Document:

Exhibit 4.1

 

REGISTERED

No.

 

UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF
THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 3.05 OF THE
PASS THROUGH TRUST AGREEMENT REFERRED TO HEREIN.

 

BY ITS
ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT (A) NO PLAN ASSETS HAVE
BEEN USED TO PURCHASE THIS CERTIFICATE OR AN INTEREST HEREIN OR (B) THE
PURCHASE AND HOLDING OF THIS CERTIFICATE OR AN INTEREST HEREIN IS EXEMPT FROM
THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE
OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS.  THE PASS THROUGH TRUST AGREEMENT CONTAINS A
PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS.

 

 

GLOBAL CERTIFICATE

 

JETBLUE AIRWAYS PASS THROUGH
TRUST, SERIES 2004-2G-1-O

 

JetBlue
Airways

Pass Through
Certificate,

Series
2004-2G-1-O

 

Final Legal
Distribution Date:                        ,
20    

 

evidencing a
fractional undivided interest in a trust, the property of which includes
certain equipment notes each secured by an Aircraft owned by JetBlue Airways
Corporation

 

having a face
amount of $[                        ]
representing [                        ]%
of the Trust per $1,000 face amount

 

THIS CERTIFIES THAT
                              ,
for value received, is the registered owner of a Fractional Undivided Interest
having a face amount of $[                        ]
(                                                                                      
dollars) in the JetBlue Airways Pass Through Trust, Series 2004-2G-1-O (the “Trust”) created pursuant to a Pass Through
Trust Agreement, dated as of November 15, 2004 (the “Agreement”), between Wilmington Trust
Company (the “Trustee”) and
JetBlue Airways Corporation, a corporation incorporated under Delaware law (the
“Company”), a summary of certain
of the pertinent provisions of which is set forth below.  To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Agreement.  This Certificate is one of the
duly authorized Certificates designated as “JetBlue Airways Pass Through Certificates,
Series 2004-2G-1-O” (herein called the “Certificates”).  This Certificate is issued under and is
subject to the terms, provisions, and conditions of the Agreement.  By virtue of its acceptance hereof the
Certificateholder of this Certificate assents to and agrees to be bound by the
provisions of the Agreement and the Intercreditor Agreement.  The property of the Trust includes an
interest in certain Equipment Notes and all rights of the Trust to receive payments
under the Intercreditor Agreement, the Policy and any Liquidity Facility (the “Trust Property”).  Each issue of the Equipment Notes is secured
by, among other things, a security interest in the Aircraft owned by the
Company.

 

The Certificates represent fractional undivided
interests in the Trust and the Trust Property, and have no rights, benefits or
interest in respect of any assets or property other than the Trust Property.

 

Subject to and in accordance with the terms of the
Agreement and the Intercreditor Agreement, from and to the extent of funds then
available to the Trustee, there will be distributed on each
(i) February 15, May 15, August 15 and November 15 and
(ii) in the case of any payment of principal or interest on, or with
respect to, any Equipment Note received by the Subordination Agent after the
date on which such payment is scheduled to be made, but within ten Business
Days of such scheduled payment date, the date of receipt of such payment by the
Trustee if received by noon and if later, the next Business Day (each a “Regular Distribution Date”), commencing on
February 15, 2005, to the Person in whose name this Certificate is
registered at the close of business on the Record Date immediately preceding
the Regular

 

 

Distribution Date, an amount in respect of the
Scheduled Payments due on such Regular Distribution Date on the Equipment
Notes, the receipt of which has been confirmed by the Trustee, equal to the
product of the percentage interest in the Trust evidenced by this Certificate
and an amount equal to the sum of such Scheduled Payments.  Subject to and in accordance with the terms
of the Agreement and the Intercreditor Agreement, in the event that Special
Payments on the Equipment Notes are received by the Trustee, from funds then
available to the Trustee, there shall be distributed on the applicable Special
Distribution Date, to the Person in whose name this Certificate is registered
at the close of business on the 15th day preceding the Special Distribution
Date, an amount in respect of such Special Payments on the Equipment Notes, the
receipt of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Special Payments so received.  If a Regular Distribution Date or Special
Distribution Date is not a Business Day, distribution shall be made on the
immediately following Business Day with the same force and effect as if made on
such Regular Distribution Date or Special Distribution Date.  The Trustee shall mail notice of each Special
Payment and the Special Distribution Date therefor to the Certificateholder of
this Certificate.

 

The Certificates do not represent a direct obligation
of, or an obligation guaranteed by, or an interest in, the Company or the
Trustee or any of their affiliates.  The
Certificates are limited in right or payment, all as more specifically set
forth on the face hereof and in the Agreement. 
All payments or distributions made to Certificateholders under the
Agreement shall be made only from the Trust Property and only to the extent
that the Trustee shall have sufficient income or proceeds from the Trust
Property to make such payments in accordance with the terms of the
Agreement.  Each Certificateholder of
this Certificate, by its acceptance hereof, agrees that it will look solely to
the income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement.  This Certificate does not purport to
summarize the Agreement and reference is made to the Agreement for information
with respect to the interests, rights, benefits, obligations, proceeds, and
duties evidenced hereby.  A copy of the
Agreement may be examined during normal business hours at the principal office
of the Trustee, and at such other places, if any, designated by the Trustee, by
any Certificateholder upon request.

 

The Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Certificateholders under the
Agreement at any time by the Company and the Trustee with the consent of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust.  Any such consent by the Certificateholder of
this Certificate shall be conclusive and binding on such Certificateholder and
upon all future Certificateholders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the
Certificateholders of any of the Certificates.

 

As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Register upon surrender of this Certificate for registration of transfer
at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, in the Borough of Manhattan, the City
of New York,

 

 

duly endorsed or accompanied by a written instrument
of transfer in form satisfactory to the Trustee and the Registrar duly executed
by the Certificateholder hereof or such Certificateholder’s attorney duly
authorized in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in
the Trust will be issued to the designated transferee or transferees.

 

Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after notice mailed by the Trustee of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency of the Trustee specified in such notice.

 

Under certain circumstances set forth in
Section 11.01 of the Agreement, all of the Trustee’s right, title and
interest to the Trust Property may be assigned, transferred and delivered to
the Related Trustee of the Related Trust pursuant to the Assignment and
Assumption Agreement.  Upon the
effectiveness of such Assignment and Assumption Agreement (the “Transfer”), the Trust shall be terminated,
the Certificateholders shall receive beneficial interests in the Related Trust
in exchange for their interests in the Trust equal to their respective
beneficial interests in the Trust, the Certificates representing Fractional Undivided
Interests in the Trust shall be deemed for all purposes of the Agreement and
the Related Pass Through Trust Agreement to be certificates representing the
same fractional undivided interests in the Related Trust and its trust
property.  Each Certificateholder, by its
acceptance of this Certificate or a beneficial interest herein, agrees to be
bound by the Assignment and Assumption Agreement and subject to the terms of
the Related Pass Through Trust Agreement as a certificateholder thereunder.  From and after the Transfer, unless and to
the extent the context otherwise requires, references herein to the Trust, the
Agreement and the Trustee shall constitute references to the Related Trust, the
Related Pass Through Trust Agreement and trustee of the Related Trust,
respectively.

 

The Certificates are issuable only as registered
Certificates without coupons in minimum denominations of $1,000 Fractional
Undivided Interest and integral multiples of $1,000 in excess thereof except
that one Certificate may be in a different denomination.  As provided in the Agreement and subject to
certain limitations therein set forth, the Certificates are exchangeable for
new Certificates of authorized denominations evidencing the same aggregate
Fractional Undivided Interest in the Trust, as requested by the
Certificateholder surrendering the same.

 

No service charge will be made for any such
registration of transfer or exchange, but the Trustee shall require payment by
the Holder of a sum sufficient to cover any tax or governmental charge payable
in connection therewith.

 

The Trustee, the Registrar, and any agent of the
Trustee or the Registrar may treat the person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Trustee, the
Registrar, nor any such agent shall be affected by any notice to the contrary.

 

The obligations and responsibilities created by the
Agreement and the Trust created thereby shall terminate upon the distribution
to Certificateholders of all amounts required to be

 

 

distributed to them pursuant to the Agreement and the
disposition of all property held as part of the Trust Property.

 

UNTIL THE TRANSFER, THE AGREEMENT AND THIS CERTIFICATE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, FROM AND AFTER THE TRANSFER,
THE AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

 

Unless the certificate of authentication hereon has
been executed by the Trustee, by manual signature, this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF,
the Trustee has caused this Certificate to be duly executed.

 

 

Dated:                        ,
2004

 

	
   

  	
  JETBLUE AIRWAYS PASS THROUGH

  TRUST, SERIES 2004-2G-1-O

  
	
   

  	
   

  
	
   

  	
  By: WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of
the Certificates referred

to in the within-mentioned Agreement.

 

	
   

  	
  WILMINGTON TRUST COMPANY, not

  in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   Authorized
  Officer

  

 

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

 

Insert Taxpayer
Identification No.

 

 

please print
or typewrite name and address including zip code of assignee

 

 

the within
Certificate and all rights thereunder, hereby irrevocably constituting and
appointing

 

 

attorney to
transfer said Certificate on the books of the Trustee with full power of
substitution in the premises.

 

	
  Date:

  	
   

  	
   

  	
  [Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  NOTE: The
  signature must correspond with

  the name as written upon the face of the

  within-mentioned instrument in every

  particular, without alteration or any change

  whatsoever.

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  	
   

  
					

 

 

JETBLUE AIRWAYS 2004-2G-1 ESCROW
RECEIPT

 

No.     

 

This Escrow Receipt evidences a fractional undivided
interest in amounts (“Account Amounts”)
from time to time deposited into a certain paying agent account (the “Paying Agent Account”) described in the
Escrow and Paying Agent Agreement (Class G-1) dated as of November 15,
2004 (as amended, modified or supplemented from time to time, the “Escrow and Paying Agent Agreement”) among
Wilmington Trust Company, as Escrow Agent (in such capacity, together with its
successors in such capacity, the “Escrow
Agent”), Morgan Stanley & Co. Incorporated, HSBC Securities
(USA) Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., as
Underwriters, Wilmington Trust Company, as Pass Through Trustee (in such
capacity, together with its successors in such capacity, the “Pass Through Trustee”) and Wilmington Trust
Company, as paying agent (in such capacity, together with its successors in
such capacity, the “Paying Agent”).  Capitalized terms not defined herein shall
have the meanings assigned to them in the Escrow and Paying Agent Agreement.

 

This Escrow Receipt is issued under and is subject to
the terms, provisions and conditions of the Escrow and Paying Agent Agreement.  By virtue of its acceptance hereof the holder
of this Escrow Receipt assents and agrees to be bound by the provisions of the
Escrow and Paying Agent Agreement and this Escrow Receipt.

 

This Escrow Receipt represents a fractional undivided
interest in amounts deposited from time to time in the Paying Agent Account,
and grants or represents no rights, benefits or interests of any kind in
respect of any assets or property other than such amounts.  This Escrow Receipt evidences the same
percentage interest in the Account Amounts as the Fractional Undivided Interest
in the Pass Through Trust evidenced by the Certificate to which this Escrow
Receipt is affixed.

 

All payments and distributions made to Receiptholders
in respect of the Escrow Receipt shall be made only from Account Amounts
deposited in the Paying Agent Account. 
The holder of this Escrow Receipt, by its acceptance of this Escrow
Receipt, agrees that it will look solely to the Account Amounts for any payment
or distribution due to it pursuant to this Escrow Receipt and that it will not
have any recourse to JetBlue, the Pass Through Trustee, the Paying Agent or the
Escrow Agent, except as expressly provided herein or in the Pass Through Trust
Agreement.  No Receiptholder of this
Escrow Receipt shall have any right to vote or in any manner otherwise control
the operation and management of the Paying Agent Account, nor shall anything
set forth herein, or contained in the terms of this Escrow Receipt, be
construed so as to constitute the Receiptholders from time to time as partners
or members of an association.

 

This Escrow Receipt may not be assigned or transferred
except in connection with the assignment or transfer of the Certificate to
which this Escrow Receipt is affixed. 
After payment to the holder hereof of its Escrow Interest in the Final
Distribution, upon the request of the Pass Through Trustee, the holder hereof
will return this Escrow Receipt to the Pass Through Trustee.

 

 

The Paying Agent may treat the person in whose name
the Certificate to which this Escrow Receipt is attached as the owner hereof
for all purposes, and the Paying Agent shall not be affected by any notice to
the contrary.

 

THIS ESCROW RECEIPT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

*     *    
*

 

 

IN WITNESS WHEREOF,
the Escrow Agent has caused this Escrow Receipt to be duly executed.

 

Dated:                        ,
2004

 

	
   

  	
  WILMINGTON TRUST COMPANY, as

  Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 4.2

 

REGISTERED

No.

 

UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF
THIS CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS
MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTION 3.05 OF THE
PASS THROUGH TRUST AGREEMENT REFERRED TO HEREIN.

 

BY ITS
ACQUISITION HEREOF, THE HOLDER REPRESENTS THAT (A) NO PLAN ASSETS HAVE
BEEN USED TO PURCHASE THIS CERTIFICATE OR AN INTEREST HEREIN OR (B) THE
PURCHASE AND HOLDING OF THIS CERTIFICATE OR AN INTEREST HEREIN IS EXEMPT FROM
THE PROHIBITED TRANSACTION RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE
OR MORE PROHIBITED TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS.  THE PASS THROUGH TRUST AGREEMENT CONTAINS A
PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
CERTIFICATE IN VIOLATION OF THE FOREGOING RESTRICTIONS.

 

 

GLOBAL CERTIFICATE

 

JETBLUE AIRWAYS PASS THROUGH
TRUST, SERIES 2004-2G-2-O

 

JetBlue
Airways

Pass Through
Certificate,

Series
2004-2G-2-O

 

Final Legal
Distribution Date:                      ,
20    

 

evidencing a
fractional undivided interest in a trust, the property of which includes
certain equipment notes each secured by an Aircraft owned by JetBlue Airways
Corporation

 

having a face
amount of $[                        ]
representing [                        ]%
of the Trust per $1,000 face amount

 

THIS CERTIFIES THAT
                            ,
for value received, is the registered owner of a Fractional Undivided Interest
having a face amount of $[                        ]
(                                                                        
dollars) in the JetBlue Airways Pass Through Trust, Series 2004-2G-2-O (the “Trust”) created pursuant to a Pass Through
Trust Agreement, dated as of November 15, 2004 (the “Agreement”), between Wilmington Trust
Company (the “Trustee”) and
JetBlue Airways Corporation, a corporation incorporated under Delaware law (the
“Company”), a summary of certain
of the pertinent provisions of which is set forth below.  To the extent not otherwise defined herein,
the capitalized terms used herein have the meanings assigned to them in the
Agreement.  This Certificate is one of
the duly authorized Certificates designated as “JetBlue Airways Pass Through
Certificates, Series 2004-2G-2-O” (herein called the “Certificates”).  This Certificate is issued under and is
subject to the terms, provisions, and conditions of the Agreement.  By virtue of its acceptance hereof the
Certificateholder of this Certificate assents to and agrees to be bound by the
provisions of the Agreement and the Intercreditor Agreement.  The property of the Trust includes an
interest in certain Equipment Notes and all rights of the Trust to receive
payments under the Intercreditor Agreement, the Policy and any Liquidity
Facility (the “Trust Property”).  Each issue of the Equipment Notes is secured
by, among other things, a security interest in the Aircraft owned by the
Company.

 

The Certificates represent fractional undivided
interests in the Trust and the Trust Property, and have no rights, benefits or
interest in respect of any assets or property other than the Trust Property.

 

Subject to and in accordance with the terms of the
Agreement and the Intercreditor Agreement, from and to the extent of funds then
available to the Trustee, there will be distributed on each
(i) February 15, May 15, August 15 and November 15 and
(ii) in the case of any payment of principal or interest on, or with
respect to, any Equipment Note received by the Subordination Agent after the
date on which such payment is scheduled to be made, but within ten Business
Days of such scheduled payment date, the date of receipt of such payment by the
Trustee if received by noon and if later, the next Business Day (each a “Regular Distribution Date”), commencing on
February 15, 2005, to the Person in whose name this Certificate is
registered at the close of business on the Record Date immediately preceding
the Regular Distribution Date, an amount in respect of the Scheduled Payments
due on such Regular

 

 

Distribution Date on the Equipment Notes, the receipt
of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments. 
Subject to and in accordance with the terms of the Agreement and the
Intercreditor Agreement, in the event that Special Payments on the Equipment
Notes are received by the Trustee, from funds then available to the Trustee,
there shall be distributed on the applicable Special Distribution Date, to the
Person in whose name this Certificate is registered at the close of business on
the 15th day preceding the Special Distribution Date, an amount in respect of
such Special Payments on the Equipment Notes, the receipt of which has been
confirmed by the Trustee, equal to the product of the percentage interest in
the Trust evidenced by this Certificate and an amount equal to the sum of such
Special Payments so received.  If a
Regular Distribution Date or Special Distribution Date is not a Business Day,
distribution shall be made on the immediately following Business Day with the
same force and effect as if made on such Regular Distribution Date or Special
Distribution Date.  The Trustee shall
mail notice of each Special Payment and the Special Distribution Date therefor
to the Certificateholder of this Certificate.

 

The Certificates do not represent a direct obligation
of, or an obligation guaranteed by, or an interest in, the Company or the
Trustee or any of their affiliates.  The
Certificates are limited in right or payment, all as more specifically set
forth on the face hereof and in the Agreement. 
All payments or distributions made to Certificateholders under the
Agreement shall be made only from the Trust Property and only to the extent
that the Trustee shall have sufficient income or proceeds from the Trust
Property to make such payments in accordance with the terms of the
Agreement.  Each Certificateholder of
this Certificate, by its acceptance hereof, agrees that it will look solely to
the income and proceeds from the Trust Property to the extent available for
distribution to such Certificateholder as provided in the Agreement.  This Certificate does not purport to summarize
the Agreement and reference is made to the Agreement for information with
respect to the interests, rights, benefits, obligations, proceeds, and duties
evidenced hereby.  A copy of the
Agreement may be examined during normal business hours at the principal office
of the Trustee, and at such other places, if any, designated by the Trustee, by
any Certificateholder upon request.

 

The Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Certificateholders under the
Agreement at any time by the Company and the Trustee with the consent of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust.  Any such consent by the Certificateholder of
this Certificate shall be conclusive and binding on such Certificateholder and
upon all future Certificateholders of this Certificate and of any Certificate
issued upon the transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent is made upon this Certificate.  The Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the
Certificateholders of any of the Certificates.

 

As provided in the Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Register upon surrender of this Certificate for registration of transfer
at the offices or agencies maintained by the Trustee in its capacity as
Registrar, or by any successor Registrar, in the Borough of Manhattan, the City
of New York, duly endorsed or accompanied by a written instrument of transfer
in form satisfactory to the

 

 

Trustee and the Registrar duly executed by the
Certificateholder hereof or such Certificateholder’s attorney duly authorized
in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in
the Trust will be issued to the designated transferee or transferees.

 

Except as otherwise provided in the Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after notice mailed by the Trustee of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency of the Trustee specified in such notice.

 

Under certain circumstances set forth in
Section 11.01 of the Agreement, all of the Trustee’s right, title and
interest to the Trust Property may be assigned, transferred and delivered to
the Related Trustee of the Related Trust pursuant to the Assignment and
Assumption Agreement.  Upon the
effectiveness of such Assignment and Assumption Agreement (the “Transfer”), the Trust shall be terminated,
the Certificateholders shall receive beneficial interests in the Related Trust
in exchange for their interests in the Trust equal to their respective
beneficial interests in the Trust, the Certificates representing Fractional
Undivided Interests in the Trust shall be deemed for all purposes of the
Agreement and the Related Pass Through Trust Agreement to be certificates
representing the same fractional undivided interests in the Related Trust and
its trust property.  Each
Certificateholder, by its acceptance of this Certificate or a beneficial
interest herein, agrees to be bound by the Assignment and Assumption Agreement
and subject to the terms of the Related Pass Through Trust Agreement as a
certificateholder thereunder.  From and
after the Transfer, unless and to the extent the context otherwise requires,
references herein to the Trust, the Agreement and the Trustee shall constitute
references to the Related Trust, the Related Pass Through Trust Agreement and
trustee of the Related Trust, respectively.

 

The Certificates are issuable only as registered
Certificates without coupons in minimum denominations of $1,000 Fractional
Undivided Interest and integral multiples of $1,000 in excess thereof except
that one Certificate may be in a different denomination.  As provided in the Agreement and subject to
certain limitations therein set forth, the Certificates are exchangeable for
new Certificates of authorized denominations evidencing the same aggregate
Fractional Undivided Interest in the Trust, as requested by the
Certificateholder surrendering the same.

 

No service charge will be made for any such
registration of transfer or exchange, but the Trustee shall require payment by
the Holder of a sum sufficient to cover any tax or governmental charge payable
in connection therewith.

 

The Trustee, the Registrar, and any agent of the
Trustee or the Registrar may treat the person in whose name this Certificate is
registered as the owner hereof for all purposes, and neither the Trustee, the
Registrar, nor any such agent shall be affected by any notice to the contrary.

 

The obligations and responsibilities created by the
Agreement and the Trust created thereby shall terminate upon the distribution
to Certificateholders of all amounts required to be distributed to them
pursuant to the Agreement and the disposition of all property held as part of
the Trust Property.

 

 

UNTIL THE TRANSFER, THE AGREEMENT AND THIS CERTIFICATE
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS, FROM AND AFTER THE TRANSFER,
THE AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

 

Unless the certificate of authentication hereon has
been executed by the Trustee, by manual signature, this Certificate shall not
be entitled to any benefit under the Agreement or be valid for any purpose.

 

 

IN WITNESS WHEREOF,
the Trustee has caused this Certificate to be duly executed.

 

 

Dated:                        ,
2004

 

	
   

  	
  JETBLUE AIRWAYS PASS THROUGH TRUST, SERIES 2004-2G-2-O

  
	
   

  	
   

  
	
   

  	
  By:  WILMINGTON
  TRUST COMPANY,

  not in its individual capacity but solely as

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of
the Certificates referred

to in the
within-mentioned Agreement.

 

	
   

  	
  WILMINGTON TRUST COMPANY, not

  in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   Authorized
  Officer

  

 

 

FORM OF TRANSFER NOTICE

 

FOR VALUE RECEIVED
the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto

 

Insert
Taxpayer Identification No.

 

 

please print
or typewrite name and address including zip code of assignee

 

 

the within
Certificate and all rights thereunder, hereby irrevocably constituting and
appointing

 

 

attorney to
transfer said Certificate on the books of the Trustee with full power of
substitution in the premises.

 

	
  Date:

  	
   

  	
   

  	
  [Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  NOTE:  The signature must correspond with

  the name as written upon the face of the

  within-mentioned instrument in every

  particular, without alteration or any change

  whatsoever.

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  	
   

  
					

 

 

JETBLUE AIRWAYS 2004-2G-2 ESCROW
RECEIPT

 

No.     

 

This Escrow Receipt evidences a fractional undivided
interest in amounts (“Account Amounts”)
from time to time deposited into a certain paying agent account (the “Paying Agent Account”) described in the
Escrow and Paying Agent Agreement (Class G-2) dated as of November 15,
2004 (as amended, modified or supplemented from time to time, the “Escrow and Paying Agent Agreement”) among
Wilmington Trust Company, as Escrow Agent (in such capacity, together with its
successors in such capacity, the “Escrow
Agent”), Morgan Stanley & Co. Incorporated, HSBC Securities
(USA) Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., as
Underwriters, Wilmington Trust Company, as Pass Through Trustee (in such
capacity, together with its successors in such capacity, the “Pass Through Trustee”) and Wilmington Trust
Company, as paying agent (in such capacity, together with its successors in
such capacity, the “Paying Agent”).  Capitalized terms not defined herein shall
have the meanings assigned to them in the Escrow and Paying Agent Agreement.

 

This Escrow Receipt is issued under and is subject to
the terms, provisions and conditions of the Escrow and Paying Agent
Agreement.  By virtue of its acceptance
hereof the holder of this Escrow Receipt assents and agrees to be bound by the
provisions of the Escrow and Paying Agent Agreement and this Escrow Receipt.

 

This Escrow Receipt represents a fractional undivided
interest in amounts deposited from time to time in the Paying Agent Account,
and grants or represents no rights, benefits or interests of any kind in
respect of any assets or property other than such amounts.  This Escrow Receipt evidences the same
percentage interest in the Account Amounts as the Fractional Undivided Interest
in the Pass Through Trust evidenced by the Certificate to which this Escrow
Receipt is affixed.

 

All payments and distributions made to Receiptholders
in respect of the Escrow Receipt shall be made only from Account Amounts
deposited in the Paying Agent Account. 
The holder of this Escrow Receipt, by its acceptance of this Escrow
Receipt, agrees that it will look solely to the Account Amounts for any payment
or distribution due to it pursuant to this Escrow Receipt and that it will not
have any recourse to JetBlue, the Pass Through Trustee, the Paying Agent or the
Escrow Agent, except as expressly provided herein or in the Pass Through Trust
Agreement.  No Receiptholder of this
Escrow Receipt shall have any right to vote or in any manner otherwise control
the operation and management of the Paying Agent Account, nor shall anything
set forth herein, or contained in the terms of this Escrow Receipt, be
construed so as to constitute the Receiptholders from time to time as partners
or members of an association.

 

This Escrow Receipt may not be assigned or transferred
except in connection with the assignment or transfer of the Certificate to
which this Escrow Receipt is affixed. 
After payment to the holder hereof of its Escrow Interest in the Final
Distribution, upon the request of the Pass Through Trustee, the holder hereof
will return this Escrow Receipt to the Pass Through Trustee.

 

 

The Paying Agent may treat the person in whose name
the Certificate to which this Escrow Receipt is attached as the owner hereof
for all purposes, and the Paying Agent shall not be affected by any notice to
the contrary.

 

THIS ESCROW RECEIPT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

*     *     *

 

 

IN WITNESS WHEREOF,
the Escrow Agent has caused this Escrow Receipt to be duly executed.

 

Dated:                          ,
2004

 

	
   

  	
  WILMINGTON TRUST COMPANY, as

  Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

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