Document:

<PAGE>
                                                                   EXHIBIT 4.6.4

                                FOURTH AMENDMENT
                                       TO
                  SECOND AMENDED AND RESTATED CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
(herein called this "Amendment") is dated as of November 4, 2002 (but effective
on the Effective Date, defined below in Section 3.1) by and among Chesapeake
Exploration Limited Partnership, an Oklahoma limited partnership ("Borrower"),
Chesapeake Energy Corporation, an Oklahoma corporation ("Company"), Bear Stearns
Corporate Lending Inc., as syndication agent ("Syndication Agent"), Union Bank
of California, N.A., as administrative agent and collateral agent
("Administrative Agent"), and the several banks and other financial institutions
or entities parties hereto ("Lenders").

                                   WITNESSETH:

         WHEREAS, Borrower, Company, Syndication Agent, Administrative Agent and
Lenders entered into that certain Second Amended and Restated Credit Agreement
dated as of June 11, 2001 (as amended, supplemented, or restated to the date
hereof, the "Original Agreement"), for the purpose and consideration therein
expressed, whereby Lenders became obligated to make loans to Borrower as therein
provided; and

         WHEREAS, Borrower, Company, Syndication Agent, Administrative Agent and
Lenders desire to amend the Original Agreement as set forth herein;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein and in the Original Agreement, in
consideration of the loans which may hereafter be made by Lenders to Borrower,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto do hereby agree as follows:

                                   ARTICLE I.

                           Definitions and References

         Section 1.1. Terms Defined in the Original Agreement. Unless the
context otherwise requires or unless otherwise expressly defined herein, the
terms defined in the Original Agreement shall have the same meanings whenever
used in this Amendment.

         Section 1.2. Other Defined Terms. Unless the context otherwise
requires, the following terms when used in this Amendment shall have the
meanings assigned to them in this Section 1.2.

<PAGE>

                  "Addendum" means an instrument, substantially in the form of
         Exhibit C, by which a Lender becomes a party to this Amendment as of
         the Effective Date.

                  "Amendment" means this Fourth Amendment to Second Amended and
         Restated Credit Agreement.

                  "Credit Agreement" means the Original Agreement as amended
         hereby.

                  "Effective Date" has the meaning given to such term in Section
         3.1.

                  "Exiting Lenders" means the Lenders that have not executed and
         delivered to Administrative Agent an Addendum on or prior to the
         Effective Date.

                                   ARTICLE II.

                                   Amendments

         Section 2.1. Defined Terms. The definition of "Collateral Coverage
Ratio" in Section 1.1 of the Original Agreement is hereby amended in its
entirety to read as follows:

                  " 'Collateral Coverage Ratio': at any time, the ratio of (a)
         the Collateral Value to (b) the greater of (i) the Borrowing Base and
         (ii) the Total Revolving Extensions of Credit then outstanding."

         Section 2.2. Revolving Commitments. The first sentence of paragraph (a)
of Section 2.1 of the Original Agreement is hereby amended in its entirety to
read as follows:

         "Subject to the terms and conditions hereof, each Lender severally
         agrees to make revolving credit loans ("Revolving Loans") to the
         Borrower from time to time during the Revolving Commitment Period in an
         aggregate principal amount at any one time outstanding which, when
         added to such Lender's Revolving Percentage of the L/C Obligations then
         outstanding, does not exceed such Lender's Revolving Commitment;
         provided, that, after giving effect thereto, the aggregate amount of
         Revolving Extensions of Credit then outstanding shall not exceed the
         lesser of (i) the Senior Debt Limit at such time and (ii) the Borrowing
         Base then in effect."

         Section 2.3. Termination or Reduction of Revolving Commitments. The
first sentence of Section 2.4 of the Original Agreement is hereby amended in its
entirety to read as follows:

         "The Borrower shall have the right, upon not less than three Business
         Days' notice to the Administrative Agent, to terminate the Revolving
         Commitments or, from time to time, to reduce the amount of the
         Revolving Commitments; provided that no such termination or reduction
         of Revolving Commitments shall be permitted if, after giving effect
         thereto and to any prepayments of the Revolving Loans made on the
         effective date thereof, the Total

                                       2
<PAGE>

         Revolving Extensions of Credit would exceed the lesser of the Borrowing
         Base and the Total Revolving Commitments."

         Section 2.4. L/C Commitments. The first sentence of paragraph (a) of
Section 2.5 of the Original Agreement is hereby amended in its entirety to read
as follows:

         "Subject to the terms and conditions hereof, the Issuing Lender, in
         reliance on the agreements of the other Lenders set forth in Section
         2.8(a), agrees to issue letters of credit ("Letters of Credit") for the
         account of the Borrower on any Business Day during the Revolving
         Commitment Period in such form as may be approved by the Issuing
         Lender; provided that the Issuing Lender shall have no obligation to
         issue any Letter of Credit if, after giving effect to such issuance,
         (i) the L/C Obligations would exceed the L/C Commitment or (ii) the
         Total Revolving Extensions of Credit then outstanding would exceed the
         lesser of (A) the Senior Debt Limit at such time, (B) the Borrowing
         Base then in effect and (c) the Total Revolving Commitments."

         Section 2.5. Procedure for Issuance of Letter of Credit. The second
sentence of Section 2.6 of the Original Agreement is hereby amended to insert
the word "and" immediately before clause (ii) thereof and to delete the phrase
"and (iii) if (x) such issuance is requested on or after the Extension Date and
(y) the Outstanding 7-7/8% Note Amount is greater than $10,000,000 at such time,
the Outstanding 7/7/8% Note Amount shall not exceed the lesser of the Available
Revolving Commitments of the Lenders and the Unused Borrowing Base" in its
entirety.

         Section 2.6. Mandatory Prepayments. The first sentence of paragraph (b)
of Section 3.2 of the Original Agreement is hereby amended to replace clause (A)
with "(A) the Total Revolving Extensions of Credit".

         Section 2.7. New Lenders. The Original Agreement is hereby amended to
add a new Section 10.6A thereto immediately following Section 10.6 thereof to
read as follows:

                  "Section 10.6A. Procedure for Increases and Addition of New
         Lenders. So long as no Default or Event of Default has occurred and is
         continuing Borrower shall have the right to increase the aggregate
         Revolving Commitment by obtaining additional Revolving Commitments
         without the consent of Lenders (the amount of such increase is herein
         called the "Increase"), either from one or more of the existing Lenders
         or another lending institution provided that (a) Borrower shall have
         notified Administrative Agent of the amount of the Increase at least
         three Business Days prior to the proposed effective date thereof, (b)
         if the Increase is provided by a lending institution that is not then
         an existing Lender, Administrative Agent shall have approved such new
         Lender, such approval not to be unreasonably withheld, (c) the
         resulting Total Revolving Commitments shall not exceed the amount of
         $250,000,000, (d) the procedure described below in this Section shall
         have been complied with, (e) Borrower shall be in compliance with the
         Collateral Coverage Ratio, and (f) Borrower shall pay any amounts owing
         under Section 3.11 in connection with the prepayment of Eurodollar
         Loans, if any, necessary to give effect to the Lenders' revised
         Revolving Percentages. It is expressly understood and agreed that

                                       3
<PAGE>

         Lenders and Administrative Agent have no obligation to agree upon or
         designate the Borrowing Base at any particular amount after giving
         effect to any Increase. Any amendment hereto for such an Increase shall
         be in the form attached hereto as Exhibit J and shall only require the
         written signatures of Administrative Agent, Borrower and the Lender(s)
         being added or increasing their Revolving Commitment. In addition,
         within a reasonable time after the effective date of any Increase, the
         Administrative Agent shall, and is hereby authorized and directed to,
         revise Schedule 1.1A reflecting such Increase and shall distribute such
         revised Schedule 1.1A to each of the Lenders and Borrower, whereupon
         such revised Schedule 1.1A shall replace the old Schedule 1.1A and
         become part of this Agreement. On the Business Day following any such
         Increase, all outstanding Revolving Loans shall be reallocated among
         the Lenders (including any newly added Lenders) in accordance with the
         Lenders' respective revised Revolving Percentages."

         Section 2.8. Commitments. Schedule 1.1A to the Original Agreement is
hereby amended in its entirety to read as set forth in Exhibit A attached
hereto.

         Section 2.9. Joinder Agreement. The Original Agreement is hereby
amended to add a new Exhibit J thereto immediately following Exhibit I thereof
to read as set forth in Exhibit B attached hereto.

         Section 2.10. Redetermination of the Borrowing Base and Collateral
Value. In accordance with Section 2.13 of the Credit Agreement, Borrower,
Administrative Agent and Lenders hereby agree that from the date hereof:

         (a) until the next date hereafter as of which the Borrowing Base is
redetermined, the Borrowing Base shall be $250,000,000; and

         (b) until the next date hereafter as of which the Collateral Value is
redetermined, the Collateral Value shall be $500,849,800.

                                  ARTICLE III.

                      Conditions of Effectiveness; Closing

         Section 3.1. Effective Date. This Amendment shall become effective on
the date when all of the following conditions precedent have been satisfied (the
"Effective Date"), provided that the Effective Date may occur no later than
November 8, 2002 unless agreed to in writing by Administrative Agent and
Borrower.

         (a) Administrative Agent shall have received, at Administrative Agent's
office, duly executed and delivered and in form and substance satisfactory to
Administrative Agent, all of the following:

                                       4
<PAGE>

                  (i) this Amendment duly executed by Borrower, Company and
         Administrative Agent;

                  (ii) an Addendum duly executed by each Lender (other than the
         Exiting Lenders) and the aggregate Revolving Commitments of such
         executing Lenders must be at least equal to the amount of $210,000,000;

                  (iii) the Consent Agreement attached hereto duly executed by
         all Subsidiary Guarantors;

                  (iv) a favorable opinion of Commercial Law Group, counsel for
         the Company, Borrower and the Subsidiary Guarantors, substantially in
         the form set forth in Exhibit F of the Original Agreement;

                  (v) an "Omnibus Certificate" of the Secretary and of the
         Chairman of the Board or President of the general partner of Borrower,
         which shall contain the names and signatures of the officers of the
         general partner of Borrower authorized to execute Loan Documents and
         which shall certify to the truth, correctness and completeness of the
         following exhibits attached thereto: (1) a copy of resolutions attached
         thereto duly adopted by the Board of Directors of the general partner
         of Borrower and in full force and effect at the time this Amendment is
         entered into, authorizing the execution of this Amendment and the other
         Loan Documents delivered or to be delivered in connection herewith and
         the consummation of the transactions contemplated herein and therein,
         (2) a copy of the charter documents of Borrower and of the general
         partner of Borrower and all amendments thereto, certified by the
         appropriate official of the Borrower's state and general partner's
         state of organization, and (3) a copy of any bylaws of the general
         partner of Borrower previously delivered to Agent and Lenders in
         connection with the Original Agreement (which may, with respect to any
         such charter documents or bylaws, reference documents previously
         delivered in connection with the Original Agreement);

                  (vi) a "Compliance Certificate" of the Chairman of the Board
         or President and of the chief financial officer of the Company, which
         shall contain (1) a certification by such officers as to the
         satisfaction of the conditions set out in subsections (a), (b), and (c)
         of Section 5.2 of the Original Agreement and (2) the calculations
         required to determine the Senior Debt Limit (along with the supporting
         documentation described in Section 5.2(c) of the Original Agreement);

                  (vii) documents similar to those specified in subsection (v)
         of this Section with respect to each Subsidiary Guarantor (which may,
         with respect to charter documents or bylaws, reference documents
         previously delivered in connection with the Original Agreement); and

                  (viii) such other supporting documents as Administrative Agent
         may reasonably request.

                                       5
<PAGE>

         (a) Borrower shall have paid, in connection with such Loan Documents,
all recording, handling, amendment and other fees required to be paid to
Administrative Agent pursuant to any Loan Documents.

         (b) Borrower shall have paid, in connection with such Loan Documents,
all other fees and reimbursements to be paid to Administrative Agent pursuant to
any Loan Documents, or otherwise due Administrative Agent and including fees and
disbursements of Administrative Agent's attorneys.

         Section 3.2. Special Effective Date Provisions.

         (a) From and after the Effective Date, (i) each Exiting Lender shall
cease to be a party to the Credit Agreement, (ii) no Exiting Lender shall have
any obligations or liabilities under the Credit Agreement with respect to the
period from and after the Effective Date and, without limiting the foregoing, no
Exiting Lender shall have any Revolving Commitment under the Credit Agreement or
any participation on any Letter of Credit outstanding thereunder and (iii) no
Exiting Lender shall have any rights under the Credit Agreement or any other
Loan Document (other than rights under the Credit Agreement expressly stated to
survive the termination of the Credit Agreement and the repayment of amounts
outstanding thereunder).

         (b) Lenders hereby authorize Administrative Agent and Borrower to
request Revolving Loans from the Lenders (other than the Exiting Lenders), to
make prepayments of Revolving Loans and to reduce commitments under the Credit
Agreement among Lenders in order to ensure that, upon the effectiveness of this
Amendment, the Revolving Loans of the Lenders shall be outstanding on a ratable
basis in accordance with their respective Revolving Percentages and that the
Revolving Commitments shall be as set forth on Schedule 1.1A of the Credit
Agreement, as amended hereby, and no such borrowing, prepayment or reduction
shall violate any provisions of the Credit Agreement. Lenders hereby confirm
that, from and after the Effective Date, all participants of Lenders in respect
of Letters of Credit outstanding under the Credit Agreement pursuant to
subsection 2.8(a) thereof shall be based upon the Revolving Percentages of
Lenders (after giving effect to this Amendment).

         (c) Lenders hereby waive any requirements for minimum amounts of
prepayments of Revolving Loans, ratable reductions of the Revolving Commitments
of Lenders under the Credit Agreement and ratable payments on account of the
principal or interest of any Revolving Loan under the Credit Agreement to the
extent such prepayment, reductions or payments are required pursuant to Section
3.2(b).

         (d) The Borrower hereby terminates, effective as of the Effective Date,
in full the commitments under the Credit Agreement of the Exiting Lenders.
Borrower and Lenders hereby authorize Administrative Agent to enter into
appropriate documentation with the Exiting Lenders confirming such terminations.

                                       6
<PAGE>

                                   ARTICLE IV.

                         Representations and Warranties

         Section 4.1. Representations and Warranties of Borrower. In order to
induce each Lender to enter into this Amendment, Borrower represents and
warrants to each Lender that:

         (a) The representations and warranties contained in Section 4 of the
Original Agreement are true and correct at and as of the time of the
effectiveness hereof, except to the extent that the facts on which such
representations and warranties are based have been changed by the extension of
credit under the Credit Agreement.

         (b) The Company and Borrower are duly authorized to execute and deliver
this Amendment and are and will continue to be duly authorized to borrow monies
and to perform their respective obligations under the Credit Agreement. The
Company and Borrower have duly taken all corporate or partnership action
necessary to authorize the execution and delivery of this Amendment and to
authorize the performance of the obligations of the Company and Borrower
hereunder.

         (c) The execution and delivery by the Company and Borrower of this
Amendment, the performance by the Company and Borrower of its obligations
hereunder and the consummation of the transactions contemplated hereby do not
and will not conflict with any provision of law, statute, rule or regulation or
of the certificate of incorporation, bylaws, or agreement of limited partnership
of the Company or Borrower (as applicable), or of any material agreement,
judgment, license, order or permit applicable to or binding upon the Company or
Borrower, or result in the creation of any lien, charge or encumbrance upon any
assets or properties of the Company or Borrower. Except for those which have
been obtained, no consent, approval, authorization or order of any court or
governmental authority or third party is required in connection with the
execution and delivery by the Company and Borrower of this Amendment or to
consummate the transactions contemplated hereby.

         (d) When duly executed and delivered, each of this Amendment and the
Credit Agreement will be a legal and binding obligation of the Company and
Borrower, enforceable in accordance with its terms, except as limited by
bankruptcy, insolvency or similar laws of general application relating to the
enforcement of creditors' rights and by equitable principles of general
application.

         (e) The audited annual consolidated financial statements of the Company
dated as of December 31, 2001 and the unaudited quarterly consolidated financial
statements of the Company dated as of June 30, 2002 fairly present the
consolidated financial position at such dates and the consolidated statement of
operations and the changes in consolidated financial position for the periods
ending on such dates for the Company. Copies of such financial statements have
heretofore been delivered to each Lender. Since such dates no material adverse
change has occurred in the financial condition or businesses or in the
consolidated financial condition or businesses of the Company.

                                       7
<PAGE>

                                   ARTICLE V.

                                  Miscellaneous

         Section 5.1. Ratification of Agreements. The Original Agreement as
hereby amended is hereby ratified and confirmed in all respects. Any reference
to the Credit Agreement in any Loan Document shall be deemed to be a reference
to the Original Agreement as hereby amended. The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of Lenders under the Credit
Agreement, the Notes, or any other Loan Document nor constitute a waiver of any
provision of the Credit Agreement, the Notes or any other Loan Document.

         Section 5.2. Survival of Agreements. All representations, warranties,
covenants and agreements of Borrower herein shall survive the execution and
delivery of this Amendment and the performance hereof, including without
limitation the making or granting of the Loans, and shall further survive until
all of the Obligations are paid in full. All statements and agreements contained
in any certificate or instrument delivered by the Company, Borrower or any
Subsidiary Guarantor hereunder or under the Credit Agreement to any Lender shall
be deemed to constitute representations and warranties by, and/or agreements and
covenants of, such Loan Party under this Amendment and under the Credit
Agreement.

         Section 5.3. Loan Documents. This Amendment is a Loan Document, and all
provisions in the Credit Agreement pertaining to Loan Documents apply hereto.

         Section 5.4. Governing Law. This Amendment shall be governed by and
construed in accordance with the laws of the State of New York and any
applicable laws of the United States of America in all respects, including
construction, validity and performance.

         Section 5.5. Counterparts; Fax. This Amendment may be separately
executed in counterparts and by the different parties hereto in separate
counterparts, each of which when so executed shall be deemed to constitute one
and the same Amendment. This Amendment may be validly executed by facsimile or
other electronic transmission.

         Section 5.6. Amendment Fee. In consideration of this Amendment,
provided that all Lenders are signatory to this Amendment on or before 5:00
p.m., Dallas, Texas time on the date hereof, Borrower will pay to Administrative
Agent, for the account of each Lender, an amendment fee determined by
multiplying .50% times such Lender's Revolving Commitment, which shall be due
and payable on the date hereof.

                                       8
<PAGE>

         THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO
UNWRITTEN ORAL AGREEMENTS OF THE PARTIES.

         [THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

                                       9
<PAGE>

         IN WITNESS WHEREOF, this Amendment is executed as of the date first
above written.

                               CHESAPEAKE EXPLORATION LIMITED PARTNERSHIP

                               By:      Chesapeake Operating, Inc., its general
                                        partner

                               By:      /s/ MARTHA A. BURGER
                                        ----------------------------------------
                                        Name: Martha A. Burger
                                        Title: Treasurer and Sr. Vice President
                                                  Human Resources

                               CHESAPEAKE ENERGY CORPORATION

                               By:      /s/ MARTHA A. BURGER
                                        ----------------------------------------
                                        Name: Martha A. Burger
                                        Title: Treasurer and Sr. Vice President
                                                  Human Resources

<PAGE>

                               UNION BANK OF CALIFORNIA, N.A.
                               Administrative Agent, Collateral Agent, Issuing
                               Lender and Lender

                               By:    /s/ RANDALL OSTERBERG
                                      ------------------------------------------
                                      Name:  Randall Osterberg
                                      Title:  Senior Vice President

                               By:    /s/ SEAN MURPHY
                                      ------------------------------------------
                                      Name: Sean Murphy
                                      Title: Assistant Vice President

<PAGE>

                                    EXHIBIT A
                                       to
        Fourth Amendment to Second Amended and Restated Credit Agreement

                                                                   SCHEDULE 1.1A

                                   COMMITMENTS

<Table>
<Caption>
NAME OF LENDER                                                         REVOLVING COMMITMENT
<S>                                                                    <C>
Bank of Oklahoma, N.A.                                                          $ 17,500,000
Bank of Scotland                                                                  17,500,000
Bear Stearns Corporate Lending Inc.                                               15,000,000
BNP Paribas                                                                       22,500,000
Comerica Bank - Texas                                                             17,500,000
Compass Bank                                                                      17,500,000
Credit Lyonnais New York Branch                                                   10,000,000
Natexis Banque Populaires                                                          7,500,000
PNC Bank, National Association                                                    10,000,000
RZB Finance LLC                                                                   10,000,000
Sumitomo Mitsui Banking Corporation                                                5,000,000
Toronto Dominion (Texas), Inc.                                                    22,500,000
Union Bank of California, N.A.                                                    25,000,000
Washington Mutual Bank, FA                                                        25,000,000
                                                                                  ----------

TOTAL REVOLVING COMMITMENT                                                      $222,500,000
</Table>

<PAGE>

                                    EXHIBIT B
                                       to
        Fourth Amendment to Second Amended and Restated Credit Agreement

                                                                       EXHIBIT J

              FORM OF AMENDMENT FOR AN INCREASED OR NEW COMMITMENT

         This AMENDMENT is made as of the _____ day of __________, 200_ by and
among Chesapeake Exploration Limited Partnership, an Oklahoma limited
partnership ("Borrower"), Union Bank of California, N.A., as administrative
agent and collateral agent ("Administrative Agent"), and
_________________________ ("Supplemental Lender").

         Borrower, Administrative Agent and certain other Lenders, as described
therein, are parties to that certain Second Amended and Restated Credit
Agreement dated as of June 11, 2001 (as amended, supplemented, or restated, the
"Credit Agreement"). All terms used herein and not otherwise defined shall have
the same meaning given to them in the Credit Agreement.

         Pursuant to Section 10.6A of the Credit Agreement, Borrower has the
right to increase the aggregate Revolving Commitment by obtaining additional
Revolving Commitments upon satisfaction of certain conditions. This Amendment
requires only the signature of Borrower, Administrative Agent and Supplemental
Lender so long as the Aggregate Commitment is not increased above the amount
permitted by the Credit Agreement.

         Supplemental Lender is either (a) an existing Lender which is
increasing its Revolving Commitment or (b) a new Lender which is a lending
institution whose identity Administrative Agent will approve by its signature
below.

         In consideration of the foregoing, such Supplemental Lender, from and
after the date hereof shall have a **[Revolving Commitment of $_______________
and if it is a new Lender, Supplemental Lender hereby assumes all of the rights
and obligations of a Lender under the Credit Agreement.]**

         Borrower has executed and delivered to Supplemental Lender as of the
date hereof, if requested by Supplemental Lender, a new or amended and restated
Note in the form attached to the Credit Agreement as Exhibit H to evidence the
new or increased Revolving Commitment of Supplemental Lender.

<PAGE>

         IN WITNESS WHEREOF, Administrative Agent, Borrower and Supplemental
Lender have executed this Amendment as of the date shown above.

                                 CHESAPEAKE EXPLORATION LIMITED PARTNERSHIP

                                 By:    Chesapeake Operating, Inc., its general
                                        partner

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                 [SUPPLEMENTAL LENDER]

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                 UNION BANK OF CALIFORNIA, N.A.,
                                 as Administrative Agent

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

<PAGE>

                                    EXHIBIT C
                                       to
        Fourth Amendment to Second Amended and Restated Credit Agreement

                                 LENDER ADDENDUM

         The undersigned Lender (i) consents to the Fourth Amendment to Second
Amended and Restated Credit Agreement, dated as of November 4, 2002 (the
"Amendment"), among Chesapeake Exploration Limited Partnership, an Oklahoma
limited partnership (the "Borrower"), Chesapeake Energy Corporation, an Oklahoma
corporation (the "Company"), and Union Bank of California, N.A., as
administrative agent and collateral agent (in such capacities, the
"Administrative Agent") and agrees to all of the provisions thereof and (ii)
becomes a party thereto, as a Lender, with obligations applicable to such Lender
thereunder, including, without limitation, the obligation to make extensions of
credit to the Borrower in an aggregate principal amount not to exceed the amount
of its Revolving Commitment, as the case may be, as set forth opposite the
undersigned Lender's name in Schedule 1.1A to the Credit Agreement, as such
amount may be changed from time to time as provided in the Credit Agreement.
Unless otherwise defined herein, terms defined in the Credit Agreement and used
herein shall have the meanings given to them in the Credit Agreement.

                                        ----------------------------------------
                                        (Name of Lender)

                                 By:
                                        ----------------------------------------
                                        Name:
                                        Title:

Dated as of November 4, 2002

<PAGE>

                                                                Fourth Amendment

                              CONSENT AND AGREEMENT

         By its execution below, each Guarantor hereby (i) consents to the
provisions of this Amendment and the transactions contemplated herein, (ii)
ratifies and confirms the Guarantee Agreement dated as of June 11, 2001 made by
it for the benefit of Administrative Agent and Lenders (as modified by certain
Assumption Agreements) and the other Loan Documents executed pursuant to the
Credit Agreement (or any prior amendment or supplement to the Credit Agreement),
(iii) agrees that all of its respective obligations and covenants thereunder
shall remain unimpaired by the execution and delivery of this Amendment and the
other documents and instruments executed in connection herewith, and (iv) agrees
that the Guarantee Agreement and such other Loan Documents shall remain in full
force and effect.

CHESAPEAKE ENERGY CORPORATION

By:      /s/ MARTHA A. BURGER
         ------------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources

THE AMES COMPANY, INC.

By:      /s/ MARTHA A. BURGER
         ----------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE ACQUISITION CORPORATION

By:      /s/ MARTHA A. BURGER
         -------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

<PAGE>

CHESAPEAKE ENERGY LOUISIANA CORPORATION

By:      /s/ MARTHA A. BURGER
         --------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE OPERATING, INC.

By:      /s/ MARTHA A. BURGER
         --------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources

CHESAPEAKE PANHANDLE LIMITED PARTNERSHIP
By: CHESAPEAKE OPERATING, INC., its General Partner

By:      /s/ MARTHA A. BURGER
         --------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources

CHESAPEAKE ROYALTY COMPANY

By:      /s/ MARTHA A. BURGER
         --------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE-STAGHORN ACQUISITION L .P.
By: CHESAPEAKE OPERATING, INC., its General Partner

By:      /s/ MARTHA A. BURGER
         -----------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources

                                       5
<PAGE>

CHESAPEAKE LOUISIANA, L.P.
By: CHESAPEAKE OPERATING, INC., its General Partner

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources

GOTHIC ENERGY CORPORATION

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

GOTHIC PRODUCTION CORPORATION

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

NOMAC DRILLING CORPORATION

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CARMEN ACQUISITION CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

<PAGE>

SAP ACQUISITION CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE MOUNTAIN FRONT CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE KNAN ACQUISITION CORPORATION

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE FOCUS CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE ENO ACQUISITION CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

<PAGE>

CHESAPEAKE BETA CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE DELTA CORP.

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer

CHESAPEAKE SIGMA, L.P.
By: CHESAPEAKE OPERATING, INC., its General Partner

By:      /s/ MARTHA A. BURGER
         -------------------------------------------------
         Name: Martha A. Burger
         Title: Treasurer and Sr. Vice President Human Resources<PAGE>

                                                                    EXHIBIT 10.1

                               THIRD AMENDMENT TO
                           EIGHTH AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

         THIS THIRD AMENDMENT TO EIGHTH AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (this "THIRD AMENDMENT"), dated effective as of the 19th day of
November, 2001, is entered into by and among GULF ISLAND FABRICATION, INC., a
Louisiana corporation ("BORROWER"), GULF ISLAND, L.L.C., a Louisiana limited
liability company ("GULF ISLAND SUBSIDIARY"), DOLPHIN SERVICES, INC., a
Louisiana corporation ("DOLPHIN"), SOUTHPORT, INC., a Louisiana corporation
("SOUTHPORT"), GULF ISLAND MINDOC COMPANY, L.L.C. (formerly Vanguard Ocean
Services, L.L.C.), a Louisiana limited liability company ("MINDOC"), GIF
FINANCE, INC., a Delaware corporation ("GIF Finance" and together with Gulf
Island Subsidiary, Dolphin, Southport, and MinDOC, each an "EXISTING SUBSIDIARY"
and, collectively, the "EXISTING SUBSIDIARIES"), WHITNEY NATIONAL BANK, a
national banking association ("Whitney"), BANK ONE, NA, a national banking
association, in its individual capacity ("BANK ONE") (each of Whitney and Bank
One individually, a "BANK" and collectively, "BANKS"), and BANK ONE, NA, a
national banking association, in its capacity as agent for Banks as set forth
hereinafter ("AGENT").

                                    RECITALS:

         A. Borrower, the Existing Subsidiaries other than GIF Finance, Whitney,
and Bank One, in its capacity as a Bank and as Agent, entered into that certain
Eighth Amended and Restated Revolving Credit Agreement, dated effective as of
January 1, 2000 (the "RESTATED CREDIT AGREEMENT");

         B. Borrower, the Existing Subsidiaries other than GIF Finance, Banks,
and Agent entered into that certain First Amendment to the Restated Credit
Agreement, dated effective as of September 21, 2000 and Borrower, the Existing
Subsidiaries, Bank, and Agent entered into that certain Second Amendment to the
Restated Credit Agreement, dated effective as of October 24, 2001 (collectively,
with the Restated Credit Agreement, the "AMENDED CREDIT AGREEMENT");

         C. In connection with but immediately following execution of the Second
Amendment to the Restated Credit Agreement, Borrower, the Existing Subsidiaries,
Banks, and Agent decided to amend the Amended Credit Agreement (i) to permit
Borrower to obtain letters of credit under the Revolving Credit Facility with
maturity dates to extend beyond the Termination Date and (ii) to acknowledge
that certain letter of credit issued by Bank One on November 19, 2001 and
bearing letter of credit No. STI18736 is secured by the Collateral Documents.

         NOW, THEREFORE, for and in consideration of the mutual covenants,
agreements and undertakings herein contained Borrower, the Existing
Subsidiaries, Banks, and Agent hereby agree as follows:

<PAGE>

                                    ARTICLE I

                                   AMENDMENTS

         1. Section 1.1. The third sentence of Section 1.1 of the Amended Credit
Agreement is hereby amended in its entirety to state:

                  Any draws made under the Letters of Credit by the
                  beneficiaries thereof prior to the Termination Date shall
                  constitute Advances as defined in this Agreement, but any such
                  draws on or after the Termination Date shall not be deemed to
                  constitute Advances.

         2. Section 1.2. Section 1.2 of the Amended Credit Agreement is hereby
amended by adding the following sentences to the end thereof:

                   Agent will not issue any Letter of Credit under this
                   Agreement after the Termination Date but may issue Letters of
                   Credit under this Agreement prior to the Termination Date
                   whose respective expiration dates fall up to 18 months after
                   the Termination Date ("Late Expiring Letters of Credit").
                   Each Late Expiring Letter of Credit is entitled to all of the
                   benefits hereof, including, without limitation, the benefit
                   of the Collateral Documents, and the party for whose account
                   a Late Expiring Letter of Credit is issued must reimburse
                   Banks for any draws thereunder or expenses incurred as a
                   result thereof, notwithstanding the fact that such draws
                   occur or expenses are incurred after the Termination Date.
                   Agent shall obtain the consent of both Banks prior to issuing
                   any Late Expiring Letters of Credit under this Agreement.
                   Agent, Banks, Borrower, and the Existing Subsidiaries hereby
                   agree that Agent's Letter of Credit STI8736 issued on
                   Borrower's behalf on November 19, 2001 in favor of Kerr-McGee
                   Oil & Gas Corporation constitutes a Late Expiring Letter of
                   Credit issued under this Agreement and entitled to all of the
                   benefits hereof, including, without limitation, the benefit
                   of the Collateral Documents. All Late Expiring Letters of
                   Credit are subject to the cash collateralization provisions
                   of Section 4.4.

         3. Section 4.4. Section 4.4 of the Amended Credit Agreement is hereby
amended by adding the following sentences to the end thereof:

                   This Agreement, the Collateral Documents, and all other Loan
                   Documents shall, however, remain in full force and effect
                   until all Letters of Credit expire or are fully drawn upon
                   and Agent and Banks are fully reimbursed for all draws on and
                   expenses incurred as the result of such Letters of Credit;
                   provided, however, that,

                                       2
<PAGE>

                  following either the Termination Date or Borrower's earlier
                  termination of the Revolving Credit Facility under this
                  Section, Borrower shall cash collateralize all reimbursement
                  and other obligations under the Letters of Credit pursuant to
                  documentation acceptable to Agent and Banks in their sole
                  discretion, and, upon such cash collateralization, Agent and
                  Banks shall, by written agreement, terminate and release this
                  Agreement, the Collateral Documents, and the other Loan
                  Documents with the exception of any provisions that by their
                  terms or nature survive such termination.

         4. Section 11.1. Section 11.1 of the Amended Credit Agreement is hereby
amended to add the following definition:

                  "Late Expiring Letter of Credit" has the meaning provided in
                  Section 1.2.

                                   ARTICLE II

                     SPECIAL REPRESENTATIONS AND WARRANTIES
                      WITH RESPECT TO THIS THIRD AMENDMENT

         In order to induce Banks and Agent to enter into this Third Amendment,
Borrower and the Existing Subsidiaries represent and warrant to Banks that:

         1. Borrower Authorization. Borrower is duly authorized to execute,
deliver and perform its obligations under this Third Amendment and is and will
continue to be duly authorized to borrow monies and apply for Letters of Credit
under and to perform its obligations under the Amended Credit Agreement, as
amended by this Third Amendment and as it may be further amended from time to
time.

         2. Enforceability Against Borrower. This Third Amendment shall, upon
execution and delivery, constitute the legal, valid and binding obligation of
Borrower, enforceable in accordance with its terms.

         3. Existing Subsidiary Authorization. Each Existing Subsidiary is duly
authorized to execute, deliver and perform its obligations under this Third
Amendment and is and will continue to be duly authorized to apply for Letters of
Credit and to agree to the related reimbursement obligations under the Amended
Credit Agreement, as amended by this Third Amendment and as it may be further
amended from time to time.

         4. Enforceability Against Existing Subsidiaries. This Third Amendment
shall, upon execution and delivery, constitute the legal, valid and binding
obligation of each Existing Subsidiary enforceable in accordance with its terms.

                                       3
<PAGE>

                                   ARTICLE III

                  CONDITIONS PRECEDENT TO EFFECTIVENESS OF THIS
                                 THIRD AMENDMENT

         This Third Amendment shall become effective as of the date first above
written when and only when (i) Agent shall have received at the offices of
Agent, a counterpart of this Third Amendment executed and delivered by Borrower,
the Existing Subsidiaries and Banks and (ii) Agent shall have additionally
received all of the following documents, each document (unless otherwise
indicated) being dated the date hereof, duly authorized, executed and delivered,
and in form and substance satisfactory to Agent and each Bank:

         1. Borrower's Resolutions. Copies, duly certified by the Secretary or
Assistant Secretary of Borrower, of the resolutions of Borrower's Board of
Directors authorizing the borrowings under the Amended Credit Agreement, as
amended hereby, and the execution and delivery of this Third Amendment;

         2. Existing Subsidiaries' Resolutions. Copies, duly certified by the
Secretary or Assistant Secretary of each Existing Subsidiary, authorizing the
borrowings under the Amended Credit Agreement, as amended hereby, and the
execution and delivery of this Third Amendment and, in the case of GIF Finance,
the Subordination Agreement and its Guaranty; and

         3. No Default Certificate. Borrower's duly executed default and
warranty certificate.

                                   ARTICLE IV

                                  MISCELLANEOUS

         1. Definitions. All terms used herein with initial capital letters and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Amended Credit Agreement.

         2. Ratification of Notes and Liens. Borrower does hereby ratify,
reaffirm and acknowledge its obligations under the Notes, and Gulf Island
Subsidiary and Dolphin Services do hereby further ratify, reaffirm and
acknowledge their respective mortgages, pledges and/or assignments of, and/or
grants of a security interest in, all Collateral heretofore provided by Gulf
Island Subsidiary and Dolphin Services as security for the Notes and the other
Obligations under the Amended Credit Agreement. Gulf Island Subsidiary and
Dolphin Services do hereby further ratify, confirm and acknowledge to Agent and
Banks that: (a) the mortgages, pledges and/or assignments of, and/or grants of a
security interest in, all such Collateral is and shall remain in full force and
effect; (b) the Collateral Documents to which either of Gulf Island Subsidiary
or Dolphin Services is a party are and shall continue to be valid, binding and
enforceable obligations of Gulf Island Subsidiary and Dolphin Services
respectively; and (c) the Collateral

                                       4
<PAGE>

Documents and the Collateral shall continue to secure, with the original ranks
and priority, the Notes and the other Obligations of Borrower.

         3. Ratification of Existing Subsidiaries Continuing Guaranty. The
Existing Subsidiaries do hereby ratify, reaffirm and acknowledge their
respective obligations under the January 1, 2000 Continuing Subsidiary Guaranty
by each of the Existing Subsidiaries other than GIF Finance and the October 24,
2001 Continuing Subsidiary Guaranty by GIF Finance (collectively, the
"GUARANTIES"). The Existing Subsidiaries do hereby further ratify, reaffirm and
acknowledge to Agents and Banks that: (a) the Guaranties are and shall remain in
full force and effect; (b) the Guaranties to which each of the Existing
Subsidiaries are a party is and shall continue to be valid, binding and an
enforceable obligation of the Existing Subsidiaries.

         4. No Other Changes. The Amended Credit Agreement as hereby amended is
hereby ratified and confirmed in all respects. Any reference to the Amended
Credit Agreement in any Loan Document shall be deemed to refer to the Amended
Credit Agreement as amended hereby. The execution, delivery and effectiveness of
this Third Amendment shall not, except as expressly provided herein, operate as
a waiver of any right, power or remedy of Banks under the Amended Credit
Agreement or any other Loan Document. Except as amended by this Third Amendment,
the Amended Credit Agreement shall remain in full force and effect. Nothing
contained herein or in any other documents contemplated hereby shall be
considered a novation or discharge of the debt of Borrower to Banks under the
Amended Credit Agreement.

         5. Counterparts. This Third Amendment may be executed in as many
counterparts as may be deemed necessary or convenient, and by the different
parties hereto in separate counterparts, each of which, when so executed, shall
be deemed an original, but all of which counterparts shall constitute but one
and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment
to be executed by their respective officers thereunto duly authorized, effective
as of the date first written above.

                                    BORROWER:

                                    GULF ISLAND FABRICATION, INC.

                                    By: /s/ Kerry J. Chauvin
                                       -----------------------------------------
                                            Kerry J. Chauvin, President & CEO

                                       5
<PAGE>

                                    BANKS:

                                    BANK ONE, NA

                                    By: /s/ J. Charles Freel, Jr.
                                       -----------------------------------------
                                            J. Charles Freel, Jr.,
                                            Director, Capital Markets

                                    WHITNEY NATIONAL BANK

                                    By: /s/ Harry C. Stahel
                                       -----------------------------------------
                                            Harry C. Stahel,
                                            Senior Vice President

                                    AGENT:

                                    BANK ONE, NA

                                    By: /s/ J. Charles Freel, Jr.
                                       -----------------------------------------
                                            J. Charles Freel, Jr.,
                                            Director, Capital Markets

                                    EXISTING SUBSIDIARIES:

                                    GULF ISLAND, L.L.C.

                                    By: /s/ Kirk Meche
                                       -----------------------------------------
                                            Kirk Meche, President & CEO

                                    DOLPHIN SERVICES, INC.

                                    By: /s/ William Fromenthal
                                       -----------------------------------------
                                            William Fromenthal, President & CEO

                                       6
<PAGE>

                                    SOUTHPORT, INC.

                                    By: /s/ Stephen Becnel
                                       -----------------------------------------
                                            Stephen Becnel, President & CEO

                                    GULF ISLAND MINDOC COMPANY, L.L.C.

                                    By: /s/ Kerry J. Chauvin
                                       -----------------------------------------
                                            Kerry J. Chauvin, Manager

                                    GIF FINANCE, INC.

                                    By: /s/ Joseph P. Gallagher, III
                                       -----------------------------------------
                                            Joseph P. Gallagher, III, President

                                       7

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