Exhibit 10.17

FIRST AMENDMENT TO LOAN AGREEMENT
This First Amendment to Loan Agreement, dated as of November 20, 2015 (this
“Agreement”) is among KEY ENERGY SERVICES, INC., a Maryland corporation (the
“Company”), KEY ENERGY SERVICES, LLC, a Texas limited liability company (“Key
Energy LLC”, and together with the Company, collectively, “Borrowers”), certain
subsidiaries of the Borrowers as Guarantors, Lenders party to this Agreement and
BANK OF AMERICA, N.A., a national banking association, as administrative agent
for the Lenders (in such capacity, “Administrative Agent”).
W I T N E S S E T H:
WHEREAS, Borrowers, certain subsidiaries of Borrowers as Guarantors from time to
time party thereto, the Lenders from time to time party thereto, the
Administrative Agent, and Bank of America, N.A. and Wells Fargo Bank, National
Association, as Co-Collateral Agents, are parties to that certain Loan and
Security Agreement dated as of June 1, 2015 (as amended, supplemented, restated
or otherwise modified from time to time, the “Loan Agreement”; capitalized terms
not otherwise defined herein having the definitions provided therefor in the
Loan Agreement) and to certain other documents executed in connection with the
Loan Agreement; and
WHEREAS, the Borrowers and the Lenders are willing to amend certain provisions
of the Loan Agreement, and have agreed to such amendments on terms and subject
to conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties hereto agree as follows:
NOW, THEREFORE, the parties hereto agree as follows:
1.Amendments to the Loan Agreement. The Loan Agreement is hereby amended as
follows:

1.1    Schedule 1.1 to the Loan Agreement is amended and restated as
Schedule 1.1 attached to this Agreement.

1.2    Section 13.1.1 of the Loan Agreement is amended by replacing the
following sentence appearing therein:

“In addition to the foregoing, each Secured Party hereby irrevocably authorizes
the Administrative Agent, at Administrative Agent’s option and discretion, to
enter into, or amend, the Intercreditor Agreement (or similar agreements with
the same or similar purpose) and any other subordination or intercreditor
agreement to effect the subordination of Liens securing Obligations under the
Loan Documents contemplated by Sections 10.2.1(i) and 10.2.1(j) as agent for and
on its behalf in accordance with the terms specified in this Agreement.”
with the following sentence:
“In addition to the foregoing, each Secured Party hereby irrevocably authorizes
the Administrative Agent (x) to enter into the Intercreditor Agreement and (y)
with the consent of Required Lenders, such consent not to be unreasonably
withheld or delayed, (i) to amend the Intercreditor Agreement, (ii) enter into,
or amend, similar agreements with the same or similar purpose, as agent for and
on its behalf in accordance with the terms specified in this Agreement and (iii)
to enter into, or amend, any other subordination or intercreditor agreement to
effect the subordination of Liens securing Obligations under the Loan Documents
contemplated by Sections 10.2.1(i) and 10.2.1(j) as agent for and on its behalf
in accordance with the terms specified in this Agreement.”
2.No Other Amendments or Waivers.

This Agreement, and the terms and provisions hereof, constitute the entire
agreement among the parties hereto pertaining to the subject matter hereof and
supersedes any and all prior or contemporaneous amendments relating to the
subject matter hereof. Except for the amendments to the Loan Agreement expressly
set forth in Section 1 hereof, the Loan Agreement shall remain unchanged and in
full force and effect. Except as expressly set forth in Section 1 hereof, the
execution, delivery, and performance of this Agreement shall not operate as a
waiver of or as an amendment of, any right, power, or remedy of Administrative
Agent or the Lenders under the Loan Agreement or any of the other Loan Documents
as in effect prior to the date hereof, nor constitute a waiver of any provision
of the Loan Agreement or any of the other Loan Documents. The agreements set
forth herein

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are limited to the specifics hereof, shall not apply with respect to any facts
or occurrences other than those on which the same are based, shall not excuse
future non-compliance under the Loan Agreement or other Loan Documents, and
shall not operate as a consent to any further or other matter, under the Loan
Documents.
3.Conditions Precedent. The effectiveness of this Agreement is subject to the
satisfaction of the following conditions precedent on the date hereof:

3.1    Execution of Agreement. Each Obligor, Administrative Agent and Required
Lenders shall have duly executed and delivered this Agreement.

4.Representations and Warranties. Each Obligor hereby jointly and severally
represents and warrants to Administrative Agent and Lenders, that this Agreement
has been duly executed and delivered by such Obligor and constitutes a legal,
valid and binding obligation of such Obligor, as applicable, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, moratorium or other laws affecting creditors’ rights generally
and subject to general principles of equity, regardless of whether considered in
a proceeding in equity or at law.

5.[Reserved].

6.Miscellaneous.

6.1    Captions. Section captions used in this Agreement are for convenience
only, and shall not affect the construction of this Agreement.

6.2    Governing Law. UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS
AGREEMENT AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES EXCEPT FEDERAL LAWS
RELATING TO NATIONAL BANKS.

6.3    Severability. Wherever possible, each provision of this Agreement shall
be interpreted in such manner as to be valid under Applicable Law. If any
provision is found to be invalid under Applicable Law, it shall be ineffective
only to the extent of such invalidity and the remaining provisions of this
Agreement shall remain in full force and effect.

6.4    Successors and Assigns. This Agreement shall be binding upon the parties
hereto and their respective successors and assigns, and shall inure to the sole
benefit of the parties and their respective successors and assigns.
 
6.5    References. Any reference to the Loan Agreement contained in any notice,
request, certificate, or other document executed concurrently with or after the
execution and delivery of this Agreement shall be deemed to include this
Agreement unless the context shall otherwise require.

6.6    Loan Document. This Agreement shall be deemed to be and shall constitute
a Loan Document.

6.7    Continued Effectiveness. Notwithstanding anything contained herein, the
terms of this Agreement are not intended to and do not serve to effect a
novation as to the Loan Agreement. The Loan Agreement and each of the Loan
Documents remain in full force and effect.
 
6.8    Entire Agreement. This constitute the entire agreement, and supersede all
prior understandings and agreements, among the parties relating to the subject
matter thereof.

6.9    Counterparts; Execution. This Agreement may be executed in counterparts,
each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement shall become effective when
Administrative Agent has received counterparts bearing the signatures of all
parties hereto. Delivery of a signature page of this Agreement by telecopy or
other electronic means shall be effective as delivery of a manually executed
counterpart of such agreement. Any signature, contract formation or
record-keeping through electronic means shall have the same legal validity and
enforceability as manual or paper-based methods, to the fullest extent permitted
by Applicable Law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act,
or any similar state law based on the Uniform Electronic Transactions Act.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed by their respective authorized officers as of the day and year first
above written.
BORROWERS:
KEY ENERGY SERVICES, INC.
By _________________________
Name:
Title:
KEY ENERGY SERVICES, LLC.
By _________________________
Name:
Title:
GUARANTOR:
KEY ENERGY MEXICO, LLC

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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ADMINISTRATIVE AGENT AND LENDERS:

BANK OF AMERICA, N.A., as Administrative Agent,
and a Lender

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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WELLS FARGO BANK, NATIONAL ASSCIATION, s a Lender

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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COMERICA BANK, as a Lender

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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AMEGY BANK NATIONAL ASSOCIATION, as a Lender

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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SIEMENS FINANCIAL SERVICES, INC., as a Lender

By _________________________
Name:
Title:

By _________________________
Name:
Title:

[Signature Page to First Amendment to
Loan Agreement]

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SCHEDULE 1.1
to
Loan and Security Agreement

COMMITMENTS OF LENDERS
Lender
Revolver Commitment
Total Commitments
Bank of America, N.A.
$40,000,000.00
$40,000,000.00
Wells Fargo Bank, National Association
$32,700,000.00
$32,700,000.00
Siemens Financial Services, Inc.
$16,150,000.00
$16,150,000.00
Comerica Bank
$7,150,000.00
$7,150,000.00
Amegy Bank National Association
$4,000,000.00
$4,000,000.00
 
 
$100,000,000.00