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Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT
(TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT)

        THIS SECOND AMENDMENT TO CREDIT AGREEMENT (the "Second Amendment") is
dated as of May 9, 2003 and is made by and among KEY ENERGY SERVICES, INC., a
Maryland corporation (the "Borrower"), each of the GUARANTORS (as defined in the
Credit Agreement), the LENDERS (as defined in the Credit Agreement), PNC BANK,
NATIONAL ASSOCIATION, as Administrative Agent (the "Administrative Agent"), PNC
CAPITAL MARKETS, INC., and WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION, as the
Co-Lead Arrangers, and CREDIT LYONNAIS NEW YORK BRANCH, LEHMAN COMMERCIAL
PAPER, INC. and ROYAL BANK OF CANADA, as the Co-Documentation Agents.

WITNESSETH:

        WHEREAS, the Borrower, the Guarantors, the Lenders, the Administrative
Agent and the other parties hereto are parties to that certain Third Amended and
Restated Credit Agreement, dated as of July 15, 2002 (as previously and
hereafter amended, restated, supplemented or modified, the "Credit Agreement");

        WHEREAS, the Borrower desires to issue additional senior unsecured notes
and to amend the Credit Agreement to permit such issuance and as otherwise
provided herein; and

        WHEREAS, capitalized terms used herein shall have the meanings given to
them in the Credit Agreement and all references to Sections in this Amendment
which do not refer to a specific document shall be deemed to refer to the Credit
Agreement.

        NOW, THEREFORE, the parties hereto and in consideration of their mutual
covenants and agreements hereinafter set forth and intending to be legally bound
hereby, covenant and agree as follows:

1.Amendments to Credit Agreement.

(a)Section 1.1 [Defined Terms]

(i)Existing Definitions.

The definition of "Future Senior Notes" contained in Section 1.1 is hereby
deleted.

(ii)New Definitions.

                        The following new defined terms are hereby added to
Section 1.1 of the Credit Agreement in alphabetical order to read as follows:

        "2003 Senior Notes shall have the meaning assigned to such term in
Section 7.2.1(xii).

        2003 Senior Notes Indenture shall have the meaning assigned to such term
in Section 7.2.1(xii).

        2002 Supplemental Indenture shall have the meaning assigned to such term
in Section 7.2.1(xii)"

(b)Section 7.2.1 (Indebtedness).

                        Clause (xii) of Section 7.2.1 (Indebtedness is hereby
amended and restated to read as follows:

        "(xii) Indebtedness of Borrower and its Subsidiaries under senior
unsecured notes incurred after the date of the Second Amendment to this
Agreement (the "2003 Senior

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Notes"), provided that each of the following conditions is met with respect to
the 2003 Senior Notes:

                (A) Terms. (i) The aggregate principal amount of the 2003 Senior
Notes shall not exceed $200,000,000, and (ii) no portion of such principal of
the 2003 Senior Notes shall be due prior to May 1, 2013 (except for amounts due
upon an asset sale or a change of control upon terms not materially less
favorable to the Company than those contained in Sections 1010 and 1015,
respectively, of the First Supplemental Indenture which comprises part of the
2002 Senior Note Indenture (the "2002 Supplemental Indenture")), and (iii) the
interest rate thereon shall be satisfactory to the Administrative Agent.

                (B) Pro Forma Compliance. After giving effect to the issuance of
the 2003 Senior Notes (the amount of which shall be included as Indebtedness in
computing the Consolidated Senior Leverage Ratio and other covenants) the
Borrower shall be in proforma compliance with the covenants set forth in
Section 7.2 of the Credit Agreement.

                (C) Covenants and Events of Default. The 2003 Senior Notes and
the indenture pursuant to which the 2003 Senior Notes are to be issued and any
other documents governing such 2003 Senior Notes (collectively, the "2003 Senior
Notes Indenture") will contain covenants and events of default substantially
similar to, and not materially more restrictive upon the Loan Parties than,
those applicable to the 2002 Senior Notes (including without limitation
covenants restricting the Borrower and its Subsidiaries from making dividend
payments or other "restricted payments" (contained in Section 1007 of the 2002
Supplemental Indenture) and from incurring liens (contained in Section 1012 of
the 2002 Supplemental Indenture)).

                (D) No Conflict. All Obligations of the Borrower and the other
Loan Parties under this Agreement, the Notes and the other Loan Documents will
not conflict with or violate the terms of the 2003 Senior Notes Indenture and
any Loans made or hereafter made to the Borrower will be indebtedness permitted
to be incurred under the 2003 Senior Notes Indenture.

                (E) Review of Terms; Delivery of Documents. The Administrative
Agent shall have received draft or final copies of the Prospectus Supplement
with respect to the issuance of the 2003 Senior Notes, the terms of the 2003
Senior Notes contained therein shall be reasonably acceptable to the
Administrative Agent based on the criteria in clauses (A) through (D) of this
Section 7.2.1(xii) above and the 2003 Senior Notes Indenture will be consistent
with the terms of such draft or final version of such Prospectus Supplement.

                (F) Issuance Date. Such 2003 Senior Notes shall have been issued
prior to December 31, 2003.

        (c) Section 7.2.6 (Limitation on Optional Payments and Modifications of
Debt Instruments and Organizational Documentation, etc.).

                                The first paragraph and clauses (a) and (b) of
Section 7.2.6 (Limitation on Optional Payments and Modifications of Debt
Instruments and Organizational Documentation, etc.) (but not clause (c) or the
remainder of such Section 7.2.6) are hereby amended and restated to read as
follows:

                        "7.2.6 Limitation on Optional Payments and Modifications
of Debt Instruments and Organizational Documentation, etc.

                        Each of the Loan Parties shall not, and shall not permit
any of its Domestic Subsidiaries to, make or pay, or agree to:

                        (a) Make any optional payment or optional prepayment on
or redemption or purchase of any of its Permitted Subordinated Indebtedness
(other than an optional payment or prepayment of Permitted Subordinated
Indebtedness made with the proceeds of Permitted Subordinated Indebtedness or an
optional payment or prepayment of

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Permitted Subordinated Indebtedness in an aggregate amount not to exceed the
proceeds received with respect to the 2003 Senior Notes authorized to be issued
pursuant to Section 7.2.1) or its 2002 Senior Notes or 2003 Senior Notes (other
than an optional payment or prepayment made with the proceeds of Permitted
Subordinated Indebtedness authorized to be issued pursuant to Section 7.2.1 or
with the proceeds of a refinancing permitted by Section 7.2.1(ii)),

                        (b) amend, modify or change, or consent or agree to any
amendment, modification or change to any of the terms of the Permitted
Subordinated Indebtedness, or the 2002 Senior Notes or the 2003 Senior Notes,
without providing at least fifteen (15) calendar days' prior written notice to
the Administrative Agent and the Lenders and, in the event such change would be
materially adverse to the Lenders as determined by the Administrative Agent in
its sole discretion, obtaining the prior written consent of the Required
Lenders, or

        (d) Amendment to Section 7.2.15 [Minimum Consolidated Fixed Charge
Coverage Ratio]. Section 7.2.15 of the Credit Agreement is hereby amended and
restated to read as follows:

                "7.2.15 Minimum Consolidated Fixed Charge Coverage Ratio.

                        The Loan Parties shall not permit the Consolidated Fixed
Charge Coverage Ratio, to be less than 1.3 to 1.0, measured as of the end of
each fiscal quarter commencing with the fiscal quarter ending June 30, 2003 for
the four fiscal quarters then ended.

        (e) Section 7.2.16 [Maximum Consolidated Senior Leverage Ratio].
Section 7.2.16 of the Credit Agreement is hereby amended and restated to read as
follows:

                "7.2.16 Maximum Consolidated Senior Leverage Ratio.

                        The Loan Parties shall not at any time permit the
Consolidated Senior Leverage Ratio, to exceed the following ratios during the
following periods:

Period

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  Ratio

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  April 1, 2003 through September 30, 2003   3.75 to 1.0   October 1, 2003
through December 31, 2003   3.50 to 1.0   After December 31, 2003   3.25 to 1.0

        (f) Sections 7.2.19 (Limitation on Negative Pledge Clauses), 7.2.20
(Limitation on Clauses Restricting Dividend Payments) and 5.1.25 (Senior Debt
Status; No Conflicts With Debt Agreements).

                        The words "Future Senior Notes" are deleted where they
appear in the following Sections of the Credit Agreement and the words "2003
Senior Notes" are inserted in lieu thereof:

Section

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  Title

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Section 5.1.25   Senior Debt Status; No Conflicts With Debt Agreements Section
7.2.19   Limitation on Negative Pledge Clauses Section 7.2.20   Limitation on
Clauses Restricting Dividend Payments

        2. Representations and Warranties. The Borrower represents and warrants
to the Administrative Agent and the Lenders that, by its execution and delivery
hereof to the Administrative Agent, as of the Effective Date (defined below),
after giving effect to this Second Amendment, no Potential Default or Event of
Default has occurred and is continuing, and the representations and warranties
made by the Borrower and the other Loan Parties in or pursuant to the Credit
Agreement or any Loan Documents, including without limitation the representation
that the transactions contemplated herein will not

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violate any Requirement of Law or Contractual Obligation of any Loan Party, are
true and correct in all material respects on and as of the Effective Date as if
made on such date (except to the extent that any such representations and
warranties expressly relate to an earlier date, in which case such
representations and warranties were true and correct in all material respects on
and as of such earlier date).

        3. Delivery of the 2003 Senior Notes Indenture. The Borrower shall,
within ten (10) Business Days after issuance of the 2003 Senior Notes, deliver
to the Administrative Agent an executed copy of the 2003 Senior Notes Indenture.

        4. Conditions to Effectiveness of this Second Amendment. This Second
Amendment shall become effective on the date on which all of the following
conditions have occurred:

        (a) the Administrative Agent shall have received a copy of this Second
Amendment duly executed and delivered by duly authorized officers of the
Borrower and each of the Guarantors, the Required Lenders and the Administrative
Agent;

        (b) the representations and warranties in Section 2 of this Second
Amendment shall be true and correct and no Potential Default or Event of Default
shall exist and be continuing; and

        (c) the Borrower shall have paid to the Administrative Agent for the
account of each Lender which delivers to the Administrative Agent (or the
Administrative Agent's counsel as instructed by the Administrative Agent) such
Lender's signed signature page to this Second Amendment on or before the close
of business on Friday, May 9, 2003 a fee in the amount of .0025 times such
Lender's Commitment.

        5. Miscellaneous.

                (a) Continuing Effect of the Credit Agreement. This Second
Amendment shall not constitute an amendment or waiver of or consent to any
provision of the Credit Agreement not expressly referred to herein and shall not
be construed as an amendment, waiver or consent to any action on the part of the
Borrower that would require an amendment, waiver or consent of the Agents or the
Lenders except as expressly stated herein. Except as expressly consented to
hereby, the provisions of the Credit Agreement and the other Loan Documents are
and shall remain in full force and effect.

                (b) Fees and Expenses. The Borrower agrees to pay or reimburse
the Administrative Agent on demand for all their respective reasonable
out-of-pocket costs and expenses incurred in connection with the preparation and
execution of this Amendment, including, without limitation, the reasonable fees
and disbursements of counsel to the Administrative Agent.

                (c) Counterparts. This Second Amendment may be executed in any
number of counterparts (including by facsimile) by the parties hereto, each of
which counterparts (whether by facsimile or otherwise) when so executed shall be
an original, but all counterparts taken together shall constitute one and the
same instrument.

                (d) GOVERNING LAW. THIS SECOND AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES UNDER THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE COMMONWEALTH OF
PENNSYLVANIA.

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

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[SIGNATURE PAGE 1 OF 7 TO SECOND AMENDMENT]

        IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment
to be duly executed and delivered by their proper and duly authorized officers
as of the day and year first above written.

    BORROWER:
 
 
KEY ENERGY SERVICES, INC.
 
 
By:
/s/  JACK D. LOFTIS, JR.      

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    Name: Jack D. Loftis, Jr.

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    Title: Senior Vice President and General Counsel

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GUARANTORS:
 
 
BROOKS WELL SERVICING, INC.
DAWSON PRODUCTION ACQUISITION CORP.*
DAWSON PRODUCTION MANAGEMENT, INC.
DAWSON PRODUCTION TAYLOR, INC.*
KALKASKA OILFIELD SERVICES, INC.
KEY ENERGY DRILLING, INC.
KEY ENERGY SERVICES-CALIFORNIA, INC.
KEY ENERGY SERVICES-SOUTH TEXAS, INC.
KEY FOUR CORNERS, INC.
KEY ROCKY MOUNTAIN, INC.
MISR KEY ENERGY SERVICES, LLC
UNITRAK SERVICES HOLDING, INC.
WATSON OILFIELD SERVICE & SUPPLY, INC.
WELL-CO OIL SERVICE, INC.
WELLTECH EASTERN, INC.
WELLTECH MID-CONTINENT, INC.
YALE E. KEY, INC.
Q SERVICES, INC.
Q.V. SERVICES, INC.

 
 
By:
/s/  JACK D. LOFTIS, JR.      

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    Name: Jack D. Loftis, Jr.     Title: Vice President and Secretary of each
corporation listed above unless otherwise
noted below

*Jack D. Loftis, Jr. is the Vice President and Assistant Secretary of this
corporation.

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[SIGNATURE PAGE 2 OF 7 TO SECOND AMENDMENT]

 
 
BROOKS WELL SERVICING BENEFICIAL, LP
        by the sole general partner, Brooks Well Servicing, Inc.
DAWSON PRODUCTION PARTNERS, L.P.
        by the sole general partner, Dawson Production Management, Inc.
KEY ENERGY DRILLING BENEFICIAL, LP
        by the sole general partner, Key Energy Drilling, Inc.
UNITRAK SERVICES, L.P.
        by the sole general partner, Unitrak Services Holding, Inc.
WELLTECH MID-CONTINENT BENEFICIAL, LP
        by the sole general partner, WellTech Mid-Continent, Inc.
YALE E. KEY BENEFICIAL, LP
        by the sole general partner, Yale E. Key, Inc.
AES ACQUISITION, L.P.
        by the sole general partner, Q Oil & Gas Services, LLC
QUALITY TUBULAR SERVICES, L.P.
        by the sole general partner, Q Oil & Gas Services, LLC
QUALITY OIL FIELD SERVICES, L.P.
        by the sole general partner, Q Oil & Gas Services, LLC
Q PRODUCTION SERVICES, L.P.
        by the sole general partner, Q Oil & Gas Services, LLC
Q.V. SERVICES OF TEXAS, L.P.
        by the sole general partner, Q Oil & Gas Services, LLC
Q.V. SERVICES BENEFICIAL, L.P.
        by the sole general partner, Q.V. Services, Inc.
 
 
By:
/s/  JACK D. LOFTIS, JR.      

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    Name: Jack D. Loftis, Jr.     Title: Vice President and Secretary of each
corporate general partner listed above

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[SIGNATURE PAGE 3 OF 7 TO SECOND AMENDMENT]

    BROOKS WELL SERVICING, LLC
KEY ENERGY DRILLING, LLC
UNITRAK SERVICES, LLC
YALE E. KEY, LLC
WELLTECH MID-CONTINENT, LLC
Q ENERGY SERVICES, L.L.C.
Q OIL & GAS SERVICES, LLC Q.V. SERVICES, LLC
 
 
By:
/s/  JACK D. LOFTIS, JR.      

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    Name: Jack D. Loftis, Jr.     Title: Manager of each limited liability
company listed above

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[SIGNATURE PAGE 4 OF 7 TO SECOND AMENDMENT]

 
 
LENDERS:
 
 
PNC BANK, NATIONAL ASSOCIATION,
individually and as Administrative Agent
 
 
By:
/s/  RICHARD C. MUNSICK      

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    Name: Richard C. Munsick

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    Title: Managing Director

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WELLS FARGO BANK TEXAS, NATIONAL ASSOCIATION, individually and as Co-Lead
Arranger
 
 
By:
/s/  ERIC R. HOLLINGSWORTH      

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    Name: Eric R. Hollingsworth

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    Title: Vice President

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CREDIT LYONNAIS NEW YORK BRANCH, individually and as Co-Documentation Agent
 
 
By:
/s/  OLIVIER AUDEMARD      

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    Name: Olivier Audemard

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    Title: Senior Vice President

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LEHMAN COMMERCIAL PAPER, INC., individually and as Co-Documentation Agent
 
 
By:
/s/  FRANCIS CHANG      

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    Name: Francis Chang

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    Title: Authorized Signatory

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[SIGNATURE PAGE 5 OF 7 TO SECOND AMENDMENT]

 
 
ROYAL BANK OF CANADA, individually and as Co-Documentation Agent
 
 
By:
/s/  JASON YORK      

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    Name: Jason York

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    Title: Manager

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ARAB BANKING CORPORATION
 
 
By:
/s/  ROBERT J. IVOSEVICH      

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    Name: Robert J. Ivosevich

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    Title: Deputy General Manager

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By:
/s/  BARBARA C. SANDERSON      

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    Name: Barbara C. Sanderson

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    Title: V.P. Head of Credit

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BANK OF AMERICA, N.A.
 
 
By:
/s/  KIPLING E. DAVIS      

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    Name: Kipling E. Davis

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    Title: Vice President

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BEAR STEARNS CORPORATE LENDING, INC.
 
 
By:
/s/  VICTOR F. BULZACCHELLI      

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    Name: Victor F. Bulzacchelli

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    Title: Authorized Agent

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[SIGNATURE PAGE 6 OF 7 TO SECOND AMENDMENT]

 
 
COMERICA BANK-TEXAS
 
 
By:
/s/  MONA M. FOCH      

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    Name: Mona M. Foch

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    Title: Senior Vice President

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GE CAPITAL CORPORATION
 
 
By:
/s/  KARL KIEFFER      

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    Name: Karl Kieffer

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    Title: Duly Authorized Signatory

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HIBERNIA NATIONAL BANK
 
 
By:
/s/  STEPHEN H. BIRNBAUM      

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    Name: Stephen H. Birnbaum

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    Title: Vice President

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NATEXIS BANQUE POPULAIRES
 
 
By:
/s/  PHILIPPE ROBIN      

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    Name: Philippe Robin

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    Title: Senior Vice President

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By:
/s/  TIMOTHY L. POLVADO      

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    Name: Timothy L. Polvado

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    Title: Vice President and General Manager

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[SIGNATURE PAGE 7 OF 7 TO SECOND AMENDMENT]

 
 
SOUTHWEST BANK OF TEXAS, N.A.
 
 
By:
/s/  EDWARD K. BOWDON      

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    Name: Edward K. Bowdon

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    Title: Vice President

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QuickLinks

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT (TO THIRD AMENDED AND RESTATED CREDIT
AGREEMENT)