Document:

EXHIBIT 10.89

                          SECURITIES PURCHASE AGREEMENT

         THIS SECURITIES PURCHASE AGREEMENT (this "AGREEMENT"), dated as of
March 14, 2008, by and among U.S. HELICOPTER CORPORATION, a Delaware corporation
(the "COMPANY"), and YA GLOBAL INVESTMENTS, L.P. (the "BUYER").

                                   WITNESSETH

         WHEREAS, the Company and the Buyer are executing and delivering this
Agreement in reliance upon an exemption from securities registration pursuant to
Section 4(2) and/or Rule 506 of Regulation D ("REGULATION D") as promulgated by
the U.S. Securities and Exchange Commission (the "SEC") under the Securities Act
of 1933, as amended (the "SECURITIES ACT");

         WHEREAS, the parties desire that, upon the terms and subject to the
conditions contained herein, the Company shall issue and sell to the Buyer, as
provided herein, and the Buyer shall purchase (i) Six Hundred Eight Thousand
Dollars ($608,000) of secured debentures in the form attached hereto as "EXHIBIT
A" (the "DEBENTURES"), which shall be funded on March 14, 2008 (the "FUNDING
DATE") for a total purchase price of Six Hundred Eight Thousand Dollars
($608,000) (the "PURCHASE PRICE") as set forth opposite the Buyers name on
Schedule I (the "SUBSCRIPTION AMOUNT");

         WHEREAS, on the date hereof, the Company and the Buyers are executing
and delivering an Amendment No. 3 to the Amended and Restated Security Agreement
(the "SECURITY AGREEMENT") pursuant to which the Company agreed to extend the
Buyers security interest which was originally created in connection with a loan
made to the Company by the Buyers in the Pledged Property (as this term is
defined in the each Security Agreement) to secure all the Company's obligations
to the Buyer, which shall include all obligations to the Buyer created in this
Agreement and the Debentures issued in connection herewith;

         NOW, THEREFORE, in consideration of the mutual covenants and other
agreements contained in this Agreement the Company and the Buyer hereby agree as
follows:

                  1. PURCHASE AND SALE OF DEBENTURES.

                           (a) PURCHASE OF DEBENTURES. Subject to the
satisfaction (or waiver) of the terms and conditions of this Agreement, the
Buyer agrees to purchase and the Company agrees to sell and issue to the Buyer
Debentures in amounts corresponding with the Subscription Amount set forth
opposite the Buyer's name on Schedule I hereto.

                           (b) CLOSING DATES. The Closing of the purchase and
sale of the Debentures shall take place at 10:00 a.m. Eastern Standard Time on
March 14, 2008 (the "CLOSING DATE"), subject to notification of satisfaction of
the conditions to the Closing set forth herein on or before the Funding Date.
The Closing shall occur on the Closing Date at the offices of Yorkville
Advisors, LLC, 101 Hudson Street, Suite 3700, Jersey City, New Jersey 07302 (or
such other place as is mutually agreed to by the Company and the Buyer).

                                      -1-
<PAGE>

                           (c) FORM OF PAYMENT. Subject to the satisfaction of
the terms and conditions of this Agreement, on the Closing Date, (i) the Buyer
shall deliver to the Company such aggregate proceeds for the Debentures to be
issued and sold to the Buyer at the Closing, minus the fees to be paid directly
from the proceeds of the Closing as set forth herein, and (ii) the Company shall
deliver to the Buyer, Debentures which the Buye is purchasing at the Closing in
amounts indicated opposite the Buyer's name on Schedule I, duly executed on
behalf of the Company.

                  2. COVENANTS.

                           (a) FORM D. The Company agrees to file a Form D with
respect to the Securities as required under Regulation D and to provide a copy
thereof to the Buyer promptly after such filing. The Company shall, on or before
the Closing Date, take such action as the Company shall reasonably determine is
necessary to qualify the Debentures, or obtain an exemption for the Securities
for sale to the Buyer at the Closing pursuant to this Agreement under applicable
securities or "Blue Sky" laws of the states of the United States, and shall
provide evidence of any such action so taken to the Buyer on or prior to the
Closing Date.

                           (b) USE OF PROCEEDS. The Company will use the
proceeds from the transaction contemplated herein in accordance with the budget
forth as Exhibit B hereto (the "BUDGET"). Management may not deviate from any
line item of the Budget, and no portion of the Purchase Price may be used for
payment of management salaries.

                           (c) RESTRICTION ON FURTHER BRIDGE FINANCING. For so
long as the Debentures remain outstanding, the Company shall not, without the
prior consent of the Buyer (i) enter into any financing transaction with any
third party, (ii) issue and sell any shares of its capital stock (including,
without limitation, common stock, preferred stock, or any securities convertible
or exercisable into common stock), except to satisfy previsouly existing
commitments, or (iii) incur any additional indebtedness of any kind..

                           (d) FEES AND EXPENSES. The Company shall pay to
Yorkville Advisors LLC ("YORKVILLE") a fee of $30,000 for monitoring and
managing the investment by YA Global Investments, L.P. ("YA GLOBAL") described
herein, pursuant to Yorkville's existing advisory obligations to YA Global, for
structuring the transaction described herein and for legal fees.

                  3. GOVERNING LAW: MISCELLANEOUS.

                           (a) GOVERNING LAW. This Agreement shall be governed
by and interpreted in accordance with the laws of the State of New Jersey
without regard to the principles of conflict of laws. The parties further agree
that any action between them shall be heard in Hudson County, New Jersey, and
expressly consent to the jurisdiction and venue of the Superior Court of New
Jersey, sitting in Hudson County and the United States District Court for the
District of New Jersey sitting in Newark, New Jersey for the adjudication of any
civil action asserted pursuant to this Paragraph.

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<PAGE>

                           (b) COUNTERPARTS. This Agreement may be executed in
two or more identical counterparts, all of which shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party. In the event any signature page is
delivered by facsimile transmission, the party using such means of delivery
shall cause four (4) additional original executed signature pages to be
physically delivered to the other party within five (5) days of the execution
and delivery hereof.

                           (c) HEADINGS. The headings of this Agreement are for
convenience of reference and shall not form part of, or affect the
interpretation of, this Agreement.

                           (d) SEVERABILITY. If any provision of this Agreement
shall be invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement in that jurisdiction or the validity or
enforceability of any provision of this Agreement in any other jurisdiction.

                           (e) ENTIRE AGREEMENT, AMENDMENTS. This Agreement
supersedes all other prior oral or written agreements between the Buyer, the
Company, their affiliates and persons acting on their behalf with respect to the
matters discussed herein, and this Agreement and the instruments referenced
herein contain the entire understanding of the parties with respect to the
matters covered herein and therein and, except as specifically set forth herein
or therein, neither the Company nor any Buyer makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of
this Agreement may be waived or amended other than by an instrument in writing
signed by the party to be charged with enforcement.

                           (f) SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective
successors and assigns. Neither the Company nor any Buyer shall assign this
Agreement or any rights or obligations hereunder without the prior written
consent of the other party hereto.

                           (g) SURVIVAL. Unless this Agreement is terminated,
all agreements, representations and warranties contained in this Agreement or
made in writing by or on behalf of any party in connection with the transactions
contemplated by this Agreement shall survive the execution and delivery of this
Agreement and the Closing.

                           (h) FURTHER ASSURANCES. Each party shall do and
perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates,
instruments and documents, as the other party may reasonably request in order to
carry out the intent and accomplish the purposes of this Agreement and the
consummation of the transactions contemplated hereby.

                           (i) NO STRICT CONSTRUCTION. The language used in this
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against
any party.

                   [REMAINDER PAGE INTENTIONALLY LEFT BLANK]

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<PAGE>

         IN WITNESS WHEREOF, the Buyer and the Company have caused their
respective signature page to this Securities Purchase Agreement to be duly
executed as of the date first written above.

                                        COMPANY:
                                        U.S. HELICOPTER CORPORATION

                                        By:  /S/ GEORGE J. MEHM, JR.
                                           -------------------------
                                        Name:  George J. Mehm, Jr.

                                        Title:  Chief Financial Officer and
                                                Sr. Vice President

                                        BUYERS:
                                        YA GLOBAL INVESTMENTS, L.P.

                                        By:      Yorkville Advisors, LLC
                                        Its:     Investment Manager

                                        By:       /S/ MARK ANGELO
                                                -------------------
                                        Name:    Mark Angelo
                                        Its:     Portfolio Manager

                                      -4-
<PAGE>

<TABLE>
<CAPTION>

                                                    SCHEDULE I

                                                SCHEDULE OF BUYERS

               (1)                       (2)               (3)             (4)                 (5)
              BUYER                                 SUBSCRIPTION AMOUNT          LEGAL REPRESENTATIVE'S ADDRESS
                                                                                      AND FACSIMILE NUMBER
                                   FIRST CLOSING

<S>                                <C>               <C>                <C>      <C>
YA GLOBAL INVESTMENTS, L.P.        $608,000                                     Troy Rillo, Esq.
                                                                                101 Hudson Street, Suite 3700
101 Hudson Street, Suite 3700                                                   Jersey City, New Jersey 07302
Jersey City, NJ  07302                                                          Telephone: (201) 985-8300
Attention: Mark Angelo                                                          Facsimile: (201) 985-8266
Telephone: (201) 985-8300
Facsimile: (201) 985-8266
Residence:  Cayman Islands
</TABLE>

                                      -5-
<PAGE>EXHIBIT 10.90

                                                           DATED: MARCH 14, 2008

THIS DEBENTURE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE
COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO
AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
APPLICABLE STATE SECURITIES LAWS.

No. USHP-7-1                                                            $608,000

                           U.S. HELICOPTER CORPORATION

                                SECURED DEBENTURE

                               DUE: JUNE 30, 2008

            This Secured Debenture (the "DEBENTURE") is issued on March 14, 2008
(the "ISSUANCE DATE") by U.S. HELICOPTER CORPORATION, a Delaware corporation
(the "OBLIGOR"), YA GLOBAL INVESTMENTS, L.P. (the "HOLDER"), pursuant to that
certain Securities Purchase Agreement (the "SECURITIES PURCHASE AGREEMENT")
dated March 14, 2008.

         FOR VALUE RECEIVED, the Obligor hereby promises to pay to the Holder or
its successors and assigns the principal sum of Six Hundred Eight Thousand
Dollars ($608,000) together with accrued but unpaid interest on or before the
earlier of (a) the closing date of the next financing to be completed by the
Obligor, or (b) June 30, 2008 (the "MATURITY DATE").

         INTEREST. Interest shall accrue on the outstanding principal balance
hereof at an annual rate equal to eighteen percent (18%). Interest shall be
calculated on the basis of a 365-day year and the actual number of days elapsed,
to the extent permitted by applicable law. Interest hereunder shall be paid to
the Holder or its assignee on the Maturity Date in whose name this Debenture is
registered on the records of the Obligor regarding registration and transfers of
Debentures (the "DEBENTURE REGISTER") and shall be payable in cash.

         PAYMENT AT MATURITY. The Obligor shall pay all outstanding principal
and interest on this Debenture on the Maturity Date. The Obligor may prepay any
amounts of outstanding principal or accrued interest prior to the Maturity Date
without any penalty.

         SECURITY AGREEMENTS. This Debenture is secured by an Amendment No. 3 to
Amended and Restated Security Agreement of even date herewith between the
Obligor and the Holder (the "SECURITY AGREEMENT").

                                      -1-
<PAGE>

         This Debenture is subject to the following additional provisions:

         SECTION 1. This Debenture is exchangeable for an equal aggregate
principal amount of Debentures of different authorized denominations, as
requested by the Holder surrendering the same. No service charge will be made
for such registration of transfer or exchange.

         SECTION 2.        EVENTS OF DEFAULT.

         (a) An "EVENT OF DEFAULT", wherever used herein, means any one of the
following events (whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any judgment, decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

                  (i) Any default in the payment of the principal of, interest
on or other charges in respect of this Debenture, free of any claim of
subordination, as and when the same shall become due and payable (whether on the
Maturity Date or by acceleration or otherwise);

                  (ii) The Obligor or any Material Subsidiary (as defined in
Section 4) of the Obligor shall commence, or there shall be commenced against
the Obligor or any Material Subsidiary under any applicable bankruptcy or
insolvency laws as now or hereafter in effect or any successor thereto, or the
Obligor or any Material Subsidiary commences any other proceeding under any
reorganization, arrangement, adjustment of debt, relief of debtors, dissolution,
insolvency or liquidation or similar law of any jurisdiction whether now or
hereafter in effect relating to the Obligor or any Material Subsidiary or there
is commenced against the Obligor or any Material Subsidiary any such bankruptcy,
insolvency or other proceeding which remains undismissed for a period of 61
days; or the Obligor or any Material Subsidiary is adjudicated insolvent or
bankrupt; or any order of relief or other order approving any such case or
proceeding is entered; or the Obligor or any Material Subsidiary suffers any
appointment of any custodian, private or court appointed receiver or the like
for it or any substantial part of its property which continues undischarged or
unstayed for a period of sixty one (61) days; or the Obligor or any Material
Subsidiary makes a general assignment for the benefit of creditors; or the
Obligor or any Material Subsidiary shall fail to pay, or shall state that it is
unable to pay, or shall be unable to pay, its debts generally as they become
due; or the Obligor or any Material Subsidiary shall call a meeting of its
creditors with a view to arranging a composition, adjustment or restructuring of
its debts; or the Obligor or any Material Subsidiary shall by any act or failure
to act expressly indicate its consent to, approval of or acquiescence in any of
the foregoing; or any corporate or other action is taken by the Obligor or any
Material Subsidiary for the purpose of effecting any of the foregoing;

                  (iii) The Obligor or any subsidiary of the Obligor shall
default in any of its obligations under any other debenture or any mortgage,
credit agreement or other facility, indenture agreement, factoring agreement or
other instrument under which there may be issued, or by which there may be
secured or evidenced any indebtedness for borrowed money or money due under any
long term leasing or factoring arrangement of the Obligor or any subsidiary of
the Obligor in an amount exceeding $100,000, whether such indebtedness now
exists or shall hereafter be created and such default shall result in such
indebtedness becoming or being declared due and payable prior to the date on
which it would otherwise become due and payable (the "ACCELERATED DUE DATE") and
such default is not cured within ten days of the Accelerated Due Date;

                                      -2-
<PAGE>

                  (iv) The Common Stock shall cease to be quoted for trading or
listing for trading on either the Nasdaq OTC Bulletin Board ("OTC"), or if then
listed on Nasdaq Capital Market, New York Stock Exchange, American Stock
Exchange or the Nasdaq Global Market (each, a "SUBSEQUENT MARKET") shall cease
to be quoted for trading or listing on such Subsequent Market and shall not
again be quoted or listed for trading thereon within five (5) Trading Days of
such delisting;

                  (v) A Change of Control Transaction (as defined in SECTION 4)
shall have occurred;

                  (vi) The Obligor shall fail after ten (10) days written notice
thereof by the Holder to observe or perform any other covenant, agreement or
warranty contained in, or otherwise commit any breach or default of any
provision of this Debenture (except as may be covered by SECTION 2(A)(I) THROUGH
2(A)(VI) hereof) or any Transaction Document (as defined in SECTION 4) which is
not cured with in the time prescribed;

                  (vii) Any event of default under any of the Other Debentures.

          (b) During the time that any portion of this Debenture is outstanding,
if any Event of Default has occurred, the full principal amount of this
Debenture, together with interest and other amounts owing in respect thereof, to
the date of acceleration shall become at the Holder's election, immediately due
and payable in cash, PROVIDED HOWEVER, the Holder may request (but shall have no
obligation to request) payment of such amounts in Common Stock of the Obligor if
sufficient shares are available pursuant to United States Department of
Transportation regulations. The Holder need not provide and the Obligor hereby
waives any presentment, demand, protest or other notice of any kind, and the
Holder may immediately and without expiration of any grace period enforce any
and all of its rights and remedies hereunder and all other remedies available to
it under applicable law. Such declaration may be rescinded and annulled by
Holder at any time prior to payment hereunder. No such rescission or annulment
shall affect any subsequent Event of Default or impair any right consequent
thereon.

         SECTION 3. NOTICES. Any notices, consents, waivers or other
communications required or permitted to be given under the terms hereof must be
in writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one (1) trading day after deposit
with a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

                                      -3-
<PAGE>

If to the Company, to:                 U.S. Helicopter Corporation
                                       6 East River Piers
                                       Downtown Manhattan Heliport
                                       New York, NY 10004
                                       Attention:        Chief Executive Officer
                                       Telephone:        (212) 248-2002
                                       Facsimile:        (212) 248-0940

With a copy to:                        Gallagher, Briody, and Butler
                                       Princeton Forrestal Village
                                       155 Village Boulevard
                                       Princeton, NJ 08540
                                       Attention:  Thomas P. Gallagher, Esq.
                                       Telephone:        (609) 452-6000
                                       Facsimile:        (609) 452-0090

If to the Holder:                      YA Global Investments, LP
                                       101 Hudson Street, Suite 3700
                                       Jersey City, NJ  07302
                                       Attention:        Mark Angelo
                                       Telephone:        (201) 985-8300

With a copy to:                        Troy Rillo, Esq.
                                       101 Hudson Street - Suite 3700
                                       Jersey City, NJ 07302
                                       Telephone:        (201) 985-8300
                                       Facsimile:        (201) 985-8266

or at such other address and/or facsimile number and/or to the attention of such
other person as the recipient party has specified by written notice given to
each other party three (3) business days prior to the effectiveness of such
change. Written confirmation of receipt (i) given by the recipient of such
notice, consent, waiver or other communication, (ii) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, recipient facsimile number and an image of the first page of such
transmission or (iii) provided by a nationally recognized overnight delivery
service, shall be rebuttable evidence of personal service, receipt by facsimile
or receipt from a nationally recognized overnight delivery service in accordance
with clause (i), (ii) or (iii) above, respectively.

         SECTION 4. DEFINITIONS. For the purposes hereof, the following terms
shall have the following meanings:

         "BUSINESS DAY" means any day except Saturday, Sunday and any day which
shall be a federal legal holiday in the United States or a day on which banking
institutions are authorized or required by law or other government action to
close.

                                      -4-
<PAGE>

         "CHANGE OF CONTROL TRANSACTION" means the occurrence of (a) an
acquisition after the date hereof by an individual or legal entity or "group"
(as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of
effective control (whether through legal or beneficial ownership of capital
stock of the Obligor, by contract or otherwise) of in excess of fifty percent
(50%) of the voting securities of the Obligor (except that the acquisition of
voting securities by the Holder shall not constitute a Change of Control
Transaction for purposes hereof), (b) a replacement at one time or over time of
more than one-half of the members of the board of directors of the Obligor which
is not approved by a majority of those individuals who are members of the board
of directors on the date hereof (the "CURRENT DIRECTORS") or by those
individuals who are serving as members of the board of directors on any date
whose nomination to the board of directors was approved by a majority of the
members of the board of the Current Directors, (c) the merger or consolidation
of the Obligor or any Material Subsidiary or sale of fifty percent (50%) or more
of the assets of the Obligor or any Material Subsidiary in one or a series of
related transactions with or into another entity, or (d) the execution by the
Obligor of an agreement to which the Obligor is a party or by which it is bound,
providing for any of the events set forth above in (a), (b) or (c).

         "COMMON STOCK" means the common stock, par value $.001, of the Obligor
and stock of any other class into which such shares may hereafter be changed or
reclassified.

         "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended.

         "MATERIAL SUBSIDIARY" shall mean with respect to the Obligor, a
subsidiary of the Obligor the business, operations, affairs, assets,
liabilities, financial condition or properties of which are material to the
business, operations, affairs, assets, liabilities, financial condition, or
properties of the Obligor and its subsidiaries taken as a whole.

         "OTHER DEBENTURES" shall mean the secured convertible debentures issued
to the Holder pursuant to the securities purchase agreements between the Obligor
and the Holder dated March 31, 2006, November 28, 2006 and March 30, 2007,
respectively.

         "TRADING DAY" means a day on which the shares of Common Stock are
quoted on the OTC or quoted or traded on such Subsequent Market on which the
shares of Common Stock are then quoted or listed; provided, that in the event
that the shares of Common Stock are not listed or quoted, then Trading Day shall
mean a Business Day.

         "TRANSACTION DOCUMENTS" means the Securities Purchase Agreement or any
other agreement delivered in connection with the Securities Purchase Agreement,
including, without limitation, the Security Agreement, the Irrevocable Transfer
Agent Instructions, and the Registration Rights Agreement.

         SECTION 5. Except as expressly provided herein, no provision of this
Debenture shall alter or impair the obligations of the Obligor, which are
absolute and unconditional, to pay the principal of, interest and other charges
(if any) on, this Debenture at the time, place, and rate, and in the coin or
currency, herein prescribed. This Debenture is a direct obligation of the
Obligor. This Debenture ranks pari passu with all other Debentures now or
hereafter issued under the terms set forth herein. As long as this Debenture is
outstanding, the Obligor shall not and shall cause their subsidiaries not to,
without the consent of the Holder, (i) amend its certificate of incorporation,
bylaws or other charter documents so as to adversely affect any rights of the
Holder; (ii) repay, repurchase or offer to repay, repurchase or otherwise
acquire shares of its Common Stock or other equity securities; or (iii) enter
into any agreement with respect to any of the foregoing.

                                      -5-
<PAGE>

         SECTION 6. This Debenture shall not entitle the Holder to any of the
rights of a stockholder of the Obligor, including without limitation, the right
to vote, to receive dividends and other distributions, or to receive any notice
of, or to attend, meetings of stockholders or any other proceedings of the
Obligor.

         SECTION 7. If this Debenture is mutilated, lost, stolen or destroyed,
the Obligor shall execute and deliver, in exchange and substitution for and upon
cancellation of the mutilated Debenture, or in lieu of or in substitution for a
lost, stolen or destroyed Debenture, a new Debenture for the principal amount of
this Debenture so mutilated, lost, stolen or destroyed but only upon receipt of
evidence of such loss, theft or destruction of such Debenture, and of the
ownership hereof, and indemnity, if requested, all reasonably satisfactory to
the Obligor.

         SECTION 8. No indebtedness of the Obligor is senior to this Debenture
in right of payment, whether with respect to interest, damages or upon
liquidation or dissolution or otherwise other than debentures issued by the
Obligor to the Holder prior to the date hereof. Except as permitted under the
Security Agreement, without the Holder's consent, the Obligor will not and will
not permit any of their subsidiaries to, directly or indirectly, enter into,
create, incur, assume or suffer to exist any indebtedness of any kind, on or
with respect to any of its property or assets now owned or hereafter acquired or
any interest therein or any income or profits there from that is senior in any
respect to the obligations of the Obligor under this Debenture.

         SECTION 9. This Debenture shall be governed by and construed in
accordance with the laws of the State of New Jersey, without giving effect to
conflicts of laws thereof. Each of the parties consents to the jurisdiction of
the Superior Courts of the State of New Jersey sitting in Hudson County, New
Jersey and the U.S. District Court for the District of New Jersey sitting in
Newark, New Jersey in connection with any dispute arising under this Debenture
and hereby waives, to the maximum extent permitted by law, any objection,
including any objection based on FORUM NON CONVENIENS to the bringing of any
such proceeding in such jurisdictions.

         SECTION 10. If the Obligor fails to strictly comply with the terms of
this Debenture, then the Obligor shall reimburse the Holder promptly for all
fees, costs and expenses, including, without limitation, attorneys' fees and
expenses incurred by the Holder in any action in connection with this Debenture,
including, without limitation, those incurred: (i) during any workout, attempted
workout, and/or in connection with the rendering of legal advice as to the
Holder's rights, remedies and obligations, (ii) collecting any sums which become
due to the Holder, (iii) defending or prosecuting any proceeding or any
counterclaim to any proceeding or appeal; or (iv) the protection, preservation
or enforcement of any rights or remedies of the Holder.

         SECTION 11. Any waiver by the Holder of a breach of any provision of
this Debenture shall not operate as or be construed to be a waiver of any other
breach of such provision or of any breach of any other provision of this
Debenture. The failure of the Holder to insist upon strict adherence to any term
of this Debenture on one or more occasions shall not be considered a waiver or
deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this Debenture. Any waiver must be in writing.

                                      -6-
<PAGE>

         SECTION 12. If any provision of this Debenture is invalid, illegal or
unenforceable, the balance of this Debenture shall remain in effect, and if any
provision is inapplicable to any person or circumstance, it shall nevertheless
remain applicable to all other persons and circumstances. If it shall be found
that any interest or other amount deemed interest due hereunder shall violate
applicable laws governing usury, the applicable rate of interest due hereunder
shall automatically be lowered to equal the maximum permitted rate of interest.
The Obligor covenants (to the extent that it may lawfully do so) that it shall
not at any time insist upon, plead, or in any manner whatsoever claim or take
the benefit or advantage of, any stay, extension or usury law or other law which
would prohibit or forgive the Obligor from paying all or any portion of the
principal of or interest on this Debenture as contemplated herein, wherever
enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this indenture, and the Obligor (to the extent
it may lawfully do so) hereby expressly waives all benefits or advantage of any
such law, and covenants that it will not, by resort to any such law, hinder,
delay or impeded the execution of any power herein granted to the Holder, but
will suffer and permit the execution of every such as though no such law has
been enacted.

         SECTION 13. Whenever any payment or other obligation hereunder shall be
due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

         SECTION 14. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF
DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY. THIS
PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES' ACCEPTANCE OF THIS
AGREEMENT.

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                                      -7-
<PAGE>

         IN WITNESS WHEREOF, the Obligor has caused this Secured Debenture to be
duly executed by a duly authorized officer as of the date set forth above.

                                  U.S. HELICOPTER CORPORATION

                                  By:  /S/ JOHN G. MURPHY
                                       ------------------
                                         John G. Murphy
                                         Chief Executive Officer and President

                                      -8-

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