COMMITMENT LETTERCommitment Letter • June 2nd, 2005 • Key Energy Services Inc • Drilling oil & gas wells • New York
This commitment letter agreement (together with all exhibits and schedules hereto, the “Commitment Letter”) will confirm the understanding and agreement among Lehman Commercial Paper Inc. (“LCPI”), Lehman Brothers Inc., as exclusive advisor, sole book-runner and sole lead arranger (“Lehman Brothers”), and Key Energy Services, Inc., a Maryland corporation (together with each of its subsidiaries, the “Company”) in connection with the proposed refinancing of the Company’s $150.0 million revolving loan facility (as amended from time to time prior to the date hereof, the “Existing Facility”) and, if the maturity of the Company’s 63/8% Senior Notes due 2013 (the “63/8% Notes”) or 83/8% Senior Notes due 2008 (the “83/8% Notes” and, together with the 63/8% Notes, the “Notes) is accelerated by reason of the Specified Defaults described below or, if the Company elects to redeem or repurchase any of the Notes, such Notes. The proposed refinancing of the Existing Facility and the Notes is referred
