence
any of the foregoing.

 

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(n)          Frequency
of Billing. Prepare and deliver (or cause to be prepared and delivered) invoices with respect to all Receivables in accordance
with the Credit and Collection Policies, but in any event no less frequently than as required under the Contract related to such
Receivable.

 

(o)          Receivables
Not to Be Evidenced by Promissory Notes or Chattel Paper. Such Originator shall not take any action to cause or permit any
Receivable created, acquired or originated by it to become evidenced by any “instrument” or “chattel paper”
(as defined in the applicable UCC), unless such Receivable is not specified as an Eligible Receivable in any Monthly Report that
includes such Receivable.

 

(p)          Compliance
with Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. Such Originator will (a) maintain in effect and enforce
policies and procedures designed to ensure compliance by such Originator, its Subsidiaries and their respective directors, officers,
employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions, (b) notify the Buyer,
the Administrative Agent and each Purchaser that previously received a Beneficial Ownership Certification of any change in the
information provided in the Beneficial Ownership Certification that would result in a change to the list of beneficial owners
identified therein and (c) promptly upon the reasonable request of the Buyer, the Administrative Agent or any Purchaser, provide
the Buyer, the Administrative Agent or such Purchaser, as the case may be, any information or documentation requested by it for
purposes of complying with the Beneficial Ownership Regulation.

 

(q)          Legend. Each Originator (or the Master Servicer on its behalf) shall have placed in its books and records, the following
legend (or the substantive equivalent thereof): “THE RECEIVABLES DESCRIBED HEREIN HAVE BEEN SOLD PURSUANT TO A RECEIVABLES
SALE AGREEMENT, DATED AS OF SEPTEMBER 13, 2019, AS AMENDED, BETWEEN EACH OF THE ENTITIES LISTED ON SCHEDULE I THERETO, AS ORIGINATORS,
NABORS INDUSTRIES, INC., AS MASTER SERVICER AND NABORS A.R.F., LLC, AS BUYER; AND THE RECEIVABLES DESCRIBED HEREIN HAVE BEEN PLEDGED
TO WELLS FARGO BANK, N.A., AS ADMINISTRATIVE AGENT, PURSUANT TO A RECEIVABLES PURCHASE AGREEMENT, DATED AS OF SEPTEMBER 13, 2019,
AS AMENDED, AMONG NABORS A.R.F., LLC, AS SELLER, NABORS INDUSTRIES, INC., AS MASTER SERVICER, THE VARIOUS PURCHASERS FROM TIME
TO TIME PARTY THERETO AND WELLS FARGO BANK, N.A., AS ADMINISTRATIVE AGENT”.

 

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(r)           Taxes.
Such Originator will (i) timely file (including, without limitation, on or prior to any applicable deadline under any extension)
all tax returns (federal, state and local) required to be filed by it and (ii) pay, or cause to be paid, all taxes, assessments
and other governmental charges, if any, other than taxes, assessments and other governmental charges being contested in good faith
by appropriate proceedings and as to which adequate reserves have been provided in accordance with GAAP, except in each case under
the foregoing clauses (i) and (ii) to the extent that such failure to file or pay could not reasonably be expected to have a Material
Adverse Effect.

 

(s)          Buyer’s
Tax Status. No Originator shall take or cause any action to be taken that could result (and shall not fail to take any action
the omission of which could result) in the Buyer (i) being treated other than as a “disregarded entity” within the
meaning of U.S. Treasury Regulation § 301.7701-3 that is a wholly-owned subsidiary of a U.S. Person for U.S. federal income
tax purposes or (ii) becoming an association taxable as a corporation or a publicly traded partnership taxable as a corporation
for U.S. federal income tax purposes.

 

(t)           Insurance.
Such Originator will maintain in effect, at such Originator’s expense, such casualty and liability insurance as such Originator
deems appropriate in its good faith business judgment.

 

(u)          Subordinated
Notes, Etc. Such Originator will not sell, assign (by operation of law or otherwise) or otherwise dispose of, or grant any
option with respect to, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing of any
financing statement) or with respect to, any Subordinated Note or any of such Originator’s equity interests in the Buyer.

 

(v)          Other
Additional Information. Such Originator will provide to the Administrative Agent and the Purchasers such other information
and documentation required under applicable “know your customer” rules and regulations, the PATRIOT Act or any applicable
Anti-Money Laundering Laws or Anti-Corruption Laws, in each case as from time to time reasonably requested by the Administrative
Agent or any Purchaser.

 

SECTION
6.2 Separateness Covenants. Each Originator hereby acknowledges that this Agreement and the other Transaction Documents
are being entered into in reliance upon the Buyer’s identity as a legal entity separate from such Originator and its Affiliates.
Therefore, from and after the date hereof, each Originator shall take all reasonable steps necessary to make it apparent to third
Persons that the Buyer is an entity with assets and liabilities distinct from those of such Originator and any other Person, and
is not a division of such Originator, its Affiliates or any other Person. Without limiting the generality of the foregoing and
in addition to and consistent with the other covenants set forth herein, such Originator shall take such actions as shall be required
in order that:

 

(a)           such
Originator shall not be involved in the day-to-day management of the Buyer;

 

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(b)          such
Originator shall maintain separate records and books of account from the Buyer and otherwise will observe corporate formalities
and have a separate area from the Buyer for its business (which may be located at the same address as the Buyer, and, to the extent
that it and the Buyer have offices in the same location, share the same officers, employees, independent contractors, consultants
or agents, jointly does business with vendors or service providers or otherwise share overhead expenses, there shall be a fair
and appropriate allocation of such costs between them, and each shall bear its fair share of such costs);

 

(c)           the
financial statements and books and records of such Originator shall be prepared after the date of creation of the Buyer to reflect
and shall reflect the separate existence of the Buyer; provided, that the Buyer’s assets and liabilities may be included
in a consolidated financial statement issued by an Affiliate of the Buyer; provided, however, that any such consolidated
financial statement or the notes thereto shall make clear that the Buyer’s assets are not available to satisfy the obligations
of such Affiliate;

 

(d)          except
as permitted by the Receivables Purchase Agreement, (i) such Originator shall maintain its assets (including, without limitation,
deposit accounts) separately from the assets (including, without limitation, deposit accounts) of the Buyer and (ii) such Originator’s
assets, and records relating thereto, have not been, are not, and shall not be, commingled with those of the Buyer;

 

(e)           such
Originator shall not act as an agent for the Buyer (except in the capacity of Servicer or a Sub-Servicer);

 

(f)           such
Originator shall not conduct any of the business of the Buyer in its own name (except in the capacity of Servicer or a Sub-Servicer);

 

(g)          such
Originator shall not pay any liabilities of the Buyer out of its own funds or assets;

 

(h)          such Originator shall maintain an arm’s-length relationship with the Buyer;

 

(i)           such
Originator shall not assume or guarantee or become obligated for the debts of the Buyer or hold out its credit as being available
to satisfy the obligations of the Buyer;

 

(j)           such
Originator shall not acquire obligations of the Buyer (other than the Subordinated Notes);

 

(k)          [Reserved];

 

(l)           such Originator shall identify and hold itself out as a separate and distinct entity from the Buyer;

 

(m)         such Originator shall correct any known misunderstanding respecting its separate identity from the Buyer;

 

(n)          such
Originator shall not enter into, or be a party to, any transaction with the Buyer, except in the ordinary course of its business
and on terms which are intrinsically fair and not less favorable to it than would be obtained in a comparable arm’s-length
transaction with an unrelated third party;

 

    24 

     

    

 

(o)          such
Originator shall not pay the salaries of the Buyer’s employees, if any; and

 

(p)          to the extent not already covered in paragraphs (a) through (o) above, such Originator shall comply and/or
act in accordance with all of the other separateness covenants set forth in Section 8.03 of the Receivables Purchase Agreement.

 

ARTICLE
VII

ADDITIONAL RIGHTS AND OBLIGATIONS

IN RESPECT OF RECEIVABLES

 

SECTION
7.1 Rights of the Buyer. Each Originator hereby authorizes the Buyer, the Master Servicer or their respective designees
or assignees under this Agreement or the Receivables Purchase Agreement (including, without limitation, the Administrative Agent)
to take any and all steps in such Originator’s name necessary or desirable, in their respective determination, to collect
all amounts due under any and all Receivables sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder,
including, without limitation, endorsing the name of such Originator on checks and other instruments representing Collections and
enforcing such Receivables and the provisions of the related Contracts that concern payment and/or enforcement of rights to payment;
provided, however, the Administrative Agent shall not take any of the foregoing actions unless a Purchase and Sale
Termination Event or an Event of Termination has occurred and is continuing.

 

SECTION
7.2 Responsibilities of the Originators. Anything herein to the contrary notwithstanding:

 

(a)          Each Originator shall perform its obligations hereunder, and the exercise by the Buyer or its designee of its rights hereunder
shall not relieve such Originator from such obligations.

 

(b)         None
of the Buyer, the Master Servicer, the Purchasers or the Administrative Agent shall have any obligation or liability to any Obligor
or any other third Person with respect to any Receivables, Contracts related thereto or any other related agreements, nor shall
the Buyer, the Master Servicer, the Purchasers or the Administrative Agent be obligated to perform any of the obligations of such
Originator thereunder.

 

(c)          Each
Originator hereby grants to the Administrative Agent an irrevocable power-of-attorney, with full power of substitution, coupled
with an interest, during the occurrence and continuation of an Event of Termination to take in the name of such Originator all
steps necessary or advisable to endorse, negotiate or otherwise realize on any writing or other right of any kind held or transmitted
by such Originator or transmitted or received by the Buyer (whether or not from such Originator) in connection with any Receivable
sold, contributed or otherwise conveyed or purported to be conveyed by it hereunder or Related Right.

 

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SECTION
7.3 Further Action Evidencing Purchases. On or prior to the Closing Date, each Originator shall mark its books and
records with a legend, acceptable to the Buyer and the Administrative Agent, evidencing that the Pool Receivables have been transferred
in accordance with this Agreement and none of the Originators or Servicer shall change or remove such notation without the consent
of the Buyer and the Administrative Agent. Each Originator agrees that from time to time, at its expense, it will promptly execute
and deliver all further instruments and documents, and take all further action that the Buyer, the Master Servicer, the Administrative
Agent or any Purchaser may reasonably request in order to perfect, protect or more fully evidence the Receivables and Related Rights
purchased by or contributed to the Buyer hereunder, or to enable the Buyer to exercise or enforce any of its rights hereunder or
under any other Transaction Document. Without limiting the generality of the foregoing, upon the request of the Buyer, the Administrative
Agent or any Purchaser, such Originator will execute (if applicable), authorize and file such financing or continuation statements,
or amendments thereto or assignments thereof, and such other instruments or notices, as may be necessary or appropriate.

 

Each Originator hereby authorizes the Buyer
or its designee or assignee (including, without limitation, the Administrative Agent) to file one or more financing or continuation
statements, and amendments thereto and assignments thereof, relative to all or any of the Receivables and Related Rights sold or
otherwise conveyed or purported to be conveyed by it hereunder and now existing or hereafter generated by such Originator. If any
Originator fails to perform any of its agreements or obligations under this Agreement, the Buyer or its designee or assignee (including,
without limitation, the Administrative Agent) may (but shall not be required to) itself perform, or cause the performance of, such
agreement or obligation, and the expenses of the Buyer or its designee or assignee (including, without limitation, the Administrative
Agent) incurred in connection therewith shall be payable by such Originator.

 

SECTION
7.4 Application of Collections. Any payment by an Obligor in respect of any indebtedness owed by it to any Originator
shall, except as otherwise specified by such Obligor or required by applicable Law and unless otherwise instructed by the Master
Servicer (with the prior written consent of the Administrative Agent) or the Administrative Agent, be applied as a Collection of
any Receivable or Receivables of such Obligor to the extent of any amounts then due and payable thereunder (such application to
be made starting with the oldest outstanding Receivable or Receivables) before being applied to any other indebtedness of such
Obligor.

 

SECTION
7.5 Performance of Obligations. Each Originator shall (i) perform all of its obligations under the Contracts related
to the Receivables generated by such Originator to the same extent as if interests in such Receivables had not been transferred
hereunder, and the exercise by the Buyer or the Administrative Agent of its rights hereunder or under the Receivables Purchase
Agreement (as applicable) shall not relieve any Originator from any such obligations and (ii) pay when due any taxes, including,
without limitation, any sales taxes payable in connection with the Receivables generated by such Originator and their creation
and satisfaction.

 

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SECTION
7.6 Collection Account Arrangements. Each Originator hereby acknowledges and agrees that neither the Master Servicer
nor such Originator has any right, title or interest in any Collections on deposit in any Collection Account. To the extent that
any Collection Account is titled in the name of such Originator for the benefit of the Buyer, such Originator is holding any such
Collections on deposit in such Collection Account, solely as Buyer’s agent, in trust for the benefit of the Buyer, the Administrative
Agent, the Purchasers and the other Secured Party. To the extent that the Buyer (or following the occurrence of any Event of Termination,
the Administrative Agent) instructs such Originator to remit any such amounts on deposit in any such Collection Account, such Originator
shall promptly remit such amounts directly to the Administrative Agent in partial satisfaction of the Seller Obligations and to
be applied in accordance with the priority of payments set forth in Section 4.01 of the Receivables Purchase Agreement.

 

ARTICLE
VIII

PURCHASE AND SALE TERMINATION EVENTS

 

SECTION
8.1 Purchase and Sale Termination Events. Each of the following events or occurrences described in this Section
8.1 shall constitute a “Purchase and Sale Termination Event” (each event which with notice or the passage
of time or both would become a Purchase and Sale Termination Event being referred to herein as an “Unmatured Purchase
and Sale Termination Event”):

 

(a)          the Termination Date shall have occurred;

 

(b)          any
Originator shall fail to make when due any payment or deposit to be made by it under this Agreement or any other Transaction Document
to which it is a party and such failure shall remain unremedied for three (3) Business Days;

 

(c)          any
representation or warranty made or deemed to be made by any Originator (or any of its officers) under or in connection with this
Agreement, any other Transaction Documents to which it is a party, or any other information or report delivered pursuant hereto
or thereto shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered; provided,
that such circumstance shall not constitute a Purchase and Sale Termination Event if such representation or warranty, or such
information or report, is part of a Monthly Report, is corrected promptly (but not later than two (2) Business Days) after the
Originator has knowledge or receives notice thereof; provided, further that no breach of a representation or warranty
set forth in Sections 5.5, 5.12, 5.20, 5.22, 5.23, 5.26 or 5.27 shall constitute
a Purchase and Sale Termination Event pursuant to this clause (c) if credit has been given for a reduction of the Purchase
Price, the outstanding principal balance of the applicable Subordinated Note has been reduced or the applicable Originator has
made a cash payment to the Buyer, in any case, as required pursuant to Section 3.3(c) with respect to such breach;

 

(d)          any
Originator shall fail to perform or observe any other term, covenant or agreement contained in this Agreement or any other Transaction
Document to which it is a party on its part to be performed or observed and such failure shall continue unremedied for thirty
(30) days after the such Originator has knowledge or receives written notice thereof; or

 

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(e)          any Insolvency Proceeding shall be instituted against any Originator and such proceeding shall remain undismissed or unstayed
for a period of sixty (60) consecutive days or any of the actions sought in such proceeding (including the entry of an order for
relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part
of its property) shall occur.

 

SECTION
8.2 Remedies.

 

(a)          Optional
Termination. Upon the occurrence and during the continuation of a Purchase and Sale Termination Event, the Buyer (and not
the Master Servicer), with the prior written consent of the Administrative Agent shall have the option, by notice to the Originators
(with a copy to the Administrative Agent and the Purchasers), to declare the Purchase Facility terminated.

 

(b)         Remedies
Cumulative. Upon any termination of the Purchase Facility pursuant to Section 8.2(a), the Buyer (and the Administrative
Agent as Buyer’s assignee) shall have, in addition to all other rights and remedies under this Agreement, all other rights
and remedies provided under the UCC of each applicable jurisdiction and other applicable Laws, which rights shall be cumulative.

 

ARTICLE
IX

INDEMNIFICATION

 

SECTION
9.1 Indemnities by the Originators. Without limiting any other rights that the Buyer may have hereunder or under
applicable Law, each Originator and Nabors, jointly and severally, hereby agrees to indemnify the Buyer, each of its officers,
directors, employees, agents, employees and respective assigns, the Administrative Agent and each Purchaser (each of the foregoing
Persons being individually called a “Purchase and Sale Indemnified Party”), forthwith on demand, from and against
any and all damages, claims, losses, judgments, liabilities, penalties and related costs and expenses (including Attorney Costs)
(all of the foregoing being collectively called “Purchase and Sale Indemnified Amounts”) awarded against or
incurred by any of them arising out of, relating to or in connection with:

 

(a)          the breach of any representation or warranty made or deemed made by such Originator (or any employee, officer or agent of
such Originator) under or in connection with this Agreement or any of the other Transaction Documents, or any information or report
delivered by or on behalf of such Originator pursuant hereto or thereto which shall have been untrue or incorrect when made or
deemed made or delivered;

 

(b)          the transfer by such Originator of any interest in any Pool Receivable or Related Right other than the transfer of any Pool
Receivable and Related Security to the Buyer pursuant to this Agreement or the grant of a security interest to the Buyer pursuant
to this Agreement;

 

(c)          the
failure by such Originator to comply with the terms of any Transaction Document or with any applicable Law with respect to any
Pool Receivable or the related Contract; or the failure of any Pool Receivable or the related Contract to conform to any such
applicable Law;

 

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(d)          the lack of an enforceable ownership interest, or a first priority perfected lien, in the Pool Receivables (and all Related
Security) originated by such Originator against all Persons (including any bankruptcy trustee or similar Person), in either case,
free and clear of any Adverse Claim;

 

(e)          the
failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or
other similar instruments or documents under the UCC of any applicable jurisdiction or other applicable Laws with respect to any
Pool Receivable or the Related Rights;

 

(f)           any
suit or claim related to the Pool Receivables originated by such Originator (including any products liability or environmental
liability claim arising out of or in connection with the property, products or services that are the subject of any Pool Receivable
originated by such Originator);

 

(g)          any
dispute, claim, offset or defense (other than related to or in connection with the financial condition or discharge in bankruptcy)
of the Obligor to the payment of any Receivable in the Receivables Pool (including a defense based on such Receivable’s
or the related Contract’s not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance
with its terms) or any other claim resulting from the sale of the property, products or services giving rise to such Receivable
or the furnishing or failure to furnish such property, products or services;

 

(h)          any
failure of such Originator to perform any of its duties or obligations in accordance with the provisions hereof and of each other
Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard
to each Pool Receivable;

 

(i)           any
products liability, environmental or other claim arising out of or in connection with any Receivable or other merchandise, goods
or services which are the subject of or related to any Receivable;

 

(j)           the
commingling of Collections of Pool Receivables at any time with other funds;

 

(k)          the
failure by such Originator to provide, or unreasonable delay by such Originator in providing, to any Obligor an invoice or other
evidence of indebtedness;

 

(l)           any investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document
or in respect of any Pool Receivable or any Related Rights;

 

(m)         any
claim brought by any Person other than a Purchase and Sale Indemnified Party arising from any activity by such Originator or any
Affiliate of such Originator in servicing, administering or collecting any Pool Receivable;

 

(n)          the failure by such Originator to pay when due any Taxes, including, without limitation, sales, excise or personal property
taxes;

 

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(o)          any
dispute, claim, offset or defense (other than related to or in connection with the financial condition or discharge in bankruptcy
of the Obligor) of the Obligor to the payment of any Pool Receivable (including, without limitation, a defense based on such Pool
Receivable or the related Contract not being a legal, valid and binding obligation of such Obligor enforceable against it in accordance
with its terms), or any other claim resulting from the sale of goods or the rendering of services related to such Pool Receivable
or the furnishing or failure to furnish any such goods or services or other similar claim or defense not arising from the financial
inability of any Obligor to pay undisputed indebtedness;

 

(p)          any
product liability claim arising out of or in connection with goods or services that are the subject of any Receivable generated
by such Originator;

 

(q)          [Reserved];

 

(r)          any
tax or governmental fee or charge, all interest and penalties thereon or with respect thereto, and all out-of-pocket costs and
expenses, including without limitation Attorney Costs in defending against the same, which are required to be paid by reason of
the purchase or ownership of the Receivables generated by such Originator or any Related Rights connected with any such Receivables;

 

(s)          any
liability under Section 5.03 of the Receivables Purchase Agreement; or

 

(t)           any
action taken by the Administrative Agent as attorney-in-fact for such Originator pursuant to this Agreement or any other Transaction
Document;

 

provided that such indemnity shall
not be available to any Purchase and Sale Indemnified Party to the extent that such losses, claims, damages, liabilities or related
expenses (x) are determined by a court of competent jurisdiction in a final and nonappealable judgment to have resulted solely
from the gross negligence or willful misconduct of a Purchase and Sale Indemnified Party or (y) constitute recourse with respect
to a Pool Receivable by reason of the bankruptcy or insolvency, or the financial or credit condition or financial default, of the
related Obligor.

 

Notwithstanding anything to the contrary
in this Agreement, solely for purposes of such Originator’s indemnification obligations in this Article IX, any
representation, warranty or covenant qualified by the occurrence or non-occurrence of a Material Adverse Effect or similar concepts
of materiality shall be deemed to be not so qualified.

 

If for any reason the foregoing indemnification
is unavailable to any Purchase and Sale Indemnified Party or insufficient to hold it harmless, then the Originators, jointly and
severally, shall contribute to the amount paid or payable by such Purchase and Sale Indemnified Party as a result of such loss,
claim, damage or liability in such proportion as is appropriate to reflect the relative economic interests of such Originator and
its Affiliates (other than Buyer), on the one hand, and such Purchase and Sale Indemnified Party, on the other hand, in the matters
contemplated by this Agreement as well as the relative fault of such Originator and its Affiliates (other than Buyer) and such
Purchase and Sale Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.
The reimbursement, indemnity and contribution obligations of such Originator under this Section shall be in addition to any liability
which such Originator may otherwise have, shall extend upon the same terms and conditions to each Purchase and Sale Indemnified
Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of such
Originator and the Purchase and Sale Indemnified Parties. Any indemnification or contribution under this Section shall survive
the termination of this Agreement.

 

    30 

     

    

 

ARTICLE
X

MISCELLANEOUS

 

SECTION
10.1 Amendments, etc.

 

(a)          The
provisions of this Agreement may from time to time be amended, modified or waived, if such amendment, modification or waiver is
in writing and executed by the Buyer, the Master Servicer and each Originator, with the prior written consent of the Administrative
Agent and the Majority Purchasers.

 

(b)          No
failure or delay on the part of the Buyer, the Master Servicer, any Originator, the Administrative Agent or any third-party beneficiary
in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any
such power or right preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or
demand on the Buyer, the Master Servicer or any Originator in any case shall entitle it to any notice or demand in similar or
other circumstances. No waiver or approval by the Buyer, the Administrative Agent or the Master Servicer under this Agreement
shall, except as may otherwise be stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
under this Agreement shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder.

 

(c)          The
Transaction Documents contain a final and complete integration of all prior expressions by the parties hereto with respect to
the subject matter thereof and shall constitute the entire agreement among the parties hereto with respect to the subject matter
thereof, superseding all prior oral or written understandings.

 

SECTION
10.2 Notices, etc. All notices and other communications provided for hereunder shall, unless otherwise stated herein,
be in writing (including electronic mail communication) and shall be delivered or sent by electronic mail, or by overnight mail,
to the intended party at the mailing or electronic mail address of such party set forth under its name on Schedule IV hereof
or at such other address as shall be designated by such party in a written notice to the other parties hereto or in the case of
the Administrative Agent or any Purchaser, at their respective address for notices pursuant to the Receivables Purchase Agreement.
All such notices and communications shall be effective (i) if delivered by overnight mail, when received, and (ii) if transmitted
by electronic mail, when sent, receipt confirmed by telephone or electronic means.

 

SECTION
10.3 No Waiver; Cumulative Remedies. The remedies herein provided are cumulative and not exclusive of any remedies
provided by law. Without limiting the foregoing, Nabors and each Originator hereby authorizes the Buyer, the Administrative Agent
and each Purchaser (collectively, the “Set-off Parties”), at any time and from time to time, to the fullest
extent permitted by law, to set off, against any obligations of Nabors or such Originator to such Set-off Party arising in connection
with the Transaction Documents (including, without limitation, amounts payable pursuant to Section 9.1) that are then due
and payable or that are not then due and payable but have accrued, any and all deposits (general or special, time or demand, provisional
or final) at any time held by, and any and all indebtedness at any time owing by, any Set-off Party to or for the credit or the
account of Nabors or such Originator.

 

    31 

     

    

 

SECTION
10.4 Binding Effect; Assignability. This Agreement shall be binding upon and inure to the benefit of the Buyer and
each Originator and their respective successors and permitted assigns. No Originator may assign any of its rights hereunder or
any interest herein without the prior written consent of the Buyer, the Administrative Agent and each Purchaser, except as otherwise
herein specifically provided. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance
with its terms, and shall remain in full force and effect until such time as the parties hereto shall agree. The rights and remedies
with respect to any breach of any representation and warranty made by any Originator pursuant to Article V and the
indemnification and payment provisions of Article IX and Section 10.6 shall be continuing and shall survive
any termination of this Agreement.

 

SECTION
10.5 Governing Law. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF), EXCEPT
TO THE EXTENT THAT THE PERFECTION OF A SECURITY INTEREST OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED
BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF NEW YORK.

 

SECTION
10.6 Costs, Expenses and Taxes. In addition to the obligations of the Originators under Article IX, each Originator,
severally and for itself alone, and Nabors, jointly and severally with each Originator, agrees to pay on demand:

 

(a)           to
the Buyer (and any successor and permitted assigns thereof) and any third-party beneficiary of the Buyer’s rights hereunder
all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery and administration
of this Agreement (together with all amendments, restatements, supplements, consents and waivers, if any, from time to time hereto),
including, without limitation, (i) the reasonable Attorney Costs for the Buyer (and any successor and permitted assigns thereof)
and any third-party beneficiary of the Buyer’s rights hereunder with respect thereto and with respect to advising any such
Person as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’,
auditors’ and consultants’ fees and expenses for the Buyer (and any successor and permitted assigns thereof) and any
third-party beneficiary of the Buyer’s rights hereunder incurred in connection with the administration and maintenance of
this Agreement or advising any such Person as to their rights and remedies under this Agreement or as to any actual or reasonably
claimed breach of this Agreement or any other Transaction Document;

 

    32 

     

    

 

(b)          to the Buyer (and any successor and permitted assigns thereof) and any third-party beneficiary of the Buyer’s rights
hereunder all reasonable out-of-pocket costs and expenses (including reasonable Attorney Costs), of any such Person incurred in
connection with the enforcement of any of their respective rights or remedies under the provisions of this Agreement and the other
Transaction Documents; and

 

(c)          all
stamp, franchise and other taxes and fees payable in connection with the execution, delivery, filing and recording of this Agreement
or the other Transaction Documents to be delivered hereunder, and agrees to indemnify each Purchase and Sale Indemnified Party
against any liabilities with respect to or resulting from any delay in paying or omitting to pay such taxes and fees.

 

SECTION
10.7 SUBMISSION TO JURISDICTION. (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF
ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING SHALL BE
HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT THEY MAY EFFECTIVELY DO SO, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE
OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE
AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

(b)          EACH PARTY HERETO CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES
OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SCHEDULE IV. NOTHING IN THIS SECTION 10.7 SHALL AFFECT THE RIGHT
OF THE PARTIES HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

SECTION
10.8 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE)
IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

SECTION
10.9 Captions and Cross References; Incorporation by Reference. The various captions (including, without limitation,
the table of contents) in this Agreement are included for convenience only and shall not affect the meaning or interpretation of
any provision of this Agreement. References in this Agreement to any underscored Article, Section, Schedule or Exhibit are to such
Article, Section, Schedule or Exhibit of this Agreement, as the case may be. The Schedules and Exhibits hereto are hereby incorporated
by reference into and made a part of this Agreement.

 

    33 

     

    

 

SECTION
10.10 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which when
so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.
Delivery of an executed counterpart hereof by electronic means shall be equally effective as delivery of an originally executed
counterpart.

 

SECTION
10.11 Acknowledgment and Agreement. By execution below, each Originator expressly acknowledges and agrees that all
of the Buyer’s rights, title, and interests in, to, and under this Agreement (but not its obligations), shall be assigned
by the Buyer to the Administrative Agent (for the benefit of the Purchasers) pursuant to the Receivables Purchase Agreement, and
each Originator consents to such assignment. Each of the parties hereto acknowledges and agrees that the Purchasers and the Administrative
Agent are third-party beneficiaries of the rights of the Buyer arising hereunder and under the other Transaction Documents to which
any Originator is a party, and notwithstanding anything to the contrary contained herein or in any other Transaction Document,
during the occurrence and continuation of an Event of Termination under the Receivables Purchase Agreement, the Administrative
Agent, and not the Buyer, shall have the sole right to exercise all such rights and related remedies.

 

SECTION
10.12 No Proceeding. Each Originator hereby agrees that it will not institute, or join any other Person in instituting,
against the Buyer any Insolvency Proceeding for at least one year and one day following the Final Payout Date. Each Originator
further agrees that notwithstanding any provisions contained in this Agreement to the contrary, the Buyer shall not, and shall
not be obligated to, pay any amount in respect of any Subordinated Note or otherwise to such Originator pursuant to this Agreement
unless the Buyer has received funds which may, subject to Section 4.01 of the Receivables Purchase Agreement, be used to make
such payment. Any amount which the Buyer does not pay pursuant to the operation of the preceding sentence shall not constitute
a claim (as defined in §101 of the Bankruptcy Code) against or corporate obligation of the Buyer by such Originator for any
such insufficiency unless and until the provisions of the foregoing sentence are satisfied. The agreements in this Section 10.12
shall survive any termination of this Agreement.

 

SECTION
10.13 Mutual Negotiations. This Agreement and the other Transaction Documents are the product of mutual negotiations
by the parties thereto and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction
Document or any provision hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity
of any provision of this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted
against any party because of such party’s involvement in the drafting thereof.

 

SECTION
10.14 Joint and Several Liability. Each of the representations, warranties, covenants, obligations, indemnities and
other undertakings of any Originator hereunder shall be made jointly and severally, and are joint and several liabilities of each
of the Originators hereunder.

 

    34 

     

    

 

SECTION
10.15 Severability. Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction.

 

[Signature Pages Follow]

 

    35

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first
above written.

 

	 	BUYER:
	 	 
	 	NABORS A.R.F., LLC,
	 	a Delaware limited liability company
	 	 	 
	 	 	 
	 	By:	/s/Popin (Bob) Su
	 	Name: 	 Popin (Bob) Su
	 	Title:	Vice President - Treasury
	 	 	 
	 	 	 
	 	MASTER SERVICER:
	 	 
	 	NABORS INDUSTRIES, INC.,
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	By:	/s/William Restrepo
	 	Name: 	William Restrepo
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	ORIGINATORS:
	 	 
	 	NABORS ALASKA DRILLING, INC.,
	 	an Alaska corporation
	 	 	 
	 	 	 
	 	By:	/s/Michael Rasmuson
	 	Name: 	Michael Rasmuson
	 	Title:	Vice President - Legal
	 	 	 
	 	 	 
	 	NABORS DRILLING TECHNOLOGIES USA, INC., 
	 	a Delaware corporation
	 	 	 
	 	 	 
	 	By:	/s/Joseph G. Walker
	 	Name: 	Joseph G. Walker
	 	Title:	Secretary
	 	 	 

 

Receivables Sale Agreement

 

    S-1

     

    

 

	 	NABORS OFFSHORE CORPORATION,
	 	a Delaware corporation
	 	 	 
	 	By:	/s/Michael Rasmuson
	 	Name: 	Michael Rasmuson
	 	Title:	Vice President - Legal

 

Receivables Sale Agreement

 

    S-2

     

    

 

 

Schedule I

 

LIST AND LOCATION OF EACH ORIGINATOR 

 

	Originator	Location
	Nabors Alaska Drilling, Inc.	Alaska
	Nabors Drilling Technologies USA, Inc.	Delaware
	Nabors Offshore Corporation	Delaware

 

Receivables Sale Agreement

 

    Schedule I-1

     

    

 

Schedule II

LOCATION OF BOOKS AND RECORDS OF ORIGINATORS

 

	Originator	Location of Books and Records
	Nabors Alaska Drilling, Inc.	515 West Greens Road, Suite 1000 Houston, Texas 77067-4525
	Nabors Drilling Technologies USA, Inc.	515 West Greens Road, Suite 1000 Houston, Texas 77067-4525
	Nabors Offshore Corporation	515 West Greens Road, Suite 500 Houston, Texas 77067-4525

 

Receivables Sale Agreement

 

    Schedule II-1

     

    

 

Schedule III

 

TRADE NAMES

  

Nabors Alaska Drilling, Inc.

 

None

 

Nabors Drilling Technologies USA, Inc.

 

Canrig Drilling Technology, Ltd.

Nabors Drilling Solutions

Nabors Drilling USA

PetroMar Technologies

Ramshorn Investments

Ryan Directional Services

 

Nabors Offshore Corporation

 

None

 

Receivables Sale Agreement

 

    Schedule III-1

     

    

 

 

Schedule IV

 

NOTICE ADDRESSES

 

If to Nabors Alaska Drilling, Inc.:

 

Nabors Alaska Drilling, Inc.

2525 C Street, Suite 202

Anchorage, Alaska 99503

Attention: Treasurer

E-mail: John.Neason@Nabors.com

 

with a copy to:

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067-4525

Attention: General Counsel

E-mail: general.counsel@nabors.com

 

If to Nabors Drilling Technologies USA, Inc.:

 

Nabors Drilling Technologies USA, Inc.

515 West Greens Road, Suite 1000

Houston, Texas 77067-4525

Attention: Senior Vice President of U.S. Operations

E-mail: Edgar.Rincon@Nabors.com

 

with a copy to:

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067-4525

Attention: General Counsel

E-mail: general.counsel@nabors.com

 

If to Nabors Offshore Corporation:

 

Nabors Offshore Corporation

515 West Greens Road, Suite 500

Houston, Texas 77067-4525

Attention: President

E-mail: Terry.Boyd@Nabors.com

 

with a copy to:

 

Receivables Sale Agreement

 

    Schedule IV-1

     

    

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067-4525

Attention: General Counsel

E-mail: general.counsel@nabors.com

 

If to the Buyer:

 

Nabors A.R.F., LLC

515 West Greens Road

Room 12-218

Houston, Texas 77067

Telephone:281-775-8587

Email: naborsarf.llc@nabors.com

Attention:        Treasurer

 

with a copy to:

 

Nabors Corporate Services, Inc.

515 West Greens Road, Suite 1200

Houston, Texas 77067-4525

Attention: General Counsel

E-mail: general.counsel@nabors.com

 

Receivables Sale Agreement

 

    Schedule IV-2

     

    

 

Schedule V

ACTIONS/SUITS 

 

[None]

 

Receivables Sale Agreement

 

    Schedule V-1

     

    

 

Exhibit A

FORM OF PURCHASE REPORT

 

	Originator:	[Name of Originator]
	 
	Buyer:	Nabors A.R.F., LLC
	 
	Payment Date:  	________________ ___, 20___

 

	1.	Outstanding Balance of Receivables [Purchased] [Contributed to the Capital of Buyer] [on the Closing Date][during the preceding calendar month]:
	 	 
	2.	[Fair Market Value Discount:
	 	 
	 	1/{1 + (Prime Rate x Days Sales Outstanding}
	 	365
	 	 
	 	Where:
	 	 
	 	Prime Rate   =   __________
	 	 
	 	Days Sales Outstanding   =  __________]
	 	 
	3.	Purchase Price  (1 x 2)  =  $ __________
	 	 
	4.	Reductions in the Purchase Price  =  $ __________
	 	 
	5.	Net Purchase Price  (3 – 4)  =  $ __________

 

Receivables Sale Agreement

  

    Exhibit A-1

     

    

  

Exhibit B

 

FORM OF SUBORDINATED NOTE

 

New York, New York

[____], 20[__]

 

FOR VALUE RECEIVED,
the undersigned, NABORS A.R.F., LLC, a Delaware limited liability company (the “Buyer”), promises to pay to
[________________], a [______________] (the “Originator”), on the terms and subject to the conditions set forth
herein and in the Receivables Sale Agreement referred to below, the aggregate unpaid Purchase Price of all Receivables purchased
by the Buyer from the Originator pursuant to such Receivables Sale Agreement, as such unpaid Purchase Price is shown in the records
of the Master Servicer.

 

1.             Receivables Sale
Agreement. This Subordinated Note is one of the Subordinated Notes described in, and is subject to the terms and conditions
set forth in, that certain Receivables Sale Agreement dated as of September 13, 2019 (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Receivables Sale Agreement”), among the Buyer, Nabors Industries,
Inc., as Master Servicer, the Originator, and the other originators from time to time party thereto. Reference is hereby made
to the Receivables Sale Agreement for a statement of certain other rights and obligations of the Buyer and the Originator.

 

2.             Definitions. Capitalized terms used (but not defined) herein have the meanings assigned thereto in the Receivables
Sale Agreement and in Article I of the Receivables Purchase Agreement (as defined in the Receivables Sale Agreement). In
addition, as used herein, the following terms have the following meanings:

 

“Bankruptcy
Proceedings” has the meaning set forth in clause (b) of paragraph 9 hereof.

 

“Final
Maturity Date” means the Payment Date immediately following the date that falls one year and one day after the Termination
Date.

 

“Prime
Rate” means a per annum rate equal to the “U.S. Prime Rate” as published in the “Money Rates”
section of The Wall Street Journal or if such information ceases to be published in The Wall Street Journal, such other publication
as determined by the Buyer in its sole discretion.

 

“Senior
Interest Holders” means, collectively, the Purchasers, the Administrative Agent, the Seller Indemnified Parties, the
Master Servicer Indemnified Parties and the Affected Persons.

 

Receivables
Sale Agreement

 

 

 

    Exhibit B-1

     

    

 

“Senior
Interests” means, collectively, (i) the Aggregate Yield, (ii) the Aggregate Capital, (iii) the fees referred to in Section
2.03 of the Receivables Purchase Agreement, (iv) all amounts payable pursuant to Sections 4.01, 4.02, 13.01
or 14.04 of the Receivables Purchase Agreement and (v) all other obligations of the Buyer and the Master Servicer that are
due and payable, to (a) the Purchasers, the Administrative Agent and their respective successors, permitted transferees and assigns
arising in connection with the Transaction Documents and (b) any Seller Indemnified Party, Master Servicer Indemnified Party or
Affected Person arising in connection with the Receivables Purchase Agreement or any other Transaction Document, in each case,
howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due
or to become due, together with any and all interest accruing on any such amount after the commencement of any Bankruptcy Proceedings,
notwithstanding any provision or rule of law that might restrict the rights of any Senior Interest Holder, as against the Buyer
or anyone else, to collect such interest.

 

“Subordination
Provisions” means, collectively, clauses (a) through (l) of paragraph 9 hereof.

 

3.             Interest. Subject to the Subordination Provisions set forth below, the Buyer promises to pay interest on this Subordinated
Note as follows: to (but excluding) the date on which the entire aggregate unpaid Purchase Price is fully paid, the aggregate unpaid
Purchase Price from time to time outstanding shall bear interest at a rate per annum equal to the Prime Rate.

 

4.             Interest Payment Dates. Subject to the Subordination Provisions set forth below, the Buyer shall pay accrued interest
on this Subordinated Note on each Monthly Settlement Date, and shall pay accrued interest on the amount of each principal payment
made in cash on a date other than a Monthly Settlement Date at the time of such principal payment.

 

5.             Basis
of Computation. Interest accrued hereunder shall be computed for the actual number of days elapsed on the basis of a 365-
or 366-day year, as the case may be.

 

6.             Principal
Payment Dates. Subject to the Subordination Provisions set forth below, payments of the principal amount of this Subordinated
Note shall be made as follows:

 

(a)          The
principal amount of this Subordinated Note shall be reduced by an amount equal to each payment deemed made pursuant to Section
3.3 of the Receivables Sale Agreement.

 

(b)          The
entire outstanding principal amount of this Subordinated Note shall be paid on the Final Maturity Date.

 

(c)          Subject
to the Subordination Provisions set forth below, the principal amount of and accrued interest on this Subordinated Note may be
prepaid by, and in the sole discretion of the Buyer, on any Business Day without premium or penalty.

 

7.             Payment Mechanics. All payments of principal and interest hereunder are to be made in lawful money of the United
States of America in the manner specified in Article III of the Receivables Sale Agreement.

 

Receivables Sale
Agreement

 

    Exhibit B-2

     

    

 

8.             Enforcement Expenses. In addition to and not in limitation of the foregoing, but subject to the Subordination Provisions
set forth below and to any limitation imposed by applicable Law, the Buyer agrees to pay all expenses, including Attorney Costs,
incurred by the Originator in seeking to collect any amounts payable hereunder which are not paid when due.

 

9.             Subordination
Provisions. The Buyer covenants and agrees, and the Originator and any other holder of this Subordinated Note (collectively,
the Originator and any such other holder are called the “Holder”), by its acceptance of this Subordinated Note,
likewise covenants and agrees on behalf of itself and any Holder, that the payment of the principal amount of and interest on
this Subordinated Note is hereby expressly subordinated in right of payment to the payment and performance of the Senior Interests
to the extent and in the manner set forth in the following clauses of this paragraph 9:

 

(a)          No
payment or other distribution of the Buyer’s assets of any kind or character, whether in cash, securities, or other rights
or property, shall be made on account of this Subordinated Note except to the extent such payment or other distribution is (i)
permitted under Section 8.01(r) of the Receivables Purchase Agreement or (ii) made pursuant to clause (a) or (b)
of paragraph 6 of this Subordinated Note;

 

(b)          In
the event of any dissolution, winding up, liquidation, composition or readjustment of debt, reorganization or other similar event
relating to the Buyer, whether voluntary or involuntary, partial or complete, and whether in bankruptcy, insolvency or receivership
proceedings, or upon an assignment for the benefit of creditors, appointment of a receiver, trustee (other than a trustee under
a deed of trust, indenture or similar instrument), custodian, sequestrator (or other similar official) for Buyer or the creditors
of Buyer, or any sale of all or substantially all of the assets of the Buyer other than as permitted by the Receivables Sale Agreement
(such proceedings being herein collectively called “Bankruptcy Proceedings”), the Senior Interests shall first
be paid and performed in full and in cash before the Originator shall be entitled to receive and to retain any payment or distribution
in respect of this Subordinated Note. In order to implement the foregoing: (i) all payments and distributions of any kind or character
in respect of this Subordinated Note to which the Holder would be entitled except for this clause (b) shall be made directly
to the Administrative Agent (for the benefit of the Senior Interest Holders); (ii) the Holder shall promptly file a claim or claims,
in the form required in any Bankruptcy Proceedings, for the full outstanding amount of this Subordinated Note, and shall use commercially
reasonable efforts to cause said claim or claims to be approved and all payments and other distributions in respect thereof to
be made directly to the Administrative Agent (for the benefit of the Senior Interest Holders) until the Senior Interests shall
have been paid and performed in full and in cash; and (iii) the Holder hereby irrevocably agrees that the Administrative Agent
(acting on behalf of the Purchasers), may in the name of the Holder or otherwise, demand, sue for, collect, receive and receipt
for any and all such payments or distributions, and file, prove and vote or consent in any such Bankruptcy Proceedings with respect
to any and all claims of the Holder relating to this Subordinated Note, in each case until the Senior Interests shall have been
paid and performed in full and in cash;

 

Receivables
Sale Agreement

 

    Exhibit B-3

     

    

 

(c)          In
the event that the Holder receives any payment or other distribution of any kind or character from the Buyer or from any other
source whatsoever, in respect of this Subordinated Note, other than as expressly permitted by the terms of this Subordinated Note,
such payment or other distribution shall be received in trust for the Senior Interest Holders and shall be turned over by the
Holder to the Administrative Agent (for the benefit of the Senior Interest Holders) forthwith. The Holder will mark its books
and records so as clearly to indicate that this Subordinated Note is subordinated in accordance with the terms hereof. All payments
and distributions received by the Administrative Agent in respect of this Subordinated Note, to the extent received in or converted
into cash, may be applied by the Administrative Agent (for the benefit of the Senior Interest Holders) first to the payment of
any and all expenses (including Attorney Costs) paid or incurred by the Senior Interest Holders in enforcing these Subordination
Provisions, or in endeavoring to collect or realize upon this Subordinated Note, and any balance thereof shall, solely as between
the Originator and the Senior Interest Holders, be applied by the Administrative Agent (in the order of application set forth
in Section 3.01 of the Receivables Purchase Agreement) toward the payment of the Senior Interests; but as between the Buyer
and its creditors, no such payments or distributions of any kind or character shall be deemed to be payments or distributions
in respect of the Senior Interests;

 

(d)          Notwithstanding any payments or distributions received by the Senior Interest Holders in respect of this Subordinated Note,
while any Bankruptcy Proceedings are pending the Holder shall not be subrogated to the then existing rights of the Senior Interest
Holders in respect of the Senior Interests until the Senior Interests have been paid and performed in full and in cash. If no Bankruptcy
Proceedings are pending, the Holder shall only be entitled to exercise any subrogation rights that it may acquire (by reason of
a payment or distribution to the Senior Interest Holders in respect of this Subordinated Note) to the extent that any payment arising
out of the exercise of such rights would be permitted under Section 7.01(q) of the Receivables Purchase Agreement;

 

(e)          These
Subordination Provisions are intended solely for the purpose of defining the relative rights of the Holder, on the one hand, and
the Senior Interest Holders on the other hand. Nothing contained in these Subordination Provisions or elsewhere in this Subordinated
Note is intended to or shall impair, as between the Buyer, its creditors (other than the Senior Interest Holders) and the Holder,
the Buyer’s obligation, which is unconditional and absolute, to pay the Holder the principal of and interest on this Subordinated
Note as and when the same shall become due and payable in accordance with the terms hereof or to affect the relative rights of
the Holder and creditors of the Buyer (other than the Senior Interest Holders);

 

(f)           The
Holder shall not, until the Senior Interests have been paid and performed in full and in cash, (i) cancel, waive, forgive, transfer
or assign, or commence legal proceedings to enforce or collect, or subordinate to any obligation of the Buyer, howsoever created,
arising or evidenced, whether direct or indirect, absolute or contingent, or now or hereafter existing, or due or to become due,
other than the Senior Interests, this Subordinated Note or any rights in respect hereof or (ii) convert this Subordinated Note
into an equity interest in the Buyer, unless the Holder shall, in either case, have received the prior written consent of the
Administrative Agent;

 

Receivables
Sale Agreement

 

    Exhibit B-4

     

    

 

(g)          The Holder shall not, without the advance written consent of the Administrative Agent and each Purchaser, commence, or join
with any other Person in commencing, any Bankruptcy Proceedings with respect to the Buyer until at least one year and one day shall
have passed since the Senior Interests shall have been paid and performed in full and in cash;

 

(h)           If,
at any time, any payment (in whole or in part) of any Senior Interest is rescinded or must be restored or returned by a Senior
Interest Holder (whether in connection with Bankruptcy Proceedings or otherwise), these Subordination Provisions shall continue
to be effective or shall be reinstated, as the case may be, as though such payment had not been made;

 

(i)            Each
of the Senior Interest Holders may, from time to time, at its sole discretion, without notice to the Holder, and without waiving
any of its rights under these Subordination Provisions, take any or all of the following actions: (i) retain or obtain an interest
in any property to secure any of the Senior Interests; (ii) retain or obtain the primary or secondary obligations of any other
obligor or obligors with respect to any of the Senior Interests; (iii) extend or renew for one or more periods (whether or not
longer than the original period), alter or exchange any of the Senior Interests, or release or compromise any obligation of any
nature with respect to any of the Senior Interests; (iv) amend, supplement, amend and restate, or otherwise modify any Transaction
Document; and (v) release its security interest in, or surrender, release or permit any substitution or exchange for all or any
part of any rights or property securing any of the Senior Interests, or extend or renew for one or more periods (whether or not
longer than the original period), or release, compromise, alter or exchange any obligations of any nature of any obligor with
respect to any such rights or property;

 

(j)           The
Holder hereby waives: (i) notice of acceptance of these Subordination Provisions by any of the Senior Interest Holders; (ii) notice
of the existence, creation, non-payment or non-performance of all or any of the Senior Interests; and (iii) all diligence in enforcement,
collection or protection of, or realization upon, the Senior Interests, or any thereof, or any security therefor;

 

(k)           Each of the Senior Interest Holders may, from time to time, on the terms and subject to the conditions set forth in the
Transaction Documents to which such Persons are party, but without notice to the Holder, assign or transfer any or all of the Senior
Interests, or any interest therein; and, notwithstanding any such assignment or transfer or any subsequent assignment or transfer
thereof, such Senior Interests shall be and remain Senior Interests for the purposes of these Subordination Provisions, and every
immediate and successive assignee or transferee of any of the Senior Interests or of any interest of such assignee or transferee
in the Senior Interests shall be entitled to the benefits of these Subordination Provisions to the same extent as if such assignee
or transferee were the assignor or transferor; and

 

Receivables
Sale Agreement

 

    Exhibit B-5

     

    

 

(l)           These
Subordination Provisions constitute a continuing offer from the Holder to all Persons who become the holders of, or who continue
to hold, Senior Interests; and these Subordination Provisions are made for the benefit of the Senior Interest Holders, and the
Administrative Agent may proceed to enforce such provisions on behalf of each of such Persons.

 

10.           General. No failure or delay on the part of the Originator in exercising any power or right hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such power or right preclude any other or further exercise
thereof or the exercise of any other power or right. No amendment, modification or waiver of, or consent with respect to, any provision
of this Subordinated Note shall in any event be effective unless (i) the same shall be in writing and signed and delivered by the
Buyer and the Holder and (ii) all consents required for such actions under the Transaction Documents shall have been received by
the appropriate Persons.

 

11.           Maximum
Interest. Notwithstanding anything in this Subordinated Note to the contrary, the Buyer shall never be required to pay unearned
interest on any amount outstanding hereunder and shall never be required to pay interest on the principal amount outstanding hereunder
at a rate in excess of the maximum nonusurious interest rate that may be contracted for, charged or received under applicable
federal or state law (such maximum rate being herein called the “Highest Lawful Rate”). If the effective rate
of interest which would otherwise be payable under this Subordinated Note would exceed the Highest Lawful Rate, or if the holder
of this Subordinated Note shall receive any unearned interest or shall receive monies that are deemed to constitute interest which
would increase the effective rate of interest payable by the Buyer under this Subordinated Note to a rate in excess of the Highest
Lawful Rate, then (i) the amount of interest which would otherwise be payable by the Buyer under this Subordinated Note shall
be reduced to the amount allowed by applicable Law, and (ii) any unearned interest paid by the Buyer or any interest paid by the
Buyer in excess of the Highest Lawful Rate shall be refunded to the Buyer. Without limitation of the foregoing, all calculations
of the rate of interest contracted for, charged or received by the Originator under this Subordinated Note that are made for the
purpose of determining whether such rate exceeds the Highest Lawful Rate applicable to the Originator (such Highest Lawful Rate
being herein called the “Originator’s Maximum Permissible Rate”) shall be made, to the extent permitted
by usury laws applicable to the Originator (now or hereafter enacted), by amortizing, prorating and spreading in equal parts during
the actual period during which any amount has been outstanding hereunder all interest at any time contracted for, charged or received
by the Originator in connection herewith. If at any time and from time to time (i) the amount of interest payable to the Originator
on any date shall be computed at the Originator’s Maximum Permissible Rate pursuant to the provisions of the foregoing sentence
and (ii) in respect of any subsequent interest computation period the amount of interest otherwise payable to the Originator would
be less than the amount of interest payable to the Originator computed at the Originator’s Maximum Permissible Rate, then
the amount of interest payable to the Originator in respect of such subsequent interest computation period shall continue to be
computed at the Originator’s Maximum Permissible Rate until the total amount of interest payable to the Originator shall
equal the total amount of interest which would have been payable to the Originator if the total amount of interest had been computed
without giving effect to the provisions of the foregoing sentence.

 

Receivables Sale
Agreement

 

    Exhibit B-6

     

    

 

12.           No Negotiation.
This Subordinated Note is not negotiable.

 

13.           Governing Law. THIS SUBORDINATED NOTE, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF).

 

14.           Captions.
Paragraph captions used in this Subordinated Note are for convenience only and shall not affect the meaning or interpretation
of any provision of this Subordinated Note.

 

Receivables Sale Agreement

 

    Exhibit B-7

     

    

 

IN WITNESS WHEREOF,
the Buyer has caused this Subordinated Note to be executed as of the date first written above.

 

	 	NABORS A.R.F., LLC,
	 	a Delaware limited liability company
	 	
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Receivables Sale Agreement

 

    Exhibit B-8

     

    

 

Exhibit C

 

FORM OF JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT,
dated as of ___________, 20[__] (this “Agreement”) is executed by__________, a ______________ organized under
the laws of __________ (the “Additional Originator”), with its principal place of business located at __________.

 

BACKGROUND:

 

A.            Nabors
A.R.F., LLC, a Delaware limited liability company (the “Buyer”), Nabors Industries, Inc., a Delaware corporation,
as initial Master Servicer, and the various entities from time to time party thereto, as Originators (collectively, the “Originators”),
have entered into that certain Receivables Sale Agreement, dated as of September 13, 2019 (as amended, restated, supplemented
or otherwise modified through the date hereof, and as it may be further amended, restated, supplemented or otherwise modified
from time to time, the “Receivables Sale Agreement”).

 

B.            The Additional Originator desires to become an Originator pursuant to Section 4.3 of the Receivables Sale Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Additional Originator hereby agrees as follows:

 

SECTION
1.      Definitions.
Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings assigned thereto in the Receivables
Sale Agreement or in the Receivables Purchase Agreement (as defined in the Receivables Sale Agreement).

 

SECTION
2.      Transaction
Documents. The Additional Originator hereby agrees that it shall be bound by all of the terms, conditions and provisions of,
and shall be deemed to be a party to (as if it were an original signatory to), the Receivables Sale Agreement and each of the other
relevant Transaction Documents. From and after the later of the date hereof and the date that the Additional Originator has complied
with all of the requirements of Section 4.3 of the Receivables Sale Agreement, the Additional Originator shall be an Originator
for all purposes of the Receivables Sale Agreement and all other Transaction Documents. The Additional Originator hereby acknowledges
that it has received copies of the Receivables Sale Agreement and the other Transaction Documents.

 

SECTION
3.      Representations
and Warranties. The Additional Originator hereby makes all of the representations and warranties set forth in Article V
(to the extent applicable) of the Receivables Sale Agreement as of the date hereof (unless such representations or warranties relate
to an earlier date, in which case as of such earlier date), as if such representations and warranties were fully set forth herein.
The Additional Originator hereby represents and warrants that its “location” (as defined in the applicable UCC) is
[____________________], and the offices where the Additional Originator keeps all of its books and records concerning the Receivables
and Related Security is as follows:

 

Receivables Sale Agreement

 

    Exhibit C-1

     

    

 

		 	 

		 	 

		 	 

 

SECTION
4.     Miscellaneous.
This Agreement, including the rights and duties of the parties hereto, shall be governed by, and construed in accordance with,
the laws of the State of New York (including Sections 5-1401 and 5-1402 of the General Obligations Law of the State of New York,
but without regard to any other conflicts of law provisions thereof). This Agreement is executed by the Additional Originator for
the benefit of the Buyer, and its assigns, and each of the foregoing parties may rely hereon. This Agreement shall be binding upon,
and shall inure to the benefit of, the Additional Originator and its successors and permitted assigns.

 

[Signature Pages Follow]

 

Receivables Sale Agreement

 

    Exhibit C-2

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Agreement to be executed by its duly authorized officer as of the date first above written.

 

	 	[NAME OF ADDITIONAL ORIGINATOR],
	 	a [_______________]
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

Consented to:

 

	NABORS A.R.F., LLC,
 a Delaware limited liability company
	 
	By:	 	 
	 	Name:
	 	Title:

 

Acknowledged by:

 

	WELLS FARGO BANK, N.A.
 as Administrative Agent
	 
	By:	 	 
	 	Name:
	 	Title:

 

	[PURCHASERS]
	 
	By:	 	 
	 	Name:
	 	Title:

 

	NABORS INDUSTRIES, INC.,
 a Delaware corporation
	 
	By:	 	 
	 	Name:
	 	Title:
	 

 

Receivables Sale Agreement

 

    Exhibit C-3Exhibit 10.3

 

EXECUTION VERSION

INDEMNIFICATION GUARANTEE

 

THIS INDEMNIFICATION
GUARANTEE, dated as of September 13, 2019 (this “Guarantee”), is executed by Nabors Industries Ltd., an exempted company
incorporated in Bermuda with limited liability (“Parent” or “Indemnification Guarantor”),
in favor of Wells Fargo Bank, N.A., as administrative agent for the benefit of the Secured Parties (together with its successors
and assigns, “Recipient”).

 

RECITALS

 

WHEREAS, Nabors Alaska
Drilling, Inc., an Alaska corporation, Nabors Drilling Technologies USA, Inc., a Delaware corporation and Nabors Offshore Corporation,
a Delaware corporation (each of the foregoing, a “Subsidiary Originator” and collectively, the “Subsidiary
Originators”), Nabors Industries, Inc., a Delaware corporation (the “Master Servicer” and
collectively with the Subsidiary Originators, the “Covered Entities”) and Nabors A.R.F., LLC, a Delaware
limited liability company (the “Seller”) have entered into a Receivables Sale Agreement, dated as of
September 13, 2019 (as amended, restated or otherwise modified from time to time, the “Sale Agreement”),
pursuant to which the Subsidiary Originators, subject to the terms and conditions contained therein, will from time to time on
and after the Closing Date sell and/or contribute their respective right, title and interest in their Receivables to the Seller;

 

WHEREAS, each of the
Subsidiary Originators and the Master Servicer is a Subsidiary of Indemnification Guarantor, and Indemnification Guarantor is expected
to receive substantial direct and indirect benefits from (i) the sale and/or contribution of Receivables by the Subsidiary Originators
to the Seller pursuant to the Sale Agreement and (ii) the servicing of the Receivables by the Master Servicer or any Sub-Servicer
pursuant to the Receivables Purchase Agreement (as defined below) (which benefits are hereby acknowledged);

 

WHEREAS, as an inducement
for the Purchasers from time to time party to the Receivables Purchase Agreement to purchase and acquire the Receivables pursuant
to the Receivables Purchase Agreement, Indemnification Guarantor has agreed to guaranty the full and punctual payment by the Covered
Entities of their respective Payment Obligations; and

 

WHEREAS, Indemnification
Guarantor desires to guaranty the full and punctual payment by the Covered Entities of their respective Payment Obligations as
provided herein.

 

AGREEMENT

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and adequacy of which Indemnification Guarantor hereby acknowledges, Indemnification
Guarantor hereby agrees as follows:

 

Section 1.  Definitions.
Capitalized terms used herein and not defined herein shall have the respective meanings assigned thereto in the Sale Agreement
or, if not defined therein, in the Receivables Purchase Agreement. In addition, the terms below shall have the following meanings:

 

“Payment
Obligations” means, collectively, all indemnification obligations, dilution payments and other payment obligations
of any Covered Entity under and pursuant to the Sale Agreement, the Receivables Purchase Agreement and each other document executed
and delivered by such Covered Entity in connection with the Sale Agreement or the Receivables Purchase Agreement, including, without
limitation, the due and punctual payment of all sums which are or may become due and owing by such Covered Entity under and in
accordance with the Sale Agreement or the Receivables Purchase Agreement, whether for fees (including counsel fees), expenses,
indemnified amounts, dilution amounts or otherwise, whether upon any termination of the Sale Agreement or the Receivables Purchase
Agreement or for any other reason. For the sake of clarity, it is expressly acknowledged that the Payment Obligations do not include
any recourse for the non-payment or late payment by any Obligor of any Purchased Receivable.

 

    

     

    

 

“Receivables
Purchase Agreement” means that certain Receivables Purchase Agreement dated as of September 13, 2019, among the Seller,
the Master Servicer, the purchasers from time to time party thereto (each, together with its successors and permitted assigns,
a “Purchaser” and all, together with their successors and assigns, the “Purchasers”),
and Wells Fargo Bank, N.A., as administrative agent for the Purchasers (in such capacity, together with its successors and assigns,
the “Administrative Agent”), as the same may be amended, restated or otherwise modified from time to
time.

 

Section 2.  Guarantee
of Performance of Obligations.

 

Indemnification Guarantor
hereby guarantees to Recipient, the full and punctual payment by the Covered Entities of their respective Payment Obligations.
This Guarantee is an absolute, unconditional and continuing undertaking of the full and punctual payment of all of the Payment
Obligations and is in no way conditioned upon any requirement that Recipient first attempt to collect any Payment Obligations from
any other Person or resort to any collateral security, any balance of any deposit account or credit on the books of Recipient,
the Administrative Agent, or any Lender in favor of any Covered Entity or any other Person or other means of obtaining payment
in respect of any Payment Obligations. Should any Covered Entity default in the payment of any of its Payment Obligations, Recipient
(or its assigns) may cause the immediate payment by Indemnification Guarantor of the Payment Obligations of such Covered Entity,
without demand or notice of any nature, all of which are hereby expressly waived by Indemnification Guarantor. Notwithstanding
the foregoing, this Guarantee is not a guarantee of the collection of any of the Receivables, and Indemnification Guarantor shall
not be responsible for any Payment Obligations to the extent the failure to pay such Payment Obligations by any Covered Entity
results from Receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness of any Obligor
or any other financial or credit condition resulting in the inability of any Obligor to pay any amount in respect of Receivables.

 

Section 3.  Reinstatement,
etc. The Indemnification Guarantor further agrees that, to the extent that any Person makes a payment or payments to the Recipient,
the Seller or any Purchaser in respect of any Payment Obligation, which payment or payments or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to such Person or to the estate,
trustee, or receiver of such Person or to any other party, including, without limitation, the Indemnification Guarantor, under
any bankruptcy, insolvency or similar state or federal Law, common law or equitable cause, then, to the extent of such payment
or repayment, the Payment Obligations or any part thereof which has been paid, reduced or satisfied by such amount shall be reinstated
and continued in full force and effect as of the date such initial payment, reduction or satisfaction occurred.

 

    

     

    

 

Section 4.  Confirmation.
Indemnification Guarantor hereby confirms that the transactions contemplated by the Transaction Documents have been arranged among
the Seller, the Subsidiary Originators, the Master Servicer, the Administrative Agent and the Purchasers, as applicable, with
Indemnification Guarantor’s full knowledge and consent and any amendment, restatement, modification or supplement of, or
waiver of compliance with, the Transaction Documents in accordance with the terms thereof by any of the foregoing shall be deemed
to be with Indemnification Guarantor’s full knowledge and consent.

 

Section 5.  Indemnification
Guarantor’s Further Agreements to Pay. Indemnification Guarantor further agrees to pay to Recipient (and its assigns),
forthwith upon demand in funds immediately available to Recipient, all reasonable costs and expenses (including court costs and
reasonable legal expenses) incurred or expended by Recipient in connection with the enforcement of this Guarantee, together with
interest on amounts recoverable under this Guarantee from the time when such amounts become due hereunder until payment, at a
rate of interest (computed for the actual number of days elapsed based on a 360 day year) equal to the lesser of (a) LMIR for
each date during such period and (b) the maximum interest rate permitted by applicable Law.

 

Section 6.  Waivers
by Indemnification Guarantor. Indemnification Guarantor waives notice of acceptance of this Guarantee, notice of any action
taken or omitted by Recipient (or its assigns) in reliance on this Guarantee, and any requirement that Recipient (or its assigns)
be diligent or prompt in making demands under this Guarantee, giving notice of the Termination Date, any Termination Event, any
other default or omission by any Covered Entity or asserting any other rights of Recipient under this Guarantee. Indemnification
Guarantor warrants that it has adequate means to obtain from each Covered Entity, on a continuing basis, information concerning
the financial condition of such Covered Entity, and that it is not relying on Recipient to provide such information, now or in
the future. Indemnification Guarantor also irrevocably waives all defenses (i) that at any time may be available in respect of
the Payment Obligations by virtue of any statute of limitations, valuation, stay, moratorium Law or other similar Law now or hereafter
in effect or (ii) that arise under the Law of suretyship, including impairment of collateral. Recipient (and its assigns) shall
be at liberty, without giving notice to or obtaining the assent of Indemnification Guarantor and without relieving Indemnification
Guarantor of any liability under this Guarantee, to deal with each Covered Entity and with each other party who now is or after
the date hereof becomes liable in any manner for any of the Payment Obligations, in such manner as Recipient in its sole discretion
deems fit, and to this end Indemnification Guarantor agrees that the validity and enforceability of this Guarantee, including
without limitation, the provisions of Section 10 hereof, shall not be impaired or affected by any of the following: (a)
any extension, modification or renewal of, or indulgence with respect to, or substitutions for, the Payment Obligations or any
part thereof or any agreement relating thereto at any time; (b) any failure or omission to enforce any right, power or remedy
with respect to the Payment Obligations or any part thereof or any agreement relating thereto, or any collateral securing the
Payment Obligations or any part thereof; (c) any waiver of any right, power or remedy or of the Termination Date, any Termination
Event or any default with respect to the Payment Obligations or any part thereof or any agreement relating thereto; (d) any release,
surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any other obligation
of any person or entity with respect to the Payment Obligations or any part thereof; (e) the enforceability, validity, binding
effect, legality, subordination or disaffirmance of the Payment Obligations or any part thereof or the genuineness, enforceability
or validity or amendment, restatement, modification or supplement of, or waiver of compliance with, any agreement relating thereto
or with respect to the Payment Obligations or any part thereof; (f) the application of payments received from any source to the
payment of any Payment Obligations or any part thereof or amounts which are not covered by this Guarantee even though Recipient
(or its assigns) might lawfully have elected to apply such payments to any part or all of the Payment Obligations or to amounts
which are not covered by this Guarantee; (g) the existence of any claim, setoff or other rights which Indemnification Guarantor
may have at any time against any Covered Entity in connection herewith or any unrelated transaction; (h) any assignment or transfer
of the Payment Obligations or any part thereof; or (i) any failure on the part of any Covered Entity to perform or comply with
any term of the Sale Agreement, the Receivables Purchase Agreement or any other document executed in connection therewith or delivered
thereunder, in each case whether or not Indemnification Guarantor shall have had notice or knowledge of any act or omission referred
to in the foregoing clauses (a) through (i) of this Section 6.

 

    

     

    

 

Section 7.  Unenforceability
of Payment Obligations Against Covered Entities. Notwithstanding (a) any change of ownership of any Covered Entity; (b) the
insolvency, bankruptcy or any other change in the legal status of any Covered Entity; (c) the change in or the imposition of any
Law, decree, regulation or other governmental act which does or might impair, delay or in any way affect the validity, enforceability
or the payment when due of the Payment Obligations; (d) the failure of any Covered Entity or Indemnification Guarantor to maintain
in full force, validity or effect or to obtain or renew when required all governmental and other approvals, licenses or consents
required in connection with the Payment Obligations or this Guarantee, or to take any other action required in connection with
the performance of all obligations pursuant to this Guarantee; or (e) if any of the moneys included in the Payment Obligations
have become un-recoverable from the applicable Covered Entity for any other reason other than payment in full of the Payment Obligations
in accordance with their terms, this Guarantee shall nevertheless be binding on Indemnification Guarantor. This Guarantee shall
be in addition to any other guaranty or other security for the Payment Obligations, and it shall not be rendered unenforceable
by the invalidity of any such other guaranty or security. In the event that acceleration of the time for payment of any of the
Payment Obligations is stayed upon the insolvency, bankruptcy or reorganization of any Covered Entity or for any other reason
with respect to any Covered Entity, all such amounts then due and owing with respect to the Payment Obligations under the terms
of the Sale Agreement, the Receivables Purchase Agreement or any other agreement evidencing, securing or otherwise executed in
connection with the Payment Obligations, shall if not paid by such Covered Entity be immediately due and payable by Indemnification
Guarantor.

 

Section 8.  Representations
and Warranties. The Indemnification Guarantor hereby represents and warrants to the Recipient as of the date hereof, as of
each Settlement Date and as of the day of each Investment and Release, that:

 

(a)     Incorporation
and Good Standing. The Indemnification Guarantor is a duly incorporated and validly existing exempted company in good
standing under the laws of Bermuda, with the power and authority under its constitutional documents and under the laws of
Bermuda to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted.

 

(b)     No Violation.
The execution and delivery of this Guarantee and each other Transaction Document to which the Indemnification Guarantor is a party,
the performance of the transactions contemplated by this Guarantee and the other Transaction Documents and the fulfillment of
the terms of this Guarantee and the other Transaction Documents by the Indemnification Guarantor will not (i) violate, result
in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default
under, the constitutional documents of the Indemnification Guarantor or any indenture, sale agreement, credit agreement, loan
agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Indemnification Guarantor
is a party or by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon
any of the Sold Assets or Seller Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement, security
agreement, mortgage, deed of trust or other agreement or instrument, other than this Guarantee and the other Transaction Documents
or (iii) violate any applicable Law, except to the extent that any such breach, default, Adverse Claim or violation could not
reasonably be expected to have a Material Adverse Effect.

 

    

     

    

 

(c)     Power
and Authority; Due Authorization. The Indemnification Guarantor has all necessary power and authority to (i) execute and deliver
this Guarantee and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Guarantee
and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation
of the transactions provided for in, this Guarantee and the other Transaction Documents to which it is a party have been duly
authorized by the Indemnification Guarantor by all necessary action.

 

(d)     Binding Obligations.
This Guarantee and each of the other Transaction Documents to which it is a party constitutes legal, valid and binding obligations
of the Indemnification Guarantor, enforceable against the Indemnification Guarantor in accordance with their respective terms,
except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability
may be limited by general principles of equity, regardless of whether such enforceability is considered in a proceeding in equity
or at law.

 

(e)     Anti-Corruption
Laws; Anti-Money Laundering Laws and Sanctions.

 

(i)       None
of (i) the Indemnification Guarantor, any Subsidiary, any of their respective directors, officers, or, to the knowledge of the
Indemnification Guarantor or such Subsidiary, any of their respective employees or Affiliates, or (ii) any agent or representative
of the Indemnification Guarantor or any Subsidiary that will act in any capacity in connection with or benefit from the Transaction
Documents, (A) is a Sanctioned Person or currently the subject or target of any Sanctions, (B) is controlled by or is acting on
behalf of a Sanctioned Person, (C) has its assets located in a Sanctioned Country except as permitted by applicable laws, rules
and regulations or as licensed or otherwise authorized by U.S. Department of the Treasury’s Office of Foreign Assets Control,
the U.S. Department of Commerce, or any other United States federal governmental authority with applicable jurisdiction thereover,
(D) is under administrative, civil or criminal investigation for an alleged violation of, or received notice from or made a voluntary
disclosure to any governmental entity regarding a possible violation of, Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions
by a governmental authority that enforces Sanctions or any Anti-Corruption Laws or Anti-Money Laundering Laws, or (E) directly
or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons, except as permitted by applicable
laws, rules and regulations or as licensed or otherwise authorized by U.S. Department of the Treasury’s Office of Foreign
Assets Control, the U.S. Department of Commerce, or any other United States federal governmental authority with applicable jurisdiction
thereover.

 

(ii)      Each
of the Indemnification Guarantor and its Subsidiaries has implemented and maintains in effect policies and procedures designed
to ensure compliance by the Indemnification Guarantor and its Subsidiaries and their respective directors, officers, employees,
agents and Affiliates with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable Sanctions.

 

    

     

    

 

(iii)     Each
of the Indemnification Guarantor and its Subsidiaries, each director, officer, and to the knowledge of Indemnification Guarantor,
employee, agent and Affiliate of Indemnification Guarantor and each such Subsidiary, is in compliance with all Anti-Corruption
Laws, Anti-Money Laundering Laws in all respects and applicable Sanctions.

 

(f)     Solvency.
The Indemnification Guarantor is, and after giving effect to the transactions contemplated by this Guarantee and the other Transaction
Documents, will be, Solvent.

 

(g)     Investment Company
Act. The Indemnification Guarantor is not an “investment company” within the meaning of the Investment Company
Act.

 

(h)     Compliance with
Laws. The Indemnification Guarantor has complied with all applicable Laws, the non-compliance with which could reasonably be
expected to have a Material Adverse Effect.

 

(i)     Opinions.
The facts regarding the Nabors Parties, the Receivables, the Related Security and the related matters set forth or assumed in
each of the opinions of counsel delivered in connection with this Guarantee and the Transaction Documents are true and correct
in all material respects.

 

(j)     Litigation and
Other Proceedings. There is no action, suit, proceeding or investigation pending, or to the Indemnification Guarantor’s
knowledge threatened, against the Indemnification Guarantor before any Governmental Authority: (i) asserting the invalidity of
this Guarantee or any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated
by this Guarantee or any other Transaction Document; (iii) seeking any determination or ruling that could reasonably be expected
to materially and adversely affect the performance by the Indemnification Guarantor of its obligations under, or the validity or
enforceability of, this Guarantee or any of the other Transaction Documents or (iv) individually or in the aggregate for all such
actions, suits, proceedings and investigations could reasonably be expected to have a Material Adverse Effect.

 

(k)     ERISA Compliance.Except
as would not result or reasonably be expected to result in a Material Adverse Effect:

 

(i)       During
the five-year period prior to the date on which this representation is made or deemed made: (i) no ERISA Termination Event has
occurred, and, to the best knowledge of any Nabors Party, no event or condition has occurred or exists as a result of which any
ERISA Termination Event would be reasonably expected to occur; (ii) there has been no failure to meet the minimum funding
standards under Section 430 of the Code or Section 303 of ERISA (determined without regard to any waiver of funding provisions
therein) with respect to any Plan; (iii) each Plan (excluding any Multiemployer Plan) has been maintained, operated, and funded
in material compliance with its terms and the provisions of ERISA, the Code, and any other applicable federal or state laws;
and (iv) no Lien in favor of the PBGC or a Plan has arisen or is reasonably likely to arise on account of any Plan.

 

    

     

    

 

(ii)      The
aggregate actuarial present value of all accumulated plan benefits of all Single Employer Plans (determined utilizing the assumptions
used for purposes of Statement of Financial Accounting Standards ASC No. 960) did not, as of the most recent valuation dates reflected
in Parent’s annual financial statements contained in Parent’s most recent Form 10-K, exceed the aggregate fair market
value of the assets of all such Single Employer Plans, except as disclosed in Parent’s financial statements.

 

(iii)     None
of any Nabors Party, any Subsidiary thereof or any ERISA Affiliate has incurred, or, to the best knowledge of any Nabors Party,
is reasonably expected to incur, any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. None
of any Nabors Party, any Subsidiary thereof or any ERISA Affiliate has received any notification that any Multiemployer Plan is
insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA).

 

(iv)     No
prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) or breach of fiduciary responsibility
has occurred with respect to a Plan which has subjected or would be reasonably likely to subject any Nabors Party, any Subsidiary
thereof, or any ERISA Affiliate to any material liability under Sections 406, 409, 502(i), or 502(l) of ERISA or Section 4975 of
the Code, or under any agreement or other instrument pursuant to which any Nabors Party, any Subsidiary thereof, or any ERISA Affiliate
has agreed or is required to indemnify any person against any such liability.

 

(v)      The
aggregate actuarial present value of all accumulated post-retirement benefit obligations of the Nabors Parties, their Subsidiaries
and the ERISA Affiliates under Plans which are welfare benefit plans (as defined in Section 3(1) of ERISA), as of the most recent
valuation dates reflected in Parent’s annual financial statements contained in Parent’s most recent form 10-K, are
reflected on such financial statements in accordance with Accounting Standards Codification No. 715.

 

(l)     Service
of Process. Under the Laws of Bermuda, neither the Indemnification Guarantor nor any of its revenues, assets or properties
has any right of immunity from service of process or from the jurisdiction of competent courts of Bermuda or the United States
or the State of New York in connection with any suit, action or proceeding, attachment prior to judgment, attachment in aid of
execution of a judgment or execution of a judgment or from any other legal process with respect to its obligations under this
Guarantee.

 

(m)     Choice
of Law. The choice of New York law to govern this Guarantee is, under the Laws of Bermuda, a valid, effective and irrevocable
choice of law, and the submission by the Indemnification Guarantor to the jurisdiction of the courts referred to in Section
20 is valid and binding upon the Indemnification Guarantor under the Laws of Bermuda.

 

(n)     Judgments.
Any final judgment rendered by any of the courts referred to in Section 20 in an action to enforce the obligations of the
Indemnification Guarantor under this Guarantee is capable of being enforced in the courts of Bermuda.

 

(o)     Payments.
No payments hereunder or required to be made as a result of any judgment or order related hereto, will be restricted by any Law
or action of any Governmental Authority, and no such restrictions will prevent any such payments to be made in Dollars to a recipient
located in the United States.

 

    

     

    

 

(q)     Admissibility.
As a condition to the admissibility in evidence of this Guarantee in the courts of Bermuda, it is not necessary that this Guarantee
be filed or recorded with any court or other authority.

 

Section 9.  Covenants.
At all times from the Closing Date until the Final Payout Date:

 

(a)     Compliance with
Laws. The Indemnification Guarantor will comply with all applicable Laws to which it may be subject if the failure to comply
could reasonably be expected to have a Material Adverse Effect.

 

(b)     Existence.
The Indemnification Guarantor shall keep in full force and effect its existence and rights as an exempted company under the laws
of Bermuda. The Indemnification Guarantor shall obtain and preserve its qualification to do business in each jurisdiction in which
the conduct of its business requires such qualification, except where the failure to do so could not reasonably be expected to
have a Material Adverse Effect.

 

(c)     [Reserved].

 

(d)     Actions Contrary
to Separateness. It shall not take any action that would breach or violate the terms of Section 8.03 of the Receivables Purchase
Agreement or Section 5.24 of the Sale Agreement.

 

(e)     Collections.
If any payments on the Pool Receivables or other Collections are received by the Indemnification Guarantor, it shall hold such
payments in trust for the benefit of the Administrative Agent, the Purchasers and the other Secured Parties and promptly (but in
any event within two (2) Business Days after receipt thereof) remit such funds into a Collection Account.

 

(f)     Compliance with
Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. The Indemnification Guarantor will maintain in effect and
enforce policies and procedures designed to ensure compliance in all material respects by the Indemnification Guarantor, its Subsidiaries
and their respective directors, officers, employees and agents with all Anti-Corruption Laws, Anti-Money Laundering Laws and applicable
Sanctions.

 

(g)     Ownership and
Control. The Indemnification Guarantor shall continue to own, directly or indirectly, 100% of the issued and outstanding Capital
Stock and other equity interests of each Covered Entity. Without limiting the generality of the foregoing, the Indemnification
Guarantor shall not permit the occurrence of any Change in Control.

 

Section 10.  Subrogation;
Subordination. Notwithstanding anything to the contrary contained herein, until the Final Payout Date, Indemnification Guarantor
(a) will not enforce or otherwise exercise any right of subrogation to any of the rights of the Seller, the Recipient or any Purchaser
against any Covered Entity to the claims of the Seller, the Recipient and the Purchasers against any Covered Entity and all contractual,
statutory or legal or equitable rights of contribution, reimbursement, indemnification and similar rights and “claims”
(as that term is defined in the United States Bankruptcy Code) which Indemnification Guarantor might now have or hereafter acquire
against any Covered Entity that arise from the existence or performance of Indemnification Guarantor’s obligations hereunder,
(b) will not claim any setoff, recoupment or counterclaim against any Covered Entity in respect of any liability of Indemnification
Guarantor to such Covered Entity and (c) waives any benefit of and any right to participate in any collateral security which may
be held by the Recipient or the Purchasers. The cash payment of any amounts due with respect to any indebtedness of any Covered
Entity now or hereafter owed to Indemnification Guarantor is hereby subordinated to the prior payment in full of all of the Payment
Obligations in accordance with the following sentence. Indemnification Guarantor agrees that, after the occurrence and during
the continuation of any default in the payment of any of the Payment Obligations, Indemnification Guarantor will not demand, sue
for or otherwise attempt to collect cash payment of any such indebtedness of any Covered Entity to Indemnification Guarantor until
the Final Payout Date. If, notwithstanding the foregoing sentence, Indemnification Guarantor shall collect, enforce or receive
any amounts in respect of such indebtedness while any Payment Obligations are still outstanding, such amounts shall be collected,
enforced and received by Indemnification Guarantor as trustee for Recipient (and its assigns) and be paid over to Recipient (or
its assigns) on account of the Payment Obligations without affecting in any manner the liability of Indemnification Guarantor
under the other provisions of this Guarantee.

 

    

     

    

 

Section 11.  Termination
of Guarantee. Indemnification Guarantor’s obligations hereunder shall continue in full force and effect until the Final
Payout Date, provided that this Guarantee shall continue to be effective or shall be reinstated, as the case may be, if at any
time payment or other satisfaction of any of the Payment Obligations is rescinded or must otherwise be restored or returned upon
the bankruptcy, insolvency, or reorganization of any Covered Entity or otherwise, as though such payment had not been made or
other satisfaction occurred, whether or not Recipient (or its assigns) is in possession of this Guarantee. No invalidity, irregularity
or unenforceability by reason of the Federal Bankruptcy Code or any insolvency or other similar Law, or any Law or order of any
government or agency thereof purporting to reduce, amend or otherwise affect the Payment Obligations shall impair, affect, be
a defense to or claim against the Payment Obligations of Indemnification Guarantor under this Guarantee.

 

Section 12.  Effect
of Bankruptcy. This Guarantee shall survive the insolvency of any Covered Entity and the commencement of any case or proceeding
by or against any Covered Entity under the Federal Bankruptcy Code or other federal, state or other applicable bankruptcy, insolvency
or reorganization statutes. No automatic stay under the Federal Bankruptcy Code with respect to any Covered Entity or other federal,
state or other applicable bankruptcy, insolvency or reorganization statutes to which such Covered Entity is subject shall postpone
the Payment Obligations of Indemnification Guarantor under this Guarantee.

 

Section 13.  Taxes.
Except as otherwise provided herein, all payments to be made by Indemnification Guarantor hereunder shall be made free and clear
of any deduction or withholding, except as required by applicable Law. If Indemnification Guarantor is required by Law to make
any deduction or withholding on account of Taxes from any such payment, other than on account of any Excluded Taxes of a Secured
Party imposed thereon, the sum due from it in respect of such payment shall be increased to the extent necessary to ensure that,
after the making of such deduction or withholding, Recipient receives an amount equal to the sum which it would have received
had no such deduction or withholding been made; provided that any such payments to be made to the Recipient or any Purchaser
as assigns of the Recipient shall be subject to compliance by such Person with Sections 5.03(f) and (k) (including the provision
of any applicable documentation specified in Section 5.03(f)(ii) on or prior to the date on which any payments are to be made
under any Transaction Document) of the Receivables Purchase Agreement.

 

    

     

    

 

Section 14.  Indemnities
by Indemnification Guarantor. Without limiting any other rights that the Seller, the Recipient or the Purchasers may have
hereunder or under applicable Law, Indemnification Guarantor agrees to indemnify and hold harmless the Seller, the Recipient,
the Purchasers and each of their respective Affiliates, and all successors, transferees, participants and assigns and all officers,
members, managers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each a “IG
Indemnified Party”) forthwith and on demand from and against any and all damages, losses, claims, liabilities and related
out of pocket costs and expenses (including all filing fees, if any), including reasonable attorneys’, consultants’
and accountants’ fees and disbursements but excluding all Excluded Taxes (all of the foregoing being collectively referred
to as “Indemnified Amounts”) incurred by any of them and arising out of, relating to, resulting from or in
connection with: (i) any breach by Indemnification Guarantor of any of its obligations or duties under this Guarantee or any other
Transaction Document to which it is a party in any capacity; (ii) the inaccuracy of any representation or warranty made by Indemnification
Guarantor hereunder, under any other Transaction Document to which it is a party in any capacity or in any certificate or statement
delivered pursuant hereto or to any other Transaction Document to which it is a party in any capacity; (iii) the failure of any
information provided to any such IG Indemnified Party by, or on behalf of, Indemnification Guarantor, in any capacity, to be true
and correct in any material respect as of the date when provided or as otherwise set forth therein; (iv) the material misstatement
of fact or the omission of a material fact or any fact necessary to make the statements contained in any information provided
to any such IG Indemnified Party by, or on behalf of, Indemnification Guarantor, in any capacity, not materially misleading as
of the date when made or as otherwise set forth therein; (v) any negligence or misconduct on Indemnification Guarantor’s
part arising out of, relating to, in connection with, or affecting any transaction contemplated by this Guarantee or any other
Transaction Document; or (vi) the failure by Indemnification Guarantor to comply with any applicable Law, rule or regulation with
respect to this Guarantee, the transactions contemplated hereby, any other Transaction Document to which it is a party in any
capacity, the Payment Obligations or otherwise; provided, however, notwithstanding anything to the contrary in this
Section 14, Indemnified Amounts shall be excluded to the extent a final non-appealable judgment of a court of competent
jurisdiction holds that such Indemnified Amounts resulted solely from the gross negligence or willful misconduct by the IG Indemnified
Party seeking indemnification.

 

Section 15.  Further
Assurances. Indemnification Guarantor agrees that it will from time to time, at the request of Recipient (or its assigns),
provide information relating to the business and affairs of Indemnification Guarantor as Recipient may reasonably request. Indemnification
Guarantor also agrees to do all such things and execute all such documents as may be reasonably necessary or desirable to give
full effect to this Guarantee and to perfect and preserve the rights and powers of Recipient (and its assigns) hereunder.

 

Section 16.  Successors
and Assigns. This Guarantee shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and permitted assigns. Indemnification Guarantor may not assign or transfer any of its obligations hereunder without the prior
written consent of each of the Administrative Agent and each Purchaser. Each of the parties hereto hereby agrees that each of
the Purchasers and the Secured Parties shall be a third-party intended beneficiary of this Guarantee.

 

Section 17.  Amendments
and Waivers. No amendment or waiver of any provision of this Guarantee nor consent to any departure by Indemnification Guarantor
therefrom shall be effective unless the same shall be in writing and signed by the Administrative Agent (with the consent of the
Purchasers) and Indemnification Guarantor. No failure on the part of Recipient to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any right hereunder preclude any other
or further exercise thereof or the exercise of any other right.

 

    

     

    

 

Section 18.  Notices.
All communications and notices provided for hereunder shall be in writing (including email or electronic transmission or similar
writing) and shall be given to the other parties hereto as follows: if to Indemnification Guarantor, at the following address
or email address:

 

Nabors Industries Ltd.

Crown House

Second Floor

4 Par-la-Ville Road

Hamilton HM08

Bermuda

Telephone: 441-292-1510

Email: mark.andrews@nabors.com

Attention: Corporate
Secretary

 

and if to Recipient, at the following address,
email address or facsimile number:

 

Wells Fargo Bank, N.A.

1100 Abernathy Rd., NE

16th Floor, Suite 1600

Atlanta, GA 30328

Telephone: 770-508-2162

Email: WFCFReceivablesSecuritizationAtlanta@wellsfargo.com

Attention: Jonathan Davis

 

Notices and communications by email shall
be effective when sent receipt confirmed by electronic or other means (such as by the “return receipt requested” function,
as available, return electronic mail or other acknowledgement), and notices and communications sent by other means shall be effective
when received at the address specified in this Section 18.

 

Section 19.  CHOICE
OF LAW. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING
SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS
OF LAW PROVISIONS THEREOF).

 

Section 20.  CONSENT
TO JURISDICTION.

 

(a)       EACH
PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE INDEMNIFICATION GUARANTOR, THE EXCLUSIVE JURISDICTION, AND (II)
WITH RESPECT TO THE RECIPIENT, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE, OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN
NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE, AND EACH PARTY HERETO HEREBY
IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE INDEMNIFICATION GUARANTOR OR ANY
AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED, AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS GUARANTEE, MAY BE HEARD AND DETERMINED,
IN EACH CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION
20 SHALL AFFECT THE RIGHT OF (I) THE RECIPIENT OR ANY OTHER PURCHASER PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE INDEMNIFICATION
GUARANTOR OR ANY OF ITS PROPERTY IN THE COURTS OF OTHER JURISDICTIONS, OR (II) THE INDEMNIFICATION GUARANTOR TO BRING ANY ACTION
OR PROCEEDING AGAINST THE RECIPIENT OR ANY OTHER PURCHASER IN ANY JURISDICTION IN THE UNITED STATES WHERE THE COURTS HAVE PERSONAL
AND SUBJECT MATTER JURISDICTION OVER THE APPLICABLE PERSONS TO THE EXTENT THAT THE COURTS OF THE STATE OF NEW YORK LACK ANY SUCH
JURISDICTION. THE INDEMNIFICATION GUARANTOR HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT IN ANY
SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW.

 

    

     

    

 

(b)       THE
INDEMNIFICATION GUARANTOR CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 18. NOTHING IN THIS SECTION 20 SHALL AFFECT
THE RIGHT OF THE RECIPIENT OR ANY OTHER PURCHASER PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

(c)       TO
THE EXTENT THAT ANY PARTY HERETO HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM THE JURISDICTION OF ANY COURT OR FROM ANY LEGAL
PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID TO EXECUTION, EXECUTION OR OTHERWISE)
WITH RESPECT TO ITSELF OR ITS PROPERTY, IT HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER OR IN CONNECTION
WITH THIS GUARANTEE.

 

Section 21.  WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING
OUT OF, RELATED TO, OR IN CONNECTION WITH THIS GUARANTEE.

 

Section 22.  Bankruptcy
Petition. Indemnification Guarantor hereby covenants and agrees that, prior to the date that is one year and one day after
the Final Payout Date, it will not institute against, or join any other Person in instituting against, Recipient any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the Laws of the United States
or any state of the United States.

 

    

     

    

 

Section 23.  Miscellaneous.
This Guarantee constitutes the entire agreement of Indemnification Guarantor and the Recipient with respect to the matters set
forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by Law or any other
agreement, and this Guarantee shall be in addition to any other guaranty of or collateral security for any of the Payment Obligations.
The provisions of this Guarantee are severable, and in any action or proceeding involving any state corporate Law, or any state
or federal bankruptcy, insolvency, reorganization or other Law affecting the rights of creditors generally, if the guarantee by
the Indemnification Guarantor hereunder of the Payment Obligations of the Covered Entities would otherwise be held or determined
to be avoidable, invalid or unenforceable on account of the amount of Indemnification Guarantor’s liability under this Guarantee,
then, notwithstanding any other provision of this Guarantee to the contrary, the amount of such liability shall, without any further
action by Indemnification Guarantor or Recipient, be automatically limited and reduced to the highest amount that is valid and
enforceable as determined in such action or proceeding. Any provisions of this Guarantee which are prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction. Any payments hereunder shall be made in full in Dollars without
any setoff, deduction or counterclaim and the Indemnification Guarantor’s obligations hereunder shall not be satisfied by
any tender or recovery of another currency except to the extent such tender or recovery results in receipt of the full amount of
Dollars required hereunder. Unless otherwise specified, references herein to “Section” shall mean a reference
to sections of this Guarantee.

 

Section 24.  Counterparts.
This Guarantee may be executed in two or more counterparts and by different parties on separate counterparts, each of which shall
be an original, but all of which together shall constitute one and the same instrument. To the fullest extent permitted by applicable
Law, delivery of an executed counterpart of a signature page of this Guarantee by telefacsimile or electronic image scan transmission
(such as a “pdf” file) will be effective to the same extent as delivery of a manually executed original counterpart
of this Guarantee.

 

Section 25.  USA
Patriot Act. The Recipient hereby notifies the Indemnification Guarantor that pursuant to the requirements of the PATRIOT
Act, the Recipient may be required to obtain, verify and record information that identifies the Indemnification Guarantor, which
information includes the name, address, tax identification number and other information regarding the Indemnification Guarantor
that will allow the Recipient to identify the Indemnification Guarantor in accordance with the PATRIOT Act. This notice is given
in accordance with the requirements of the PATRIOT Act. The Indemnification Guarantor agrees to provide the Recipient, from time
to time, with all documentation and other information required by bank regulatory authorities under “know your customer”
and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.

 

Section 26.  Setoff.
The Recipient (and its assigns) is hereby authorized by Indemnification Guarantor at any time during the continuance of an Event
of Termination, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby expressly
waived) any deposits and any other indebtedness held or owing by the Recipient (including by any branches or agencies of the Recipient)
to, or for the account of, the Indemnification Guarantor against amounts owing by the Indemnification Guarantor hereunder (even
if contingent or unmatured); provided that the Recipient shall notify Indemnification Guarantor, as applicable, promptly
following such setoff.

 

    

     

    

 

IN WITNESS WHEREOF,
Indemnification Guarantor has caused this Guarantee to be executed and delivered as of the date first above written.

 

INDEMNIFICATION
GUARANTOR:

 

nabors
industries ltd.

 

	By:	 	/s/Mark D. Andrews
	Name:	 	Mark D. Andrews
	Title:	 	Corporate Secretary

 

    

     

    

 

Agreed to and accepted as of the date first above written:

 

RECIPIENT:

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

	By:	 	/s/Eero Maki
	Name:	 	Eero Maki
	Title:	 	Managing Director

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