SEC Contract Filing

Filing Date: 2019-09-18

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tv529552_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">EXECUTION VERSION</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INDEMNIFICATION GUARANTEE</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">THIS INDEMNIFICATION
GUARANTEE, dated as of September 13, 2019 (this &ldquo;Guarantee&rdquo;), is executed by Nabors Industries Ltd., an exempted company
incorporated in Bermuda with limited liability (<B><I>&ldquo;Parent&rdquo;</I></B> or <B><I>&ldquo;Indemnification Guarantor&rdquo;</I></B>),
in favor of Wells Fargo Bank, N.A., as administrative agent for the benefit of the Secured Parties (together with its successors
and assigns, <B><I>&ldquo;Recipient&rdquo;</I></B>).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RECITALS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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 <B><I>&ldquo;Subsidiary Originator&rdquo;</I></B> and collectively, the <B><I>&ldquo;Subsidiary
Originators&rdquo;</I></B>), Nabors Industries, Inc., a Delaware corporation (the <B><I>&ldquo;Master Servicer&rdquo;</I></B> and
collectively with the Subsidiary Originators, the <B><I>&ldquo;Covered Entities&rdquo;</I></B>) and Nabors A.R.F., LLC, a Delaware
limited liability company (the <B><I>&ldquo;Seller&rdquo;</I></B>) have entered into a Receivables Sale Agreement, dated as of
September 13, 2019 (as amended, restated or otherwise modified from time to time, the <B><I>&ldquo;Sale Agreement&rdquo;</I></B>),
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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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);</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">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</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, Indemnification
Guarantor desires to guaranty the full and punctual payment by the Covered Entities of their respective Payment Obligations as
provided herein.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B><I>NOW, THEREFORE,</I></B>
for good and valuable consideration, the receipt and adequacy of which Indemnification Guarantor hereby acknowledges, Indemnification
Guarantor hereby agrees as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;1.&nbsp;&nbsp;<U>Definitions</U>.
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:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;