Document:

Exhibit 4.5

                                                               EXECUTION VERSION

(MULTICURRENCY - CROSS BORDER)

                                     ISDA(R)
              International Swaps and Derivatives Association, Inc.

                                    SCHEDULE
                                     to the
                                MASTER AGREEMENT

                          dated as of November 14, 2006

                                     between

MORGAN STANLEY CAPITAL SERVICES INC.,     and   WILMINGTON TRUST COMPANY,
a corporation organized under the laws          a Delaware banking corporation,
of the State of Delaware                        in its capacity as Subordination
                                                Agent on behalf of the Trustee
              ("PARTY A")                       under the JetBlue Airways (Spare
                                                Parts) G-1 Pass Through Trust

                                                           ("PARTY B")

                                     PART 1
                             TERMINATION PROVISIONS

(a)  SPECIFIED ENTITY. None.

(b)  SPECIFIED TRANSACTION. Specified Transaction will have the meaning
     specified in Section 14.

(c)  EVENTS OF DEFAULT. The "Events of Default" set forth in Section 5(a) will
     not apply to Party B but will apply to Party A (subject to clause (d)
     below).

(d)  CROSS DEFAULT. The "Cross Default" provision of Section 5(a)(vi) will not
     apply.

(e)  TERMINATION EVENTS. The "Illegality" provisions of Section 5(b)(i), the
     "Tax Event" provisions of Section 5(b)(ii), the "Tax Event Upon Merger"
     provisions of Section 5(b)(iii) and the "Credit Event Upon Merger"
     provisions of Section 5(b)(iv) will apply to Party A but will not apply to
     Party B. Party A shall be the sole Affected Party (under Section 5(b)(i),
     (ii) and 5(b)(iv)) and the sole Burdened Party (under Section 5(b)(iii))
     with respect to a Termination Event.

(f)  CREDIT EVENT UPON MERGER. The "Credit Event Upon Merger" provisions in
     Section 5(b)(iv) are hereby amended by: (I) deleting in the fourth line
     thereof the words "another entity" and replacing them with the words "or
     reorganizes, incorporates, reincorporates, reconstitutes, or reforms into
     or as, or receives all or substantially all of the assets and/or
     liabilities or obligations of, another entity or X, such Credit Support
     Provider, or such Specified Entity, as the case may be,"; (II) deleting in
     the fifth line thereof the words "the resulting, surviving or transferee"
     and replacing them with the words "X, such Credit Support Provider, or such
     Specified Entity, as the case may be, or any resulting, surviving,
     transferee, reorganized, reconstituted or reformed"; and

     (III) deleting in the seventh line thereof the words "its successor or
     transferee" and replacing them with the words "any resulting, surviving,
     transferee, reorganized, reconstituted or reformed entity".

(g)  AUTOMATIC EARLY TERMINATION. The "Automatic Early Termination" provision of
     Section 6(a) will not apply.

(h)  RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT. Sections 6(b)(ii)-(iv) are
     deleted in their entirety and replaced by the following:

     "(ii) REPLACEMENT ON TERMINATION EVENT. Upon the occurrence of a
     Termination Event with respect to Party A, Party A shall have the right
     within 20 days of the date of such Termination Event, at its own expense,
     to arrange for one or more Replacement Above-Cap Liquidity Providers to
     enter into and deliver to Party B a Replacement Above-Cap Liquidity
     Facility for such Above-Cap Liquidity Facility. If Party A does not arrange
     for such replacement and if the Above-Cap Liquidity Facility has not
     otherwise been replaced by JetBlue Airways Corporation (at the expense of
     JetBlue Airways Corporation) in accordance with the terms of Section
     3.5(c)(iv) of the Intercreditor Agreement, such 20th day (or if such 20th
     day is not a Business Day, the next succeeding Business Day) shall be
     designated an "Early Termination Date" and Party A shall make a termination
     payment to Party B in accordance with Part 1(j) of this Schedule. For the
     avoidance of doubt, Party B shall have no right to designate an Early
     Termination Date following the occurrence of any Termination Event."

(i)  CALCULATIONS. The "Payment Date" provisions in Section 6(d)(ii) are deleted
     in their entirety and replaced by the following:

     "The Termination Amount calculated as being due in respect of any Early
     Termination Date under Section 6(e) will be payable on such Early
     Termination Date."

(j)  PAYMENTS ON EARLY TERMINATION. Section 6(e) is deleted in its entirety and
     replaced with the following:

     "Upon the designation or deemed designation of an Early Termination Date,
     including pursuant to clause 4(i) or (ii) of the Confirmation, with respect
     to the Transaction evidenced by the Confirmation, Party A shall make a
     termination payment to Party B on the Early Termination Date in an amount
     equal to the "Termination Amount" for the Early Termination Date for credit
     to the Above-Cap Collateral Account (as provided in Section 3.5(f) of the
     Intercreditor Agreement) to be applied as set forth in such Section 3.5(f)
     plus all Unpaid Amounts due and payable by Party A under the Confirmation
     on or prior to the Early Termination Date and upon such payments the
     Transaction evidenced by the Confirmation shall terminate."

     "Termination Amount" means, for any Early Termination Date, the amount
     obtained by solving the following formula for TA:

     TA = (20% per annum - CR) x N x F

     where

     CR = the Cap Rate designated in the Confirmation

     N = the Notional Amount for such date

                                       2

     F = 0.256

(k)  TERMINATION CURRENCY. "Termination Currency" means United States Dollars.

(l)  ADDITIONAL TERMINATION EVENT. Additional Termination Event will not apply.

(m)  LIMITATIONS ON CONDITIONS PRECEDENT. Notwithstanding Section 2(a), the
     obligation of Party A to make each payment specified in the Confirmation
     shall not be subject to any conditions precedent other than as specified in
     such Confirmation, and, without limiting the foregoing, Party A agrees that
     it will make each such payment without offset, counterclaim or defense.

                                     PART 2
                               TAX REPRESENTATIONS

(a)  PAYER TAX REPRESENTATIONS. For the purpose of Section 3(e), Party A and
     Party B each make the following representation:

     It is not required by any applicable law, as modified by the practice of
     any relevant governmental revenue authority, of any Relevant Jurisdiction
     to make any deduction or withholding for or on account of any Tax from any
     payment (other than interest under Section 2(e) or 6(e)) to be made by it
     to the other party under this Agreement. In making this representation, it
     may rely on:

     (i)   the accuracy of any representation made by the other party pursuant
           to Section 3(f);

     (ii)  the satisfaction of the agreement of the other party contained in
           Section 4(a)(i) or 4(a)(iii) and the accuracy and effectiveness of
           any document provided by the other party pursuant to Section 4(a)(i)
           or 4(a)(iii); and

     (iii) the satisfaction of the agreement of the other party contained in
           Section 4(d);

     provided that it shall not be a breach of this representation where
     reliance is placed on clause (ii), and the other party does not deliver a
     form or document under Section 4(a)(iii) by reason of material prejudice to
     its legal or commercial position.

(b)  PAYEE TAX REPRESENTATIONS. For the purpose of Section 3(f),

     (i)  Party A represents that it is a corporation organized under the laws
          of the State of Delaware.

     (ii) Party B represents that it is a Delaware banking corporation.

                                     PART 3
                         AGREEMENT TO DELIVER DOCUMENTS

For the purpose of Section 4(a)(ii) of this Agreement, each party agrees to
deliver the following documents, as applicable:

                                       3

                                                                                      COVERED BY
PARTY REQUIRED TO               FORM/DOCUMENT/              DATE BY WHICH TO BE      SECTION 3(d)
DELIVER DOCUMENTS                CERTIFICATE                     DELIVERED         REPRESENTATION
-------------------   ---------------------------------   ----------------------   --------------

Party A and Party B   Evidence reasonably satisfactory    Upon execution of this         Yes
                      to the other party as to the        Agreement and the
                      names, true signatures and          related Confirmation
                      authority of the officer or
                      officials signing this Agreement
                      or the Confirmation on its behalf

Party A               Opinions of counsel to Party A      Upon execution of this         No
                      and its Credit Support Provider     Agreement
                      reasonably satisfactory in form
                      and substance to Party B with
                      respect to this Agreement and the
                      Credit Support Document specified
                      in Part 4(e)

Party B               Certified copies of all documents   Upon execution of this         Yes
                      evidencing the necessary            Agreement
                      corporate authorizations and
                      approvals with respect to the
                      execution, delivery, and
                      performance of derivatives
                      transactions

Party A               Correct, complete and executed      Upon execution of this   Not applicable
                      U.S. Internal Revenue Form W-9 or   Agreement, upon the
                      any successor thereto               appointment of a
                                                          successor
                                                          Subordination Agent,
                                                          and at any time upon
                                                          reasonable request by
                                                          Party B

Party B               Correct, complete and executed      Upon execution of this   Not applicable
                      U.S. Internal Revenue Form W-9 or   Agreement, upon the
                      any successor thereto               appointment of a
                                                          successor
                                                          Subordination Agent,
                                                          and at any time upon
                                                          reasonable request by
                                                          Party A

Party A               Credit Support Document specified   Upon execution of this         Yes
                      in Part 4(e)                        Agreement

                                     PART 4
                                  MISCELLANEOUS

(a)  ADDRESSES FOR NOTICES. For the purpose of Section 12(a):

     (i)  Address for notices or communications to Party A (including all
          notices pursuant to

                                       4

          Sections 5, 6 and 7 as well as any changes to Party B's address,
          telephone number or facsimile number):

          Address:     Morgan Stanley Capital Services Inc.
                       Transaction Management Group
                       1585 Broadway
                       New York, NY  10036-8293
          Attention:   Chief Legal Officer
          Facsimile:   212-507-4622

     (ii) Address for notices or communications to Party B:

          Address:     Wilmington Trust Company
                       Rodney Square North
                       1100 North Market Street
                       Wilmington, Delaware 19890-0001
          Attention:   Corporate Trust Administration
          Telephone:   302-651-1000
          Facsimile:   302-636-4140

(b)  OFFICES. The provisions of Section 10(a) will apply to this Agreement.

(c)  MULTIBRANCH PARTY. For the purpose of Section 10(c):

     Party A is not a Multibranch Party.
     Party B is not a Multibranch Party.

(d)  CALCULATION AGENT. The Calculation Agent is Party A, provided that if Party
     B disagrees with respect to any calculation or determination, Party A and
     Party B each will appoint an independent Reference Market-maker, and such
     two Reference Market-makers jointly will appoint a third Reference
     Market-maker. Such three Reference Market-makers jointly will make such
     calculation or determination (acting as experts and not as arbitrators),
     whose calculation or determination will be binding and conclusive absent
     manifest error. In addition, if an Event of Default with respect to Party A
     has occurred and is continuing, Party B may appoint one of the following
     five entities as Calculation Agent: JP Morgan Chase, UBS AG, Bank of
     America, N.A., Deutsche Bank AG or Citibank, N.A.

(e)  CREDIT SUPPORT DOCUMENTS. Party A shall deliver an unconditional and
     irrevocable guarantee dated as of November 14, 2006 from Morgan Stanley
     with respect to Party A's obligations under this Transaction for the
     benefit of Party B and such guarantee shall be a Credit Support Document
     with respect to Party A.

     With respect to Party B: None.

(f)  CREDIT SUPPORT PROVIDER.

     Credit Support Provider means in relation to Party A: Morgan Stanley.

     Credit Support Provider means in relation to Party B: None.

(g)  GOVERNING LAW. This Agreement and the Confirmation will be governed by and
     construed in

                                       5

     accordance with the laws of the State of New York.

(h)  JURISDICTION. Section 13(b) is hereby amended by: (i) deleting in the
     second line of subparagraph (i) thereof the word "non-"; and (ii) deleting
     the final paragraph thereof.

(i)  NETTING OF PAYMENTS. The Netting provision set forth in Section 2(c) will
     not apply to any Transaction.

(j)  AFFILIATE. Affiliate will have the meaning specified in Section 14,
     provided that the definition of Affiliate in relation to Party A does not
     include Morgan Stanley Derivative Products, Inc.

(k)  COVERED TRANSACTION. The Transaction evidenced by the Confirmation dated
     the date of this Agreement (Reference Number: SQCF7) will constitute the
     only Transaction and Confirmation supplementing, forming part of, and
     subject to, this Agreement.

                                     PART 5
                                OTHER PROVISIONS

(a)  DEFINITIONS. This Agreement and the Transaction between the parties are
     subject to the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions
     (June 2000 Version) as published by the International Swaps and Derivatives
     Association, Inc. (collectively, the "Definitions"), and will be governed
     in all relevant respects by the provisions set forth in the Definitions,
     without regard to any amendment to the Definitions subsequent to the date
     hereof. The provisions of the Definitions are incorporated by reference in
     and shall be deemed a part of this Agreement, except that references in the
     Definitions to a "Swap Transaction" shall be deemed references to a
     "Transaction" for purposes of this Agreement. In the event of any
     inconsistency between the provisions of this Agreement and the Definitions,
     this Agreement will prevail. "Intercreditor Agreement" as used in this
     Agreement shall mean the Intercreditor Agreement dated as of November 14,
     2006 among Wilmington Trust Company, as Trustee under the JetBlue Airways
     (Spare Parts) G-1 Pass Through Trust and JetBlue Airways (Spare Parts) B-1
     Pass Through Trust and under various other JetBlue Airways (Spare Parts)
     Pass Through Trusts which may be created from time to time hereafter, the
     Initial Primary Liquidity Provider, Initial Above-Cap Liquidity Provider
     and Initial Policy Provider executing such agreement as such, the
     Additional Primary Liquidity Provider(s), Additional Above-Cap Liquidity
     Provider(s) and Additional Policy Provider(s), if any, which may from time
     to time hereafter become parties thereto as therein provided and Wilmington
     Trust Company, as Subordination Agent, attached hereto as Exhibit A.
     Capitalized terms used and not defined herein, in the Confirmation, or in
     the Definitions shall have the meanings set forth in the Intercreditor
     Agreement, as amended or modified from time to time in accordance with the
     terms thereof, as each such term relates to, and is used in the context of,
     the Class G-1 Certificates and not to any other Class of Certificates.

(b)  RELATIONSHIP BETWEEN PARTIES. Each party will be deemed to represent to the
     other party on the date on which it enters into the Transaction that
     (absent a written agreement between the parties that expressly imposes
     affirmative obligations to the contrary for that Transaction):

     (i) Non-Reliance. It is acting for its own account, and it has made its own
     independent decisions to enter into the Transaction and as to whether the
     Transaction is appropriate or proper for it based upon its own judgment and
     upon advice from such advisers as it has deemed necessary. It is not
     relying on any communication (written or oral) of the other party as
     investment advice or as a recommendation to enter into the Transaction; it
     being understood that

                                       6

     information and explanations related to the terms and conditions of the
     Transaction shall not be considered investment advice or a recommendation
     to enter into the Transaction. No communication (written or oral) received
     from the other party shall be deemed to be an assurance or guarantee as to
     the expected results of the Transaction.

     (ii) Assessment and Understanding. It is capable of assessing the merits of
     and understanding (on its own behalf or through independent professional
     advice), and understands and accepts, the terms, conditions and risks of
     the Transaction. It is also capable of assuming, and assumes, the risks of
     the Transaction.

     (iii) Status of Parties. The other party is not acting as a fiduciary for
     or an adviser to it in respect of the Transaction.

(c)  WAIVER OF JURY TRIAL. EACH PARTY HEREBY WAIVES ITS RESPECTIVE RIGHT TO JURY
     TRIAL WITH RESPECT TO ANY LITIGATION ARISING UNDER, OR IN CONNECTION WITH,
     THIS AGREEMENT OR THE TRANSACTION.

(d)  NON-PETITION. Party A agrees that it will not, prior to the date that is
     one year and one day following the final payment of the Certificates,
     acquiesce, petition or otherwise invoke or cause, or join in invoking or
     causing, Party B or any other person or entity to invoke the process of any
     governmental authority for the purpose of commencing or sustaining a case
     (whether voluntary or involuntary) against Party B under any bankruptcy,
     insolvency or similar law or appointing a receiver, liquidator, assignee,
     trustee, custodian, sequestrator or other similar official of Party B or
     any substantial part of its property or ordering the winding-up or
     liquidation of the affairs of Party B, provided, however, that nothing
     herein shall restrict or prohibit Party A from joining in any existing
     bankruptcy, reorganization, arrangement, insolvency, moratorium or
     liquidation proceedings or other analogous proceedings under applicable
     laws.

(e)  WAIVER OF RIGHT OF SET-OFF. Notwithstanding any provision of this
     Agreement, the Confirmation or any other existing or future agreement
     between the parties hereto, each party irrevocably waives any and all
     rights it may have to set-off, net, recoup or otherwise withhold or suspend
     or condition payment or performance of any obligation between the two
     parties hereunder against any obligations between the two parties, whether
     arising under any agreement, applicable law or otherwise.

(f)  AMENDMENTS. This Agreement is hereby further amended as follows:

     (1)  Section 2(b) is hereby amended by the insertion of the following at
          the end thereof after the word "change": "provided that if such new
          account shall not be in the same jurisdiction having the same power to
          tax as the original account, the party not changing its account shall
          not be obliged to pay any greater amounts and shall not receive less
          as a result of such change than would have been the case if such
          change had not taken place".

     (2)  Section 2(d) is amended by adding thereto a new final sentence reading
          as follows: "Anything in this Section 2(d) to the contrary
          notwithstanding, Party B shall not be obligated to make any payment
          under this Section 2(d) to Party A."

     (3)  Section 7 is amended by adding a new penultimate sentence to Section 7
          as follows: "Any purported transfer under this Section 7 shall require
          Ratings Confirmation, including, for the avoidance of doubt, any
          transfer pursuant to Section 6(b)(ii)".

                                       7

     (4)  Section 9(b) is amended by adding thereto a new sentence reading as
          follows: "In addition, no amendment, modification or waiver in respect
          of this Agreement will be effective unless Ratings Confirmation is
          received".

(g)  LIMITATION OF LIABILITY. The obligations of Party B under this Agreement,
     and in respect of the Transaction evidenced by the Confirmation, are
     expressly limited to the extent of funds, if any, made available for such
     payment to Party B under, and in accordance with, the priorities of
     payments set forth in Sections 3.2 and 3.5 of the Intercreditor Agreement.
     No recourse under any obligation, covenant or agreement of Party B
     contained in this Agreement or the Confirmation shall be had against any
     incorporator, stockholder, agent, affiliate, officer, employee or trustee
     of Party B, as such, by the enforcement of any assessment or by any legal
     or equitable proceeding, by virtue of any statute or otherwise; it being
     expressly agreed and understood that the agreements of Party B contained in
     this Agreement or the Confirmation are solely trust obligations of Party B
     and that no personal liability whatsoever shall attach to or be incurred by
     the incorporators, stockholders, agents, affiliates, officers, employees or
     trustees of Party B, as such, or any of them, under or by reason of any of
     the obligations, covenants or agreements of Party B contained in this
     Agreement or the Confirmation and that any and all personal liability of
     every such incorporator, stockholder, agent, affiliate, officer, employee
     or trustee of Party B for breaches by Party B of any such obligation,
     covenant or agreement, which liability may arise either at common law or at
     equity, by statute or constitution, or otherwise, is hereby expressly
     waived as a condition of and in consideration for the execution of this
     Agreement; provided, however, that nothing in this paragraph shall relieve
     any of the foregoing persons from any liability which any such person may
     otherwise have for his/her or its gross negligence or willful misconduct
     or, with respect to the handling or transfer of funds, ordinary negligence.

(h)  ELIGIBLE CONTRACT PARTICIPANT. Each party represents to the other that it
     is an "eligible contract participant" as defined in Section 1a(12) of the
     Commodity Exchange Act of 1922 (7 U.S. Code Section 1 et seq.), as amended
     ("CEA"). This Agreement and the Transaction hereunder are subject to
     individual negotiation by the parties. Neither this Agreement nor the
     Transaction hereunder has been executed or traded on a "trading facility"
     as defined in Section 1a(33) of the CEA.

(i)  ACCURACY OF SPECIFIED INFORMATION. Section 3(d) is hereby amended by adding
     in the third line thereof after the word "respect" and before the period
     the words "or, in the case of audited or unaudited financial statements or
     balance sheets, a fair representation of the financial condition of the
     relevant person".

                      [Signatures follow on separate pages]

                                       8

     IN WITNESS WHEREOF the parties have executed this Schedule to the ISDA
Master Agreement on the respective dates specified below with effect from the
date specified on the first page of this document.

                                         MORGAN STANLEY CAPITAL SERVICES INC.

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

                                 Above-Cap Schedule to the ISDA Master Agreement

                                         WILMINGTON TRUST COMPANY
                                         in its capacity as Subordination Agent
                                         on behalf of the Trustee under the
                                         JetBlue Airways (Spare Parts) G-1 Pass
                                         Through Trust

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

                                 Above-Cap Schedule to the ISDA Master Agreement

                                    EXHIBIT A

                             INTERCREDITOR AGREEMENTExhibit 4.6

                                                               EXECUTION VERSION

Date:      November 14, 2006

To:        Wilmington Trust Company

From:      Morgan Stanley Capital Services Inc.

Subject:   ABOVE CAP LIQUIDITY FACILITY CONFIRMATION

                             REFERENCE NUMBER: SQCF7

Ladies and Gentlemen:

     The purpose of this letter agreement (this "Confirmation") is to confirm
the terms and conditions of the Interest Rate Cap Transaction entered into on
the Trade Date referred to in Paragraph 2 below (the "Transaction") between
Morgan Stanley Capital Services Inc. ("Party A") and Wilmington Trust Company in
its capacity as Subordination Agent on behalf of the Trustee under the JetBlue
Airways (Spare Parts) G-1 Pass Through Trust ("Party B"). This letter agreement
constitutes a "Confirmation" as referred to in the ISDA Master Agreement
specified below.

1.   The definitions and provisions contained in the 2000 ISDA Definitions and
     Annex to the 2000 ISDA Definitions (June 2000 Version) as published by the
     International Swaps and Derivatives Association, Inc. (as so supplemented,
     the "Definitions") are incorporated into this Confirmation. In the event of
     any inconsistency between the Definitions and this Confirmation, this
     Confirmation will govern. References herein to a "Transaction" shall be
     deemed to be references to a "Swap Transaction" for the purposes of the
     Definitions.

     This Confirmation supplements, forms a part of, and is subject to the 1992
     ISDA Master Agreement (Multicurrency - Cross Border) including the Schedule
     thereto, dated as of November 14, 2006 as amended and supplemented from
     time to time (collectively, the "Agreement"), between us. All provisions
     contained in the Agreement govern this Confirmation except as modified
     below. In the event of any inconsistency between the Agreement and this
     Confirmation, this Confirmation will govern. Capitalized terms not
     otherwise defined in the Agreement or this Confirmation shall have the
     meanings ascribed to them in the Intercreditor Agreement dated as of
     November 14, 2006 among Wilmington Trust Company, as Trustee under the
     JetBlue Airways (Spare Parts) G-1 Pass Through Trust and JetBlue Airways
     (Spare Parts) B-1 Pass Through Trust and under various other JetBlue
     Airways (Spare Parts) Pass Through Trusts which may be created from time to
     time hereafter, the Initial Primary Liquidity Provider, Initial Above-Cap
     Liquidity Provider and Initial Policy Provider executing such agreement as
     such, the Additional Primary Liquidity Provider(s), Additional Above-Cap
     Liquidity Provider(s) and Additional Policy Provider(s), if any, which may
     from time to time hereafter become parties thereto as therein provided, and
     Wilmington Trust Company, as Subordination Agent (the "Intercreditor
     Agreement") as each such term relates to, and is used in the context of,
     the Class G-1 Certificates

                                      -1-

     and not to any other Class of Certificates. The Agreement and the
     Confirmation will be governed by and construed in accordance with the laws
     of the State of New York.

     Each of Party A and Party B represents to the other that it has entered
     into this Transaction in reliance upon such independent accounting,
     regulatory, legal, tax and financial advice as it deems necessary and not
     upon any view expressed by the other.

2.   Party A and Party B by this Confirmation are entering into a Transaction
     (the "Above-Cap Liquidity Facility") that provides an irrevocable interest
     rate cap. The terms of the Above-Cap Liquidity Facility are as follows:

General Terms:

   Transaction Type:             Interest Rate Cap Transaction

   Notional Amount:              The Pool Balance for the Class G-1 Certificates
                                 from time to time. The Notional Amount as of
                                 any Floating Rate Payer Payment Date shall be
                                 determined before giving effect to any
                                 distributions on such Class G-1 Certificates on
                                 such Floating Rate Payer Payment Date.

   Trade Date:                   November 7, 2006

   Effective Date:               November 14, 2006

   Termination Date:             The first Business Day following the earlier of
                                 (i) January 2, 2016 and (ii) the date on which
                                 payment in full of Final Distributions with
                                 respect to the Class G-1 Certificates has been
                                 made.

   Currency Unit:                USD

   Business Day/Local Business   "Business Day" as defined in the Intercreditor
   Day:                          Agreement for all purposes under the Agreement.

   Business Day Convention:      Following

Fixed Amounts:

   Fixed Amount Payer:           Party B

   Fixed Amount Payer Payment    Effective Date
   Date:

   Fixed Amount:                 As set forth in a separate letter agreement
                                 between Party A and Party B.

Floating Amounts:

   Floating Rate Payer:          Party A

                                      -2-

   Floating Amount:              On each Floating Rate Payer Payment Date on
                                 which (i) the Floating Rate Option exceeds the
                                 Cap Rate and (ii) a Drawing Event (as defined
                                 below) has occurred, the Floating Amount shall
                                 be calculated as follows:

                                 In the event that either (a) the Available
                                 Amount under the Primary Liquidity Facility
                                 (before giving effect to any Interest Drawing
                                 to be made on such Payment Date) is greater
                                 than zero or (b) the amount on deposit in the
                                 Primary Cash Collateral Account (before giving
                                 effect to any withdrawals to be made from such
                                 account on such Payment Date) is greater than
                                 zero, the Floating Amount shall equal the
                                 Above-Cap Payment for such date.

                                 In the event that both statements in clauses
                                 (a) and (b) above are not true, then the
                                 Floating Amount shall equal zero.

   Period End Dates:             Each April 2, July 2, October 2 and January 2,
                                 commencing on January 2, 2007 and ending on the
                                 Termination Date, subject to adjustment in
                                 accordance with the Following Business Day
                                 Convention.

   Floating Rate Payer Payment   Each day that is a Period End Date and any
   Dates:                        Special Distribution Date not coinciding with a
                                 Period End Date on which a distribution of
                                 interest is, by the terms of the Intercreditor
                                 Agreement, to be made on the Class G-1
                                 Certificates.

   Floating Rate Option:         USD-LIBOR-BBA; provided that, if the relevant
                                 rate does not appear on the Telerate Page 3750,
                                 the rate shall be "LIBOR" as defined in the
                                 Intercreditor Agreement; and provided further
                                 that the Floating Rate Option shall be deemed
                                 to equal the Cap Rate during such period as the
                                 Stated Interest Rate applicable to the Class
                                 G-1 Certificates is subject to the Capped
                                 Interest Rate pursuant to the proviso in the
                                 definition of "Stated Interest Rate" in the
                                 Intercreditor Agreement.

   Cap Rate:                     10%

   Designated Maturity:          3-Month

   Spread:                       None

   Floating Rate Day Count       Actual/360
   Fraction:

   Reset Dates:                  The first day of the relevant Calculation
                                 Period.

   Compounding:                  Inapplicable

   Notice:                       Party B shall, on or before 12:00 p.m. (New
                                 York time) on each Floating Rate Payer Payment
                                 Date, provide Party A with notice

                                      -3-

                                 of the then-current Pool Balance of the Class
                                 G-1 Certificates and the Floating Amount
                                 payable, if any, together with, if such
                                 Floating Amount is payable, the certification
                                 referred to in the final sentence of Section
                                 3.5(a) of the Intercreditor Agreement.

3.   Role of Party A; Role of Calculation Agent

     (i)  Party B acknowledges that: (a) in connection with this Transaction and
          this Agreement, Party A has acted in the capacity of an arm's-length
          contractual counterparty and not as its financial advisor or
          fiduciary; and (b) in exercising its rights or performing any of its
          duties under this Agreement, Party A will act as principal and not as
          a fiduciary of Party B.

     (ii) Whenever the Calculation Agent is required to act or exercise judgment
          in any way, it will do so in good faith and in a commercially
          reasonable manner. The calculations and determinations of the
          Calculation Agent shall be made in accordance with terms of this
          Confirmation having regard in each case to the criteria stipulated
          herein.

4.   Credit Downgrade/Replacement of Above-Cap Liquidity Provider

     In the event the relevant credit rating of Morgan Stanley or any successor
or permitted assignee as Liquidity Guarantor issued by any Rating Agency at any
time is lower than the applicable Threshold Rating ("Credit Downgrade") or an
Event of Default specified in Section 5(a)(iii)(2) or 5(a)(iii)(3) of the
Agreement ("Credit Support Event") occurs, Party A may, within ten days, at its
own expense, arrange for one or more Replacement Above-Cap Liquidity Providers
to enter into and deliver to Party B a Replacement Above-Cap Liquidity Facility
for the Above-Cap Liquidity Facility. If Party A does not arrange for such
replacement and if this Above-Cap Liquidity Facility has not otherwise been
replaced by JetBlue Airways Corporation (at the expense of JetBlue Airways
Corporation) in accordance with the terms of Section 3.5(c)(iv) of the
Intercreditor Agreement, then (i) in the case of a Credit Support Event, such
10th day (or if such 10th day is not a Business Day, the next succeeding
Business Day) shall be designated an "Early Termination Date" and Part 1(j) of
the Schedule to the Agreement will apply to Party A and (ii) in the case of a
Credit Downgrade, Part 1(j) of the Schedule to the Agreement will apply to Party
A as if such 10th day (or if such 10th day is not a Business Day, the next
succeeding Business Day) were designated an "Early Termination Date".

5.   Additional Definitions

     "Drawing Event" shall mean an event on any Distribution Date that is not a
date on which Final Disposition proceeds are being distributed and where Party
B, after giving effect to the subordination provisions of the Intercreditor
Agreement and any Election Interest Payments made by the Policy Provider (but
without regard to drawings under the Primary Liquidity Facility or withdrawals
from the Primary Cash Collateral Account or Above-Cap Account or under the
Policy (other than Election Interest Payments)), shall not have sufficient funds
for the payment of any amounts due and owing in respect of accrued interest on
the Class G Certificates.

     "Threshold Rating" shall mean, for purposes of this Agreement, the
short-term unsecured debt rating of P-1 by Moody's and short-term issuer credit
rating of A-1 by Standard & Poor's.

6.   Payments

                                      -4-

     Party A hereby irrevocably instructs Party B to make any payment due to
Party A directly to the account specified below in the name of Party A. Party B
hereby irrevocably instructs Party A to make any payments of Floating Amounts
and any Termination Amount due to Party B directly to the account specified
below in the name of Party B. All payments by Party A of Floating Amounts and
any Termination Amount due to Party B shall be made prior to 5:00 p.m. (New York
City time) on the date such payment is due without setoff, deduction,
withholding, netting, or any other reduction.

7.   Account Details

Payments to Party A:   Citibank, New York
                       ABA#: 021 000 089
                       Account#: 4072 4601
                       Reference: Morgan Stanley Capital Services Inc.

Payments to Party B:   Wilmington Trust Company
                       ABA#: 031100092
                       Account#: 078649-001
                       Reference: Jet Blue 2006 Spare Parts G-1 Above Cap

8.   Offices

     The Office of Party A for the Transaction is its office at the address
specified for notices to it in the Schedule to the Agreement. The Office of
Party B for the Transaction is its office at the address specified for notices
to it in the Schedule to the Agreement.

9.   Counterparts

     This Confirmation may be executed in any number of counterparts and by each
party hereto on separate counterparts, each of which counterparts, 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
Confirmation.

                      [Signatures follow on separate pages]

                                      -5-

     Please confirm that the foregoing correctly sets forth the terms of our
agreement by executing the copy of this Confirmation enclosed for that purpose
and returning it to us.

                                         Yours sincerely,

                                         MORGAN STANLEY CAPITAL SERVICES INC.

                                         By:
                                             -----------------------------------

                                         Name:
                                               ---------------------------------

                                         Title:
                                                --------------------------------

                                                          Above-Cap Confirmation

Confirmed as of the date first written above:

WILMINGTON TRUST COMPANY
in its capacity as Subordination Agent
on behalf of the Trustee under the
JetBlue Airways (Spare Parts) G-1
Pass Through Trust

By:
    ---------------------------------

Name:
      -------------------------------

Title:
       ------------------------------

                                                          Above-Cap Confirmation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00113-of-00352.parquet"}]]