Item 1.01 Entry into a Material Definitive Agreement.

On June 12, 2020, Chesapeake Energy Corporation ("Chesapeake") entered into the Fourth Amendment (the "Amendment") to Amended and Restated Credit Agreement, dated as of September 12, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the "Credit Agreement"), by and among Chesapeake, as borrower, MUFG Union Bank, N.A., as administrative agent, and the lenders from time to time party thereto.

The Amendment, among other things, (i) amends certain prepayment provisions, (ii) waives certain events of default and (iii) reduces the borrowing base under the Credit Agreement from $3.0 billion to $2.3 billion.

The above description of the material terms and conditions of the Amendment is a summary only, does not purport to be complete, and is qualified by reference to the full text of the Amendment attached to this Current Report as Exhibit 10.1.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth in Item 1.01 is incorporated herein by reference to this Item 2.03.




Item 8.01 Other Events.

On June 15, 2020, Chesapeake chose not to make interest payments of approximately $3.4 million and $10.1 million (collectively, the "Interest Payments") due on June 15, 2020 with respect to Chesapeake's outstanding 5.375% Senior Notes due 2021 and 8.000% Senior Notes due 2027 (collectively, the "Notes"), respectively. Under the indentures governing the Notes, Chesapeake has a 30-day grace period to make the Interest Payments before such non-payment constitutes an event of default with respect to the Notes.

Item 9.01 Exhibits.



(d)
Exhibit No.    Document Description
   10.1        Fourth Amendment to Amended and Restated Credit Agreement, dated
               as of June 12, 2020, among Chesapeake, MUFG Union Bank, N.A. and
               the Lenders party thereto.
    104        Cover Page Interactive Data File (embedded within the Inline XBRL
               document).

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