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200206623 THIS DEED OF TRUST CONSTITUTES A CONSTRUCTION SECURITY AGREEMENT THAT SECURES AN OBLIGATION WHICH THE TRUSTOR INCURRED FOR THE PURPOSE OF MAKING AN IMPROVEMENT OF THE REAL ESTATE IN WHICH THE SECURITY INTEREST IS HEREBY GIVEN AND IS INTENDED TO CREATE A CONSTRUCTION SECURITY INTEREST. Recitals Global Industries holds fee simple title to the real property legally described in Exhibit A attached hereto. Hall County holds a leasehold estate in and to the real property legally described in Exhibit A attached hereto, pursuant to the terms and conditions of a Site Lease dated as of December 1, 2000 (the "Site Lease "), from Global Industries, as lessor, to Hall County, as lessee. Pursuant to the terms and conditions of a Lease and Agreement dated as of December 1, 2000 ( the "Lease Agreement "), Hall County has leased to Global Industries, among other things, (i) the real property legally described in Exhibit A attached hereto, (ii) all structures and buildings and leasehold improvements now or at any time located thereon and (iii) all equipment, machinery, fixtures and other personal property owned by Hall County and used in connection therewith or installed thereon. To induce the Beneficiary to extend certain financial accommodations to or for the account of Global Industries, including without limitation issuance by the Beneficiary of a letter of credit to provide for payment of those certain industrial development revenue bonds issued by Hall County, as more fully described in the Lease Agreement, (a) the Beneficiary has required the execution and delivery of this Deed of Trust by both Global Industries and Hall County, whereupon all right, title, claim and interest of Global Industries and Hall County, respectively, in and to the real and personal property hereinafter described, including without limitation all fee and leasehold estates held by them, shall be subjected to the lien hereof, and (b) Global Industries has requested, and thus consents to, the execution of this Deed of Trust by Hall County. ACCORDINGLY, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: To the extent of each Trustor's estate, right, title and interest to the Property as defined below, each Trustor hereby irrevocably grants, transfers, pledges and assigns to Trustee, its successors and assigns, IN TRUST, WITH POWER OF SALE and right of entry and possession, and grants a security interest in all of such Trustor's estate, right, title and interest in any and all of the following described property which is (except where the context otherwise requires) herein collectively called the "Property," whether now owned or held or hereafter acquired, and any proceeds thereof or accessions thereto, including: