Document:

Exhibit 4.3

                                                                  EXECUTION COPY

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                           REVOLVING CREDIT AGREEMENT
                                  (Class G-1)

                          dated as of November 14, 2006

                                     between

                            WILMINGTON TRUST COMPANY,
                             as Subordination Agent,
                          as agent and trustee for the
              JetBlue Airways (Spare Parts) G-1 Pass Through Trust,
                                   as Borrower

                                       and

                    LANDESBANK HESSEN-THURINGEN GIROZENTRALE,
                          as Primary Liquidity Provider

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              JetBlue Airways (Spare Parts) G-1 Pass Through Trust
                            Pass Through Certificates

Revolving Credit Agreement

                                TABLE OF CONTENTS

                                                                            Page
                                                                            ----
Article I DEFINITIONS....................................................     1
   Section 1.01   Certain Defined Terms..................................     1

Article II AMOUNT AND TERMS OF THE COMMITMENT............................     6
   Section 2.01   The Advances...........................................     6
   Section 2.02   Making the Advances....................................     6
   Section 2.03   Fees...................................................     8
   Section 2.04   Reductions or Termination of the Maximum Commitment....     8
   Section 2.05   Repayments of Interest Advances or the Final Advance...     9
   Section 2.06   Repayments of Downgrade Advances.......................     9
   Section 2.07   Payments to the Primary Liquidity Provider Under the
                  Intercreditor Agreement................................    10
   Section 2.08   Book Entries...........................................    10
   Section 2.09   Payments from Available Funds Only.....................    11

Article III OBLIGATIONS OF THE BORROWER..................................    11
   Section 3.01   Increased Costs........................................    11
   Section 3.02   Capital Adequacy.......................................    12
   Section 3.03   United States Withholding Taxes........................    13
   Section 3.04   Payments...............................................    14
   Section 3.05   Computations...........................................    14
   Section 3.06   Payment on Non-Business Days...........................    14
   Section 3.07   Interest...............................................    14
   Section 3.08   Replacement of Borrower................................    16
   Section 3.09   Funding Loss Indemnification...........................    16
   Section 3.10   Illegality.............................................    16
   Section 3.11   Mitigation.............................................    16

Article IV CONDITIONS PRECEDENT..........................................    17
   Section 4.01   Conditions Precedent to Effectiveness of
                  Section 2.01...........................................    17
   Section 4.02   Conditions Precedent to Borrowing......................    19

Article V COVENANTS......................................................    19
   Section 5.01   Affirmative Covenants of the Borrower..................    19
   Section 5.02   Negative Covenants of the Borrower.....................    20

Article VI LIQUIDITY EVENTS OF DEFAULT;
Liquidity provider reimbursement date....................................    20
   Section 6.01   Liquidity Events of Default............................    20
   Section 6.04   .......................................................    20
   Section 6.02   Liquidity Provider Reimbursement Date..................    20

Article VII MISCELLANEOUS................................................    20
   Section 7.01   Amendments, Etc........................................    20

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                                        i

   Section 7.02   Notices, Etc...........................................    21
   Section 7.03   No Waiver; Remedies....................................    21
   Section 7.04   Further Assurances.....................................    22
   Section 7.05   Indemnification; Survival of Certain Provisions........    22
   Section 7.06   Liability of the Primary Liquidity Provider............    22
   Section 7.07   Costs, Expenses and Documentary Taxes..................    23
   Section 7.08   Binding Effect; Participations.........................    23
   Section 7.09   Severability...........................................    25
   Section 7.10   GOVERNING LAW..........................................    25
   Section 7.11   Submission to Jurisdiction; Waiver of Jury Trial.......    25
   Section 7.12   Execution in Counterparts. This........................    26
   Section 7.13   Entirety...............................................    26
   Section 7.14   Headings...............................................    26
   Section 7.15   PRIMARY LIQUIDITY PROVIDER'S OBLIGATION TO
                  MAKE ADVANCES..........................................    26

ANNEX I     Interest Advance Notice of Borrowing

ANNEX II    Reserved

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

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                                       ii

                     REVOLVING CREDIT AGREEMENT (Class G-1)

          This REVOLVING CREDIT AGREEMENT (Class G-1), dated as of November 14,
2006, is made by and 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 Trust (as defined below) (the "Borrower"), and LANDESBANK
HESSEN-THURINGEN GIROZENTRALE, a public-law banking institution organized under
the laws of Germany (the "Primary Liquidity Provider").

                                   WITNESSETH:

          The parties hereto hereby agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     Section 1.01 Certain Defined Terms. (a) Capitalized terms used herein
without definitions shall have the respective meanings specified in the
Intercreditor Agreement for all purposes of this Agreement.

          (b) As used in this Agreement and unless expressly indicated, or
unless the context clearly requires otherwise, the following capitalized terms
shall have the following respective meanings for all purposes of this Agreement:

          "Additional Costs" has the meaning assigned to such term in Section
3.01.

          "Advance" means an Interest Advance, a Final Advance, a Downgrade
Advance or an Applied Downgrade Advance, as the case may be.

          "Agreement" means this Revolving Credit Agreement (Class G-1), dated
as of November 14, 2006, between the Borrower and the Primary Liquidity
Provider, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms.

          "Applicable Liquidity Rate" has the meaning assigned to such term in
Section 3.07(g).

          "Applicable Margin" means (i) with respect to any Unpaid Advance or
Applied Downgrade Advance, 1.75% per annum and (ii) with respect to any
Unapplied Downgrade Advance, the rate or margin per annum, as applicable,
specified in the Fee Letter applicable to this Agreement.

          "Applied Downgrade Advance" has the meaning assigned to such term in
Section 2.06(a).

Revolving Credit Agreement

          "Base Rate" means 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 next
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 (1/4 of 1%).

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

          "Borrower" has the meaning assigned to such term in the recital of
parties to this Agreement.

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

          "Class G-1 Trust Agreement" means the JetBlue Airways (Spare Parts)
Class G-1 Pass Through Trust Agreement, of even date herewith, between JetBlue
Airways Corporation and Wilmington Trust Company, not in its individual capacity
but solely as Pass Through Trustee, in respect of the Class G-1 Certificates.

          "Consent Period" has the meaning assigned to such term in Section
2.10.

          "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 the case may be, issued by either Rating Agency below the applicable
Threshold Rating.

          "Effective Date" has the meaning assigned to such term 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) Taxes imposed on, based on or measured by
the income of, or franchise Taxes imposed on, the Primary Liquidity Provider or
its Lending Office by the jurisdiction where such Primary Liquidity Provider's
principal office or such Lending Office is located or any other taxing
jurisdiction in which such Tax is imposed as a result of the Primary Liquidity
Provider being, or having been, organized in, or conducting, or having
conducted, any activities unrelated to the transactions contemplated by the
Operative Agreements in, such jurisdiction and (ii) Excluded Withholding Taxes.

          "Excluded Withholding Taxes" means (i) 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

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                                        2

(including a transferee of an Advance), after the date on which such successor
Primary Liquidity Provider obtains its interest, (ii) 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, the Primary Liquidity Provider 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 the Lending Office of
the Primary Liquidity Provider is moved if, under the laws in effect at the time
of such move, such laws would require greater withholding of Taxes on 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) directly related to this Agreement or the
other Operative Agreements, provided that "Expenses" shall not include any Taxes
(of any kind or description) or any general, overhead or analogous costs,
expenses or disbursements (howsoever allocated).

          "Expiry Date" means January 17, 2016.

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

          "GAAP" means generally accepted accounting principles as set forth in
the statements of financial accounting standards issued by the Financial
Accounting Standards Board of the American Institute of Certified Public
Accountants, as such principles may at any time or from time to time be varied
by any applicable financial accounting rules or regulations issued by the
Securities and Exchange Commission and, with respect to any person, shall mean
such principles applied on a basis consistent with prior periods except as may
be disclosed in such person's financial statements.

          "Indemnified Tax" has the meaning assigned to such term in Section
3.03(a).

          "Intercreditor Agreement" means the Intercreditor Agreement dated as
of November 14, 2006 among the Trustee, the Liquidity Provider, the Policy
Provider, Wilmington Trust Company, as Subordination Agent and as trustee
thereunder, and the Additional Liquidity Provider(s) and Additional Policy
Provider(s) (if any executing joinder agreements with respect thereto) as
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:

               (i) the period beginning on the third Business Day following
either

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                                        3

(A) the Primary Liquidity Provider's receipt of the Notice of Borrowing for such
LIBOR Advance or (B) the withdrawal of funds from the Primary Cash Collateral
Account for the purpose of paying interest on the Class G-1 Certificates as
contemplated by Section 2.06(a) hereof and, in either case, ending on the next
Regular Distribution Date; and

               (ii) 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 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).

          "Lending Office" means the lending office of the Primary Liquidity
Provider presently located at its offices specified for notices hereunder on the
signature pages to this Agreement, or such other lending office as the Primary
Liquidity Provider 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 a lending office outside the United States of America
except in accordance with Section 3.11 hereof.

          "LIBOR Advance" means an Advance bearing interest at a rate based upon
the LIBOR Rate.

          "LIBOR Rate" means, with respect to any Interest Period,

               (i) the rate per annum appearing on display page 3750 (British
Bankers Association-LIBOR) of the Telerate Service (or any successor or
substitute therefor) at approximately 11:00 a.m. (London time) two Business Days
before the first day of such Interest Period, as the rate for dollar deposits
with a maturity comparable to such Interest Period, or

               (ii) if the rate calculated pursuant to clause (i) above is not
available, the average (rounded upwards, if necessary, to the next 1/16 of 1%)
of the rates per annum at which deposits in dollars are offered for the relevant
Interest Period by three banks of recognized standing selected by the Primary
Liquidity Provider in the London interbank market at approximately 11:00 a.m.
(London time) two Business Days before the first day of such Interest Period in
an amount approximately equal to the principal amount of the LIBOR Advance to
which such Interest Period is to apply and for a period comparable to such
Interest Period.

          "Liquidity Event of Default" means the occurrence of either (a) the
Acceleration of all of the Equipment Notes or (b) a JetBlue Bankruptcy Event.

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

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                                        4

          "Maximum Available Commitment" means, 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 that following a Downgrade Advance or
a Final Advance, the Maximum Available Commitment shall be zero.

          "Maximum Commitment" means initially $15,398,301, as the same may be
reduced from time to time in accordance with Section 2.04(a).

          "Notice of Borrowing" has the meaning assigned to such term in Section
2.02(e).

          "Notice of Replacement Subordination Agent" has the meaning assigned
to such term in Section 3.08.

          "Primary Liquidity Provider" has the meaning assigned to such term in
the recital of parties to this Agreement.

          "Prospectus Supplement" means the final Prospectus Supplement dated
November 7, 2006 relating to the Certificates, as such Prospectus Supplement may
be amended or supplemented.

          "Regulatory Change" has the meaning assigned to such term 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 sum of
the aggregate amount of interest, calculated at the rate per annum equal to the
Capped Interest Rate for the Class G-1 Certificates, that would be payable on
the Class G-1 Certificates on each of the eight successive quarterly Regular
Distribution Dates immediately following such day or, if such day is a Regular
Distribution Date, on such day and the succeeding seven quarterly Regular
Distribution Dates, in each case calculated on the basis of the Pool Balance of
the Class G-1 Certificates on such day and without regard to expected future
payments of principal on the Class G-1 Certificates or (ii) if there are 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, 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. The Pool

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                                        5

Balance solely for purposes of the definition of Required Amount shall, in the
event of any Policy Provider Election, be deemed to be reduced to zero.

          "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 G-1 Certificates have been paid in
full (or provision has been made for such payment in accordance with the
Intercreditor Agreement and the Trust Agreements) 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 3.5(e) of the Intercreditor Agreement; (iv) the fifth Business Day
following the receipt by the Borrower of a Termination Notice from the Primary
Liquidity Provider pursuant to Section 6.01 hereof; (v) the date on which no
Advance is, or may (including by reason of reinstatement as herein provided)
become, available for a Borrowing hereunder; (vi) the Liquidity Provider
Reimbursement Date; (vii) the date on which a Special Termination occurs; and
(viii) the Special Distribution Date (as defined in the Intercreditor Agreement)
with respect to the proceeds of a Final Disposition (as defined in the
Intercreditor Agreement).

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

          "Transferee" has the meaning assigned to such term in Section 7.08(b).

          "Trust" means the trust established pursuant to the Class G-1 Trust
Agreement.

          "Unapplied Downgrade Advance" means any Downgrade Advance other than
an Applied Downgrade Advance.

          "Unpaid Advance" has the meaning assigned to such term in Section
2.05.

                                   ARTICLE II

                       AMOUNT AND TERMS OF THE COMMITMENT

     Section 2.01 The 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) Interest Advances shall be made in
one or more Borrowings by delivery to the Primary Liquidity Provider of one or
more written and completed Notices of Borrowing in substantially the form of
Annex I attached hereto, signed by a Responsible Officer of the Borrower, in an
amount not exceeding the Maximum Available Commitment at such time and shall be
used solely for the payment when due of interest with respect to the Class G-1
Certificates at the Stated Interest Rate for the applicable Interest Period

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                                        6

(calculated assuming that JetBlue will not cure any Payment Default) in
accordance with Section 3.5(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 3.5(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) any Equipment Note is a Non-Performing
Equipment Note and a Liquidity Event of Default shall have occurred and be
continuing or (y) a Final Advance or a Downgrade Advance has been made.

          (b) Reserved.

          (c) A Downgrade Advance shall be made in a single Borrowing upon the
occurrence of a Downgrade Event (as provided for in Section 3.5(c) of the
Intercreditor Agreement) unless a Replacement Primary Liquidity Facility to
replace this Agreement shall have been previously delivered to the Borrower in
accordance with Section 3.5(c), by delivery to the Primary Liquidity Provider of
a written and completed Notice of Borrowing in substantially the form of Annex
III 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
to fund the Primary Cash Collateral Account in accordance with Sections 3.5(c)
and 3.5(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 hereof by delivery to the Primary Liquidity
Provider of a written and completed Notice of Borrowing in substantially the
form of Annex IV 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 to fund the Primary Cash Collateral Account in accordance with
Sections 3.5(f) and 3.5(i) of the Intercreditor Agreement.

          (e) 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) or 2.02(d), as the case may be, given by the Borrower to the Primary
Liquidity Provider. Each Notice of Borrowing shall be effective upon delivery of
a copy thereof to the Primary Liquidity Provider's New York branch at the
address specified in Section 7.02. If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing no later than 12:00 p.m. (New York City
time) on a

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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
make available to the Borrower, in accordance with its payment instructions, the
amount of such Borrowing in U.S. dollars and immediately available funds, before
4:00 p.m. (New York City time) on such Business Day or on such later Business
Day specified in such Notice of Borrowing. 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 12:00 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 make available to the Borrower,
in accordance with its payment instructions, the amount of such Borrowing in
U.S. dollars and in immediately available funds, before 12:00 noon (New York
City time) on the first Business Day next following the day of receipt of such
Notice of Borrowing or on such later Business Day specified by the Borrower in
such Notice of 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.

          (f) 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 12:00 noon (New York City time) on the second Business Day after the date
of payment specified in Section 2.02(e), 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), 2.02(c) or 2.02(d) hereof to fund the
Primary Cash Collateral Account, the Primary Liquidity Provider shall have no
interest in or rights to the Primary Cash Collateral Account, the funds
constituting such Advance or any other amounts from time to time on deposit in
the Primary Cash Collateral Account; provided that the foregoing shall not
affect or impair the obligations of the Subordination Agent to make the
distributions contemplated by Section 3.5(e) or 3.5(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 amounts in the Primary Cash
Collateral Account 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 Reductions or Termination of the Maximum Commitment. (a)
Automatic Reduction. Promptly following each date on which the Required Amount
is reduced as a result of a reduction in the Pool Balance of the Class G-1
Certificates (including by reason of a Policy Provider Election with respect to
the Series G Equipment Note) or otherwise, the Maximum

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                                        8

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 Downgrade Advance or 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.

     Section 2.05 Repayments of Interest Advances or the Final Advance. Subject
to Sections 2.06, 2.07 and 2.09 hereof, 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 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 hereof; provided 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 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 for all purposes of this
Agreement (including, without limitation, 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)). The
Borrower and the Primary Liquidity Provider agree that the repayment in full of
each Interest 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 Downgrade Advances. (a) Amounts advanced
hereunder in respect of a Downgrade Advance shall be deposited in the Primary
Cash Collateral Account and invested and withdrawn from the Primary Cash
Collateral Account as set forth in Sections 3.5(c), 3.5(d), 3.5(e) and 3.5(f) of
the Intercreditor Agreement. Subject to Sections 2.07 and 2.09, 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
Downgrade Advance, interest on the principal amount of any such Downgrade
Advance as provided in Section 3.07 hereof; provided, however, that amounts in
respect of a Downgrade Advance withdrawn from the Primary Cash Collateral
Account for the purpose of paying interest on the Class G-1 Certificates in
accordance with Section 3.5(f) of the Intercreditor Agreement (the amount of any
such withdrawal being an "Applied Downgrade 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; provided further, however, that if, following the making of a Downgrade
Advance, the Primary Liquidity Provider delivers a Termination Notice to the
Borrower pursuant to Section 6.01 hereof, such Downgrade

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                                        9

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 obligation for repayment thereof and as an Applied Downgrade
Advance, for purposes of Section 2.6(c) of the Intercreditor Agreement. Subject
to Sections 2.07 and 2.09 hereof, immediately upon the withdrawal of any amounts
from the 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 Downgrade Advances in a principal amount equal to such reduction,
plus interest on the principal amount prepaid as provided in Section 3.07
hereof.

          (b) At any time when an Applied Downgrade Advance (or any portion
thereof) is outstanding, upon the deposit in the Primary Cash Collateral Account
of any amount pursuant to 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 Required Amount at such
time, (i) the aggregate outstanding principal amount of all Applied Downgrade
Advances (and of Downgrade 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 (if multiple
Applied Downgrade Advances are outstanding, such Replenishment Amount to be
applied in the order in which such Applied Downgrade Advances have been made,
starting with the earliest) and (ii) the aggregate outstanding principal amount
of all Unapplied Downgrade 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 3.5(e) of the
Intercreditor Agreement, and upon the payment in full of the Class G-1
Certificates, amounts remaining on deposit in the Primary Cash Collateral
Account after giving effect to any Applied Downgrade Advance on the date of such
replacement shall be reimbursed to the replaced Primary Liquidity Provider, but
only to the extent such amounts are necessary to repay in full to the replaced
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, Section 3.5(f) of the Intercreditor Agreement), shall be paid to the
Primary Liquidity Provider in accordance with the terms thereof. Amounts so paid
to the Primary Liquidity Provider shall be applied by the Primary Liquidity
Provider to Liquidity Obligations then due and payable in accordance with the
Intercreditor Agreement and shall discharge in full the corresponding
obligations of the Borrower hereunder (or, if not provided for in the
Intercreditor Agreement, then in such manner as the Primary Liquidity Provider
shall deem appropriate).

     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 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

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                                       10

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 including, without limitation, Section 7.05
and 7.07 hereof, shall be made only from the amounts that constitute Scheduled
Payments, Special Payments or payments under the Fee Letter and Section 8.1 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 will look solely to such amounts in respect of
payments to be made by the Borrower hereunder 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, the Intercreditor Agreement or the Note Purchase
Agreement. Amounts on deposit in the 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 3.5(f) of the
Intercreditor Agreement. Nothing herein shall limit or otherwise affect the
right of the Primary Liquidity Provider to receive payment from the Policy
Provider under Section 3.6(d) of the Intercreditor Agreement.

                                   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 increased costs incurred by
the Primary Liquidity Provider which are attributable to its making or
maintaining any LIBOR 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, municipal, or foreign laws or regulations (including Regulation D of the
Board of Governors of the Federal Reserve System), or the adoption or making
after the date of this Agreement of any interpretations, directives, or
requirements applying to a class of banks including the Primary Liquidity
Provider under any U.S. federal, state, municipal, or any foreign laws or
regulations (whether or not having the force of law) by any court, central bank
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 with respect to 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 Rate or related definitions).

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                                       11

          The Primary Liquidity Provider will notify the Borrower of any event
occurring after the date of this Agreement that will 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. 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 on amounts receivable
by it in respect of Advances, and of the additional amounts required to
compensate the Primary Liquidity Provider in respect of any Additional Costs,
shall be prima facie evidence of the amount owed under this Section.

          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 which 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 of general applicability, issued after the date hereof, by any central
bank or other governmental authority (whether or not having the force of law)
that constitutes a change of 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 and other similar obligations, the Borrower
shall, subject to the provisions of Section 3.11, 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 such portion of such increase as
shall be reasonably allocable to the Primary Liquidity Provider's obligations to
the Borrower hereunder.

          The Primary Liquidity Provider will notify the Borrower of any event
occurring after the date of this Agreement that will 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. 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.

          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 which 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).

Revolving Credit Agreement

                                       12

     Section 3.03 United States Withholding Taxes. (a) All payments made by the
Borrower under this Agreement shall be made free and clear of, and without
reduction or withholding for or on account of any present or future withholding
Taxes now or hereafter imposed by the United States or any taxing authority
thereof or therein, other than Excluded Taxes (such non-excluded Taxes being
referred to herein, collectively, as "Indemnified Taxes" and, individually, as
an "Indemnified Tax"). If any Indemnified Taxes are required to be withheld from
any amounts payable to the Primary Liquidity Provider under this Agreement, (i)
the Borrower shall within the time prescribed therefor by applicable law pay to
the appropriate governmental or taxing authority the full amount of any such
Taxes (including any additional Tax required to be deducted or withheld 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) the amounts payable to the Primary
Liquidity Provider shall be increased to the extent necessary to yield to the
Primary Liquidity Provider (after deduction or withholding for or on account of
all Indemnified Taxes required to be deducted or withheld by reason of the
receipt or accrual of the additional amounts payable pursuant to this clause
(ii)) interest or any other such amounts payable under this Agreement at the
rates or in the amounts specified in this Agreement.

          (b) If the Primary Liquidity Provider (including a successor Primary
Liquidity Provider) is not organized under the laws of the United States or any
State thereof, it agrees to provide to the Borrower, prior to the first date any
amount is payable to it hereunder (and from time to time thereafter upon demand
of the Borrower), two executed original copies of Internal Revenue Service Form
W-8BEN or W-8ECI, as appropriate, or any successor or other form prescribed by
the Internal Revenue Service, certifying that the Primary Liquidity Provider is
exempt from United States withholding Tax on payments pursuant to this
Agreement, the Certificates or any other Operative Document. In addition, the
Primary Liquidity Provider will provide, from time to time upon the reasonable
request of the Borrower, such additional forms or documentation as may be
necessary to establish an available exemption from all such withholding Taxes
(and shall indemnify and hold harmless the Borrower and JetBlue upon demand for
all loss, cost or expense suffered or incurred, or claimed against any of them,
by reason of any inaccuracy of any statement in any such form).

          (c) If the Primary Liquidity Provider (including a successor Primary
Liquidity Provider) is not organized under the laws of the United States or any
State thereof, all 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 that are imposed by a jurisdiction in which the Primary
Liquidity Provider is organized, has its Lending Office or maintains its
principal place of business. If any such Taxes are required to be withheld or
deducted from any Advances, 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 that would have been received by it had no such
withholding or deduction been required. The Borrower shall, for federal income
tax purposes and for all purposes hereunder, treat such payments as Interest
Advances, and, as such, will treat such payments as loans made by the Primary
Liquidity

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                                       13

Provider to the Borrower, unless otherwise required by law. Within 30 days after
the date of each payment hereunder, 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.

          (d) If any exemption from, or reduction in the rate of, any Taxes
required to be deducted or withheld from amounts payable by the Primary
Liquidity Provider hereunder 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 such 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 U.S. dollars, to the Primary Liquidity Provider in immediately
available funds, by wire transfer to the account of Landesbank Hessen Thuringen,
at Citibank N.A., ABA No. 021000089 Account Name: Landesbank Hessen Thuringen,
Account No. 10920118; or to such other U.S. bank account as the Primary
Liquidity Provider may from time to time direct the Subordination Agent.

     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 Rate 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 no additional
interest shall be due as a result (and if so made, shall be deemed to have been
made when due). If any payment in respect of interest on an Advance is so
deferred to the next succeeding Business Day, such deferral shall not delay the
commencement of the next Interest Period for such Advance (if such Advance is a
LIBOR Advance) or reduce the number of days for which interest will be payable
on such Advance on the next interest payment date for such Advance.

     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 Downgrade Advance, from and including the date on
which the amount thereof was withdrawn from the Primary Cash Collateral Account
to pay interest on the Class G-1 Certificates) to but excluding the date such
principal amount shall be paid in full (or, in the case of an Applied Downgrade
Advance, the date on which the 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 law, installments of interest on Advances or any

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                                       14

such other amount) that 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 the
case may be, 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 will not reduce the rate of interest
payable pursuant to this Section 3.07 below the maximum rate permitted by
applicable 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.

          (b) Each Advance (including, without limitation, each outstanding
Unapplied Downgrade Advance) will be either a Base Rate Advance or a LIBOR
Advance as provided in this Section 3.07. Each such Advance will be a Base Rate
Advance for the period from the date of its borrowing to (but excluding) the
third 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; provided that the Borrower (at the direction of the Controlling Party,
so long as the Primary Liquidity Provider is not the Controlling Party) may (x)
convert the Final Advance into a Base Rate Advance on the last day of an
Interest Period for such Advance by giving the Primary Liquidity Provider no
less than four Business Days' prior written notice of such election or (y) elect
to maintain the Final Advance as a Base Rate Advance by not requesting a
conversion of the Final Advance to a LIBOR Advance under Clause (5) of the
applicable Notice of Borrowing (or, if such Final Advance is deemed to have been
made, without delivery of a Notice of Borrowing pursuant to Section 2.06, by
requesting, prior to 11:00 a.m. (New York City time) on the first Business Day
immediately following the Borrower's receipt of the applicable Termination
Notice, that such Final Advance not be converted from a Base Rate Advance to a
LIBOR Advance).

          (c) Each LIBOR Advance shall bear interest during each Interest Period
at a rate per annum equal to the LIBOR Rate 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 for such Base Rate Advance,
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) [Reserved].

          (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

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                                       15

on Advances but excluding Advances) shall bear interest at a rate per annum
equal to the Base Rate plus 2.00% until paid.

          (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. 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 attached
hereto (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 the Borrower for all purposes hereunder.

     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.

     Section 3.11 Mitigation. If a condition arises or an event occurs which
would, or would upon the giving of notice, result in the payment of any
additional costs or amounts pursuant to Section 3.01, 3.02 or 3.03 or require
the conversion of any Advance pursuant to Section 3.10, the Primary Liquidity
Provider, promptly upon becoming aware of the same, shall notify the Borrower
and shall use reasonable efforts (consistent with applicable legal and
regulatory

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                                       16

restrictions) to mitigate the effects of such condition or event, including the
designation of a different Lending Office or furnishing of the proper
certificates under any applicable tax laws, tax treaties and conventions to the
extent that such certificates are legally available to the Primary Liquidity
Provider; provided, that the Primary Liquidity Provider shall be under no
obligation to take any step that, in its good-faith opinion would (i) result in
its incurring any material additional costs in performing its obligations
hereunder unless the Borrower has agreed to reimburse it therefor or (ii) be
otherwise disadvantageous to the Primary Liquidity Provider in the reasonable
judgment of 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:

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

               (i) This Agreement duly executed on behalf of the Borrower and
     the Fee Letter applicable to this Agreement duly executed on behalf of each
     of the parties thereto (other than the Primary Liquidity Provider);

               (ii) The Intercreditor Agreement 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 Fee Letter applicable to this Agreement and the
     Intercreditor Agreement);

               (iv) A copy of the Prospectus Supplement and specimen copies of
     the Class G-1 Certificates;

               (v) An executed copy of each document, instrument, certificate
     and opinion delivered on the Closing Date pursuant to the Class G-1 Trust
     Agreement, the Intercreditor Agreement and the other Operative Agreements
     (in the case of each such opinion, other than the opinion of counsel for
     the Underwriter, 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,

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                                       17

     privileges, liens and security interests of, or for the benefit of, the
     Trustees, the Borrower and the Primary Liquidity Provider created by the
     Operative Agreements executed and delivered on or prior to the Closing
     Date;

               (vii) An agreement from JetBlue, pursuant to which (i) JetBlue
     agrees to provide to the Primary Liquidity Provider (A) within 90 days
     after the end of each of the first three fiscal quarters in each fiscal
     year of JetBlue, a consolidated balance sheet of JetBlue as of the end of
     such quarter and related statements of income and cash flows for the period
     commencing at the end of the previous fiscal year and ending with the end
     of such quarter, setting forth in each case in comparative form the
     corresponding figures for the corresponding period in the preceding fiscal
     year, prepared in accordance with GAAP; provided, that so long as JetBlue
     is subject to the reporting requirements of the Securities Exchange Act of
     1934, as amended, a copy of JetBlue's report on Form 10-Q for such fiscal
     quarter (excluding exhibits) or a written notice executed by an authorized
     officer of JetBlue that such report has been filed with the Securities and
     Exchange Commission, providing a website address at which such report may
     be accessed and confirming that the report accessible at such website
     address conforms to the original report filed with the Securities and
     Exchange Commission, will satisfy this subclause (A), and (B) within 120
     days after the end of each fiscal year of JetBlue, a consolidated balance
     sheet of JetBlue as of the end of such fiscal year and related statements
     of income and cash flows of JetBlue for such fiscal year, in comparative
     form with the preceding fiscal year, prepared in accordance with GAAP,
     together with a report of JetBlue's independent certified public
     accountants with respect to their audit of such financial statements;
     provided, that so long as JetBlue is subject to the reporting requirements
     of the Securities Exchange Act of 1934, as amended, a copy of JetBlue's
     report on Form 10-K for such fiscal year (excluding exhibits) or a written
     notice executed by an authorized officer of JetBlue that such report has
     been filed with the Securities and Exchange Commission, providing a website
     address at which such report may be accessed and confirming that the report
     accessible at such website address conforms to the original report filed
     with the Securities and Exchange Commission, will satisfy this subclause
     (B), and (ii) JetBlue agrees to allow the Primary Liquidity Provider to
     inspect JetBlue's books and records regarding the transactions contemplated
     hereby or by the other Operative Agreements, and to discuss such
     transactions with officers and employees of JetBlue; and

               (viii) Such other documents, instruments, opinions and approvals
     pertaining to the transactions contemplated hereby or by the other
     Operative Agreements 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 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;

Revolving Credit Agreement

                                       18

               (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, 2005.

          (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, and all conditions
precedent to the purchase of the Class G-1 Certificates and Class B-1
Certificates by the Underwriter under the Underwriting Agreement shall have been
satisfied or waived.

          (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.

     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 Advance 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 Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Primary Liquidity Provider hereunder, the Borrower will, unless the
Primary Liquidity Provider shall otherwise consent in writing:

          (a) Performance of This and Other 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.

          (b) Reporting Requirements. Furnish to the Primary Liquidity Provider
with reasonable promptness, such other 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.

Revolving Credit Agreement

                                       19

          (c) Certain Operative Agreements. Furnish to the Primary Liquidity
Provider with reasonable promptness, such Operative Agreements 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 Maximum
Commitment hereunder or the Borrower shall have any obligation to pay any amount
to the Primary Liquidity Provider hereunder, the Borrower will not appoint or
permit or suffer to be appointed any successor Borrower without the prior
written consent of the Primary Liquidity Provider, which consent shall not be
unreasonably withheld or delayed.

                                   ARTICLE VI

                          LIQUIDITY EVENTS OF DEFAULT;
                      LIQUIDITY PROVIDER REIMBURSEMENT DATE

     Section 6.01 Liquidity Events of Default If (a) any Liquidity Event of
Default has occurred and is continuing and (b) any Equipment Note is a
Non-Performing Equipment Note, the Primary Liquidity Provider may, in its
discretion, deliver to the Borrower a 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 Termination Notice is received by the Borrower, (ii) the Borrower to
promptly request, and the Primary Liquidity Provider to promptly make, a Final
Advance in accordance with Section 2.02(d) hereof and Section 3.5(i) of the
Intercreditor Agreement, (iii) all other outstanding Advances to be
automatically converted into Final Advances for purposes of determining the
Applicable Liquidity Rate for interest payable thereon, and (iv) subject to
Sections 2.07 and 2.09 hereof, all Advances (including, without limitation, any
Downgrade Advance and Applied Downgrade Advance), any accrued interest thereon
and any other amounts outstanding hereunder to become immediately due and
payable to the Primary Liquidity Provider.

     Section 6.02 Liquidity Provider Reimbursement Date. Upon the occurrence of
the Liquidity Provider Reimbursement Date, (i) the obligation of the Primary
Liquidity Provider to make Advances hereunder shall automatically expire on such
date, (ii) all outstanding Advances shall be automatically converted into Final
Advances for purposes of determining the Applicable Liquidity Rate for interest
payable thereon, and (iii) subject to Sections 2.07 and 2.09 hereof, all
Advances (including, without limitation, any Downgrade Advance and Applied
Downgrade Advance), any accrued interest thereon and any other amounts
outstanding hereunder shall become immediately due and payable to the Primary
Liquidity Provider. On and after such date, no Advances shall be permitted
hereunder.

                                   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,

Revolving Credit Agreement

                                       20

in the case of an amendment or waiver by the Borrower, 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 in writing
(including telecopier and mailed or delivered or sent by telecopier):

          Borrower:           Wilmington Trust Company
                              Rodney Square North
                              1100 North Market Street
                              Wilmington, DE 19890-0001
                              Attention: Corporate Trust Administration
                              Telephone: (800) 733-8485
                              Fax: (302) 651-8882

          Primary Liquidity   Landebank Hessen-Thuringen Girozentrale
          Provider:           Main Tower
                              Neue Mainzer Str. 52 - 58
                              60311 Frankfurt am Main
                              Germany
                              Attention: Asset Finance
                              Telephone: 4969-9132-4882
                              Telecopy: 4969-9132-4392

          with a copy of any Notice of Borrowing to:

                              Landesbank Hessen-Thuringen
                              420 Fifth Avenue, 24th Floor
                              New York, NY 10018
                              Attention: Asset Finance, Gerhard Winklmeier
                              Telephone: 212-703-5250
                              Telecopy: 212-703-5256

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, (ii) if given by mail, when 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 Article II and
Article III hereof shall not be effective until received by the Primary
Liquidity Provider.

     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.

Revolving Credit Agreement

                                       21

     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 8.1 of the Note Purchase Agreement. In addition, the
Borrower agrees to indemnify, protect, defend and hold harmless the Primary
Liquidity Provider 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 applicable
to this Agreement (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 Fee Letter applicable to this Agreement, the Intercreditor
Agreement or the Note Purchase 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; (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
applicable to this Agreement or any other Operative Agreement to which it is a
party; or (iv) a Tax. The indemnities contained in Section 8.1 of the Note
Purchase Agreement, and the provisions of Sections 3.01, 3.02, 3.03, 3.09, 7.05
and 7.07 hereof, 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, employees, directors or
Affiliates shall be liable or responsible for: (i) the use which may be made of
the Advances or any acts or 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 suffered by the
Borrower which were the result of (A) the Primary Liquidity Provider's willful
misconduct or gross 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 or the Intercreditor
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 strictly complying with the terms and
conditions hereof. In no event, however, shall the Primary Liquidity Provider be
liable on any theory of liability for any special, indirect, consequential or

Revolving Credit Agreement

                                       22

punitive damages (including, without limitation, any loss of profits, business
or anticipated savings).

          (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 gross 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 immediately preceding paragraph), in connection with this Agreement
or any Notice of Borrowing.

     Section 7.07 Costs, Expenses and Documentary Taxes. The Borrower agrees to
pay, or cause to be paid (A) 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 (including, without limitation, the reasonable
fees and expenses of outside counsel for the Primary Liquidity Provider) 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 and (B) on demand, all reasonable costs and expenses (including
reasonable counsel fees and expenses) of the Primary Liquidity Provider 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 any waiver or consent thereunder (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 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, 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.

     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 (except as contemplated by Section 3.08) the Borrower 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 (including, without limitation, funded
participations and participations in rights to receive interest payments
hereunder) and under the other Operative Agreements to such Persons (other than
JetBlue and its Affiliates) as the Primary Liquidity Provider may in its sole
discretion select, subject to the requirements of Section 7.08(b). No such
granting of participations by the Primary Liquidity Provider, however, will
relieve the Primary Liquidity Provider of its obligations hereunder and

Revolving Credit Agreement

                                       23

the Borrower and JetBlue shall be entitled to deal solely and exclusively with
the Primary Liquidity Provider as to all matters relevant hereto. Without
limiting the generality of the foregoing, no participant shall (x) be entitled
to any greater amounts under Article III than the Primary Liquidity Provider
(and all amounts payable hereunder shall be calculated as if no such
participation were ever granted) or (y) be entitled to any direct right
hereunder (or to any right to consent to any action or inaction on the part of
the Primary Liquidity Provider hereunder or under any of the Operative
Documents). 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, additional
amounts due pursuant to Section 3.03 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).

          (b) If, pursuant to subsection (a) above, the Primary Liquidity
Provider sells any participation in this Agreement to any bank or other entity
(each, a "Transferee"), then, concurrently with the effectiveness of such
participation, the Transferee 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 will be
required to be withheld with respect to any payments to be made to such
Transferee 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 Transferee'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, (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
Transferee 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) indicating that payments hereunder are not subject to United
States federal withholding tax, the Borrower will withhold taxes as required by
law from such payments at the applicable statutory rate.

          (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

Revolving Credit Agreement

                                       24

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 LAW OF THE STATE OF NEW YORK.

     Section 7.11 Submission to Jurisdiction; Waiver of Jury Trial. (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 nonexclusive general jurisdiction of the courts of the
     State 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
     hereof, or at such other address of which the Primary Liquidity Provider
     shall have been notified pursuant thereto; and

               (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

Revolving Credit Agreement

                                       25

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.

     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 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 Agreement.

     Section 7.13 Entirety. This Agreement, the Intercreditor Agreement and the
other Operative Agreements to which the Primary Liquidity Provider is a party
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.

                            [signature pages follow]

Revolving Credit Agreement

                                       26

     IN WITNESS WHEREOF, the parties 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, as agent
                                        and trustee for the Trust, as Borrower

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

Revolving Credit Agreement

                                       27

                                        LANDESBANK HESSEN-THURINGEN
                                        GIROZENTRALE,
                                        as Primary Liquidity Provider

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

Revolving Credit Agreement

                                       28

                                                                      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 Hessen-Thuringen
Girozentrale (the "Primary Liquidity Provider"), with reference to the Revolving
Credit Agreement (Class G-1) dated as of November 14, 2006, 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) below, for the payment of interest on the Class G-1 Certificates
which was payable on ____________, ____ (the "Distribution Date") in accordance
with the terms and provisions of the Class G-1 Trust Agreement and the Class G-1
Certificates, which Advance is requested to be made on ____________, ____. The
Interest Advance should be transferred to [name of bank/wire instructions/ABA
number] in favor of account number [ __ ], reference [ __ ].

          (3) The amount of the Interest Advance requested hereby (i) is
$_______________.__, to be applied in respect of the payment of the interest
which was due and payable on the Class G-1 Certificates on the Distribution
Date, (ii) does not include any amount with respect to the payment of principal
of, or Premium on, the Class G-1 Certificates, or principal of, or interest or
Premium on, the Class B-1 Certificates, (iii) was computed in accordance with
the provisions of the Class G-1 Certificates, the Liquidity Agreement, the Class
G-1 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, and (v) 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 will apply the same in accordance with the
terms of Section 3.5(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.

          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.

Revolving Credit Agreement

                                       I-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 agent
                                        and trustee for the Trust, as Borrower

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

Revolving Credit Agreement

                                       I-2

               SCHEDULE I TO INTEREST ADVANCE NOTICE OF BORROWING

   [Insert copy of computations in accordance with Interest Advance Notice of
                                   Borrowing]

Revolving Credit Agreement

                                       I-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 Hessen-Thuringen
Girozentrale (the "Primary Liquidity Provider"), with reference to the Revolving
Credit Agreement (Class G-1) dated as of November 14, 2006, 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 Primary Cash Collateral Account in accordance with Section 3.5(c)
of the Intercreditor Agreement by reason of the occurrence of a Downgrade Event,
which Advance is requested to be made on __________, ____. The Downgrade Advance
should be transferred to [name of bank/wire instructions/ABA number] in favor of
account number [ __ ], reference [ __ ].

          (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 Primary Cash
Collateral Account in accordance with Sections 3.5(c) and 3.5(f) 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, or
principal of, or interest or Premium on, the Class B-1 Certificates, (iii) was
computed in accordance with the provisions of the Class G-1 Certificates, the
Liquidity Agreement, the Class G-1 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 Primary Cash
Collateral Account and apply the same in accordance with the terms of Sections
3.5(c) and 3.5(f) 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 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.

Revolving Credit Agreement

                                      III-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 agent
                                        and trustee for the Trust, as Borrower

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

Revolving Credit Agreement

                                      III-2

               SCHEDULE I TO DOWNGRADE ADVANCE NOTICE OF BORROWING

   [Insert copy of computations in accordance with Downgrade Advance Notice of
                                   Borrowing]

Revolving Credit Agreement

                                      III-3

                                                                     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 Hessen-Thuringen
Girozentrale (the "Primary Liquidity Provider"), with reference to the Revolving
Credit Agreement (Class G-1) dated as of November 14, 2006, 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 Primary Cash Collateral Account in accordance with Section 3.5(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 ____________,
____. The Final Advance should be transferred to [name of bank/wire
instructions/ABA number] in favor of account number [ __ ], reference [ __ ].

          (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 Primary Cash
Collateral Account in accordance with Sections 3.5(f) and 3.5(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, or principal
of, or interest or Premium on, the Class B-1 Certificates, (iii) was computed in
accordance with the provisions of the Class G-1 Certificates, the Liquidity
Agreement, the Class G-1 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 will deposit such amount in the Primary Cash
Collateral Account and apply the same in accordance with the terms of Sections
3.5(f) and 3.5(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 Business Day following your receipt of this notice.](1)

----------
(1)  Bracketed language may be included at Borrower's option.

Revolving Credit Agreement

                                      IV-1

          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 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.

          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 agent
                                        and trustee for the Trust, as Borrower

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

Revolving Credit Agreement

                                      IV-2

                 SCHEDULE I TO FINAL ADVANCE NOTICE OF BORROWING

     [Insert copy of computations in accordance with Final Advance Notice of
                                   Borrowing]

Revolving Credit Agreement

                                      IV-3

                                                                      Annex V to
                                                      Revolving Credit Agreement

                              NOTICE OF TERMINATION

                                              [Date]

Wilmington Trust Company,
   as Subordination Agent, as Borrower
Rodney Square North
1100 North Market Street
Wilmington, DE 19890-0001

Attention: Corporate Trust Administration

          Revolving Credit Agreement, dated as of November 14, 2006, between
          Wilmington Trust Company, as Subordination Agent, as agent and trustee
          for the JetBlue Airways (Spare Parts) G-1 Pass Through Trust, as
          Borrower, and Landesbank Hessen-Thuringen Girozentrale (the "Liquidity
          Agreement")

Ladies and Gentlemen:

          You are hereby notified that, pursuant to Section 6.01 of the
Liquidity Agreement, by reason of an Equipment Note being a Non-Performing
Equipment Note and the occurrence and continuance of a Liquidity Event of
Default (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 3.5(i) of the Intercreditor Agreement
(as defined in the Liquidity Agreement) as a consequence of your receipt of this
notice.

Revolving Credit Agreement

                                       V-1

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

                                        Very truly yours,

                                        _______________,
                                        as Primary Liquidity Provider

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

     cc: Wilmington Trust Company,
     as Class G-1 Trustee

Revolving Credit Agreement

                                       V-2

                                                                     Annex VI to
                                                      Revolving Credit Agreement

                    NOTICE OF REPLACEMENT SUBORDINATION AGENT

[Date]
Attention:

          Revolving Credit Agreement, dated as of November 14, 2006, between
          Wilmington Trust Company, as Subordination Agent, as agent and trustee
          for the JetBlue Airways (Spare Parts) G-1 Pass Through Trust, as
          Borrower, and Landesbank Hessen-Thuringen Girozentrale (the "Liquidity
          Agreement")

Ladies and Gentlemen:

          For value received, the undersigned beneficiary hereby irrevocably
transfers to:

                         ______________________________
                              [Name of Transferee]

                         ______________________________
                             [Address of Transferee]

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

Revolving Credit Agreement

                                      VI-1

          We ask that this transfer be effective as of __________, ____.

                                        WILMINGTON TRUST COMPANY,
                                        not in its individual capacity but
                                        solely as Subordination Agent, as agent
                                        and trustee for the Trust, as Borrower

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

Revolving Credit Agreement

                                      VI-2Exhibit 4.4

(MULTICURRENCY--CROSS BORDER)

                                 [ISDA(R) LOGO]
                  International Swap Dealers Association, Inc.

                                MASTER AGREEMENT

                          dated as of November 14, 2006

                                     between

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

have entered and/or anticipate entering into one or more transactions (each a
"Transaction") that are or will be governed by this Master Agreement, which
includes the schedule (the "Schedule"), and the documents and other confirming
evidence (each a "Confirmation") exchanged between the parties confirming those
Transactions. Accordingly, the parties agree as follows:

1.   INTERPRETATION

(a) DEFINITIONS. The terms defined in Section 14 and in the Schedule will have
the meanings therein specified for the purpose of this Master Agreement.

(b) INCONSISTENCY. In the event of any inconsistency between the provisions of
the Schedule and the other provisions of this Master Agreement, the Schedule
will prevail. In the event of any inconsistency between the provisions of any
Confirmation and this Master Agreement (including the Schedule), such
Confirmation will prevail for the purpose of the relevant Transaction.

(c) SINGLE AGREEMENT. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between
the parties (collectively referred to as this "Agreement"), and the parties
would not otherwise enter into any Transactions.

2.   OBLIGATIONS

(a) GENERAL CONDITIONS.

     (i) Each party will make each payment or delivery specified in each
     Confirmation to be made by it, subject to the other provisions of this
     Agreement.

     (ii) Payments under this Agreement will be made on the due date for value
     on that date in the place of the account specified in the relevant
     Confirmation or otherwise pursuant to this Agreement, in freely
     transferable funds and in the manner customary for payments in the required
     currency. Where settlement is by delivery (that is, other than by payment),
     such delivery will be made for receipt on the due date in the manner
     customary for the relevant obligation unless otherwise specified in the
     relevant Confirmation or elsewhere in this Agreement.

     (iii) Each obligation of each party under Section 2(a)(i) is subject to (1)
     the condition precedent that no Event of Default or Potential Event of
     Default with respect to the other party has occurred and is continuing, (2)
     the condition precedent that no Early Termination Date in respect of the
     relevant Transaction has occurred or been effectively designated and (3)
     each other applicable condition precedent specified in this Agreement.

(b) CHANGE OF ACCOUNT. Either party may change its account for receiving a
payment or delivery by giving notice to the other party at least five Local
Business Days prior to the scheduled date for the payment or delivery to which
such change applies unless such other party gives timely notice of a reasonable
objection to such change.

(c) NETTING. If on any date amounts would otherwise be payable:--

     (i)  in the same currency; and

     (ii) in respect of the same Transaction,

by each party to the other, then, on such date, each party's obligation to make
payment of any such amount will be automatically satisfied and discharged and,
if the aggregate amount that would otherwise have been payable by one party
exceeds the aggregate amount that would otherwise have been payable by the other
party, replaced by an obligation upon the party by whom the larger aggregate
amount would have been payable to pay to the other party the excess of the
larger aggregate amount over the smaller aggregate amount.

The parties may elect in respect of two or more Transactions that a net amount
will be determined in respect of all amounts payable on the same date in the
same currency in respect of such Transactions, regardless of whether such
amounts are payable in respect of the same Transaction. The election may be made
in the Schedule or a Confirmation by specifying that subparagraph (ii) above
will not apply to the Transactions identified as being subject to the election,
together with the starting date (in which case subparagraph (ii) above will not,
or will cease to, apply to such Transactions from such date). This election may
be made separately for different groups of Transactions and will apply
separately to each pairing of Offices through which the parties make and receive
payments or deliveries.

(d) DEDUCTION OR WITHHOLDING FOR TAX.

     (i) GROSS-UP. All payments under this Agreement will be made without any
     deduction or withholding for or on account of any Tax unless such deduction
     or withholding is required by any applicable law, as modified by the
     practice of any relevant governmental revenue authority, then in effect. If
     a party is so required to deduct or withhold, then that party ("X") will:--

          (1) promptly notify the other party ("Y") of such requirement;

          (2) pay to the relevant authorities the full amount required to be
          deducted or withheld (including the full amount required to be
          deducted or withheld from any additional amount paid by X to Y under
          this Section 2(d)) promptly upon the earlier of determining that such
          deduction or withholding is required or receiving notice that such
          amount has been assessed against Y;

          (3) promptly forward to Y an official receipt (or a certified copy),
          or other documentation reasonably acceptable to Y, evidencing such
          payment to such authorities; and

          (4) if such Tax is an Indemnifiable Tax, pay to Y, in addition to the
          payment to which Y is otherwise entitled under this Agreement, such
          additional amount as is necessary to ensure that the net amount
          actually received by Y (free and clear of Indemnifiable Taxes, whether
          assessed against X or Y) will equal the full amount Y would have
          received had no such deduction or withholding been required. However,
          X will not be required to pay any additional amount to Y to the extent
          that it would not be required to be paid but for:--

               (A) the failure by Y to comply with or perform any agreement
               contained in Section 4(a)(i), 4(a)(iii) or 4(d); or

               (B) the failure of a representation made by Y pursuant to Section
               3(f) to be accurate and true unless such failure would not have
               occurred but for (I) any action taken by a taxing authority, or
               brought in a court of competent jurisdiction, on or after the
               date on which a Transaction is entered into (regardless of
               whether such action is taken or brought with respect to a party
               to this Agreement) or (II) a Change in Tax Law.

                                                                    ISDA(R) 1992

                                       2

     (ii) LIABILITY. If: --

          (1) X is required by any applicable law, as modified by the practice
          of any relevant governmental revenue authority, to make any deduction
          or withholding in respect of which X would not be required to pay an
          additional amount to Y under Section 2(d)(i)(4);

          (2) X does not so deduct or withhold; and

          (3) a liability resulting from such Tax is assessed directly
          against X,

     then, except to the extent Y has satisfied or then satisfies the liability
     resulting from such Tax, Y will promptly pay to X the amount of such
     liability (including any related liability for interest, but including any
     related liability for penalties only if Y has failed to comply with or
     perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

(e) DEFAULT INTEREST; OTHER AMOUNTS. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction,
a party that defaults in the performance of any payment obligation will, to the
extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on
demand in the same currency as such overdue amount, for the period from (and
including) the original due date for payment to (but excluding) the date of
actual payment, at the Default Rate. Such interest will be calculated on the
basis of daily compounding and the actual number of days elapsed. If, prior to
the occurrence or effective designation of an Early Termination Date in respect
of the relevant Transaction, a party defaults in the performance of any
obligation required to be settled by delivery, it will compensate the other
party on demand if and to the extent provided for in the relevant Confirmation
or elsewhere in this Agreement.

3.   REPRESENTATIONS

Each party represents to the other party (which representations will be deemed
to be repeated by each party on each date on which a Transaction is entered into
and, in the case of the representations in Section 3(f), at all times until the
termination of this Agreement) that:--

(a)  BASIC REPRESENTATIONS.

     (i) STATUS. It is duly organised and validly existing under the laws of the
     jurisdiction of its organisation or incorporation and, if relevant under
     such laws, in good standing;

     (ii) POWERS. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement that
     it is required by this Agreement to deliver and to perform its obligations
     under this Agreement and any obligations it has under any Credit Support
     Document to which it is a party and has taken all necessary action to
     authorise such execution, delivery and performance;

     (iii) NO VIOLATION OR CONFLICT. Such execution, delivery and performance do
     not violate or conflict with any law applicable to it, any provision of its
     constitutional documents, any order or judgment of any court or other
     agency of government applicable to it or any of its assets or any
     contractual restriction binding on or affecting it or any of its assets;

     (iv) CONSENTS. All governmental and other consents that are required to
     have been obtained by it with respect to this Agreement or any Credit
     Support Document to which it is a party have been obtained and are in full
     force and effect and all conditions of any such consents have been complied
     with; and

     (v) OBLIGATIONS BINDING. Its obligations under this Agreement and any
     Credit Support Document to which it is a party constitute its legal, valid
     and binding obligations, enforceable in accordance with their respective
     terms (subject to applicable bankruptcy, reorganisation, insolvency,
     moratorium or similar laws affecting creditors' rights generally and
     subject, as to enforceability, to equitable principles of general
     application (regardless of whether enforcement is sought in a proceeding in
     equity or at law)).

                                                                    ISDA(R) 1992

                                        3

(b) ABSENCE OF CERTAIN EVENTS. No Event of Default or Potential Event of Default
or, to its knowledge, Termination Event with respect to it has occurred and is
continuing and no such event or circumstance would occur as a result of its
entering into or performing its obligations under this Agreement or any Credit
Support Document to which it is a party.

(c) ABSENCE OF LITIGATION. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in
equity or before any court, tribunal, governmental body, agency or official or
any arbitrator that is likely to affect the legality, validity or enforceability
against it of this Agreement or any Credit Support Document to which it is a
party or its ability to perform its obligations under this Agreement or such
Credit Support Document.

(d) ACCURACY OF SPECIFIED INFORMATION. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified
for the purpose of this Section 3(d) in the Schedule is, as of the date of the
information, true, accurate and complete in every material respect.

(e) PAYER TAX REPRESENTATION. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(e) is accurate and true.

(f) PAYEE TAX REPRESENTATIONS. Each representation specified in the Schedule as
being made by it for the purpose of this Section 3(f) is accurate and true.

4.   AGREEMENTS

Each party agrees with the other that, so long as either party has or may have
any obligation under this Agreement or under any Credit Support Document to
which it is a party:--

(a) FURNISH SPECIFIED INFORMATION. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing
authority as the other party reasonably directs:--

     (i) any forms, documents or certificates relating to taxation specified in
     the Schedule or any Confirmation;

     (ii) any other documents specified in the Schedule or any Confirmation; and

     (iii) upon reasonable demand by such other party, any form or document that
     may be required or reasonably requested in writing in order to allow such
     other party or its Credit Support Provider to make a payment under this
     Agreement or any applicable Credit Support Document without any deduction
     or withholding for or on account of any Tax or with such deduction or
     withholding at a reduced rate (so long as the completion, execution or
     submission of such form or document would not materially prejudice the
     legal or commercial position of the party in receipt of such demand), with
     any such form or document to be accurate and completed in a manner
     reasonably satisfactory to such other party and to be executed and to be
     delivered with any reasonably required certification, in each case by the
     date specified in the Schedule or such Confirmation or, if none is
     specified, as soon as reasonably practicable.

(b) MAINTAIN AUTHORISATIONS. It will use all reasonable efforts to maintain in
full force and effect all consents of any governmental or other authority that
are required to be obtained by it with respect to this Agreement or any Credit
Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future.

(c) COMPLY WITH LAWS. It will comply in all material respects with all
applicable laws and orders to which it may be subject if failure so to comply
would materially impair its ability to perform its obligations under this
Agreement or any Credit Support Document to which it is a party.

(d) TAX AGREEMENT. It will give notice of any failure of a representation made
by it under Section 3(f) to be accurate and true promptly upon learning of such
failure.

(e) PAYMENT OF STAMP TAX. Subject to Section 11, it will pay any Stamp Tax
levied or imposed upon it or in respect of its execution or performance of this
Agreement by a jurisdiction in which it is incorporated,

                                                                    ISDA(R) 1992

                                        4

organised, managed and controlled, or considered to have its seat, or in which a
branch or office through which it is acting for the purpose of this Agreement is
located ("Stamp Tax Jurisdiction") and will indemnify the other party against
any Stamp Tax levied or imposed upon the other party or in respect of the other
party's execution or performance of this Agreement by any such Stamp Tax
Jurisdiction which is not also a Stamp Tax Jurisdiction with respect to the
other party.

5.   EVENTS OF DEFAULT AND TERMINATION EVENTS

(a) EVENTS OF DEFAULT. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of
such party of any of the following events constitutes an event of default (an
"Event of Default") with respect to such party:--

     (i) FAILURE TO PAY OR DELIVER. Failure by the party to make, when due, any
     payment under this Agreement or delivery under Section 2(a)(i) or 2(e)
     required to be made by it if such failure is not remedied on or before the
     third Local Business Day after notice of such failure is given to the
     party;

     (ii) BREACH OF AGREEMENT. Failure by the party to comply with or perform
     any agreement or obligation (other than an obligation to make any payment
     under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give
     notice of a Termination Event or any agreement or obligation under Section
     4(a)(i), 4(a)(iii) or 4(d)) to be complied with or performed by the party
     in accordance with this Agreement if such failure is not remedied on or
     before the thirtieth day after notice of such failure is given to the
     party;

     (iii) CREDIT SUPPORT DEFAULT.

          (1) Failure by the party or any Credit Support Provider of such party
          to comply with or perform any agreement or obligation to be complied
          with or performed by it in accordance with any Credit Support Document
          if such failure is continuing after any applicable grace period has
          elapsed;

          (2) the expiration or termination of such Credit Support Document or
          the failing or ceasing of such Credit Support Document to be in full
          force and effect for the purpose of this Agreement (in either case
          other than in accordance with its terms) prior to the satisfaction of
          all obligations of such party under each Transaction to which such
          Credit Support Document relates without the written consent of the
          other party; or

          (3) the party or such Credit Support Provider disaffirms, disclaims,
          repudiates or rejects, in whole or in part, or challenges the validity
          of, such Credit Support Document;

     (iv) MISREPRESENTATION. A representation (other than a representation under
     Section 3(e) or (f)) made or repeated or deemed to have been made or
     repeated by the party or any Credit Support Provider of such party in this
     Agreement or any Credit Support Document proves to have been incorrect or
     misleading in any material respect when made or repeated or deemed to have
     been made or repeated;

     (v) DEFAULT UNDER SPECIFIED TRANSACTION. The party, any Credit Support
     Provider of such party or any applicable Specified Entity of such party (1)
     defaults under a Specified Transaction and, after giving effect to any
     applicable notice requirement or grace period, there occurs a liquidation
     of, an acceleration of obligations under, or an early termination of, that
     Specified Transaction, (2) defaults, after giving effect to any applicable
     notice requirement or grace period, in making any payment or delivery due
     on the last payment, delivery or exchange date of, or any payment on early
     termination of, a Specified Transaction (or such default continues for at
     least three Local Business Days if there is no applicable notice
     requirement or grace period) or (3) disaffirms, disclaims, repudiates or
     rejects, in whole or in part, a Specified Transaction (or such action is
     taken by any person or entity appointed or empowered to operate it or act
     on its behalf);

     (vi) CROSS DEFAULT. If "Cross Default" is specified in the Schedule as
     applying to the party, the occurrence or existence of (1) a default, event
     of default or other similar condition or event (however

                                                                    ISDA(R) 1992

                                        5

     described) in respect of such party, any Credit Support Provider of such
     party or any applicable Specified Entity of such party under one or more
     agreements or instruments relating to Specified Indebtedness of any of them
     (individually or collectively) in an aggregate amount of not less than the
     applicable Threshold Amount (as specified in the Schedule) which has
     resulted in such Specified Indebtedness becoming, or becoming capable at
     such time of being declared, due and payable under such agreements or
     instruments, before it would otherwise have been due and payable or (2) a
     default by such party, such Credit Support Provider or such Specified
     Entity (individually or collectively) in making one or more payments on the
     due date thereof in an aggregate amount of not less than the applicable
     Threshold Amount under such agreements or instruments (after giving effect
     to any applicable notice requirement or grace period);

     (vii) BANKRUPTCY. The party, any Credit Support Provider of such party or
     any applicable Specified Entity of such party:--

          (1) is dissolved (other than pursuant to a consolidation, amalgamation
          or merger); (2) becomes insolvent or is unable to pay its debts or
          fails or admits in writing its inability generally to pay its debts as
          they become due; (3) makes a general assignment, arrangement or
          composition with or for the benefit of its creditors; (4) institutes
          or has instituted against it a proceeding seeking a judgment of
          insolvency or bankruptcy or any other relief under any bankruptcy or
          insolvency law or other similar law affecting creditors' rights, or a
          petition is presented for its winding-up or liquidation, and, in the
          case of any such proceeding or petition instituted or presented
          against it, such proceeding or petition (A) results in a judgment of
          insolvency or bankruptcy or the entry of an order for relief or the
          making of an order for its winding-up or liquidation or (B) is not
          dismissed, discharged, stayed or restrained in each case within 30
          days of the institution or presentation thereof; (5) has a resolution
          passed for its winding-up, official management or liquidation (other
          than pursuant to a consolidation, amalgamation or merger); (6) seeks
          or becomes subject to the appointment of an administrator, provisional
          liquidator, conservator, receiver, trustee, custodian or other similar
          official for it or for all or substantially all its assets; (7) has a
          secured party take possession of all or substantially all its assets
          or has a distress, execution, attachment, sequestration or other legal
          process levied, enforced or sued on or against all or substantially
          all its assets and such secured party maintains possession, or any
          such process is not dismissed, discharged, stayed or restrained, in
          each case within 30 days thereafter; (8) causes or is subject to any
          event with respect to it which, under the applicable laws of any
          jurisdiction, has an analogous effect to any of the events specified
          in clauses (1) to (7) (inclusive); or (9) takes any action in
          furtherance of, or indicating its consent to, approval of, or
          acquiescence in, any of the foregoing acts; or

     (viii) MERGER WITHOUT ASSUMPTION. The party or any Credit Support Provider
     of such party consolidates or amalgamates with, or merges with or into, or
     transfers all or substantially all its assets to, another entity and, at
     the time of such consolidation, amalgamation, merger or transfer:--

          (1) the resulting, surviving or transferee entity fails to assume all
          the obligations of such party or such Credit Support Provider under
          this Agreement or any Credit Support Document to which it or its
          predecessor was a party by operation of law or pursuant to an
          agreement reasonably satisfactory to the other party to this
          Agreement; or

          (2) the benefits of any Credit Support Document fail to extend
          (without the consent of the other party) to the performance by such
          resulting, surviving or transferee entity of its obligations under
          this Agreement.

(b) TERMINATION EVENTS. The occurrence at any time with respect to a party or,
if applicable, any Credit Support Provider of such party or any Specified Entity
of such party of any event specified below constitutes an Illegality if the
event is specified in (i) below, a Tax Event if the event is specified in (ii)
below or a Tax Event Upon Merger if the event is specified in (iii) below, and,
if specified to be applicable, a Credit Event

                                                                    ISDA(R) 1992

                                        6

Upon Merger if the event is specified pursuant to (iv) below or an Additional
Termination Event if the event is specified pursuant to (v) below:--

     (i) ILLEGALITY. Due to the adoption of, or any change in, any applicable
     law after the date on which a Transaction is entered into, or due to the
     promulgation of, or any change in, the interpretation by any court,
     tribunal or regulatory authority with competent jurisdiction of any
     applicable law after such date, it becomes unlawful (other than as a result
     of a breach by the party of Section 4(b)) for such party (which will be the
     Affected Party): --

          (1) to perform any absolute or contingent obligation to make a payment
          or delivery or to receive a payment or delivery in respect of such
          Transaction or to comply with any other material provision of this
          Agreement relating to such Transaction; or

          (2) to perform, or for any Credit Support Provider of such party to
          perform, any contingent or other obligation which the party (or such
          Credit Support Provider) has under any Credit Support Document
          relating to such Transaction;

     (ii) TAX EVENT. Due to (x) any action taken by a taxing authority, or
     brought in a court of competent jurisdiction, on or after the date on which
     a Transaction is entered into (regardless of whether such action is taken
     or brought with respect to a party to this Agreement) or (y) a Change in
     Tax Law, the party (which will be the Affected Party) will, or there is a
     substantial likelihood that it will, on the next succeeding Scheduled
     Payment Date (1) be required to pay to the other party an additional amount
     in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in
     respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a
     payment from which an amount is required to be deducted or withheld for or
     on account of a Tax (except in respect of interest under Section 2(e),
     6(d)(ii) or 6(e)) and no additional amount is required to be paid in
     respect of such Tax under Section 2(d)(i)(4) (other than by reason of
     Section 2(d)(i)(4)(A) or (B));

     (iii) TAX EVENT UPON MERGER. The party (the "Burdened Party") on the next
     succeeding Scheduled Payment Date will either (1) be required to pay an
     additional amount in respect of an Indemnifiable Tax under Section
     2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or
     6(e)) or (2) receive a payment from which an amount has been deducted or
     withheld for or on account of any Indemnifiable Tax in respect of which the
     other party is not required to pay an additional amount (other than by
     reason of Section 2(d)(i)(4)(A) or (B)), in either case as a result of a
     party consolidating or amalgamating with, or merging with or into, or
     transferring all or substantially all its assets to, another entity (which
     will be the Affected Party) where such action does not constitute an event
     described in Section 5(a)(viii);

     (iv) CREDIT EVENT UPON MERGER. If "Credit Event Upon Merger" is specified
     in the Schedule as applying to the party, such party ("X"), any Credit
     Support Provider of X or any applicable Specified Entity of X consolidates
     or amalgamates with, or merges with or into, or transfers all or
     substantially all its assets to, another entity and such action does not
     constitute an event described in Section 5(a)(viii) but the
     creditworthiness of the resulting, surviving or transferee entity is
     materially weaker than that of X, such Credit Support Provider or such
     Specified Entity, as the case may be, immediately prior to such action
     (and, in such event, X or its successor or transferee, as appropriate, will
     be the Affected Party); or

     (v) ADDITIONAL TERMINATION EVENT. If any "Additional Termination Event" is
     specified in the Schedule or any Confirmation as applying, the occurrence
     of such event (and, in such event, the Affected Party or Affected Parties
     shall be as specified for such Additional Termination Event in the Schedule
     or such Confirmation).

(c) EVENT OF DEFAULT AND ILLEGALITY. If an event or circumstance which would
otherwise constitute or give rise to an Event of Default also constitutes an
Illegality, it will be treated as an Illegality and will not constitute an Event
of Default.

                                                                    ISDA(R) 1992

                                        7

6.   EARLY TERMINATION

(a) RIGHT TO TERMINATE FOLLOWING EVENT OF DEFAULT. If at any time an Event of
Default with respect to a party (the "Defaulting Party") has occurred and is
then continuing, the other party (the "Non-defaulting Party") may, by not more
than 20 days notice to the Defaulting Party specifying the relevant Event of
Default, designate a day not earlier than the day such notice is effective as an
Early Termination Date in respect of all outstanding Transactions. If, however,
"Automatic Early Termination" is specified in the Schedule as applying to a
party, then an Early Termination Date in respect of all outstanding Transactions
will occur immediately upon the occurrence with respect to such party of an
Event of Default specified in Section 5(a)(vii)(l), (3), (5), (6) or, to the
extent analogous thereto, (8), and as of the time immediately preceding the
institution of the relevant proceeding or the presentation of the relevant
petition upon the occurrence with respect to such party of an Event of Default
specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

(b) RIGHT TO TERMINATE FOLLOWING TERMINATION EVENT.

     (i) NOTICE. If a Termination Event occurs, an Affected Party will, promptly
     upon becoming aware of it, notify the other party, specifying the nature of
     that Termination Event and each Affected Transaction and will also give
     such other information about that Termination Event as the other party may
     reasonably require.

     (ii) TRANSFER TO AVOID TERMINATION EVENT. If either an Illegality under
     Section 5(b)(i)(l) or a Tax Event occurs and there is only one Affected
     Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the
     Affected Party, the Affected Party will, as a condition to its right to
     designate an Early Termination Date under Section 6(b)(iv), use all
     reasonable efforts (which will not require such party to incur a loss,
     excluding immaterial, incidental expenses) to transfer within 20 days after
     it gives notice under Section 6(b)(i) all its rights and obligations under
     this Agreement in respect of the Affected Transactions to another of its
     Offices or Affiliates so that such Termination Event ceases to exist.

     If the Affected Party is not able to make such a transfer it will give
     notice to the other party to that effect within such 20 day period,
     whereupon the other party may effect such a transfer within 30 days after
     the notice is given under Section 6(b)(i).

     Any such transfer by a party under this Section 6(b)(ii) will be subject to
     and conditional upon the prior written consent of the other party, which
     consent will not be withheld if such other party's policies in effect at
     such time would permit it to enter into transactions with the transferee on
     the terms proposed.

     (iii) TWO AFFECTED PARTIES. If an Illegality under Section 5(b)(i)(l) or a
     Tax Event occurs and there are two Affected Parties, each party will use
     all reasonable efforts to reach agreement within 30 days after notice
     thereof is given under Section 6(b)(i) on action to avoid that Termination
     Event.

     (iv) RIGHT TO TERMINATE. If: --

          (1) a transfer under Section 6(b)(ii) or an agreement under Section
          6(b)(iii), as the case may be, has not been effected with respect to
          all Affected Transactions within 30 days after an Affected Party gives
          notice under Section 6(b)(i); or

          (2) an Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger
          or an Additional Termination Event occurs, or a Tax Event Upon Merger
          occurs and the Burdened Party is not the Affected Party,

     either party in the case of an Illegality, the Burdened Party in the case
     of a Tax Event Upon Merger, any Affected Party in the case of a Tax Event
     or an Additional Termination Event if there is more than one Affected
     Party, or the party which is not the Affected Party in the case of a Credit
     Event Upon Merger or an Additional Termination Event if there is only one
     Affected Party may, by not more than 20 days notice to the other party and
     provided that the relevant Termination Event is then

                                                                    ISDA(R) 1992

                                        8

     continuing, designate a day not earlier than the day such notice is
     effective as an Early Termination Date in respect of all Affected
     Transactions.

(c) EFFECT OF DESIGNATION.

     (i) If notice designating an Early Termination Date is given under Section
     6(a) or (b), the Early Termination Date will occur on the date so
     designated, whether or not the relevant Event of Default or Termination
     Event is then continuing.

     (ii) Upon the occurrence or effective designation of an Early Termination
     Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in
     respect of the Terminated Transactions will be required to be made, but
     without prejudice to the other provisions of this Agreement. The amount, if
     any, payable in respect of an Early Termination Date shall be determined
     pursuant to Section 6(e).

(d) CALCULATIONS.

     (i) STATEMENT. On or as soon as reasonably practicable following the
     occurrence of an Early Termination Date, each party will make the
     calculations on its part, if any, contemplated by Section 6(e) and will
     provide to the other party a statement (1) showing, in reasonable detail,
     such calculations (including all relevant quotations and specifying any
     amount payable under Section 6(e)) and (2) giving details of the relevant
     account to which any amount payable to it is to be paid. In the absence of
     written confirmation from the source of a quotation obtained in determining
     a Market Quotation, the records of the party obtaining such quotation will
     be conclusive evidence of the existence and accuracy of such quotation.

     (ii) PAYMENT DATE. An amount calculated as being due in respect of any
     Early Termination Date under Section 6(e) will be payable on the day that
     notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated or occurs as a result of an Event of
     Default) and on the day which is two Local Business Days after the day on
     which notice of the amount payable is effective (in the case of an Early
     Termination Date which is designated as a result of a Termination Event).
     Such amount will be paid together with (to the extent permitted under
     applicable law) interest thereon (before as well as after judgment) in the
     Termination Currency, from (and including) the relevant Early Termination
     Date to (but excluding) the date such amount is paid, at the Applicable
     Rate. Such interest will be calculated on the basis of daily compounding
     and the actual number of days elapsed.

(e) PAYMENTS ON EARLY TERMINATION. If an Early Termination Date occurs, the
following provisions shall apply based on the parties' election in the Schedule
of a payment measure, either "Market Quotation" or "Loss", and a payment method,
either the "First Method" or the "Second Method". If the parties fail to
designate a payment measure or payment method in the Schedule, it will be deemed
that "Market Quotation" or the "Second Method", as the case may be, shall apply.
The amount, if any, payable in respect of an Early Termination Date and
determined pursuant to this Section will be subject to any Set-off.

     (i) EVENTS OF DEFAULT. If the Early Termination Date results from an Event
     of Default: --

          (1) First Method and Market Quotation. If the First Method and Market
          Quotation apply, the Defaulting Party will pay to the Non-defaulting
          Party the excess, if a positive number, of (A) the sum of the
          Settlement Amount (determined by the Non-defaulting Party) in respect
          of the Terminated Transactions and the Termination Currency Equivalent
          of the Unpaid Amounts owing to the Non-defaulting Party over (B) the
          Termination Currency Equivalent of the Unpaid Amounts owing to the
          Defaulting Party.

          (2) First Method and Loss. If the First Method and Loss apply, the
          Defaulting Party will pay to the Non-defaulting Party, if a positive
          number, the Non-defaulting Party's Loss in respect of this Agreement.

          (3) Second Method and Market Quotation. If the Second Method and
          Market Quotation apply, an amount will be payable equal to (A) the sum
          of the Settlement Amount (determined by the

                                                                    ISDA(R) 1992

                                        9

          Non-defaulting Party) in respect of the Terminated Transactions and
          the Termination Currency Equivalent of the Unpaid Amounts owing to the
          Non-defaulting Party less (B) the Termination Currency Equivalent of
          the Unpaid Amounts owing to the Defaulting Party. If that amount is a
          positive number, the Defaulting Party will pay it to the
          Non-defaulting Party; if it is a negative number, the Non-defaulting
          Party will pay the absolute value of that amount to the Defaulting
          Party.

          (4) Second Method and Loss. If the Second Method and Loss apply, an
          amount will be payable equal to the Non-defaulting Party's Loss in
          respect of this Agreement. If that amount is a positive number, the
          Defaulting Party will pay it to the Non-defaulting Party; if it is a
          negative number, the Non-defaulting Party will pay the absolute value
          of that amount to the Defaulting Party.

     (ii) TERMINATION EVENTS. If the Early Termination Date results from a
     Termination Event: --

          (1) One Affected Party. If there is one Affected Party, the amount
          payable will be determined in accordance with Section 6(e)(i)(3), if
          Market Quotation applies, or Section 6(e)(i)(4), if Loss applies,
          except that, in either case, references to the Defaulting Party and to
          the Non-defaulting Party will be deemed to be references to the
          Affected Party and the party which is not the Affected Party,
          respectively, and, if Loss applies and fewer than all the Transactions
          are being terminated, Loss shall be calculated in respect of all
          Terminated Transactions.

          (2) Two Affected Parties. If there are two Affected Parties: --

               (A) if Market Quotation applies, each party will determine a
               Settlement Amount in respect of the Terminated Transactions, and
               an amount will be payable equal to (I) the sum of (a) one-half of
               the difference between the Settlement Amount of the party with
               the higher Settlement Amount ("X") and the Settlement Amount of
               the party with the lower Settlement Amount ("Y") and (b) the
               Termination Currency Equivalent of the Unpaid Amounts owing to X
               less (II) the Termination Currency Equivalent of the Unpaid
               Amounts owing to Y; and

               (B) if Loss applies, each party will determine its Loss in
               respect of this Agreement (or, if fewer than all the Transactions
               are being terminated, in respect of all Terminated Transactions)
               and an amount will be payable equal to one-half of the difference
               between the Loss of the party with the higher Loss ("X") and the
               Loss of the party with the lower Loss ("Y").

          If the amount payable is a positive number, Y will pay it to X; if it
          is a negative number, X will pay the absolute value of that amount to
          Y.

     (iii) ADJUSTMENT FOR BANKRUPTCY. In circumstances where an Early
     Termination Date occurs because "Automatic Early Termination" applies in
     respect of a party, the amount determined under this Section 6(e) will be
     subject to such adjustments as are appropriate and permitted by law to
     reflect any payments or deliveries made by one party to the other under
     this Agreement (and retained by such other party) during the period from
     the relevant Early Termination Date to the date for payment determined
     under Section 6(d)(ii).

     (iv) PRE-ESTIMATE. The parties agree that if Market Quotation applies an
     amount recoverable under this Section 6(e) is a reasonable pre-estimate of
     loss and not a penalty. Such amount is payable for the loss of bargain and
     the loss of protection against future risks and except as otherwise
     provided in this Agreement neither party will be entitled to recover any
     additional damages as a consequence of such losses.

                                                                    ISDA(R) 1992

                                       10

7.   TRANSFER

Subject to Section 6(b)(ii), neither this Agreement nor any interest or
obligation in or under this Agreement may be transferred (whether by way of
security or otherwise) by either party without the prior written consent of the
other party, except that: --

(a) a party may make such a transfer of this Agreement pursuant to a
consolidation or amalgamation with, or merger with or into, or transfer of all
or substantially all its assets to, another entity (but without prejudice to any
other right or remedy under this Agreement); and

(b) a party may make such a transfer of all or any part of its interest in any
amount payable to it from a Defaulting Party under Section 6(e).

Any purported transfer that is not in compliance with this Section will be void.

8.   CONTRACTUAL CURRENCY

(a) PAYMENT IN THE CONTRACTUAL CURRENCY. Each payment under this Agreement will
be made in the relevant currency specified in this Agreement for that payment
(the "Contractual Currency"). To the extent permitted by applicable law, any
obligation to make payments under this Agreement in the Contractual Currency
will not be discharged or satisfied by any tender in any currency other than the
Contractual Currency, except to the extent such tender results in the actual
receipt by the party to which payment is owed, acting in a reasonable manner and
in good faith in converting the currency so tendered into the Contractual
Currency, of the full amount in the Contractual Currency of all amounts payable
in respect of this Agreement. If for any reason the amount in the Contractual
Currency so received falls short of the amount in the Contractual Currency
payable in respect of this Agreement, the party required to make the payment
will, to the extent permitted by applicable law, immediately pay such additional
amount in the Contractual Currency as may be necessary to compensate for the
shortfall. If for any reason the amount in the Contractual Currency so received
exceeds the amount in the Contractual Currency payable in respect of this
Agreement, the party receiving the payment will refund promptly the amount of
such excess.

(b) JUDGMENTS. To the extent permitted by applicable law, if any judgment or
order expressed in a currency other than the Contractual Currency is rendered
(i) for the payment of any amount owing in respect of this Agreement, (ii) for
the payment of any amount relating to any early termination in respect of this
Agreement or (iii) in respect of a judgment or order of another court for the
payment of any amount described in (i) or (ii) above, the party seeking
recovery, after recovery in full of the aggregate amount to which such party is
entitled pursuant to the judgment or order, will be entitled to receive
immediately from the other party the amount of any shortfall of the Contractual
Currency received by such party as a consequence of sums paid in such other
currency and will refund promptly to the other party any excess of the
Contractual Currency received by such party as a consequence of sums paid in
such other currency if such shortfall or such excess arises or results from any
variation between the rate of exchange at which the Contractual Currency is
converted into the currency of the judgment or order for the purposes of such
judgment or order and the rate of exchange at which such party is able, acting
in a reasonable manner and in good faith in converting the currency received
into the Contractual Currency, to purchase the Contractual Currency with the
amount of the currency of the judgment or order actually received by such party.
The term "rate of exchange" includes, without limitation, any premiums and costs
of exchange payable in connection with the purchase of or conversion into the
Contractual Currency.

(c) SEPARATE INDEMNITIES. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other
obligations in this Agreement, will be enforceable as separate and independent
causes of action, will apply notwithstanding any indulgence granted by the party
to which any payment is owed and will not be affected by judgment being obtained
or claim or proof being made for any other sums payable in respect of this
Agreement.

(d) EVIDENCE OF LOSS. For the purpose of this Section 8, it will be sufficient
for a party to demonstrate that it would have suffered a loss had an actual
exchange or purchase been made.

                                                                    ISDA(R) 1992

                                       11

9.   MISCELLANEOUS

(a) ENTIRE AGREEMENT. This Agreement constitutes the entire agreement and
understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto.

(b) AMENDMENTS. No amendment, modification or waiver in respect of this
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

(c) SURVIVAL OF OBLIGATIONS. Without prejudice to Sections 2(a)(iii) and
6(c)(ii), the obligations of the parties under this Agreement will survive the
termination of any Transaction.

(d) REMEDIES CUMULATIVE. Except as provided in this Agreement, the rights,
powers, remedies and privileges provided in this Agreement are cumulative and
not exclusive of any rights, powers, remedies and privileges provided by law.

(e) COUNTERPARTS AND CONFIRMATIONS.

     (i) This Agreement (and each amendment, modification and waiver in respect
     of it) may be executed and delivered in counterparts (including by
     facsimile transmission), each of which will be deemed an original.

     (ii) The parties intend that they are legally bound by the terms of each
     Transaction from the moment they agree to those terms (whether orally or
     otherwise). A Confirmation shall he entered into as soon as practicable and
     may he executed and delivered in counterparts (including by facsimile
     transmission) or be created by an exchange of telexes or by an exchange of
     electronic messages on an electronic messaging system, which in each case
     will be sufficient for all purposes to evidence a binding supplement to
     this Agreement. The parties will specify therein or through another
     effective means that any such counterpart, telex or electronic message
     constitutes a Confirmation.

(f) NO WAIVER OF RIGHTS. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a
waiver, and a single or partial exercise of any right, power or privilege will
not be presumed to preclude any subsequent or further exercise, of that right,
power or privilege or the exercise of any other right, power or privilege.

(g) HEADINGS. The headings used in this Agreement are for convenience of
reference only and are not to affect the construction of or to be taken into
consideration in interpreting this Agreement.

10.  OFFICES; MULTIBRANCH PARTIES

(a) If Section 10(a) is specified in the Schedule as applying, each party that
enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office
or jurisdiction of incorporation or organisation of such party, the obligations
of such party are the same as if it had entered into the Transaction through its
head or home office. This representation will be deemed to be repeated by such
party on each date on which a Transaction is entered into.

(b) Neither party may change the Office through which it makes and receives
payments or deliveries for the purpose of a Transaction without the prior
written consent of the other party.

(c) If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any
Transaction through any Office listed in the Schedule, and the Office through
which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation.

11.  EXPENSES

A Defaulting Party will, on demand, indemnify and hold harmless the other party
for and against all reasonable out-of-pocket expenses, including legal fees and
Stamp Tax, incurred by such other party by reason of the enforcement and
protection of its rights under this Agreement or any Credit Support Document

                                                                    ISDA(R) 1992

                                       12

to which the Defaulting Party is a party or by reason of the early termination
of any Transaction, including, but not limited to, costs of collection.

12.  NOTICES

(a) EFFECTIVENESS. Any notice or other communication in respect of this
Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile
transmission or electronic messaging system) to the address or number or in
accordance with the electronic messaging system details provided (see the
Schedule) and will be deemed effective as indicated:--

     (i) if in writing and delivered in person or by courier, on the date it is
     delivered;

     (ii) if sent by telex, on the date the recipient's answerback is received;

     (iii) if sent by facsimile transmission, on the date that transmission is
     received by a responsible employee of the recipient in legible form (it
     being agreed that the burden of proving receipt will be on the sender and
     will not be met by a transmission report generated by the sender's
     facsimile machine);

     (iv) if sent by certified or registered mail (airmail, if overseas) or the
     equivalent (return receipt requested), on the date that mail is delivered
     or its delivery is attempted; or

     (v) if sent by electronic messaging system, on the date that electronic
     message is received,

unless the date of that delivery (or attempted delivery) or that receipt, as
applicable, is not a Local Business Day or that communication is delivered (or
attempted) or received, as applicable, after the close of business on a Local
Business Day, in which case that communication shall be deemed given and
effective on the first following day that is a Local Business Day.

(b) CHANGE OF ADDRESSES. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it.

13.  GOVERNING LAW AND JURISDICTION

(a) GOVERNING LAW. This Agreement will be governed by and construed in
accordance with the law specified in the Schedule.

(b) JURISDICTION. With respect to any suit, action or proceedings relating to
this Agreement ("Proceedings"), each party irrevocably:--

     (i) submits to the jurisdiction of the English courts, if this Agreement is
     expressed to be governed by English law, or to the non-exclusive
     jurisdiction of the courts of the State of New York and the United States
     District Court located in the Borough of Manhattan in New York City, if
     this Agreement is expressed to be governed by the laws of the State of New
     York; and

     (ii) waives any objection which it may have at any time to the laying of
     venue of any Proceedings brought in any such court, waives any claim that
     such Proceedings have been brought in an inconvenient forum and further
     waives the right to object, with respect to such Proceedings, that such
     court does not have any jurisdiction over such party.

Nothing in this Agreement precludes either party from bringing Proceedings in
any other jurisdiction (outside, if this Agreement is expressed to be governed
by English law, the Contracting States, as defined in Section 1(3) of the Civil
Jurisdiction and Judgments Act 1982 or any modification, extension or
re-enactment thereof for the time being in force) nor will the bringing of
Proceedings in any one or more jurisdictions preclude the bringing of
Proceedings in any other jurisdiction.

(c) SERVICE OF PROCESS. Each party irrevocably appoints the Process Agent (if
any) specified opposite its name in the Schedule to receive, for it and on its
behalf, service of process in any Proceedings. If for any

                                                                    ISDA(R) 1992

                                       13

reason any party's Process Agent is unable to act as such, such party will
promptly notify the other party and within 30 days appoint a substitute process
agent acceptable to the other party. The parties irrevocably consent to service
of process given in the manner provided for notices in Section 12. Nothing in
this Agreement will affect the right of either party to serve process in any
other manner permitted by law.

(d) WAIVER OF IMMUNITIES. Each party irrevocably waives, to the fullest extent
permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of
sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for
recovery of property, (iv) attachment of its assets (whether before or after
judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts
of any jurisdiction and irrevocably agrees, to the extent permitted by
applicable law, that it will not claim any such immunity in any Proceedings.

14.  DEFINITIONS

As used in this Agreement:--

"ADDITIONAL TERMINATION EVENT" has the meaning specified in Section 5(b).

"AFFECTED PARTY" has the meaning specified in Section 5(b).

"AFFECTED TRANSACTIONS" means (a) with respect to any Termination Event
consisting of an Illegality, Tax Event or Tax Event Upon Merger, all
Transactions affected by the occurrence of such Termination Event and (b) with
respect to any other Termination Event, all Transactions.

"AFFILIATE" means, subject to the Schedule, in relation to any person, any
entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or
indirectly under common control with the person. For this purpose, "control" of
any entity or person means ownership of a majority of the voting power of the
entity or person.

"APPLICABLE RATE" means:--

(a) in respect of obligations payable or deliverable (or which would have been
but for Section 2(a)(iii)) by a Defaulting Party, the Default Rate;

(b) in respect of an obligation to pay an amount under Section 6(e) of either
party from and after the date (determined in accordance with Section 6(d)(ii))
on which that amount is payable, the Default Rate;

(c) in respect of all other obligations payable or deliverable (or which would
have been but for Section 2(a)(iii)) by a Non-defaulting Party, the Non-default
Rate; and

(d) in all other cases, the Termination Rate.

"BURDENED PARTY" has the meaning specified in Section 5(b).

"CHANGE IN TAX LAW" means the enactment, promulgation, execution or ratification
of, or any change in or amendment to, any law (or in the application or official
interpretation of any law) that occurs on or after the date on which the
relevant Transaction is entered into.

"CONSENT" includes a consent, approval, action, authorisation, exemption,
notice, filing, registration or exchange control consent.

"CREDIT EVENT UPON MERGER" has the meaning specified in Section 5(b).

"CREDIT SUPPORT DOCUMENT" means any agreement or instrument that is specified as
such in this Agreement.

"CREDIT SUPPORT PROVIDER" has the meaning specified in the Schedule.

"DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the relevant payee (as certified by it) if it
were to fund or of funding the relevant amount plus 1% per annum.

                                                                    ISDA(R) 1992

                                       14

"DEFAULTING PARTY" has the meaning specified in Section 6(a).

"EARLY TERMINATION DATE" means the date determined in accordance with Section
6(a) or 6(b)(iv).

"EVENT OF DEFAULT" has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.

"ILLEGALITY" has the meaning specified in Section 5(b).

"INDEMNIFIABLE TAX" means any Tax other than a Tax that would not be imposed in
respect of a payment under this Agreement but for a present or former connection
between the jurisdiction of the government or taxation authority imposing such
Tax and the recipient of such payment or a person related to such recipient
(including, without limitation, a connection arising from such recipient or
related person being or having been a citizen or resident of such jurisdiction,
or being or having been organised, present or engaged in a trade or business in
such jurisdiction, or having or having had a permanent establishment or fixed
place of business in such jurisdiction, but excluding a connection arising
solely from such recipient or related person having executed, delivered,
performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document).

"LAW" includes any treaty, law, rule or regulation (as modified, in the case of
tax matters, by the practice of any relevant governmental revenue authority) and
"LAWFUL" and "UNLAWFUL" will be construed accordingly.

"LOCAL BUSINESS DAY" means, subject to the Schedule, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign
currency deposits) (a) in relation to any obligation under Section 2(a)(i), in
the place(s) specified in the relevant Confirmation or, if not so specified, as
otherwise agreed by the parties in writing or determined pursuant to provisions
contained, or incorporated by reference, in this Agreement, (b) in relation to
any other payment, in the place where the relevant account is located and, if
different, in the principal financial centre, if any, of the currency of such
payment, (c) in relation to any notice or other communication, including notice
contemplated under Section 5(a)(i), in the city specified in the address for
notice provided by the recipient and, in the case of a notice contemplated by
Section 2(b), in the place where the relevant new account is to be located and
(d) in relation to Section 5(a)(v)(2), in the relevant locations for performance
with respect to such Specified Transaction.

"LOSS" means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency
Equivalent of an amount that party reasonably determines in good faith to be its
total losses and costs (or gain, in which case expressed as a negative number)
in connection with this Agreement or that Terminated Transaction or group of
Terminated Transactions, as the case may be, including any loss of bargain, cost
of funding or, at the election of such party but without duplication, loss or
cost incurred as a result of its terminating, liquidating, obtaining or
reestablishing any hedge or related trading position (or any gain resulting from
any of them). Loss includes losses and costs (or gains) in respect of any
payment or delivery required to have been made (assuming satisfaction of each
applicable condition precedent) on or before the relevant Early Termination Date
and not made, except, so as to avoid duplication, if Section 6(e)(i)(l) or (3)
or 6(e)(ii)(2)(A) applies. Loss does not include a party's legal fees and
out-of-pocket expenses referred to under Section 11. A party will determine its
Loss as of the relevant Early Termination Date, or, if that is not reasonably
practicable, as of the earliest date thereafter as is reasonably practicable. A
party may (but need not) determine its Loss by reference to quotations of
relevant rates or prices from one or more leading dealers in the relevant
markets.

"MARKET QUOTATION" means, with respect to one or more Terminated Transactions
and a party making the determination, an amount determined on the basis of
quotations from Reference Market-makers. Each quotation will be for an amount,
if any, that would be paid to such party (expressed as a negative number) or by
such party (expressed as a positive number) in consideration of an agreement
between such party (taking into account any existing Credit Support Document
with respect to the obligations of such party) and the quoting Reference
Market-maker to enter into a transaction (the "Replacement Transaction") that
would have the effect of preserving for such party the economic equivalent of
any payment or delivery (whether the underlying obligation was absolute or
contingent and assuming the satisfaction of each applicable condition precedent)
by the parties under Section 2(a)(i) in respect of such Terminated Transaction
or group of Terminated Transactions that would, but for the occurrence of the
relevant Early Termination Date, have

                                                                    ISDA(R) 1992

                                       15

been required after that date. For this purpose, Unpaid Amounts in respect of
the Terminated Transaction or group of Terminated Transactions are to be
excluded but, without limitation, any payment or delivery that would, but for
the relevant Early Termination Date, have been required (assuming satisfaction
of each applicable condition precedent) after that Early Termination Date is to
be included. The Replacement Transaction would be subject to such documentation
as such party and the Reference Market-maker may, in good faith, agree. The
party making the determination (or its agent) will request each Reference
Market-maker to provide its quotation to the extent reasonably practicable as of
the same day and time (without regard to different time zones) on or as soon as
reasonably practicable after the relevant Early Termination Date. The day and
time as of which those quotations are to be obtained will be selected in good
faith by the party obliged to make a determination under Section 6(e), and, if
each party is so obliged, after consultation with the other. If more than three
quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest
values. If exactly three such quotations are provided, the Market Quotation will
be the quotation remaining after disregarding the highest and lowest quotations.
For this purpose, if more than one quotation has the same highest value or
lowest value, then one of such quotations shall be disregarded. If fewer than
three quotations are provided, it will be deemed that the Market Quotation in
respect of such Terminated Transaction or group of Terminated Transactions
cannot be determined.

"NON-DEFAULT RATE" means a rate per annum equal to the cost (without proof or
evidence of any actual cost) to the Non-defaulting Party (as certified by it) if
it were to fund the relevant amount.

"NON-DEFAULTING PARTY" has the meaning specified in Section 6(a).

"OFFICE" means a branch or office of a party, which may be such party's head or
home office.

"POTENTIAL EVENT OF DEFAULT" means any event which, with the giving of notice or
the lapse of time or both, would constitute an Event of Default.

"REFERENCE MARKET-MAKERS" means four leading dealers in the relevant market
selected by the party determining a Market Quotation in good faith (a) from
among dealers of the highest credit standing which satisfy all the criteria that
such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such
dealers having an office in the same city.

"RELEVANT JURISDICTION" means, with respect to a party, the jurisdictions (a) in
which the party is incorporated, organised, managed and controlled or considered
to have its seat, (b) where an Office through which the party is acting for
purposes of this Agreement is located, (c) in which the party executes this
Agreement and (d) in relation to any payment, from or through which such payment
is made.

"SCHEDULED PAYMENT DATE" means a date on which a payment or delivery is to be
made under Section 2(a)(i) with respect to a Transaction.

"SET-OFF" means set-off, offset, combination of accounts, right of retention or
withholding or similar right or requirement to which the payer of an amount
under Section 6 is entitled or subject (whether arising under this Agreement,
another contract, applicable law or otherwise) that is exercised by, or imposed
on, such payer.

"SETTLEMENT AMOUNT" means, with respect to a party and any Early Termination
Date, the sum of: --

(a) the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation is determined; and

(b) such party's Loss (whether positive or negative and without reference to any
Unpaid Amounts) for each Terminated Transaction or group of Terminated
Transactions for which a Market Quotation cannot be determined or would not (in
the reasonable belief of the party making the determination) produce a
commercially reasonable result.

"SPECIFIED ENTITY" has the meanings specified in the Schedule.

                                                                    ISDA(R) 1992

                                       16

"SPECIFIED INDEBTEDNESS" means, subject to the Schedule, any obligation (whether
present or future, contingent or otherwise, as principal or surety or otherwise)
in respect of borrowed money.

"SPECIFIED TRANSACTION" means, subject to the Schedule, (a) any transaction
(including an agreement with respect thereto) now existing or hereafter entered
into between one party to this Agreement (or any Credit Support Provider of such
party or any applicable Specified Entity of such party) and the other party to
this Agreement (or any Credit Support Provider of such other party or any
applicable Specified Entity of such other party) which is a rate swap
transaction, basis swap, forward rate transaction, commodity swap, commodity
option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, floor
transaction, collar transaction, currency swap transaction, cross-currency rate
swap transaction, currency option or any other similar transaction (including
any option with respect to any of these transactions), (b) any combination of
these transactions and (c) any other transaction identified as a Specified
Transaction in this Agreement or the relevant confirmation.

"STAMP TAX" means any stamp, registration, documentation or similar tax.

"TAX" means any present or future tax, levy, impost, duty, charge, assessment or
fee of any nature (including interest, penalties and additions thereto) that is
imposed by any government or other taxing authority in respect of any payment
under this Agreement other than a stamp, registration, documentation or similar
tax.

"TAX EVENT" has the meaning specified in Section 5(b).

"TAX EVENT UPON MERGER" has the meaning specified in Section 5(b).

"TERMINATED TRANSACTIONS" means with respect to any Early Termination Date (a)
if resulting from a Termination Event, all Affected Transactions and (b) if
resulting from an Event of Default, all Transactions (in either case) in effect
immediately before the effectiveness of the notice designating that Early
Termination Date (or, if "Automatic Early Termination" applies, immediately
before that Early Termination Date).

"TERMINATION CURRENCY" has the meaning specified in the Schedule.

"TERMINATION CURRENCY EQUIVALENT" means, in respect of any amount denominated in
the Termination Currency, such Termination Currency amount and, in respect of
any amount denominated in a currency other than the Termination Currency (the
"Other Currency"), the amount in the Termination Currency determined by the
party making the relevant determination as being required to purchase such
amount of such Other Currency as at the relevant Early Termination Date, or, if
the relevant Market Quotation or Loss (as the case may be), is determined as of
a later date, that later date, with the Termination Currency at the rate equal
to the spot exchange rate of the foreign exchange agent (selected as provided
below) for the purchase of such Other Currency with the Termination Currency at
or about 11:00 a.m. (in the city in which such foreign exchange agent is
located) on such date as would be customary for the determination of such a rate
for the purchase of such Other Currency for value on the relevant Early
Termination Date or that later date. The foreign exchange agent will, if only
one party is obliged to make a determination under Section 6(e), be selected in
good faith by that party and otherwise will be agreed by the parties.

"TERMINATION EVENT" means an Illegality, a Tax Event or a Tax Event Upon Merger
or, if specified to be applicable, a Credit Event Upon Merger or an Additional
Termination Event.

"TERMINATION RATE" means a rate per annum equal to the arithmetic mean of the
cost (without proof or evidence of any actual cost) to each party (as certified
by such party) if it were to fund or of funding such amounts.

"UNPAID AMOUNTS" owing to any party means, with respect to an Early Termination
Date, the aggregate of (a) in respect of all Terminated Transactions, the
amounts that became payable (or that would have become payable but for Section
2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early
Termination Date and which remain unpaid as at such Early Termination Date and
(b) in respect of each Terminated Transaction, for each obligation under Section
2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be
settled by delivery to such party on or prior to such Early Termination Date and
which has not been so settled as at such Early Termination Date, an amount equal
to the fair market

                                                                    ISDA(R) 1992

                                       17

value of that which was (or would have been) required to be delivered as of the
originally scheduled date for delivery, in each case together with (to the
extent permitted under applicable law) interest, in the currency of such
amounts, from (and including) the date such amounts or obligations were or would
have been required to have been paid or performed to (but excluding) such Early
Termination Date, at the Applicable Rate. Such amounts of interest will be
calculated on the basis of daily compounding and the actual number of days
elapsed. The fair market value of any obligation referred to in clause (b) above
shall be reasonably determined by the party obliged to make the determination
under Section 6(e) or, if each party is so obliged, it shall be the average of
the Termination Currency Equivalents of the fair market values reasonably
determined by both parties.

IN WITNESS WHEREOF the parties have executed this document 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:

                                                           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:

                                                           ISDA Master Agreement

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