Document:

EXHIBIT 10.85

                              AMENDED AND RESTATED
                             NOTE PURCHASE AGREEMENT

      THIS AMENDED AND RESTATED NOTE PURCHASE AGREEMENT ("Agreement") is made as
of this 7th day of November, 2008, between U.S. HELICOPTER CORPORATION (the
"Company"), a Delaware corporation, PHILADELPHIA FINANCIAL, LLC (the
"Purchaser"), and for purposes of Sections 2.4, 3.2, 4.3 and 5.4(c) of this
Agreement only, those officers of the Company whose names are set forth on the
signature page hereof (each, a "Company Officer" and together, the "Company
Management").

                                    RECITALS

      WHEREAS, the Purchaser previously made a bridge loan to the Company in the
principal amount of $400,000, which remains outstanding as of the date hereof
(the "Prior Bridge Loan") pursuant to the terms and conditions of that certain
Note Purchase Agreement entered into between the Purchaser and the Company as of
August 28, 2008 (the "Note Purchase Agreement");

      WHEREAS, the Purchaser has agreed to make additional advances of up to
$250,000 to the Company upon the terms and conditions set forth herein;

      WHEREAS, the Company has authorized the issuance and sale of the Company's
Amended and Restated Convertible Promissory Note (the "Note") to the Purchaser
in the aggregate principal amount of $650,000.00, having the terms set forth in
Exhibit A attached hereto and certain warrants as described herein; and

      WHEREAS, the parties desire to amend the Note Purchase Agreement and the
note issued in connection with the Prior Bridge Loan and to extend the maturity
date thereunder 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 NOTE.

            1.1 Subject to the terms and conditions contained in this Agreement,
      at the Closing (as hereinafter defined) the Purchaser shall advance to the
      Company the sum of $250,000.00 (Two Hundred Fifty Thousand Dollars and
      00/100) (the "Additional Loan Amount") which shall be payable via wire
      transfer to the Company's designated account (not later than the Closing
      Date (as hereinafter defined)). The parties acknowledge and agree that the
      Additional Loan Amount shall be reflected in the terms of an Amended and
      Restated Note to be issued as of the Closing Date which shall include
      amounts payable under the Prior Bridge Loan.
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            1.2 The Note shall be repaid, together with all accrued and unpaid
      interest, on the earlier of (a) 90 days after the Closing Date or (b) the
      date upon which the Company receives gross proceeds of at least $3.0
      million in a private placement of its securities (the "Maturity Date").
      Repayment of the Note shall be secured by a pledge of 25,000 shares
      ("Pledgeco Pledged Collateral") of common stock of Miami International
      Holdings, Inc., a Delaware corporation ("Pledgeco"), as well as 600,000
      shares of Company common stock held by certain members of Company
      Management as set forth herein ("Company Pledged Collateral").

            1.3 The Note, together with accrued but unpaid interest, shall be
      convertible at the option of the Purchaser, into shares of the Company's
      common stock, par value $0.001 per share (the "Common Stock"), at a price
      equal to $0.20 per share. The shares issuable upon conversion of the Note
      (the "Conversion Shares") shall be entitled to piggyback registration
      rights.

            1.4 The Note shall bear interest at the rate of 15% per annum based
      on a 365-day year, of which 60 days' worth of interest of the Additional
      Loan Amount, equal to $6,250, shall be prepaid on the Closing Date. The
      interest prepaid shall be non-refundable in the event of early repayment.

            1.5 As additional consideration, the Purchaser shall receive from
      the Company an origination fee of five percent (5%) of the Additional Loan
      Amount, equal to $12,500, which shall be payable on the Closing Date.

      2. CLOSING.

            2.1 Date of Closing. The closing of the purchase and sale of the
      Note (the "Closing") shall take place on November 7, 2008, or such other
      day as agreed to by the parties (the "Closing Date"). Time is of the
      essence such that the Closing shall take place as soon as possible.

            2.2 Items to be Delivered by the Purchaser to the Company. The
      following shall be delivered by the Purchaser to the Company on the
      Closing Date:

                  (a) this Agreement executed by the Purchaser;

                  (b) the Additional Loan Amount, less the prepaid interest as
            set forth in Section 1.4 hereof and the origination fee as set forth
            in Section 1.5 hereof, by check or wire transfer to the account
            designated by the Company; and

                  (c) the Pledge and Escrow Agreement (the "Pledge Agreement")
            with respect to the Pledgeco Pledged Collateral executed by the
            Purchaser and the Escrow Agent, as defined therein.

                  (d) the Pledge and Escrow Agreement II (the "Second Pledge
            Agreement") with respect to the Company Pledged Collateral executed
            by Purchaser and the Escrow Agent, as defined therein.

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            2.3 Items to be Delivered to the Purchaser by the Company. The
      following shall be delivered by the Company to the Purchaser on the
      Closing Date:

                  (a) this Agreement executed by the Company;

                  (b) the Pledge Agreement executed by the Company, the Escrow
            Agent, the Pledgors and the Key Holders (all as defined therein);

                  (c) the Second Pledge Agreement executed by the Company, the
            Escrow Agent and the Pledgors (all as defined therein);

                  (d) Consent to transactions contemplated hereby from YA Global
            Investments, L.P. ("YA Global") in form and scope reasonably
            satisfactory to YA Global, the Company and the Purchaser;

                  (e) Consent to transactions contemplated by the Pledge
            Agreement from Pledgeco and its stockholders, including Univest
            Miami Holdings Limited, in form and scope reasonably satisfactory to
            Pledgeco and its stockholders;

                  (f) the Note; and

                  (g) the Warrant (as defined below).

            2.4 Items to be Delivered to the Purchaser by Company Management.
      The following shall be delivered by Company Management to the Purchaser on
      the Closing Date:

                  (a) this Agreement executed by Company Management as to
            Sections 2.4, 3.2, 4.3 and 5.4(c) of this Agreement only;

                  (b) certificates representing the Management Shares;

                  (c) duly executed stock powers or other appropriate transfer
            documents with respect to the Management Shares executed in blank by
            Company Management; and

                  (d) the Second Pledge Agreement executed by the Company, the
            Escrow Agent and the Pledgors (all as defined therein).

      3. INDUCEMENT WARRANT AND SHARES.

            3.1 Warrant. As an inducement to purchase the Note, the Purchaser
      shall be entitled to receive warrants to purchase up to 937,500 shares of
      the Company's common stock (the "Warrant"). The Warrant shall be
      exercisable for a period of five years from the Closing Date at an
      exercise price of $0.20 per share. The shares issuable upon exercise of
      the Warrant (the "Warrant Shares") shall be entitled to piggyback
      registration rights.

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            3.2 Shares. As an inducement to purchase the Note and to extend the
      maturity date of the Prior Bridge Loan, the Purchaser shall be entitled to
      receive 325,000 shares of the Company's common stock (the "Management
      Shares") to be transferred and assigned to Purchaser by Company Management
      from their respective individual holdings (in such proportion as Company
      Management may determine in their sole discretion). The Management Shares
      shall be entitled to piggyback registration rights.

      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 and the issuance of the Note, the Conversion Shares,
            the Warrant and the Warrant Shares (together, the "Company
            Securities") (i) are within the Company's corporate powers; (ii)
            have been 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 (the "SEC") and any exemption
            filing related thereto which may be required to be made 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; and (vii) 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 Note and the Warrant
            have been duly authorized, executed and delivered by the Company and
            constitute the valid and legally binding obligations of the Company,
            enforceable in accordance with their respective terms, subject to
            bankruptcy, insolvency, reorganization and other laws of general
            applicability relating to or affecting creditors' rights and to
            general equity principles. Upon issuance, the Conversion Shares and
            the Warrant Shares shall be duly authorized, validly issued, fully
            paid and nonassessable shares of Common Stock.

                  (d) Capitalization. The authorized capital stock of the
            Company consists of 500,000,000 shares of Common Stock, 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, none of which are issued and outstanding.

                                       4
<PAGE>

                  (e) Disclosure Documents. The Company has furnished to the
            Purchaser or made available at the website of 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) Quarterly Reports on Form
            10-QSB for the fiscal quarter ended March 31, 2008 and June 30, 2008
            as filed with the SEC on May 20, 2008 and August 19, 2008,
            respectively, and (iii) Reports on Form 8-K as filed with the SEC on
            September 4, 2008 and September 18, 2008 and October 10, 2008,
            respectively (together, the "SEC Documents").

                  (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 Company 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 securities or "blue sky" laws in connection with
            the offer, sale and issuance of the Company Securities as
            contemplated by this Agreement.

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

                  (a) Authorization of the Agreement. This Agreement constitutes
            a valid and legally binding obligation of the Purchaser except to
            the extent that enforceability may be limited by bankruptcy,
            insolvency or similar laws affecting creditors' rights generally or
            by general principles of equity.

                  (b) No Conflict. The execution, delivery and performance by
            the Purchaser of this Agreement and the consummation by the
            Purchaser of the transactions contemplated hereby do not and will
            not at the Closing (a) violate any provision of law, statute, rule
            or regulation, or any ruling, writ, injunction, order, judgment or
            decree of any court, administrative agency or other governmental
            body applicable to the Purchaser, or any of its properties or
            assets, or (b) conflict with or result in any breach of any of the
            terms, conditions or provisions of, or constitute (with due notice
            or lapse of time, or both) a default (or give rise to any right of
            termination, cancellation or acceleration) under, or result in the
            creation of any encumbrance upon any of the properties or assets of
            the Purchaser under any material contract to which the Purchaser is
            a party.

                  (c) Investment Representations.

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

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<PAGE>

                        (ii) The Purchaser understands the fundamental risks of
                  the Company Securities and the Management Shares (together,
                  the "Securities"). The Purchaser has determined (a) that he
                  can reasonably benefit from the investment based upon net
                  worth, income, overall investment objectives and portfolio
                  structure, (b) 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 (c) that the Purchaser is able to bear the
                  economic risk of the Securities, including the loss of the
                  entire value of the investment. Additionally, the Purchaser
                  understands that that there are restrictions on the
                  Purchaser's right to liquidate the Securities.

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

                        (iv) The Purchaser has (a) previously invested in
                  unregistered securities and (b) sufficient financial and
                  investing expertise to evaluate and understand the risks of
                  the Securities.

                        (v) 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.

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

                        (vii) 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, constitute "restricted
                  securities" for purposes of the Securities Act and such state
                  securities laws.

                        (viii) The Purchaser understands that he 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.

                        (ix) The Purchaser understands that the certificates
                  and/or instruments evidencing the Securities will contain a
                  legend to the foregoing effect.

            4.3 Representations and Warranties of Company Management. Each
      Company Officer represents and warrants that as of the date of this
      Agreement:

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                  (a) The Management Shares being assigned by such Company
            Officer under this Agreement, and the shares of common stock
            representing the Company Pledged Collateral are not subject to any
            lien, claim, encumbrance or restriction of any nature.

                  (b) Each Company Officer has all requisite power and authority
            to execute, deliver and perform the sections of this Agreement to
            which he is party, and to consummate the transactions contemplated
            thereby. This Agreement has been duly executed and delivered by each
            Company Officer as to the sections to which he is party. This
            Agreement constitutes the legal, valid and binding obligation of
            each Company Officer as to the sections to which he is party,
            enforceable against such Company Officer in accordance with its
            terms, subject as to enforcement of remedies to applicable
            bankruptcy, insolvency, reorganization or similar laws affecting
            generally the enforcement of creditors' rights and the relief of
            debtors.

      5. MISCELLANEOUS.

            5.1 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 other than as a result of a breach of this
            Section 5.1(a) 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 those contained herein. In the event of a mandatory
            disclosure described in clause (a) 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 a 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
            his/her/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.

                                       7
<PAGE>

                  (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.

            5.2 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:

                  "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, unless otherwise required by state
            securities laws, in connection with a sale transaction, (i) provided
            the Securities are registered under the Securities Act or (ii) 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.

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            5.3 Use of Proceeds. The Company shall use the proceeds of the
      Additional Loan Amount for working capital, the costs of the transactions
      contemplated hereby as set forth herein (including the related fees and
      expenses) and a portion of the Company's outstanding professional fees.

            5.4 Fees and Expenses.

                  (a) The Company shall pay (i) a placement fee to certain third
            parties in an amount equal to 8% of the total Additional Loan
            Amount, or $20,000, and (ii) a fee to the pledgors of the Pledgeco
            Pledged Collateral (the "Pledgors") in an amount equal to $25,000.
            The Company agrees that such fees may be deducted from the gross
            Additional Loan Amount at Closing.

                  (b) Each of the Company and the Purchaser shall be responsible
            for all of its fees and expenses in connection with this
            transaction.

                  (c) Company Management shall transfer and assign an aggregate
            of 325,000 shares of Common Stock from their respective holdings to
            the Lender (in such proportion as Company Management may determine
            in their sole discretion).

            5.5 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.

            5.6 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.

            5.7 Governing Law and Jurisdiction.

                  (a) 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.

                  (b) THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE
            JURISDICTION OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK
            WITH RESPECT TO ANY DISPUTE ARISING UNDER THIS AGREEMENT, 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.

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            5.8 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.

            5.9 Legal Representation.

                  (a) The Purchaser represents and warrants that he has
            carefully read this Agreement and knows the contents hereof, that he
            has signed this Agreement freely and voluntarily and that he has
            obtained independent counsel in reviewing this document. The
            Purchaser 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 individual counsel to review
            this Agreement on Purchaser's behalf.

            5.10 Entire Agreement, Amendments. This Agreement and the Exhibits
      hereto 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.

            5.11 Notices. All communications or notices required or permitted by
      this Agreement shall be in writing and shall be delivered personally, by
      certified or registered mail with postage prepaid, 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.
      Communications or notices 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 be
      deemed to have occurred on the next succeeding business day).

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

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<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:    Philadelphia Financial, LLC
                                    ___________________________
                                    ___________________________
                                    Telephone:  _______________
                                    Fax: ______________________

            5.12 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.

            5.13 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 Note 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 Note
      (or if the Note has 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
      Note 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.

            5.14 Enforcement Costs. If any legal action or other proceeding is
      brought for the enforcement of this Agreement, or because of an alleged
      dispute, breach, default or misrepresentation in connection with any
      provisions of this Agreement, the successful or prevailing party or
      parties shall be entitled to recover reasonable attorneys' fees, court
      costs and expenses even if not taxable as court costs (including, without
      limitation, all such fees, costs and expenses incident to appeals),
      incurred in that action or proceeding, in addition to any other relief to
      which such party or parties may be entitled.

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            5.15 JURY TRIAL. THE COMPANY AND THE PURCHASER HEREBY KNOWINGLY,
      VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT WHICH IT MAY HAVE TO A TRIAL
      BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED HEREON, OR
      ARISING OUT OF, UNDER OR IN ANY WAY CONNECTED WITH THE DEALINGS BETWEEN
      THE COMPANY AND THE PURCHASER, THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN
      CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
      STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR
      THERETO IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND
      WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE.

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

                                       12
<PAGE>

      IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Agreement as of the day and year first above written.

                                                     U.S. HELICOPTER CORPORATION

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

                                                     PURCHASER

                                                     ---------------------------

      IN WITNESS WHEREOF, the undersigned have duly executed and delivered this
Agreement with respect to Sections 2.4, 3.2, 4.3 and 5.4(c) hereof only as of
the day and year first above written.

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

                                       13EXHIBIT 10.86

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.

                              AMENDED AND RESTATED
                           CONVERTIBLE PROMISSORY NOTE

                                                                November 7, 2008

                       SIX HUNDRED FIFTY THOUSAND DOLLARS

                                    15% NOTE

      FOR VALUE RECEIVED, U.S. HELICOPTER CORPORATION, a Delaware corporation
(the "Company") hereby promises to pay to the order of PHILADELPHIA FINANCIAL,
LLC (the "Holder"), or its registered assigns, the principal sum of SIX HUNDRED
FIFTY THOUSAND DOLLARS AND 00/100 ($650,000.00), 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").

      This Note Amends and Restates that certain Convertible Promissory Note
issued by the Company to the Holder as of August 28, 2008 in the principal
amount of $400,000 (the "Original Note") and includes an additional advance in
the principal amount of $250,000 made by the Holder to the Company as of the
date hereof (the "Additional Loan Amount"). The principal amount of this Note
does not reflect interest accrued but not paid since August 28, 2008 under the
Original Note, which remains due and payable as of the date hereof.

      The Company agrees to prepay 60 days' worth of interest pursuant to the
Additional Loan Amount on the Closing Date, which shall be non-refundable in the
event of early repayment. All principal and accrued but unpaid interest under
this Note shall be paid in full on the earlier of (a) 90 days after the Closing
Date or (b) the date upon which the Company receives at least $3.0 million in
gross proceeds in a private placement of its securities (the "Maturity Date").

      This Note is issued pursuant to an Amended and Restated 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.
<PAGE>

      1. CONVERSION RIGHTS. At the option of the Holder, the principal amount of
this Note, plus accrued but unpaid interest payable on this Note, shall be
convertible at any time prior to the Maturity Date, into shares of the Company's
common stock, par value $0.001 per share ("Common Stock"), at a price equal to
$0.20 per share. The shares issuable upon conversion of the Note (the
"Conversion Shares") shall be entitled to piggyback registration rights as set
forth below.

      2. STOCK PLEDGES.

            a. To secure the timely repayment of all sums due under this Note,
      25,000 shares of common stock of Miami International Holdings, Inc., a
      Delaware corporation ("Pledgeco"), have been pledged by certain pledgors
      (together, the "Pledgeco Pledgors") pursuant to a Pledge and Escrow
      Agreement (the "Pledge Agreement") among the Company, the Holder and the
      Pledgeco Pledgors dated as of the date hereof. (Hereinafter these shares
      shall be referred to as the "Pledged Collateral".)

            b. The Pledgeco Pledgors shall be entitled to purchase from the
      Holder, at any time, this Note by payment to the Holder of the outstanding
      principal balance, accrued but unpaid interest and any other amounts due
      under this Note and thereupon, to receive from the Holder return of the
      originally executed Note and the Pledged Collateral, together with any
      instruments of transfer provided with respect to the Pledged Collateral or
      necessary to effectuate transfer of this Note from the Holder to the
      Pledgors.

            c. In addition, to secure the timely repayment of all sums due under
      this Note, 600,000 shares of common stock of the Company have been pledged
      by certain members of the Company's management (the "Company Pledgors")
      pursuant to a Pledge and Escrow Agreement among the Company, the Holder
      and the Company Pledgors dated as of the date hereof. (Hereinafter these
      shares shall be referred to as the "Company Pledged Collateral".)

            d. The Company Pledgors shall be entitled to purchase from the
      Holder, at any time, this Note by payment to the Holder of the outstanding
      principal balance, accrued but unpaid interest and any other amounts due
      under this Note and thereupon, to receive from the Holder return of the
      originally executed Note and the Company Pledged Collateral, together with
      any instruments of transfer provided with respect to the Company Pledged
      Collateral or necessary to effectuate transfer of this Note from the
      Holder to the Company Pledgors.

      3. FULL RECOURSE. Notwithstanding anything to the contrary contained
herein or in the Pledge Agreement, the Holder shall have full recourse against
the Company for any and all obligations of the Company to the Holder created
pursuant to this Note.

                                       2
<PAGE>

      4. 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 three (3) 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 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 60 days.

      5. REMEDIES UPON EVENT OF DEFAULT. Upon the occurrence of an Event of
Default:

            a. specified in clause (c) of Section 4, 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 4, 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.

      6. REGISTRATION RIGHTS. The initial holder of this Note (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 Holder of its intention to do so. Upon the
      written request of the Holder 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 Conversion Shares held by the Holder
      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 Holder

                                       3
<PAGE>

      (but not the Company to the extent it desires to include shares for its
      own account) shall reduce the number of its Conversion Shares 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 6(a) is referred to herein as the
      "Piggyback Registration".

            b. Obligations of Holder. It shall be a condition precedent to the
      obligation of the Company to register any Conversion Shares pursuant to
      this Section 6 that the Holder shall furnish to the Company such
      information regarding the Conversion Shares held and the intended method
      of disposition thereof and other information concerning the Holder 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 Holder
      that the Company considers it appropriate to amend or supplement the
      applicable registration statement, the Holder shall suspend further sales
      of the Conversion Shares until the Company advises the Holder that such
      registration statement has been amended or supplemented.

            c. Registration Proceedings. Whenever the Company is required by the
      provisions of this Section 6 to effect the registration of the Conversion
      Shares 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 Holder 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;

                  (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 Holder 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;

                                       4
<PAGE>

                  (v) Notify the Holder, 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 Holder 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 Holder 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 Conversion Shares
      in a registration statement pursuant to this Section 6, all registration
      expenses, fees, costs and expenses of and incidental to such registration,
      shall be borne by the Company; provided, however, that Holder 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.

            e. Indemnification of the Holder. Subject to the conditions set
      forth below, in connection with any registration of the Conversion Shares
      pursuant to this Section 6, the Company agrees to indemnify and hold
      harmless the Holder, any underwriter for the offering and each of their
      officers and directors and agents and each other person, if any, who
      controls Holder or their underwriter (each, an "Holder Indemnified
      Party"), within the meaning of Section 15 of the Securities Act, as
      follows:

                                       5
<PAGE>

                  (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 Holder expressly for
            use in connection therewith or arising out of any action or inaction
            of the Holder;

                  (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
            Holder Indemnified Party unless the Company shall be notified, by
            letter or by facsimile confirmed by letter, of any action commenced
            against such Holder 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 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 6(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

                                       6
<PAGE>

            defense, such defense shall be conducted by counsel chosen by it,
            provided such counsel is reasonably satisfactory to the Holder
            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 Holder 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 Holder 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 Holder Indemnified Party by counsel for the
            Company presents a conflict of interest for such counsel, then the
            Holder 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 Holder 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 6(f) (i), (ii) and
      (iii) above; provided, however, that such indemnification by Holder
      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 Holders,
      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 Holder by or on behalf of
      such Holder 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 Holder 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 Holder, such Holder shall have the rights and duties given to
      the Company, and each other person so indemnified shall have the rights
      and duties given to Holder, by the provisions of Section 6(f). The person
      indemnified agrees to notify the Holder promptly after the assertion of
      any claim against the person indemnified in connection with the sale of
      securities.

            g. Contribution. If the indemnification provided for in Sections
      6(e) and 6(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

                                       7
<PAGE>

      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 Conversion Shares pursuant to this Warrant shall be automatically
      assignable to any transferee of all or any portion of the Conversion
      Shares if: (a) the Holder 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 (the foregoing a "Permitted
      Transferee").

      7. 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.

      8. 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.

      9. 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

                                       8
<PAGE>

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 against 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.

      10. 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.

      11. GOVERNING LAW AND JURISDICTION.

            (a) 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.

            (b) THE PARTIES HERETO HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION
      OF THE UNITED STATES FEDERAL COURTS LOCATED IN NEW YORK WITH RESPECT TO
      ANY DISPUTE ARISING UNDER THIS NOTE, 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.

                                       9
<PAGE>

      12. JURY TRIAL. THE COMPANY AND THE PURCHASER HEREBY KNOWINGLY,
VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT WHICH IT MAY HAVE TO A TRIAL BY
JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION BASED HEREON, OR ARISING
OUT OF, UNDER OR IN ANY WAY CONNECTED WITH THE DEALINGS BETWEEN THE COMPANY AND
THE PURCHASER, THIS AGREEMENT OR ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH,
OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR
WRITTEN) OR ACTIONS OF ANY PARTY HERETO OR THERETO IN EACH CASE WHETHER NOW
EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR
OTHERWISE.

      13. ENFORCEMENT COSTS. If any legal action or other proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach,
default or misrepresentation in connection with any provisions of this
Agreement, the successful or prevailing party or parties shall be entitled to
recover reasonable attorneys' fees, court costs and expenses even if not taxable
as court costs (including, without limitation, all such fees, costs and expenses
incident to appeals), incurred in that action or proceeding, in addition to any
other relief to which such party or parties may be entitled.

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

                                       10
<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

                                       11

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