Document:

exv4w3

 

Exhibit 4.3

GLOBAL SECURITY

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, OR THE
“SECURITIES ACT”, AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER
OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION
5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF VERITAS DGC INC. (THE
“COMPANY”) THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) PURSUANT TO
AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), (III) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OR (IV) TO THE COMPANY OR ANY OF ITS
SUBSIDIARIES, IN EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY
APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT
PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN
(A) ABOVE.

THE FOREGOING LEGEND MAY BE REMOVED FROM THE SECURITY ON SATISFACTION OF THE
CONDITIONS SPECIFIED IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST

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HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

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VERITAS DGC INC.

Floating Rate Convertible Senior Note Due 2024

	 	 	 
	No.: 1

	 	CUSIP: 92343P AD 9

Issue Date: March 3, 2004

     VERITAS DGC INC., a Delaware corporation, promises to pay to Cede & Co. or
registered assigns, the principal amount as set forth on Schedule I hereto, on
March 15, 2024, subject to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. This Security is convertible as
specified on the other side of this Security.

     Interest Payment Dates: March 15, June 15, September 15 and December 15,
commencing June 15, 2004.

     Record Dates: March 1, June 1, September 1 and December 1 commencing June
1, 2004.

	 	 	 	 	 
	 	VERITAS DGC INC.

 	 
	 	By:  	/s/ Larry L. Worden	 
	 	 	Larry L. Worden 	 
	 	 	Vice President, General Counsel &
Secretary 	 

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TRUSTEE’S CERTIFICATE OF AUTHENTICATION

U.S. Bank National Association, as Trustee, certifies that this is one of the
Securities referred to in the within-mentioned Indenture.

	 	 	 	 	 
	 	 	 
	By:  	 	/s/ Philip G. Kane, Jr.	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: March 3, 2004

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REVERSE SIDE OF NOTE

VERITAS DGC INC.

Floating Rate Convertible Senior Note Due 2024

     (1) Interest.

     This Security will bear interest from March 3, 2004 or from the most
recent date to which interest has been paid or duly provided for, quarterly in
arrears on March 15, June 15, September 15 and December 15 of each year,
subject to Section 11.08 of the Indenture, commencing June 15, 2004. This
Security will bear interest from March 3, 2004 to but excluding June 15, 2004
at a rate of 0.37% per annum. Beginning June 15, 2004, this Security will bear
interest at a rate per annum equal to 3-month LIBOR minus 0.75%, reset
quarterly. The 3-month LIBOR applicable to any quarterly period beginning on a
March 15, June 15, September 15 or December 15 shall be 3-month LIBOR on the
second London banking day immediately preceding such March 15, June 15,
September 15 or December 15 (a “LIBOR Determination Date”). Regardless of the
level of 3-month LIBOR, however, the interest rate on the Securities will never
be less than zero. The Company will pay interest on any overdue principal
amount at the interest rate borne by the Securities at the time such interest
on the overdue principal amount accrues, compounded quarterly, and it shall pay
interest on overdue installments of interest and Liquidated Damages, if any
(without regard to any applicable grace period), at the same interest rate,
compounded quarterly. Interest (including Liquidated Damages, if any) on the
Securities will be computed on the basis of a 360-day year comprised of twelve
30-day months.

     "London banking day” means a day on which commercial banks are open for
business, including dealings in United States dollars, in London, England.

     "3-month LIBOR,” as determined by the Trustee, means with respect to any
LIBOR Determination Date:

     (i) the rate for three-month deposits in United States dollars
commencing on the second London banking day succeeding such LIBOR
Determination Date, that appears on the Moneyline Telerate Page 3750 as
of 11:00 a.m., London time, on the LIBOR Determination Date, or

     (ii) if no rate appears on the particular LIBOR Determination Date
on the Moneyline Telerate Page 3750, the rate calculated by the Trustee
as the arithmetic mean of at least two offered quotations obtained by
the Trustee after requesting the principal London offices of each of
four major reference banks in the London interbank market to provide the
Trustee with its offered quotation for deposits in United States dollars
for the period of three months, commencing on the second London banking
day succeeding such LIBOR Determination Date, to prime banks in the

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London interbank market at approximately 11:00 a.m., London time,
on that LIBOR Determination Date and in a principal amount that is
representative for a single transaction in United States dollars in that
market at that time, or

     (iii) if fewer than two offered quotations referred to in clause
(ii) are provided as requested, the rate calculated by the Trustee as
the arithmetic mean of the rates quoted at approximately 11:00 a.m., New
York time, on the particular LIBOR Determination Date by three major
banks in The City of New York selected by the Trustee for loans in
United States dollars to leading European banks for a period of three
months commencing on second London banking day succeeding such LIBOR
Determination Date, and in a principal amount that is representative for
a single transaction in United States dollars in that market at that
time, or

     (iv) if the banks so selected by the Trustee are not quoting as
mentioned in clause (iii), 3-month LIBOR in effect on the preceding
LIBOR Determination Date (or 0.37% per annum in the case of the interest
payment date on June 15, 2004).

     "Moneyline Telerate Page 3750” means the display on Moneyline Telerate (or
any successor service) on such page (or any other page as may replace such page
on such service) or such other service or services as may be nominated by the
British Bankers’ Association as the information vendor for the purpose of
displaying the London interbank rates of major banks for United States dollars.

     (2) Method of Payment.

     The Company will pay interest (including Liquidated Damages, if any) on
this Security to the Person who is the registered Holder of this Security at
the close of business on March 1, June 1, September 1 or December 1, as the
case may be, immediately preceding the related interest payment date. Subject
to the terms and conditions of the Indenture, the Company will make payments in
respect of the Redemption Price, Repurchase Price, Change in Control Repurchase
Price and the principal amount at Stated Maturity, as the case may be, to the
Holder who surrenders a Security to a Paying Agent to collect such payments in
respect of the Security. The Company will pay cash amounts in money of the
United States that at the time of payment is legal tender for payment of public
and private debts. However, the Company may pay interest (including Liquidated
Damages, if any), the Redemption Price, Repurchase Price, Change in Control
Repurchase Price and the principal amount at Stated Maturity, as the case may
be, to a Holder holding Securities in definitive form by check or wire payable
in such money; provided that a Holder holding Securities in definitive form
with an aggregate principal amount in excess of $1,000,000 may request payment
by wire transfer in immediately available funds to an account in North America
at the election of such Holder. The Company may mail an interest check

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to the Holder’s registered address. Notwithstanding the foregoing, so
long as this Security is registered in the name of a Depositary or its nominee,
all payments hereon shall be made by wire transfer of immediately available
funds to the account of the Depositary or its nominee.

     (3) Paying Agent, Conversion Agent and Registrar.

     Initially, U.S. Bank National Association (the “Trustee”) will act as
Paying Agent, Conversion Agent and Registrar. The Company may appoint and
change any Paying Agent, Conversion Agent or Registrar without notice, other
than notice to the Trustee; provided that the Company will maintain at least
one Paying Agent having an office or agency in the State of New York, City of
New York, Borough of Manhattan, which shall initially be an office or agency of
the Trustee. The Company or any of its Subsidiaries or any of their Affiliates
may act as Paying Agent, Conversion Agent or Registrar.

     (4) Indenture.

     The Company issued the Securities under an Indenture dated as of March 3,
2004 (the “Indenture”), between the Company and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as in effect from
time to time (the “TIA”). Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are
subject to all such terms, and Holders are referred to the Indenture and the
TIA for a statement of those terms.

     The Securities are general unsecured obligations of the Company limited to
up to $155,000,000 aggregate principal amount (which shall include Deutsche
Bank Securities Inc.’s option to purchase up to $30,000,000 aggregate principal
amount of additional Securities). The Indenture does not limit other
indebtedness of the Company, secured or unsecured.

     (5) Redemption at the Option of the Company.

     No sinking fund is provided for the Securities. Beginning on March 20,
2009 and during the periods thereafter to maturity, the Securities are
redeemable as a whole at any time, or in part from time to time, in any
integral multiple of $1,000, at the option of the Company for cash at a
Redemption Price equal to 100% of the principal amount, together with accrued
but unpaid interest (including Liquidated Damages, if any) thereon, up to but
not including the Redemption Date; provided that, if the Redemption Date is
between the close of business on an interest record date and the opening of
business on the related interest payment date, interest will be payable to the
Holders in whose names the Securities are registered at the close of business
on the relevant interest record date.

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     Notice of redemption pursuant to paragraph 5 of this Security will be
mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder of Securities to be redeemed at the Holder’s registered address.
If money sufficient to pay the Redemption Price of all Securities (or portions
thereof) to be redeemed on the Redemption Date is deposited with the Paying
Agent prior to 11:00 a.m., New York City time, on the Redemption Date,
immediately after such Redemption Date, interest (including Liquidated Damages,
if any) shall cease to accrue on such Securities or portions thereof.
Securities in denominations larger than $1,000 of principal amount may be
redeemed in part but only in integral multiples of $1,000 of principal amount.

     (6) Repurchase By the Company at the Option of the Holder on Specified
Dates; Repurchase at the Option of the Holder Upon a Change in Control.

     Subject to the terms and conditions of the Indenture, the Company shall
become obligated to repurchase, at the option of the Holder, all or a portion
of the Securities held by such Holder, in any integral multiple of $1,000, on
March 15, 2009, March 15, 2014 and March 15, 2019 (each, a “Repurchase Date”),
for cash at a price per Security equal to 100% of the aggregate principal
amount of the Security (the “Repurchase Price”), together with accrued but
unpaid interest (including Liquidated Damages, if any) thereon, up to but not
including the Repurchase Date upon delivery of a Repurchase Notice containing
the information set forth in the Indenture, together with the Securities
subject thereto, at any time from the opening of business on the date that is
30 Business Days prior to such Repurchase Date until the close of business on
the Business Day prior to such Repurchase Date, and upon delivery of the
Securities to the Paying Agent by the Holder as set forth in the Indenture.

     At the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall become obligated to repurchase the Securities held
by such Holder after the occurrence of a Change in Control of the Company for a
Change in Control Repurchase Price equal to 100% of the principal amount
thereof plus accrued but unpaid interest (including Liquidated Damages, if any)
thereon, up to but not including the Change in Control Repurchase Date which
Change in Control Repurchase Price shall be paid in cash (provided that if the
Change in Control Repurchase Date is between the close of business on an
interest record date and the opening of business on the related interest
payment date, accrued but unpaid interest will be payable to the Holders in
whose names the Securities are registered at the close of business on the
relevant record date). Holders have the right to withdraw any Repurchase
Notice or Change in Control Repurchase Notice, as the case may be, by
delivering to the Paying Agent a written notice of withdrawal in accordance
with the provisions of the Indenture.

     If cash sufficient to pay the Repurchase Price or Change in Control
Repurchase Price, as the case may be, and accrued but unpaid interest
(including Liquidated Damages, if any) on all Securities or portions thereof to
be

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repurchased as of the Repurchase Date or the Change in Control Repurchase
Date, as the case may be, is held by the Paying Agent by 11:00 a.m., New York
City time, on the Business Day immediately following the Repurchase Date or the
Change in Control Repurchase Date, interest (including Liquidated Damages, if
any) shall cease to accrue on such Securities (or portions thereof) as of such
Repurchase Date or Change in Control Repurchase Date, and the Holder thereof
shall have no other rights as such, other than the right to receive the
Repurchase Price or Change in Control Repurchase Price, as the case may be, and
interest (including Liquidated Damages, if any) upon surrender of such
Security.

     (7) Conversion.

     Upon satisfaction of the conditions set forth in Section 10.01(a) of the
Indenture, a Holder of a Security may convert any portion of the principal
amount of any Security that is an integral multiple of $1,000 into cash and
fully paid and non-assessable shares (calculated as to each conversion to the
nearest 1/10000th of a share) of Common Stock in accordance with the provisions
of Section 10.14 of the Indenture; provided that if such Security is called for
redemption, the conversion right will terminate at the close of business on the
second Business Day immediately preceding the Redemption Date of such Security
(unless the Company shall default in making the redemption payment when due, in
which case the conversion right shall terminate at the close of business on the
date such Default is cured and such Security is redeemed). Such conversion
right shall commence on the initial issuance date of the Securities and expire
at the close of business on the Business Day immediately preceding the date of
maturity, subject, in the case of conversion of any Global Security, to any
Applicable Procedures. The Conversion Price shall, as of the date of the
Indenture, initially be $24.03 per share of Common Stock. The Conversion Rate
shall, as of the date of the Indenture, initially be approximately 41.6146.
The Conversion Price and Conversion Rate will be adjusted under the
circumstances specified in the Indenture. Upon conversion, no adjustment for
interest (including Liquidated Damages, if any) or dividends will be made. No
fractional shares will be issued upon conversion; in lieu thereof, an amount
will be paid in cash based upon the Ten Day Average Closing Stock Price (as
defined in the Indenture). Except as provided in Section 10.01(c) of the
Indenture, delivery of the Principal Return, Net Shares and cash in lieu of
fractional shares shall be deemed to satisfy the Company’s obligation to pay
the principal amount of a converted Security and accrued but unpaid interest
(including Liquidated Damages, if any) thereon. Any accrued interest
(including Liquidated Damages, if any) payable on a converted Security will be
deemed paid in full, rather than canceled, extinguished or forfeited.

     To convert a Security, a Holder must (a) complete and manually sign the
conversion notice set forth below and deliver such notice to the Conversion
Agent, (b) surrender the Security to the Conversion Agent, (c) furnish
appropriate endorsements and transfer documents if required by the Registrar or
the Conversion Agent, (d) pay any transfer or other tax, if required and (e) if
the

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Security is held in book-entry form, complete and deliver to the
Depositary appropriate instructions pursuant to the Applicable Procedures. If
a Holder surrenders a Security for conversion between the close of business on
the record date for the payment of an installment of interest and the opening
of business on the related interest payment date, the Security must be
accompanied by payment of an amount equal to the interest (including Liquidated
Damages, if any) payable on such interest payment date on the principal amount
of the Security or portion thereof then converted; provided that no such
payment shall be required if such Security has been called for redemption on a
Redemption Date within the period between close of business on such record date
and the opening of business on such interest payment date, or if such Security
is surrendered for conversion on the interest payment date. A Holder may
convert a portion of a Security equal to $1,000 or any integral multiple
thereof.

     A Security in respect of which a Holder has delivered a Repurchase Notice
or a Change of Control Repurchase Notice exercising the option of such Holder
to require the Company to repurchase such Security as provided in Section 3.08
or Section 3.09, respectively, of the Indenture may be converted only if such
notice of exercise is withdrawn in accordance with the terms of the Indenture.

     (8) Denominations; Transfer; Exchange.

     The Securities are in fully registered form, without coupons, in
denominations of $1,000 of principal amount and integral multiples of $1,000.
A Holder may transfer or exchange Securities in accordance with the Indenture.
The Registrar may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Registrar need not transfer or exchange
any Securities selected for redemption (except, in the case of a Security to be
redeemed in part, the portion of the Security not to be redeemed), or any
Securities in respect of which a Repurchase Notice or a Change in Control
Repurchase Notice has been given and not withdrawn (except, in the case of a
Security to be repurchased in part, the portion of the Security not to be
repurchased), or any Securities for a period of 15 days before the mailing of a
notice of redemption of Securities to be redeemed.

     (9) Persons Deemed Owners.

     The registered Holder of this Security may be treated as the owner of this
Security for all purposes.

     (10) Amendment; Waiver.

     Subject to certain exceptions set forth in the Indenture, (i) the
Indenture or the Securities may be amended with the written consent of the
Holders of at least a majority in aggregate principal amount of the Securities
at the time outstanding and (ii) certain defaults may be waived with the
written consent of the Holders of

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a majority in aggregate principal amount of the Securities at the time
outstanding. Subject to certain exceptions set forth in the Indenture, without
the consent of any Holder, the Company and the Trustee may amend the Indenture
or the Securities (i) to cure any ambiguity, omission, defect or inconsistency,
or make any other change that does not adversely affect the rights of any
Holder in any material respect, (ii) to comply with Article 5 or Section 10.11
of the Indenture, (iii) to make provisions with respect to the conversion right
of Holders pursuant to the requirements of Section 10.01 of the Indenture, (iv)
to evidence and provide for the acceptance of appointment under the Indenture
by a successor Trustee, or (v) to comply with the provisions of the TIA or any
requirement of the SEC in connection with the qualification of the Indenture
under the TIA.

     (11) Defaults and Remedies.

     Except as set forth in the Indenture, if an Event of Default occurs and is
continuing, the Trustee or the Holders of not less than 25% in principal amount
of Securities then outstanding may declare all the Securities to be due and
payable in the manner, at the time and with the effect provided in the
Indenture. Holders of Securities may not enforce the Indenture or the
Securities except as provided in the Indenture. The Trustee is not obligated
to enforce the Indenture or the Securities unless it has received security or
indemnity reasonably satisfactory to it. The Indenture permits, subject to
certain limitations therein provided, Holders of a majority in aggregate
principal amount of the Securities at the time outstanding to direct the
Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of Securities notice of any continuing Default or Event of Default
(except a default in payment of principal or interest when due, for any reason)
if it determines in good faith that withholding notice is in the interests of
Holders.

     (12) Trustee Dealings with the Company.

     Subject to certain limitations imposed by the TIA, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed
to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not Trustee.

     (13) No Recourse Against Others.

     A director, officer, employee or shareholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by
reason of such obligations or their creation. By accepting a Security, each
Holder waives and releases all such liability. The waiver and release are part
of the consideration for the issue of the Securities.

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     (14) Ranking.

     The Securities shall be unsecured senior obligations of the Company and
shall rank equally in right of payment with any other existing and future
senior indebtedness of the Company and senior to any future subordinated
indebtedness of the Company.

     (15) Authentication.

     This Security shall not be valid until an authorized signatory of the
Trustee manually signs the Trustee’s Certificate of Authentication on the other
side of this Security.

     (16) Abbreviations.

     Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (“Tenants In Common”), TEN ENT (“Tenants By The
Entireties”), JT TEN (“Joint Tenants With Right Of Survivorship And Not As
Tenants In Common”), CUST (“Custodian”) and U/G/M/A (“Uniform Gift To Minors
Act”).

     (17) Governing Law.

     THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS
SECURITY.

     (18) CUSIP Numbers.

     Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities.
No representation is made as to the accuracy of such numbers as printed on the
Securities and reliance may be placed only on the other identification numbers
printed hereon.

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ASSIGNMENT FORM

To assign this Security, fill in the form below

I or we assign and transfer this Security to

(Insert assignee’s soc. sec. or tax ID no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint                     agent to transfer this Security on the
books of the Company. The agent may substitute another to act for him.

Date:                                

CONVERSION NOTICE

To convert this Security into Cash and Common Stock of the Company, check the
box o

To convert only part of this Security, state the principal amount to be
converted (which must be $1,000 or an integral multiple of $1,000):

If you want the stock certificate made out in another person’s name fill in the
form below:

(Insert the other person’s soc. sec. tax ID no.)

(Print or type other person’s name, address
and zip code)

Your Signature:                              

(Sign exactly as your name appears on the other side of this Security)

Signature Guaranteed

Participant in a Recognized Signature
Guarantee Medallion Program

	 	 	 	 	 
	 	 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

FORM OF REPURCHASE NOTICE

To: Veritas DGC Inc.

     The undersigned registered holder of this Security requests and instructs
the Company to repurchase this Security, or the portion hereof (which is $1,000
principal amount or a multiple thereof) designated below, on the date specified
below, in accordance with the terms and conditions specified in paragraph 6 of
this Security and the Indenture referred to in this Security and directs that
the check in payment for this Security or the portion thereof and any
Securities representing the portion of principal amount hereof not to be so
repurchased, be issued and delivered to the registered holder hereof unless a
different name has been indicated below. If any portion of this Security not
repurchased is to be issued in the name of a Person other than the undersigned,
the undersigned shall pay all transfer taxes payable with respect thereto.

Dated:

	 	 	 	 	 
	 	

Signature(s)

 	 
	 	 	 
	 	 	 
	 	 	 
	 

Fill in for registration of Securities
not
repurchased if to be
issued other than
to and in the name
of registered holder:

	 
	
(Name)

	 
	
(Street Address)

	 
	
(City, state and zip code)

	 
	Please print name and address

	

	principal amount to be repurchased (if less than all): $   ,000

	

	date of requested repurchase: March 15, 20   

         (specify either March 15, 2009, 2014 or 2019)

 

FORM OF OPTION TO ELECT REPURCHASE

UPON A CHANGE IN CONTROL

To: Veritas DGC Inc.

     The undersigned registered holder of this Security hereby acknowledges
receipt of a notice from Veritas DGC Inc. (the “Company”) as to the occurrence
of a Change in Control with respect to the Company and requests and instructs
the Company to repurchase this Security, or the portion hereof (which is $1,000
principal amount or a multiple thereof) designated below, in accordance with
the terms of the Indenture referred to in this Security and directs that the
check in payment for this Security or the portion thereof and any Securities
representing any unrepurchased principal amount hereof, be issued and delivered
to the registered holder hereof unless a different name has been indicated
below. If any portion of this Security not repurchased is to be issued in the
name of a Person other than the undersigned, the undersigned shall pay all
transfer taxes payable with respect thereto.

Dated:

	 
	
 

	Signature(s)

Fill in for registration of

Securities not repurchased if to be

issued other than to and in the name

of registered holder:

	 
	
(Name)

	 
	
(Street Address)

	 
	
(City, state and zip code)

Please print name and address

principal amount to be repurchased (if less than all): $   ,000

 

SCHEDULE I

VERITAS DGC INC.

Floating Rate Convertible Senior Note Due 2024

No: 1

	 	 	 	 	 	 	 	 	 
	Date
	 	Principal Amount
	 	Notation

	March 3, 2004
	 	$	125,000,000	 	 	 	 	 

16<PAGE>

                                                                  EXHIBIT 10.4.7

            SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT

         THIS SIXTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT
(hereinafter referred to as the "Amendment") executed as of the [ ] day of
September, 2003, by and among RANGE RESOURCES CORPORATION, a Delaware
corporation ("Borrower"), BANK ONE, NA, a national banking association ("Bank
One"), each of the financial institutions which is a party hereto (as evidenced
by the signature pages to this Amendment) or which may from time to time become
a party hereto pursuant to the provisions of Section 29 of the Credit Agreement
or any successor or assignee thereof (hereinafter collectively referred to as
"Lenders", and individually, "Lender"), Bank One, as Administrative Agent
("Agent"), Fleet National Bank, as Co-Documentation Agent, Fortis Capital Corp.,
as Co-Documentation Agent, JPMorgan Chase Bank, as Co-Syndication Agent, Credit
Lyonnais New York Branch, as Co-Syndication Agent, Banc One Capital Markets,
Inc., as Joint Lead Arranger and Joint Bookrunner and JPMorgan Securities, Inc.,
as Joint Lead Arranger and Joint Bookrunner. Capitalized terms used but not
defined in this Amendment have the meanings assigned to such terms in that
certain Amended and Restated Credit Agreement dated as of May 2, 2002, by and
among Borrower, Agent and Lenders (as amended, supplemented or otherwise
modified from time to time, the "Credit Agreement").

                                   WITNESSETH:

         WHEREAS, the Borrower has requested that the Agent and the Lenders
amend the Credit Agreement to increase the Hydrocarbon Borrowing Base to
$180,000,000; and Agent and the Lenders have agreed to do so on the terms and
conditions hereinafter set forth including eliminating any increase in the
Borrowing Base arising from the acquisition or redemption of Junior Securities;
and

         WHEREAS, as a result of the elimination of any increase in the
Hydrocarbon Borrowing Base arising from such acquisitions and redemptions it is
no longer necessary to distinguish between the Hydrocarbon Borrowing Base and
the Borrowing Base.

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, the
Borrower, Agent and the Lenders, hereby agree as follows:

SECTION 1. AMENDMENTS TO CREDIT AGREEMENT. Subject to the satisfaction or waiver
in writing of each condition precedent set forth in Section 3 hereof, and in
reliance on the representations, warranties, covenants and agreements contained
in this Amendment, the Credit Agreement shall be amended in the manner provided
in this Section 1.

         1.1      DEFINITIONS. Section 1 of the Credit Agreement shall be and it
hereby is amended as follows:

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         (a) By amending the following definitions in their entirety to read as
follows:

         Borrowing Base shall mean, as of any date, the value assigned by the
Lenders from time to time to the Oil and Gas Properties pursuant to Section 7
hereof.

         Unscheduled Redeterminations means a redetermination of the Borrowing
Base made at any time other than on the dates set for the regular semi-annual
redetermination of the Borrowing Base which are made (A) at the request of
Borrower (but only once between Borrowing Base redeterminations), (B) at the
request of Super Majority Lenders (but only twice between Borrowing Base
redeterminations) or (C) upon the issuance of any Refinancing Securities,
provided, however, that (i) Super Majority Lenders may require an Unscheduled
Redetermination at any time it appears to Agent or Super Majority Lenders, in
the exercise of their reasonable discretion, that either (a) there has been a
material decrease in the value of the Oil and Gas Properties, or (b) an event
has occurred which is reasonably expected to have a Material Adverse Effect, or
(ii) Super Majority Lenders may require an Unscheduled Redetermination if
Borrower terminates any material agreements entered into in connection with a
Rate Management Transaction used by Lenders in determining the Borrowing Base or
if the counterparty to any such material agreement commences, or has commenced
against it any proceeding under any bankruptcy, insolvency or similar law now or
hereafter in effect.

         (b)      By deleting the definitions for "Hydrocarbon Borrowing Base",
"Increased Amount" and "Increase Limit" from such section.

         1.2      AMENDMENT TO BORROWING BASE. Section 7 of the Credit Agreement
shall be and it hereby is amended as follows:

         (a)      Section 7(a) of the Credit Agreement shall be and it hereby is
amended in its entirety to read as follows:

                  (a)      Initial Borrowing Base. As of April 1, 2003, the
         Borrowing Base shall be $170,000,000 and, subject to Section 7(b)
         hereof, as of October 1, 2003, the Borrowing Base shall be
         $180,000,000.

         (b)      Section 7(b) of the Credit Agreement shall be and it hereby is
amended in its entirety to read as follows:

                  (b)      Subsequent Determinations of Borrowing Base.
         Subsequent determinations of the Borrowing Base shall be made by the
         Lenders semi-annually on April 1 and October 1 of each year beginning
         April 1, 2004 or as Unscheduled Redeterminations. By March 1 each year,
         beginning March 1, 2004, Borrower shall furnish to the Lenders an
         engineering report in form and substance reasonably satisfactory to
         Agent prepared by an independent petroleum engineering firm acceptable
         to Agent, said engineering report to utilize economic and pricing
         parameters used by the Agent as established from time to time, together
         with such other information, reports and data concerning the value of
         the Oil and Gas Properties as Agent shall deem reasonably

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         necessary to determine the value of such Oil and Gas Properties. By
         September 1 of each year beginning September 1, 2004, or within thirty
         (30) days after either (i) receipt of notice from Agent that the
         Lenders require an Unscheduled Redetermination, or (ii) the Borrower
         gives notice to Agent of its desire to have an Unscheduled
         Redetermination performed, in each case the Borrower shall furnish to
         the Lenders an engineering report in form and substance reasonably
         satisfactory to Agent, said engineering report to utilize economic and
         pricing parameters used by the Agent as established from to time,
         together with such other information, reports and data concerning the
         value of such Oil and Gas Properties. Agent shall by written notice to
         the Borrower no later than April 1 and October 1 of each year, or
         within a reasonable time thereafter (herein called the "Determination
         Date"), notify the Borrower of the designation by the Lenders of the
         new Borrowing Base for the period beginning on such Determination Date
         and continuing until, but not including, the next Determination Date.
         If an Unscheduled Redetermination is to be made by the Lenders, the
         Agent shall notify the Borrower within a reasonable time after receipt
         of all requested information of the new Borrowing Base, and such new
         Borrowing Base shall continue until the next Determination Date. If the
         Borrower does not furnish all such information, reports and data by any
         date specified in this Section 7(b), unless such failure is reasonably
         determined by the Agent to be of no fault of the Borrower, the Lenders
         nonetheless designate the Borrowing Base at any amounts which the
         Lenders in their reasonable discretion determine and redesignate the
         Borrowing Base from time to time thereafter until the Lenders receive
         all such information, reports and data, whereupon the Lenders shall
         designate a new Borrowing Base as described above. The procedure for
         determining the Borrowing Base at each redetermination shall be that
         the Agent shall determine the Borrowing Base and submit the same to the
         Lenders. Increases in the Borrowing Base will require approval of all
         Lenders, but other reaffirmation or changes in the Borrowing Base will
         be subject to the approval of Required Lenders. If any redetermined
         Borrowing Base is not approved by Required Lenders within twenty (20)
         days after submission to the Lenders by the Agent, the Agent shall
         notify each of the Lenders that the proposed Borrowing Base has not
         been approved and each Lender will submit within ten (10) days
         thereafter its proposed Borrowing Base. The redetermined Borrowing Base
         shall be then determined (in all cases except those involving an
         increase of the Borrowing Base which requires approval of all Lenders)
         based upon the weighted arithmetic average of the proposed amounts
         submitted by each Lender, said proposals to be weighted according to
         each Lender's Commitment. Each Lender shall determine the amount of the
         Borrowing Base based upon the loan collateral value which such Lender
         in its sole discretion (using such methodology, assumptions and
         discount rates as such Lender customarily uses in assigning collateral
         value to oil and gas properties, oil and gas gathering systems, gas
         processing and plant operations) assigns to such Oil and Gas Properties
         of the Borrower at the time in question and based upon such other
         credit factors consistently applied (including, without limitation, the
         assets, liabilities, cash flow, business, properties, prospects,
         management and ownership of the Borrower and its affiliates) as such
         Lender customarily considers in evaluating similar oil and gas credits.
         If at any time any of the Oil and Gas Properties are sold, the
         Borrowing Base then in effect shall automatically be reduced by a sum
         equal to the amount of prepayment, if any,

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         required to be made pursuant to Section 12(r) hereof. It is expressly
         understood that the Lenders have no obligation to designate the
         Borrowing Base at any particular amounts, except in the exercise of
         their discretion, whether in relation to the Commitments or otherwise.
         Provided, however, that the Lenders shall not have the obligation to
         designate a Borrowing Base in an amount in excess of the Commitment.

         (c)      Section 7(c) of the Credit Agreement is hereby deleted from
the Credit Agreement.

         1.3      AMENDMENT TO UNUSED COMMITMENT FEE. Section 8(a) of the Credit
Agreement shall be and it hereby is amended in its entirety to read as follows:

         (a)      Unused Commitment Fee. The Borrower shall pay to Agent for the
ratable benefit of the Lenders an unused commitment fee (the "Unused Commitment
Fee") equivalent to the Unused Commitment Fee Rate times the daily average of
the sum of the (i) Borrowing Base minus Total Outstandings. Such Unused
Commitment Fee shall be calculated on the basis of a year consisting of 360
days. The Unused Commitment Fee shall be payable in arrears on the last day of
each calendar quarter beginning June 30, 2002 with the final fee payment due on
the Maturity Date for any period then ending for which the Unused Commitment Fee
shall not have been theretofore paid. In the event the Commitment terminates on
any date prior to the end of any such quarterly period, the Borrower shall pay
to the Agent for the ratable benefit of the Lenders, on the date of such
termination, the total Unused Commitment Fee due for the period in which such
termination occurs. If a date for payment of the Unused Commitment Fee shall be
other than a Business Day such payment shall be made on the next succeeding
Business Day.

         1.4      AMENDMENT TO AMENDMENTS. Clause (a) of the second sentence of
Section 24 of the Credit Agreement shall be and it hereby is amended in its
entirety to read as follows:

         (a) would increase the Borrowing Base,

         1.5      BORROWING BASE INCREASE FEE. The Borrowers shall pay to the
Agent, for the ratable benefit of the Lenders, a Borrowing Base increase fee
equal to one-quarter of one percent (.25%) of the amount of the $10,000,000
increase in the Borrowing Base from the amount in effect prior to the
effectiveness of this Amendment, which fee is due and payable on the date
hereof.

SECTION 2. REAFFIRMATION OF REPRESENTATIONS AND WARRANTIES. Except to the extent
its provisions are specifically amended, modified or superseded by this
Amendment, the representations, warranties and affirmative and negative
covenants of the Borrower contained in the Credit Agreement are incorporated
herein by reference for all purposes as if copied herein in full. The Borrower
hereby restates and reaffirms each and every term and provision of the Credit
Agreement, as amended, including, without limitation, all representations,
warranties and affirmative and negative covenants. Except to the extent its
provisions are specifically amended, modified or superseded by this Amendment,
the Credit Agreement, as amended, and all terms

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<PAGE>

and provisions thereof shall remain in full force and effect, and the same in
all respects are confirmed and approved by the Borrower and the Lenders.

SECTION 3. CONDITIONS. The amendments to the Credit Agreement contained in
Section 1 of this Amendment shall be effective upon the satisfaction of each of
the conditions set forth in this Section 3.

         3.1      EXECUTION AND DELIVERY. The Borrower and each Guarantor shall
have executed and delivered this Amendment, and other required documents, all in
form and substance satisfactory to the Agent;

         3.2      REPRESENTATIONS AND WARRANTIES. The representations and
warranties of the Borrower under this Amendment are true and correct in all
material respects as of such date, as if then made (except to the extent that
such representations and warranties related solely to an earlier date);

         3.3      NO EVENT OF DEFAULT. No Event of Default shall have occurred
and be continuing nor shall any event have occurred or failed to occur which,
with the passage of time or service of notice, or both, would constitute an
Event of Default;

         3.4      PAYMENT OF BORROWING BASE INCREASE FEE. The Agent shall have
received from Borrower, for the ratable benefit of the Lenders, the Borrowing
Base increase fee required under Section 1.5 of this Amendment.

         3.5      OTHER DOCUMENTS. The Agent shall have received such other
instruments and documents incidental and appropriate to the transaction provided
for herein as the Agent or its counsel may reasonably request, and all such
documents shall be in form and substance satisfactory to the Agent;

         3.6      LEGAL MATTERS SATISFACTORY. All legal matters incident to the
consummation of the transactions contemplated hereby shall be reasonably
satisfactory to special counsel for the Agent retained at the expense of
Borrower.

SECTION 4. MISCELLANEOUS.

         4.1      ADDITIONAL REPRESENTATIONS AND WARRANTIES. Borrower hereby
represents and warrants that all factual information, if any, heretofore and
contemporaneously furnished by or on behalf of Borrower to Agent for purposes of
or in connection with this Amendment does not contain any untrue statement of a
material fact or omit to state any material fact necessary to keep the
statements contained herein or therein from being misleading. Each of the
foregoing representations and warranties shall constitute a representation and
warranty of Borrower made under the Credit Agreement, and it shall be an Event
of Default if any such representation and warranty shall prove to have been
incorrect or false in any material respect at the time given. Each of the
representations and warranties made under the Credit Agreement (including those

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made herein) shall survive and not be waived by the execution and delivery of
this Amendment or any investigation by Lenders.

         4.2      INDEMNIFICATION. The Borrower agrees to indemnify and hold
harmless the Lenders and their respective officers, employees, agents, attorneys
and representatives (singularly, an "Indemnified Party", and collectively, the
"Indemnified Parties") from and against any loss, cost, liability, damage or
expense (including the reasonable fees and out-of-pocket expenses of counsel to
the Lender, including all local counsel hired by such counsel) ("Claim")
incurred by the Lenders in investigating or preparing for, defending against, or
providing evidence, producing documents or taking any other action in respect of
any commenced or threatened litigation, administrative proceeding or
investigation under any federal securities law, federal or state environmental
law, or any other statute of any jurisdiction, or any regulation, or at common
law or otherwise, which is alleged to arise out of or is based upon any acts,
practices or omissions or alleged acts, practices or omissions of the Borrower
or its agents or arises in connection with the duties, obligations or
performance of the Indemnified Parties in negotiating, preparing, executing,
accepting, keeping, completing, countersigning, issuing, selling, delivering,
releasing, assigning, handling, certifying, processing or receiving or taking
any other action with respect to the Loan Documents and all documents, items and
materials contemplated thereby even if any of the foregoing arises out of an
Indemnified Party's ordinary negligence. The indemnity set forth herein shall be
in addition to any other obligations or liabilities of the Borrower to the
Lenders hereunder or at common law or otherwise, and shall survive any
termination of this Amendment, the expiration of the Loan and the payment of all
indebtedness of the Borrower to the Lenders hereunder and under the Notes,
provided that the Borrower shall have no obligation under this section to the
Lenders with respect to any of the foregoing arising out of the gross negligence
or willful misconduct of the Lenders. If any Claim is asserted against any
Indemnified Party, the Indemnified Party shall endeavor to notify the Borrower
of such Claim (but failure to do so shall not affect the indemnification herein
made except to the extent of the actual harm caused by such failure). The
Indemnified Party shall have the right to employ, at the Borrower's expense,
counsel of the Indemnified Parties' choosing and to control the defense of the
Claim. The Borrower may at its own expense also participate in the defense of
any Claim. Each Indemnified Party may employ separate counsel in connection with
any Claim to the extent such Indemnified Party believes it reasonably prudent to
protect such Indemnified Party. THE PARTIES INTEND FOR THE PROVISIONS OF THIS
SECTION TO APPLY TO AND PROTECT EACH INDEMNIFIED PARTY FROM THE CONSEQUENCES OF
STRICT LIABILITY IMPOSED OR THREATENED TO BE IMPOSED ON ANY INDEMNIFIED PARTY AS
WELL AS FROM THE CONSEQUENCES OF ITS OWN NEGLIGENCE, WHETHER OR NOT THAT
NEGLIGENCE IS THE SOLE, CONTRIBUTING, OR CONCURRING CAUSE OF ANY CLAIM, BUT NOT
FROM ANY PORTION OF SUCH CLAIM ARISING FROM THE GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT OF ANY INDEMNIFIED PARTY.

         4.3      COUNTERPARTS. This Amendment may be executed in one or more
counterparts and by different parties hereto in separate counterparts each of
which when so executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached
to a single counterpart so that all signature pages are physically attached to
the same

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<PAGE>

document. However, this Amendment shall bind no party until Borrower, Agent and
Lenders have executed a counterpart. Facsimiles shall be effective as originals.

         4.4      WRITTEN CREDIT AGREEMENT. THE CREDIT AGREEMENT, AS AMENDED,
REPRESENTS THE FINAL AGREEMENT BETWEEN AND AMONG 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 BETWEEN AND AMONG THE
PARTIES.

         4.5      NO IMPAIRMENT. Borrower acknowledges and agrees that the
renewal, extension and amendment of the Credit Agreement shall not be considered
a novation of account or new contract but that all existing rights, titles,
powers, and estates in favor of the Lenders constitute valid and existing
obligations in favor of the Lenders. Borrower confirms and agree that (a)
neither the execution of this Amendment nor any other Loan Document nor the
consummation of the transactions described herein and therein shall in any way
effect, impair or limit the covenants, liabilities, obligations and duties of
the Borrower under the Loan Documents and (b) the obligations evidenced and
secured by the Loan Documents continue in full force and effect.

                            [SIGNATURE PAGES FOLLOW]

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<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Sixth Amendment to
Credit Agreement to be duly executed as of the date first above written.

                                    BORROWER:

                                    RANGE RESOURCES CORPORATION
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    LENDERS:

                                    BANK ONE, NA, a national
                                    banking association (Main Office Chicago)
                                    as a Lender and Administrative Agent

                                    By:_________________________________________
                                    Name: Wm. Mark Cranmer
                                    Title: Director, Capital Markets

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<PAGE>

                                    BANK OF SCOTLAND

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    JPMORGAN CHASE BANK

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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                                    COMPASS BANK

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    CREDIT LYONNAIS NEW YORK BRANCH

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    FLEET NATIONAL BANK

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    FORTIS CAPITAL CORP.

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    NATEXIS BANQUES POPULAIRES

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                                    COMERICA BANK
                                    (successor by merger with
                                    Comerica Bank-Texas)

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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<PAGE>

                            CONSENT AND REAFFIRMATION

         The undersigned (each a "Guarantor") hereby (i) acknowledges receipt of
a copy of the foregoing Sixth Amendment to Amended and Restated Credit Agreement
(the "Sixth Amendment"); (ii) consents to Borrower's execution and delivery
thereof; (iii) agrees to be bound thereby; (iv) affirms that nothing contained
therein shall modify in any respect whatsoever its guaranty of the obligations
of the Borrower to Lenders pursuant to the terms of its Guaranty in favor of
Agent and the Lenders (the "Guaranty") and (v) reaffirms that the Guaranty is
and shall continue to remain in full force and effect. Although Guarantor has
been informed of the matters set forth herein and has acknowledged and agreed to
same, Guarantor understands that the Lenders have no obligation to inform
Guarantor of such matters in the future or to seek Guarantor's acknowledgment or
agreement to future amendments or waivers, and nothing herein shall create such
duty.

         IN WITNESS WHEREOF, the undersigned has executed this Consent and
Reaffirmation on and as of the date of the Sixth Amendment.

                                    GUARANTORS:

                                    RANGE ENERGY I, INC.
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    RANGE HOLDCO, INC.
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    RANGE PRODUCTION COMPANY
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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                                    RANGE ENERGY VENTURES
                                    CORPORATION, a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    GULFSTAR ENERGY, INC.
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

                                    RANGE ENERGY FINANCE CORPORATION
                                    a Delaware corporation

                                    By:_________________________________________
                                    Name:_______________________________________
                                    Title:______________________________________

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