Document:

<PAGE>

                                                                   Exhibit 10.32

                                  US HELICOPTER

                   MARKETING SERVICES AGREEMENT APRIL 15 2004

John Capozzi and Donal McSullivan terms: This document supercedes all previous
agreements.

      1)    Services: Capozzi and McSullivan will function as marketing
            consultants to US Helicopter (working title) and will assist the
            company in building its business plan, structuring a marketing plan,
            researching and securing candidates to pre-purchase inventory,
            selection of board members, finalizing equipment leasing
            arrangements, finalizing gate arrangements at major airports,
            working with the TSA, FAA, NY, NJ Port Authority and others to
            secure favorable terms for the company and finding financial leads
            and commercial partners. The company management and the company
            attorney will then meet with such financial leads and act to close
            either equity or debt financing for the company.

      2)    Equity Distribution: John Capozzi (JMC) and Donal McSullivan
            (McSullivan), through their marketing efforts, will identify
            financing sources for company management to negotiate and close with
            the goal of obtaining a commitment for up to $10 Million in equity
            or debt funding for US Helicopter. Should the company receive such a
            commitment for all or part of the funding required to then launch
            the business, the following will pertain:

                  -     Cash - A commission of 10% of the debt or equity
                        received from JMC/McSullivan sources will be paid to
                        JMC/McSullivan.

                  -     Equity - In the event US Helicopter management decides
                        to commence commercial operations with funding of any
                        amount received through JMC/McSullivan sources,
                        regardless of the structure, then JMC/McSullivan will be
                        granted 29% of the stock in the company in compensation
                        for all of the services identified above. Such 29% can
                        be diluted on the same terms and conditions as all other
                        equity held by other founding shareholders in the
                        company.

      3)    JMC will provide the following additional Services:

                  -     Introductions to key individuals who can assist USH
                        going forward

                  -     Serve as Advisory Board Member

                  -     Board of Directors Member (Once D&O Insurance is in
                        place)

                  -     Work with USH on business aspects relating to funding,
                        pre-sell marketing and other business partnerships

            As a board member, JMC will be entitled to receive 2% equity in USH.
            Such 2%will not be diluted during the original funding round.

      4)    Commuter Flights Pre-Sell Seats - JMC/McSullivan and sources will
            have the responsibility to Pre-Sell seats on USH commuter flights at
            the beginning and end of each business day. Activities will include
            research, target audience selection, marketing/sales activities and
            contract signing with customers

<PAGE>

            JMC/McSullivan will receive a commission on all seats sold by
            JMC/McSullivan and sources (based on USH receiving certification) as
            follows:

                  -     Commission - - JMC/McSullivan will receive a commission
                        of 10% based on net revenue for Pre-Sold Commuter Seats,
                        sold by JMC/McSullivan

                  -     JMC/McSullivan shall be eligible to receive a commission
                        on future agreements signed with these accounts for a
                        period of three (3) years as long as JMC/McSullivan are
                        servicing these accounts

                  -     Payments to JMC/McSullivan by USH will take place on
                        usage and will to be tied to USH first year cash flow,
                        however JMC/McSullivan would receive at a minimum 50% of
                        earned commission in the first year and balance 50% paid
                        in year two.

            Scheduled Service Pre-Sell Seats - JMC/McSullivan and sources will
            undertake a marketing effort to Pre-Sell seats on "all" Scheduled
            service flights.

                  -     JMC and McSullivan will receive a commission of 10% on
                        Pre-Sell seats sold by JMC/McSullivan prior to startup
                        of schedule service.

                  -     Payment to JMC /McSullivan will be based on net ticket
                        price and will be tied to USH cash flow however, JMC
                        would receive at a minimum 75% of commission in the
                        first year and the balance 25% in year two

      5)    USH will enter into a Retainer Agreement with JMC for ongoing
            marketing and or public relations services (to be agreed upon) that
            would start immediately after full funding is completed at a rate of
            $5,000 per month

            Agreed to: April 15 2004

            /s/ John Capozzi                   /s/ Jerry Murphy
            -------------------------------    ---------------------------------
            By: John Capozzi                   By: Jerry Murphy
            President                          Chief Executive Officer/President
            JMC                                US Helicopter

            /s/ Donal McSullivan               /s/ Gabe Roberts
            -------------------------------    ---------------------------------
            By: Donal McSullivan               By: Gabe Roberts or Rue Reynolds<PAGE>
                                                                   EXHIBIT 10.33

                               TEMPORARY AGREEMENT
                          for Commercial Operations at
                            SIKORSKY MEMORIAL AIRPORT
                             STRATFORD, CONNECTICUT

                            Commercial Operator

Name of Firm (Corporation, Company, Partnership, Individual)

                           US Helicopter Corporation
--------------------------------------------------------------------------------

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

Present Address   Pier 6, East River     City/Town           New York
               ------------------------           ------------------------------

State        New York         Zip    10004
     -----------------------     -------------

Telephone Business   (203) 915-3231      Home  (203) 679-0042
                  --------------------       ------------------

The business/operation described below will be conducted on the Airport at

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

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

                        DESCRIPTION OF BUSINESS/OPERATION

Base for completing FAR Part 135 certification up to 5-15 employees
--------------------------------------------------------------------------------

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

--------------------------------------------------------------------------------
List Equipment   Possibly A109E
              ------------------------------------------------------------------

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

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

Number and Type of Employees      5-15
                            ----------------------------------------------------

Long Term Agreement Required (more than 90 days)?  [ ] Yes  [X] No
<PAGE>
                               TERMS OF AGREEMENT

Length of Agreement from Sept. 2, 2004 to Month to Month
(not to exceed 90 days)

Service Fees to be paid to City of Bridgeport/Sikorsky Memorial Airport,
describe below

$550.00 per month including utilities, phone to be proved by Tenant
--------------------------------------------------------------------------------

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

Commercial Operator will provide insurance coverage naming the City of
Bridgeport/Sikorsky Memorial Airport held harmless.

IN WITNESS WHEREOF, the parties hereto set their hands this

       2nd       day of       September  2004
-----------------      ------------------------------

                                       CITY OF BRIDGEPORT

                                         By:  /s/ John K. Ricci
                                            ------------------------------------
                                                  John K. Ricci
                                                  Airport Manager
ATTEST:

/s/ Annette P. Macaluso
-------------------------------
    Annette P. Macaluso

                                         By:  /s/ Gabe Roberts
                                            ------------------------------------
                                                  Gabe Roberts
                                                  US Helicopter Corp.

ATTEST:

/s/ Terence O. Dennison
-------------------------------<PAGE>

                                                                   Exhibit 10.34

FORM G-SPACE PERMIT-DMH 9/03

            THIS PERMIT SHALL NOT BE BINDING UPON THE PORT AUTHORITY
              UNTIL DULY EXECUTED BY AN EXECUTIVE OFFICER THEREOF
                      AND DELIVERED TO THE PERMITTEE BY AN
                AUTHORIZED REPRESENTATIVE OF THE PORT AUTHORITY

                 THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY
                              225 Park Avenue South
                            New York, New York 10003

                           DOWNTOWN MANHATTAN HELIPORT
                                  SPACE PERMIT

            The Port Authority of New York and New Jersey (herein called "the
Port Authority") hereby grants to the Permittee hereinafter named permission to
use the space described below located in the terminal building at the Downtown
Manhattan Heliport (herein called "the Heliport") situated on East River Pier
No. 6 in the Borough of Manhattan, County, City and State of New York, for the
purposes hereinafter specified and in accordance with the Terms and Conditions
and all other components hereof attached hereto and the Permittee agrees to pay
the fees hereinafter specified and to perform all other obligations imposed upon
it in this Permit.

1.    PERMIT NO:      AX-776     DATED AS OF:     December 1, 2004

2.    PERMITTEE:      US Helicopter Corporation a corporation of the State of
                      Delaware

3.    PERMITTEE'S ADDRESS:      Sikorsky Memorial Airport
                                Main Terminal, Second Floor
                                1000 Great Meadow Road
                                Stratford, CT 06615
                                Attn: Gabe Roberts

4.    PERMITTEE'S REPRESENTATIVE: Jerry Murphy

5.    SPACE: The area on the second floor of the terminal building shown in
      diagonal hatching and designated Room 216 (hereinafter called "Area A") on
      "Exhibit A" attached hereto and hereby made a part hereof, the
      aforementioned constituting non-residential real property.

6.    PURPOSES: As set forth in Special Endorsement No. I.

7.    FEES: As set forth in Special Endorsement No. 5.

8.    EFFECTIVE DATE: December 1, 2004, subject to the provisions of Section 1
      of the Terms and Conditions hereof.

9.    EXPIRATION DATE: November 30, 2007, unless sooner revoked or terminated as
      provided in the Permit.

10.   ENDORSEMENTS ANNEXED AT TIME OF ISSUANCE: 23.1, Specials

THE PORT AUTHORITY OF
NEW YORK AND NEW JERSEY                  US HELICOPTER CORPORATION
                                         ----------------------------
                                           Permittee

By _________________________________     By   /s/ George J. Mehm, Jr
                                              ----------------------------
                                              GEORGE J. MEHM, JR

(Title)_____________________________     (Title)  Senior Vice President,
                                                  Chief Financial Officer
                                                  and Treasurer

<PAGE>

                              TERMS AND CONDITIONS

1.          If for any reason whatsoever, whether due to occupancy or use of any
portion of the Space by another party or otherwise, the Port Authority does not
make the Space available to the Permittee by the Effective Date of the Permit,
the Effective Date shall be that subsequent date on which the Port Authority
makes the Space available by giving five days' notice thereof to the Permittee
and the Port Authority shall not incur any liability to the Permittee and the
Permittee shall not be entitled to any allowance or recompense on account of
such delayed availability, but if any delay in making the Space available to the
Permittee shall continue for more than sixty days beyond the Effective Date
specified on the face of the Permit, the Permit shall be deemed of no further
force and effect without the need for notice by either party or the execution of
any further instrument and each party shall be deemed released from all
liability to the other hereunder.

2.    The Permittee understands and acknowledges that the Heliport is not and is
likely not to be open for regular flight operations on a daily, around-the-clock
basis and that use of the Space shall not be available to it and it shall not
have access to the Space when the Heliport is closed thereto. Accordingly the
Permittee agrees that it may use and have access to the Space only during such
times as the Heliport is open for regular flight operations and not otherwise,
the schedule for same to be established by the Port Authority from time to time
in its sole discretion. It is expected that the Heliport initially will be open
for regular flight operations 7:00 a.m. to 7:00 p.m., Monday through Friday
exclusive of holidays, the same being subject to change at any time and from
time to time within the complete discretion of the Port Authority upon at least
five days' written notice to the Permittee except where emergency conditions do
not permit such notice.

3.    (a) The Port Authority shall have no responsibility to secure the Space or
to provide surveillance over same or any security device or system with respect
thereto. The Permittee shall assume the risk of theft, loss, damage or
destruction to any property of the Permittee and that over which it has custody
or control or with respect to which it is obligated hereunder or otherwise, and
the Permittee hereby releases the Port Authority therefrom.

      (b) The Permittee shall fully indemnify and hold harmless the Port
Authority and its Commissioners, officers, representatives and employees from
and against all damages, demands, claims and suits, just or unjust, of third
persons (including but not limited to employees, officers and agents of the Port
Authority or the Permittee) arising out of, in connection with, or relating to
the Permittee's use of the Space pursuant to the privileges granted by this
Permit, including but not limited to the use of the Heliport itself or any lands
or property in proximity thereto, or in connection with any default or action or
omission by the Permittee under this Permit, or any violation of any law, rule,
statute or ordinance by the Permittee, and for all expenses incurred by it and
by them in the defense, settlement or satisfaction thereof, including without
limitation thereto, claims and demands for death, for personal injury or for
property damage, direct or

Terms and Conditions

                                       1
<PAGE>

consequential, whether they arise from the acts or omissions of the Permittee,
the Port Authority or of other third persons, including claims and demands of
the City of New York against the Port Authority pursuant to the provisions of
the Basic Lease whereby the Port Authority has agreed to indemnify the City.

      (c)   The Permittee shall take good care of the Space and promptly
replace, repair and rebuild all or any or part of the Heliport, or any property
of the Port Authority located thereon which may be damaged or destroyed by the
Permittee's operations hereunder, or by those of its officers, employees or
agents provided, however, that if the Port Authority elects by notice to the
Permittee to perform or has performed said repair, replacement or rebuilding,
the Permittee shall pay the cost thereof to the Port Authority upon demand. No
such replacement, repair or rebuilding shall be performed without the prior
written consent of the Port Authority.

      (d)   In the event of any injury or death to any person at the Heliport or
in proximity thereto when caused by the Permittee's operations, or damage to any
property at the Heliport or in proximity thereto when caused by the Permittee's
operations, the Permittee shall immediately notify the Port Authority and
promptly thereafter furnish to the Port Authority copies of all reports given to
the Permittee's insurance carrier.

4.    The Permittee shall promptly comply with all directions, procedures and
orders given from time to time and at any time by the Manager of Port Authority
Heliports with respect to the exercise of the privileges granted hereunder. The
Port Authority may at any time and from time to time withdraw or modify any of
the said directions, procedures and orders. Without limiting the generality of
the foregoing, the Permittee shall have the right to utilize in its operations,
hereunder solely those means of ingress and egress to and from the Space and
those portions of the Heliport to which it is afforded access for the conduct of
its business as may be directed from time to time by the Manager of Heliport who
also shall have the right to prescribe the type of material, carriers or
handcarts which will be permitted to be used on the Heliport to the exclusion of
all other types.

5.    Without limiting any other provisions of this Permit and notwithstanding
any use of the word "occupancy" herein, it is specifically understood and agreed
that no landlord-tenant relationship is or shall be deemed created by this
Permit, and that the Permittee shall not have or be deemed to have been given
any right of occupancy (as distinguished from use) of the Space or the Heliport.

6.    The Permittee agrees that all references to the Heliport in press
releases, advertisements and schedules shall refer to the Heliport as "THE
DOWNTOWN MANHATTAN HELIPORT".

7.    The words "permission" and "privilege" are used interchangeably in this
Permit.

8.    (a) The Permittee, in its own name as insured and with the Port Authority
included as an additional insured, shall obtain, maintain in effect and pay the
premiums during the effective period of the permission granted hereunder
policies of commercial general liability and automobile general liability
insurance. Each of such policies of commercial general liability insurance and
automobile general liability insurance shall provide a combined single limit of
at

Terms and Conditions

                                       2
<PAGE>

least $2,000,000 and $2,000,000, respectively, covering property damage and
bodily injury, including death, per occurrence. The said policies of insurance
shall also provide or contain a contractual liability endorsement covering the
obligations assumed by the Permittee under paragraph (b) of Section 3 hereof,
none of the foregoing to contain any care, custody or control exclusions or any
exclusion for bodily injury to or sickness, disease or death of any employee of
the Permittee which would conflict with or in any way impair coverage on the
contractual liability endorsement. The automobile liability policy shall cover
owned, non-owned and hired vehicles with automatic coverage of newly-acquired
vehicles.

      (b)   The said policies of insurance shall provide or contain an
endorsement providing that the protections afforded the Permittee thereunder
with respect to any claim or action against the Permittee by a third person
shall pertain and apply with like effect with respect to any claim or action
against the Permittee by the Port Authority, but such endorsement shall not
limit, vary, change, or affect the protections afforded the Port Authority
thereunder as an additional insured. In addition, the insurance required
hereunder shall provide or contain an endorsement providing that the protections
afforded the Port Authority thereunder with respect to any claim or action
against the Port Authority by the Permittee shall be the same as the protections
afforded the Permittee thereunder with respect to any claim or action against
the Permittee by a third person as if the Port Authority were the named insured
thereunder. Notwithstanding the minimum limits set forth herein it is
specifically understood and agreed that the Port Authority shall have the right
upon notice to the Permittee given from time to time and at any time to require
the Permittee to increase any or all of the said limits and the Permittee shall
promptly comply therewith and submit a satisfactory certificate or certificates
evidencing the same to the Port Authority.

      (c)   Certified copies of the above policies or a certificate or
certificates evidencing the existence thereof or binders shall be delivered to
the Port Authority within ten (10) days after the execution of this Permit. In
the event any binder is delivered, it shall be replaced within thirty (30) days
by a certified copy of the policy or certificate. Such copies, certificate,
certificates or binders shall contain a valid provision or endorsement that the
policy or policies may not be cancelled, terminated, changed or modified without
giving thirty (30) days' written notice thereof to the Port Authority. A renewal
policy shall be delivered to the Port Authority at least fifteen (15) days prior
to the expiration date of each expiring policy, except for any policy expiring
after the date of expiration of the effective period of this Permit, as the same
may from time to time be extended. Each certified copy of the foregoing required
policies of insurance or each certificate thereof shall contain an additional
endorsement providing that the insurance carrier shall not, without obtaining
express advance permission from the General Counsel of the Port Authority, raise
any defense involving in any way the jurisdiction of the tribunal over the
person of the Port Authority, the immunity of the Port Authority, its
Commissioners, officers, agents or employees, the governmental nature of the
Port Authority, or the provisions of any statutes respecting suits against the
Port Authority. If at any time any of the policies shall be or become
unsatisfactory to the Port Authority as to form or substance or if the companies
issuing such policies shall be or become unsatisfactory to the Port Authority,
the Permittee shall promptly obtain a new and satisfactory policy in replacement
and submit a true and complete copy of same to the Port Authority.

Terms and Conditions

                                       3
<PAGE>

9.    For the purpose of this Permit, a default by the Permittee in keeping,
performing or observing any promise, term, obligation or agreement set forth
herein on the part of the Permittee to be kept, performed or observed shall be
deemed to have occurred and include the following, whether or not the time has
yet arrived for the keeping, performance or observance of any such promise,
obligation, term or agreement and whether or not such promise, obligation, term
or agreement is part of this Permit or any other permit, lease or other
agreement to which the Permittee is a party with respect to the Heliport (herein
called "Other Agreement"): a statement by the Permittee to any representative of
the Port Authority indicating that it cannot or will not keep, perform or
observe any one or more of its promises, obligations, terms or agreements under
this Permit or Other Agreement; any act or omission of the Permittee or any
other occurrence which makes it improbable at the time that it will be able to
keep, perform or observe any one or more of its promises, terms, obligations or
agreements under this Permit or Other Agreement; any suspension of or failure to
proceed with any part of the operations to be conducted by the Permittee which
makes it improbable at the time that it will be able to keep, perform or observe
any one or more of its promises, obligations, terms or agreements under this
Permit or Other Agreement and any default under or breach of said Other
Agreement.

10.   (a) It is hereby expressly understood by the Permittee that the Port
Authority does not and shall not be deemed to have made any representations or
assurances to the Permittee as to the adequacy of the Space and facilities being
made available to the Permittee. The Permittee hereby assumes all risks,
exposures, delays and inconveniences resulting from the foregoing or from any
other cause or condition whatsoever.

      (b)   The Permittee accepts the Space in an "as is" condition and
expressly and knowingly waives any and all claims that the Space and the
Heliport and each and every part thereof, are not or at the time of the
commencement of or during the period of permission hereof were not, in suitable
repair or condition for use under this Permit.

      (c)   The Permittee shall not at any time make any claim against the Port
Authority by way of reduction, offset, counterclaim, charge, or otherwise, for
damage arising from or consequent upon any repairs that the Port Authority or
others, including the Permittee may do or cause to be done pursuant to the
provisions of this Permit or in consequence of the use of the Space by the
Permittee or otherwise.

11.   (a) Any property of the Permittee placed on or kept at the Space by virtue
of this Permit shall be removed on or before the expiration or earlier
revocation or termination of the permission hereby granted. If the Permittee
shall have installed any fence, gate, door or other means of security on or
about, or made any alterations of, the Space without the express written consent
of the Port Authority, the Port Authority reserves the right at any time to
require the Permittee immediately to remove, all or part of the same as directed
by the Manager of the Heliport and to restore the Space to its condition and
appearance as of the Effective Date of the Permit. If the Permittee shall have
made any installations or alterations with the consent of the Port Authority,
the Port Authority shall nonetheless have the right to compel the Permittee to
remove all or part of the same as so directed by the Manager of the Heliport and
to effect such restoration as aforesaid by the expiration or earlier termination
of the Permit if notice directing such removal/restoration is given prior
thereto but, if such notice is given at or within ninety

Terms and Conditions

                                       4
<PAGE>

days after such expiration or earlier termination, then to effect same promptly
after the giving of same.

      (b)   If the Permittee shall so fail to remove such property, installation
or alteration and make such restoration upon the expiration or earlier
revocation or termination hereof, the Port Authority may at its option, as agent
for the Permittee and at the risk and expense of the Permittee, remove such
installation or alteration, in whole or in part, and make such restoration,
remove such property to a public warehouse or retain the same in its own
possession and in either event after the expiration of thirty days may sell the
same at public auction; the proceeds of any such sale shall be applied first to
the expenses of removal, sale and storage, second to any sums owed by the
Permittee to the Port Authority; any balance remaining shall be paid to the
Permittee. Any excess of the total cost of removal, restoration, storage and
sale over the proceeds of sale shall be paid by the Permittee to the Port
Authority upon demand.

12.   Upon execution of this Permit by the Permittee, the Permittee shall pay to
the Port Authority all unpaid fees and other monies due and payable under the
Permit as of the date of such execution.

13.   The permission hereby granted shall take effect upon the Effective Date
hereinbefore set forth. Notwithstanding any other term or condition hereof, it
may be revoked without cause, upon thirty days' written notice, by the Port
Authority or terminated without cause, upon thirty days' written notice by the
Permittee, provided, however, that it may be revoked on twenty-four hours'
notice if the Permittee shall fail to keep, perform and observe each and every
promise, agreement, condition, term and provision contained in this Permit or
Other Agreement, including but not limited to the obligation to pay fees, rents
or other charges. Unless sooner revoked or terminated, such permission shall
expire in any event upon the Expiration Date hereinbefore set forth. Revocation
or termination shall not relieve the Permittee of any liabilities or obligations
hereunder which shall have accrued on or prior to the effective date of
revocation or termination.

14.   Notwithstanding any other provisions of this Permit, the permission hereby
granted shall in any event terminate with the expiration or termination of the
lease of The Downtown Manhattan Heliport from The City of New York (herein
sometimes called "the City") to the Port Authority under the agreement between
the City and the Port Authority made March 1, 1986, as the same from time to
time may have been or may be supplemented or amended (herein referred to as "the
Basic Lease"). No greater rights or privileges are hereby granted to the
Permittee than the Port Authority has power to grant under the Basic Lease.

15.   The rights granted hereby shall be exercised by the Permittee acting only
through the medium of its officers and employees, and the Permittee shall not,
without the written approval of the Port Authority, exercise such rights through
the medium of any other person, corporation or legal entity. The Permittee shall
not assign or transfer this Permit or any of the rights granted hereby.

16.   This Permit does not constitute the Permittee the agent or representative
of the Port Authority for any purpose whatsoever.

Terms and Conditions

                                       5
<PAGE>

17.   The operations of the Permittee, its employees, invitees and those doing
business with it shall be conducted in an orderly and proper manner and so as
not to annoy, disturb or be offensive to others at the Heliport. The Port
Authority shall have the right to object to the Permittee as to the demeanor,
conduct and appearance of the Permittee's employees, invitees and those doing
business with it, whereupon the Permittee will take all steps necessary to
remove the cause of the objection.

18.   In the use of the aircraft ramp areas, vehicle loading/unloading area, if
and to the extent available, driveways, corridors, hallways, stairs and other
common areas and facilities of the Heliport as a means of ingress and egress to,
from and about the Space and the various parts of the Heliport and the public
street or way and otherwise for the purposes for which they were designed and
also in the use of portions of the Heliport to which the general public is
admitted, the Permittee shall conform (and shall require its employees, invitees
and others doing business with it to conform) to the Rules and Regulations of
the Port Authority which are now in effect or which may hereafter be adopted for
the safe and efficient operation of the Heliport.

19.   The Permittee, its employees, invitees and others doing business with it
shall have no right hereunder to park vehicles at the Heliport unless
specifically provided by a separate permit and then only in accordance
therewith.

20.   Without limiting the generality of the terms and conditions of Paragraph
(a) of Section 3 hereof, the Permittee further covenants and agrees that neither
the City nor the Port Authority shall be liable for any damage, injury, or
liability that may be sustained by the Permittee or any other person whatsoever,
arising from or out of the Permittee's use of the Heliport, including but not
limited to damage by the elements, leakage, obstruction, or other defect of
water pipes, gas pipes, sprinkler system, soil pipes, ramp area fire-fighting
system, electric apparatus, other leakage in or about the Heliport or the
operation of such sprinkler or fire-fighting system, or the condition of the
Heliport or any part thereof; and the Permittee hereby expressly releases and
discharges the Port Authority and the City from any and all demands, claims,
actions and causes of action arising from any of the aforesaid.

21.   The Permittee represents that it is the owner of or fully authorized to
use or sell any and all services, processes, machines, articles, marks, names or
slogans used or sold by it in its operations under or in any wise connected with
this Permit. Without in any wise limiting its obligations under Section 3 hereof
the Permittee agrees to indemnify and hold harmless the Port Authority, its
Commissioners, officers, employees, agents and representatives of and from any
loss, liability, expense, suit or claim for damage in connection with any actual
or alleged infringement of any patent, trademark or copyright, or arising from
any alleged or actual unfair competition or other similar claim arising out of
the operations of the Permittee under or in any wise connected with this Permit.

22.   The Port Authority shall have the right at any time and as often as it may
consider it necessary to inspect the Space and equipment of the Permittee, any
services being rendered, and any activities or operations of the Permittee
hereunder. Upon request of the Port Authority, the Permittee shall operate or
demonstrate any process or other activity being carried on by the Permittee
hereunder. Upon notification by the Port Authority of any deficiency in any

Terms and Conditions

                                       6
<PAGE>

equipment, the Permittee shall immediately make good the deficiency or withdraw
the piece of equipment from service, and provide a satisfactory substitute.

23.   No signs, posters or similar devices shall be erected, displayed or
maintained by the Permittee in view of the general public or any permittee or
occupant of other space at the Heliport without the written approval of the
Manager of the Heliport; and any not approved by him may be removed by the Port
Authority at the expense of the Permittee.

24.   The Permittee's Representative, hereinbefore specified, (or such
substitute as the Permittee may hereafter designate in writing) shall have full
authority to act for the Permittee in connection with this Permit and any things
done or to be done hereunder, and to execute on the Permittee's behalf any
amendments or supplements to this Permit or any extension thereof and to give
and receive notices hereunder.

25.   As used herein:

      (a)   The term "Executive Director" shall mean the person or persons from
time to time designated by the Port Authority to exercise the powers and
functions vested in the Executive Director by this Permit; but until further
notice from the Port Authority to the Permittee it shall mean the Executive
Director of the Port Authority for the time being or his duly designated
representative or representatives.

      (b)   "The Downtown Manhattan Heliport", "Heliport" or "Facility" shall
mean the lands under water and the structures and improvements thereon in the
Borough of Manhattan, City, County and State of New York, which are shown in
stipple upon the Exhibit A attached to the Basic Lease.

      (c)   The terms "Manager of the Heliport" or "Manager of Port Authority
Heliport" shall mean the person or persons from time to time designated by the
Port Authority to exercise the powers and functions vested in the Manager by
this Permit; but until further notice from the Port Authority to the Permittee
it shall mean the Manager for temporary or Acting Manager) of Port Authority
Heliports for the time being, or his duly designated representative or
representatives.

26.   A bill or statement may be rendered or any notice or communication which
the Port Authority may desire to give the Permittee shall be deemed sufficiently
rendered or given if the same be in writing and sent by certified or registered
mail addressed to the Permittee at the address specified on the first page
hereof or at the latest address that the Permittee may substitute therefor by
notice to the Port Authority, or left at such address, or delivered to the
Permittee's Representative, and the time of rendition of such bill or statement
and of the giving of such notice or communication shall be deemed to be the time
when the same is mailed, left or delivered as herein provided. Any notice from
the Permittee to the Port Authority shall be validly given if sent by certified
or registered mail addressed to the Executive Director of the Port Authority at
225 Park Avenue South, New York, NY 10003 or at such other address as the Port
Authority shall hereafter designate by notice to the Permittee.

Terms and Conditions

                                       7
<PAGE>

27.   The Permittee agrees to be bound by and comply with the provisions of all
endorsements, if any, annexed to the Permit at the time of issuance.

28.   If the Permittee should fail to pay any amount required under this Permit
when due to the Port Authority, including without limitation any payment of any
fixed or variable fee or any payment of utility or other charges, or if any such
amount is found to be due as the result of an audit, then, in such event, the
Port Authority may impose (by statement, bill or otherwise) a late charge with
respect to each such unpaid amount or each late charge period (hereinbelow
described) during the entirety of which such amount remains unpaid, each such
late charge not to exceed an amount equal to eight-tenths of one percent of such
unpaid amount for each late charge period. There shall be twenty-four late
charge periods on a calendar year basis; each late charge period shall be for a
period of at least fifteen (15) calendar days except one late charge period each
calendar year may be for a period of less than fifteen (but not less than
thirteen) calendar days. Without limiting the generality of the foregoing, late
charge periods in the case of amounts found to have been owing to the Port
Authority as the result of Port Authority audit findings shall consist of each
late charge period following the date the unpaid amount should have been paid
under this Permit. Each late charge shall be payable immediately upon demand
made at any time therefor by the Port Authority. No acceptance by the Port
Authority of payment of any unpaid amount or of any unpaid late charge amount
shall be deemed a waiver of the right of the Port Authority to payment of any
late charge or late charges payable under the provisions of this Section with
respect to such unpaid amount. Nothing in this Section is intended to, or shall
be deemed to, affect, alter, modify or diminish in any way (i) any rights of the
Port Authority under this Permit, including without limitation the Port
Authority's rights set forth in Section 13 of these Terms and Conditions or (ii)
any obligations of the Permittee under this Permit. In the event that any late
charge imposed pursuant to this Section shall exceed a legal maximum applicable
to such late charge, then, in such event, each such late charge payable under
this Permit shall be payable instead at such legal maximum.

29.   (a) Without limiting the generality of any of the provisions of this
Permit, the Permittee, for itself, its successors in interest and assigns, as a
part of the consideration hereof, does hereby agree that (1) no person on the
grounds of race, creed, color, national origin or sex shall be excluded from
participation in, denied, the benefits of, or be otherwise subject to
discrimination in the use of any Space and the exercise of any privileges under
this Permit, (2) that in the construction of any improvements on, over, or under
any Space under this Permit and the furnishing of services thereon by it, no
person on the grounds of race, creed, color, national origin or sex shall be
excluded from participation in, denied the benefits of, or otherwise be subject
to discrimination, (3) that the Permittee shall use any Space and exercise any
privileges under this Permit in compliance with all other requirements imposed
by or pursuant to Title 49, Code of Federal Regulations, Department of
Transportation, Subtitle A, Office of the Secretary, the Department of
Transportation-Effectuation of Title VI of the Civil Rights Act of 1964, and as
said Regulations may be amended, and any other present or future laws, rules,
regulations, orders or directions of the United States of America with respect
thereto which from time to time may be applicable to the Permittee's operations
thereat, whether by reason of agreement between the Port Authority and the
United States Government or otherwise.

Terms and Conditions

                                       8
<PAGE>

      (b) The Permittee shall include the provisions of paragraph (a) of this
Section in every agreement or concession it may make pursuant to which any
person or persons, other than the Permittee, operates any facility at the
Heliport providing services to the public and shall also include therein a
provision granting the Port Authority a right to take such action as the United
States may direct to enforce such provisions.

      (c) The Permittee's noncompliance with the provisions of this Section
shall constitute a material breach of this Permit. In the event of the breach by
the Permittee of any of the above non-discrimination provisions, the Port
Authority may take appropriate action to enforce compliance or by giving
twenty-four (24) hours' notice, may revoke this Permit and the permission
hereunder; or may pursue such other remedies as may be provided by law; and as
to any or all of the foregoing, the Port Authority may take such action as the
United States may direct.

      (d) The Permittee shall indemnify and hold harmless the Port Authority
from any claims and demands of third persons including the United States of
America resulting from the Permittee's noncompliance with any of the provisions
of this Section and the Permittee shall reimburse the Port Authority for any
loss or expense incurred by reason of such noncompliance.

      (e) Nothing contained in this Section shall grant or shall be deemed to
grant to the Permittee the right to transfer or assign this Permit, to make any
agreement or concession of the type mentioned in paragraph (b) hereof, or any
right to perform any construction on the Space under the Permit.

30.   The Permittee assures that it will undertake an affirmative action program
as required by 14 CFR Part 152, Subpart E, to insure that no person shall on the
grounds of race, creed, color, national origin, or sex be excluded from
participating in any employment activities covered in 14 CFR Part 152, Subpart
E. The Permittee assures that no person shall be excluded on these grounds from
participating in or receiving the services or benefits of any program or
activity covered by this subpart. The Permittee assures that it will require
that its covered suborganizations provide assurances to the Permittee that they
similarly will undertake affirmative action programs and that they will require
assurances from their suborganizations, as required by 14 CFR Part 152, Subpart
E, to the same effect.

31.   The Permittee shall observe and obey (and compel its officers, employees,
guests, invitees, and those doing business with it, to observe and obey) the
Rules and Regulations of the Port Authority now in effect, and such further
reasonable Rules and Regulations which may from time to time during the
effective period of this Permit, be promulgated by the Port Authority for
reasons of safety, health, preservation of property or maintenance of a good and
orderly appearance of the Heliport. The Port Authority agrees that except in the
case of an emergency it shall give notice to the Permittee of every Rule and
Regulation hereafter adopted by it at least five days before the Permittee shall
be required to comply therewith.

32.   The Permittee shall provide (unless the Port Authority shall elect to do
so in which case the cost thereof shall be paid by the Permittee to the Port
Authority on demand) and its employees shall conspicuously wear or carry and
produce on demand badges or other suitable

Terms and Conditions

                                       9
<PAGE>

means of identification. The badges or means of identification shall be as
required by the Manager of the Heliport. The Manager of the Heliport shall have
the right to impose a charge of up to $50 for each replacement of a lost or
damaged badge or means of identification which sum shall be payable to the Port
Authority at the time of such replacement.

33.   (a) The Permittee shall procure all licenses, certificates, permits or
other authorization from all governmental authorities, if any, having
jurisdiction over the Permittee's operations at the Heliport which may be
necessary for the Permittee's operations thereat.

      (b) The Permittee shall pay all taxes, license, certification, permit and
examination fees and excises which may be assessed, levied, exacted or imposed
on its property or operations at the Heliport or on the gross receipts or income
therefrom, and shall make all applications, reports and returns required in
connection therewith.

      (c) The Permittee shall promptly observe, comply with and execute the
provisions of any and all present and future governmental laws, rules,
regulations, requirements, orders and directions which may pertain or apply to
the Permittee's operations at the Heliport.

      (d) The Permittee's obligations to comply with governmental requirements
are provided herein for the purpose of assuring proper safeguards for the
protection of persons and property at the Heliport and are not to be construed
as a submission by the Port Authority to the application to itself of such
requirements or any of them.

34.   (a) The Permittee shall promptly observe, comply with and execute the
provisions of any and all present and future rules and regulations,
requirements, orders and directions of the National Board of Fire Underwriters
and The Fire Insurance Rating Organization of New York, and any other body
organization exercising similar functions which may pertain or apply to the
Permittee's operations hereunder. If by reason of the Permittee's failure to
comply with the provisions of this Section, any fire insurance, extended
coverage or rental insurance rate on the Heliport or any part thereof or upon
the contents of any building thereon shall at any time be higher than it
otherwise would be, then the Permittee shall on demand pay the Port Authority
that part of all fire insurance premiums paid or payable by the Port Authority
which shall have been charged because of such violation by the Permittee.

      (b) the Permittee shall not do or permit to be done any act which

            (i)   will invalidate or be in conflict with any fire insurance
                  policies covering the Heliport or any part thereof or upon the
                  contents of any building thereon, or

            (ii)  will increase the rate of any fire insurance, extended
                  coverage or rental insurance on the Heliport or any part
                  thereof or upon the contents of any building thereon, or

            (iii) in the opinion of the Port Authority will constitute a
                  hazardous condition, so as to increase the risks normally
                  attendant upon the operations contemplated by this Permit, or

Terms and Conditions

                                       10
<PAGE>

            (iv)  may cause or produce upon the Heliport any unusual noxious or
                  objectionable smokes, gases, vapors or odors, or

            (v)   may interfere with the effectiveness or accessibility of the
                  drainage and sewerage system, fire protection system,
                  sprinkler system, alarm system, fire hydrants and hoses, if
                  any, installed or located or to be installed or located in or
                  on the Heliport, or

            (vi)  shall constitute a nuisance in or on the Heliport or which may
                  result in the creation, commission or maintenance of a
                  nuisance in or on the Heliport.

      (c) For the purpose of this Section 34 "Heliport" includes all structures
located thereon.

35.   If any type of strike or other labor activity is directed against the
Permittee at the Heliport or against any operations pursuant to this Permit
resulting in picketing or a boycott for a period of at least forty-eight (48)
hours which, in the opinion of the Port Authority, adversely affects or is
likely adversely to affect the operation of the Heliport or the operations of
other permittees, lessees or licensees thereat, whether or not the same is due
to the fault of the Permittee, and whether caused by the employees of the
Permittee or by others, the Port Authority may at any time during the
continuance thereof, by twenty-four (24) hours' notice, revoke this Permit
effective at the time specified in the notice. Revocation shall not relieve the
Permittee of any liabilities or obligations hereunder which shall have accrued
on or prior to the effective date revocation.

36.   Except as hereinafter provided in this Section 36, the Port Authority
shall, without additional charge, furnish the following to the Permittee in the
Space:

      (a) Heat, to an even and comfortable working temperature during the months
of November to April, inclusive; and

      (b) Electricity for illumination only by which is meant the energizing of
incandescent and fluorescent bulbs (to be supplied by the Permittee) through
existing wires, conduits and outlets, if any.

      The Port Authority shall also, without additional charge, furnish
non-exclusive toilet and washroom facilities for the employees of the Permittee.

      The Permittee shall pay the Port Authority upon demand the actual cost of
extermination service, if any, provided by the Port Authority in the Space. This
paragraph does not impose an obligation on the Port Authority to furnish such
service.

      The Port Authority shall be under no obligation to furnish any of the
above services if and to the extent and during any period that the furnishing of
any such services or the use of any component necessary therefor shall be
prohibited or rationed by any federal, state or municipal

Terms and Conditions

                                       11
<PAGE>

law, rule, regulation, requirement, order or direction and if the Port Authority
deems it in the public interest to comply therewith, even though such law, rule,
regulation, requirement, order or direction may not be mandatory on the Port
Authority as a public agency.

      Any failure, delay or interruption, including without limitation thereto
any failure, delay or interruption under the preceding paragraph of this
Section, in supplying agreed services (whether or not a separate charge is made
therefor) shall not relieve the Permittee of any obligations hereunder and
(unless resulting from the willful affirmative acts of the Port Authority and
continuing for a period of five days after notice to the Port Authority) shall
not be grounds for any claim by the Permittee for damages, consequential or
otherwise.

37.   Neither the Commissions of the Port Authority nor any of them, nor any
officer, agent or employee thereof shall be charged personally by the Permittee
with any liability, or held personally liable to it, under any term or provision
of this Permit, or because of its execution or attempted execution, or because
of any breach or alleged or attempted breach hereof or otherwise.

38.   The Permittee shall not make any alterations to or of the Space, including
any installation therein affixed thereto, or use any electrical equipment or
device therein, except with the prior written express consent of the Port
Authority and then subject to and in accordance with the terms and conditions
imposed by any such consent.

39.   This Permit, including the attached endorsement(s), if any, constitutes
the entire agreement of the Port Authority and the Permittee on the subject
matter hereof. The Permit may not be changed, modified, discharged or extended,
except by written instrument duly executed on behalf of the Port Authority and
the Permittee. The Permittee agrees that no representations or warranties shall
be binding upon the Port Authority unless expressed in writing herein.

Terms and Conditions

                                       12
<PAGE>

            (a) Upon the execution of this Permit by the Permittee and delivery
thereof to the Port Authority, the Permittee shall deposit with the Port
Authority (and shall keep deposited throughout the effective period of the
permission under this Permit) the sum of Three Thousand Three Hundred Dollars
and No Cents ($3,300.00) either in cash, or bonds of the United States of
America, or of the State of New Jersey, or of the State of New York, or of the
Port Authority of New York and New Jersey, having a market value of that amount,
as security for the full, faithful and prompt performance of and compliance
with, on the part of the Permittee, all of the terms, provisions, covenants and
conditions of this Permit on its part to be fulfilled, kept, performed or
observed. Bonds qualifying for deposit hereunder shall be in bearer form but if
bonds of that issue were offered only in registered form, then the Permittee may
deposit such bonds or bonds in registered form, provided, however, that the Port
Authority shall be under no obligation to accept such deposit of a bond in
registered form unless such bond has been re-registered in the name of the Port
Authority (the expense of such re-registration to be borne by the Permittee) in
a manner satisfactory to the Port Authority. The Permittee may request the Port
Authority to accept a registered bond in the Permittee's name and if acceptable
to the Port Authority the Permittee shall deposit such bond together with an
irrevocable bond power (and such other instruments or other documents as the
Port Authority may require) in form and substance satisfactory to the Port
Authority. In the event the deposit is returned to the Permittee any expenses
incurred by the Port Authority in re-registering a bond to the name of the
Permittee shall be borne by the Permittee. In addition to any and all other
remedies available to it, the Port Authority shall have the right, at its
option, at any time and from time to time, with or without notice, to use the
deposit or any part thereof in whole or partial satisfaction of any of its
claims or demands against the Permittee. There shall be no obligation on the
Port Authority to exercise such right and neither the existence of such right
nor the holding of the deposit itself shall cure any default or breach of this
Agreement on the part of the Permittee. With respect to any bonds deposited by
the Permittee, the Port Authority shall have the right, in order to satisfy any
of its claims or demands against the Permittee, to sell the same in whole or in
part, at any time, and from time to time, with or without prior notice at public
or private sale, all as determined by the Port Authority, together with the
right to purchase the same at such sale free of all claims, equities or rights
of redemption of the Permittee. The Permittee hereby waives all right to
participate therein and all right to prior notice or demand of the amount or
amounts of the claims or demands of the Port Authority against the Permittee.
The proceeds of every such sale shall be applied by the Port Authority first to
the costs and expenses of the sale (including but not limited to advertising or
commission expenses) and then to the amounts due the Port Authority from the
Permittee. Any balance remaining shall be retained in cash toward bringing the
deposit to the sum specified above. In the event that the Port Authority shall
at any time or times so use the deposit, or any part thereof, or if bonds shall
have been deposited and the market value thereof shall have declined below the
above-mentioned amount, the Permittee shall,

Standard Endorsement No. 23.1 (Page 1)
SECURITY DEPOSIT
All Facilities
6/12/87

<PAGE>

on demand of the Port Authority and within two (2) days thereafter, deposit with
the Port Authority additional cash or bonds so as to maintain the deposit at all
times to the full amount above stated, and such additional deposits shall be
subject to all the conditions of this Standard Endorsement. After the expiration
or earlier revocation or termination of the effective period of the permission
under this Permit, and upon condition that the Permittee shall then be in no
wise in default under any part of this Permit, and upon written request therefor
by the Permittee, the Port Authority will return the deposit to the Permittee
less the amount of any and all unpaid claims and demands (including estimated
damages) of the Port Authority by reason of any default or breach by the
Permittee of this Permit or any part thereof. The Permittee agrees that it will
not assign or encumber the deposit. The Permittee may collect or receive any
interest or income earned on bonds and interest paid on cash deposited in
interest-bearing bank accounts, less any part thereof or amount which the Port
Authority is or may hereafter be entitled or authorized by law to retain or to
charge in connection therewith, whether as or in lieu of an administrative
expense, or custodial charge, or otherwise; provided, however, that the Port
Authority shall not be obligated by this provision to place or to keep cash
deposited hereunder in interest-bearing bank accounts.

Standard Endorsement No. 23.1 (Page 2)
SECURITY DEPOSIT
All Facilities
6/12/87

<PAGE>

                              SPECIAL ENDORSEMENTS

            1. The Area A shall be used by the Permittee in connection with its
business of conducting scheduled helicopter service between the Heliport and
John F. Kennedy International Airport, Newark Liberty International Airport and
LaGuardia Airport and for no other use or purpose whatsoever.

            2. Omitted

            3. It is understood that the purposes and privileges granted in
Special Endorsements Nos. 1 and 2 are non-exclusive and shall not be construed
to prevent or limit the granting of similar privileges at the Heliport to
another or others, and neither the granting to others of rights and privileges
granted hereunder nor the existence of agreements by which similar rights and
privileges have been previously granted to others shall constitute or be
construed to constitute a violation or breach of the permission herein granted.

            4. Omitted

            5. The Permittee shall pay to the Port Authority an Area A Fee in
the amount of Seven Hundred Eighty-one Dollars and Thirty-three Cents ($781.33)
per month payable in advance on December 1, 2004 and on the first day of each
and every calendar month thereafter during the period of permission granted
under the Permit. (g)

                  All payments hereunder are to be made to The Port Authority of
New York and New Jersey, P. 0. Box 95000-1517, Philadelphia, Pennsylvania
19195-1517, or via the following wire transfer instructions (for basic fees):

            Bank: Commerce Bank
            Bank ABA Number: 026013673

or to such other address as may hereafter be substituted therefor by the Port
Authority from time to time, by notice to the Permittee.

                  If the permission granted hereunder becomes effective on a
date other than the first day of a calendar month or expires or is revoked or
terminated on a date other than the last day of a calendar month, the fee
payable for the part of the month during which the permission is in effect shall
be computed by prorating the monthly fee on a daily basis, using the exact
number of days in the month involved.

            6. The Port Authority shall have the right at any time and as often
as it may consider necessary to inspect the activities and operations of the
Permittee hereunder. Upon request of the Port Authority, the Permittee shall
demonstrate any activity being carried on by the Permittee hereunder.

            7. Omitted

US Helicopter Corporation - AX-776

                                       1
<PAGE>

                              SPECIAL ENDORSEMENTS

            8.    (a) The Permittee hereby certifies that its Federal Tax
Identification Number is 27-0096927 for the purposes of Standard Endorsement No.
23.1.

                  (b) The Permittee acknowledges and agrees that the Port
Authority reserves the right, at its sole discretion, to adjust at any time and
from time to time upon fifteen (15) days notice to the Permittee, the security
deposit amount as set forth in paragraph (a) of Standard Endorsement No. 23.1.
Not later than the effective date set forth in said notice the Permittee shall
deposit with the Port Authority the new security deposit amount as set forth in
said notice which new amount shall thereafter constitute the security deposit
subject to said Standard Endorsement No. 23.1.

            9. Paragraph (a) to Section 8 of the Terms and Conditions shall be
deemed deleted and the following new paragraph (a) shall be deemed substituted
in lieu therof and shall read as follows:

      "(a) The Permittee, in its own name as insured and with the Port Authority
      included as an additional insured, shall obtain, maintain in effect and
      pay the premiums during the effective period of the permission granted
      hereunder policies of commercial general liability insurance. Each of such
      policies of commercial general liability insurance shall provide a
      combined single limit of at least $2,000,000, covering property damage and
      bodily injury, including death, per occurrence. The said policies of
      insurance shall also provide or contain a contractual liability
      endorsement covering the obligations assumed by the Permittee under
      paragraph (b) of Section 3 hereof, none of the foregoing to contain any
      care, custody or control exclusions or any exclusion for bodily injury to
      or sickness, disease or death of any employee of the Permittee which would
      conflict with or in any way impair coverage on the contractual liability
      endorsement."

                                                       _________________________
                                                       For the Port Authority

                                   Initialed:

                                                       /s/ GJM Jr.
                                                       -------------------------
                                                       For the Permittee

US Helicopter Corporation - AX-776

                                       2
<PAGE>

                                  [FLOOR PLAN]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]