Document:

EXHIBIT 10.79

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

                                                              September 12, 2008

                    ONE HUNDRED TWENTY FIVE THOUSAND DOLLARS
                                    15% NOTE

      FOR VALUE RECEIVED, U.S. HELICOPTER CORPORATION, a Delaware corporation
(the "Company") hereby promises to pay to the order of PORTFOLIO LENDERS II, LLC
(the "Holder"), or its registered assigns, the principal sum of ONE HUNDRED
TWENTY FIVE THOUSAND DOLLARS AND 00/100 ($125,000.00), and to pay interest from
the date hereof on the outstanding principal sum at the rate of 15% per annum
based on a 365-day year, such interest to accrue from the date hereof (the
"Closing Date"). The principal and accrued but unpaid interest shall be paid in
full 30 days after the date hereof (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. CONVERSION RIGHTS. The principal and any and all interest payable on
this Note shall be convertible, at the option of either the Holder, at any time
into shares of Company Common Stock at $0.20 per share.

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

            (a) Failure to make any principal or interest payment required under
      this Note within three 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; or

            (c) 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. Upon the occurrence of an Event of
Default:

            (a) specified in clause (c) of Section 2, then the Note shall be
      automatically accelerated and immediately due and payable at the option of
      Holder, without notice or demand;

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

            (c) 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.

      4. 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.

      5. WAIVER OF PRESENTMENT. The Company hereby waives presentment, demand,
notice, protest and all other demands and notices in connection with the
delivery, acceptance, performance, default or enforcement of this Note.

      6. 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

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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.

      7. 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.

      8. 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.

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      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

                                       4EXHIBIT 10.80

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.

                           U.S. HELICOPTER CORPORATION

                                     WARRANT

      THIS CERTIFIES THAT, for value received, PORTFOLIO LENDERS II, LLC (the
"Holder") or its registered assigns is entitled to purchase from U.S. HELICOPTER
CORPORATION (the "Company") at any time or from time to time during the period
specified in Paragraph 2 hereof 250,000 (TWO HUNDRED FIFTY THOUSAND) fully paid
and non-assessable shares of the Company's Common Stock, $.001 par value per
share (the "Common Stock"), at an exercise price per share equal to $0.20 per
share (the "Exercise Price").

      The term "Warrant Shares," as used herein, refers to the shares of Common
Stock purchasable hereunder. The Warrant Shares and the Exercise Price are
subject to adjustment as provided in Paragraph 4 hereof. This Warrant is subject
to the following terms, provisions, and conditions:

      1. MANNER OF EXERCISE; ISSUANCE OF CERTIFICATES; PAYMENT FOR SHARES.
Subject to the provisions hereof, this Warrant may be exercised by the holder
hereof, in whole or in part, by the surrender of this Warrant, together with a
completed exercise agreement in the form attached hereto (the "Exercise
Agreement"), to the Company during normal business hours on any business day at
the Company's principal executive offices (or such other office or agency of the
Company as it may designate by notice to the holder hereof), and upon (i)
payment to the Company in cash, by certified or official bank check or by wire
transfer for the account of the Company of the Exercise Price for the Warrant
Shares specified in the Exercise Agreement or (ii) delivery to the Company of a
written notice of an election to effect a "Cashless Exercise" (as defined in
Section 11(c) below) for the Warrant Shares specified in the Exercise Agreement.
The Warrant Shares so purchased shall be deemed to be issued to the holder
hereof or such holder's designee, as the record owner of such shares, as of the
close of business on the date on which this Warrant shall have been surrendered,
the completed Exercise Agreement shall have been delivered, and payment shall
have been made for such shares as set forth above. Certificates for the Warrant
Shares so purchased, representing the aggregate number of shares specified in
the Exercise Agreement, shall be delivered to the holder hereof promptly after
this Warrant shall have been so exercised. The certificates so delivered shall
be in such denominations as may be requested by the holder hereof and shall be
registered in the name of such holder or such other name as shall be designated
by such holder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired, the Company shall, at its expense, at the time
of delivery of such certificates, deliver to the holder a new Warrant in
substantially identical form and dated as of the date of such exercise
representing the number of shares with respect to which this Warrant shall not
then have been exercised.
<PAGE>

      2. PERIOD OF EXERCISE. This Warrant is exercisable at any time or from
time to time on or after the date hereof and before 5:00 p.m., New York, New
York time on the fifth anniversary of such date (the "Exercise Period").

      3. CERTAIN AGREEMENTS OF THE COMPANY. The Company hereby covenants and
agrees as follows:

            (A) SHARES TO BE FULLY PAID. All Warrant Shares will, upon issuance
      in accordance with the terms of this Warrant, be validly issued and
      outstanding, fully paid, and nonassessable and free from all taxes, liens,
      and charges with respect to the issue thereof.

            (B) RESERVATION OF SHARES. During the Exercise Period, the Company
      shall at all times have authorized, and reserved free of preemptive rights
      and other similar contractual rights of stockholders, for the purpose of
      issuance upon exercise of this Warrant, a sufficient number of shares of
      Common Stock to provide for the exercise of this Warrant.

            (C) LISTING. The Company shall promptly secure the listing of the
      shares of Common Stock issuable upon exercise of the Warrant upon each
      national securities exchange or automated quotation system, if any, upon
      which shares of Common Stock are then listed (subject to official notice
      of issuance upon exercise of this Warrant) and shall maintain, so long as
      any other shares of Common Stock shall be so listed, such listing of all
      shares of Common Stock from time to time issuable upon the exercise of
      this Warrant.

            (D) SUCCESSORS AND ASSIGNS. This Warrant will be binding upon any
      entity succeeding to the Company by merger, consolidation, or acquisition
      of all or substantially all the Company's assets.

            (E) NOTICES OF RECORD DATE, ETC. In the event of:

                  (i) any taking by the Company of a record of the holders of
            Common Stock for the purpose of determining the holders who are
            entitled to receive any dividend or other distribution,

                  (ii) any capital reorganization of the Company, any
            reclassification or recapitalization of the capital stock of the
            Company, or any transfer of all or substantially all the assets of
            the Company to, or consolidation or merger of, the Company with or
            into any person,

                  (iii) any voluntary or involuntary dissolution, liquidation or
            winding- up of the Company, or

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<PAGE>

                  (iv) a sale of substantially all of the outstanding capital
            stock of the Company or the issuance of new shares representing the
            majority of the Company's right to vote,

then and in each such event the Company will mail to the Holder a notice
specifying the record date for voting or the date of closing, as applicable, of
any event (i) through (iv) above. Such notice shall be delivered to the Holder
at least 20 days prior to the date of the relevant event.

      4. ADJUSTMENT AND ANTIDILUTION PROVISIONS. On or after the date of
issuance of this Warrant, the Warrant Exercise Price and number of shares
issuable pursuant to this Warrant shall be subject to adjustment as follows:

            (A) In case the Company shall (i) declare a dividend or make a
      distribution on its outstanding shares of Common Stock in shares of Common
      Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock
      into a greater number of shares, or (iii) combine or reclassify its
      outstanding shares of Common Stock into a smaller number of shares, the
      Exercise Price in effect at the time of the record date for such dividend
      or distribution or of the effective date of such subdivision, combination
      or reclassification shall be adjusted so that it shall equal the price
      determined by multiplying the Exercise Price by a fraction, the
      denominator of which shall be the number of shares of Common Stock
      outstanding after giving effect to such action, and the numerator of which
      shall be the number of shares of Common Stock immediately prior to such
      action. Such adjustment shall be made each time any event listed above
      shall occur.

            (B) Whenever the Exercise Price payable upon exercise of each
      Warrant is adjusted pursuant to Subsection (a) above, the number of shares
      purchasable upon exercise of this Warrant shall simultaneously be adjusted
      by multiplying the number of shares initially issuable upon exercise of
      this Warrant by the Exercise Price in effect on the date hereof and
      dividing the product so obtained by the Exercise Price, as adjusted.

            (C) All calculations under this Section 4 shall be made to the
      nearest cent or to the nearest one-hundredth of a share, as the case may
      be. Anything in this Section 4 to the contrary notwithstanding, the
      Company shall be entitled, but shall not be required, to make such changes
      in the Exercise Price in addition to those required by this Section 4, as
      it shall determine, in its sole discretion, to be advisable in order that
      any dividend or distribution in shares of Common Stock, or any
      subdivision, reclassification or combination of Common Stock, hereafter
      made by the Corporation shall not result in any Federal Income tax
      liability to the holders of the Common Stock or securities convertible
      into Common Stock (including warrants).

            (D) Whenever the Exercise Price is adjusted, as herein provided, the
      Corporation shall promptly cause a notice setting forth the adjusted
      Exercise Price and adjusted number of shares issuable upon exercise of
      each Warrant to be mailed to the Holder, at its last address appearing in
      the Company's Warrant Register. The Company may retain a firm of
      independent certified public accountants selected by the Board of
      Directors (who may be the regular accountants employed by the Company) to
      make any computation required by this Section 4, and a certificate signed
      by such firm shall be conclusive evidence of the correctness of such
      adjustment absent a showing of mathematical or other error.

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<PAGE>

      5. ISSUE TAX. The issuance of certificates for Warrant Shares upon the
exercise of this Warrant shall be made without charge to the holder of this
Warrant or such shares for any issuance tax or other costs in respect thereof,
provided that the Company shall not be required to pay any tax which may be
payable in respect of any transfer involved in the issuance and delivery of any
certificate in a name other than the holder of this Warrant.

      6. NO RIGHTS OR LIABILITIES AS A SHAREHOLDER. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company. No provision of this Warrant, in the absence of affirmative
action by the holder hereof to purchase Warrant Shares, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder for the Exercise Price or as a shareholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

      7. TRANSFER, EXCHANGE, AND REPLACEMENT OF WARRANT.

            (A) RESTRICTION ON TRANSFER. This Warrant and the rights granted to
      the holder hereof are transferable, in whole or in part, upon surrender of
      this Warrant, together with a properly executed assignment in the form
      attached hereto, at the office or agency of the Company referred to in
      Paragraph 7(e) below, provided, however, that any transfer or assignment
      shall be subject to the conditions set forth in Paragraph 7(f) hereof.
      Until due presentment for registration of transfer on the books of the
      Company, the Company may treat the registered holder hereof as the owner
      and holder hereof for all purposes, and the Company shall not be affected
      by any notice to the contrary.

            (B) WARRANT EXCHANGEABLE FOR DIFFERENT DENOMINATIONS. This Warrant
      is exchangeable, upon the surrender hereof by the holder hereof at the
      office or agency of the Company referred to in Paragraph 7(e) below, for
      new Warrants of like tenor representing in the aggregate the right to
      purchase the number of shares of Common Stock which may be purchased
      hereunder, each of such new Warrants to represent the right to purchase
      such number of shares as shall be designated by the holder hereof at the
      time of such surrender.

            (C) REPLACEMENT OF WARRANT. Upon receipt of evidence reasonably
      satisfactory to the Company of the loss, theft, destruction, or mutilation
      of this Warrant and, in the case of any such loss, theft, or destruction,
      upon delivery of an indemnity agreement reasonably satisfactory in form
      and amount to the Company, or, in the case of any such mutilation, upon
      surrender and cancellation of this Warrant, the Company, at its expense,
      will execute and deliver, in lieu thereof, a new Warrant of like tenor.

            (D) CANCELLATION; PAYMENT OF EXPENSES. Upon the surrender of this
      Warrant in connection with any transfer, exchange, or replacement as
      provided in this Paragraph 7, this Warrant shall be promptly canceled by
      the Company. The Company shall pay all taxes (other than securities
      transfer taxes) and all other expenses (other than legal expenses, if any,
      incurred by the holder or transferees) and charges payable in connection
      with the preparation, execution, and delivery of Warrants pursuant to this
      Paragraph 7.

            (E) REGISTER. The Company shall maintain, at its principal executive
      offices (or such other office or agency of the Company as it may designate
      by notice to the holder hereof), a register for this Warrant, in which the
      Company shall record the name and address of the person in whose name this
      Warrant has been issued, as well as the name and address of each
      transferee and each prior owner of this Warrant.

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<PAGE>

            (F) EXERCISE OR TRANSFER WITHOUT REGISTRATION. If, at the time of
      the surrender of this Warrant in connection with any exercise, transfer,
      or exchange of this Warrant, this Warrant (or, in the case of any
      exercise, the Warrant Shares issuable hereunder), shall not be registered
      under the Securities Act of 1933, as amended (the "Securities Act") and
      under applicable state securities or blue sky laws, the Company may
      require, as a condition of allowing such exercise, transfer, or exchange,
      (i) that the holder or transferee of this Warrant, as the case may be,
      furnish to the Company a written opinion of counsel, which opinion and
      counsel are reasonably acceptable to the Company, to the effect that such
      exercise, transfer, or exchange may be made without registration under
      said Act and under applicable state securities or blue sky laws, (ii) that
      the holder or transferee execute and deliver to the Company an investment
      letter in form and substance reasonably acceptable to the Company and
      (iii) that the transferee be an "accredited investor" as defined in Rule
      501(a) of Regulation D promulgated under the Securities Act; provided that
      no such opinion, letter or status as an "accredited investor" shall be
      required in connection with a transfer pursuant to Rule 144 under the
      Securities Act. The first holder of this Warrant, by taking and holding
      the same, represents to the Company that such holder is acquiring this
      Warrant for investment and not with a view to the distribution thereof.

      8. REGISTRATION RIGHTS. The initial holder of this Warrant (and certain
assignees thereof) shall have registration rights as set forth in the Note
Purchase Agreement between the Holder and the Company dated as of the date
hereof with respect to the Warrant Shares.

      9. NOTICES. All notices, requests, and other communications required or
permitted to be given or delivered hereunder to the holder of this Warrant shall
be in writing, and shall be personally delivered, or shall be sent by certified
or registered mail or by recognized overnight mail courier, postage prepaid and
addressed, to such holder at the address shown for such holder on the books of
the Company, or at such other address as shall have been furnished to the
Company by notice from such holder. All notices, requests, and other
communications required or permitted to be given or delivered hereunder to the
Company shall be in writing, and shall be personally delivered, or shall be sent
by certified or registered mail or by recognized overnight mail courier, postage
prepaid and addressed, to the office of the Company at 6 East River Piers, Suite
216, Downtown Manhattan Heliport, New York, New York 10004, Attention: Chief
Executive Officer, or at such other address as shall have been furnished to the
holder of this Warrant by notice from the Company. Any such notice, request, or
other communication may be sent by facsimile, but shall in such case be
subsequently confirmed by a writing personally delivered or sent by certified or
registered mail or by recognized overnight mail courier as provided above. All
notices, requests, and other communications shall be deemed to have been given
either at the time of the receipt thereof by the person entitled to receive such
notice at the address of such person for purposes of this Paragraph 9, or, if
mailed by registered or certified mail or with a recognized overnight mail
courier two business days following deposit with the United States Post Office
or such overnight mail courier, if postage is prepaid and the mailing is
properly addressed, as the case may be.

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<PAGE>

      10. GOVERNING LAW. THIS WARRANT SHALL BE ENFORCED, GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD
TO THE PRINCIPLES OF CONFLICT OF LAWS. THE PARTIES HERETO HEREBY SUBMIT TO THE
EXCLUSIVE JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK,
NEW YORK WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS WARRANT, THE AGREEMENTS
ENTERED INTO IN CONNECTION HEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY. BOTH PARTIES IRREVOCABLY WAIVE THE DEFENSE OF AN INCONVENIENT FORUM TO
THE MAINTENANCE OF SUCH SUIT OR PROCEEDING. BOTH PARTIES FURTHER AGREE THAT
SERVICE OF PROCESS UPON A PARTY MAILED BY FIRST CLASS MAIL SHALL BE DEEMED IN
EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON THE PARTY IN ANY SUCH SUIT OR
PROCEEDING. NOTHING HEREIN SHALL AFFECT EITHER PARTY'S RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW. BOTH PARTIES AGREE THAT A FINAL
NON-APPEALABLE JUDGMENT IN ANY SUCH SUIT OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON SUCH JUDGMENT OR IN ANY OTHER
LAWFUL MANNER. THE PARTY WHICH DOES NOT PREVAIL IN ANY DISPUTE ARISING UNDER
THIS WARRANT SHALL BE RESPONSIBLE FOR ALL FEES AND EXPENSES, INCLUDING
ATTORNEYS' FEES, INCURRED BY THE PREVAILING PARTY IN CONNECTION WITH SUCH
DISPUTE.

      11. MISCELLANEOUS.

            (A) AMENDMENTS. This Warrant and any provision hereof may only be
      amended by an instrument in writing signed by the Company and the holder
      hereof.

            (B) DESCRIPTIVE HEADINGS. The descriptive headings of the several
      paragraphs of this Warrant are inserted for purposes of reference only,
      and shall not affect the meaning or construction of any of the provisions
      hereof.

            (C) CASHLESS EXERCISE. In lieu of a monetary payment of the
      aggregate Exercise Price, the Holder may elect to receive, without the
      payment of any additional consideration, shares equal to the value of this
      Warrant or portion thereof by the surrender of such Warrant to the Company
      with the "cashless exercise" election marked in the form of Subscription
      Notice. Thereupon, the Company shall issue to the Holder, such number of
      fully paid and non-assessable shares as is computed using the following
      formula:

                                   X = Y(A-B)
                                       ------
                                         A

where       X=    the number of Shares to be issued to the Holder pursuant to
                  this Section 11(c) upon such cashless exercise election.

            Y=    the number of shares covered by this Warrant in respect of
                  which the cashless exercise election is made.

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<PAGE>

            A=    the Fair Market Value (as defined in Article V hereof) of one
                  Share, as at the time the cashless exercise election is made.

            B=    the Exercise Price in effect under this Warrant at the time
                  the cashless exercise election is made.

            For purposes of this section, "Fair Market Value" means the value of
      a share of Common Stock on a particular date, determined as follows: (i)
      if the Common Stock is not listed on such date on any national securities
      exchange but is traded in the over-the-counter market, the closing "bid"
      quotations of a share of Common Stock on such date (or if none, on the
      most recent date on which there were bid quotations of a share of Common
      Stock), as reported on the National Association of Securities Dealers,
      Inc. Automated Quotation System, or, if not so reported, as reported by
      the National Quotation Bureau, Incorporated, or any other similar service
      selected by the Board; or (ii) if the Common Stock is listed on such date
      on one or more national securities exchanges, the last reported sale price
      of a share of Common Stock on such date as recorded on the composite tape
      system, or, if such system does not cover the Common Stock, the last
      reported sale price of a share of Common Stock on such date on the
      principal national securities exchange on which the Common Stock is
      listed, or if no sale of Common Stock took place on such date, the last
      reported sale price of a share of Common Stock on the most recent day on
      which a sale of a share of Common Stock took place as recorded by such
      system or on such exchange, as the case may be; or (iii) if the Common
      Stock is neither listed on such date on a national securities exchange nor
      traded in the over-the-counter market, as determined by the Company.

            (D) REMEDIES. The Company acknowledges that a breach by it of its
      obligations hereunder will cause irreparable harm to the holder, by
      vitiating the intent and purpose of the transaction contemplated hereby.
      Accordingly, the Company acknowledges that the remedy at law for a breach
      of its obligations under this Warrant will be inadequate and agrees, in
      the event of a breach or threatened breach by the Company of the
      provisions of this Warrant, that the holder shall be entitled, in addition
      to all other available remedies at law or in equity, and in addition to
      the penalties assessable herein, to an injunction or injunctions
      restraining, preventing or curing any breach of this Warrant and to
      enforce specifically the terms and provisions thereof, without the
      necessity of showing economic loss and without any bond or other security
      being required.

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<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed by
its duly authorized officer.

                                                    U. S. HELICOPTER CORPORATION

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

Dated: September 12, 2008

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                           FORM OF EXERCISE AGREEMENT

                                                        Dated:_________ __, 200_

To:

The undersigned, pursuant to the provisions set forth in the within Warrant,
hereby agrees to purchase _______ shares of Common Stock covered by such
Warrant, and makes payment herewith in full therefor at the price per share
provided by such Warrant in cash or by certified or official bank check or by
wire transfer for the account of the Company to [INSERT THE COMPANY'S WIRE
TRANSFER DETAILS] in the amount of $_______, or, if the resale of such Common
Stock by the undersigned is not currently registered pursuant to an effective
registration statement under the Securities Act of 1933, as amended, by
surrender of securities issued by the Company (including a portion of the
Warrant) having a market value (in the case of a portion of this Warrant,
determined in accordance with Section 11(c) of the Warrant) equal to $_______.
Please issue a certificate or certificates for such shares of Common Stock in
the name of and pay any cash for any fractional share to:

                                        Name:        ___________________________

                                        Signature:   ___________________________
                                        Address:     ___________________________
                                                     ___________________________

                                        Note: The above signature should
                                        correspond exactly with the name on the
                                        face of the within Warrant, if
                                        applicable.

and, if said number of shares of Common Stock shall not be all the shares
purchasable under the within Warrant, a new Warrant is to be issued in the name
of said undersigned covering the balance of the shares purchasable thereunder
less any fraction of a share paid in cash.
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                               FORM OF ASSIGNMENT

      FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers
all the rights of the undersigned under the within Warrant, with respect to the
number of shares of Common Stock covered thereby set forth herein below, to:

Name of Assignee                    Address                      No. of Shares
----------------                    -------                      -------------

, and hereby irrevocably constitutes and appoints ______________________________
as agent and attorney-in-fact to transfer said Warrant on the books of the
within-named corporation, with full power of substitution in the premises.

Dated: _________ __, 200_

In the presence of:
                                                     ___________________________

                                        Name:        ___________________________

                                        Signature:   ___________________________
       Title of Signing Officer or Agent (if any):   ___________________________

                                        Address:     ___________________________
                                                     ___________________________

                                        Note: The above signature should
                                        correspond exactly with the name on the
                                        face of the within Warrant, if
                                        applicable.

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