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20020OC23 and Security Agreement between Global Industries and Beneficiary of even date herewith (as amended, restated or otherwise modified from time to time, the "Coedit Agreement'), including but not limited to that certain Revolving Note of even date herewith in the original principal amount of $10,000,000 made by Global Industries in favor of the Beneficiary, and that certain Term Note of even date herewith in the original principal amount of $2,850,000 made by Global Industries in favor of the Beneficiary; and all extensions, renewals and replacements thereof (collectively, the "Notes" and each a "Note "); (2) Due, prompt and complete payment of all other indebtedness of Global Industries to Beneficiary, now existing or arising hereafter, whether direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated, including all costs and expenses of enforcing the Credit Agreement and this Deed of Trust; (3) Payment of any sums which may hereafter be owing by Global Industries to Beneficiary or any of its affiliates, under the terms of any interest rate swap agreement, interest rate cap agreement, basis swap agreement, forward rate agreement, interest collar agreement or interest floor agreement to which Global Industries may be a party, or under any other agreement or arrangement to which Global Industries may be aparty, which in each case is designed to protect Global Industries against fluctuations in interest rates or currency exchange rates with respect to any other indebtedness secured by this Deed of Trust. This Deed of Trust shall secure the Notes and any and all future advances made to Global Industries by the Beneficiary. At no time during the term of this Deed of Trust or any extension thereof shall the unpaid and outstanding secured principal future advances, not including sums advanced by the Beneficiary to protect the security of this Deed of Trust, exceed $12,850,000. This provision shall not constitute an obligation upon or commitment of the Beneficiary to make additional advances or loans to Global Industries. This Deed of Trust secures a revolving line of credit. The lien of this Deed of Trust shall continue until a release thereof is recorded pursuant to Nebraska law. In no event shall the lien of this Deed of Trust be eliminated because the amount of either Note shall be reduced to zero. ARTICLE I COVENANTS OF TRUSTOR To protect the security of this Deed of Trust, each Trustor covenants, warrants and agrees to and with Beneficiary and Trustee as follows: Section 1.1 Payment of Princilal and Interest: Global Industries will pay all sums becoming due or payable with respect to the Credit Agreement at the time and place Deed of Trust -3-