<PAGE>

                                                                   EXHIBIT 10.02

                     CONSENT AND SEVENTH AMENDMENT AGREEMENT

         This CONSENT AND SEVENTH AMENDMENT AGREEMENT (this "Agreement") dated
as of June 6, 2003, is by and among VERITAS SOFTWARE GLOBAL CORPORATION, a
Delaware corporation (the "Lessee" or the "Construction Agent"); the various
other Credit Parties listed on the signature pages hereto, as guarantors
(subject to the definition of Guarantors in Appendix A to the Participation
Agreement referenced below, individually a "Guarantor" and collectively, the
"Guarantors"); WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION, a national
banking association, not individually but solely as the Owner Trustee under the
VS Trust 1999-1 (the "Owner Trustee" or the "Lessor"); the various banks and
other lending institutions listed on the signature pages hereto (subject to the
definition of Lenders in Appendix A to the Participation Agreement referenced
below, individually, a "Lender" and collectively, the "Lenders"); BANK OF
AMERICA, N.A., a national banking association, as the agent for the Lenders and
respecting the Security Documents, as the agent for the Lenders and the Holders,
to the extent of their interests (in such capacity, the "Agent"); and the
various banks and other lending institutions listed on the signature pages
hereto as holders of certificates issued with respect to the VS Trust 1999-1
(subject to the definition of Holders in Appendix A to the Participation
Agreement referenced below, individually, a "Holder" and collectively, the
"Holders"). Capitalized terms used in this Agreement but not otherwise defined
herein shall have the meanings set forth in Appendix A to the Participation
Agreement (hereinafter defined).

                               W I T N E S S E T H

         WHEREAS, the parties to this Agreement are parties to that certain
Participation Agreement dated as of April 23, 1999 (the "Participation
Agreement") and certain of the parties to this Agreement are parties to the
other Operative Agreements relating to a $145.2 million tax retention operating
lease facility (the "Facility") that has been established in favor of the
Lessee;

         WHEREAS, on April 10, 2003, the Financing Parties consented to the
redemption by the Credit Parties of the 5.25% Convertible Subordinated Notes due
2004;

         WHEREAS, the Credit Parties have requested that the Financing Parties
(i) consent to the prepayment or redemption of certain outstanding Indebtedness
of the Credit Parties and (ii) amend Section 8.3A(h)(i) of the Participation
Agreement;

         WHEREAS, the Financing Parties have agreed to the requested consent and
amendment on the terms and conditions set forth herein;

         NOW, THEREFORE, IN CONSIDERATION of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

A.       CONSENT

         Notwithstanding Section 8.3B(h) of the Participation Agreement, the
Financing Parties hereby consent to the prepayment or redemption by the Credit
Parties of up to $465 million principal amount of 1.856% Convertible
Subordinated Notes due 2006 to occur on or before September 29, 2003. This is a
one-time consent and shall not be construed to be (i) a waiver as to future
compliance with the Operative Agreements, (ii) a waiver of any Default or Event
of Default that may exist or (iii) a waiver of any other rights or remedies the
Lenders or Holders may have under the Operative Agreements or under applicable
law.

<PAGE>

B.       AMENDMENTS

         (a)      Section 6.2. A new Section 6.2(w) is hereby added to the
Participation Agreement to read as follows:

                           (w)      The Credit Parties do not intend to treat
         the Loans and/or Holder Advances and related transactions as being a
         "reportable transaction" (within the meaning of Treasury Regulation
         Section 1.6011-4). In the event any Credit Party determines to take any
         action inconsistent with such intention, it will promptly notify the
         Agent thereof. If a Credit Party so notifies the Agent, the Credit
         Parties acknowledge that one or more of the Financing Parties may treat
         its Loans and/or Holder Advances as part of a transaction that is
         subject to Treasury Regulation Section 301.6112-1, and such Financing
         Party or Financing Parties, as applicable, will maintain the lists and
         other records required by such Treasury Regulation. Promptly after a
         Credit Party has notified the Agent of any intention by such Credit
         Party to treat the Loans and/or Holder Advances and related
         transactions as being a "reportable transaction" (within the meaning of
         Treasury Regulation Section 1.6011-4), the Credit Parties shall deliver
         to the Agent a duly completed copy of IRS Form 8886 or any successor
         form.

         (b)      Section 8.3A. Section 8.3A(h)(i) of the Participation
Agreement is hereby amended to read as follows:

                  (h)      Financial Covenants.

                           (i)      Leverage Ratio. The Leverage Ratio, as of
                  the last day of each fiscal quarter of the Lessee, shall be
                  less than or equal to:

                                    (A)      From and including December 31,
                                    2001 to and including March 31, 2003, 2.50
                                    to 1.0;

                                    (B)      From and including April 1, 2003 to
                                    and including June 30, 2003, 3.00 to 1.0;

                                    (C)      From and including July 1, 2003 to
                                    and including September 30, 2003, 2.25 to
                                    1.0; and

                                    (D)      From October 1, 2003 and
                                    thereafter, 2.0 to 1.0.

         (c)      Section 12.13. The following paragraph is hereby added to the
end of Section 12.13 to read as follows:

                  Notwithstanding anything herein to the contrary, "information"
         shall not include, and the Agent and each Financing Party may disclose
         without limitation of any kind, any information with respect to the
         "tax treatment" and "tax structure" (in each case, within the meaning
         of Treasury Regulation Section 1.6011-4) of the transactions
         contemplated hereby and all materials of any kind (including opinions
         or other tax analyses) that are provided to the Agent or such Financing
         Party relating to such tax treatment and tax structure; provided that
         with respect to any document or similar item that in either case
         contains information concerning the tax treatment or tax structure of
         the transaction as well as other information, this sentence shall only
         apply to such portions of the document or similar item that relate to
         the tax treatment or tax structure of the Loans, Holder Advances and
         transactions contemplated hereby.

                                       2

<PAGE>

C.       MISCELLANEOUS

         1.       This Agreement shall be effective as of June 6, 2003.

         2.       All of the terms and provisions of the Operative Agreements
(including Schedules and Exhibits) are hereby ratified and confirmed and remain
in full force and effect according to their terms.

         3.       Each of the Credit Parties hereby represents and warrants that
(i) it has taken all necessary action to authorize the execution, delivery and
performance of this Agreement, (ii) this Agreement has been duly executed and
delivered by such party and constitutes such party's legal, valid and binding
obligations, enforceable in accordance with its terms, except as such
enforceability may be subject to (a) bankruptcy, insolvency, reorganization,
fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors' rights generally and (b) general principles of equity (regardless of
whether such enforceability is considered in a proceeding at law or in equity,
(iii) no consent, approval, authorization or order of, or filing, registration
or qualification with, any court or governmental authority or third party is
required in connection with the execution, delivery or performance by such party
of this Agreement, (iv) no Default or Event of Default exists, and (v) the
representations and warranties of such Credit Party set forth in the
Participation Agreement are true and correct as of the date hereof (except for
any such representations and warranties which relate solely to an earlier time).

         4.       The Lessee, agrees to pay all reasonable costs and expenses of
the Agent in connection with the preparation, execution and delivery of this
Agreement, including without limitation the reasonable fees and expenses of
Moore & Van Allen, PLLC.

         5.       This Agreement may be executed in any number of counterparts,
each of which when so executed and delivered shall be deemed an original and it
shall not be necessary in making proof of this Agreement to produce or account
for more than one such counterpart. Each of the Credit Parties agrees to execute
and deliver such other documents, agreements or instruments deemed necessary or
advisable by the Agent to carry out and effectuate the intent and purpose of
this Agreement.

         6.       This Agreement shall be deemed to be a contract made under,
and for all purposes shall be construed in accordance with the laws of the State
of New York.

         [The remainder of this page has been left blank intentionally.]

                                       3

<PAGE>

         IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart
of this Agreement to be duly executed and delivered as of the date first above
written.

                                        VERITAS SOFTWARE GLOBAL CORPORATION, as
                                        the Construction Agent and as the Lessee

                                        By: /s/ Kevin Olson
                                           -------------------------------------
                                        Name:  Kevin Olson
                                        Title: Treasurer

                                        VERITAS SOFTWARE CORPORATION, as a
                                        Guarantor

                                        By: /s/ Kevin Olson
                                           -------------------------------------
                                        Name:  Kevin Olson
                                        Title: Treasurer

                                        VERITAS SOFTWARE TECHNOLOGY CORPORATION,
                                        as a Guarantor

                                        By: /s/ Kevin Olson
                                           -------------------------------------
                                        Name:  Kevin Olson
                                        Title: Treasurer

                                        VERITAS SOFTWARE TECHNOLOGY HOLDING
                                        CORPORATION, as a Guarantor

                                        By: /s/ Kevin Olson
                                           -------------------------------------
                                        Name:  Kevin Olson
                                        Title: Treasurer

                                        VERITAS OPERATING CORPORATION, as a
                                        Guarantor

                                        By: /s/ Kevin Olson
                                           -------------------------------------
                                        Name:  Kevin Olson
                                        Title: Treasurer

                           [signature pages continue]

<PAGE>

                                        WELLS FARGO BANK NORTHWEST, NATIONAL
                                        ASSOCIATION (as successor to First
                                        Security Bank, National Association),
                                        not individually, but solely as the
                                        Owner Trustee under the VS Trust 1999-1

                                        By: /s/ Val T. Orton
                                           -------------------------------------
                                        Name:  Val T. Orton
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        BANK OF AMERICA, N.A. (which is the
                                        successor to NationsBank, N.A.), as a
                                        Holder, as a Lender and as the Agent

                                        By: /s/ Colleen M. Taylor
                                           -------------------------------------
                                        Name:  Colleen M. Taylor
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        COMERICA BANK - CALIFORNIA, as a Holder
                                        and as a Lender

                                        By: /s/ Rob Ways
                                           -------------------------------------
                                        Name:  Rob Ways
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        KEYBANK NATIONAL ASSOCIATION, as a
                                        Holder and as a Lender

                                        By: /s/ Robert W. Boswell
                                           -------------------------------------
                                        Name:  Robert W. Boswell
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        FLEET NATIONAL BANK, as a Lender

                                        By: /s/ Michael J. McCutchin
                                           -------------------------------------
                                        Name:  Michael J. McCutchin
                                        Title: Managing Director

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        THE BANK OF NOVA SCOTIA, as a Lender

                                        By: /s/ Lisa A. Beard
                                           -------------------------------------
                                        Name:  Lisa A. Beard
                                        Title: Director, Technology Group

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        MIZUHO CORPORATE BANK, LTD., (as
                                        successor to The Fuji Bank, Limited and
                                        as successor to The Industrial Bank of
                                        Japan, Limited), as a Lender

                                        By: /s/ Bertram Tang
                                           -------------------------------------
                                        Name:  Bertram Tang
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        FBTC LEASING CORP., as a Lender

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        UNION BANK OF CALIFORNIA, N.A., as a
                                        Holder and as a Lender

                                        By: /s/ James B. Goudy
                                           -------------------------------------
                                        Name:  James B. Goudy
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        WELLS FARGO BANK, NATIONAL ASSOCIATION,
                                        as a Holder and as a Lender

                                        By: /s/ Eric Houser
                                           -------------------------------------
                                        Name:  Eric Houser
                                        Title: Vice President

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1

<PAGE>

                                        IBJTC LEASING CORPORATION-BSC, as a
                                        Holder

                                        By: ____________________________________
                                        Name: __________________________________
                                        Title: _________________________________

                              [signature pages end]

                                                   Consent and Seventh Amendment
                                                                 VS Trust 1999-1