Standard Contracts
CONTINUING GUARANTY Dated as of March 16, 2015Continuing Guaranty • March 16th, 2015 • Patterson Uti Energy Inc • Drilling oil & gas wells
FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in consideration of any credit and/or financial accommodation heretofore or hereafter from time to time made or granted to Patterson-UTI Energy, Inc. (“Borrower”) under that certain Reimbursement Agreement dated as of March 16, 2015 (as amended and in effect, the “Agreement”), by and between Borrower and The Bank of Nova Scotia (the “Bank”), each of the Persons now or hereafter signatories hereto (each a “Guarantor,” and, collectively, the “Guarantors”) hereby furnishes in favor of the Bank its joint and several guaranty of the Guaranteed Obligations (as hereinafter defined) as follows:
REIMBURSEMENT AGREEMENT Dated as of March 16, 2015Reimbursement Agreement • March 16th, 2015 • Patterson Uti Energy Inc • Drilling oil & gas wells
IN CONSIDERATION of The Bank of Nova Scotia (the “Bank”) issuing or amending from time to time, its Irrevocable Standby Letter of Credit or Irrevocable Letter of Guarantee (individually a “Credit” and collectively “Credits”, meaning the Irrevocable Standby Letter of Credit or Irrevocable Letter of Guarantee which Patterson-UTI Energy, Inc. has requested the Bank to issue pursuant to the written application of the Applicant or a counter guarantee or supporting letter of credit which the Bank is authorized to issue hereunder, where “Applicant” means Patterson-UTI Energy, Inc. and each party signing the Application, where “Application” means the written Application from the Applicant requesting the Bank to issue Irrevocable Standby Letter of Credit or Irrevocable Letter of Guarantee from time to time), or requesting another institution to issue its irrevocable standby letter of credit or irrevocable letter of guarantee against the Bank’s counter guarantee or supporting letter of credit, p
