No, it should be and, because otherwise you will look for NIL if knot found. Remember that it whileis executed until the expression evaluates to true.
while x β NIL and k β key[x]
x NIL, x β NIL and k β key[x] , x β NIL . and, false, .
or, x β NIL , - or or . , NIL. . , k β key[x] ( , k , no key x k). ( ) or , or true, .
: (x β NIL) , , (k β key[x]).