Item 1.01. Entry into a Material Definitive Agreement.

Amendment to Loan and Security Agreement

On August 28, 2020, Key Energy Services, Inc., a Delaware corporation (the "Company"), Key Energy Services, LLC, a Texas limited liability company ("Key Energy LLC"), the lenders party thereto ("Lenders") and Bank of America, N.A., as administrative agent, entered into Amendment No. 5 to that certain Loan and Security Agreement (the "ABL Agreement"), dated as of December 15, 2016 ("ABL Amendment"). Pursuant to the ABL Amendment, the parties have agreed, among other things, to permit the Company and Key Energy LLC to undertake sale and leaseback transactions with an aggregate fair market value of up to $5 million during the term of the ABL Agreement.

Amendment to Term Loan and Security Agreement

On August 26, 2020, the Company, as borrower, Key Energy LLC, certain lenders party thereto, Cortland Products Corp, as agent ("Term Loan Agent"), and Cortland Capital Market Services LLC (as "Vehicle Agent" and together with the Term Loan Agent, the "Agents") entered into Amendment No. 1 to that certain Term Loan and Security Agreement (as amended and restated from time to time, the "Term Loan Agreement"), dated as of December 15, 2016 ("Term Loan Amendment" and together with the ABL Amendment, the "Amendments"). Pursuant to the Term Loan Amendment, the parties have agreed, among other things, to permit the Company and Key Energy LLC to undertake sale and leaseback transactions with an aggregate fair market value of up to $5 million during the term of the Term Loan Agreement.

The foregoing descriptions of the Amendments are qualified in their entirety by reference to the complete text of the Amendments, attached as Exhibits 10.1 and 10.2 hereto and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits




(d) Exhibits.



10.1      Amendment No. 5 to ABL Agreement, dated as of August 28, 2020, by and
        among Key Energy Services, Inc., Key Energy Services, LLC, the  Lenders
        party thereto, and Bank of America, N.A., as administrative agent.

10.2      Amendment No. 1 to Term Loan Agreement, dated as of August 26, 2020, by
        and among Key Energy Services, Inc., Key Energy Services, LLC, certain
        lenders party thereto, and the Agents.

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