The Notes will be senior unsecured obligations of NII and will rank pari passu with NII's existing 7.375% Senior Priority Guaranteed Notes due 2027 (the "Existing Senior Priority Guaranteed Notes"). The Notes will be guaranteed, jointly and severally, by (i) Nabors, (ii) each of the subsidiaries that guarantee Nabors' existing 7.25% Senior Guaranteed Notes due 2026 and 7.50% Senior Guaranteed Notes due 2028 (together, the "Existing Guaranteed Notes") and (iii) certain lower-tier subsidiaries of Nabors that guarantee NII's revolving credit facility (the "Revolving Credit Facility") but do not currently guarantee the Existing Guaranteed Notes (the "Lower Tier Notes Guarantors"). The guarantee of the Notes by the Lower Tier Notes Guarantors will be contractually subordinated in right of payment with respect to the Lower Tier Notes Guarantors' guarantee of the Revolving Credit Facility.