Document:

EXHIBIT 10.1 LETTER AGREEMENT WITH CHROME (WITHOUT EXHIBITS THERETO).

                                November 29, 2004

Chrome Energy LLC

      RE:   Restructure of Current Environmental Remediation Holding Corporation
            Debt and Additional Loan for Working Capital in the amount of
            $2,500,000.

Dear Sir Emeka Offor:

      This Letter Agreement is entered into between, Environmental Remediation
Holding Corporation ("ERHC") and Chrome Energy LLC ("Chrome"), whereby Chrome
agrees to cancel all existing notes between ERHC and Chrome and execute the two
enclosed notes marked EXHIBIT A and EXHIBIT B. The note marked as EXHIBIT A,
reflects your agreement to consolidate and restructure all current notes between
ERHC and Chrome (the "Restructure"). The note marked EXHIBIT B, reflects your
agreement to fund an additional $2,500,000, which is the working capital
requirement of ERHC ("New Financing"). In consideration for agreeing to the
Restructure and New Financing, ERHC has agreed to issue Chrome additional shares
of ERHC common stock (the "Additional Shares.").

      As discussed more thoroughly in the report by G.A. Herrera & Co., dated
July 15, 2004, attached hereto as EXHIBIT C (the "Herrera Report"), the Board of
Directors of ERHC has determined that it is in the best interest of ERHC for
Chrome to participate in the Restructure and New Financing. ERHC is requesting
that all current note holders restructure or convert their respective notes.
ERHC is also requesting that all note holders participate pro rata in the New
Financing. However, ERHC believes that many, if not all, of the current note
holders will not participate in the New Financing. Due to the perceived lack of
participation from the other current note holders and because Chrome is the
majority note holder, ERHC requests that Chrome initially fund the entire
$2,500,000 needed. In the event that another note holders funds their respective
pro rata share of the New Financing, such amount will be returned to Chrome
immediately.
<PAGE>

Letter Agreement ERHC/CELL
November 29, 2005
Page Two

      The following is a brief discussion of the terms of the Restructure, New
Financing and Additional Shares*:

RESTURCTURE:

      Currently, ERHC has six notes outstanding in favor of Chrome
(collectively, "Old Notes"):

      1.    Senior Secured 10.00% exchangeable Promissory Note Due February 15,
            2005, with an estimated principle amount, as of November 18, 2004,
            of $4,294,460.92.

      2.    Senior Secured 10.00% Exchangeable Promissory Note, dated as of
            February 15, 2001, with a principle amount of $1,800,000.

      3.    Senior Secured 8.00% Exchangeable Promissory Note, dated as of
            February 15, 2001, with a principle amount of $2,200,000.

      4.    Amended and Restated Convertible Note, dated as of January 31, 2001,
            with a principle amount of $804.312.50.

      5.    Amended and Restated Convertible Note, dated as of January 31, 2001,
            with a principle amount of $631,666.67.

      6.    Note, dated as of February 15, 2001, with a principle amount of
            $403,643.85.

      Upon cancellation of the Old Notes, ERHC has agreed to consolidate all the
Old Notes into one note on the following terms:

      1.    Principle amount of $10,134,084 (equals the total amount of
            principle on the Old Notes);

      2.    A maturity date of January 31, 2007;

      3.    ERHC has the right to convert the debt into shares of ERHC common
            stock at $0.175 per share (5 of the 6 old notes were convertible by
            Chrome at $0.20 per share);

      4.    ERHC has the right to pre-pay the note for the face amount plus
            accrued interest without pre-payment penalty;

      5.    Chrome is not entitled to convert the debt; and

      6.    Annual interest payments at 12% per annum (the interest rates on the
            Old Notes varied from 20% to 5.5%).

      Additionally, Chrome will receive an interest payment for the entire
amount of accrued and unpaid interest, as of December 15, 2004, on the Old Notes
($2,461,711.84) converted into shares of ERHC common stock at $0.20 per share,
or 12,966,686 shares of ERHC common stock.
<PAGE>

Letter Agreement ERHC/CELL
November 29, 2005
Page Three

NEW FINANCING:

      By December 15, 2004, Chrome will fund ERHC $2,500,000 needed for working
capital. The terms of the New Financing are as follows:

      1.    Principle amount of $2,500,000 (which will be refunded by an amount
            equal to the other note holders participation in the New Financing);

      2.    A maturity date of January 31, 2007;

      3.    ERHC has the right to convert the debt into shares of ERHC common
            stock at $0.175 per share;

      4.    A default under this Note by Chrome, will result in the conversion
            price automatically increasing to $0.20 per share;

      5.    ERHC has the right to pre-pay the note for the face amount plus
            accrued interest without pre-payment penalty;

      6.    Chrome is not entitled to convert the debt; and 7. Annual interest
            payments at 10% per annum.

ADDITIONAL SHARES:

      In consideration for agreeing to the Restructure and New Financing, ERHC
has agreed to issue Chrome a total of 14,023,352 Additional Shares of ERHC
common stock, which is equal to the current value of the Restructure converted
into shares of ERHC common stock at $0.40 per share. ERHC will issue Chrome
12,465,202 Additional Shares when the two new notes are executed, which is equal
to the current value of the Restructure converted into share of ERHC common
stock at $0.45 per share. If for any reason, Chrome defaults under the New
Financing note (as defined in the New Financing note), then the remaining
1,558,150 Additional Shares will be forfeited. ERHC will issue the remaining
1,558,150 shares upon the termination of the New Financing note (as determined
by the terms of the New Financing note), if and only if, Chrome does not default
under the New Financing (as defined in the New Financing note). Prior to
issuance, the remaining 1,558,150 Additional Shares shall be proportionately
adjusted to the then outstanding common stock of ERHC for any stock splits or
combinations, reclassification, exchanges, reorganizations, merger, or
consolidations.
<PAGE>

Letter Agreement ERHC/CELL
November 29, 2005
Page Four

      * The details of the Restructure, New Financing and Additional Shares
differ from the Herrera report in the following manners:

      1.    The Herrera Report contemplated the new loans maturing on September
            30, 2006. However, due to the postponement in finalizing the
            documentation, the maturity date will be January 31, 2007.
            Therefore, the interest due on such notes has increased.

      2.    The Herrera Report contemplated the old notes expiring on September
            30, 2004, instead of December 15, 2004. Therefore, the interest due
            on such notes has increased.

      3.    The Herrera Report does not consolidate the Old Notes into one note
            with a 12% interest rate. Therefore, the interest due on the new
            note is different. Chrome will receive 2,959,761 more shares with a
            consolidated note at 12%, than with notes with varying percentages.

      4.    The Herrera Report contemplated the Senior Secured 10.00%
            exchangeable Promissory Note Due February 15, 2005 would continue to
            be utilized for future draws up to the $5,000,000 ceiling in the
            note. This change has decreased the total amount of principle and
            interest owed to Chrome.

      After review of the enclosed notes, please execute the notes attached
hereto as EXHIBIT A and EXHIBIT B, and forward such executed notes with the
cancelled originals of the Old Notes to ERHC, by no later than December 3, 2004.
Upon receipt of the new notes and cancelled original notes, ERHC will forward
you the shares representing accrued interest through December 15, 2004 and the
Additional Shares.

      This Letter Agreement shall be construed according to the laws of the
State of Texas. This Letter Agreement shall be binding upon Chrome and ERHC and
shall inure to the benefit of Chrome and ERHC's successors and assigns.

                                         Very truly yours,

                                         ENVIRONMENTAL REMEDIATION HOLDING CORP.

                                         /s/ Ali Memon
                                         ---------------------------------------
                                         Ali Memon, President

Agreed and Accepted:

CHROME ENERGY, LLC

By: /s/ Sir Emeka Offor
    ----------------------------------
Name:  Sir Emeka Offor
Title: Sole ManagerEXHIBIT 10.2 PROMISSORY NOTE IN FAVOR OF CHROME

                                    EXHIBIT A

                           NEW NOTE FOR $10,134,084.42
             REFLECTING CANCELLATION AND CONSOLIDATION OF OLD NOTES

THIS NOTE,  AND THE SECURITIES  ISSUABLE UPON THE CONVERSION OF THIS NOTE,  HAVE
NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR
APPLICABLE STATE LAW AND MAY NOT BE SOLD,  TRANSFERRED OR OTHERWISE  DISPOSED OF
UNLESS  REGISTERED  UNDER THE ACT AND ANY  APPLICABLE  STATE  ACT OR UNLESS  THE
COMPANY  RECEIVES AN OPINION FROM  COUNSEL TO THE HOLDER AND IS  SATISFIED  THAT
THIS NOTE AND THE UNDERLYING  SECURITIES MAY BE TRANSFERRED WITHOUT REGISTRATION
UNDER THE ACT.

                          CONSOLIDATED CONVERTIBLE NOTE

$10,134,084.42                                           As of December 15, 2004
                                                                  Houston, Texas

FOR VALUE RECEIVED,  ENVIRONMENTAL  REMEDIATION HOLDING CORPORATION,  a Colorado
corporation  (the  "Company"),  hereby  promises  to pay to the  order of Chrome
Energy, L.L.C, or any subsequent holder of this Note (the "the Holder"), at 5444
Westheimer,  Suite 1570, Houston,  Texas 77056, or at such other place as may be
designated  by the  Holder  from  time to time by  notice  to the  Company,  the
principal sum of TEN MILLION ONE HUNDRED  THIRTY FOUR  THOUSAND  EIGHTY FOUR AND
42/100  DOLLARS  ($10,134,084.42),  together with simple  interest from the date
hereof (the "Issuance  Date") on the unpaid  principal  amount at an annual rate
equal to twelve percent (12%) per annum.

1.    PAYMENTS.

(a) Unless  previously  fully converted into Common Stock (as defined herein) as
herein  provided,  the unpaid principal amount of this Note plus all accrued and
unpaid  interest  thereon  shall be  payable  to the Holder in cash on or before
January 31, 2007 (collectively the "Maturity Date").

(b) Interest on the unpaid principal  balance of this Note at the rate of twelve
percent  (12%) per annum shall  accrue from the date hereof and shall be payable
to the Holder in cash or Common Stock, if such interest amount is converted into
Common Stock as herein provided,  on January 31, 2006, and on the Maturity Date.
Notwithstanding  anything  in this Note to the  contrary,  in no event shall the
rate of interest  charged  with  respect to this Note exceed the highest rate of
interest  which  may be  lawfully  charged  under  the laws of any  jurisdiction
governing this Note and the payment of interest thereon.

(c) All  payments  contemplated  hereby  to be made "in  cash"  shall be made in
immediately  available  good funds of United States of America  currency by wire
transfer to an account designated in writing by the Holder to the Company (which
account may be changed by notice similarly given). All payments of cash and each
delivery of shares of Common Stock issuable to the Holder as contemplated hereby
shall be made to the Holder at the address designated in writing by the Holder.

(d) In the event that any payment of principal and/or interest hereunder becomes
due and payable on a Saturday,  Sunday or other day on which commercial banks in
the City of Houston,  Texas are authorized or required by law to close, then the
maturity  thereof  shall be  extended  to the  next  succeeding  "Business  Day"
(defined as any days on which  national  banks in the United States are open for
business); and during any such extension,  interest on principal amounts payable
shall accrue and be payable at the applicable rate.
<PAGE>

2.    CONSOLIDATION.

In connection with the Company's  efforts to  recapitalize  all of the Company's
current debt obligations,  the Company has consolidated all notes and obligation
existing  between  the  Company  and the  Holder  prior to  December  15,  2004,
including that certain Senior Secured 10.00%  Exchangeable  Promissory  Note Due
February  15,  2005,  with a  principle  amount due as of  November  18, 2004 of
$4,294,460.92,  that certain  Senior  Secured  Promissory  Note Due September 1,
2004, as extended,  with a principle  amount of $1,800,000,  that certain Senior
Secured 8.00%  Exchangeable  Promissory Note Due September 1, 2004, as extended,
with a  principle  amount of  $2,200,000,  that  certain  Amended  and  Restated
Convertible  Note, as extended,  dated as of January 31, 2001,  with a principle
amount of $804,312.50, Amended and Restated Convertible Note, as extended, dated
as of January 31, 2001, with a principle amount of $631,666.67, and that certain
Note,  dated as of February 15, 2001,  as extended,  with a principle  amount of
$403,643.85  (collectively,   the  "Old  Notes"),  into  this  Note.  This  Note
supersedes  the terms and  conditions  of the Old Notes and Holder  acknowledges
that the  acceptance of this Note by Holder,  cancels and discharges any and all
representations  or obligations  contained in the Old Notes.  Holder and Company
acknowledge  and agree  that  there are no other  debts or  obligations  owed to
Holder by Company, except for this Note and that certain Promissory Note, issued
of even date  herewith,  with a  principal  amount of  $2,500,000.  This Note is
intended by the parties to be the entire and final  expression  of the  parties'
intent concerning this subject matter.

3.    PREPAYMENT OF NOTE.

(a) The principal amount of this Note and any accrued and unpaid interest may be
prepaid,  at the option of the Company,  in whole or in part, without premium or
penalty, at any time or from time to time from and after the Issuance Date.

(b) Each prepayment notice shall be in writing in accordance with the provisions
of Section 4(g) hereof and shall specify the principal amount of this Note to be
redeemed.  Each prepayment of principal of this Note shall be accompanied by the
payment of all interest  accrued and unpaid to the prepayment date on the amount
so prepaid.  Any partial prepayment of this Note, whether optional or mandatory,
shall be applied first to accrued and unpaid  interest  hereon,  and then to the
outstanding principal amount of this Note in the inverse order of maturity.

4.    CONVERSION.

The  Company  shall  have  the  following  conversion  rights  (the  "Conversion
Rights"):

(a)  Conversion.  At any time or from  time to time,  the  Company  may elect to
convert all or a portion of the original  principal  amount of this Note and any
accrued but unpaid interest, into shares of common stock of the Company ("Common
Stock"), by written notice given to the Holder in accordance with the provisions
of Section 4(f) hereof (the "Conversion Notice").  The "Conversation Date" shall
be the date the Conversion  Notice is provided  pursuant to Section 4(f) hereof.
The  Holder  shall  deliver to the  Company  this Note by no later than five (5)
business days after the date on which the Conversion  Notice is delivered by the
Company as contemplated in this paragraph. New certificates will be delivered to
the  Holder,  within  five (5)  business  days after  receipt of the Note by the
Company.
<PAGE>

(b)  Conversion  Price.  Subject to adjustment  from time to time as provided in
Section 4(c) below, the term  "Conversion  Price" shall mean $0.175 per share of
Common Stock.

(c) Adjustments of Conversion Price. The Conversion Price in effect from time to
time shall be,  subject to adjustment in accordance  with the provisions of this
Section 4(c).

            (i)  Adjustments for Stock Splits and  Combinations.  If the Company
      shall at any time or from time to time after the Issuance  Date,  effect a
      stock split of the  outstanding  Common  Stock,  the  Conversion  Price in
      effect  immediately  prior to the  stock  split  shall be  proportionately
      decreased. If the Company shall at any time or from time to time after the
      Issuance  Date,  combine  the  outstanding  shares  of Common  Stock,  the
      Conversion Price in effect  immediately  prior to the combination shall be
      proportionately  increased.  Any  adjustments  under this Section 4(c) (i)
      shall be effective at the close of business on the date the stock split or
      combination occurs.

            (ii)  Adjustments for Certain  Dividends and  Distributions.  If the
      Company  shall at anytime or from time after the  Issuance  Date,  make or
      issue or set a record  date for the  determination  of  holders  of Common
      Stock  entitled  to receive a dividend  or other  distribution  payable in
      shares of Common Stock,  then, and in each event,  the Conversion Price in
      effect  immediately  prior to such event shall be decreased as of the time
      of such  issuance  or, in the event  such a record  date  shall  have been
      fixed, as of the close of business on such record date, by multiplying the
      Conversion Price then in effect by a fraction;

                  (A) the numerator of which shall be the total number of shares
            of Common Stock issued and outstanding immediately prior to the time
            of such issuance or the close of business on such record date; and

                  (B) the  denominator  of which  shall be the  total  number of
            shares of Common Stock issued and outstanding  immediately  prior to
            the time of such  issuance  or the close of  business on such record
            date plus the number of shares of Common  Stock  issuable in payment
            of such dividend or distribution.

            (iii)  Adjustments  for Other  Dividends and  Distributions.  If the
      Company  shall at any time or from time to time after the  Issuance  Date,
      make or issue or set a record  date for the  determination  of  holders of
      Common Stock entitled to receive a dividend or other distribution  payable
      in other  than  shares  of  Common  Stock,  then,  and in each  event,  an
      appropriate  revision to the Conversion  Price shall be made and provision
      shall be made (by  adjustments  of the  Conversion  Price or otherwise) so
      that the Holder shall receive upon conversions thereof, in addition to the
      number of  shares  of  Common  Stock  receivable  thereon,  the  number of
      securities  of the Company  which they would have  received  had this Note
      been  converted  into  Common  Stock  on the  date of such  event  and had
      thereafter, during the period from the date of such event to and including
      the  Conversion  Date,   retained  such  securities   (together  with  any
      distributions  payable thereon during such period),  giving application to
      all  adjustments  called for during such period under this Section 4(c)(i)
      with respect to the rights of the holders of the Note.
<PAGE>

            (iv) Adjustments for Reclassification,  Exchange or Substitution. If
      the Common Stock issuable upon conversion of this Note at any time or from
      time to time after the  Issuance  Date shall be changed into the same or a
      different  number of shares of any class or classes  of stock,  whether by
      reclassification,  exchange,  substitution or otherwise (other than by way
      of a stock split or combination of shares or stock dividends  provided for
      in  Sections  4(c)(i),  (ii)  and  (iii),  or  a  reorganization,  merger,
      consolidation,  or sale of assets provided for in Section 4(c)(v)),  then,
      and in each event, an appropriate  revision to the Conversion  Price shall
      by made and  provisions  shall be made (by  adjustments  of the Conversion
      Price of otherwise) so that the Holder shall have the right  thereafter to
      convert  such Note  into the kind and  amount of shares of stock and other
      securities receivable upon such reclassification,  exchange,  substitution
      or other  change,  by holders of the number of shares of Common Stock into
      which  such Note  might  have  been  converted  immediately  prior to such
      reclassification,  exchange,  substitution or other change, all subject to
      further adjustment as provided herein.

            (v) Adjustments for Reorganization,  Merger,  Consolidation or Sales
      of Assets.  If at anytime  or from time to time  after the  Issuance  Date
      there shall be a capital  reorganization of the Company (other than by way
      of  a  stock  split  or  combination  of  shares  or  stock  dividends  or
      distributions  provided  for in  Section  4(c)(i),  (ii) and  (iii),  or a
      reclassification,  exchange  or  substitution  of shares  provided  for in
      Section 4(c) (iv)),  or a merger or  consolidation  of the Company with or
      into another  corporation,  or the sale of all or substantially all of the
      Company's properties or assets to any other person, then as a part of such
      reorganization,  merger,  consolidation,  or sale,  then, and in each such
      case,  proper  provision  shall be made so that, upon the exercise of this
      Note at any time after the  consummation of such  reorganization,  merger,
      consolidation,  or sale,  the Holder  shall be entitled to receive (at the
      Conversion Price in effect for Common Stock issuable upon such exercise of
      this Note immediately prior to such consummation), in lieu of Common Stock
      issuable upon such exercise of this Note prior to such  consummation,  the
      stock and other  securities,  cash and assets to which such  Holder  would
      have been entitled upon such  consummation if this Note had been exercised
      immediately prior thereto.

(d)  Certificate  as to  Adjustments.  Upon  occurrence  of each  adjustment  or
readjustment  of the  Conversion  Price or number  of  shares  of  Common  Stock
issuable upon  conversion of the Note pursuant to this Section 4, the Company at
its  expense,  shall  promptly  compute:  such  adjustment  or  readjustment  in
accordance with the terms hereof and furnish notice to the Holder, a certificate
setting forth such adjustment and readjustment, showing in detail the facts upon
which such adjustment or readjustment is based. The Company shall,  upon written
request of the Holder,  at any time,  furnish or cause to be  furnished  to such
holder a like certificate setting forth such adjustments and readjustments,  the
applicable  Conversion  Price in effect at the time and the  number of shares of
Common Stock and the amount,  if any, of other  securities or property  which at
the time would be received upon the conversion of such Note. Notwithstanding the
foregoing,  the Company shall not be obligated to deliver a  certificate  unless
such  certificate  would reflect an increase or decrease of at least one percent
(1%) of such adjusted amount.

(e) Issue  Taxes.  The  Company  shall  pay any and all  issue and other  taxes,
excluding  federal,  state or local income taxes, that may be payable in respect
of any issue or delivery of shares of Common  Stock on  conversion  of this Note
pursuant hereto;  provided,  however, that the Company shall not be obligated to
pay any transfer taxes  resulting  from any transfer  requested by any holder in
connection with any such conversion.

(f)  Notices  and  Delivery  of Shares.  All  notices  and other  communications
hereunder shall be in writing and shall be deemed given (i) on the same date, if
delivered personally or by facsimile by not later than 5:00 p.m. Houston,  Texas
time (provided,  that a copy of such facsimile shall be  simultaneously  sent to
Brewer & Pritchard, PC at (713) 659-5302), or (ii) three business days following
being mailed by certified or registered mail,  postage  prepaid,  return receipt
requested, addressed to the party in accordance with Section 7 hereof. Not later
than five (5)  Business  Days  following  receipt  of notice  of  conversion  as
provided herein (the "Delivery Date"),  the Company shall deliver to the holders
of  this  Note,  against  delivery  of this  Note  surrendered  for  conversion,
certificates evidencing all shares of Common Stock into which this Note shall be
converted.
<PAGE>

(g) Fractional Shares. No fractional shares of Common Stock shall be issued upon
conversion  of the Note.  In lieu of any  fractional  shares to which the holder
would otherwise be entitled,  the Company shall pay cash equal to the product of
such fraction multiplied by the Conversion Price of one share of Common Stock on
the applicable Conversion Date.

(h)  Retirement  of Note.  Conversion  of this Note shall be deemed to have been
effected on the applicable  Conversion  Date. The Holder shall be deemed to have
become a shareholder of record of the Common Stock on the applicable  Conversion
Date.  Upon  conversion of only a portion of this Note,  the Company shall issue
and deliver to such holder,  at the expense of the Company,  against  receipt of
the original Note delivered for partial  cancellation,  a new Note  representing
the  unconverted  portion of this Note so surrendered  and Common Stock equal to
the portion converted.

5.    HOLDER REPRESENTATIONS.

(a)  Investment  Purposes.  The  Holder  is  acquiring  the Note for  investment
purposes  and not with a view to the resale or  distribution  of all or any part
thereof. The Holder acknowledges that the Note has not been registered under the
Securities  Act,  or the  securities  or "blue  sky"  laws of any state or other
domestic or foreign  jurisdiction  and that none of such securities may be sold,
transferred   or  otherwise   disposed  of  except   pursuant  to  an  effective
registration statement thereunder or an applicable exemption therefrom.

(b)  Accredited  Investor.  The Holder (i) has such  knowledge and experience in
financial  and business  matters that such Holder is capable of  evaluating  the
merits  and  risks of his or her  investment  in the Note and has the  financial
ability to assume the monetary risk associated  therewith;  (ii) is able to bear
the  complete  loss of his or her  investment  in the Note;  has  received  such
documents and information  from the Company as such Holder has requested and has
had the opportunity to ask questions of and receive answers from the Company and
the terms and  conditions of the offering of the notes and to obtain  additional
information;  (iv) is an  "accredited  investor"  as defined  in Rule  501(a) of
Regulation D promulgated  under the Securities  Act; and (v) is not relying upon
any  statements  or  instruments  made or issued by any  person  other  than the
Company in making a decision to invest in the Note.

(c) Restrictive Legends. Any certificate for Common Stock issued upon conversion
of the Note  and each  certificate  for  Common  Stock  issued  to a  subsequent
transferee   shall  be  stamped  or  otherwise   imprinted   with  a  legend  in
substantially the following form:

      "The securities  represented by this  certificate have not been registered
      under the  Securities  Act of 1933, as amended  ("Securities  Act") or any
      state securities act. The securities have been acquired for investment and
      may not be sold,  transferred,  pledged  or  hypothecated  unless (i) they
      shall have been  registered  under the  Securities  Act and any applicable
      state  securities act, or (ii) the  corporation  shall have been furnished
      with an opinion of counsel,  satisfactory to counsel for the  corporation,
      that registration is not required under any such act."
<PAGE>

6.    MERGER; CONSOLIDATION.

If, for as long as this Note  remains  outstanding,  the  Company  enters into a
merger (other than where the Company is the surviving  entity) or  consolidation
with  another  corporation  or  other  entity  or a sale or  transfer  of all or
substantially all of the assets of the Company to another person  (collectively,
a  "Sale"),  the  Company  will  require,  in  the  agreements  reflecting  such
transaction,  that the surviving  entity expressly assume the obligations of the
Company hereunder.  Notwithstanding the foregoing,  if the Company enters into a
Sale and the  holders  of the  Common  Stock  are  entitled  to  receive  stock,
securities or property in respect of or in exchange for Common Stock,  then as a
condition  of such  Sale,  the  Company  and any such  successor,  purchaser  or
transferee will agree that the Note may thereafter be converted on the terms and
subject  to the  conditions  set forth  above into the kind and amount of stock,
securities  or property  receivable  upon such  merger,  consolidation,  sale or
transfer  by a holder of the  number of shares of Common  Stock  into which this
Note might have been converted at the Conversion Price  immediately  before such
merger,  consolidation,  sale or transfer, subject to adjustments which shall be
as nearly equivalent as may be practicable.

7.    EVENTS OF DEFAULT.

The Holder must  provide the Company  with ten (10) days  written  notice of any
default. Upon receipt of such notice of default, the Company shall have ten (10)
days to cure such default ("Cure Period"). The continuance of any one or more of
the following  events after the Cure Period is herein referred to as an Event of
Default:

      (a)   The Company shall default if the payment of principal of the Note is
            not paid when and as the same shall become due and  payable,  either
            at maturity or by acceleration or otherwise; or

      (b)   The Company  shall default if the payment of interest on the Note is
            not paid when the same becomes due and payable; or

      (c)   If  the  Company  shall  make  an  assignment  for  the  benefit  of
            creditors,  or shall admit in writing its inability to pay its debts
            as they become due, or shall file a voluntary petition in bankruptcy
            or shall have an order for relief under the United States Bankruptcy
            Code granted  against it or them, or shall be adjudicated a bankrupt
            or  insolvent,  or shall file any  petition  or answer  seeking  for
            itself any reorganization,  arrangement, composition,  readjustment,
            liquidation,  dissolution  or similar  relief  under any  present or
            future  statute,  law  or  regulation,  or  shall  file  any  answer
            admitting or not contesting  the material  allegations of a petition
            filed against the Company in any such  proceeding,  or shall seek or
            consent  to  or  acquiesce  in  the   appointment  of  any  trustee,
            custodian,  receiver or  liquidator  of the Company or of all or any
            substantial part of the properties of the Company, or the Company or
            its directors  shall take any action  looking to the  dissolution or
            liquidation of the Company; or

      (d)   If, within sixty (60) days after the  commencement of any proceeding
            against  the  Company  seeking  any   reorganization,   arrangement,
            composition,  readjustment,   liquidation,  dissolution  or  similar
            relief under any present or future statute, law or regulation,  such
            proceeding  shall not have been dismissed,  or if, within sixty (60)
            days after the  appointment,  without the consent or acquiescence of
            the Company,  of any trustee,  receiver or liquidator of the Company
            or of all or any substantial  part of the properties of the Company,
            such appointment shall not have been vacated.

8.    REMEDIES ON DEFAULT; ACCELERATION.

Upon the  occurrence  and during the  continuance  of an Event of  Default,  the
entire  unpaid  balance of  principal  and accrued  interest on this Note may be
accelerated and declared to be immediately due and payable by the holder. Unless
waived by the written consent of the holder,  such holder may proceed to protect
and enforce its rights by an action at law, suit in equity or other  appropriate
proceeding,  whether for the specific  performance  of any  agreement  contained
herein, or for an injunction  against a violation of any of the terms hereof, or
in aid of the  exercise  of  any  power  granted  hereby  or by  law.  Upon  the
occurrence of an Event of Default,  the Company agrees to pay to the Holder such
further  amount  as  shall be  sufficient  to cover  the  cost  and  expense  of
collection,  including,  without  limitation,  reasonable  attorneys'  fees  and
expenses.  No  course  of  dealing  and no delay on the  part of the  Holder  in
exercising  any right,  power or remedy  shall  operate  as a waiver  thereof or
otherwise prejudice such holder's rights,  powers and remedies.  No right, power
or remedy  conferred  hereby  upon the Holder  shall be  exclusive  of any other
right, power or remedy referred to herein nor now or hereafter available at law,
in equity, by statute or otherwise.
<PAGE>

9.    NOTICES.

All notices,  requests,  demands or other  communications  hereunder shall be in
writing and  personally  addressed or sent by  telecopier  or by  registered  or
certified  mail,  return  receipt  requested,  postage  pre-paid,  addressed  or
telecopied  as follows or to such other  address or  telecopier  number of which
notice has been given pursuant hereto:

            If to the Company:      Environmental Remediation Holding Corp.
                                    5444 Westheimer, Suite 1570
                                    Houston, TX 77056
                                    Attn: Mr. Ali Menon, President
                                    Telephone (713) 626-4700
                                    Fax (713) 626-4704

            with copy to:           Brewer & Pritchard, PC
                                    3 Riverway, Suite 1800
                                    Houston, Texas 77056
                                    Attn: Thomas C. Pritchard, Esq.
                                    Telephone (713) 209-2950
                                    Fax (713) 209-2921

            If to the Holder:       to the  Holder at the  address  set forth on
                                    the  records of the  Company.  In  addition,
                                    copies   of  all  such   notices   or  other
                                    communications    shall   be    concurrently
                                    delivered  by the person  giving the same to
                                    each person who has been  identified  to the
                                    Company  by the Holder as a person who is to
                                    receive copies of such notices.

9.    GOVERNING LAW.

This Note shall be governed by, and  construed  and  interpreted  in  accordance
with,  the laws of the State of Texas,  without giving effect to conflict of law
principles.

10.   SUCCESSORS AND ASSIGNS.

This Note shall be binding  upon and inure to the benefit of the Company and the
Holder and their respective successors and permitted assigns; provided, however,
that the  Company may not  transfer  or assign any of its rights or  obligations
hereunder  without  the prior  written  consent  of the  Holder;  and  provided,
further,  that  transfer  or  assignment  by the  holder is in  accordance  with
applicable federal and state securities laws.
<PAGE>

IN WITNESS WHEREOF,  the Company has caused this Note to be executed by its duly
authorized officers as of the date first set forth above.

                                         ENVIRONMENTAL REMEDIATION HOLDING CORP.

                                         By:    /s/ Ali Memon
                                                --------------------------------
                                         Name:  Ali Memon
                                                --------------------------------
                                         Title: President
                                                --------------------------------

Agreed and Accepted:

NOTEHOLDER

By:    /s/ Sir Emeka Offor
       -------------------------------
Name:  Sir Emeka Offor
       -------------------------------
Title: Sole Manager
       -------------------------------

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