EXHIBIT 10.77

RACC
SECURITY AGREEMENT

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                      RAYTHEON AIRCRAFT CREDIT CORPORATION

     1. GRANT OF SECURITY  INTEREST.  To secure the payment of the  indebtedness
due Raytheon Aircraft Credit Corporation

(hereinafter   referred  to  as  "RACC")  by  First  Choice  Melbourne  1,  Inc.
(hereinafter  referred  to as  "Debtor")  under  that  certain  Promissory  Note
(hereinafter referred to as the "Promissory Note"), dated of even date herewith,
and any  renewals,  extensions  or changes in form  thereof,  and of any and all
other  indebtedness  of Debtor to RACC,  either direct or indirect,  absolute or
contingent,  whether now existing or hereafter arising,  Debtor grants to RACC a
security interest in the following  property and in all additions and accessions
thereto and  substitutions  and  replacements  thereof,  all unearned  insurance
premiums and insurance  proceeds,  and the proceeds of all of the foregoing (all
of said property is hereinafter collectively referred to as the "Collateral"):

     Raytheon  Aircraft Company Model No. King Air C90B,  Serial Number LJ-1477,
     Registration  Number  N1107W,  together with all other property used in the
     operation of the aircraft or reflecting use or maintenance of the aircraft,
     including  but  not  limited  to  all  engines,  propellers,   instruments,
     avionics, equipment and accessories attached to, connected with, located in
     or removed from the aircraft and all logs manuals and maintenance  records.
     Aircraft  Engines:  Make Pratt & Whitney Model  PT6A-21,  Shaft  Horsepower
     550., Serial Number (L) PCEPE0067, Serial Number(R) PCEPE0071 together with
     any replacement engines. Aircraft Propellers:  Hub Make McCauley, Hub Model
     4HFR34C768-C,  Hub Serial  Number (L) 970225 Hub Serial  Number (R) 970575,
     together with any replacement propellers.

The security interest granted herein is a purchase money security interest under
the Kansas Uniform Commercial Code.

     2.  DEBTOR'S  WARRANTY OF TITLE AND  CITIZENSHIP.  Except for the  security
interest granted under this Security  Agreement,  Debtor warrants that Debtor is
(or, to the extent that the Collateral is to be acquired hereafter, will be) the
owner  of the  Collateral  free  from  any  prior  security  interest,  lien  or
encumbrance. Debtor will defend the Collateral against all claims and demands of
all persons  claiming  interest  therein.  Debtor further  warrants that it is a
Citizen of the United States as defined by 49 U.S.C. 1301(13).

     3.  DEBTOR  WILL  EXECUTE AND DELIVER  DOCUMENTS.  Debtor  will,  at RACC's
request,  furnish  RACC such  information  and  execute and deliver to RACC such
documents and do all such acts and things as RACC may reasonably  request as are
necessary or appropriate to assist RACC in establishing  and maintaining a valid
security  interest  in the  Collateral  and to  assure  that the  Collateral  is
properly  titled and  registered and the security  interest  perfected to RACC's
satisfaction.  Debtor will pay the cost of filing all  appropriate  documents in
all public offices where RACC deems such filings necessary or desirable.

     4. OPERATION,  MAINTENANCE AND REPAIR.  Debtor shall operate,  maintain and
repair the  Collateral  and retain  actual  control  and  possession  thereof in
accordance with the following provisions:

     4a. Debtor shall have complete use of the  Collateral  until  default,  and
     Debtor shall use, operate,  maintain and store the Collateral,  or any part
     thereof,  properly,   carefully  and  in  compliance  with  all  applicable
     statutes, ordinances, regulations, policies of insurance and manufacturer's
     recommendation and operating and maintenance manuals.

     4b.  Debtor  agrees  that  the  Collateral  will be  operated  only by duly
     certificated   and   qualified   pilots  and  shall  be  based  within  the
     geographical boundaries of the United States.

     4c. Debtor shall be responsible  for and pay for all expenses of owning and
     operating  the  Collateral,  including  but not limited to  storage,  fuel,
     lubricants, service, inspections, overhauls, replacements,  maintenance and
     repairs,   all  in  compliance  with  the   manufacturer's   operating  and
     maintenance  manuals  and with FAA  rules  and  regulations.  Debtor  shall
     properly  maintain all records  pertaining to the maintenance and operation
     of the Collateral.


<PAGE>

     5. INSURANCE.  Debtor will, at its own expense, keep the Collateral insured
at all times against loss,  damage,  theft and such other casualties as RACC may
reasonably require (including hull insurance) in such amounts,  under such forms
of  policies,  upon such  terms,  for such  periods and with such  companies  or
underwriters  as RACC may (but has no obligation to) approve.  Losses or refunds
in all cases shall be payable to RACC and Debtor as their  interests may appear.
In no event  shall the  amount  of such  insurance  be less  than the  amount of
indebtedness  due under the  Promissory  Note.  All policies of insurance  shall
provide for at least 30 days prior written notice of  cancellation  to RACC, and
shall contain a breach of warranty endorsement in favor of RACC. RACC may obtain
such insurance if such insurance is not provided by Debtor. Debtor shall furnish
to RACC proof  satisfactory  to RACC of compliance  with the  provisions of this
paragraph.   RACC,   and  its   assigns,   are  hereby   irrevocably   appointed
attorney-in-fact  for Debtor to endorse for Debtor any  checks,  drafts or other
instruments  whatsoever  payable to Debtor as  proceeds  or refunds for any such
insurance  and to make  claims of loss and to sign  proofs of loss  against  any
insurance  company and to receive all payments.  Debtor will pay any  deductible
portion of such insurance. All risk of loss, damage, destruction or confiscation
shall at all times be on Debtor.

     6. DEBTOR'S  POSSESSION.  Until default,  Debtor may have possession of the
Collateral and use it in any lawful manner not  inconsistent  with this Security
Agreement. RACC may examine and inspect the Collateral, wherever located, at all
reasonable  times. At its option,  but without assuming any obligation to do so,
RACC may discharge taxes,  liens or security  interests,  or other  encumbrances
levied or  asserted  against  the  Collateral,  may place and pay for  insurance
thereon, may order and pay for the repair, maintenance and preservation thereof,
and may pay any necessary  filing or recording fees.  Amounts paid by RACC under
the  preceding  sentence  shall be added to Debtor's  unpaid  balance  under the
Promissory  Note,  shall be secured by the  Collateral and shall be payable upon
demand,  together  with interest at the rate computed as provided in Paragraph 2
of the  Promissory  Note until paid in full.  Debtor shall at all times keep the
Collateral and any proceeds  therefrom separate and distinct from other property
of the Debtor and shall keep accurate and complete records of the Collateral and
any such proceeds.

     7.  DEFAULT.  Upon  Default  as defined in the  Promissory  Note,  RACC may
require  Debtor to assemble  the  Collateral  and make it available to RACC at a
place to be designated  by RACC which is reasonably  convenient to both parties.
The   requirements  of  the  Kansas  Uniform   Commercial  Code  for  reasonable
notification  to Debtor of the time and place of any proposed public sale of the
Collateral  or of the time  after  which  any  private  sale or  other  intended
disposition  is to be  made  shall  be met if such  notice  is  mailed,  postage
prepaid, to Debtor's address, as shown herein, at least ten (10) days before the
time of the sale or disposition.  After deduction of all reasonable  expenses of
retaking,  holding,  preparing for sale or lease, selling, leasing and the like,
together with costs of collection,  attorneys'  fees and legal expenses of RACC,
and after the payment of the  principal  and interest  due under the  Promissory
Note,  the  balance,  if any, of the  proceeds of the sale may be applied to the
payment of any or all other indebtedness of Debtor to RACC, whether due or note,
whether  direct or  indirect,  absolute or  contingent,  whether now existing or
hereafter  arising,  and whether owing individually or in connection with others
not parties  hereto,  and to the  satisfaction  of  indebtedness  secured by any
subordinate  security  interest  in the  collateral  of which RACC has  received
notice prior to  distribution  of the  proceeds.  Debtor shall be liable for any
deficiency after  application of such proceeds,  to the extent permitted by law.
If after a default by Debtor,  the  Collateral  is returned to or  recovered  by
RACC,  Debtor  agrees  RACC  may  fly  or  otherwise  move  the  Collateral  for
demonstration  and other  purposes  reasonably  related to a proposed  public or
private sale or other disposition of the Collateral.

     8. WAIVER OF DEFAULT.  No waiver by RACC of any default  shall be effective
unless in writing,  nor operate as a waiver of any other  default or of the same
default in the future.

     9.  RESTRICTION  ON TRANSFER OR LIENS.  Debtor will not,  without the prior
written consent of RACC, sell or otherwise  transfer or encumber the Collateral,
or any  interest  therein,  or offer to do so or remove or attempt to remove the
Collateral from the United States. Debtor will keep the Collateral free from any
adverse  security  interest,  lien  or  encumbrance  and  will  not  permit  the
Collateral to be attached or replevied.

     10. TAXES.  Debtor will  promptly pay, when due, all taxes and  assessments
upon the Collateral or upon its use or operation or upon this Security Agreement
and the obligations evidenced by the Promissory Note.

     11. CHANGE OF ADDRESS.  Debtor will  immediately  notify RACC in writing of
any change of address from that shown in this Security  Agreement and any change
of base for the Collateral. Debtor will keep the Collateral based at

               5200 South Washington Avenue, Titusville, FL 32780


<PAGE>

     12. GOVERNING LAW AND CHOICE OF FORUM.  THIS AGREEMENT WAS MADE AND ENTERED
INTO IN THE STATE OF KANSAS AND THE LAW GOVERNING THIS TRANSACTION SHALL BE THAT
OF THE STATE OF KANSAS AS IT MAY FROM TIME TO TIME EXIST. THE PARTIES AGREE THAT
ANY LEGAL  PROCEEDING  BASED  UPON THE  PROVISIONS  OF THIS  AGREEMENT  SHALL BE
BROUGHT  EXCLUSIVELY IN EITHER THE UNITED STATES DISTRICT COURT FOR THE DISTRICT
OF KANSAS AT WICHITA,  KANSAS,  OR IN THE EIGHTEENTH  JUDICIAL DISTRICT COURT OF
SEDGWICK  COUNTY,  KANSAS,  TO THE EXCLUSION OF ALL OTHER COURTS AND  TRIBUNALS.
NOTWITHSTANDING THE ABOVE, IN THE EVENT AN "EVENT OF DEFAULT" SHOULD OCCUR, RACC
(AT ITS SOLE OPTION) MAY INSTITUTE A LEGAL PROCEEDING IN ANY JURISDICTION AS MAY
BE APPROPRIATE  IN ORDER FOR RACC TO OBTAIN  POSSESSION OF THE  COLLATERAL.  THE
PARTIES  HEREBY  CONSENT  AND AGREE TO BE  SUBJECT  TO THE  JURISDICTION  OF THE
AFORESAID COURTS IN SUCH PROCEEDINGS.

     13. ENFORCEABILITY.  The unenforceability of any provision hereof shall not
affect the validity of any other provision hereof.

     14. BINDING  AGREEMENT.  All obligation of Debtor  hereunder shall bind the
heirs, legal representatives, successors and assigns of Debtor. If there be more
than one Debtor,  their  liabilities  shall be joint and several.  All rights of
RACC hereunder shall inure to the benefit of its successors and assigns.

     15. ASSIGNMENT. RACC may transfer or assign all or any part of its interest
in this  Security  Agreement  without the consent of Debtor or any other  party.
Debtor shall not sell, assign, transfer, encumber or convey any of its interests
in the  Collateral  or in this  Security  Agreement  without  the prior  written
consent of RACC.

     16. ENTIRE  AGREEMENT.  This Security  Agreement  and the  Promissory  Note
constitute  the entire  agreement  between and among the parties with respect to
the  subject  matter  hereof.  There are no verbal  understandings,  agreements,
representations  or warranties  not  expressly  set forth  herein.  Neither this
Security  Agreement nor the Promissory Note shall be changed orally, but only by
writing signed by the parties hereto.

DEBTOR HEREIN  ACKNOWLEDGES  THAT IT HAS READ AND FULLY  UNDERSTANDS  ALL OF THE
TERMS AND  CONDITIONS  OF THIS  SECURITY  AGREEMENT.  BY EXECUTION  HEREOF,  THE
UNDERSIGNED  HEREBY  CERTIFIES  THAT HE/SHE IS DULY  AUTHORIZED  TO EXECUTE THIS
SECURITY AGREEMENT IN THE CAPACITY STATED BELOW.


Executed this 19th day of December, 1997, at Wichita, Kansas.


Debtor:        First Choice Melbourne 1, Inc.
               /s/ Gary R. Smith
               -----------------
               Gary R. Smith, President

Address:       5200 South Washington Avenue
               Titusville, FL 32780


RAYTHEON AIRCRAFT CREDIT CORPORATION

By: /s/
        "RACC"