Document:

Exhibit 4.7

 

EXECUTION COPY

 

 

REVOLVING CREDIT AGREEMENT

(2004-2C)

 

dated as of November 15, 2004

 

between

 

WILMINGTON TRUST COMPANY,

as Subordination Agent,

as agent and trustee for the

JetBlue Airways Pass Through Trust 2004-2C,

as Borrower

 

and

 

LANDESBANK BADEN-WÜRTTEMBERG,

as Primary Liquidity Provider

 

Relating to

 

JetBlue Airways Pass Through Trust 2004-2C

JetBlue Airways Enhanced Pass Through Certificates, Series 2004-2C

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
  Section
  1.01

  	
  Certain
  Defined Terms

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  AMOUNT
  AND TERMS OF THE COMMITMENT

  	
   

  
	
  Section
  2.01

  	
  Advances

  	
   

  
	
  Section
  2.02

  	
  Making
  the Advances

  	
   

  
	
  Section
  2.03

  	
  Fees

  	
   

  
	
  Section
  2.04

  	
  Automatic
  Reductions and Termination of the Maximum Commitment

  	
   

  
	
  Section
  2.05

  	
  Repayments
  of Interest Advances, the Special Termination Advance or the Final Advance

  	
   

  
	
  Section
  2.06

  	
  Repayments
  of Provider Advances

  	
   

  
	
  Section
  2.07

  	
  Payments
  to the Primary Liquidity Provider Under the Intercreditor Agreement

  	
   

  
	
  Section
  2.08

  	
  Book
  Entries

  	
   

  
	
  Section
  2.09

  	
  Payments
  from Available Funds Only

  	
   

  
	
  Section
  2.10

  	
  Extension
  of Expiry Date; Non-Extension Advance

  	
   

  
	
  Section
  2.11

  	
  Right
  to Further Extend Expiry Date

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  OBLIGATIONS
  OF THE BORROWER

  	
   

  
	
  Section
  3.01

  	
  Increased
  Costs

  	
   

  
	
  Section
  3.02

  	
  Capital
  Adequacy

  	
   

  
	
  Section
  3.03

  	
  Payments
  Free of Deductions

  	
   

  
	
  Section
  3.04

  	
  Payments

  	
   

  
	
  Section
  3.05

  	
  Computations

  	
   

  
	
  Section
  3.06

  	
  Payment
  on Non-Business Days

  	
   

  
	
  Section
  3.07

  	
  Interest

  	
   

  
	
  Section
  3.08

  	
  Replacement
  of Borrower

  	
   

  
	
  Section
  3.09

  	
  Funding
  Loss Indemnification

  	
   

  
	
  Section
  3.10

  	
  Illegality

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  CONDITIONS
  PRECEDENT

  	
   

  
	
  Section
  4.01

  	
  Conditions
  Precedent to Effectiveness of Section 2.01

  	
   

  
	
  Section
  4.02

  	
  Conditions
  Precedent to Borrowing

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  COVENANTS

  	
   

  
	
  Section
  5.01

  	
  Affirmative
  Covenants of the Borrower

  	
   

  
	
  Section
  5.02

  	
  Negative
  Covenants of the Borrower

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  LIQUIDITY
  EVENTS OF DEFAULT AND SPECIAL TERMINATION

  	
   

  
	
  Section
  6.01

  	
  Liquidity
  Events of Default and Special Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  MISCELLANEOUS

  	
   

  
	
  Section
  7.01

  	
  Amendments,
  Etc

  	
   

  
	
  Section
  7.02

  	
  Notices,
  Etc

  	
   

  
	
  Section
  7.03

  	
  No
  Waiver; Remedies

  	
   

  
				

 

i

 

	
  Section
  7.04

  	
  Further
  Assurances

  	
   

  
	
  Section
  7.05

  	
  Indemnification;
  Survival of Certain Provisions

  	
   

  
	
  Section
  7.06

  	
  Liability
  of the Primary Liquidity Provider

  	
   

  
	
  Section
  7.07

  	
  Costs,
  Expenses and Taxes

  	
   

  
	
  Section
  7.08

  	
  Binding
  Effect; Participations

  	
   

  
	
  Section
  7.09

  	
  Severability

  	
   

  
	
  Section
  7.10

  	
  GOVERNING
  LAW

  	
   

  
	
  Section
  7.11

  	
  Submission
  to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity

  	
   

  
	
  Section
  7.12

  	
  Execution
  in Counterparts

  	
   

  
	
  Section
  7.13

  	
  Entirety

  	
   

  
	
  Section
  7.14

  	
  Headings

  	
   

  
	
  Section
  7.15

  	
  PRIMARY
  LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES

  	
   

  
	
  Section
  7.16

  	
  Transfer

  	
   

  

 

	
  Annex
  I

  	
  -

  	
  Interest
  Advance Notice of Borrowing

  	
   

  
	
  Annex II

  	
  -

  	
  Non-Extension
  Advance Notice of Borrowing

  	
   

  
	
  Annex III

  	
  -

  	
  Downgrade
  Advance Notice of Borrowing

  	
   

  
	
  Annex
  IV

  	
  -

  	
  Final
  Advance Notice of Borrowing

  	
   

  
	
  Annex
  V

  	
  -

  	
  Notice
  of Termination

  	
   

  
	
  Annex
  VI

  	
  -

  	
  Notice
  of Replacement Subordination Agent

  	
   

  
	
  Annex
  VII

  	
  -

  	
  Special
  Termination Advance Notice of Borrowing

  	
   

  
	
  Annex
  VIII

  	
  -

  	
  Notice
  of Special Termination

  	
   

  

 

ii

 

REVOLVING CREDIT AGREEMENT

 

This REVOLVING CREDIT AGREEMENT
(2004-2C), dated as of November 15, 2004 (as it may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, this
“Agreement”), between WILMINGTON TRUST COMPANY,
a Delaware banking corporation, not in its individual capacity but solely as
Subordination Agent under the Intercreditor Agreement (each as defined below),
as agent and trustee for the Class C Trust (as defined below) (the “Borrower”), and LANDESBANK
BADEN-WÜRTTEMBERG, a bank established in Germany as a public law
institution with legal capacity (Rechtsfähige Anstalt des Öffentlichen Rechts)
(“Primary Liquidity Provider”).

 

W  I
T  N  E  S  S  E
T  H:

 

WHEREAS, pursuant to the Class C Trust
Agreement (as defined below), the Class C Trust is issuing the Class C
Certificates; and

 

WHEREAS, the Borrower, in order to support
the timely payment of a portion of the interest on the Class C Certificates in
accordance with their terms, has requested the Primary Liquidity Provider to
enter into this Agreement, providing in part for the Borrower to request in
specified circumstances that Advances be made hereunder.

 

NOW, THEREFORE, in consideration of the
mutual promises contained herein, and of other good and valuable consideration
the receipt and adequacy of which are hereby acknowledged, the parties hereto
agree as follows:

 

ARTICLE I

 

DEFINITIONS

 

Section
1.01                            Certain
Defined Terms.  (a)  For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires:

 

(i)                                     the
terms used herein that are defined in this Article I have the meanings
assigned to them in this Article I, and include the plural as well as the
singular;

 

(ii)                                  all
references in this Agreement to designated “Articles,” “Sections” and other
subdivisions are to the designated Articles, Sections and other
subdivisions of this Agreement;

 

(iii)                               the
words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Agreement as a whole and not to any particular Article,
Section or other subdivision; and

 

(iv)                              the
term “including” means “including without limitation”.

 

“Additional Costs”
has the meaning specified in Section 3.01.

 

 

“Advance”
means an Interest Advance, a Final Advance, a Provider Advance, a Special
Termination Advance or an Applied Provider Advance, as the case may be.

 

“Applicable
Liquidity Rate” has the meaning specified in
Section 3.07(g).

 

“Applicable
Margin” means (x) with respect to any Unpaid Advance (other than
a Special Termination Advance) or Applied Provider Advance, 1.75% per annum,
(y) with respect to any Unapplied Provider Advance, the margin per annum
specified in the Fee Letter or (z) with respect to any Special Termination
Advance, the margin per annum specified in the Fee Letter.

 

“Applied
Downgrade Advance” has the meaning specified in
Section 2.06(a).

 

“Applied
Non-Extension Advance” has the meaning assigned to such term in
Section 2.06(a).

 

“Applied Provider
Advance” has the meaning assigned to such term in
Section 2.06(a).

 

“Applied Special
Termination Advance” has the meaning assigned to such term in
Section 2.05.

 

“Assignment and
Assumption Agreement” means the Assignment and Assumption
Agreement to be entered into between the Borrower and the trustee of the
Successor Trust.

 

“Base Rate”
means, for a day, a fluctuating interest rate per annum in effect from time to
time, which rate per annum shall at all times be equal to (a) the weighted
average of the rates on overnight Federal funds transactions with members of
the Federal Reserve System arranged by Federal funds brokers, as published for
such day (or, if such day is not a Business Day, for the preceding Business
Day) by the Federal Reserve Bank of New York, or if such rate is not so
published for any day that is a Business Day, the average of the quotations for
such day for such transactions received by the Primary Liquidity Provider from
three Federal funds brokers of recognized standing selected by it, plus
(b) one-quarter of one percent (0.25%).

 

“Base Rate
Advance” means an Advance that bears interest at a rate based
upon the Base Rate.

 

“Borrower”
has the meaning specified in the recital of parties to this Agreement.

 

“Borrowing”
means the making of Advances requested by delivery of a Notice of Borrowing.

 

“Business Day”
means any day (x) other than a Saturday or Sunday or a day on which
commercial banks are authorized or required by law to close in New York, New
York or, so long as any Class C Certificate is outstanding, the city and state
in which the Class C Trustee, the Borrower or any Indenture Trustee maintains
its corporate trust office or receives and disburses funds, and (y) if the
applicable Business Day relates to any Advance or amount bearing interest based
on LIBOR, on which dealings are carried on in the London interbank market.

 

“Consent Period”
has the meaning specified in Section 2.10.

 

2

 

“Deposit
Agreement” means the Deposit Agreement (2004-2C) dated as of the
date hereof between Wilmington Trust Company, as Escrow Agent and HSH Nordbank
AG, New York Branch, as Depositary, pertaining to the Class C Certificates, as the
same may be amended, modified or supplemented from time to time in accordance
with the terms thereof.

 

“Depositary”
means HSH Nordbank AG, acting through its New York Branch.

 

“Deposits”
has the meaning assigned to such term in the Deposit Agreement.

 

“Downgrade
Advance” means an Advance made pursuant to Section 2.02(c).

 

“Downgrade Event”
means a downgrading of the Primary Liquidity Provider’s short-term unsecured
debt rating or short-term issuer credit rating (as applicable) issued by either
Rating Agency below the applicable Threshold Rating unless each Rating Agency
shall have confirmed in writing on or prior to the date of such downgrading
that such downgrading will not result in the downgrading, withdrawal or
suspension of the ratings of the Class C Certificates (without regard to the
Policies), in which case such downgrading of the Primary Liquidity Provider’s
short-term unsecured debt rating or short-term issuer credit rating (as
applicable) shall not constitute a Downgrade Event (provided, that for Standard
& Poor’s the “short-term issuer credit rating” shall refer to (x) on
or prior to July 18, 2005, the Primary Liquidity Provider’s short-term
issuer credit rating with the benefit of state guarantees and (y) after
July 18, 2005 the Primary Liquidity Provider’s short-term issuer credit
rating without the benefit of state guarantees unless Standard & Poor’s has
notified the Subordination Agent that another rating would be applicable to the
Primary Liquidity Provider’s obligations hereunder, in which case, such other
applicable rating).

 

“Effective Date”
has the meaning specified in Section 4.01. 
The delivery of the certificate of the Primary Liquidity Provider
contemplated by Section 4.01(e) shall be conclusive evidence that the
Effective Date has occurred.

 

“Excluded Taxes”
means (i) any Taxes imposed on, based on, or measured by the overall net
income, capital, franchises, or receipts (other than Taxes which are or are in
the nature of sales or use Taxes or value added Taxes) of the Primary Liquidity
Provider or any of its Lending Offices, (ii) withholding Taxes imposed by
the United States except to the extent that such United States withholding
Taxes are imposed or increased as a result of any change in applicable law
(excluding from change in applicable law for this purpose a change in an
applicable treaty or other change in law affecting the applicability of a
treaty) after the date hereof, or in the case of a successor Primary Liquidity
Provider (including a transferee of an Advance), after the date on which such
successor Primary Liquidity Provider obtains its interest, (iii) any
withholding Taxes imposed by the United States which are imposed or increased
as a result of the Primary Liquidity Provider failing to deliver to the
Borrower any certificate or document (which certificate or document in the good
faith judgment of the Primary Liquidity Provider it is legally entitled to
provide) which is reasonably requested by the Borrower to establish that
payments under this Agreement are exempt from (or entitled to a reduced rate
of) withholding tax, and (iv) withholding Taxes imposed by the United
States on payments to a recipient in any other jurisdiction to which such
Lending Office is moved if, under the laws in effect at the time of such move,
such laws would require greater withholding of Taxes on

 

3

 

payments to such Primary Liquidity Provider acting
from an office in such jurisdiction than would be required on payments to such
Primary Liquidity Provider acting from an office in the jurisdiction from which
such Lending Office was moved.

 

“Expenses”
means liabilities, obligations, damages, settlements, penalties, claims,
actions, suits, costs, expenses, and disbursements (including, without
limitation, reasonable fees and disbursements of legal counsel and costs of
investigation), provided that Expenses shall not include Taxes.

 

“Expiry Date”
means November 14, 2005 initially, or any date to which the Expiry Date is
extended pursuant to Section 2.10 or 2.11.

 

“Extension
Effective Date” has the meaning assigned to such term in Section
2.11.

 

“Final Advance”
means an Advance made pursuant to Section 2.02(d).

 

“Intercreditor
Agreement” means the Intercreditor Agreement dated as of the
date hereof among the Trustees, the Primary Liquidity Provider, the Primary
Liquidity Provider under each Primary Liquidity Facility (other than this
Agreement), the Above-Cap Liquidity Provider, the Policy Provider and the
Borrower, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms.

 

“Interest Advance”
means an Advance made pursuant to Section 2.02(a).

 

“Interest Period”
means, with respect to any LIBOR Advance, each of the following periods:

 

(1)                                  the
period beginning on either (x) the third London/Stuttgart Business Day
following the Primary Liquidity Provider’s receipt of the Notice of Borrowing
for such LIBOR Advance or (y) the date of the withdrawal of funds from the
Class C Primary Cash Collateral Account for the purpose of paying interest on
the Class C Certificates as contemplated by Section 2.06(a) hereof and, in
either case, ending on the next Regular Distribution Date; and

 

(2)                                  each
subsequent period commencing on the last day of the immediately preceding Interest
Period and ending on the next Regular Distribution Date;

 

provided, however, that if
(x) the Final Advance shall have been made, or (y) other outstanding
Advances shall have been converted into the Final Advance, then the Interest
Periods shall be successive periods of one month beginning on the third
London/Stuttgart Business Day following the Primary Liquidity Provider’s
receipt of the Notice of Borrowing for such Final Advance (in the case of
clause (x) above) or the Regular Distribution Date following such conversion
(in the case of clause (y) above); provided, further that if the
last day of any Interest Period shall not be a Business Day, such Interest
Period will end on the next succeeding Business Day.

 

“Lending Office”
means the lending office of the Primary Liquidity Provider, presently located
at Stuttgart, Germany, or such other lending office as the Primary Liquidity
Provider

 

4

 

from time to time shall notify the Borrower as its
lending office hereunder; provided that the Primary Liquidity Provider shall
not change its Lending Office to another Lending Office outside of Germany or
the United States of America except in accordance with Section 3.01, 3.02 or
3.03 hereof.

 

“LIBOR”
means, with respect to any Interest Period, the interest rate per annum at
which deposits in United States dollars are offered to prime banks in the
London interbank market as indicated on display page 3750 (British Bankers
Association LIBOR) of the Dow Jones Markets Service (or such other page as
may replace such display page 3750 for the purpose of displaying London
interbank offered rates for United States dollar deposits) or, if not so
indicated, the average (rounded upwards to the nearest 1/100%), as determined
by the Primary Liquidity Provider, of such rates as indicated on the Reuters
Screen LIBO Page (or such other page as may replace such Reuters
Screen LIBO Page for the purpose of displaying London interbank offered
rates for United States dollar deposits) or, if neither such alternative is
indicated, the average (rounded upwards to the nearest 1/100%), as determined
by the Primary Liquidity Provider, of such rates offered by the London
Reference Banks to prime banks in the London interbank market, in each case at
or about 11:00 a.m. (London time) on the second LIBOR Business Day prior
to the first day of such Interest Period for deposits of a duration equal to
such Interest Period (or such other period most nearly corresponding to such
period) in an amount substantially equal to the principal amount of the
applicable LIBOR Advance as of the first day of such Interest Period.  The Primary Liquidity Provider will, if
necessary, request that each of the London Reference Banks provide a quotation
of its rate.  If at least two such
quotations are provided, the rate will be the average of the quotations
(rounded upwards to the nearest 1/100%). 
If no such quotation can be obtained, the rate will be Base Rate.

 

“LIBOR Advance”
means an Advance bearing interest at a rate based upon LIBOR.

 

“LIBOR Business
Day” means any day on which dealings are carried on in the
London interbank market.

 

“Liquidity Event
of Default” means the occurrence of either (a) the
Acceleration of all of the Equipment Notes (provided that, with respect to any
period prior to the Delivery Period Expiry Date, such Equipment Notes have an
aggregate outstanding principal balance in excess of $300,000,000) or
(b) a JetBlue Bankruptcy Event.

 

“Liquidity
Indemnitee” means (i) the Primary Liquidity Provider, (ii)
the directors, officers, employees, servants and agents of the Primary
Liquidity Provider and its Affiliates, and (iii) the successors and
permitted assigns of the persons described in clauses (i) and (ii), inclusive.

 

“London Reference
Banks” means the principal London offices of Citibank, N.A.,
Barclays Bank PLC and Standard Chartered Bank or such other bank or banks as
may from time to time be agreed to by JetBlue and the Primary Liquidity
Provider.

 

“London/Stuttgart
Business Day” means any day on which commercial banks are open
for general business in London, England and Stuttgart, Germany.

 

5

 

“Maximum
Available Commitment” shall mean, subject to the proviso
contained in the third sentence of Section 2.02(a), at any time of
determination, (a) the Required Amount at such time less (b) the
aggregate amount of each Interest Advance outstanding at such time; provided,
however, that following a Provider Advance, a Special Termination
Advance or a Final Advance, the Maximum Available Commitment shall be zero.

 

“Maximum
Commitment” means initially  $20,957,565.65,
as the same may be reduced from time to time in accordance with
Section 2.04(a).

 

“Non-Excluded Tax”
has the meaning specified in Section 3.03.

 

“Non-Extension
Advance” means an Advance made pursuant to Section 2.02(b).

 

“Notice of
Borrowing” has the meaning specified in Section 2.02(f).

 

“Notice of
Replacement Subordination Agent” has the meaning specified in
Section 3.08.

 

“Participating
Institution” has the meaning specified in Section 7.08(b).

 

“Performing Note
Deficiency” means any time that less than 65% of the then
aggregate outstanding principal amount of all Equipment Notes are Performing
Equipment Notes.

 

“Primary
Liquidity Provider” has the meaning specified in the recital of
parties to this Agreement.

 

“Prospectus
Supplement” means the Prospectus Supplement dated November 9,
2004 relating to the Certificates, as such Prospectus Supplement may be amended
or supplemented.

 

“Provider Advance”
means a Downgrade Advance or a Non-Extension Advance.

 

“Regulatory
Change” has the meaning specified in Section 3.01.

 

“Replenishment
Amount” has the meaning assigned to such term in
Section 2.06(b).

 

“Required Amount”
means, for any day, (i) so long as there is no Interest Advance made hereunder
remaining unreimbursed on such day, the aggregate amount of interest,
calculated at the rate per annum equal to the applicable Capped Interest Rate
for the Class C Certificates, that would be payable on the Class C Certificates
on each of the six successive Regular Distribution Dates immediately following
such day, without regard to expected future distributions of principal on such
Class of Certificates or (ii) if there is one or more Interest Advances made
hereunder and remaining unreimbursed on such day, the sum of (x) the
unreimbursed amount of such Interest Advance(s) and (y) the product of (A) the
Undrawn Percentage and (B) the amount determined pursuant to clause (i) as if
no Interest Advances were outstanding and unreimbursed on such date.  The “Undrawn Percentage” as of any date is
equal to one hundred percent minus the sum of the Individual Drawn Percentages
for the Interest Advances that are unreimbursed as of such date.  The “Individual Drawn Percentage” for any
unreimbursed Interest Advance as of any day is equal to a fraction, expressed
as a percentage,

 

6

 

the numerator of which is the unreimbursed amount of
such Interest Advance as of such date and the denominator of which is the
Required Amount as of the date of each such Interest Advance calculated as if
no Interest Advance were outstanding on the date of such Interest Advance and
on the basis of the lower of the applicable Stated Interest Rate and the applicable
Capped Interest Rate as of such date. 
Repayments of Interest Advances shall be deemed to have been made in the
order in which such Interest Advances were made.  Notwithstanding the above, the Pool Balance
for purposes of the definition of Required Amount shall be the Preferred C Pool
Balance as of such date of determination.

 

“Special
Termination Advance” means an Advance made pursuant to
Section 2.02(e).

 

“Special
Termination Notice” means the Notice of Special Termination
substantially in the form of Annex VIII to this Agreement.

 

“Successor Trust”
means the JetBlue Airways Pass Through Trust 2004-2C-S.

 

“Termination Date”
means the earliest to occur of the following: 
(i) the Expiry Date; (ii) the date on which the Borrower
delivers to the Primary Liquidity Provider a certificate, signed by a
Responsible Officer of the Borrower, certifying that all of the Class C
Certificates have been paid in full (or provision has been made for such
payment in accordance with the Intercreditor Agreement and the Trust Agreement)
or are otherwise no longer entitled to the benefits of this Agreement;
(iii) the date on which the Borrower delivers to the Primary Liquidity
Provider a certificate, signed by a Responsible Officer of the Borrower,
certifying that a Replacement Primary Liquidity Facility has been substituted
for this Agreement in full pursuant to Section 3.6(e) of the Intercreditor
Agreement; (iv) the fifth Business Day following the receipt by the
Borrower and JetBlue of a Termination Notice or a Special Termination Notice
from the Primary Liquidity Provider pursuant to Section 6.01; and
(v) the date on which no Advance is or may (including by reason of
reinstatement as herein provided) become available for a Borrowing hereunder.

 

“Termination
Notice” means the Notice of Termination substantially in the
form of Annex V to this Agreement.

 

“Unapplied
Non-Extension Advance” means the portion of any Non-Extension
Advance which is not an Applied Non-Extension Advance.

 

“Unapplied
Provider Advance” means the portion of any Provider Advance
which is not an Applied Provider Advance.

 

“Unpaid Advance”
has the meaning specified in Section 2.05.

 

(b)                                 Terms
Defined in the Intercreditor Agreement. 
Capitalized terms not otherwise defined in this Agreement shall have the
respective meanings assigned to such terms in the Intercreditor Agreement.

 

7

 

ARTICLE II

 

AMOUNT AND TERMS OF THE COMMITMENT

 

Section
2.01                            Advances.  The Primary Liquidity Provider hereby
irrevocably agrees, on the terms and conditions hereinafter set forth, to make
Advances to the Borrower from time to time on any Business Day during the
period from the Effective Date until 12:00 noon (New York City time) on the
Expiry Date (unless the obligations of the Primary Liquidity Provider shall be
earlier terminated in accordance with the terms of Section 2.04(b)) in an
aggregate amount at any time outstanding not to exceed the Maximum Commitment.

 

Section
2.02                            Making
the Advances.  (a)  Each “Interest
Advance” shall be made in a single Borrowing by delivery to the
Primary Liquidity Provider of a written and completed Notice of Borrowing in
substantially the form of Annex I, signed by a Responsible Officer of the
Borrower, such Interest Advance in an amount not exceeding the Maximum
Available Commitment at such time and shall be used solely for the payment when
due of Adjusted Interest for the applicable Interest Period on the Class C
Certificates at the Stated Interest Rate therefor in accordance with
Section 3.6(a) of the Intercreditor Agreement.  Each Interest Advance made hereunder shall
automatically reduce the Maximum Available Commitment (based on the Required
Amount as recalculated as a result of making such Interest Advance) and the
amount available to be borrowed hereunder by subsequent Advances by the amount
of such Interest Advance (subject to reinstatement as provided in the next
sentence).  Subject to the provisions of
Section 3.6(g) of the Intercreditor Agreement, upon repayment to the
Primary Liquidity Provider in full or in part of the amount of any Interest
Advance made pursuant to this Section 2.02(a), together with accrued
interest thereon (as provided herein), the Maximum Available Commitment shall
be reinstated by an amount equal to the product of (A) the then Required Amount
(calculated as if no Interest Advances are outstanding) and (B) a fraction, the
numerator of which is the amount of such reimbursement (assuming that Interest
Advances are reimbursed in the order in which they were made) in respect of
principal of such Interest Advance and the denominator of which is the Required
Amount at the date of such Interest Advance (calculated as if no Interest
Advances are then outstanding and on the basis of the lower of the applicable
Stated Interest Rate and the applicable Capped Interest Rate as of such date)
but not to exceed the Maximum Commitment; provided, however, that
the Maximum Available Commitment shall not be so reinstated at any time if (x)
(i) a Liquidity Event of Default shall have occurred and be continuing and
(ii) there is a Performing Note Deficiency or (y) at any time after the
making of a Provider Advance, a Final Advance or a Special Termination Advance.

 

(b)                                 A
“Non-Extension Advance” shall be
made in a single Borrowing if this Agreement is not extended in accordance with
Section 3.6(d) of the Intercreditor Agreement (unless a Replacement
Primary Liquidity Facility to replace this Agreement shall have been delivered
to the Borrower as contemplated by said Section 3.6(d) within the time
period specified in such Section) by delivery to the Primary Liquidity Provider
of a written and completed Notice of Borrowing in substantially the form of
Annex II attached hereto, signed by a Responsible Officer of the Borrower,
in an amount equal to the Maximum Available Commitment at such time, and shall
be used solely to fund the Class C Primary Cash Collateral Account in
accordance with said Section 3.6(d) and Section 3.6(f) of the
Intercreditor Agreement.

 

8

 

(c)                                  A
“Downgrade Advance” shall be made
in a single Borrowing following the occurrence of a Downgrade Event (as
provided for in Section 3.6(c) of the Intercreditor Agreement) unless a
Replacement Primary Liquidity Facility to replace this Agreement shall have
been delivered to the Borrower in accordance with said Section 3.6(c), by
delivery to the Primary Liquidity Provider of a written and completed Notice of
Borrowing in substantially the form of Annex III, signed by a Responsible
Officer of the Borrower, in an amount equal to the Maximum Available Commitment
at such time, and shall be used solely to fund the Class C Primary Cash
Collateral Account in accordance with said Section 3.6(c) and
Section 3.6(f) of the Intercreditor Agreement.

 

(d)                                 A
“Final Advance” shall be made in a
single Borrowing upon the receipt by the Borrower of a Termination Notice from
the Primary Liquidity Provider pursuant to Section 6.01(a), by delivery to
the Primary Liquidity Provider of a written and completed Notice of Borrowing
in substantially the form of Annex IV, signed by a Responsible Officer of the
Borrower, in an amount equal to the Maximum Available Commitment at such time,
and shall be used solely to fund the Class C Primary Cash Collateral Account
(in accordance with Section 3.6(f) and Section 3.6(i) of the
Intercreditor Agreement).

 

(e)                                  A
“Special Termination Advance”
shall be made in a single Borrowing upon the receipt by the Borrower of a
Special Termination Notice from the Primary Liquidity Provider pursuant to
Section 6.01(b), by delivery to the Primary Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex
VII, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used solely to fund the
Class C Primary Cash Collateral Account (in accordance with Section 3.6(f)
and Section 3.6(k) of the Intercreditor Agreement).

 

(f)                                    Each
Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in substantially the form required by
Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02(e), as the case may be,
given by the Borrower to the Primary Liquidity Provider.  If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing no later than 1:00 p.m. (New York
City time) on a Business Day, upon satisfaction of the conditions precedent set
forth in Section 4.02 with respect to a requested Borrowing, the Primary
Liquidity Provider shall, before 4:00 p.m. (New York City time) on the
date of delivery of such Notice of Borrowing or on such later Business Day
specified by the Borrower in such Notice of Borrowing, make available in U.S.
dollars and in immediately available funds, the amount of such Borrowing to be
paid to the Borrower in accordance with its payment instructions.  If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing on a day that is not a Business Day or
after 1:00 p.m. (New York City time) on a Business Day, upon satisfaction
of the conditions precedent set forth in Section 4.02 with respect to a
requested Borrowing, the Primary Liquidity Provider shall, before
1:00 p.m. (New York City time) on the first Business Day following the day
of delivery of such Notice of Borrowing or on such later Business Day specified
by the Borrower in such Notice of Borrowing, make available to the Borrower, in
accordance with its payment instructions, in U.S. dollars and in immediately
available funds, the amount of such Borrowing. 
Payments of proceeds of a Borrowing shall be made by wire transfer of
immediately available funds to the Borrower in accordance with such wire
transfer instructions as the Borrower shall furnish from time to time to the
Primary Liquidity Provider for such purpose. 
Each Notice of Borrowing shall be irrevocable and binding on the
Borrower.  Each Notice of

 

9

 

Borrowing shall be
effective upon delivery of a copy thereof to the Primary Liquidity Provider’s
New York Branch (with a copy to the Lending Office) at the address specified
pursuant to the terms of Section 7.02.

 

(g)                                 Upon
the making of any Advance requested pursuant to a Notice of Borrowing in
accordance with the Borrower’s payment instructions, the Primary Liquidity
Provider shall be fully discharged of its obligation hereunder with respect to
such Notice of Borrowing, and the Primary Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person.  If the Primary Liquidity Provider makes an
Advance requested pursuant to a Notice of Borrowing before 1:00 p.m. (New York
City time) on the second Business Day after the date of payment specified in
Section 2.02(f), the Primary Liquidity Provider shall have fully
discharged its obligations hereunder with respect to such Advance and an event
of default shall not have occurred hereunder. 
Following the making of any Advance pursuant to Section 2.02(b),
Section 2.02(c), Section 2.02(d) or Section 2.02(e) to fund the
Class C Primary Cash Collateral Account, the Primary Liquidity Provider shall
have no interest in or rights to the Class C Primary Cash Collateral Account,
such Advance or any other amounts from time to time on deposit in the Class C
Primary Cash Collateral Account; provided, however, that the
foregoing shall not affect or impair the obligations of the Subordination Agent
to make the distributions contemplated by Section 3.6(e) or (f) of the
Intercreditor Agreement and provided  further, that the foregoing
shall not affect or impair the rights of the Primary Liquidity Provider to
provide written instructions with respect to the investment and reinvestment of
the amounts in Cash Collateral Accounts to the extent provided in Section 2.2(b)
of the Intercreditor Agreement.  By
paying to the Borrower proceeds of Advances requested by the Borrower in
accordance with the provisions of this Agreement, the Primary Liquidity
Provider makes no representation as to, and assumes no responsibility for, the
correctness or sufficiency for any purpose of the amount of the Advances so
made and requested.

 

Section
2.03                            Fees.  The Borrower agrees to pay to the Primary
Liquidity Provider the fees set forth in the Fee Letter applicable to this
Agreement.

 

Section
2.04                            Automatic
Reductions and Termination of the Maximum Commitment.

 

(a)                                  Automatic
Reductions.  Promptly following each
date on which the Required Amount is reduced as a result of a reduction in the
Pool Balance of the Class C Certificates, or otherwise, the Maximum Commitment
shall automatically be reduced to an amount equal to such reduced Required
Amount (as calculated by the Borrower). 
The Borrower shall give notice of any such automatic reduction of the Maximum
Commitment to the Primary Liquidity Provider within two Business Days
thereof.  The failure by the Borrower to
furnish any such notice shall not affect such automatic reduction of the
Maximum Commitment.

 

(b)                                 Termination.  Upon the making of any Provider Advance or
the  Special Termination Advance or the
making of or conversion to a Final Advance hereunder or the occurrence of the
Termination Date, the obligation of the Primary Liquidity Provider to make
further Advances hereunder shall automatically and irrevocably terminate, and
the Borrower shall not be entitled to request any further Borrowing hereunder.

 

10

 

Section
2.05                            Repayments
of Interest Advances, the Special Termination Advance or the Final Advance.  Subject to Sections 2.06, 2.07 and 2.09,
the Borrower hereby agrees, without notice of an Advance or demand for
repayment from the Primary Liquidity Provider (which notice and demand are
hereby waived by the Borrower), to pay, or to cause to be paid, to the Primary
Liquidity Provider on each date on which the Primary Liquidity Provider shall
make an Interest Advance, the Special Termination Advance or the Final Advance,
an amount equal to (a) the amount of such Advance (any such Advance, until
repaid, is referred to herein as an “Unpaid
Advance”), plus (b) interest on the amount of each such Unpaid
Advance as provided in Section 3.07; provided, however, that
if (i) the Primary Liquidity Provider shall make a Provider Advance at any
time after making one or more Interest Advances which shall not have been
repaid in accordance with this Section 2.05 or (ii) this Primary
Liquidity Facility shall become a Downgraded Facility or Non-Extended Facility
at any time when unreimbursed Interest Advances have reduced the Maximum
Available Commitment to zero, then such Interest Advances shall cease to
constitute Unpaid Advances and shall be deemed to have been changed into an
Applied Downgrade Advance or an Applied Non-Extension Advance, as the case may
be, for all purposes of this Agreement (including, for the purpose of
determining when such Interest Advance is required to be repaid to the Primary
Liquidity Provider in accordance with Section 2.06 and for the purposes of
Section 2.06(b)); provided, further, that amounts in respect
of a Special Termination Advance withdrawn from the Class C Primary Cash
Collateral Account for the purpose of paying interest on the Class C
Certificates in accordance with Section 3.6(f) of the Intercreditor
Agreement (the amount of any such withdrawal being an “Applied Special Termination Advance”) shall
thereafter (subject to Section 2.06(b)) be treated as an Interest Advance
under this Agreement for purposes of determining the Applicable Liquidity Rate
for interest payable thereon; and provided, further, that if,
following the making of a Special Termination Advance, the Primary Liquidity
Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01(a), such Special Termination Advance shall thereafter be
treated as a Final Advance under this Agreement for purposes of determining the
Applicable Liquidity Rate for interest payable thereon and the dates on which
such interest is payable.  The Borrower
and the Primary Liquidity Provider agree that the repayment in full of each
Interest Advance, Special Termination Advance and Final Advance on the date
such Advance is made is intended to be a contemporaneous exchange for new value
given to the Borrower by the Primary Liquidity Provider.

 

Section
2.06                            Repayments
of Provider Advances.  (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class C Primary Cash Collateral Account, invested and withdrawn from the Class
C Primary Cash Collateral Account as set forth in Sections 3.6(c), (d) and
(f) of the Intercreditor Agreement.  The
Borrower agrees to pay to the Primary Liquidity Provider, on each Regular
Distribution Date, commencing on the first Regular Distribution Date after the
making of a Provider Advance, interest on the principal amount of any such
Provider Advance as provided in Section 3.07; provided, however,
that amounts in respect of a Provider Advance withdrawn from the Class C
Primary Cash Collateral Account for the purpose of paying interest on the Class
C Certificates in accordance with Section 3.6(f) of the Intercreditor
Agreement (the amount of any such withdrawal being (y) in the case of a
Downgrade Advance, an “Applied Downgrade
Advance” and (z) in the case of a Non-Extension Advance, an “Applied Non-Extension Advance” and,
together with an Applied Downgrade Advance, an “Applied Provider Advance”) shall thereafter (subject to
Section 2.06(b)) be treated as an Interest Advance under this Agreement
for purposes of

 

11

 

determining the
Applicable Liquidity Rate for interest payable thereon and the dates on which
such interest is payable; and provided, further, that if,
following the making of a Provider Advance, the Primary Liquidity Provider
delivers a Termination Notice to the Borrower pursuant to Section 6.01(a),
such Provider Advance shall thereafter be treated as a Final Advance under this
Agreement for purposes of determining the Applicable Liquidity Rate for
interest payable thereon and the dates on which such interest is payable.  Subject to Sections 2.07 and 2.09 hereof,
immediately upon the withdrawal of any amounts from the Class C Primary Cash
Collateral Account on account of a reduction in the Required Amount, the
Borrower shall repay to the Primary Liquidity Provider a portion of the
Provider Advances in a principal amount equal to the amount of such reduction,
plus interest on the principal amount prepaid as provided in Section 3.07.

 

(b)                                 At
any time when an Applied Provider Advance (or any portion thereof) is
outstanding, upon the deposit in the Class C Primary Cash Collateral Account of
any amount pursuant to Section 2.4(a) of the Intercreditor Agreement or
clause fourth of Section 3.2 of the Intercreditor Agreement (any
such amount being a “Replenishment Amount”)
for the purpose of replenishing or increasing the balance thereof up to the
amount of the Required Amount at such time, (i) the aggregate outstanding
principal amount of all Applied Provider Advances (and of Provider Advances
treated as an Interest Advance for purposes of determining the Applicable Liquidity
Rate for interest payable thereon) shall be automatically reduced by the amount
of such Replenishment Amount and (ii) the aggregate outstanding principal
amount of all Unapplied Provider Advances shall be automatically increased by
the amount of such Replenishment Amount.

 

(c)                                  Upon
the provision of a Replacement Primary Liquidity Facility in replacement of
this Agreement in accordance with Section 3.6(e) or 2.7(c) of the
Intercreditor Agreement, amounts remaining on deposit in the Class C Primary Cash
Collateral Account after giving effect to any Applied Provider Advance on the
date of such replacement shall be reimbursed to the Primary Liquidity Provider,
but only to the extent such amounts are necessary to repay in full to the
Primary Liquidity Provider all amounts owing to it hereunder.

 

Section
2.07                            Payments
to the Primary Liquidity Provider Under the Intercreditor Agreement.  In order to provide for payment or repayment
to the Primary Liquidity Provider of any amounts hereunder, the Intercreditor
Agreement provides that amounts available and referred to in Articles II
and III of the Intercreditor Agreement, to the extent payable to the
Primary Liquidity Provider pursuant to the terms of the Intercreditor Agreement
(including, without limitation, Sections 3.6(f) and 2.7(c) of the
Intercreditor Agreement), shall be paid to the Primary Liquidity Provider in
accordance with the terms thereof. 
Amounts so paid to, and not required to be returned by, the Primary
Liquidity Provider shall be applied by the Primary Liquidity Provider to
Liquidity Obligations then due and payable in the order of priority required by
the applicable provisions of Articles II and III of the Intercreditor
Agreement or, if not provided for in the Intercreditor Agreement, then in such
manner as the Primary Liquidity Provider shall deem appropriate, and shall
discharge in full the corresponding obligations of the Borrower hereunder.

 

Section
2.08                            Book
Entries.  The Primary Liquidity
Provider shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the

 

12

 

Borrower resulting from
Advances made from time to time and the amounts of principal and interest
payable hereunder and paid from time to time in respect thereof; provided,
however, that the failure by the Primary Liquidity Provider to maintain
such account or accounts shall not affect the obligations of the Borrower in
respect of Advances.

 

Section
2.09                            Payments
from Available Funds Only.  All
payments to be made by the Borrower under this Agreement shall be made only
from amounts that constitute Scheduled Payments or Special Payments or payments
under the Fee Letter, Section 7.1 of the Participation Agreements, and
Section 6 of the Note Purchase Agreement, and only to the extent that the
Borrower shall have sufficient income or proceeds therefrom to enable the
Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement.  The Primary Liquidity
Provider agrees that it shall look solely to such amounts to the extent
available for distribution to it as provided in the Intercreditor Agreement and
this Agreement and that the Borrower, in its individual capacity, is not
personally liable to it  for any
amounts payable or liability under this Agreement except as expressly provided
in this Agreement or the Intercreditor Agreement.  Amounts on deposit in the Class C Primary
Cash Collateral Account shall be available to the Borrower to make payments
under this Agreement only to the extent and for the purposes expressly
contemplated in Section 3.6(f) of the Intercreditor Agreement.

 

Section
2.10                            Extension
of Expiry Date; Non-Extension Advance. 
No earlier than the 60th day and no later than the 40th
day prior to the then effective Expiry Date (unless such Expiry Date is on or
after the date that is 15 days after the Final Legal Distribution Date for the
Class C Certificates), the Borrower shall request that the Primary Liquidity
Provider extend the Expiry Date to the earlier of (i) the date that is 15
days after the Final Legal Distribution Date for the Class C Certificates and
(ii) the date that is the day immediately preceding the 364th
day occurring after the last day of the Consent Period (as hereinafter
defined).  Whether or not the Borrower
has made such request, the Primary Liquidity Provider shall advise the
Borrower, no earlier than the 40th day (or, if earlier, the date of
the Primary Liquidity Provider’s receipt of such request, if any, from the
Borrower) and no later than the 25th day prior to the then effective
Expiry Date (such period the “Consent Period”),
whether, in its sole discretion, it agrees to so extend the Expiry Date.  If the Primary Liquidity Provider advises the
Borrower on or before the date on which the Consent Period ends that such
Expiry Date shall not be so extended, or fails to irrevocably and
unconditionally advise the Borrower on or before the date on which the Consent
Period ends that such Expiry Date shall be so extended  (and, in each case, if the Primary Liquidity
Provider shall not have been replaced in accordance with Section 3.6(e) of
the Intercreditor Agreement), the Borrower shall be entitled on and after the
date on which the Consent Period ends (but prior to the then effective Expiry
Date) to request a Non-Extension Advance in accordance with Section 2.2(b)
and Section 3.6(d) of the Intercreditor Agreement.

 

Section
2.11                            Right
to Further Extend Expiry Date.  Subject
to the proviso in the immediately succeeding sentence and at no additional cost
or expense of the Borrower or JetBlue, the Primary Liquidity Provider shall
have the right at any time and without the consent of the Borrower to extend
the then effective Expiry Date to the date that is up to 15 days after the
Final Legal Distribution Date for the Class C Certificates by giving not less
than five nor more than ten days’ prior written notice of such extension to the
Borrower, the Trustee, each Rating Agency and JetBlue (which notice shall
specify the effective date of such extension (the

 

13

 

“Extension Effective Date”)).  On the Extension Effective Date, the then
effective Expiry Date shall be so extended without any further act; provided,
however, that if prior to the Extension Effective Date a Downgrade Event shall
have occurred, then the effective Expiry Date shall not be so extended.

 

ARTICLE III

 

OBLIGATIONS OF THE BORROWER

 

Section
3.01                            Increased
Costs.  The Borrower shall pay to the
Primary Liquidity Provider from time to time such amounts as may be necessary
to compensate the Primary Liquidity Provider for any costs incurred by the
Primary Liquidity Provider which are attributable to its making or maintaining
any Advances hereunder or its obligation to make any such Advances hereunder,
or any reduction in any amount receivable by the Primary Liquidity Provider
under this Agreement or the Intercreditor Agreement in respect of any such
Advances or such obligation (such increases in costs and reductions in amounts
receivable being herein called “Additional
Costs”), resulting from any change after the date of this Agreement
in U.S. federal, state, or municipal, or any foreign laws or regulations, or
the adoption or making after such date of any interpretation, regulation,
directive, or requirement applying to a class of banks including the Primary
Liquidity Provider whether or not having the force of law, by any court or
governmental or monetary authority charged with the interpretation or
administration thereof (a “Regulatory Change”),
which: (1) changes the basis of taxation of any amounts payable to the
Primary Liquidity Provider under this Agreement in respect of any such Advances
or such obligation (other than Excluded Taxes or any Non-Excluded Taxes); or
(2) imposes or modifies any reserve, special deposit, compulsory loan or
similar requirements relating to any extensions of credit or other assets of,
or any deposits with other liabilities of, the Primary Liquidity Provider
(including any such Advances or such obligation or any deposits referred to in
the definition of LIBOR or related definitions).  The Primary Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policies and with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any amount payable under this Section 3.01 that may thereafter accrue and
would not, in the reasonable judgment of the Primary Liquidity Provider, be
otherwise disadvantageous to the Primary Liquidity Provider.

 

The Primary Liquidity Provider shall notify the
Borrower of any event occurring after the date of this Agreement that shall
entitle the Primary Liquidity Provider to compensation pursuant to this
Section 3.01 as promptly as practicable after it obtains knowledge thereof
and determines to request such compensation, which notice shall describe in
reasonable detail the calculation of the amounts owed under this
Section 3.01; provided, that if the Primary Liquidity Provider fails to
give such notice within 180 days after it obtains such knowledge, the Primary
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.01 for costs incurred from and
after the date 180 days prior to the date the Primary Liquidity Provider does
give such notice.  Determinations by the
Primary Liquidity Provider for purposes of this Section 3.01 of the effect
of any Regulatory Change on its costs of making or maintaining Advances or its
obligation to make any Advances hereunder or on amounts receivable by it in
respect of Advances, and of the additional amounts required to

 

14

 

compensate the Primary Liquidity Provider in respect
of any Additional Costs, shall be prima facie evidence of the amount owed under
this Section 3.01.

 

Notwithstanding the preceding two paragraphs, the
Primary Liquidity Provider and the Subordination Agent agree that any permitted
assignee or participant of the initial Primary Liquidity Provider that is not a
bank shall not be entitled to the benefits of the preceding two paragraphs (but
without limiting the provisions of Section 7.08 hereof).

 

Section
3.02                            Capital
Adequacy.  If (1) the adoption,
after the date hereof, of any applicable governmental law, rule or regulation
regarding capital adequacy, (2) any change, after the date hereof, in the
interpretation or administration of any such law, rule or regulation by any
central bank or other governmental authority charged with the interpretation or
administration thereof or (3) compliance by the Primary Liquidity Provider
or any corporation controlling the Primary Liquidity Provider with any
applicable guideline or request from any central bank or other governmental
authority (whether or not having the force of law), issued after the date
hereof, that constitutes a change in the nature described in clause (2), has
the effect of requiring an increase in the amount of capital required to be
maintained by the Primary Liquidity Provider or any corporation controlling the
Primary Liquidity Provider, and such increase is based upon the Primary
Liquidity Provider’s obligations hereunder (including funded obligations) and
other similar obligations, the Borrower shall, subject to the provisions of the
next paragraph, pay to the Primary Liquidity Provider from time to time such
additional amount or amounts as are necessary to compensate the Primary
Liquidity Provider for the portion of such increase as shall be reasonably
allocable to the Primary Liquidity Provider’s obligations to the Borrower
hereunder.  The Primary Liquidity
Provider agrees to use reasonable efforts (consistent with its internal
policies and with applicable legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need
for, or reduce the amount of, any amount payable under this Section 3.02
that may thereafter accrue and would not, in the reasonable judgment of the
Primary Liquidity Provider, be otherwise disadvantageous to the Primary
Liquidity Provider.

 

From and after the Extension Effective Date, the
Primary Liquidity Provider will be entitled to compensation pursuant to this
Section 3.02 only to the extent that the Primary Liquidity Provider would have
been so entitled if the Extension Effective Date had not occurred.

 

The Primary Liquidity Provider shall notify the
Borrower of any event occurring after the date of this Agreement that shall
entitle the Primary Liquidity Provider to compensation pursuant to this
Section 3.02 as promptly as practicable after it obtains knowledge thereof
and determines to request such compensation, which notice shall describe in
reasonable detail the calculation of the amounts owed under this
Section 3.02; provided, that if the Primary Liquidity Provider fails to
give such notice within 180 days after it obtains such knowledge, the Primary
Liquidity Provider shall, with respect to any costs resulting from such event,
only be entitled to payment under this Section 3.02 for costs incurred from and
after the date 180 days prior to the date the Primary Liquidity Provider does
give such notice.  Determinations by the
Primary Liquidity Provider for purposes of this Section 3.02 of the effect
of any increase in the amount of capital required to be maintained by the
Primary Liquidity Provider and of the amount allocable to the Primary Liquidity
Provider’s obligations to the Borrower hereunder shall be prima facie evidence
of the amounts owed under this Section 3.02.

 

15

 

Notwithstanding the preceding two paragraphs, the
Primary Liquidity Provider and the Subordination Agent agree that any permitted
assignee or participant of the initial Primary Liquidity Provider that is not a
bank shall not be entitled to the benefits of the preceding two paragraphs (but
without limiting the provisions of Section 7.08 hereof).

 

Section
3.03                            Payments
Free of Deductions.  (a)  All payments made by the Borrower under this
Agreement shall be made free and clear of, and without reduction for or on
account of, any Taxes, excluding Excluded Taxes (such non-excluded taxes being
referred to herein, collectively, as “Non-Excluded
Taxes”).  If any Non-Excluded
Taxes are required to be withheld or deducted from any amounts payable to the
Primary Liquidity Provider under this Agreement, the Borrower shall
(i) within the time prescribed therefor by applicable law pay to the
appropriate governmental or taxing authority the full amount of any such
Non-Excluded Taxes (and any additional Non-Excluded Taxes in respect of the
payment required under clause (ii) below) and make such reports or returns
in connection therewith at the time or times and in the manner prescribed by
applicable law, and (ii) pay to the Primary Liquidity Provider an
additional amount which (after deduction of all such Non-Excluded Taxes) shall
be sufficient to yield to the Primary Liquidity Provider the full amount which
would have been received by it had no such withholding or deduction been
made.  Within 30 days after the date of
each payment hereunder, the Borrower shall furnish to the Primary Liquidity
Provider the original or a certified copy of (or other documentary evidence of)
the payment of the Non-Excluded Taxes applicable to such payment.  The Primary Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policies and with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the
reasonable judgment of the Primary Liquidity Provider, be otherwise materially
disadvantageous to the Primary Liquidity Provider.  The Primary Liquidity Provider shall deliver
to the Borrower such certificates and documents, including, without limitation,
original W-8BEN or W-8ECI forms, or any successor forms, as may be reasonably
requested by the Borrower and required by applicable law to establish that
payments hereunder are exempt from (or entitled to a reduced rate of)
withholding Tax.

 

(b)                                 All
payments (including, without limitation, Advances) made by the Primary
Liquidity Provider under this Agreement shall be made free and clear of, and
without reduction for or on account of, any Taxes.  If any Taxes are required to be withheld or
deducted from any amounts payable to the Borrower under this Agreement, the
Primary Liquidity Provider shall (i) within the time prescribed therefor
by applicable law pay to the appropriate governmental or taxing authority the
full amount of any such Taxes (and any additional Taxes in respect of the
additional amounts payable under clause (ii) hereof) and make such reports
or returns in connection therewith at the time or times and in the manner
prescribed by applicable law, and (ii) pay to the Borrower an additional
amount which (after deduction of all such Taxes) shall be sufficient to yield
to the Borrower the full amount which would have been received by it had no
such withholding or deduction been made. 
Within 30 days after the date of each payment under this Section
3.03(b), the Primary Liquidity Provider shall furnish to the Borrower the
original or a certified copy of (or other documentary evidence of) the payment
of the Taxes applicable to such payment.

 

16

 

(c)                                  If
any exemption from, or reduction in the rate of, any Taxes is reasonably
available to the Borrower to establish that payments under this Agreement are
exempt from (or entitled to a reduced rate of) tax, the Borrower shall deliver
to the Primary Liquidity Provider such form or forms and such other evidence of
the eligibility of the Borrower for such exemption or reduction as the Primary
Liquidity Provider may reasonably identify to the Borrower as being required as
a condition to exemption from, or reduction in the rate of, any Taxes.

 

Section
3.04                            Payments.  The Borrower shall make or cause to be made
each payment to the Primary Liquidity Provider under this Agreement so as to
cause the same to be received by the Primary Liquidity Provider not later than
1:00 P.M. (New York City time) on the day when due.  The Borrower shall make all such payments in
lawful money of the United States of America, to the Primary Liquidity Provider
in immediately available funds, by wire transfer to Deutsche Bank Trust Co.
Americas, New York, ABA No. 021001033, Swift Code: BKTR US 33, Account Holder:
Landesbank Baden-Württemberg, Stuttgart, Account No. 04-095-107, Swift
Code: SOLADEST, Reference:  3371 Loan
Administration, JetBlue EETC 2004-2, or such other account as the Primary
Liquidity Provider shall notify the Borrower.

 

Section
3.05                            Computations.  All computations of interest based on the
Base Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and all computations of interest based on the LIBOR shall be made on
the basis of a year of 360 days, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period
for which such interest is payable.

 

Section
3.06                            Payment
on Non-Business Days.  Whenever any
payment to be made hereunder shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day
(and if so made, shall be deemed to have been made when due).

 

Section
3.07                            Interest.  (a) 
Subject to Section 2.09, the Borrower shall pay, or shall cause to be
paid, without duplication, interest on (i) the unpaid principal amount of
each Advance from and including the date of such Advance (or, in the case of an
Applied Provider Advance or Applied Special Termination Advance, from and
including the date on which the amount thereof was withdrawn from the Class C
Primary Cash Collateral Account to pay interest on the Class C Certificates) to
but excluding the date such principal amount shall be paid in full (or, in the
case of an Applied Provider Advance or Applied Special Termination Advance, the
date on which the Class C Primary Cash Collateral Account is fully replenished
in respect of such Advance) and (ii) any other amount due hereunder
(whether fees, commissions, expenses or other amounts or to the extent permitted
by applicable law,  installments of
interest on Advances or any such other amount) which is not paid when due
(whether at stated maturity, by acceleration or otherwise) from and including
the due date thereof to but excluding the date such amount is paid in full, in
each such case, at a fluctuating interest rate per annum for each day equal to
the Applicable Liquidity Rate (as defined below) for such Advance or such other
amount as in effect for such day, but in no event at a rate per annum greater than
the maximum rate permitted by applicable law; provided, however,
that, if at any time the otherwise applicable interest rate as set forth in
this Section 3.07 shall exceed the maximum rate permitted by applicable
law, then any subsequent reduction in such interest rate shall not reduce the
rate of interest payable pursuant to this Section 3.07 below the maximum
rate permitted by applicable

 

17

 

law until the total
amount of interest accrued equals the amount of interest that would have
accrued if such otherwise applicable interest rate as set forth in this
Section 3.07 had at all times been in effect.  Nothing contained in this Section 3.07
shall require the Borrower to pay any amount under this Section 3.07 other
than as specified in Section 2.09.

 

(b)                                 Except
as provided in Section 3.07(e), each Advance shall be either a Base Rate
Advance or a LIBOR Advance as provided in this Section or
Section 3.10.  Each such Advance
shall be a Base Rate Advance for the period from the date of its borrowing to
(but excluding) the third London/Stuttgart Business Day following the Primary
Liquidity Provider’s receipt of the Notice of Borrowing for such Advance.  Thereafter, such Advance shall be a LIBOR
Advance.

 

(c)                                  Each
LIBOR Advance shall bear interest during each Interest Period at a rate per
annum equal to LIBOR for such Interest Period plus the Applicable Margin for
such LIBOR Advance, payable in arrears on the last day of such Interest Period
and, in the event of the payment of principal of such LIBOR Advance on a day
other than such last day, on the date of such payment (to the extent of
interest accrued on the amount of principal repaid).

 

(d)                                 Each
Base Rate Advance shall bear interest at a rate per annum equal to the Base
Rate plus the Applicable Margin, payable in arrears on each Regular
Distribution Date and, in the event of the payment of principal of such Base
Rate Advance on a day other than a Regular Distribution Date, on the date of
such payment (to the extent of interest accrued on the amount of principal
repaid).

 

(e)                                  Each
(i) outstanding Unapplied Non-Extension Advance and (ii) outstanding Unapplied
Downgrade Advance with respect to which the Primary Liquidity Provider has
elected pursuant to the provision in Section 3.6(e)(i)(C) of the Intercreditor
Agreement not to be replaced, from the date of such election, shall bear
interest in an amount equal to the Investment Earnings on amounts on deposit in
the Class C Primary Cash Collateral Account plus the Applicable Margin, payable
in arrears on each Regular Distribution Date.

 

(f)                                    Each
amount not paid when due hereunder (whether fees, commissions, expenses or
other amounts or, to the extent permitted by applicable law, installments of
interest on Advances but excluding Advances) shall bear interest at a rate per
annum equal to the Base Rate plus 1.00% per annum.

 

(g)                                 Each
change in the Base Rate shall become effective immediately.  The rates of interest specified in this
Section 3.07 with respect to any Advance or other amount shall be referred
to as the “Applicable Liquidity Rate.”

 

Section
3.08                            Replacement
of Borrower.  Subject to
Section 5.02, from time to time and subject to the successor Borrower’s
meeting the eligibility requirements set forth in Section 6.9 of the
Intercreditor Agreement applicable to the Subordination Agent, upon the
effective date and time specified in a written and completed Notice of
Replacement Subordination Agent in substantially the form of Annex VI (a “Notice of Replacement Subordination Agent”)
delivered to the Primary Liquidity Provider by the then Borrower, the successor
Borrower designated therein shall be substituted for as the Borrower for all
purposes hereunder.

 

18

 

Section
3.09                            Funding
Loss Indemnification.  The Borrower
shall pay to the Primary Liquidity Provider, upon the request of the Primary
Liquidity Provider, such amount or amounts as shall be sufficient (in the
reasonable opinion of the Primary Liquidity Provider) to compensate it for any
loss, cost, or expense incurred by reason of the liquidation or redeployment of
deposits or other funds acquired by the Primary Liquidity Provider to fund or
maintain any LIBOR Advance (but excluding loss of anticipated profits) incurred
as a result of:

 

(1)                                  Any
repayment of a LIBOR Advance on a date other than the last day of the Interest
Period for such Advance; or

 

(2)                                  Any
failure by the Borrower to borrow a LIBOR Advance on the date for borrowing
specified in the relevant notice under Section 2.02.

 

Section
3.10                            Illegality.  Notwithstanding any other provision in this
Agreement, if any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Primary Liquidity Provider (or its
Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency shall make it
unlawful or impossible for the Primary Liquidity Provider (or its Lending
Office) to maintain or fund its LIBOR Advances, then upon notice to the
Borrower by the Primary Liquidity Provider, the outstanding principal amount of
the LIBOR Advances shall be converted to Base Rate Advances
(a) immediately upon demand of the Primary Liquidity Provider, if such
change or compliance with such request, in the judgment of the Primary
Liquidity Provider, requires immediate repayment; or (b) at the expiration
of the last Interest Period to expire before the effective date of any such
change or request.  The Primary Liquidity
Provider agrees to use reasonable efforts (consistent with applicable legal and
regulatory restrictions) to change the jurisdiction of its Lending Office if
making such change would avoid or cure the aforesaid illegality and would not,
in the reasonable judgment of the Primary Liquidity Provider, be otherwise
disadvantageous to the Primary Liquidity Provider.

 

ARTICLE IV

 

CONDITIONS PRECEDENT

 

Section
4.01                            Conditions
Precedent to Effectiveness of Section 2.01.  Section 2.01 of this Agreement shall
become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent
have been satisfied or waived by the appropriate party or parties:

 

(a)                                  The
Primary Liquidity Provider shall have received on or before the Closing Date
each of the following and in the case of each document delivered pursuant to
paragraphs (i), (ii) and (iii), in form and substance satisfactory to the
Primary Liquidity Provider:

 

(i)                                     This
Agreement duly executed on behalf of the Borrower;

 

19

 

(ii)                                  The
Intercreditor Agreement, Tax Letter and Fee Letter duly executed on behalf of
each of the parties thereto (other than the Primary Liquidity Provider);

 

(iii)                               Fully
executed copies of each of the Operative Agreements executed and delivered on
or before the Closing Date (other than this Agreement, the Intercreditor Agreement,
Tax Letter and the Fee Letter);

 

(iv)                              A
copy of the Prospectus Supplement and specimen copies of the Class C
Certificates;

 

(v)                                 An
executed copy of each opinion, document, instrument and certificate delivered
on or before the Closing Date pursuant to the Class C Trust Agreement, the
Intercreditor Agreement, the Note Purchase Agreement and the other Operative
Agreements entered into on or prior to the date hereof (in the case of each
such opinion, other than the opinion of counsel for the Underwriters, either
addressed to the Primary Liquidity Provider or accompanied by a letter from the
counsel rendering such opinion to the effect that the Primary Liquidity
Provider is entitled to rely on such opinion as of its date as if it were
addressed to the Primary Liquidity Provider);

 

(vi)                              Evidence
that there shall have been made and shall be in full force and effect, all
filings, recordings and/or registrations, and there shall have been given or
taken any notice or other similar action as may be reasonably necessary or, to
the extent reasonably requested by the Primary Liquidity Provider, reasonably
advisable, in order to establish, perfect, protect and preserve the right,
title and interest, remedies, powers, privileges, liens and security interests
of, or for the benefit of, the Trustee and the Primary Liquidity Provider
created by the Operative Agreements executed and delivered on or before the
Closing Date;

 

(vii)                           An
agreement from JetBlue, pursuant to which JetBlue agrees to provide copies of
quarterly financial statements and audited annual financial statements to the
Primary Liquidity Provider provided that so long as JetBlue is subject to the
reporting requirements of the Securities Exchange Act of 1934, such information
will be considered provided if it is made available on the EDGAR database of
the Securities and Exchange Commission;

 

(viii)                        Legal
opinions from (a) Morris, James, Hitchens & Williams LLP, special
counsel to the Borrower and (b) Vedder, Price, Kaufman & Kammholz, P.C.,
special counsel to JetBlue, each in form and substance reasonably satisfactory
to the Primary Liquidity Provider; and

 

(ix)                                Such
other documents, instruments, opinions and approvals as the Primary Liquidity
Provider shall have reasonably requested.

 

(b)                                 The
following statements shall be true on and as of the Effective Date:

 

(i)                                     The
representations and warranties in the Note Purchase Agreement and each of the
Participation Agreements entered into on or prior to the date

 

20

 

hereof
are true and correct on and as of the Effective Date as though made on and as
of the Effective Date;

 

(ii)                                  No
event has occurred and is continuing, or would result from the entering into of
this Agreement or the making of any Advance, which constitutes a Liquidity
Event of Default; and

 

(iii)                               There
has been no material adverse change in the financial condition or results of
operations of JetBlue and its subsidiaries taken as a whole since
December 31, 2003.

 

(c)                                  The
Primary Liquidity Provider shall have received payment in full of all fees and
other sums required to be paid to or for the account of the Primary Liquidity
Provider on or prior to the Effective Date.

 

(d)                                 All
conditions precedent to the issuance of the Certificates under the Trust Agreements
shall have been satisfied or waived, all conditions precedent to the
effectiveness of the other Liquidity Facilities shall have been satisfied or
waived, and all conditions precedent to the purchase of the Certificates by the
Underwriters under the Underwriting Agreement shall have been satisfied (unless
any of such conditions precedent shall have been waived by the Underwriters).

 

(e)                                  The
Borrower shall have received a certificate, dated the date hereof, signed by a
duly authorized representative of the Primary Liquidity Provider, certifying
that all conditions precedent to the effectiveness of Section 2.01 have
been satisfied or waived by the Primary Liquidity Provider.

 

Section
4.02                            Conditions
Precedent to Borrowing.  The
obligation of the Primary Liquidity Provider to make an Advance on the occasion
of each Borrowing shall be subject to the conditions precedent that the
Effective Date shall have occurred and, on or prior to the date of such
Borrowing, the Borrower shall have delivered a Notice of Borrowing which
conforms to the terms and conditions of this Agreement and has been completed
as may be required by the relevant form of the Notice of Borrowing for the type
of Advances requested.

 

ARTICLE V

 

COVENANTS

 

Section
5.01                            Affirmative
Covenants of the Borrower.  So long
as any Advance shall remain unpaid or the Primary Liquidity Provider shall have
any commitment hereunder or the Borrower shall have any obligation to pay any
amount to the Primary Liquidity Provider hereunder, the Borrower shall, unless
the Primary Liquidity Provider shall otherwise consent in writing:

 

(a)                                  Performance
of Agreements.  Punctually pay or
cause to be paid all amounts payable by it under this Agreement and the other
Operative Agreements and observe and perform in all material respects the
conditions, covenants and requirements applicable to it contained in this
Agreement and the other Operative Agreements.

 

21

 

(b)                                 Reporting
Requirements.  Furnish to the Primary
Liquidity Provider with reasonable promptness, such information and data with
respect to the transactions contemplated by the Operative Agreements as from
time to time may be reasonably requested by the Primary Liquidity Provider; and
permit the Primary Liquidity Provider, upon reasonable notice, to inspect the
Borrower’s books and records with respect to such transactions and to meet with
officers and employees of the Borrower to discuss such transactions.

 

(c)                                  Certain
Operative Agreements.  Furnish to the
Primary Liquidity Provider with reasonable promptness any Operative Agreement
entered into after the date hereof as from time to time may be reasonably
requested by the Primary Liquidity Provider.

 

Section
5.02                            Negative
Covenants of the Borrower.  So long
as any Advance shall remain unpaid or the Primary Liquidity Provider shall have
any commitment hereunder or the Borrower shall have any obligation to pay any
amount to the Primary Liquidity Provider hereunder, the Borrower shall not
appoint or permit or suffer to be appointed any successor Borrower without the
written consent of the Primary Liquidity Provider, which consent shall not be
unreasonably withheld or delayed.

 

ARTICLE VI

 

LIQUIDITY EVENTS OF DEFAULT AND
SPECIAL TERMINATION

 

Section
6.01                            Liquidity
Events of Default and Special Termination. 
(a) If (i) any Liquidity Event of Default has occurred and is
continuing and (ii) there is a Performing Note Deficiency, the Primary
Liquidity Provider may, in its discretion, deliver to the Borrower a
Termination Notice, the effect of which shall be to cause (A) the obligation of
the Primary Liquidity Provider to make Advances hereunder to expire on the
fifth Business Day after the date on which such Termination Notice is received
by the Borrower and JetBlue, (B) the Borrower to promptly request, and the
Primary Liquidity Provider to promptly make, a Final Advance in accordance with
Section 2.02(d) and Section 3.6(i) of the Intercreditor Agreement,
(C) all other outstanding Advances to be automatically converted into
Final Advances for purposes of determining the Applicable Liquidity Rate for
interest payable thereon, and (D) subject to Sections 2.07 and 2.09,
all Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts
outstanding hereunder to become immediately due and payable to the Primary
Liquidity Provider.

 

(b)                                 If
an Indenture Event of Default arising due to a payment default on any Series C
Equipment Note occurs under any Indenture and such Indenture Event of Default
is not cured in full by the earlier of (x) the end of the 36-month period
beginning on the date of such Indenture Event of Default and (y) October 15,
2008 the Primary Liquidity Provider may, in its discretion, deliver to the
Borrower a Special Termination Notice, the effect of which shall be to cause
(i) the obligation of the Primary Liquidity Provider to make Advances hereunder
to expire on the fifth Business Day after the date on which such Special
Termination Notice is received by the Borrower and JetBlue, (ii) the
Borrower to promptly request, and the Primary Liquidity Provider to promptly
make, a Special Termination Advance in accordance with Section 2.02(e) and
Section 3.6(k) of the Intercreditor Agreement, and (iii) subject to
Sections 2.07 and 2.09, all Advances (including, without limitation, any
Provider Advance and Applied Provider Advance),

 

22

 

any accrued interest
thereon and any other amounts outstanding hereunder to become immediately due
and payable to the Primary Liquidity Provider.

 

ARTICLE VII

 

MISCELLANEOUS

 

Section
7.01                            Amendments,
Etc.  No amendment or waiver of any
provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Primary Liquidity Provider, and, in the case of an amendment,
the Borrower, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

 

Section
7.02                            Notices,
Etc.  Except as otherwise expressly
provided herein, all notices and other communications provided for hereunder
shall be made in writing (including sent by telecopier) and to the following
address:

 

Borrower:                                          Wilmington
Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE  19890-0001

Attention:  Corporate Trust
Administration

Telephone: 302-651-1000

Telecopy: 302-651-8882

 

Liquidity

Provider:                                              Landesbank
Baden-Württemberg

Am Hauptbahnhof 2

D-70173 Stuttgart

Germany

Attention: Structured Finance

Telephone: +49-711-124-9757

Telecopy: +49-711-124-9747

 

with a copy of any Notice of Borrowing to:

 

Landesbank
Baden-Württemberg

280 Park Avenue, West Building, 31st Floor

New York, New York 10017

Attention:   Claudia
Rothe, Vice President

Bette Smolen, Assistant Vice President

Vincent Chu

Telephone: 212-584-1700

Telecopy: 212-584-1729

 

or, as to each of the foregoing, at such other address
as shall be designated by such Person in a Written Notice to the others.  All such notices and communications shall be
effective (i) if given by telecopier, when transmitted to the telecopier
number specified above with receipt confirmed,

 

23

 

and received in legible form (ii) if given by
mail, five Business Days after being deposited in the mails addressed as
specified above, and (iii) if given by other means, when delivered at the
address specified above, except that written notices to the Primary Liquidity
Provider pursuant to the provisions of Articles II and III shall not
be effective until received by the Primary Liquidity Provider, subject to the
last sentence of Section 2.02(f).  A
copy of all notices delivered hereunder to either party shall in addition be
delivered to each of the parties to the Participation Agreements at their
respective addresses set forth therein.

 

Section
7.03                            No
Waiver; Remedies.  No failure on the
part of the Primary Liquidity Provider to exercise, and no delay in exercising,
any right under this Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise of any right under this Agreement preclude any other
or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative and
not exclusive of any remedies provided by law.

 

Section
7.04                            Further
Assurances.  The Borrower agrees to
do such further acts and things and to execute and deliver to the Primary
Liquidity Provider such additional assignments, agreements, powers and instruments
as the Primary Liquidity Provider may reasonably require or deem advisable to
carry into effect the purposes of this Agreement and the other Operative
Agreements or to better assure and confirm unto the Primary Liquidity Provider
its rights, powers and remedies hereunder and under the other Operative
Agreements.

 

Section
7.05                            Indemnification;
Survival of Certain Provisions.  The
Primary Liquidity Provider shall be indemnified hereunder to the extent and in
the manner described in Section 6 of the Note Purchase Agreement and
Section 7.1 of the Participation Agreements.  In addition, the Borrower agrees to
indemnify, protect, defend and hold harmless each Liquidity Indemnitee from,
against and in respect of, and shall pay on demand, all Expenses of any kind or
nature whatsoever (other than any Expenses of the nature described in
Section 3.01, 3.02 or 7.07 hereof or in the Fee Letter (regardless of
whether indemnified against pursuant to said Sections or in such Fee
Letter)) that may be imposed on, incurred by or asserted against any  Liquidity Indemnitee, in any way relating to,
resulting from, or arising out of or in connection with any action, suit or
proceeding by any third party against such Liquidity Indemnitee and relating to
this Agreement, the Intercreditor Agreement, the Fee Letter, the Tax Letter or
any Participation Agreement; provided, however, that the Borrower
shall not be required to indemnify, protect, defend and hold harmless any
Liquidity Indemnitee in respect of any Expense of such Liquidity Indemnitee to
the extent such Expense is (i) attributable to the gross negligence or
willful misconduct of such Liquidity Indemnitee or any other Liquidity
Indemnitee, (ii) ordinary and usual operating overhead expense or
(iii) attributable to the failure by such Liquidity Indemnitee or any
other Liquidity Indemnitee to perform or observe any agreement, covenant or
condition on its part to be performed or observed in this Agreement, the
Intercreditor Agreement, the Fee Letter or any other Operative Agreement to
which it is a party.  The indemnities
contained in this Section 7.05, in Section 6 of the Note Purchase
Agreement and Section 7.1 of the Participation Agreements and the
provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05 and 7.07 shall survive
the termination of this Agreement.

 

Section
7.06                            Liability
of the Primary Liquidity Provider.  (a)  Neither the Primary Liquidity Provider nor
any of its officers, directors, employees or Affiliates shall be liable or
responsible for: (i) the use which may be made of this Agreement or the Advances
or any acts or

 

24

 

omissions of the Borrower
or any beneficiary or transferee in connection therewith; (ii) the
validity, sufficiency or genuineness of documents, or of any endorsement
thereon, even if such documents should prove to be in any or all respects
invalid, insufficient, fraudulent or forged; or (iii) the making of
Advances by the Primary Liquidity Provider against delivery of a Notice of
Borrowing and other documents which do not comply with the terms hereof; provided,
however, that the Borrower shall have a claim against the Primary
Liquidity Provider, and the Primary Liquidity Provider shall be liable to the
Borrower, to the extent of any damages (other than punitive damages (the right
to receive punitive damages being hereby waived)) suffered by the Borrower
which were the result of (A) the Primary Liquidity Provider’s willful
misconduct or negligence in determining whether documents presented hereunder
comply with the terms hereof, or (B) any breach by the Primary Liquidity
Provider of any of the terms of this Agreement, including, but not limited to,
the Primary Liquidity Provider’s failure to make lawful payment hereunder after
the delivery to it by the Borrower of a Notice of Borrowing complying with the
terms and conditions hereof.

 

(b)                                 Neither
the Primary Liquidity Provider nor any of its officers, employees, directors or
Affiliates shall be liable or responsible in any respect for (i) any
error, omission, interruption or delay in transmission, dispatch or delivery of
any message or advice, however transmitted, in connection with this Agreement
or any Notice of Borrowing delivered hereunder, or (ii) any action,
inaction or omission which may be taken by it in good faith, absent willful
misconduct or negligence (in which event the extent of the Primary Liquidity
Provider’s potential liability to the Borrower shall be limited as set forth in
the preceding paragraph), in connection with this Agreement or any Notice of
Borrowing.

 

Section
7.07                            Costs,
Expenses and Taxes.  The Borrower
agrees to pay, or cause to be paid (A) subject to the terms of the Fee
Letter on the Effective Date and on such later date or dates on which the
Primary Liquidity Provider shall make demand, all reasonable out-of-pocket
costs and expenses of the Primary Liquidity Provider in connection with the
preparation, negotiation, execution, delivery, filing and recording of this
Agreement, any other Operative Agreement and any other documents which may be
delivered in connection with this Agreement, including, without limitation, the
reasonable fees and expenses of outside counsel for the Primary Liquidity
Provider and (B) on demand, all reasonable costs and expenses of the
Primary Liquidity Provider (including reasonable counsel fees and expenses) in
connection with (i) the enforcement of this Agreement or any other
Operative Agreement, (ii) the modification or amendment of, or supplement
to, this Agreement or any other Operative Agreement or such other documents
which may be delivered in connection herewith or therewith (whether or not the
same shall become effective) or (iii) any action or proceeding relating to
any order, injunction, or other process or decree restraining or seeking to restrain
the Primary Liquidity Provider from paying any amount under this Agreement, the
Intercreditor Agreement or any other Operative Agreement or otherwise affecting
the application of funds in the Class C Primary Cash Collateral Account.  In addition, the Borrower shall pay any and
all recording, stamp and other similar taxes and fees payable or determined to
be payable in connection with the execution, delivery, filing and recording of
this Agreement, any other Operative Agreement and such other documents in
connection with this Agreement, and agrees to hold the Primary Liquidity
Provider harmless from and against any and all liabilities with respect to or
resulting from any delay in paying or omission to pay such taxes or fees.

 

25

 

Section
7.08                            Binding
Effect; Participations.  (a)  This Agreement shall be binding upon and
inure to the benefit of the Borrower and the Primary Liquidity Provider and
their respective successors and assigns, except that neither the Primary
Liquidity Provider (except as otherwise provided in this Section 7.08) nor
the Borrower (except as contemplated by Section 3.08) shall have the right
to assign its rights or obligations hereunder or any interest herein without
the prior written consent of the other party, subject to the requirements of
Section 7.08(b).  The Primary
Liquidity Provider may grant participations herein or in any of its rights
hereunder and under the other Operative Agreements to such Persons (other than
JetBlue or any of its Affiliates) as the Primary Liquidity Provider may in its
sole discretion select, subject to the requirements of
Section 7.08(b).  No such
participation by the Primary Liquidity Provider, however, shall relieve the
Primary Liquidity Provider of its obligations hereunder.  In connection with any participation or any
proposed participation, the Primary Liquidity Provider may disclose to the
participant or the proposed participant any information that the Borrower is
required to deliver or to disclose to the Primary Liquidity Provider pursuant
to this Agreement.  The Borrower
acknowledges and agrees that the Primary Liquidity Provider’s source of funds
may derive in part from its participants. 
Accordingly, references in this Agreement and the other Operative
Agreements to determinations, reserve and capital adequacy requirements,
increased costs, reduced receipts and the like as they pertain to the Primary
Liquidity Provider shall be deemed also to include those of each of its
participants that are banks (subject, in each case, to the maximum amount that
would have been incurred by or attributable to the Primary Liquidity Provider
directly if the Primary Liquidity Provider, rather than the participant, had
held the interest participated other than as a result of a change in law following
the date of any participation).

 

(b)                                 If,
pursuant to Section 7.08(a) above, the Primary Liquidity Provider sells
any participation in this Agreement to any bank or other entity (each, a “Participating Institution”), then,
concurrently with the effectiveness of such participation, the Participating
Institution shall (i) represent to the Primary Liquidity Provider (for the
benefit of the Primary Liquidity Provider and the Borrower) either
(A) that it is incorporated under the laws of the United States or a state
thereof or (B) that under applicable law and treaties, no taxes shall be
required to be withheld by the Borrower or the Primary Liquidity Provider with
respect to any payments to be made to such Participating Institution in respect
of this Agreement, (ii) furnish to the Primary Liquidity Provider and the
Borrower either (x) a statement that it is incorporated under the laws of
the United States or a state thereof or (y) if it is not so incorporated,
two copies of a properly completed United States Internal Revenue Service Form
W-8ECI or Form W-8BEN, as appropriate, or other applicable form, certificate or
document prescribed by the Internal Revenue Service certifying, in each case,
such Participating Institution’s entitlement to a complete exemption from
United States federal withholding tax in respect to any and all payments to be
made hereunder, and (iii) agree (for the benefit of the Primary Liquidity
Provider and the Borrower) to provide the Primary Liquidity Provider and the
Borrower a new Form W-8ECI or Form W-8BEN, as appropriate, or other applicable
form, (A) on or before the date that any such form expires or becomes
obsolete or (B) after the occurrence of any event requiring a change in
the most recent form previously delivered by it and prior to the immediately
following due date of any payment by the Borrower hereunder, certifying in the
case of a Form W-8BEN or Form W-8ECI that such Participating Institution is
entitled to a complete exemption from United States federal withholding tax on
payments under this Agreement.  Unless
the Borrower has received forms or other documents reasonably satisfactory to
it (and required by applicable law) from the Participating Institution
indicating that payments hereunder are not

 

26

 

subject to United States
federal withholding tax, the Borrower shall withhold taxes as required by law
from such payments at the applicable statutory rate without any obligation to
make additional payments under Section 3.03.

 

(c)                                  Notwithstanding
the other provisions of this Section 7.08, the Primary Liquidity Provider
may assign and pledge all or any portion of the Advances owing to it to any
Federal Reserve Bank or the United States Treasury as collateral security pursuant
to Regulation A of the Board of Governors of the Federal Reserve System and any
Operating Circular issued by such Federal Reserve Bank, provided that any
payment in respect of such assigned Advances made by the Borrower to the
Primary Liquidity Provider in accordance with the terms of this Agreement shall
satisfy the Borrower’s obligations hereunder in respect of such assigned
Advance to the extent of such payment. 
No such assignment shall release the Primary Liquidity Provider from its
obligations hereunder.

 

Section
7.09                            Severability.  Any provision of this Agreement which is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or non-authorization without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction.

 

Section
7.10                            GOVERNING
LAW.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)) AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section
7.11                            Submission
to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.

 

(a)                                  Each
of the parties hereto hereby irrevocably and unconditionally:

 

(i)                                     submits
for itself and its property in any legal action or proceeding relating to this
Agreement or any other Operative Agreement, or for recognition and enforcement
of any judgment in respect hereof or thereof, to the non-exclusive general
jurisdiction of the courts of the State of New York sitting in the City of New
York, the courts of the United States of America for the Southern District of
New York, and the appellate courts from any thereof;

 

(ii)                                  consents
that any such action or proceeding may be brought in such courts, and waives
any objection that it may now or hereafter have to the venue of any such action
or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(iii)                               agrees
that service of process in any such action or proceeding may be effected by
mailing a copy thereof by registered or certified mail (or any substantially
similar form of mail), postage prepaid, to each party hereto at its address set
forth in Section 7.02, or at such other address of which the Primary
Liquidity Provider shall have been notified pursuant thereto; and

 

27

 

(iv)                              agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction.

 

(b)                                 THE
BORROWER AND THE PRIMARY LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT IS BEING
ESTABLISHED, including, without limitation, contract claims, tort claims,
breach of duty claims and all other common law and statutory claims.  The Borrower and the Primary Liquidity
Provider each warrant and represent that it has reviewed this waiver with its
legal counsel, and that it knowingly and voluntarily waives its jury trial
rights following consultation with such legal counsel.  THIS WAIVER IS IRREVOCABLE, AND CANNOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY
SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS
AGREEMENT.

 

(c)                                  The
Primary Liquidity Provider hereby waives any immunity it may have from the
jurisdiction of the courts of the United States or of any State and waives any
immunity any of its properties located in the United States may have from
attachment or execution upon a judgment entered by any such court under the
United States Foreign Sovereign Immunities Act of 1976 or any similar successor
legislation.

 

Section
7.12                            Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which counterpart, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section
7.13                            Entirety.  This Agreement and the other Operative
Agreements constitute the entire agreement of the parties hereto with respect
to the subject matter hereof and supersedes all prior understandings and
agreements of such parties.

 

Section
7.14                            Headings.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

 

Section
7.15                            PRIMARY
LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES.  EXCEPT AS EXPRESSLY SET FORTH IN THIS
AGREEMENT, THE OBLIGATIONS OF THE PRIMARY LIQUIDITY PROVIDER TO MAKE ADVANCES
HEREUNDER, AND THE BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING
THE MAKING OF ADVANCES HEREUNDER, SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND
SHALL BE PAID OR PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS
OF THIS AGREEMENT.

 

Section
7.16                            Transfer.  The Primary Liquidity Provider hereby
acknowledges and consents to the Transfer contemplated by the Assignment and
Assumption Agreement.

 

28

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed and delivered by their respective
officers thereunto duly authorized as of the date first set forth above.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent and Trustee, as

  Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ W.
  Chris Sponenberg

  
	
   

  	
   

  	
  Name: W.
  Chris Sponenberg

  
	
   

  	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  
	
   

  	
  LANDESBANK BADEN-

  WÜRTTEMBERG,

  
	
   

  	
  as Primary
  Liquidity Provider

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Dr. Hans-Matthias Neugebauer

  
	
   

  	
   

  	
  Name: Dr.
  Hans-Matthias Neugebauer

  
	
   

  	
   

  	
  Title: SVP

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Jeannine Eder

  
	
   

  	
   

  	
  Name: Jeannine
  Eder

  
	
   

  	
   

  	
  Title: VP

  

 

29

 

ANNEX I TO

REVOLVING CREDIT AGREEMENT

 

INTEREST ADVANCE NOTICE OF
BORROWING

 

The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Baden-Württemberg (the “Primary Liquidity
Provider”), with reference to the Revolving Credit Agreement, dated
as of November 15, 2004, between the Borrower and the Primary Liquidity
Provider (the “Liquidity Agreement”;
the terms defined therein and not otherwise defined herein being used herein as
therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of an Interest
Advance by the Primary Liquidity Provider to be used, subject to clause(3)(v)
below, for the payment of Adjusted Interest on the Class C Certificates which
was payable on                                    (the
“Distribution Date”) in accordance
with the terms and provisions of the Class C Trust Agreement and the Class C
Certificates, which Advance is requested to be made on                               .  The Interest Advance should be transferred to
account                   .

 

(3)                                  The
amount of the Interest Advance requested hereby (i) is $                 ,
to be applied in respect of the payment of Adjusted Interest which was due and
payable on the Class C Certificates on such Distribution Date, (ii) does
not include any amount with respect to the payment of principal of, or premium
on, the Class G-1 Certificates, the Class G-2 Certificates or the Class C
Certificates, or interest on the Class G-1 Certificates or the Class G-2
Certificates, (iii) was computed in accordance with the provisions of the
Class C Certificates, the Class C Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I),
(iv) does not exceed the Maximum Available Commitment on the date hereof,
(v) does not include any amount of interest which was due and payable on
the Class C Certificates on such Distribution Date but which remains unpaid due
to the failure of the Depositary to pay any amount of accrued interest on the
Deposits on such Distribution Date, and (vi) has not been and is not the
subject of a prior or contemporaneous Notice of Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall apply the same in accordance with the terms of
Section 3.6(b) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

1

 

The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement, the
making of the Interest Advance as requested by this Notice of Borrowing shall
automatically reduce, subject to reinstatement in accordance with the terms of
the Liquidity Agreement, the Maximum Available Commitment by an amount equal to
the amount of the Interest Advance requested to be made hereby as set forth in
clause (i) of paragraph (3) of this Notice of Borrowing and such reduction
shall automatically result in corresponding reductions in the amounts available
to be borrowed pursuant to a subsequent Advance.

 

2

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Notice of Borrowing as of the         
day of                         ,
          .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO

INTEREST ADVANCE NOTICE OF BORROWING

 

[Insert Copy
of Computations in accordance with Interest Advance Notice of Borrowing]

 

4

 

ANNEX II TO

REVOLVING CREDIT AGREEMENT

 

NON-EXTENSION ADVANCE NOTICE OF
BORROWING

 

The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Baden-Württemberg (the “Primary Liquidity Provider”), with reference
to the Revolving Credit Agreement, dated as of November 15, 2004, between the
Borrower and the Primary Liquidity Provider (the “Liquidity Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined or referenced),
that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the
Non-Extension Advance by the Primary Liquidity Provider to be used for the
funding of the Class C Primary Cash Collateral Account in accordance with
Section 3.6(d) of the Intercreditor Agreement, which Advance is requested
to be made on                     ,
         .  The Non-Extension Advance should be
transferred to                       .

 

(3)                                  The
amount of the Non-Extension Advance requested hereby (i) is $                       .    ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(d) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class G-1 Certificates, the Class G-2
Certificates or the Class C Certificates, or interest on the Class G-1
Certificates or the Class G-2 Certificates, (iii) was computed in
accordance with the provisions of the Class C Certificates, the Class C Trust
Agreement and the Intercreditor Agreement (a copy of which computation is attached
hereto as Schedule I), and (iv) has not been and is not the subject
of a prior or contemporaneous Notice of Borrowing under the Liquidity
Agreement.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Class C Primary Cash
Collateral Account and apply the same in accordance with the terms of
Section 3.6(d) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement,
(A) the making of the Non-Extension Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Primary Liquidity Provider to make further Advances under the Liquidity
Agreement; and (B) following the making by the Primary Liquidity Provider
of the Non-Extension Advance requested by this Notice of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Liquidity Agreement.

1

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Notice of Borrowing as of the         
day of                    ,
        .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

2

 

SCHEDULE I TO NON-EXTENSION
ADVANCE

 

NOTICE OF BORROWING

[Insert copy of computations in accordance
with

Non-Extension Advance Notice of Borrowing]

 

3

 

ANNEX III TO

REVOLVING CREDIT AGREEMENT

 

DOWNGRADE ADVANCE NOTICE OF
BORROWING

 

The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Baden-Württemberg (the “Primary Liquidity
Provider”), with reference to the Revolving Credit Agreement dated
as of November 15, 2004, between the Borrower and the Primary Liquidity
Provider (the “Liquidity Agreement”;
the terms defined therein and not otherwise defined herein being used herein as
therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade
Advance by the Primary Liquidity Provider to be used for the funding of the
Class C Primary Cash Collateral Account in accordance with Section 3.6(c)
of the Intercreditor Agreement by reason of the downgrading of the relevant
rating of the Primary Liquidity Provider issued by either Rating Agency below
the Threshold Rating, which Advance is requested to be made on                         .  The Downgrade Advance should be transferred
to                      .

 

(3)                                  The
amount of the Downgrade Advance requested hereby (i) is $            ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(c) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on, the Class G-1 Certificates, the Class G-2 Certificates or
the Class C Certificates or interest on the Class G-1 Certificates or the Class
G-2 Certificates, (iii) was computed in accordance with the provisions of
the Class C Certificates, the Class C Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I),
and (iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing under the Liquidity Agreement.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary Cash
Collateral Account and apply the same in accordance with the terms of
Section 3.6(c) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement,
(A) the making of the Downgrade Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Primary Liquidity Provider to make further Advances under the Liquidity
Agreement; and (B) following the making by the Primary

 

1

 

Liquidity Provider of the Downgrade Advance requested
by this Notice of Borrowing, the Borrower shall not be entitled to request any
further Advances under the Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Notice of Borrowing as of the           
day of                  ,
          .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO

DOWNGRADE ADVANCE NOTICE OF BORROWING

 

[Insert Copy
of Computations in accordance with

Downgrade Advance Notice of Borrowing]

 

4

 

ANNEX IV TO

REVOLVING CREDIT AGREEMENT

 

FINAL ADVANCE NOTICE OF BORROWING

 

The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Baden-Württemberg (the “Primary Liquidity
Provider”), with reference to the Revolving Credit Agreement, dated
as of November 15, 2004, between the Borrower and the Primary Liquidity
Provider (the “Liquidity Agreement”);
the terms defined therein and not otherwise defined herein being used herein as
therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Final
Advance by the Primary Liquidity Provider to be used for the funding of the
Class C Primary Cash Collateral Account in accordance with Section 3.6(i)
of the Intercreditor Agreement by reason of the receipt by the Borrower of a
Termination Notice from the Primary Liquidity Provider with respect to the
Liquidity Agreement, which Advance is requested to be made on                       .

 

(3)                                  The
amount of the Final Advance requested hereby (i) is $                      ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(i) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on the Class G-1 Certificates, the Class G-2 Certificates or the
Class C Certificates, or interest on the Class G-1 Certificates or the Class
G-2 Certificates, (iii) was computed in accordance with the provisions of
the Class C Certificates, the Class C Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I),
and (iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary Cash
Collateral Account and apply the same in accordance with the terms of
Section 3.6(i) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

(5)                                  The
Borrower hereby requests that the Advance requested hereby be a Base Rate Advance
and that such Base Rate Advance be converted into a LIBOR Advance on the third
London/Stuttgart Business Day following your receipt of this notice.

 

The
Borrower hereby acknowledges that, pursuant to the Liquidity Agreement,
(A) the making of the Final Advance as requested by this Notice of Borrowing
shall automatically and

 

1

 

irrevocably terminate the obligation of the Primary
Liquidity Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Primary Liquidity Provider of the Final
Advance requested by this Notice of Borrowing, the Borrower shall not be
entitled to request any further Advances under the Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Notice of Borrowing as of the          
day of                       ,
       .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO FINAL ADVANCE
NOTICE OF BORROWING

 

[Insert Copy
of Computations in accordance with

Final Advance Notice of Borrowing]

 

4

 

ANNEX V TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF TERMINATION

 

[Date]

 

Wilmington Trust Company

Rodney Square North

1100 North Market Square

Wilmington, DE 
19890-0001

 

Attention: 
Corporate Trust Administration

 

Re:                               Revolving
Credit Agreement, dated as of November 15, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-2C Pass Through Trust, as Borrower, and Landesbank Baden-Württemberg (the
“Liquidity Agreement”)

 

Ladies and
Gentlemen:

 

You
are hereby notified that pursuant to Section 6.01(a) of the Liquidity
Agreement, by reason of the occurrence of a Liquidity Event of Default and the
existence of a Performing Note Deficiency (each as defined therein), we are
giving this notice to you in order to cause (i) our obligations to make
Advances (as defined therein) under such Liquidity Agreement to terminate on
the fifth Business Day after the date on which you receive this notice and
(ii) you to request a Final Advance under the Liquidity Agreement pursuant
to Section 3.6(i) of the Intercreditor Agreement (as defined in the
Liquidity Agreement) as a consequence of your receipt of this notice.

 

1

 

THIS
NOTICE IS THE “NOTICE OF TERMINATION” PROVIDED FOR UNDER THE LIQUIDITY
AGREEMENT.  OUR OBLIGATIONS TO MAKE
ADVANCES UNDER THE LIQUIDITY AGREEMENT SHALL TERMINATE ON THE FIFTH BUSINESS
DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDESBANK BADEN-

  WÜRTTEMBERG,

  
	
   

  	
  as Primary
  Liquidity Provider

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  cc:

  	
  Wilmington
  Trust Company, as Trustee

  	
   

  	
   

  
				

 

2

 

ANNEX VI TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF REPLACEMENT
SUBORDINATION AGENT

 

[Date]

 

Attention:

 

Re:                               Revolving
Credit Agreement, dated as of November 15, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-2C Pass Through Trust, as Borrower, and Landesbank Baden-Württemberg (the
“Liquidity Agreement”)

 

Ladies and
Gentlemen:

 

For
value received, the undersigned hereby irrevocably transfers to:

 

	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Address of Transferee]

  

 

all rights and
obligations of the undersigned as Borrower and Subordination Agent under the
Liquidity Agreement referred to above. 
The transferee has succeeded the undersigned as Borrower and
Subordination Agent under the Intercreditor Agreement referred to in the first
paragraph of the Liquidity Agreement, pursuant to the terms of Section 8.1
of the Intercreditor Agreement.

 

By
this transfer, all rights of the undersigned as Borrower and Subordination
Agent under the Liquidity Agreement are transferred to the transferee and the
transferee shall hereafter have the sole rights and obligations as Borrower and
Subordination Agent thereunder.  The
undersigned shall pay any costs and expenses of such transfer, including, but
not limited to, transfer taxes or governmental charges.

 

We ask
that this transfer be effective as of                       ,
      .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

1

 

ANNEX VII TO

REVOLVING CREDIT AGREEMENT

 

SPECIAL TERMINATION ADVANCE
NOTICE OF BORROWING

 

The
undersigned, a duly authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Baden-Württemberg (the “Primary  Liquidity Provider”), with reference to the
Revolving Credit Agreement, dated as of November 15, 2004, between the Borrower
and the Primary Liquidity Provider (the “Primary
Liquidity Agreement”); the terms defined therein and not otherwise
defined herein being used herein as therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Special
Termination Advance by the Primary Liquidity Provider to be used for the
funding of the Class C Primary Cash Collateral Account in accordance with
Section 3.6(k) of the Intercreditor Agreement by reason of the receipt by
the Borrower of a Special Termination Notice from the Primary Liquidity Provider
with respect to the Primary Liquidity Agreement, which Advance is requested to
be made on                          .

 

(3)                                  The
amount of the Special Termination Advance requested hereby (i) is $                         ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(k) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on the Class G-1 Certificates, the Class G-2 Certificates or the
Class C Certificates, or interest on the Class G-1 Certificates or the Class
G-2 Certificates, (iii) was computed in accordance with the provisions of
the Class C Certificates, the Class C Trust Agreement and the Intercreditor
Agreement (a copy of which computation is attached hereto as Schedule I),
and (iv) has not been and is not the subject of a prior or contemporaneous
Notice of Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary Cash
Collateral Account and apply the same in accordance with the terms of
Section 3.6(k) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

The
Borrower hereby acknowledges that, pursuant to the Primary Liquidity Agreement,
(A) the making of the Special Termination Advance as requested by this
Notice of Borrowing shall automatically and irrevocably terminate the
obligation of the Primary Liquidity Provider to make further Advances under the
Primary Liquidity Agreement; and (B) following the making by the Primary
Liquidity Provider of the Special Termination Advance requested by this Notice

 

1

 

of Borrowing, the Borrower shall not be entitled to
request any further Advances under the Primary Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF, the Borrower has
executed and delivered this Notice of Borrowing as of the          
day of                     ,
       .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  not in its
  individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

[Insert Copy
of Computations in accordance with

Special Termination Advance Notice of Borrowing]

 

4

 

ANNEX VIII TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF SPECIAL TERMINATION

 

[Date]

 

Wilmington Trust Company

Rodney Square North

1100 North Market Square

Wilmington, DE 
19890-0001

 

Attention: 
Corporate Trust Administration

 

Re:                               Revolving
Credit Agreement, dated as of November 15, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-2C Pass Through Trust, as Borrower, and Landesbank Baden-Württemberg (the
“Primary Liquidity Agreement”)

 

Ladies and
Gentlemen:

 

You
are hereby notified that pursuant to Section 6.01(b) of the Primary
Liquidity Agreement, by reason of an Indenture Event of Default arising out of
a payment default on a Series C Equipment Note having occurred under an
Indenture and such Indenture Event of Default not having been cured in full by
the earlier of (a) the end of the 36-month period beginning on the date of such
Indenture Event of Default and (b) October 15, 2008, we are giving this notice
to you in order to cause (i) our obligations to make Advances (as defined
therein) under such Primary Liquidity Agreement to terminate on the fifth Business
Day after the date on which you receive this notice and (ii) you to
request a Special Termination Advance under the Primary Liquidity Agreement
pursuant to Section 3.6(k) of the Intercreditor Agreement (as defined in
the Primary Liquidity Agreement) as a consequence of your receipt of this
notice.

 

1

 

THIS
NOTICE IS THE “NOTICE OF SPECIAL TERMINATION” PROVIDED FOR UNDER THE PRIMARY
LIQUIDITY AGREEMENT.  OUR OBLIGATIONS TO
MAKE ADVANCES UNDER THE PRIMARY LIQUIDITY AGREEMENT SHALL TERMINATE ON THE
FIFTH BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDESBANK BADEN-

  WÜRTTEMBERG,

  
	
   

  	
  as Primary
  Liquidity Provider

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  cc:

  	
  Wilmington
  Trust Company, as Trustee

  	
   

  	
   

  
				

 

2Exhibit 4.8

 

EXECUTION COPY

 

 

DEPOSIT AGREEMENT

(CLASS G-1)

 

dated as of November 15, 2004

 

between

 

WILMINGTON TRUST COMPANY

as Escrow Agent

 

and

 

HSH NORDBANK AG, ACTING THROUGH ITS NEW YORK
BRANCH

as Depositary

 

 

 

DEPOSIT AGREEMENT (Class G-1)
dated as of November 15, 2004 (as amended, modified or supplemented from
time to time, this “Agreement”)
between WILMINGTON TRUST COMPANY,
a Delaware banking corporation, as Escrow Agent under the Escrow and Paying
Agent Agreement referred to below (in such capacity, together with its
successors in such capacity, the “Escrow
Agent”), and HSH NORDBANK AG,
ACTING THROUGH ITS NEW YORK BRANCH, a New York State licensed branch
office of a bank organized under the laws of Germany, as depositary bank
hereunder (the “Depositary”).

 

W  I  T  N  E  S
S  E  T  H:

 

WHEREAS, JetBlue
Airways Corporation (“JetBlue”)
and Wilmington Trust Company, not in its individual capacity except as
otherwise expressly provided therein, but solely as trustee (in such capacity,
together with its successors in such capacity, the “Pass Through Trustee”) have entered into a Pass Through Trust
Agreement dated as of November 15, 2004 (as amended, modified or
supplemented from time to time in accordance with the terms thereof, the “Pass Through Trust Agreement”) relating to
JetBlue Airways Pass Through Trust 2004-2G-1-O pursuant to which the JetBlue
Airways Pass Through Trust, Series 2004-2G-1-O Certificates referred to therein
(the “Certificates”) are being
issued (the date of such issuance, the “Issuance
Date”);

 

WHEREAS, JetBlue
and Morgan Stanley & Co., Incorporated, J.P. Morgan Securities Inc.,
Citigroup Global Markets Inc., and HSBC Securities (USA) Inc. (collectively,
the “Underwriters” and, together
with their respective transferees and assigns as registered owners of the
Certificates, the “Investors”)
have entered into an Underwriting Agreement dated November 9, 2004
pursuant to which the Pass Through Trustee will issue and sell the Certificates
to the Underwriters (the net proceeds of such sale being herein referred to as
the “Net Proceeds”);

 

WHEREAS, JetBlue,
the Pass Through Trustee, certain other pass through trustees and certain other
persons concurrently herewith are entering into the Note Purchase Agreement,
dated as of the date hereof (the “Note
Purchase Agreement”), pursuant to which the Pass Through Trustee has
agreed to acquire from time to time on or prior to the Delivery Period
Termination Date (as defined in the Note Purchase Agreement) the Series G-1
equipment notes (the “Equipment Notes”)
issued to finance or refinance the acquisition of aircraft by JetBlue utilizing
a portion of the Net Proceeds;

 

WHEREAS, the Escrow
Agent, the Underwriters, the Pass Through Trustee and Wilmington Trust Company,
as paying agent for the Escrow Agent (in such capacity, together with its
successors in such capacity, the “Paying
Agent”) concurrently herewith are entering into an Escrow and Paying
Agent Agreement (Class G-1), dated as of the date hereof (as amended,
modified or supplemented from time to time in accordance with the terms
thereof, the “Escrow and Paying Agent
Agreement”); and

 

WHEREAS, the
Underwriters and the Pass Through Trustee intend that the Net Proceeds be held
in escrow by the Escrow Agent on behalf of the Investors pursuant to the Escrow
and Paying Agent Agreement, subject to withdrawal upon request of and proper
certification by the Pass Through Trustee for the purpose of purchasing
Equipment Notes, and

 

 

that pending such withdrawal the Net Proceeds be
deposited by the Escrow Agent with the Depositary pursuant to this Agreement,
which provides for the Depositary to pay interest for distribution to the
Investors and to establish accounts from which the Escrow Agent shall make
withdrawals upon request of and proper certification by the Pass Through
Trustee.

 

NOW, THEREFORE, in
consideration of the obligations contained herein, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

Section 1.                                          Definitions.  Capitalized terms used but not defined herein
shall have the following meanings:

 

“Business Day”
means any day other than a Saturday, Sunday or other day on which commercial
banks are authorized or required by law to close in New York, New York or the
city in which the Corporate Trust Office is maintained.

 

“Debt Rate”
means, for each Interest Period, a rate per annum equal to the sum of
(x) Three-Month LIBOR for such Interest Period and (y) 0.375% per
annum.

 

“Interest
Payment Date” means each February 15,
May 15, August 15 and November 15, commencing on February 15,
2005; provided, that if any such date is not a Business Day, the relevant
Interest Payment Date shall be the next succeeding Business Day.

 

“Interest Period”
means the period commencing on and including the Deposit Date and ending on but
excluding the next succeeding Interest Payment Date, and thereafter, each
successive period commencing on and including the immediately preceding
Interest Payment Date and ending on but excluding the next succeeding Interest
Payment Date.

 

“LIBOR Business
Day” means any day on which dealings are carried on in the
London interbank market.

 

“Three-Month LIBOR” means, (i) with
respect to the initial Interest Period, 2.29%, and (ii) for each
subsequent Interest Period, the interest rate per annum (calculated on the
basis of a 360-day year and actual days elapsed) at which deposits in United
States dollars are offered to prime banks in the London interbank market as
indicated on display page 3750 (British Bankers Association-LIBOR) of the
Dow Jones Markets Service (or such other page as may replace such display
page 3750 for the purpose of displaying London interbank offered rates for
United States dollar deposits) or, if not so indicated, the average (rounded
upwards to the nearest 1/100 %),
as determined by the Loan Trustee (as defined in the Note Purchase Agreement),
of such rates as indicated on the Reuters LIBO Page (or such other
page as may replace such Reuters Screen LIBO Page for the purpose of
displaying London interbank offered rates for United States dollar deposits)
or, if neither such alternative is indicated, the average (rounded upwards to
the nearest 1/100 %), as determined by the Loan
Trustee, of such rates offered by four major reference banks in the London
interbank market, as selected by the Loan Trustee after consultation with
JetBlue, to prime banks in the London interbank market, in each case at or
about 11:00 a.m. (London time) on the day that is two LIBOR Business Days
prior to the first day of such Interest Period (the “Three-Month LIBOR Reference
Date”) for deposits for a period of three months in an amount
substantially equal to the principal amount of Deposits then outstanding. The

 

2

 

Escrow Agent will, if necessary, request that each of the
reference banks provide a quotation of its rate.  If at least two such quotations are provided,
the rate will be the average of the quotations (rounded to the nearest 1/100
%).  If fewer than two quotations are
provided, Three-Month LIBOR will be determined for the applicable Three-Month
LIBOR Reference Date as the arithmetic mean of the rates quoted at
approximately 11:00 a.m., New York time, on that Three-Month LIBOR
Reference Date, by three major banks in New York City, as selected by the Loan
Trustee after consultation with JetBlue, for loans in U.S. dollars to leading
European banks, for a period of three months, commencing on that Three-Month
LIBOR Reference Date, and in a principal amount that is representative of a
single transaction in U.S. dollars in that market at that time.  If the banks so selected by the Loan Trustee
are not quoting as mentioned above, the rate will be Three-Month LIBOR for the immediately
preceding Interest Period.  Notwithstanding
the foregoing, if a payment default on any Equipment Note (as defined in the
Note Purchase Agreement) exists on any Regular Distribution Date (as defined in
the Note Purchase Agreement), Three-Month LIBOR will not exceed 7%;
provided that the Loan Trustee shall also calculate the rate for such Interest
Period without giving effect to the 7% limitation; and provided further that,
if all the then continuing payment defaults on all of the Equipment Notes (as
defined in the Note Purchase Agreement) are cured during such Interest Period,
Three-Month LIBOR shall revert to the rate calculated for such Interest Period
without giving effect to the 7% limitation and shall apply for the entire
Interest Period.

 

Section 2.                                          Terms
of Deposit.

 

2.1                                 Acceptance
of Depositary.  The Depositary hereby
agrees to act as depositary bank as provided herein and in connection therewith
to accept all amounts to be delivered to or held by the Depositary pursuant to
the terms of this Agreement.  The
Depositary further agrees to hold, maintain and safeguard the Deposits and the
Accounts (as defined below) during the term of this Agreement in accordance
with the provisions of this Agreement. 
The Depositary shall neither be responsible for or under, nor chargeable
with knowledge of, the terms and conditions of any other agreement, instrument
or document executed between and among the parties hereto.  This Agreement sets forth all of the
obligations of the Depositary, and no additional obligations shall be implied
from the terms of this Agreement or any other agreement, instrument or
document.  The Escrow Agent shall not
have any right to withdraw, assign or otherwise transfer moneys held in the
Accounts except as permitted by this Agreement.

 

2.2                                 Establishment
of Accounts.  The Escrow Agent hereby
instructs the Depositary, and the Depositary agrees, to establish the separate
deposit accounts listed on Schedule I hereto and to establish such
additional separate deposit accounts as may be required in connection with the
deposits contemplated by Section 2.6 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow
Agent and all on the terms and conditions set forth in this Agreement.  It is the express intention of the parties
hereto that all amounts on deposit hereunder be deemed to be general deposits,
not special deposits, and that such deposits create a customer and bank
relationship between the Escrow Agent and Depository.

 

2.3                                 Deposits.  The Escrow Agent shall direct the
Underwriters to deposit with the Depositary on the date of this Agreement (the “Deposit Date”) in Federal (same day) funds
by

 

3

 

wire transfer to
the account of JP Morgan
Chase, ABA: 021000021, for credit to HSH Nordbank NY branch, Account Number:
400949687, for further credit to Wilmington Trust Company, Account Number:
7990116721-04, ref: JetBlue EETC 2004-2 G1, and the Depositary shall
accept from the Underwriters, on behalf of the Escrow Agent, the sum of
US$176,753,000.  Upon acceptance of such
sum, the Depositary shall (i) establish each of the deposits specified in Schedule I
hereto maturing on June 30, 2006 (including any deposit made pursuant to Section 2.6
hereof, individually, a “Deposit”
and, collectively, the “Deposits”)
and (ii) credit each Deposit to the related Account as set forth
therein.  No amount shall be deposited in
any Account other than the related Deposit.

 

2.4                                 Interest.  Each Deposit shall bear interest from and
including the date of deposit to but excluding the date of withdrawal at the
rate per annum for each Interest Period equal to the Debt Rate for such
Interest Period (computed on the basis of a year of 360 days and actual days
elapsed) payable to the Paying Agent on behalf of the Escrow Agent quarterly in
arrears on each Interest Payment Date and, as provided in Section 2.5(b)
hereof, on the date of the Final Withdrawal (as defined below), all in
accordance with the terms of this Agreement (whether or not any such Deposit is
withdrawn on an Interest Payment Date). 
Interest accrued on any Deposit that is withdrawn pursuant to a Notice
of Purchase Withdrawal (as defined below) shall be paid on the next Interest
Payment Date, notwithstanding any intervening Final Withdrawal (as defined
below).  In addition, interest accrued on
any Deposit that is withdrawn pursuant to a Notice of Replacement Withdrawal
(as defined below) but not paid on the date of the Final Withdrawal shall be
paid on the next Interest Payment Date.

 

2.5                                 Withdrawals.  (a)  On
and after the date seven days after the establishment of any Deposit, the
Escrow Agent may, by providing a notice of withdrawal to the Depositary by
10:00 a.m. (New York City time) on a Business Day that is at least seven
days prior to the date of such requested withdrawal in the form of
Exhibit A hereto (a “Notice of Purchase
Withdrawal”), withdraw at any time while funds may be transferred in
the Fed Wire electronic transfer system not less than the entire principal
balance of such Deposit as set forth on Schedule I, except that at any
time prior to the actual withdrawal of such Deposit, the Escrow Agent or the
Pass Through Trustee may, by written notice to the Depositary, cancel such
withdrawal (including on the scheduled date therefor), and thereafter such
Deposit shall continue to be maintained by the Depositary in accordance with
the original terms thereof.  Following
such withdrawal the balance in the related Account shall be zero and the
Depositary shall, without limiting or otherwise affecting the Depositary’s
payment obligation pursuant to the penultimate sentence of Section 2.4
hereof, close such Account.

 

(b)                                 (i)  The Escrow Agent may, by providing at least
15 days’ prior notice of withdrawal to the Depositary in the form of
Exhibit B hereto (a “Notice of Final
Withdrawal”), withdraw the entire amount of all of the remaining
Deposits together with the payment by the Depositary of all accrued and unpaid
interest on such Deposits to but excluding the specified date of withdrawal (a “Final Withdrawal”), on such date as shall
be specified in such Notice of Final Withdrawal.  If a Notice of Final Withdrawal has not been
given to the Depositary on or before June 5, 2006 and there are
unwithdrawn Deposits on such date, the Depositary shall pay the amount of the
Final Withdrawal to the Paying Agent on June 30, 2006.

 

4

 

(ii)                                  The
Escrow Agent may, by providing at least 15 days’ prior notice of withdrawal to
the Depositary in the form of Exhibit C hereto (a “Notice of Replacement Withdrawal”),
withdraw the entire amount of all Deposits then held by the Depositary together
with, if specified in such Notice of Replacement Withdrawal, the payment by the
Depositary of all accrued and unpaid interest on such Deposits to but excluding
the specified date of withdrawal (a “Replacement
Withdrawal”), on such date as shall be specified in such Notice of
Replacement Withdrawal.

 

(c)                                  If
the Depositary receives a duly completed Notice of Purchase Withdrawal or
Notice of Final Withdrawal or Notice of Replacement Withdrawal (each, a “Withdrawal Notice”) complying with the
provisions of this Agreement, it shall make the payments specified therein in
accordance with the provisions of this Agreement.

 

If such complying Withdrawal Notice is received by the
Depositary no later than 11:00 a.m. (New York City time) on a Business
Day, the Depositary shall make the payments requested in such Withdrawal Notice
no later than 10:00 a.m. (New York City time) on the next succeeding
Business Day or such later time as requested by the Escrow Agent while funds
may be transferred in the Fed Wire electronic transfer system as specified in
such Withdrawal Notice.  If such
complying Withdrawal Notice is received by the Depositary after 11:00 a.m.
(New York City time) on a Business Day, the Depositary shall make the payments
requested in such Withdrawal Notice no later than 10:00 a.m. (New York
City time) on the second Business Day next following such Business Day or such
later time as requested by the Escrow Agent while funds may be transferred in
the Fed Wire electronic transfer system as specified in such Withdrawal Notice.

 

2.6                                 Other
Accounts.  On the date of withdrawal
of any Deposit pursuant to a Notice of Purchase Withdrawal, the Escrow Agent,
or the Pass Through Trustee on behalf of the Escrow Agent, shall be entitled to
re-deposit with the Depositary any portion thereof and the Depositary shall
accept the same for deposit hereunder. 
Any sums so received for deposit shall be established as a new Deposit
and credited to a new Account, all as more fully provided in Section 2.3
hereof, and thereafter the provisions of this Agreement shall apply thereto as
fully and with the same force and effect as if such Deposit had been
established on the Deposit Date except that (i) such Deposit may not be
withdrawn prior to the date seven days after the establishment thereof and
(ii) such Deposit shall mature on June 30, 2006 and bear interest as
provided in Section 2.4.  The
Depositary shall promptly give notice to the Escrow Agent of receipt of each
such re-deposit and the account number assigned thereto.

 

Section 3.                                          Termination.  This Agreement shall terminate on the fifth
Business Day after the later of the date on which (i) all of the Deposits
shall have been withdrawn and paid as provided herein without any re-deposit of
such funds and (ii) all accrued and unpaid interest on the Deposits shall
have been paid as provided herein, but in no event prior to the date on which
the Depositary shall have performed in full its obligations hereunder.  For the avoidance of doubt, the obligations
of the Depositary under the last two sentences of Section 2.4 hereof shall
remain in full force and effect notwithstanding the execution and delivery of a
replacement Deposit Agreement in accordance with Section 4(a)(v) of the
Note Purchase Agreement.

 

5

 

Section 4.                                          Payments.  All payments (including, without limitation,
those payments made in respect of Taxes (as defined and provided for below)) made
by the Depositary hereunder shall be paid in United States Dollars and
immediately available funds by wire transfer (i) in the case of accrued
interest on the Deposits payable under Section 2.4 hereof or any Final
Withdrawal, directly to the Paying Agent at Wilmington Trust Company,
Wilmington, Delaware, ABA# 031100092, for credit to the account of JetBlue 2004-2,
Account No. 068198-000, Attention: 
Monica Henry, Telephone No. (302) 636-6296, Reference:  JetBlue 2004-2 G-1, or to such other account
as the Paying Agent may direct from time to time in writing to the Depositary
and the Escrow Agent and (ii) in the case of any withdrawal of one or more
Deposits pursuant to a Notice of Purchase Withdrawal or Notice of Replacement
Withdrawal, directly to or as directed by the Pass Through Trustee as specified
and in the manner provided in such Notice of Purchase Withdrawal or Notice of
Replacement Withdrawal.  The Depositary
hereby waives any and all rights of set-off, combination of accounts, right of
retention or similar right (whether arising under applicable law, contract or
otherwise) it may have against the Deposits howsoever arising.  Except as expressly provided below, all
payments on or in respect of each Deposit shall be made free and clear of and
without reduction for or on account of any and all taxes, levies or other
impositions or charges (collectively, “Taxes”).  However, if the Depositary or the Paying
Agent (pursuant to Section 2.04 of the Escrow and Paying Agent Agreement)
shall be required by law to deduct or withhold any Taxes from or in respect of
any sum payable hereunder, the Depositary shall (i) make such deductions
or withholding and (ii) pay the full amount deducted or withheld
(including in respect of such additional amounts) to the competent taxation
authority.

 

Section 5.                                          Representation
and Warranties.  The Depositary
hereby represents and warrants to JetBlue, the Escrow Agent, the Pass Through
Trustee, the Underwriters and the Paying Agent that:

 

(1)                                  it
is a New York licensed branch office of a German bank duly organized and
existing under the laws of Germany and is duly qualified to conduct banking
business in the State of New York through its New York branch;

 

(2)                                  it
has full power, authority and legal right to conduct its business and
operations as currently conducted and to enter into and perform its obligations
under this Agreement;

 

(3)                                  the
execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate action on the part of it and do not require any
stockholder approval, or approval or consent of any trustee or holder of any
indebtedness or obligations of it, and this Agreement has been duly executed
and delivered by it and constitutes its legal, valid and binding obligations
enforceable against it in accordance with the terms hereof;

 

(4)                                  no
authorization, consent or approval of or other action by, and no notice to or
filing with, any United States federal or state governmental authority or
regulatory body is required for the execution, delivery or performance by it of
this Agreement;

 

6

 

(5)                                  neither
the execution, delivery or performance by it of this Agreement, nor compliance
with the terms and provisions hereof, (A) conflicts or will conflict with
or results or will result in a breach or violation of any of the terms,
conditions or provisions of, or will require any consent or approval under, any
law, governmental rule or regulation or the charter documents, or bylaws, as
amended, of it or any similar instrument binding on it or any order, writ,
injunction or decree of any court or governmental authority against it or by
which it or any of its properties is bound or (B) results or will result
in a material breach or violation of any of the terms, conditions or provisions
of any indenture, mortgage or contract or other agreement or instrument to
which it is a party or by which it or any of its properties is bound, or
constitutes or will constitute a default thereunder or results or will result in
the imposition of any lien upon any of its properties; and

 

(6)                                  there
are no pending or, to its knowledge, threatened actions, suits, investigations
or proceedings (whether or not purportedly on behalf of it) against or
affecting it or any of its property before or by any court or administrative
agency which, if adversely determined, (i) would adversely affect the
ability of it to perform its obligations under this Agreement or
(ii) would call into question or challenge the validity of this Agreement
or the enforceability hereof in accordance with the terms hereof, nor is the
Depositary in default with respect to any order of any court, governmental
authority, arbitration board or administrative agency so as to adversely affect
its ability to perform its obligations under this Agreement.

 

Section 6.                                          Transfer.  Neither party hereto shall be entitled to
assign or otherwise transfer this Agreement (or any interest herein) other than
(in the case of the Escrow Agent) to a successor escrow agent under the Escrow
and Paying Agent Agreement, and any purported assignment in violation thereof
shall be void.  This Agreement shall be
binding upon the parties hereto and their respective successors and (in the
case of the Escrow Agent) permitted assigns. 
Upon the occurrence of the Transfer (as defined below) contemplated by
the Assignment and Assumption Agreement (as defined below), the Pass Through
Trustee shall (without further act) be deemed to have transferred all of its
right, title and interest in and to this Agreement to the trustee of the
Successor Trust (as defined below) and, thereafter, the trustee of the
Successor Trust shall be deemed to be the “Pass Through Trustee” hereunder with
the rights of the “Pass Through Trustee” hereunder, and each reference herein
to “JetBlue Airways Pass Through Trust 2004-2G-1-O” shall be deemed to be a
reference to “JetBlue Airways Pass Through Trust 2004-2G-1-S”.  The Escrow Agent and the Depositary hereby
acknowledge and consent to the Transfer contemplated by the Assignment and
Assumption Agreement.  For the purposes
of this Section 6, “Transfer”
means the transfer contemplated by the Assignment and Assumption Agreement; “Assignment and Assumption Agreement” means
the Assignment and Assumption Agreement to be entered into between the Pass
Through Trustee and the trustee of the Successor Trust; and “Successor Trust” means the JetBlue Airways
Pass Through Trust 2004-2G-1-S.

 

Section 7.                                          Amendment,
Etc.  This Agreement may not be
amended, waived or otherwise modified except by an instrument in writing signed
by the parties hereto.

 

7

 

Section 8.                                          Notices.

 

(a)                                  Unless
otherwise expressly provided herein, any notice, instruction or other
communication under this Agreement shall be in writing (including by facsimile)
and shall be deemed to be given and effective upon receipt thereof (or, if
received after normal business hours, the next open of business on a Business
Day).  All notices shall be sent to
(x) in the case of the Depositary, HSH Nordbank AG, New York Branch,
590 Madison Ave., New York, New York 10022-2540, Attention:  Transportation-Americas (Telecopier:
(212) 407-6033) or (y) in the case of the Escrow Agent, Wilmington
Trust Company, 1100 North Market Street, Wilmington, Delaware 19890, Attention:
Corporate Trust Administration (Telecopier: 
(302) 651-8882), in each case, with a copy to the Pass Through
Trustee, Wilmington Trust Company, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration (Telecopier:  (302) 651-8882) and to JetBlue, JetBlue
Airways Corporation, 118-29 Queens Blvd., Forest Hills, New York 11375,
Attention:  Vice President – Corporate
Finance (Telecopier:  (718) 709-3639)
with a copy to JetBlue Airways Corporation, 118-29 Queens Blvd., Forest Hills,
New York 11375, Attention:  General
Counsel (Telecopier:  (718) 709-3631)
(or at such other address as any such party may specify from time to time in a
written notice to the parties hereto). 
On or prior to the execution of this Agreement, the Escrow Agent has
delivered to the Depositary an incumbency certificate containing specimen
signatures of the representatives of the Escrow Agent who are authorized to
give notices and instructions with respect to this Agreement.  The Depositary may conclusively rely on such
certificate until the Depositary receives written notice from the Escrow Agent
to the contrary.

 

(b)                                 The
Depositary shall be fully protected and authorized in relying upon any
instruction, notice, certification, demand, consent, authorization, receipt,
power of attorney or other writing delivered to it by any party without being
required to make any investigation or inquiry thereof to determine the
authenticity or validity thereof or the correctness of any fact stated therein,
the propriety or validity of the service thereof, or the jurisdiction of the
court issuing any judgment or order.  The
Depositary may act in reliance upon any signature believed by it to be genuine,
and may assume that such person has been properly authorized to do so.  The Depositary shall not be deemed to have
any duty or notice unless and until it has been provided with written
notice.  In no event shall the Depositary
be liable for indirect, special or consequential damages.

 

Section 9.                                          Obligations
Unconditional.  The Depositary hereby
acknowledges and agrees that its obligation to repay each Deposit together with
interest thereon as provided herein is absolute, irrevocable and unconditional
and constitutes a full recourse obligation of the Depositary enforceable
against it to the full extent of all of its assets and properties.

 

Section 10.                                   Entire
Agreement.  This Agreement (including
all attachments hereto) sets forth all of the promises, covenants, agreements,
conditions and understandings between the Depositary and the Escrow Agent with
respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and undertakings, inducements or conditions, express
or implied, oral or written.

 

Section 11.                                   Governing
Law.  This Agreement, and the rights
and obligations of the Depositary and the Escrow Agent with respect to the Deposits,
shall be governed by, and

 

8

 

construed in
accordance with, the law of the State of New York and subject to the provisions
of Regulation D of the Board of Governors of the Federal Reserve System (or any
successor), as the same may be modified and supplemented and in effect from
time to time.

 

Section 12.                                   Waiver
of Jury Trial Right.  EACH OF THE DEPOSITARY AND THE ESCROW AGENT
ACKNOWLEDGES AND ACCEPTS THAT IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT SUCH PARTY IRREVOCABLY WAIVES ITS RIGHT TO A
TRIAL BY JURY.

 

Section 13.                                   Counterparts.  This Agreement may be executed in one or more
counterparts, all of which taken together shall constitute one instrument.

 

*     *     *

 

9

 

IN WITNESS WHEREOF,
the Escrow Agent and the Depositary have caused this Deposit Agreement to be
duly executed as of the day and year first above written.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ W. Chris Sponenberg

  
	
   

  	
   

  	
  Name: W. Chris Sponenberg

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  HSH NORDBANK AG, ACTING

  THROUGH ITS NEW YORK BRANCH, 

  
	
   

  	
  as Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Jack Campbell

  
	
   

  	
   

  	
  Name: Jack Campbell

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Mikal Sanne

  
	
   

  	
   

  	
  Name: Mikal Sanne

  
	
   

  	
   

  	
  Title: AVP

  

 

10

 

SCHEDULE I

 

SCHEDULE OF DEPOSITS

(CLASS G-1)

 

	
  Aircraft Registration Number

  	
   

  	
  Amount

  	
   

  	
  Sub-Account

  	
   

  
	
  N603JB

  	
   

  	
  11,778,098.70

  	
   

  	
  N603JB

  	
   

  
	
  N605JB

  	
   

  	
  11,803,465.93

  	
   

  	
  N605JB

  	
   

  
	
  N606JB

  	
   

  	
  11,803,815.33

  	
   

  	
  N606JB

  	
   

  
	
  N607JB

  	
   

  	
  11,829,185.33

  	
   

  	
  N607JB

  	
   

  
	
  N608JB

  	
   

  	
  11,856,246.67

  	
   

  	
  N608JB

  	
   

  
	
  N612JB

  	
   

  	
  11,882,462.33

  	
   

  	
  N612JB

  	
   

  
	
  N613JB

  	
   

  	
  11,907,832.33

  	
   

  	
  N613JB

  	
   

  
	
  N615JB

  	
   

  	
  11,907,832.33

  	
   

  	
  N615JB

  	
   

  
	
  N618JB

  	
   

  	
  11,901,067.00

  	
   

  	
  N618JB

  	
   

  
	
  N621JB

  	
   

  	
  11,901,067.00

  	
   

  	
  N621JB

  	
   

  
	
  N623JB

  	
   

  	
  11,927,113.53

  	
   

  	
  N623JB

  	
   

  
	
  N624JB

  	
   

  	
  11,927,113.53

  	
   

  	
  N624JB

  	
   

  
	
  N625JB

  	
   

  	
  11,426,433.33

  	
   

  	
  N625JB

  	
   

  
	
  N627JB

  	
   

  	
  11,450,633.33

  	
   

  	
  N627JB

  	
   

  
	
  N629JB

  	
   

  	
  11,450,633.33

  	
   

  	
  N629JB

  	
   

  

 

1

 

EXHIBIT A

 

NOTICE OF PURCHASE WITHDRAWAL

 

 

HSH Nordbank AG, New York Branch

590 Madison Ave.

New York, New York 10022-2540

Attention:  Transportation - Americas

(Telecopier: (212) 407-6033)

 

Gentlemen:

 

Reference is made to the Deposit Agreement (Class G-1)
dated as of November 15, 2004 (the “Deposit
Agreement”) between Wilmington Trust Company, as Escrow Agent, and
HSH Nordbank AG, acting through its New York Branch, as Depositary (the “Depositary”).

 

In accordance with Section 2.5(a) of the Deposit
Agreement, the undersigned hereby requests the withdrawal of the entire amount
of the Deposit,
$                       ,
Account
No.                     .

 

The undersigned hereby directs the Depositary to pay
the proceeds of the Deposit to
[              ,
Account
No.               ,
Reference:                        ]
on
              ,
200  , upon the telephonic request of a representative of Wilmington Trust
Company, the Pass Through Trustee.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:                   ,
  200  

  	
   

  

 

1

 

EXHIBIT B

 

NOTICE OF FINAL WITHDRAWAL

 

 

HSH Nordbank AG, New York Branch

590 Madison Ave.

New York, New York 10022-2540

Attention:  Transportation - Americas

(Telecopier:  (212) 407-6033)

 

Gentlemen:

 

Reference is made to the Deposit Agreement (Class G-1)
dated as of November 15, 2004 (the “Deposit
Agreement”) between Wilmington Trust Company, as Escrow Agent, and
HSH Nordbank AG, acting through its New York Branch, as Depositary (the “Depositary”).

 

In accordance with Section 2.5(b) of the Deposit
Agreement, the undersigned hereby requests the withdrawal of the entire amount
of all Deposits for payment on
                     ,
200  .

 

The undersigned hereby directs the Depositary to pay
the proceeds of the Deposits [and accrued interest thereon] to the Paying Agent
at
                     ,
ABA#                      ,
Account
No.                      ,
Reference: 
                     .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
                    ,
  200  .

  	
   

  

 

1

 

EXHIBIT C

 

NOTICE OF REPLACEMENT WITHDRAWAL

 

HSH Nordbank AG, New York Branch

590 Madison Ave.

New York, New York 10022-2540

Attention:  Transportation - Americas

(Telecopier:  (212) 407-6033)

 

Gentlemen:

 

Reference is made to the Deposit Agreement (Class G-1)
dated as of November 15, 2004 (the “Deposit
Agreement”) between Wilmington Trust Company, as Escrow Agent, and
HSH Nordbank AG, acting through its New York Branch, as Depositary (the “Deposit”).

 

In accordance with Section 2.5(b)(ii) of the Deposit
Agreement, the undersigned hereby requests the withdrawal of the entire amount
of all Deposits for payment on
                         ,
20   .

 

The undersigned hereby directs the Depositary to pay
the proceeds of the Deposits to
[                         ]
at
                         ,
ABA#                            ,
Account No.                          ,
Reference: 
                         
[and to pay accrued interest thereon to the Paying Agent at
                         ,
ABA #
                         ,
Acct.
No.                          ,
Reference: 
                         ](1).  [The undersigned further directs the
Depositary to pay the accrued interest on the Deposits to the Paying Agent on
                         ,
    (the next Interest Payment Date) at ABA #
                         ,
Account
No.                          ,
Reference: 
                         ](2)

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:
                    ,
  200  

  	
   

  

 

(1)          To
be deleted in the case of a Replacement Withdrawal scheduled for a date which
is not an Interest Payment Date (as defined in the Escrow and Paying Agent
Agreement).

 

(2)          To
be inserted only in the case of a Replacement Withdrawal scheduled for a date
which is not an Interest Payment Date (as defined in the Escrow and Paying
Agent Agreement).

 

1

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