Document:

exv10w70

Exhibit 10.70

Old Gettysburg Associates II

4720 Gettysburg Rd

Mechanicsburg, PA 17055

Fourth Addendum to Lease Agreement

This fourth amendment is made as of the 1st day of October, 2008, by and between Old
Gettysburg Associates II, a (“Landlord”), and Select Medical a (“Tenant”).

BACKGROUND:

	A.	 	Landlord and Tenant are parties to that certain Office Lease Agreement dated May 15, 2001 (as
amended by the First, Second, and Third, Addendum thereto, the “Lease”) pursuant to which
Landlord leased to Tenant, and Tenant leased from Landlord, approximately 11,414 rentable
square feet of space in the building located at Mechanicsburg, Pennsylvania. All capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in the Lease.
	 
	B.	 	Landlord and Tenant now desire to amend the Lease as hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and
intending to be legally bound hereby, Landlord and Tenant agree as follows:

	 	 	Effective on October 1, 2008, the following terms contained in the Basic Lease
shall be amended as follows:

	 	1.	 	Tenant agrees to forfeit 2,631 square feet known as Suite 401.
	 
	 	2.	 	Total area of the premises will be amended to 8,783 square feet.
	 
	 	3.	 	Tenant’s proportionate share will be 20.54% based on total square footage of
building as 42,987 square feet.
	 
	 	4.	 	Monthly rental payment will be $17,529.40.
	 
	 	5.	 	Increases will remain at 4% annually until the expiration of the lease on Dec.
31, 2014 as stated in the original lease agreement.
	 
	 	6.	 	Operating expenses for Suite 401 will be prorated and invoiced before March 30,
2009.

All other terms and conditions contained in the Lease and not amended hereby remain in full force
and effect.

 

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this fourth Amendment to be duly executed.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Landlord: Old Gettysburg Associates II	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESS:

	 	Illegible
 

	 	By:
	 	/s/ John Ortenzio
 

John Ortenzio, President
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Tenant: Select Medical Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:

	 	Illegible
	 	By:
	 	/s/ Michael E. Tarvin	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Michael E. Tarvin	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print name)	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Illegible
	 	Title:
	 	Executive Vice Presidentexv10w72

Exhibit 10.72

Executive Park West I

4718 Gettysburg Rd.

Mechanicsburg, PA 17055

First Addendum to Lease Agreement

This first amendment is made as of the 1st day of November, 2008, by and between Old
Gettysburg Associates, a (“Landlord”), and Select Medical Corporation, a (“Tenant”).

BACKGROUND:

	A.	 	Landlord and Tenant are parties to that certain Office Lease Agreement dated October 22, 2003
pursuant to which Landlord leased to Tenant, and Tenant leased from Landlord, approximately
3,008 rentable square feet of space in the building located at 4718 Gettysburg Rd.,
Mechanicsburg, Pennsylvania. All capitalized terms not otherwise defined herein shall have
the meanings ascribed to them in the Lease.
	 
	B.	 	Landlord and Tenant now desire to amend the Lease as hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and
intending to be legally bound hereby, Landlord and Tenant agree as follows:

	 	 	Effective on November 1, 2008, the following terms contained in the Basic Lease shall be
amended as follows:

	 	1.	 	Tenant will continue to lease 3,008 rentable square feet in suite 202 except
that the term as of November 1, 2008 shall be on a month to month basis at a rate of
$20.67 per rentable square foot. Monthly payments beginning November 1, 2008 will be
$5,181.28. The Expense Stop will remain in effect per the original lease agreement.
	 
	 	2.	 	This may be canceled by either party with a 30 day notice.

All other terms and conditions contained in the Lease and not amended hereby remain in full force
and effect.

 

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this first Amendment to be duly executed.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Landlord: Old Gettysburg Associates	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESS:

	 	Illegible
 

	 	By:
	 	/s/ John Ortenzio
 
	 	 
	 
	 	 	 	Select Capital Commercial Properties, Inc.	 	 
	 

	 	 	 	John Ortenzio, President	 	 
	 
	 	 	 	Agent for Owner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Tenant: Select Medical Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:

	 	Illegible
	 	By:
	 	/s/ Michael E. Tarvin	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Michael E. Tarvin	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print name)	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Illegible
	 	Title:
	 	Executive Vice Presidentexv10w74

Exhibit 10.74

Executive Park West II

4720 Gettysburg Rd.
Mechanicsburg, PA 17055

First Addendum to Lease Agreement

This first amendment is made as of the 1st day of
October, 2008, by and between Old
Gettysburg Associates II, LP, a (“Landlord”), and Select Medical Corporation, a (“Tenant”).

BACKGROUND:

	                                                       
	A.	 	Landlord and Tenant are parties to that certain Office Lease Agreement
dated October 1, 2003
pursuant to which Landlord leased to Tenant, and Tenant leased from Landlord, approximately
8,644 rentable square feet of space in the building located at
4720 Gettysburg Rd., Mechanicsburg, Pennsylvania. All capitalized terms not otherwise defined herein shall have the
meanings ascribed to them in the Lease.
	                                                        
	 
	B.	 	Landlord and Tenant now desire to amend the Lease as hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and
intending to be legally bound hereby, Landlord and Tenant agree as follows:

	 	 	Effective on October 1, 2008, the following terms contained in the Basic Lease shall be
amended as follows:

	 	1.	 	Tenant will continue to lease 8,644 rentable square feet in suites 101/102/301
except that the term as of October 1, 2008 shall be on a month to month basis at a rate
of $21.13 per rentable square foot. Monthly payments beginning October 1, 2008 will be
$15,220.64. The Expense Stop will remain in effect per the original lease agreement.
	 
	 	2.	 	This may be cancelled by either party with a 30 day notice.

All other terms and conditions contained in the Lease and not amended hereby remain in full force
and effect.

 

 

IN WITNESS WHEREOF, Landlord and Tenant have caused this first Amendment to be duly executed.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Landlord: Old Gettysburg Associates II, LP	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESS:
	 	Illegible
 
	 	By:	 	/s/ John Ortenzio
 
	 	 
	 
	 	 	 	Select Capital Commercial Properties, Inc.	 	 
	 
	 	 	 	John Ortenzio, President	 	 
	 
	 	 	 	Agent for Owner	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Tenant: Select Medical Corporation	 	 
	 
	 	 	 	 	 	 	 	 
	ATTEST:

	 	Illegible
	 	By:
	 	/s/ Michael E. Tarvin	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Michael E. Tarvin	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(Print name)	 	 
	 
	 	 	 	 	 	 	 	 
	Name:

	 	Illegible
	 	Title:
	 	Executive Vice PresidentEXHIBIT 10.89

                             NOTE PURCHASE AGREEMENT

         THIS NOTE PURCHASE AGREEMENT ("Agreement") is made as of this 19th day
of November, 2008, between U.S. HELICOPTER CORPORATION (the "Company"), a
Delaware corporation, and 154 WEST AVIATION ENTERPRISES INC. (the "Purchaser").

                                    RECITALS

         WHEREAS, the Company has authorized the issuance and sale of the
Company's unsecured Promissory Notes to Purchaser in the aggregate principal
amount of $1,000,000.00, to be made in two separate tranches of $500,000 each,
having the terms set forth in Exhibit A attached hereto (each, a "Note" and
together, the "Notes") and certain warrants as described herein; and

         WHEREAS, the Purchaser desires to purchase, and the Company desires to
issue, the Notes and Warrants on the terms set forth in this Agreement;

         NOW, THEREFORE, in consideration of the foregoing and of the terms and
conditions contained in this Agreement, the Company and the Purchaser agree as
follows:

         1. PURCHASE AND SALE OF THE NOTES.

                  1.1 Purchase; Closing. Subject to the terms and conditions
contained in this Agreement, at the Closing (as hereinafter defined) the
Purchaser shall purchase from the Company and the Company shall sell to the
Purchaser the Notes for $1,000,000.00 (ONE MILLION DOLLARS AND 00/100) (the
"Loan Amount") which shall be payable via wire transfer to the Company's
designated account as follows:

                  1.1.1 The Purchaser shall fund the sum of $500,000.00 (FIVE
HUNDRED THOUSAND DOLLARS AND 00/100), net of any prepaid interest, fees and
expenses as set forth herein to the Company on November 19, 2008, pursuant to
the bank wiring instructions provided separately to the Purchaser.

                  1.1.2 The Purchaser shall fund the sum of $500,000.00 (FIVE
HUNDRED THOUSAND DOLLARS AND 00/100), net of any prepaid interest, fees and
expenses as set forth herein to the Company on December 22, 2008, pursuant to
the bank wiring instructions provided separately to the Purchaser.

                  1.2 Maturity Date. The Notes shall be repaid, along with all
accrued and unpaid interest, on the earlier of (a) January 31, 2009 or (b) the
date upon which the Company receives at least $5.0 million in gross proceeds
pursuant to a sale of its securities in a private placement exempt from the
registration requirements of the Securities Act of 1933, as amended.

                                      -1-
<PAGE>

                  1.3 Mandatory Payments of Customer Receipts. Notwithstanding
the repayment obligations of the Company set forth in Section 1.2 above and
subject to the conditions of this Section 1.3, the Purchaser shall have the
option to receive each month, and if the Purchaser so elects, the Company shall
be obligated to pay, all proceeds received by the Company from its highest
paying customer for such month within five business days of the Company's
receipt of such payments (each, a "Customer Receipts Payment"). Once received by
the Purchaser, Customer Receipts Payments shall be first applied to accrued but
unpaid interest, then to outstanding principal under the Notes until all
principal and interest under the Notes are repaid in full. The Purchaser's
option hereunder shall be exercisable (a) at any time following an Event of
Default, as defined in the Notes, and (b) in the event that, in the Purchaser's
reasonable judgment, it has reason to believe that (i) the financial condition
of the Company has experienced a material adverse change, or is reasonably
likely to experience a material adverse change in the immediate future, or (ii)
the Company has failed to make sufficient progress towards obtaining financing
from the potential investors identified by the Company as of the date hereof. In
the event that the Purchaser's option becomes exercisable by reason of an Event
of Default as provided in clause (a) of the preceding sentence, the Purchaser
may at any time thereafter provide the Company with written notice of its
election to receive Customer Receipts Payments (a "Notice"), and the Company
shall, after receiving a Notice, pay Customer Receipts Payments to Purchaser
each month thereafter (beginning with the month in which the Notice was
received, if it is received no later than 5:00 p.m. on the 20th of such month,
and otherwise beginning with the next following month) until all amounts owed
under the Notes have been paid in full. In the event that the Purchaser's option
becomes exercisable by reason of the circumstances set forth in clauses (b)(i)
or (b)(ii) above, the Purchaser shall provide the Company with Notice no later
than the 20th day of any given month in order to receive a Customer Receipts
Payment of the amounts received from the Company's highest paying customer
during such month; provided, however, no Notice shall be required of the
Purchaser in the event it does not elect to receive a Customer Receipts Payment
of the amounts received from the Company's highest paying customer during a
given month, and in the event that the Company does not receive a Notice by 5:00
p.m. on the 20th day of any given month, the Purchaser shall be deemed to have
declined to receive a Customer Receipts Payment for such month. The Company will
cause its senior management, and will use its reasonable best efforts to cause
its other representatives, agents or employees who are involved in raising
capital, to be available to the Purchaser to respond to questions of the
Purchaser regarding its investment if necessary.

                  1.4 Interest. The Notes shall bear interest at the rate of 15%
per annum based on a 365-day year, of which 60 days' worth of the amount funded
on each Closing Date shall be prepaid at each such Closing Date. Prepaid
interest paid shall be non-refundable in the event of early repayment.

                  1.5 Origination Fee. As additional consideration, the
Purchaser shall receive from the Company an origination fee equal to five
percent (5%) of the Loan Amount, equal to the sum of $50,000, which shall be
payable on a pro rata basis on each Closing Date.

                                      -2-
<PAGE>

         2. CLOSING. The closing of the purchase and sale of the Notes (the
"Closing") shall take place on the dates set forth in Section 1.1 above, or such
other days as agreed to by the parties (each, a "Closing Date").

         3. INDUCEMENT WARRANTS. As an inducement to purchase the Notes, the
Purchaser shall be entitled to receive one warrant to purchase up to 1,000,000
shares of the Company's common stock on each Closing Date (together, the
"Warrants"). The Warrants shall contain an exercise price of $0.20 per share and
be exercisable for a period of five years from the date of issuance. The shares
issuable upon exercise of the Warrants (the "Warrant Shares") shall carry
piggyback registration rights as set forth below.

         4. REPRESENTATIONS AND WARRANTIES.

                  4.1 Representations and Warranties of the Company. The Company
represents and warrants that as of the date of this Agreement:

                  (a) Existence. The Company is a corporation duly organized and
         in good standing under the laws of the State of Delaware and is duly
         qualified to do business and is in good standing in all states where
         such qualification is necessary, except for those jurisdictions in
         which the failure to qualify would not, in the aggregate, have a
         material adverse effect on the Company's financial condition, results
         of operations or business.

                  (b) Authority. The execution and delivery by the Company of
         this Agreement, the Notes, the Warrants and the Registrable Securities
         (as defined in Section 5(a)) (together, the "Securities"), and the
         performance by the Company of the Agreement, the Notes and the Warrants
         (i) are within the Company's corporate powers; (ii) are duly authorized
         by the Company's board of directors; (iii) are not in contravention of
         the terms of the Company's certificate of incorporation or bylaws; (iv)
         are not in contravention of any law or laws; (v) except for the filing
         of a Form D Notice with the Securities and Exchange Commission and any
         exemption filing related thereto which may be required pursuant to
         applicable state securities or "blue sky" laws, do not require any
         governmental consent, registration or approval; (vi) do not contravene
         any contractual or governmental restriction binding upon the Company;
         (vii) except for the consent of YA Global Investments, L.P., do not
         require the consent or waiver of any party, and (viii) will not result
         in the imposition of any lien, charge, security interest or encumbrance
         upon any property of the Company under any existing indenture,
         mortgage, deed of trust, loan or credit agreement or other material
         agreement or instrument to which the Company is a party or by which the
         Company or any of the Company's property may be bound or affected.

                  (c) Binding Effect. This Agreement, the Notes and the Warrants
         have been duly authorized, executed and delivered by the Company and
         constitute the valid and legally binding obligation of the Company,
         enforceable in accordance with their respective terms, subject to
         bankruptcy, insolvency, reorganization and other laws of general

                                      -3-
<PAGE>

         applicability relating to or affecting creditors' rights and to general
         equity principles. Upon issuance, the Warrant Shares shall be duly
         authorized, validly issued, fully paid and nonassessable shares of the
         Company's common stock.

                  (d) Capitalization. The authorized capital stock of the
         Company consists of 500,000,000 shares of Common Stock, par value
         $0.001 per share, 45,712,669 shares of which were issued and
         outstanding as of November 1, 2008, and 25,000,000 shares of authorized
         Preferred Stock, par value $0.001 per share, of which none were issued
         and outstanding as of November 1, 2008.

                  (e) Disclosure Documents. The Company has furnished the
         Purchaser or made available at the website of the Securities and
         Exchange Commission (the "SEC") (http://www.sec.gov) copies of the
         Company's (i) Annual Report on Form 10-KSB for the fiscal year ended
         December 31, 2007 as filed with the SEC on April 15, 2008; (ii) the
         Company's Quarterly Reports on Form 10-QSB for the fiscal quarters
         ended March 31, 2008 and June 30, 2008 as filed with the SEC on May 20,
         2008 and August 18, 2008, respectively, and (iii) the Company's reports
         on Form 8-K as filed on September 4, 2008, September 18, 2008 and
         October 10, 2008, respectively (together, the "SEC Documents"). Except
         as set forth in the SEC Documents, the Company has no liabilities,
         contingent or otherwise, other than liabilities incurred in the
         ordinary course of business after June 30, 2008, which individually or
         in the aggregate, are not material to the financial condition or
         operating results of the Company.

                  (f) Securities Matters. Subject to the accuracy of the
         representations of the Purchaser set forth in Section 4.2 hereof, the
         offer, sale and issuance of the Securities as contemplated by this
         Agreement are exempt from the registration requirements of the
         Securities Act of 1933 as amended (the "Securities Act"). The Company
         has complied and will comply with all applicable state "blue sky" or
         securities laws in connection with the offer, sale and issuance of the
         Securities as contemplated by this Agreement.

                  (e) Disclosure. No representation or warranty made by the
         Company contained in this Agreement contains an untrue statement of a
         material fact or omits to state a material fact necessary to make the
         statements and facts contained herein or therein, in light of the
         circumstances in which they were or are made, not misleading.

                  4.2 Representations and Warranties of the Purchaser. The
Purchaser represents and warrants that as of the date of the execution of this
Agreement:

                  (a) Authorization. This Agreement constitutes a valid and
         legally binding obligation of the Purchaser.

                  (b) Investment Representations. The Purchaser has received and
         reviewed the SEC Documents and the Purchaser or the Purchaser's
         designated representatives have concluded a satisfactory due diligence
         investigation of the Company and have had an opportunity to review the
         documents provided by the Company and to have all of their questions
         related thereto satisfactorily answered.

                                      -4-
<PAGE>

                  (c) The Purchaser understands the fundamental risks of the
         Securities; has determined that it can reasonably benefit from the
         investment based upon net worth, income, overall investment objectives
         and portfolio structure; that the Purchaser's overall commitment to
         investments which are not readily marketable is not disproportionate to
         the Purchaser's net worth, and that the Securities will not cause such
         overall commitment to become excessive; and, that the Purchaser is able
         to bear the economic risk of the Securities, including the loss of the
         entire value of its investment. Additionally, the Purchaser understands
         that that there are restrictions on the Purchaser's right to liquidate
         the Securities.

                  (d) The Purchaser has reviewed the Risk Factors sections
         included in the SEC Documents, and understands the Risk Factors
         describing the fact that the Company (a) has substantial liabilities,
         (b) may not be able to obtain sufficient funds to grow its business and
         the subsequent financing may be on terms adverse to the Securities and
         (c) is currently not profitable.

                  (e) The Purchaser (or its members and/or officers) has
         previously invested in unregistered securities and has sufficient
         financial and investing expertise to evaluate and understand the risks
         of the Securities.

                  (f) The Purchaser has received from the Company, and is
         relying on, no representations or projections (except as set forth in
         this Agreement or the SEC Documents) with respect to the Company's
         business and prospects.

                  (g) The Purchaser is an "accredited investor" within the
         meaning of Regulation D under the Securities Act.

                  (h) The Purchaser is acquiring the Securities for investment
         purposes only without intent to distribute the same, and acknowledges
         that the Securities have not been registered under the Securities Act
         and applicable state securities laws, and accordingly, constitutes
         "restricted securities" for purposes of the Securities Act and such
         state securities laws.

                  (i) The Purchaser acknowledges that it will not be able to
         transfer the Securities except upon compliance with the registration
         requirements of the Securities Act and applicable state securities laws
         or exemptions therefrom.

                  (j) The certificates and/or instruments evidencing the
         Securities will contain a legend to the foregoing effect.

         5. REGISTRATION RIGHTS. The initial holder of the Warrants (and certain
assignees thereof) shall have registration rights as follows:

                  (a) Participation in Registered Offerings. If the Company
         proposes or is required to register any of its shares or other equity
         securities for public sale for cash under the Securities Act (other
         than on Forms S-4 or S-8 or similar registration forms), it will at
         each such time or times give written notice to the Purchaser of its

                                      -5-
<PAGE>

         intention to do so. Upon the written request of the Purchaser given
         within twenty (20) days after receipt of any such notice, the Company
         shall use its best efforts to cause to be included in such registration
         any Warrant Shares (the "Registrable Securities") held by the Purchaser
         requested to be registered; provided, that if the managing underwriter
         advises that less than all of the shares requested to be registered
         should be offered for sale so as not materially and adversely to affect
         the price or salability of such offering being registered by the
         Company, the Purchaser (but not the Company to the extent it desires to
         include shares for its own account) shall reduce the number of its
         Registrable Securities to be included in the registration statement as
         required by the underwriter to the extent requisite of all prospective
         sellers of the securities proposed to be registered (other than the
         Company) on a pro rata basis according to the amounts of securities
         proposed to be registered by all prospective sellers to permit the sale
         or other disposition (in accordance with the intended method of
         disposition thereof as aforesaid) by the prospective seller or sellers
         of the securities so registered. The registration requested pursuant to
         this Section 5(a) is referred to herein as the "Piggyback
         Registration".

                  (b) Obligations of Purchaser. It shall be a condition
         precedent to the obligation of the Company to register any Registrable
         Securities pursuant to this Section 5 that the Purchaser shall furnish
         to the Company such information regarding the Registrable Securities
         held and the intended method of disposition thereof and other
         information concerning the Purchaser as the Company shall reasonably
         request and as shall be required in connection with the registration
         statement to be filed by the Company. If after a registration statement
         becomes effective the Company advises the Purchaser that the Company
         considers it appropriate to amend or supplement the applicable
         registration statement, the Purchaser shall suspend further sales of
         the Registrable Securities until the Company advises the Purchaser that
         such registration statement has been amended or supplemented.

                  (c) Registration Proceedings. Whenever the Company is required
         by the provisions of this Section 5 to effect the registration of the
         Registrable Securities under the Securities Act, the Company shall:

                           (i) Prepare and promptly file with the SEC a
                           registration statement with respect to such
                           securities and use its best efforts to cause such
                           registration statement to become effective within 90
                           days of filing and remain effective;

                           (ii) Prepare and file with the SEC such amendments to
                           such registration statement and supplements to the
                           prospectus contained therein as may be necessary to
                           keep such registration statement effective;

                           (iii) Furnish to the Purchaser and to the
                           underwriters of the securities being registered such
                           reasonable number of copies of the registration
                           statement, preliminary prospectus, final prospectus
                           and such other documents as such underwriters may
                           reasonably request in order to facilitate the public
                           offering of such securities;

                                      -6-
<PAGE>

                           (iv) Use its best efforts to register or qualify the
                           securities covered by such registration statement
                           under such state securities or Blue Sky Laws of such
                           jurisdictions as the Purchaser may reasonably request
                           within twenty (20) days following the original filing
                           of such registration statement, except that the
                           Company shall not for any purpose be required to
                           execute a general consent to service of process or to
                           qualify to do business as a foreign corporation in
                           any jurisdiction wherein it is not so qualified;

                           (v) Notify the Purchaser, promptly after it shall
                           receive notice thereof, of the time when such
                           registration statement has become effective or a
                           supplement to any prospectus forming a part of such
                           registration statement has been filed;

                           (vi) Notify the Purchaser promptly of any request by
                           the SEC for the amending or supplementing of such
                           registration statement or prospectus or for
                           additional information; and

                           (vii) Prepare and promptly file with the SEC and
                           promptly notify the Purchaser of the filing of such
                           amendment or supplement to such registration
                           statement or prospectus as may be necessary to
                           correct any statements or omissions if, at the time
                           when a prospectus relating to such securities is
                           required to be delivered under the Securities Act,
                           any event shall have occurred as the result of which
                           any such prospectus or any other prospectus as then
                           in effect would include an untrue statement of a
                           material fact or omit to state any material fact
                           necessary to make the statements therein, in light of
                           the circumstances in which they were made, not
                           misleading. Notwithstanding any provision herein to
                           the contrary, the Company shall not be required to
                           amend, supplement, or update a prospectus contained
                           in any registration statement if to do so would
                           result in an unduly burdensome expense to the
                           Company.

                  (d) Expenses. With respect to the inclusion of the Registrable
         Securities in a registration statement pursuant to this Section 5, all
         registration expenses, fees, costs and expenses of and incidental to
         such registration, shall be borne by the Company; provided, however,
         that Purchaser shall bear its own professional fees and pro rata share
         of the underwriting discounts and commissions. The fees, costs and
         expenses of registration to be borne by the Company shall include,
         without limitation, all registration, filing and printing expenses,
         fees and disbursements of counsel and accountants for the Company, fees
         and disbursements of counsel for the underwriter or underwriters of
         such securities (if the Company and/or selling security holders are
         required to bear such fees and disbursements), and all legal fees and
         disbursements and other expenses of complying with state securities or
         Blue Sky laws of any jurisdiction in which the securities to be offered
         are to be registered or qualified.

                                      -7-
<PAGE>

                  (e) Indemnification of the Purchaser. Subject to the
         conditions set forth below, in connection with any registration of the
         Registrable Securities pursuant to this Section 5, the Company agrees
         to indemnify and hold harmless the Purchaser, any underwriter for the
         offering and each of their officers and directors and agents and each
         other person, if any, who controls Purchaser or their underwriter
         (each, a "Purchaser Indemnified Party"), within the meaning of Section
         15 of the Securities Act, as follows:

                           (i) Against any and all loss, claim, damage and
                           expense whatsoever arising out of or based upon
                           (including, but not limited to, any and all expense
                           whatsoever reasonably incurred in investigating,
                           preparing or defending any litigation, commenced or
                           threatened, or any claim whatsoever based upon) any
                           untrue or alleged untrue statement of a material fact
                           contained in any preliminary prospectus (if used
                           prior to the effective date of the registration
                           statement), the registration statement or the
                           prospectus (as from time to time amended and
                           supplemented), or in any application or other
                           document executed by the Company or based upon
                           written information furnished by the Company filed in
                           any jurisdiction in order to qualify the Company's
                           securities under the securities laws thereof, or the
                           omission or alleged omission therefrom of a material
                           fact required to be stated therein or necessary to
                           make the statements therein not misleading, or any
                           other violation of applicable federal or state
                           statutory or regulatory requirements or limitations
                           relating to action or inaction by the Company in the
                           course of preparing, filing, or implementing such
                           registered offering; provided, however, that the
                           indemnity agreement contained in this section shall
                           not apply to any loss, claim, damage, liability or
                           action arising out of or based upon any untrue or
                           alleged untrue statement or omission made in reliance
                           upon and in conformity with any information furnished
                           in writing to the Company by or on behalf of the
                           Purchaser expressly for use in connection therewith
                           or arising out of any action or inaction of the
                           Purchaser;

                           (ii) Subject to the proviso contained in Subsection
                           (i) above, against any and all loss, liability,
                           claim, damage and expense whatsoever to the extent of
                           the aggregate amount paid in settlement of any
                           litigation, commenced or threatened, or of any claim
                           whatsoever based upon any untrue statement or
                           omission (including, but not limited to, any and all
                           expense whatsoever reasonably incurred in
                           investigating, preparing or defending against any
                           such litigation or claim) if such settlement is
                           effected with the written consent of the Company; and

                           (iii) In no case shall the Company be liable under
                           this indemnity agreement with respect to any claim
                           made against any Purchaser Indemnified Party unless
                           the Company shall be notified, by letter or by
                           facsimile confirmed by letter, of any action
                           commenced against such Purchaser Indemnified Party,
                           promptly after such person shall have been served
                           with the summons or other legal process giving
                           information as to the nature and basis of the claim.
                           The failure to so notify the Company, if prejudicial

                                      -8-
<PAGE>

                           in any material respect to the Company's ability to
                           defend such claim, shall relieve the Company from its
                           liability to the indemnified person under this
                           Section 5(e), but only to the extent that the Company
                           was prejudiced. The failure to so notify the Company
                           shall not relieve the Company from any liability
                           which it may have otherwise than on account of this
                           indemnity agreement. The Company shall be entitled to
                           participate at its own expense in the defense of any
                           suit brought to enforce any such claim, but if the
                           Company elects to assume the defense, such defense
                           shall be conducted by counsel chosen by it, provided
                           such counsel is reasonably satisfactory to the
                           Purchaser Indemnified Party in any suit so brought.
                           In the event the Company elects to assume the defense
                           of any such suit and retain such counsel, the
                           Purchaser Indemnified Party in the suit shall, after
                           the date they are notified of such election, bear the
                           fees and expenses of any counsel thereafter retained
                           by them, as well as any other expenses thereafter
                           incurred by them in connection with the defense
                           thereof; provided, however, that if the Purchaser
                           Indemnified Party reasonably believes that there may
                           be available to it any defense or counterclaim
                           different than those available to the Company or that
                           representation of the Purchaser Indemnified Party by
                           counsel for the Company presents a conflict of
                           interest for such counsel, then the Purchaser
                           Indemnified Party shall be entitled to defend such
                           suit with counsel of its own choosing and the Company
                           shall bear the fees, expenses and other costs of such
                           separate counsel.

                  (f) Indemnification of the Company. The Purchaser agrees to
         indemnify and hold harmless the Company, each underwriter for the
         offering, and each of their officers and directors and agents and each
         other person, if any, who controls the Company and the underwriter
         within the meaning of Section 15 of the Securities Act and any other
         stockholder selling securities against any and all such losses,
         liabilities, claims, damages and expenses as are indemnified against by
         the Company under Section 5(e) (i), (ii) and (iii) above; provided,
         however, that such indemnification by Purchaser hereunder shall be
         limited to any losses, liabilities, claims, damages, or expenses to the
         extent caused by any untrue statement of a material fact or omission of
         a material fact (required to be stated therein or necessary to make
         statements therein not misleading), if any made (or in settlement of
         any litigation effected with the written consent of such Purchasers,
         alleged to have been made) in any preliminary prospectus, the
         registration statement or prospectus or any amendment or supplement
         thereof or in any application or other document in reliance upon, and
         in conformity with, written information furnished in respect of such
         Purchaser by or on behalf of such Purchaser expressly for use in any
         preliminary prospectus, the registration statement or prospectus or any
         amendment or supplement thereof or in any such application or other
         document or arising out of any action or inaction of such Purchaser in
         implementing such registered offering. In case any action shall be
         brought against the Company, or any other person so indemnified, in
         respect of which indemnity may be sought against any Purchaser, such
         Purchaser shall have the rights and duties given to the Company, and
         each other person so indemnified shall have the rights and duties given

                                      -9-
<PAGE>

         to Purchaser, by the provisions of Section 5(e). The person indemnified
         shall notify the Purchaser promptly after the assertion of any claim
         against the person indemnified in connection with the sale of
         securities. The failure to so notify the Purchaser, if prejudicial in
         any material respect to the Purchaser's ability to defend such claim,
         shall relieve the Purchaser from its liability to the indemnified
         person under this Section 5(f), but only to the extent that the
         Purchaser was prejudiced.

                  (g) Contribution. If the indemnification provided for in
         Sections 5(e) and 5(f) above are unavailable or insufficient to hold
         harmless an indemnified party in respect of any losses, claims, damages
         or liabilities (or actions in respect thereof) referred to therein,
         then each indemnifying party shall contribute to the amount paid or
         payable by such indemnified party as a result of such losses, claims,
         damages or liabilities (or actions in respect thereof) in such
         proportion as is appropriate to reflect the relative fault of the
         indemnified party, on one hand, and such indemnifying party, on the
         other hand, in connection with the statements or omissions which
         resulted in such losses, claims, damages, or liabilities (or actions in
         respect thereof). The relative fault shall be determined by reference
         to, among other things, whether the untrue or alleged untrue statement
         of a material fact or the omission or alleged omission to state a
         material fact relates to information supplied by the indemnified party,
         on one hand, or such indemnifying party, on the other hand, and the
         parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such statement or omission. No person
         who has committed fraudulent misrepresentation (within the meaning of
         the Securities Act) shall be entitled to contribution from any person
         who was not guilty of such fraudulent misrepresentation. The amount
         paid or payable by an indemnified party as a result of the losses,
         claims, damages or liabilities (or actions in respect thereof) referred
         to above in this Section shall be deemed to include any legal or other
         expenses reasonably incurred by such indemnified party in connection
         with investigating or defending any such action or claim.

                  (h) Assignment of Registration Rights. The right to have the
         Company register Registrable Securities pursuant to this Agreement
         shall be automatically assignable to any transferee of all or any
         portion of the Registrable Securities if: (a) the Purchaser agrees in
         writing with the transferee or assignee to assign such rights, and a
         copy of such agreement is furnished to the Company within a reasonable
         time after such assignment, (b) the Company is, within a reasonable
         time after such transfer or assignment, furnished with written notice
         of (i) the name and address of such transferee or assignee, and (ii)
         the securities with respect to which such registration rights are being
         transferred or assigned, (c) following such transfer or assignment, the
         further disposition of such securities by the transferee or assignee is
         restricted under the 1933 Act and applicable state securities laws and,
         (d) at or before the time the Company receives the written notice
         contemplated by clause (b) of this sentence, the transferee or assignee
         agrees in writing with the Company to be bound by all of the provisions
         contained herein.

                                      -10-
<PAGE>

         6.       MISCELLANEOUS.

                  6.1      Confidentiality.

                  (a) The Purchaser agrees to keep confidential any and all
         non-public information delivered or made available to the Purchaser by
         the Company except for disclosures, as necessary, made by the Purchaser
         to the Purchaser's officers, directors, employees, agents, counsel and
         accountants each of whom shall be notified by the Purchaser of this
         confidentiality covenant and for whom the Purchaser shall be liable in
         the event of any breach of this covenant by any such individual or
         individuals; provided, however, that nothing herein shall prevent the
         Purchaser from disclosing such information (a) upon the order of any
         court or administrative agency, (b) upon the request or demand of any
         regulatory agency or authority having jurisdiction over the Purchaser,
         (c) which has been publicly disclosed or (d) to any of its members
         provided that any such members agree in writing (with a copy provided
         to the Company) to be bound by confidentiality provisions in form and
         substance substantially as are contained herein. In the event of a
         mandatory disclosure as described in clause (a) and/or (b) of the
         preceding sentence, the Purchaser shall promptly notify the Company in
         writing of any applicable order, request or demand for such
         information, cooperate with the Company if and to the extent that the
         Company elects to seek an appropriate protective order or other relief
         from such order, request, or demand, and disclose only the minimal
         amount of information ultimately required to be disclosed. The
         Purchaser shall not use for its own benefit, nor permit any other
         person to use for such person's benefit, any of the Company's
         non-public information including, without limitation, in connection
         with the purchase and/or sale of the Company's securities.

                  (b) The Company shall in no event disclose non-public
         information to the Purchaser, advisors to or representatives of the
         Purchaser unless prior to disclosure of such information the Company
         marks such information as "Non-Public Information - Confidential" and
         provides the Purchaser, such advisors and representatives with the
         opportunity to accept or refuse to accept such non-public information
         for review. The Company may, as a condition to disclosing any
         non-public information hereunder, require the Purchaser's advisors and
         representatives to enter into a confidentiality agreement in form
         reasonably satisfactory to the Company and the Purchaser.

                  (c) Nothing herein shall require the Company to disclose
         non-public information to the Purchaser or its advisors or
         representatives, and the Company represents that it does not
         disseminate non-public information to any Purchasers who purchase stock
         in the Company in a public offering, to money managers or to securities
         analysts.

                  6.2 Legends. To the extent applicable, each note, certificate
or other document evidencing the Securities to be purchased and sold pursuant to
this Agreement shall be endorsed with the legends set forth below, and the
Purchaser on behalf of itself and each holder of the Securities covenants that,
except to the extent such restrictions are waived by the Company, it shall not
transfer the Securities without complying with the restrictions on transfer
described in the legends endorsed on such Securities:

                  (a) The following legend under the Securities Act:

                                      -11-
<PAGE>

                  "THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
                  UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED,
                  AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR
                  HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF UNDER
                  SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH
                  ACT, OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL,
                  IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY
                  AND ITS COUNSEL AND FROM ATTORNEYS REASONABLY ACCEPTABLE TO
                  THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
                  REQUIRED."

                  (b) If required by the authorities of any state in connection
         with the issuance or sale of the Securities, the legend required by
         such state authority.

                  (c) The legend set forth above shall be removed from the
         Securities and the Company shall within two (2) business days issue a
         certificate without such legend to the holder of the Securities upon
         which it is stamped, if, unless otherwise required by state securities
         laws, (i) in connection with a sale transaction, provided the
         Securities are registered under the Securities Act or (ii) in
         connection with a sale transaction, after such holder provides the
         Company with an opinion of counsel, which opinion shall be in form,
         substance and scope customary for opinions of counsel in comparable
         transactions, to the effect that a public sale, assignment or transfer
         of the Securities may be made without registration under the Securities
         Act. The legend set forth above shall be removed from the Securities
         and the Company shall issue replacement Securities without such legend
         to the holder of the Securities immediately upon the registration of
         the Securities under the Securities Act.

                  6.3 Fees and Expenses. The Company shall reimburse Purchaser
for its reasonable legal fees and expenses in connection with the purchase of
the Securities. The Company shall be responsible for all of its fees and
expenses in connection with this transaction.

                  6.4 Assignability; Successors. The provisions of this
Agreement shall inure to the benefit of and be binding upon the permitted
successors and assigns of the parties hereto.

                  6.5 Survival. All agreements, covenants, representations and
warranties made by the Company or by the Purchaser herein shall survive the
execution and delivery of this Agreement.

                  6.6 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED ACCORDING
TO THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES
THEREOF RELATING TO CONFLICTS OF LAWS.

                                      -12-
<PAGE>

                  6.7 WAIVER OF JURY TRIAL. THE COMPANY AND THE PURCHASER HEREBY
IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR
RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATIONS,
ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF.

                  6.8 Counterparts: Headings. This Agreement may be executed in
several counterparts, each of which shall be deemed an original, but such
counterparts shall together constitute but one and the same agreement. The
descriptive headings in this Agreement are inserted for convenience of reference
only and shall not affect the construction of this Agreement.

                  6.9      Legal Representation.

                  (a) Each party hereto represents and warrants that it has
         carefully read this Agreement and knows the contents hereof and that it
         has signed this Agreement freely and voluntarily and that each party
         has obtained independent counsel in reviewing this document and further
         acknowledges that the law firm of Gallagher, Briody & Butler has
         memorialized the within Agreement and has provided legal advice solely
         to the Company with respect to this Agreement.

                  (b) The Purchaser was provided the opportunity to retain
         individual counsel, and has retained or waived the right to retain
         individual counsel to review this Agreement.

                  6.10 Entire Agreement, Amendments. This Agreement and the
Exhibits contain the entire understanding of the parties with respect to the
subject matter hereof, and supersede all other representations and
understandings, oral or written, with respect to the subject matter hereof. No
amendment, modification, alteration, or waiver of the terms of this Agreement or
consent required under the terms of this Agreement shall be effective unless
made in a writing, which makes specific reference to this Agreement and which
has been signed by the Company and the Purchaser. Any such amendment,
modification, alteration, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

                  6.11 Notices. All communications or notices required or
permitted by this Agreement shall be in writing and shall be deemed to have been
given or made when delivered in hand, deposited in the mail, or sent by
facsimile, with confirmation (if sent by facsimile on a non-business day,
receipt shall be deemed to have occurred on the next succeeding business day).
Communications or notices shall be delivered personally or by certified or
registered mail, postage, or by facsimile and addressed as follows, unless and
until either of such parties notifies the other in accordance with this Section
of a change of address:

          IF TO THE COMPANY:           U.S. Helicopter Corporation
                                       6 East River Piers, Suite 216
                                       Downtown Manhattan Heliport
                                       New York, NY 10004
                                       Attn.:  John G. Murphy, CEO and President
                                       Telephone:  212-248-2002
                                       Fax:  212-248-0940

                                      -13-
<PAGE>

         WITH A COPY TO:               Gallagher, Briody & Butler
                                       155 Village Boulevard
                                       2nd Floor
                                       Princeton, New Jersey 08540
                                       Attn: Thomas P. Gallagher, Esq.
                                       Telephone: 609-452-6000
                                       Fax:  609-452-0090

          IF TO THE PURCHASER:         154 West Aviation Enterprises Inc.
                                       400 N. LaSalle Street
                                       Suite 3701
                                       Chicago, Illinois 60654
                                       Attn: John F. Haskins, President
                                       Telephone: 312-543-0282

                  6.12 Severability. Whenever possible, each provision of this
Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Agreement.

                  6.13 Maximum Interest. It is expressly stipulated and agreed
to be the intent of the Company and the Purchaser at all times to comply with
the applicable law governing the maximum rate of interest payable on or in
connection with all indebtedness and transactions hereunder (or applicable
United States federal law to the extent that it permits Purchaser to contract
for, charge, take, reserve or receive a greater amount of interest). If the
applicable law is ever judicially interpreted so as to render usurious any
amount of money or other consideration called for hereunder, or contracted for,
charged, taken, reserved or received with respect to any loan or advance
hereunder, or if acceleration of the maturity of the Notes results in the
Company's having paid any interest in excess of that permitted by law, then it
is the Company's and the Purchaser's express intent that all excess cash amounts
theretofore collected by Purchaser be credited on the principal balance of the
Notes (or if the Notes have been or would thereby be paid in full, refunded to
the Company), and the provisions of this Agreement immediately be deemed
reformed and the amounts thereafter collectible hereunder reduced, without the
necessity of the execution of any new document, so as to comply with the
applicable law, but so as to permit the recovery of the fullest amount otherwise
called for hereunder. The right to accelerate maturity of the Notes does not
include the right to accelerate any interest which has not otherwise accrued on
the date of such acceleration, and the Purchaser does not intend to collect any
unearned interest in the event of acceleration.

            [The remainder of this page is intentionally left blank.]

                                      -14-
<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed as of the day
and year first above written.

                                        U. S. HELICOPTER
CORPORATION

                                        By:
                                                 -------------------------------
                                                 George J. Mehm, Jr.
                                                 Chief Financial Officer

                                        154 WEST AVIATION ENTERPRISES INC.

                                        By:
                                                 -------------------------------
                                        Name:    ______________________________
                                        Title:   ______________________________

                                      -15-
<PAGE>

                                                                       EXHIBIT A

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE SOLD, TRANSFERRED,
ASSIGNED, PLEDGED, OR HYPOTHECATED ABSENT AN EFFECTIVE REGISTRATION THEREOF
UNDER SUCH ACT OR COMPLIANCE WITH RULE 144 PROMULGATED UNDER SUCH ACT, OR UNLESS
THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY
SATISFACTORY TO THE COMPANY AND ITS COUNSEL AND FROM ATTORNEYS REASONABLY
ACCEPTABLE TO THE COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION IS NOT
REQUIRED.

                                 PROMISSORY NOTE

                                                                __________, 2008

                          FIVE HUNDRED THOUSAND DOLLARS
                                    15% NOTE

         FOR VALUE RECEIVED, U.S. HELICOPTER CORPORATION, a Delaware corporation
(the "Company") hereby promises to pay to the order of 154 WEST AVIATION
ENTERPRISES INC. (the "Holder"), or its registered assigns, the principal sum of
FIVE HUNDRED THOUSAND DOLLARS AND 00/100 ($500,000.00), and to pay interest from
the date hereof on the outstanding principal sum at the rate of 15% per annum
(the "Interest Rate") based on a 365-day year, such interest to accrue from the
date hereof (the "Closing Date"), of which 60 days' worth shall be prepaid on
the Closing Date. The principal and accrued but unpaid interest shall be paid in
full on the earlier of (a) January 31, 2009 or (b) the date upon which the
Company receives at least $5.0 million in gross proceeds pursuant to a sale of
its securities in a private placement exempt from the registration requirements
of the Securities Act of 1933, as amended (the "Maturity Date").

         This Note is an authorized issue of a 15% Note of the Company (the
"Note") issued pursuant to a Note Purchase Agreement dated as of the date hereof
between the Company and the Holder (the "Note Purchase Agreement"). The Holder
of this Note is entitled to the benefits of the Note Purchase Agreement and to
enforce the agreements of the Company contained therein. Capitalized terms used
herein and not otherwise defined shall have the meaning ascribed thereto in the
Note Purchase Agreement. All payments shall be paid in lawful money of the
United States of America at the principal office of the Holder or at such other
place as the Holder may designate from time to time in writing to the Company.

                                      -1-
<PAGE>

                  1. MANDATORY PAYMENTS OF CUSTOMER RECEIPTS. Notwithstanding
the repayment obligations of the Company set forth above and subject to the
conditions of this Section 1, the Holder shall have the option to receive each
month, and if the Holder so elects, the Company shall be obligated to pay, all
proceeds received by the Company from its highest paying customer for such month
within five business days of the Company's receipt of such payments (each, a
"Customer Receipts Payment"). Once received by the Holder, Customer Receipts
Payments shall be first applied to accrued but unpaid interest, then to
outstanding principal under the Notes until all principal and interest under the
Notes are repaid in full. The Holder's option hereunder shall be exercisable (a)
at any time following an Event of Default, as defined in the Notes, and (b) in
the event that, in the Holder's reasonable judgment, it has reason to believe
that (i) the financial condition of the Company has experienced a material
adverse change, or is reasonably likely to experience a material adverse change
in the immediate future, or (ii) the Company has failed to make sufficient
progress towards obtaining financing from the potential investors identified by
the Company as of the date hereof. In the event that the Holder's option becomes
exercisable by reason of an Event of Default as provided in clause (a) of the
preceding sentence, the Holder may at any time thereafter provide the Company
with written notice of its election to receive Customer Receipts Payments (a
"Notice"), and the Company shall, after receiving a Notice, pay Customer
Receipts Payments to the Holder each month thereafter (beginning with the month
in which the Notice was received, if it is received no later than 5:00 p.m. on
the 20th of such month, and otherwise beginning with the next following month)
until all amounts owed under the Notes have been paid in full. In the event that
the Holder's option becomes exercisable by reason of the circumstances set forth
in clauses (b)(i) or (b)(ii) above, the Holder shall provide the Company with
Notice no later than the 20th day of any given month in order to receive a
Customer Receipts Payment of the amounts received from the Company's highest
paying customer during such month; provided, however, no Notice shall be
required of the Holder in the event it does not elect to receive a Customer
Receipts Payment of the amounts received from the Company's highest paying
customer during a given month, and in the event that the Company does not
receive a Notice by 5:00 p.m. on the 20th day of any given month, the Holder
shall be deemed to have declined to receive a Customer Receipts Payment for such
month. The Company will cause its senior management, and will use its reasonable
best efforts to cause its other representatives, agents or employees who are
involved in raising capital, to be available to the Holder to respond to
questions of the Holder regarding its investment if necessary.

         2. DEFAULT. The Company shall be in default under this Note upon the
occurrence of any of the following events ("Event of Default"):

                  (a) Failure to make any principal or interest payment required
         under this Note within ten days of the date such payment is due;

                  (b) Any material default, breach or misrepresentation under
         the terms and provisions of the Note Purchase Agreement that is not
         cured after 30 days written notice by Holder to the Company;

                  (c) Any of the Company's lenders accelerates any of the
         Company's indebtedness to such lender in an amount not less than
         $100,000 in outstanding principal; or

                                      -2-
<PAGE>

                  (d) An assignment for the benefit of creditors by or the
         filing of a petition under bankruptcy, insolvency or debtor's relief
         law, or for any readjustment of indebtedness, composition or extension
         by the Company, or commenced against the Company which is not
         discharged within sixty (60) days.

         3. REMEDIES UPON EVENT OF DEFAULT.

                  (a) Upon the occurrence of an Event of Default:

                           (i) specified in clauses (c) or (d) of Section 2,
                  then the Note shall be automatically accelerated and
                  immediately due and payable without notice or demand;

                           (ii) specified in clauses (a) or (b) of Section 2,
                  then the Holder may declare the Note immediately accelerated
                  and due and payable;

                           (iii) the Interest Rate under this Note shall
                  automatically, without demand or notice, increase from 15% to
                  18%;

                           (iv) the Holder may provide a Notice to the Company
                  in accordance with Section 1 above, requiring the Company to
                  make Customer Receipts Payments of the amounts received from
                  the Company's highest paying customer each month thereafter
                  until all amounts owed under the Note have been paid in full;
                  and

                           (v) the Holder shall have all of the rights and
                  remedies, at law and in equity, by statute or otherwise, and
                  no remedy herein conferred upon the Holder is intended to be
                  exclusive of any other remedy and each remedy shall be
                  cumulative and shall be in addition to every other remedy
                  given hereunder or now or hereafter existing at law, in,
                  equity, by statute or otherwise.

                  (b) The Company will pay on demand all reasonable costs and
         expenses, including reasonable attorneys' fees, incurred or paid by the
         Lender in enforcing or collecting any of the obligations of the Company
         hereunder. The Company agrees to immediately provide the Lender with
         written notice of any event giving rise to an Event of Default
         described in Sections 2(c) and 2(d) above.

         4. PREPAYMENT. The Company may at any time and from time to time
prepay, without premium or penalty, all or a portion of the amount due under
this Note. The amount of any such payment would be applied first to accrued and
unpaid interest and then to unpaid principal balance. Prepaid interest paid
shall be non-refundable in the event of prepayment or acceleration of the
Maturity Date.

                                      -3-
<PAGE>

         5. CHANGES; PARTIES. This Note can only be changed by an agreement in
writing signed by the Company and the Holder. This Note shall inure to the
benefit of and be binding upon the Company and the Holder and their respective
successors and assigns.

         6. WAIVER OF PRESENTMENT, ETC. The Company hereby waives presentment,
demand, notice, protest and all other demands, notices and defenses (including
any defense based on Holder's performance under the Note Purchase Agreement) in
connection with the delivery, acceptance, performance, default or enforcement of
this Note.

         7. MAXIMUM RATE OF INTEREST. It is expressly stipulated and agreed to
be the intent of the Company and Holder at all times to comply with the
applicable law governing the maximum rate of interest payable on or in
connection with all indebtedness and transactions hereunder (or applicable
United States federal law to the extent that it permits Holder to contract for,
charge, take, reserve or receive a greater amount of interest). If the
applicable law is ever judicially interpreted so as to render usurious any
amount of money or other consideration called for hereunder, or contracted for,
charged, taken, reserved or received with respect to any loan or advance
hereunder, or if acceleration of the maturity of this Note or the indebtedness
hereunder or if any prepayment by the Company results in the Company's having
paid any interest in excess of that permitted by law, then it is the Company's
and Holder's express intent that all excess cash amounts theretofore collected
by Holder be credited on the principal balance of this Note (or if this Note has
been or would thereby be paid in full, refunded to the Company), and the
provisions of this Note immediately be deemed reformed and the amounts
thereafter collectible hereunder reduced, without the necessity of the execution
of any new document, so as to comply with the applicable law, but so as to
permit the recovery of the fullest amount otherwise called for hereunder. The
right to accelerate maturity of this Note does not include the right to
accelerate any interest which has not otherwise accrued on the date of such
acceleration, and Holder does not intend to collect any unearned interest in the
event of acceleration.

         8. NO IMPLIED WAIVER. No failure or delay on the part of Holder in
exercising any right, power or privilege under this Note and no course of
dealing between the Company and Holder shall operate as a waiver thereof. No
single or partial exercise of any right, power or privilege hereunder shall
preclude any other or further exercise of any right, power or privilege Holder
would otherwise have. No notice to, or demand on, the Company in any case shall
entitle the Company to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the right of Holder to any other or
further action in any circumstances without notice or demand.

         9. GOVERNING LAW. THIS NOTE SHALL BE CONSTRUED ACCORDING TO THE LAWS OF
THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO THE PRINCIPLES THEREOF RELATING
TO CONFLICTS OF LAWS.

         10. WAIVER OF JURY TRIAL. THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY
WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
(WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO
THIS NOTE OR THE ACTIONS OF THE PARTIES IN THE NEGOTIATIONS, ADMINISTRATION,
PERFORMANCE OR ENFORCEMENT THEREOF.

                                      -4-
<PAGE>

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                                      -5-
<PAGE>

         IN WITNESS WHEREOF, the Company has executed this Note as of the day
and year set forth above.

                                            U.S. HELICOPTER CORPORATION

                                            By: _____________________________
                                                George J. Mehm, Jr.
                                                     Chief Financial Officer

                                      -6-

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