As previously announced, on October 29, 2019, Key Energy Services, Inc. entered into a forbearance agreement, with Bank of America, N.A., as administrative agent and all of the lenders party thereto (the “Lenders”) regarding a default under the Loan and Security Agreement, dated as of April 5, 2019, by and among Key, the Administrative Agent and the Lenders. On December 20, 2019, the Company and the Lenders amended the ABL Forbearance Agreement and the Loan Agreement to, among other things, (i) reduce the minimum availability Key is required to maintain under the ABL Forbearance Agreement from $12.5 million to $10 million, (ii) reduce the aggregate revolving commitments under the Loan Agreement from $100 million to $80 million and (iii) add certain reporting requirements. In addition, pursuant to the Forbearance and Loan Agreement Amendment, the Lenders have agreed to waive any past breach of the ABL Forbearance Agreement caused by Key’s failure to maintain the minimum availability set forth in the ABL Forbearance Agreement prior to the date of the Forbearance and Loan Agreement Amendment.