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PII I':, terms of any lease of the Property and the Property, in such event, may be conveyed free and clear of all rights of any such lessees or other rights of parties -in- possession. ARTICLE II EVENTS OF DEFAULT The following shall constitute events of default ( "Events of Default" ) hereunder: Section 2.1 Obligations Covenants, Agreements and Bonds. A default by a Trustor in the due, prompt and complete observance and performance of any obligation, covenant and agreement contained in this Deed of Trust. Section 2.2 Other Obligations. A default by Global Industries in the due, prompt, and complete observance and performance of any obligation, covenant and agreement contained in the Credit Agreement, or the occurrence of any other Event of Default as defined by and under the Credit Agreement, including the payment, when due of any amounts payable thereunder, or a default of payment of principal or interest on the obligations created pursuant thereto when due. ARTICLE III REMEDIES Upon the occurrence of any Event of Default, Trustee and Beneficiary shall have the following rights and remedies: Section 3.1 Possession. Upon the occurrence of any Event of Default hereunder including, without limitation, defaults in the Credit Agreement, and acceleration of payment of principal of and interest on the Bonds then the Beneficiary in person or by agent may, without any obligation so to do and without notice or demand upon a Trustor and without releasing the Trustors from any obligation hereunder or in any other agreement or instrument relating to the Credit Agreement: (i) make any payment or do any act which a Trustor has failed to make or do; (ii) enter upon, take possession of, manage and operate the Property or any part thereof, (iii) make or enforce, or, if the same be subject to modification or cancellation, modify or cancel any leases of the Property or any part thereof upon such terms or conditions as Beneficiary deems proper; (iv) obtain and evict tenants, and fix or modify rents, make repairs and alterations and do any acts which Beneficiary deems proper to protect the security hereof; and (v) with or without taking possession, in its own name or in the name of a Trustor, sue for or otherwise collect and receive rents, royalties, issues, profits, revenue, income and other benefits, including those past due and unpaid, and apply the same less costs and expenses of operation and collection, including reasonable attorneys' fees, upon any indebtedness secured hereby, and in such order as Beneficiary may determine. The entering upon and taking possession of the Property, the collection of any rents, royalties, issues, profits, revenue, income or other benefits and the application thereof as aforesaid shall not cure or waive any default theretofore or thereafter occurring or affect any Deed ofTrust -%_ I