Document:

Exhibit 4.13

                                                                  EXECUTION COPY

                        COLLATERAL MAINTENANCE AGREEMENT

                                      AMONG

                          JETBLUE AIRWAYS CORPORATION,

                           MBIA INSURANCE CORPORATION,

                           AS INITIAL POLICY PROVIDER,

                            WILMINGTON TRUST COMPANY,

                                  AS MORTGAGEE,

                                       AND

       ADDITIONAL POLICY PROVIDER(S), IF ANY, WHICH MAY FROM TIME TO TIME
               HEREAFTER BECOME PARTIES HERETO AS HEREIN PROVIDED

                          DATED AS OF NOVEMBER 14, 2006

Collateral Maintenance Agreement

                                TABLE OF CONTENTS

                                                                            PAGE
                                                                            ----
ARTICLE I  DEFINITIONS AND RULES OF CONSTRUCTION.........................     1

   SECTION 1.1    DEFINITIONS............................................     1

   SECTION 1.2    RULES OF CONSTRUCTION..................................     1

ARTICLE II  REPORTS REGARDING THE COLLATERAL.............................     1

   SECTION 2.1    ANNUAL APPRAISAL.......................................     1

   SECTION 2.2    SEMIANNUAL APPRAISAL...................................     2

   SECTION 2.3    QUARTERLY REPORTS......................................     3

   SECTION 2.4    SPECIAL REPORTS........................................     3

   SECTION 2.5    INFORMATION FROM THE MORTGAGEE.........................     4

   SECTION 2.6    INDEPENDENT APPRAISER..................................     4

ARTICLE III  COLLATERAL REQUIREMENTS.....................................     5

   SECTION 3.1    MAINTENANCE OF COLLATERAL RATIO AND ROTABLE RATIO......     5

   SECTION 3.2    CERTAIN LIMITATIONS REGARDING THE COLLATERAL...........     8

   SECTION 3.3    FLEET REDUCTION........................................     8

   SECTION 3.4    INSPECTION.............................................     9

ARTICLE IV  MISCELLANEOUS................................................    10

   SECTION 4.1    BENEFITS OF AGREEMENT RESTRICTED.......................    10

   SECTION 4.2    APPRAISER'S CERTIFICATE................................    11

   SECTION 4.3    NOTICES; WAIVER........................................    11

   SECTION 4.4    AMENDMENTS, ETC........................................    11

   SECTION 4.5    NO WAIVER..............................................    12

   SECTION 4.6    SUCCESSORS AND ASSIGNS.................................    12

   SECTION 4.7    GOVERNING LAW..........................................    12

   SECTION 4.8    EFFECT OF HEADINGS.....................................    12

   SECTION 4.9    COUNTERPART ORIGINALS..................................    13

   SECTION 4.10   SEVERABILITY...........................................    13

Appendix I - Form of Appraisal Compliance Report
Appendix II - Form of Non-Appraisal Compliance Report

Collateral Maintenance Agreement

                        COLLATERAL MAINTENANCE AGREEMENT

COLLATERAL MAINTENANCE AGREEMENT, dated as of November 14, 2006 (this
"Agreement"), among JETBLUE AIRWAYS CORPORATION, a Delaware corporation (the
"Company"), MBIA INSURANCE CORPORATION, a New York domiciled stock insurance
company (the "Initial Policy Provider"), WILMINGTON TRUST COMPANY, as Mortgagee
(the "Mortgagee") under the Trust Indenture and Mortgage, dated as of the date
hereof, between the Company and the Mortgagee (the "Trust Indenture") and
Additional Policy Provider(s), if any, which may from time to time hereafter
become parties hereto as herein provided.

                                    RECITALS

     WHEREAS, the Company, and the Mortgagee have entered into the Trust
Indenture providing for the issuance of $123,546,000.00 aggregate principal
amount of Initial Equipment Notes, and the Initial Policy Provider has issued
the Policy under which the Subordination Agent may make drawings to make certain
payments with respect to the Class G-1 Certificates;

     WHEREAS, in order to secure the payment of the principal amount of and
interest on the Equipment Notes and all other Secured Obligations under the
Trust Indenture, the Company has granted a security interest in the Collateral
pursuant to the Trust Indenture; and

     WHEREAS, the Company, the Initial Policy Provider and the Mortgagee wish to
set forth herein certain additional agreements with respect to the Collateral.

     NOW, THEREFORE, in consideration of the premises and other benefits to the
Company, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

     Section 1.1 Definitions. Capitalized terms used above or hereinafter and
not otherwise defined herein shall have the meanings ascribed to such terms in
the Trust Indenture.

     Section 1.2 Rules of Construction. The rules of construction for this
Agreement are set forth under "General Provisions" in Annex A to the Trust
Indenture.

                                   ARTICLE II

                        REPORTS REGARDING THE COLLATERAL

     Section 2.1 Annual Appraisal. So long as the Equipment Notes are
outstanding, by the tenth Business Day of March in 2007 and by the tenth
Business Day of March of each year thereafter, the Company shall furnish each
Policy Provider, the Mortgagee and the Rating Agencies an Independent
Appraiser's Certificate signed by an Independent Appraiser, dated as of a date
between the preceding February 23 and March 10 (inclusive). Each such
Independent

Collateral Maintenance Agreement

Appraiser's Certificate shall state, in the opinion of such Independent
Appraiser, based upon use of the Annual Methodology (except in the case of
clause (d) for Pledged Spare Engines), the following:

          (a) the Fair Market Value of the Collateral (excluding any Cash
Collateral and, for the avoidance of doubt, any Excluded Parts) as of a
specified date within 45 days (or, if an Independent Appraiser's Certificate
signed by such Independent Appraiser has not previously been delivered to the
Policy Providers pursuant to this Agreement or in the Prospectus Supplement, 60
days) (the "Permitted Days") preceding the date of such Certificate (the "Annual
Valuation Date");

          (b) the Fair Market Value of the Rotables/Repairables and the
Expendables included in the Collateral as of the applicable Annual Valuation
Date (and shall separately state the quantity of such Rotables/Repairables and
Expendables); and

          (c) the Fair Market Value of the Serviceable Parts and the
Unserviceable Parts included in the Collateral as of the applicable Annual
Valuation Date; and

          (d) the Fair Market Value and Adjusted Fair Market Value of any
Pledged Spare Engines included in the Collateral as of the applicable Annual
Valuation Date.

     Each annual Independent Appraiser's Certificate shall be accompanied by an
Appraisal Compliance Report determined using data as of the applicable Annual
Valuation Date. The Appraisal Compliance Report shall set forth the calculation
of the Collateral Ratio, the Subordinated Collateral Ratio, and the Rotable
Ratio based on the Fair Market Value of the Collateral and the
Rotables/Repairables set forth in such Independent Appraiser's Certificate, the
calculation of the Fair Market Value and Adjusted Fair Market Value of any
Pledged Spare Engine, the Fair Market Value of Cash Collateral held by the
Collateral Agent, the principal amount of the Senior Equipment Notes outstanding
and the principal amount of the Junior Equipment Notes outstanding, each as of
the applicable Annual Valuation Date. Upon written request of any Policy
Provider given to the Company within 20 Business Days after delivery to such
Policy Provider of an annual Independent Appraiser's Certificate under this
Section 2.1, the Company shall furnish to such Policy Provider (with a copy to
each other Policy Provider and the Mortgagee) a recent Parts Inventory Report
and a report showing the percentage of the total cost of the Pledged Spare Parts
located at each Company facility (determined, with respect to each model of
Spare Part or Appliance included in the Pledged Spare Parts, using the average
cost of the Pledged Spare Parts of such model multiplied by the quantity of such
model included in the Pledged Spare Parts) as of the same date as the date of
such Parts Inventory Report.

     Section 2.2 Semiannual Appraisal. So long as the Equipment Notes are
outstanding, by the tenth Business Day of September in 2007 and by the tenth
Business Day of September in each year thereafter, the Company shall furnish the
Policy Providers, the Mortgagee and the Rating Agencies an Independent
Appraiser's Certificate signed by an Independent Appraiser, dated as of a date
between the preceding August 26 and September 10 (inclusive). Each such
semiannual Independent Appraiser's Certificate shall state, in the opinion of
such Independent Appraiser, based upon the use of the Semiannual Methodology
(except in the case of clause (d) for Pledged Spare Engines), the following:

Collateral Maintenance Agreement

                                        2

          (a) the Fair Market Value of the Collateral (excluding any Cash
Collateral and, for the avoidance of doubt, any Excluded Parts) as of a
specified date within the Permitted Days preceding the date of such Certificate
(the "Semiannual Valuation Date");

          (b) the Fair Market Value of the Rotables/Repairables and the
Expendables included in the Collateral as of the applicable Semiannual Valuation
Date (and shall separately state the quantity of such Rotables/Repairables and
Expendables);

          (c) the Fair Market Value of the Serviceable Parts and the
Unserviceable Parts included in the Collateral as of the applicable Semiannual
Valuation Date; and

          (d) the Fair Market Value and Adjusted Fair Market Value of any
Pledged Spare Engines included in the Collateral as of the applicable Semiannual
Valuation Date.

     Each semiannual Independent Appraiser's Certificate shall be accompanied by
an Appraisal Compliance Report determined using data as of the applicable
Semiannual Valuation Date. The Appraisal Compliance Report provided with the
semiannual Independent Appraiser's Certificate shall set forth the calculation
of the Collateral Ratio, the Subordinated Collateral Ratio and the Rotable Ratio
based on the Fair Market Value of the Collateral and Rotables/Repairables set
forth in such Independent Appraiser's Certificate, the calculation of the Fair
Market Value and Adjusted Fair Market Value of any Pledged Spare Engine, the
Fair Market Value of Cash Collateral held by the Collateral Agent, the principal
amount of the Senior Equipment Notes outstanding and the principal amount of the
Junior Equipment Notes outstanding, each as of the applicable Semiannual
Valuation Date.

     Section 2.3 Quarterly Reports. So long as the Equipment Notes are
outstanding, within ten Business Days after each March and September, commencing
with March 2007, the Company shall furnish the Policy Providers and the
Mortgagee a Nonappraisal Compliance Report determined as of such March or
September, as applicable, or any date during such ten Business Day period
thereafter.

     Section 2.4 Special Reports. Any Policy Provider (or, if a Policy Provider
Default has occurred and is continuing with respect to such Policy Provider, the
Mortgagee at the direction of the Controlling Party) may (i) if the Company
defaults in any of its obligations with respect to indebtedness of the Company
in an outstanding principal amount greater than $100,000,000 which results in
the acceleration of the Company's obligation to pay such indebtedness in full
prior to its stated final maturity date, at any time prior to the payment of
such indebtedness or the reversal of such acceleration, or (ii) if an Event of
Default occurs, at any time while such Event of Default is continuing, request
by written notice to the Company that the Company furnish to such requesting
Policy Provider (with copies to the Mortgagee, each other Policy Provider and
the Rating Agencies) a special Independent Appraiser's Certificate. Any such
special Independent Appraiser's Certificate shall state, in the opinion of such
Independent Appraiser, based upon use of the Annual Methodology, the following:

          (a) the Fair Market Value of the Collateral (excluding any Cash
Collateral and, for the avoidance of doubt, any Excluded Parts) as of a
specified date within the Permitted Days

Collateral Maintenance Agreement

                                        3

preceding the date of such Certificate (the "Special Valuation Date" and,
together with each Annual Valuation Date and Semiannual Valuation Date, the
"Valuation Dates");

          (b) the Fair Market Value of the Rotables/Repairables and the
Expendables included in the Collateral as of the applicable Special Valuation
Date (and shall separately state the quantity of such Rotables/Repairables and
Expendables);

          (c) the Fair Market Value of the Serviceable Parts and the
Unserviceable Parts included in the Collateral as of the applicable Special
Valuation Date; and

          (d) the Fair Market Value and Adjusted Fair Market Value of any
Pledged Spare Engines included in the Collateral as of the applicable Special
Valuation Date.

     The Company shall furnish to such requesting Policy Provider (with copies
to the Mortgagee, each other Policy Provider and the Rating Agencies) any such
requested special Independent Appraiser's Certificate reasonably promptly after
receipt of such request. Notwithstanding the foregoing, the Company shall not be
obligated (i) to furnish any Independent Appraiser's Certificate under this
Section 2.4 during the Section 1110 Period (excluding any extension of the 60
day period specified in Section 1110(a)(i) pursuant to Section 1110(b)) or (ii)
to deliver pursuant to this Article II an Independent Appraiser's Certificate
more than twice in any six month period. Upon written request of a Policy
Provider given to the Company within 20 Business Days after delivery to such
Policy Provider of a special Independent Appraiser's Certificate under this
Section 2.4, the Company shall furnish to such Policy Provider (with copies to
the Mortgagee, each other Policy Provider and the Rating Agencies) a recent
Parts Inventory Report and a report showing the percentage of the total cost of
the Pledged Spare Parts located at each Company facility (determined as provided
in the last sentence of Section 2.1) as of the same date as the date of such
Parts Inventory Report.

     Section 2.5 Information from the Mortgagee. The Fair Market Value of any
Investment Securities included in the Cash Collateral for purposes of this
Agreement shall be determined by the Mortgagee in accordance with customary
financial market practices. The Mortgagee shall inform the Company of the
principal amount of theSenior Equipment Notes outstanding, the principal amount
of the Junior Equipment Notes outstanding and the Fair Market Value of any
Investment Securities included in the Collateral, in each case as of any
Valuation Date or for purposes of Section 3.1, promptly after the Company's
request for such information.

     Section 2.6 Independent Appraiser. If any Policy Provider (or, if a Policy
Provider Default has occurred and is continuing with respect to such Policy
Provider, the Mortgagee at the direction of the Controlling Party) has a
reasonable basis for concluding that the performance of the Independent
Appraiser that executed the most recent Independent Appraiser's Certificate
delivered pursuant to Article II was not satisfactory, such Policy Provider (or,
if a Policy Provider Default has occurred and is continuing with respect to such
Policy Provider, the Mortgagee at the direction of the Controlling Party) may
designate another Independent Appraiser to perform the next required appraisal
under this Article II by written notice ("New Appraiser Notice") given to the
other Policy Providers within 30 days after such most recent Independent
Appraiser's Certificate. If the Policy Provider designating another Independent

Collateral Maintenance Agreement

                                        4

Appraiser is the Leading Policy Provider or if such designating Policy Provider
is not the Leading Policy Provider, but the Leading Policy Provider agrees to
another proposed designated Independent Appraiser, then the Policy Provider(s)
shall provide written notice to the Company thereof within 60 days after the
date of such New Appraiser Notice. The Company shall use such other Independent
Appraiser designated by the Policy Providers (or the Mortgagee, as the case may
be) for the next appraisal.

                                   ARTICLE III

                             COLLATERAL REQUIREMENTS

     Section 3.1 Maintenance of Collateral Ratio and Rotable Ratio.

          (a) If the Collateral Ratio, as most recently determined pursuant to
an Appraisal Compliance Report, is greater than the Maximum Collateral Ratio or
the Subordinated Collateral Ratio, as most recently determined pursuant to an
Appraisal Compliance Report, is greater than the Maximum Subordinated Collateral
Ratio, the Company shall within 90 days after the date of the Appraisal
Compliance Report setting forth the calculation of such Collateral Ratio or
Subordinated Collateral Ratio:

               (i) subject additional Qualified Spare Parts (the "Additional
Parts") to the Lien of the Trust Indenture in accordance with Section 3.1(c);

               (ii) grant a security interest in any Pledged Spare Engine
Collateral to secure the Secured Obligations for the benefit of the Mortgagee
(which thereafter will be included as "Collateral"), provided that (a) the sum
of the Adjusted Fair Market Value of such Pledged Spare Engine (based on a
certificate of an independent appraiser) and the aggregate Adjusted Fair Market
Value of all other Pledged Spare Engines as of the most recent Valuation Date
would not exceed ten percent (10%) of the sum of the Adjusted Fair Market Value
of such Pledged Spare Engine to be added plus the aggregate Fair Market Value of
all Collateral as of the most recent Valuation Date, (b) the Company shall have
furnished one or more legal opinions of counsel satisfactory to the Policy
Providers to the effect that any Pledged Spare Engine is entitled to the
benefits of Section 1110 and to a first priority perfected security interest for
the benefit of the Mortgagee and that the security interest and international
interest therein has been perfected at the FAA Aircraft Registry and at the
International Registry and is effective against third parties without any prior
registered interests and (c) the Company shall have furnished a certificate of
an independent appraiser stating its opinion that the Adjusted Fair Market Value
of such Pledged Spare Engine(s) equals at least the value of the additional
Qualified Spare Parts that would have been necessary to meet such Collateral
Ratio and Subordinated Collateral Ratio, and (d) solely in the case of the
initial Pledged Spare Engine pledged as additional Collateral, each Policy
Provider, acting reasonably, shall have agreed to such pledge and the Company
shall have received a Ratings Confirmation, after giving effect to the pledge
of such Pledged Spare Engine(s) as additional Collateral, with respect to the
Pass Through Certificates;

               (iii) grant a security interest to a Collateral Agent in other
property to secure the Secured Obligations for the benefit of the Note Holders
and the Indenture Indemnitees, provided that the Company shall have received,
with respect to the use for purposes of this

Collateral Maintenance Agreement

                                        5

Section 3.1(a) of such additional collateral and the applicable Collateral
Agreement, (x) the written consent of each Policy Provider and (y) Ratings
Confirmation with respect to the Pass Through Certificates;

               (iv) provide additional cash and/or Investment Securities to the
Mortgagee under the Trust Indenture, provided that if the JetBlue Cash Balance
as of the applicable Valuation Date was less than $250,000,000, then the amount
of Cash Collateral included in the Collateral, after giving effect to the action
taken pursuant to Sections 3.1(a) and 3.1(b) with respect to such Valuation
Date, shall not exceed $10,000,000;

               (v) redeem some or all of the Equipment Notes pursuant to Section
2.11 of the Trust Indenture to the extent necessary to satisfy the applicable
Collateral Ratio requirement; or

               (vi) any combination of the foregoing;

such that, the Collateral Ratio and the Subordinated Collateral Ratio, as
recalculated giving effect to such action taken pursuant to this Section 3.1(a)
and, in the case of clauses (i), (iii) and (iv) of this Section 3.1(a), using
the Fair Market Value or, in the case of clause (ii), the Adjusted Fair Market
Value of any such additional Collateral determined pursuant to Section 3.1(d)
(but otherwise using the information used to determine the Collateral Ratio and
the Subordinated Collateral Ratio as most recently determined pursuant to
Article II), would not be greater than the Maximum Collateral Ratio or the
Maximum Subordinated Collateral Ratio, respectively.

          (b) If the Rotable Ratio, as most recently determined pursuant to an
Appraisal Compliance Report, is less than the Minimum Rotable Ratio, the Company
shall within 90 days after the date of the Appraisal Compliance Report setting
forth the calculation of such Rotable Ratio:

               (i) subject additional Rotables/Repairables (the "Additional
Rotables/Repairables") to the Lien of the Trust Indenture in accordance with
Section 3.1(c);

               (ii) grant a security interest in any Pledged Spare Engine
Collateral to secure the Secured Obligations for the benefit of the Mortgagee
(which thereafter will be included as "Collateral"), provided that (a) the sum
of the Adjusted Fair Market Value of such Pledged Spare Engine (based on a
certificate of an independent appraiser) and the aggregate Adjusted Fair Market
Value of all other Pledged Spare Engines as of the most recent Valuation Date
would not exceed ten percent (10%) of the sum of the Adjusted Fair Market Value
of such Pledged Spare Engine to be added plus the aggregate Fair Market Value of
all Collateral as of the most recent Valuation Date, (b) the Company shall have
furnished one or more legal opinions of counsel satisfactory to each Policy
Provider to the effect that any such Pledged Spare Engine is entitled to the
benefits of Section 1110 and to a first priority perfected security interest for
the benefit of the Mortgagee and that the security interest and international
interest therein have been perfected at the FAA Aircraft Registry and at the
International Registry and is effective against third parties without any prior
registered interests, (c) the Company shall have furnished a certificate of an
independent appraiser stating its opinion that the Adjusted Fair Market Value of
such Pledged Spare Engine(s) equal at least the value of the additional
Rotables/Repairables that

Collateral Maintenance Agreement

                                        6

would have been necessary to meet such Rotable Ratio, and (d) solely in the case
of the initial Spare Engine pledged as additional Collateral, the Policy
Providers, acting reasonably, shall have agreed to such pledge and the Company
shall have received a Rating's Confirmation, after giving effect to the pledge
of such Pledged Spare Engine(s) as additional Collateral, with respect to the
Pass Through Certificates;

               (iii) provide additional cash and/or Investment Securities to the
Mortgagee under the Trust Indenture; provided that if the JetBlue Cash Balance
as of the applicable Valuation Date was less than $250,000,000, then the amount
of Cash Collateral included in the Collateral, after giving effect to the action
taken pursuant to Sections 3.1(a) and 3.1(b) with respect to such Valuation
Date, shall not exceed $10,000,000;

               (iv) redeem some or all of the Senior Equipment Notes pursuant to
Section 2.11 of the Trust Indenture; or

               (v) any combination of the foregoing;

such that, the Rotable Ratio, as recalculated giving effect to such action taken
pursuant to this Section 3.1(b) and, in the case of clauses (i) and (iii) of
this Section 3.1(b), using the Fair Market Value or, in the case of clause (ii),
the Adjusted Fair Market Value of any such additional Collateral determined
pursuant to Section 3.1(d) (but otherwise using the information used to
determine the Rotable Ratio as most recently determined pursuant to Article II),
would not be less than the Minimum Rotable Ratio.

          (c) In order to comply with Section 3.1(a)(i) or Section 3.1(b)(i),
the Company shall (i) add one or more locations as Designated Locations pursuant
to Section 4.04(b) of the Trust Indenture, in which case the Qualified Spare
Parts or Rotables/Repairables, as the case may be, at such new Designated
Locations, to the extent not included in the Pledged Spare Parts on the
preceding Valuation Date, shall be deemed Additional Parts or Additional
Rotables/Repairables, as the case may be; and/or (ii) add to a Designated
Location Qualified Spare Parts or Rotables/Repairables, as the case may be, that
were not included as Pledged Spare Parts on the preceding Valuation Date, which
shall be deemed Additional Parts or Additional Rotables/Repairables, as the case
may be.

          (d) In connection with the provision of additional Collateral pursuant
to clause (i), (ii) or (iii) of Section 3.1(a) or clause (i) or (ii) of Section
3.1(b), the Company shall furnish each Policy Provider (with copies to the
Mortgagee and the Rating Agencies) an Independent Appraiser's Certificate signed
by an Independent Appraiser, dated as of a date after the most recent Valuation
Date, stating, in the opinion of such Independent Appraiser, the Fair Market
Value or, in the case of clause (ii) of Section 3.1(b), the Adjusted Fair Market
Value of such additional Collateral (other than Cash Collateral), as of a date
not earlier than 60 days prior to the date of such Independent Appraiser's
Certificate (but not earlier than the most recent Valuation Date) and using, in
the case of Additional Parts or Additional Rotables/Repairables, the Annual
Methodology.

          (e) If the Company shall have provided Cash Collateral pursuant to
Section 3.1(a)(iv) or Section 3.1(b)(iii) (the "Temporary Cash Collateral"), it
shall within 90 days after

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                                        7

providing such Temporary Cash Collateral (i) in the case of Section 3.1(a)(iv),
take additional action pursuant to Section 3.1(a) (excluding the right to
provide Cash Collateral) to cause the Collateral Ratio and Subordinated
Collateral Ratio, calculated to exclude such Temporary Cash Collateral, not to
be greater than the Maximum Collateral Ratio and the Maximum Subordinated
Collateral Ratio, respectively, and (ii) in the case of Section 3.1(b)(iii),
take additional action pursuant to Section 3.1(b) (excluding the right to
provide Cash Collateral) to cause the Rotable Ratio, calculated to exclude such
Temporary Cash Collateral, not to be less than the Minimum Rotable Ratio.

     Section 3.2 Certain Limitations Regarding the Collateral. During any
period commencing on the Closing Date or the date of an Independent Appraiser's
Certificate delivered pursuant to Article II through the date preceding the date
of the next Independent Appraiser's Certificate delivered pursuant to Article II
(each, an "Applicable Period"), the Company agrees that, as of any date during
an Applicable Period, the aggregate Appraised Value of all Pledged Spare Parts
(x) previously during such Applicable Period sold, transferred or disposed of
(excluding any such transaction pursuant to Section 4.04(a)(ii) of the Trust
Indenture and Pledged Spare Parts deemed sold pursuant to the proviso in Section
4.04(c) of the Trust Indenture as to which the Company has reacquired title)
(collectively, "Sales") shall not exceed 3% of the Appraised Value of the
Collateral, (y) then subject to leases to Permitted Lessees or loans to other
Persons (together, "Loans") shall not exceed 3% of the Appraised Value of the
Collateral or (z) previously during such Applicable Period moved from a
Designated Location to a location not a Designated Location (excluding those
permitted under Sections 4.04(a)(i) of the Trust Indenture and clauses (i) and
(ii) of Section 4.04(c) of the Trust Indenture) ("Moves") shall not exceed 3% of
the Appraised Value of the Collateral.

     Section 3.3 Fleet Reduction. If at any time after the Closing Date so long
as any Class G Equipment Notes are outstanding the total number of Aircraft of
any Aircraft Model (as defined below) in the Company's in-service fleet during
any period of 60 consecutive days ending on a date occurring during any of the
periods specified in the table below is less than the Specified Minimum (as
defined below) for such period (other than due to restrictions on operating such
Aircraft imposed by the FAA or any other instrumentality or agency of the United
States), then, (i) within 30 days after the officers of the Company gain
knowledge of such occurrence, the Company shall notify the Policy Providers and
Mortgagee of such occurrence, and (ii) within 90 days after such occurrence the
Company shall redeem the Senior Equipment Notes pursuant to Section 2.12 of the
Trust Indenture in an aggregate principal amount not less than the principal
amount of the Senior Equipment Notes outstanding as of a date specified by the
Company within 60 days prior to the redemption date multiplied by a fraction,
the numerator of which shall be the Appraised Value of the Pledged Spare Parts
and any Pledged Spare Engine that are appropriate for incorporation in,
installation on, attachment or appurtenance to, or use in only Aircraft of such
Aircraft Model or, in the case of Pledged Spare Parts, on Engines utilized only
on such Aircraft, and the denominator of which shall be the Appraised Value of
the Collateral. If at any time after the Closing Date so long as any Junior
Equipment Notes are outstanding the total number of Aircraft of any Aircraft
Model (as defined below) in the Company's in-service fleet during any period of
60 consecutive days ending on a date occurring during any of the periods
specified in the table below is less than the Specified Minimum (as defined
below) for such Aircraft Model (other than due to restrictions on operating such
Aircraft imposed by the FAA or any other instrumentality or agency of the United
States), then (i) within

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30 days after the officers of the Company gain knowledge of such occurrence, the
Company shall notify the Policy Providers and Mortgagee of such occurrence, and
(ii) within 90 days after such occurrence the Company shall redeem the Junior
Equipment Notes pursuant to Section 2.12 of the Trust Indenture in an aggregate
principal amount not less than the principal amount of the Junior Equipment
Notes outstanding as of a date specified by the Company within 60 days prior to
the redemption date multiplied by a fraction, the numerator of which shall be
the Appraised Value of the Pledged Spare Parts and any Pledged Spare Engine that
are appropriate for incorporation in, installation on, attachment or
appurtenance to, or use in only Aircraft of such Aircraft Model or, in the case
of Pledged Spare Parts, on Engines utilized only on such Aircraft, and the
denominator of which shall be the Appraised Value of the Collateral.

     For purposes of this Section "Aircraft Model" shall mean each of the models
or groups of models of Aircraft set forth below the and "Specified Minimum" for
any Aircraft Model shall mean the number of Aircraft set forth opposite such
Aircraft Model below:

                                           Specified Minimum
                          ---------------------------------------------------
                            From Nov.14,
                          2006 to Dec. 31,   From Jan. 1, 2009   On or after
Aircraft Model                  2008         to Dec. 31, 2010    Jan. 1, 2011
-----------------------   ----------------   -----------------   ------------
1. Airbus A320 Aircraft          50                  55                60
2. Embraer 190 Aircraft          10                  20                30

References above to the Airbus A320 Aircraft shall include the Airbus A319 and
Airbus A321 Aircraft, and references above to the Embraer 190 Aircraft shall
include the Embraer 195 Aircraft.

Specified Minimums for any Additional Qualified Aircraft Types added pursuant to
Section 11.01 of the Trust Indenture shall be set forth in the notice from the
Company to Mortgagee issued in connection with the addition of such Additional
Qualified Aircraft Type pursuant to Section 11.01 of the Trust Indenture.

     Section 3.4 Inspection.

          (a) At all reasonable times, upon at least fifteen (15) days' prior
written notice to the Company and all other Policy Providers, the Leading Policy
Provider (or, if a Policy Provider Default has occurred and is continuing with
respect to such Policy Provider, the Mortgagee at the direction of the
Controlling Party) and its authorized representatives (the "Inspecting Parties")
may (not more than once every 12 months between all Policy Providers unless an
Event of Default has occurred and is continuing, in which case such inspection
right shall not be so limited) inspect the Pledged Spare Parts (including
without limitation, the Spare Parts Documents) and any Pledged Spare Engine
Collateral (including, without limitation, Spare

Collateral Maintenance Agreement

                                        9

Engine Documents). Any Policy Provider receiving written notice of an inspection
from another Policy Provider shall have the right to participate in such
inspection and hereby acknowledges that such inspection shall count towards the
one (1) inspection per year limit hereunder, regardless if the Policy Provider
receiving the notice elects to participate.

          (b) Any inspection of the Pledged Spare Parts or Pledged Spare Engine
Collateral hereunder shall be limited to a visual inspection during normal
business hours and shall not include the disassembling or opening of any
components of any Pledged Spare Part or Pledged Spare Engine without consent of
the Company, and no such inspection shall interfere with the Company's or any
Permitted Lessee's maintenance and use of the Pledged Spare Parts or Pledged
Spare Engine.

          (c) With respect to such rights of inspection, no Policy Provider (or
the Mortgagee, as the case may be) shall have any duty or liability to make, or
any duty or liability by reason of not making, any such visit, inspection or
survey.

          (d) Upon a Policy Provider's request, the Company shall provide such
Policy Provider with the location of any Pledged Spare Engine and the location
and indentifying description (including registration and/or serial number if
applicable) of any Aircraft on which any Pledged Spare Engine may be installed.

          (e) Each Inspecting Party shall bear its own expenses in connection
with any such inspection, provided that the Company shall reimburse the
Inspecting Party for its reasonable out-of-pocket expenses in connection with
any such inspection during the continuance of an Event of Default, except during
the Section 1110 Period.

                                   ARTICLE IV

                                  MISCELLANEOUS

     Section 4.1 Benefits of Agreement Restricted. Subject to the provisions of
Section 4.6 hereof, nothing in this Agreement or the other Operative Agreements,
express or implied, shall give or be construed to give to any Person, other than
the parties hereto, any legal or equitable right, remedy or claim under or in
respect of this Agreement or under any covenant, condition or provision herein
contained, all such covenants, conditions and provisions, subject to Section 4.6
hereof, being for the sole benefit of the parties hereto, provided, that the
following provisions of this Agreement are for the benefit of the Mortgagee
acting on behalf of the Note Holders of all Series of Class B Equipment Notes
(collectively, the "Subordinated Security Provisions"): (i) determining the
Maximum Subordinated Collateral Ratio; (ii) the requirement that the Maximum
Subordinated Collateral Ratio be complied with; (iii) the second sentence of
Section 3.3; and (iv) clause (y) of the proviso to Section 4.4 (it being
understood that the other provisions of this Agreement not expressly included
within clauses (i), (ii), (iii) and (iv) of this proviso, including without
limitation defined terms, are not Subordinated Security Provisions). Upon
payment in full of the Class G Equipment Notes and the Policy Provider
Obligations, if any Class B Equipment Notes are then outstanding, Section 3.4,
as then in effect, shall at such time become a Subordinated Security Provision,
except that each reference therein to the Policy Provider shall be deemed
changed to the Mortgagee.

Collateral Maintenance Agreement

                                       10

     Section 4.2 Appraiser's Certificate. Unless otherwise specifically provided
and subject to Section 12.14 of the Trust Indenture, an Independent Appraiser's
Certificate shall be sufficient evidence of the Appraised Value and Fair Market
Value, or, in the case of any Pledged Engine Collateral, the Adjusted Fair
Market Value, of any property under this Agreement.

     Section 4.3 Notices; Waiver. Any request, demand, authorization, direction,
notice, consent, waiver or other document provided or permitted by this
Agreement to be made upon, given or furnished to, or filed with:

          (a) the Company shall be sufficient for every purpose hereunder if in
writing and sent by personal delivery, by telecopier, by registered or certified
mail or by nationally recognized overnight courier, postage or courier charges,
as the case may be, prepaid, to the Company at:

               JetBlue Airways Corporation
               118-29 Queens Boulevard
               Forest Hills, New York 11375
               Attention: Treasuer
               Telecopier No.: 718-709-3639

          (b) a Policy Provider shall be sufficient for every purpose hereunder
if in writing and sent by personal delivery, by telecopier, by registered or
certified mail or by nationally recognized overnight courier, postage or courier
charges, as the case may be, prepaid, to such Policy Provider as specified for
notices to it under its applicable Policy Provider Agreement.

          (c) the Mortgagee shall be sufficient for every purpose hereunder if
in writing and sent by personal delivery, by telecopier, by registered or
certified mail or by nationally recognized overnight courier, postage or courier
charges, as the case may be, prepaid to the Mortgagee at:

               Wilmington Trust Company
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware 19890-0001
               Attention: Corporate Trust Administration
               Telephone No.: (302) 636-6000
               Telecopier No.: (302) 651-8882

or to any of the above parties at any other address or telecopier number
subsequently furnished in writing by it to each of the other parties listed
above. Any such delivery shall be deemed made on the date of receipt by the
addressee of such delivery or of refusal by such addressee to accept delivery.

     Section 4.4 Amendments, Etc. This Agreement may be amended or supplemented,
and compliance with any obligation in this Agreement may be waived, by written
instrument executed by the Company, the Mortgagee and each Policy Provider,
provided, that (x) the

Collateral Maintenance Agreement

                                       11

Subordinated Security Provisions may not be amended, supplemented or waived by
the Company, the Mortgagee and each Policy Provider but may be amended,
supplemented or waived by the Company and the Mortgagee, with the consent of the
Required Subordinated Holders and without the consent of any Policy Provider or
the holders of the Class G Equipment Notes and (y) if Section 3.2 is amended or
supplemented, or compliance therewith waived, any transaction entered into
subsequent thereto that would not be in compliance with the provisions of such
sentence as in effect on the Closing Date shall not be permitted if the
Subordinated Collateral Ratio, as recalculated giving effect to such transaction
but otherwise using the information used to determine the Subordinated
Collateral Ratio as most recently determined pursuant to Article II, would be
greater than the Maximum Subordinated Collateral Ratio.

     Section 4.5 No Waiver. No failure on the part of any Policy Provider (or
the Mortgagee, to the extent applicable) to exercise, and no delay in exercising
any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. Failure by any Policy Provider (or
the Mortgagee, to the extent applicable) at any time or times hereafter to
require strict performance by the Company with any of the provisions,
warranties, terms or conditions contained herein shall not waive, affect or
diminish any right of such Policy Provider (or the Mortgagee, as the case may
be) at any time or times hereafter to demand strict performance thereof, and
such right shall not be deemed to have been modified or waived by any course of
conduct or knowledge of such Policy Provider (or the Mortgagee, as the case may
be) or any agent, officer or employee of such Policy Provider (or the Mortgagee,
as the case may be).

     Section 4.6 Successors and Assigns. This Agreement and all obligations of
the Company hereunder shall be binding upon the successors and permitted assigns
of the Company, and shall, together with the rights and remedies of the Policy
Providers and the Mortgagee hereunder, inure to the benefit of the Policy
Providers, the Mortgagee and their respective successors and assigns. The
interest of the Company under this Agreement is not assignable and any attempt
to assign all or any portion of this Agreement by the Company shall be null and
void except for an assignment in connection with a merger, consolidation or
conveyance, transfer or lease of all or substantially all the Company's assets
permitted under the Trust Indenture. Upon the occurrence and continuance of a
Policy Provider Default with respect to any Policy Provider, all rights and
obligations of such Policy Provider under this Agreement shall automatically,
without any notice, demand or other action, be assigned to and assumed by the
Mortgagee, and the Mortgagee shall take or refrain from taking action under this
Agreement at the direction of the Controlling Party.

     Section 4.7 Governing Law. THIS AGREEMENT IS BEING DELIVERED IN THE STATE
OF NEW YORK. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

     Section 4.8 Effect of Headings. The Article and Section headings and the
Table of Contents contained in this Agreement have been inserted for convenience
of reference only, and are and shall be without substantive meaning or content
of any kind whatsoever and are not a part of this Agreement.

Collateral Maintenance Agreement

                                       12

     Section 4.9 Counterpart Originals. This Agreement may be signed in two or
more counterparts, each of which shall be deemed an original, but all of which
shall together constitute one and the same agreement. Delivery of an executed
counterpart of a signature page to this Agreement by telecopier shall be
effective as delivery of an original executed counterpart of this Agreement.

     Section 4.10 Severability. The provisions of this Agreement are severable,
and if any clause or provision shall be held invalid, illegal or unenforceable
in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Agreement in any jurisdiction, to the fullest extent permitted by law.

                            [SIGNATURE PAGE FOLLOWS]

Collateral Maintenance Agreement

                                       13

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered all as of the date first above written.

                                        JETBLUE AIRWAYS CORPORATION

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

                                        MBIA INSURANCE CORPORATION, as Initial
                                        Policy Provider

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

                                        WILMINGTON TRUST COMPANY, as Mortagee

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

Collateral Maintenance Agreement

                                       14

                                                               Appendix I to the
                                                Collateral Maintenance Agreement

[Addressed to Policy Providers,
Mortgagee and the Rating Agencies]

                APPRAISAL COMPLIANCE REPORT UNDER THE COLLATERAL
                              MAINTENANCE AGREEMENT

Ladies and Gentlemen:

     We refer to the Collateral Maintenance Agreement, dated as of November 14,
2006 (the "Agreement"), among JetBlue Airways Corporation (the "Company"), MBIA
Insurance Corporation, Wilmington Trust Company, as Mortgagee, and Additional
Policy Provider(s), if any. Terms defined in the Agreement and used herein have
such respective defined meanings. The Company hereby certifies that:

     1. This Compliance Report is accompanied by an Independent Appraiser's
Certificate (the "Relevant Appraisal") dated [___________]. The Valuation Date
for purposes of the Relevant Appraisal was [___________] (the "Relevant
Valuation Date").

     2. The following sets forth the calculation of the Collateral Ratio as of
the Relevant Valuation Date:

          The aggregate principal amount of all Senior Equipment
          Notes outstanding as of the Relevant Valuation Date      $[_________]

          The Fair Market Value of the Cash Collateral as of the
          Relevant Valuation Date                                  $[_________]

          The Fair Market Value of the Collateral (excluding Cash
          Collateral but including the Adjusted Fair Market Value
          of all Pledged Spare Engines) as of the Relevant
          Valuation Date, as set forth in the accompanying
          Independent Appraiser's Certificate                      $[_________]

          The Collateral Ratio
          ((a - b) / c)                                             [_________]%

     3. The following sets forth the calculation of the Subordinated Collateral
Ratio as of the Relevant Valuation Date:

Collateral Maintenance Agreement

          The aggregate principal amount of all Senior Equipment
          Notes and Junior Equipment Notes outstanding as of the
          Relevant Valuation Date                                  $[_________]

          The Fair Market Value of the Cash Collateral as of the
          Relevant Valuation Date                                  $[_________]

          The Fair Market Value of the Collateral (excluding Cash
          Collateral but including the Adjusted Fair Market Value
          of all Pledged Spare Engines) as of the Relevant
          Valuation Date, as set forth in the accompanying
          Independent Appraiser's Certificate                      $[_________]

          The Subordinated Collateral Ratio ((a - b) / c)           [_________]%

     4. The following sets forth the calculation of the Rotable Ratio as of the
Relevant Valuation Date:

          The Fair Market Value of the Rotables/Repairables as of
          the Relevant Valuation Date, as set forth in the
          accompanying Independent Appraiser's Certificate         $[_________]

          The aggregate principal amount of all Senior Equipment
          Notes outstanding as of the Relevant Valuation Date      $[_________]

          The Fair Market Value of the Cash Collateral as of the
          Relevant Valuation Date                                  $[_________]

          The Rotable Ratio (a / b - c)                             [_________]%

     5. The JetBlue Cash Balance as of the Relevant Valuation Date was
$[___________].

Dated: [__________]

                                        Very truly yours,

                                        JETBLUE AIRWAYS CORPORATION

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

Collateral Maintenance Agreement

                                        2

                                                              Appendix II to the
                                                Collateral Maintenance Agreement

[Addressed to Policy Providers,
Mortgagee and the Rating Agencies]

               NONAPPRAISAL COMPLIANCE REPORT UNDER THE COLLATERAL
                              MAINTENANCE AGREEMENT

Ladies and Gentlemen:

     We refer to the Collateral Maintenance Agreement, dated as of November 14,
2006 (the Agreement"), among JetBlue Airways Corporation (the "Company"), MBIA
Insurance Corporation, Wilmington Trust Company, as Mortgagee and Additional
Policy Provider(s), if any. Terms defined in the Agreement and used herein have
such respective defined meanings. The Company hereby certifies that:

     1. The most recent Independent Appraiser's Certificate furnished by the
Company (the "Relevant Appraisal") pursuant to Article II of the Agreement was
dated [______________] (the "Relevant Date"). The Valuation Date for purposes of
the Relevant Appraisal was [___________] (the "Relevant Valuation Date").

     2. The aggregate Appraised Value of all Collateral determined as of the
Relevant Valuation Date pursuant to the Agreement [, as subsequently
supplemented pursuant to Section 3.1 of the Agreement,] is $[________].

     3. During the period (the "Relevant Period") beginning on the [Closing
Date] [Relevant Date] and ending on [_______] (the "Determination Date"):

          i)   Sales did not exceed 3% of the Appraised Value of the Collateral,
               and

          ii)  Moves did not exceed 3% of the Appraised Value of the Collateral.

     4. Loans outstanding on the Determination Date did not exceed 3% of the
Appraised Value of the Collateral.

     5. Attached hereto as Exhibit 1 is a report that correctly sets forth as of
the Determination Date the percentage of the average cost of all Pledged Spare
Parts consisting of Rotables/Repairables, Expendables and all Pledged Spare
Parts located at each Company facility.

     6. Attached hereto as Exhibit 2 is a report that correctly sets forth the
following information as of the Determination Date with respect to each Pledged
Spare Part model among the 500 Pledged Spare Part models with the highest
aggregate Appraised Value:

          i)   Manufacturer's part number;

          ii)  the Company's part tracking number;

Collateral Maintenance Agreement

          iii) part description;

          iv)  related aircraft model(s);

          v)   classification as Rotable or Expendable;

          vi)  quantity on hand; and

          vii) the Company's average cost.

[In the event that there is a Spare Engine:

     7. Attached hereto as Exhibit 3, for each Pledged Spare Engine, are the
engine disc sheets outlining the maintenance status of such Pledged Spare Engine
as of a date within one month of this Non-Appraisal Compliance Report.]

                                        Very truly yours,

                                        JETBLUE AIRWAYS CORPORATION

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

Collateral Maintenance Agreement

                                        2Exhibit 4.14

                                                                  EXECUTION COPY

                           REFERENCE AGENCY AGREEMENT

     REFERENCE AGENCY AGREEMENT, dated as of November14, 2006, among JetBlue
Airways Corporation, a Delaware corporation (the "Company"), Wilmington Trust
Company, a Delaware banking corporation ("WTC"), as Subordination Agent under
the Intercreditor Agreement referred to below, WTC, as Mortgagee (as defined in
the Trust Indenture and Mortgage referred to below), and WTC, as reference agent
hereunder (the "Reference Agent").

                                   WITNESSETH:

     WHEREAS, certain terms used herein have the defined meanings as provided in
Section 1 below;

     WHEREAS, concurrently with the execution and delivery of this Agreement,
the Company is entering into the Note Purchase Agreement with respect to the
issuance of the Initial Equipment Notes and dated as of the date hereof (the
"Initial Note Purchase Agreement"), with WTC, as Mortgagee, WTC, as Pass Through
Trustee under each of the Pass Through Trust Agreements referred to therein, and
WTC, as Subordination Agent under the Intercreditor Agreement referred to
therein, which contemplates, among other things, the making of a secured loan to
the Company by WTC, as Pass Through Trustee under each of the Pass Through Trust
Agreements;

     WHEREAS, concurrently with the execution and delivery of this Agreement,
the Company is entering into the Trust Indenture and Mortgage, dated as of the
date hereof (the "Trust Indenture") with WTC, as Mortgagee, which provides for,
among other things, the issuance by the Company of the Initial Equipment Notes
secured by, among other things, certain spare aircraft parts, and bearing
interest at a rate per annum based on LIBOR, as determined pursuant to this
Agreement;

     WHEREAS, concurrently with the execution and delivery of this Agreement,
the Class G-1 Pass Through Trust and the Class B-1 Pass Through Trust have been
created pursuant to the applicable Pass Through Trust Agreement to facilitate
the issuance and sale of Pass Through Certificates pursuant thereto;

     WHEREAS, the Company and the Underwriter have entered into the Underwriting
Agreement, which provides that the Company will cause the Pass Through Trustee
under the Class G-1 Pass Through Trust and the Pass Through Trustee under the
Class B-1 Pass Through Trust to issue and sell the Class G-1 Certificates and
the Class B-1 Certificates, respectively, to the Underwriter on the Issuance
Date;

     WHEREAS, the Company may in the future, from time to time pursuant to the
Trust Indenture, issue Additional Equipment Notes, which may, as specified in
the applicable Officer's Certificate in respect of such Additional Equipment
Notes, bear interest at a fixed rate or at a rate per annum based on LIBOR; and

     WHEREAS, in connection with the issuance of any Additional Equipment Notes
and pursuant to related Pass Through Trust Agreements, Senior Trusts and/or
Junior Trusts, as the

Reference Agency Agreement

case may be, shall be created and such Pass Through Trust(s) shall, pursuant to
a related Underwriting Agreement, issue and sell a related Class of Pass Through
Certificates; and

     WHEREAS, the interest rate in respect of the Initial Equipment Notes, the
Class G-1 Certificates, Class B-1 Certificates, and any Additional Equipment
Notes and all related Certificates bearing interest at a rate per annum based on
LIBOR shall be determined in accordance with this Agreement.

     NOW, THEREFORE, in consideration of the premises and of the mutual
covenants and agreements contained herein, the parties hereto hereby agree as
follows:

     SECTION 1. Definitions. Unless otherwise defined herein, all capitalized
terms used but not defined herein have the meanings assigned to such terms in
the Trust Indenture or in the Intercreditor Agreement referred to therein. The
conventions of construction and usage set forth in the Indenture are
incorporated by reference herein. In addition, the following terms shall have
the meanings specified below:

     "Class G-1 Certificates" means the Pass Through Certificates issued by the
Class G-1 Pass Through Trust.

     "Class B-1 Certificates" means the Pass Through Certificates issued by the
Class B-1 Pass Through Trust.

     "Interest Period" means (i) in the case of the first Interest Period, the
period commencing on (and including) the Issuance Date and ending on (but
excluding) the first Payment Date following the Issuance Date and (ii) in the
case of each subsequent Interest Period, the period commencing on (and
including) the last day of the immediately preceding Interest Period, and ending
on (but excluding) the next Payment Date.

     "Interest Rate Determination Date" means, with respect to any Interest
Period, the second London Banking Day prior to the first day of such Interest
Period.

     "Junior Series Interest Rate" has the meaning assigned to such term in
Section 6(b) of this Agreement.

     "LIBOR" means the rate determined pursuant to Section 6(b).

     "London Banking Day" means any day on which commercial banks are open for
general business (including dealings in foreign exchange and foreign currency
deposits) in London, England.

     "Payment Date" means each January 2, April 2, July 2 and October 2,
commencing on January 2, 2007, provided that if any such day is not a Business
Day, then the immediately succeeding Business Day.

     "Reference Banks" means Barclays Bank, JPMorgan Chase Bank and Deutsche
Bank (or, if any such bank is not at the relevant date a major bank in the
London interbank market, another

Reference Agency Agreement

                                        2

major bank in the London interbank market in lieu thereof selected by the
Reference Agent in good faith and in a commercially reasonable manner).

     "Representative Amount" means an amount that is representative for a single
transaction in the London interbank market at the relevant time.

     "Senior Series Interest Rate" has the meaning assigned to such term in
Section 6(b) of this Agreement.

     "Telerate" means page 3750 on the Telerate Service (or such other page as
may replace that page on that service, or such other service as may be nominated
by the British Banker's Association for the purpose of displaying rates or
prices comparable to that).

     SECTION 2. Appointment of Reference Agent. The Company hereby appoints WTC
as the Reference Agent, and WTC hereby accepts such appointment and agrees to
perform the duties and obligations of Reference Agent set forth in Section 6.

     SECTION 3. Status of Reference Agent. Any acts taken by the Reference Agent
under this Agreement, including the calculation of any LIBOR, shall be deemed to
have been taken by the Reference Agent solely in its capacity as an agent acting
on behalf of the Company and shall not create or imply any obligation to, or any
agency, fiduciary or trust relationship with, any of the owners or holders of
the Equipment Notes or Pass Through Certificates.

     SECTION 4. Reference Agent Fees and Expenses. In consideration of the
Reference Agent's performance of the services provided for under this Agreement,
the Company shall pay to the Reference Agent an annual fee set forth under a
separate agreement between the Company and WTC. In addition, the Company shall
reimburse the Reference Agent for all reasonable out-of-pocket expenses,
disbursements and advances (including reasonable legal fees and expenses)
incurred or made by the Reference Agent from time to time in connection with the
services rendered by it under this Agreement, except any expenses,
disbursements, or advances attributable to its negligence or wilful misconduct.

     SECTION 5. Rights and Liabilities of Reference Agent. In the absence of
negligence or wilful misconduct on the part of the Reference Agent, its
directors, officers, employees and agents, such persons may conclusively rely,
as to the truth of the statements expressed in, and shall be fully protected and
shall incur no liability for, or in respect of, any action taken, omitted to be
taken, or suffered to be taken by it, in reliance upon, any written order,
instruction, notice, request, direction, statement, certificate, consent,
report, affidavit or other instrument, paper, document or communication,
reasonably believed by it in good faith to be genuine, from the Company and
conforming to the requirements of this Agreement. Any written order,
instruction, notice, request, direction, statement, certificate, consent,
report, affidavit or other instrument, paper, document or communication from the
Company or given by it and sent, delivered or directed to the Reference Agent
under, pursuant to, or as permitted by, any provision of this Agreement shall be
sufficient for purposes of this Agreement if such written order, instruction,
notice, request, direction, statement, certificate, consent, report, affidavit
or other instrument, paper, document or communication is in writing and signed
by any officer of the Company. The Reference Agent may consult with counsel
satisfactory to it and the advice (to be confirmed in

Reference Agency Agreement

                                        3

writing) or opinion of such counsel shall constitute full and complete
authorization and protection of the Reference Agent with respect to any action
taken, omitted to be taken, or suffered to be taken by it hereunder in good
faith and in accordance with and in reliance upon the advice to be confirmed in
writing or opinion of such counsel. The Reference Agent shall not be liable for
any error resulting from use of or reliance on a source or publication required
to be used under Section 6 to the extent such use of or reliance on such source
or publication is contemplated by Section 6.

     SECTION 6. Duties of Reference Agent. (a) The duties and obligations of the
Reference Agent shall be determined solely by the express provisions of this
Agreement, and no implied covenants or obligations shall be read into this
Agreement against the Reference Agent. Subject to their duty to act without
negligence, neither the Reference Agent nor its directors, officers, employees
and agents guarantee the correctness or completeness of any data or other
information furnished hereunder.

     (b) For the purpose of calculating the floating rate of interest payable on
any Series of Senior Equipment Notes (the "Senior Series Interest Rate") and the
floating rate of interest payable on any Series of Junior Equipment Notes (the
"Junior Series Interest Rate"),"LIBOR" for each Interest Period that commences
after the applicable original issuance date of such Series of Equipment Notes
(it being understood that the Senior Series Interest Rate and the Junior Series
Interest Rate for the Interest Period commencing on such issuance date shall be
determined pursuant to the applicable Note Purchase Agreement) shall mean the
rate determined in accordance with the following provisions:

          (i) The Reference Agent will determine LIBOR for each such Interest
Period as the rate for deposits in U.S. Dollars for a period of three months
which appears on the Telerate Page 3750 as of 11:00 a.m., London time, on the
Interest Rate Determination Date for such Interest Period.

          (ii) If the rate referred to in Section 6(b)(i) does not appear on the
Telerate Page 3750, the Reference Agent will determine LIBOR on the basis of the
rates at which deposits in U.S. Dollars are offered by the Reference Banks at
approximately 11:00 a.m., London time, on the Interest Rate Determination Date
for such Interest Period to prime banks in the London interbank market for a
period of three months commencing on the first day of such Interest Period and
in a Representative Amount. The Reference Agent will request the principal
London office of each of the Reference Banks to provide a quotation of its rate.
If at least two such quotations are provided, the rate for that Interest Period
will be the arithmetic mean of the quotations. If fewer than two quotations are
provided as requested, the rate for that Interest Period will be the arithmetic
mean of the rates quoted by major banks in New York City, selected by the
Reference Agent in good faith and in a commercially reasonable manner, at
approximately 11:00 a.m., New York City time, on the first day of such Interest
Period for loans in U.S. Dollars to leading European banks for a period of three
months commencing on the first day of such Interest Period and in a
Representative Amount, except that, if the banks so selected by the Reference
Agent are not quoting as mentioned above, LIBOR shall be the floating rate of
interest in effect for the last preceding Interest Period.

Reference Agency Agreement

                                        4

     (c) As soon as practicable after 11:00 a.m. (London time) on each Interest
Rate Determination Date, the Reference Agent will calculate the Senior Series
Interest Rate for each Series of Senior Equipment Notes for such Interest
Period, which shall be applicable to such Series of Senior Equipment Notes, and,
accordingly, the related Class of Senior Certificates for such Interest Period,
and the Junior Series Interest Rate for each applicable Series of Junior
Equipment Notes for such Interest Period, which shall be applicable to such
Series of Junior Equipment Notes, and, accordingly, the related Class of Junior
Certificates for such Interest Period. The Reference Agent's determination of
LIBOR, the Senior Series Interest Rate for each applicable Series of Senior
Equipment Notes and the Junior Series Interest Rate for each applicable Series
of Junior Equipment Notes (in the absence of negligence, wilful default, bad
faith or manifest error) shall be conclusive and binding upon all parties.

     (d) As promptly as is practicable after the determination thereof, the
Reference Agent shall give notice of the applicable LIBOR, the Senior Series
Interest Rate for each applicable Series of Senior Equipment Notes and the next
Payment Date to the Company, the Subordination Agent, the applicable Liquidity
Provider, the applicable Policy Provider, the applicable Pass Through Trustees
and the Mortgagee.

     (e) As promptly as is practicable after the determination thereof, the
Reference Agent shall give notice of the applicable LIBOR, the Junior Series
Interest Rate and each applicable Series of Junior Equipment Notes and the next
Payment Date to the Company, the Subordination Agent, each applicable Liquidity
Provider, the applicable Pass Through Trustees and the Mortgagee.

     (f) The Reference Agent shall determine Break Amount if and when required
under the Trust Indenture.

     SECTION 7. Amendment of the Equipment Notes. The Company shall deliver to
the Reference Agent, at least three Business Days prior to the effective date of
any amendment of the interest rate terms of any Class of Pass Through
Certificates or any Series of Equipment Notes, written notice of such amendment
describing the terms of such amendment in reasonable detail, and a certification
by the Company that such amendment is in compliance with the terms of the
applicable Pass Through Trust Agreement or the Trust Indenture (as applicable).

     SECTION 8. Ownership of Pass Through Certificates. The Reference Agent, its
officers, directors, employees and shareholders may become the owners of or
acquire any interest in any Pass Through Certificates, with the same rights that
it or they would have if it were not the Reference Agent, and may engage or be
interested in any financial or other transaction with the Company as freely as
if it were not the Reference Agent.

     SECTION 9. Term; Termination, Resignation or Removal of Reference Agent.
(a) This Agreement shall have a noncancellable term commencing on the date
hereof and expiring on payment in full of the Equipment Notes issued under the
Trust Indenture or, if earlier, termination of the Trust Indenture. During such
term, this Agreement shall not be terminable by any party hereto except as
expressly provided in Section 9(b).

Reference Agency Agreement

                                        5

     (b) The Reference Agent may at any time resign by giving written notice to
the Company, the Subordination Agent, the Pass Through Trustees and the
Mortgagee, specifying therein the date on which its desired resignation shall
become effective; provided that such notice shall be given no less than 30 days
prior to said effective date unless the Reference Agent, the Company, the
Subordination Agent, the Pass Through Trustees and the Mortgagee otherwise agree
in writing. The Company may remove the Reference Agent at any time by giving
written notice to the Reference Agent and to the holders of each Class of Pass
Through Certificates and specifying the effective date of such removal, which
shall be at least 30 days after the date of notice; provided, however, that no
resignation by or removal of the Reference Agent shall become effective prior to
the date of appointment by the Company, as provided in Section 10, of a
successor reference agent and the acceptance of such appointment by such
successor reference agent; and provided, further, that in the event that an
instrument of acceptance by a successor reference agent shall not have been
delivered pursuant to Section 10 within 90 days after the giving of such notice
of resignation or removal, the Reference Agent may petition any court of
competent jurisdiction for the appointment of a successor Reference Agent. The
provisions of Sections 5, 11 and 13 hereof shall remain in effect following
termination of this Agreement or the earlier resignation or removal of the
Reference Agent.

     SECTION 10. Appointment of Successor Reference Agent. In the event of the
resignation by or removal of the Reference Agent pursuant to Section 9, the
Company shall promptly appoint a successor reference agent. Any successor
reference agent appointed by the Company following resignation by or removal of
the Reference Agent pursuant to the provisions of Section 10 shall execute and
deliver to the incumbent Reference Agent, the Company, the Subordination Agent,
the Pass Through Trustees and the Mortgagee an instrument accepting such
appointment. Thereupon, such successor reference agent shall, without any
further act, deed or conveyance, become vested with all the authority, rights,
powers, immunities, duties and obligations of the Reference Agent and with like
effect as if originally named as Reference Agent hereunder, and the incumbent
Reference Agent shall thereupon be obligated to transfer and deliver such
relevant records or copies thereof maintained by the Reference Agent in
connection with the performance of its obligations hereunder. The Company shall
notify the Rating Agencies of any resignation by or removal of the Reference
Agent under Section 9 and of the appointment of and acceptance by any successor
Reference Agent pursuant to this Section 10.

     SECTION 11. Indemnification. The Company shall indemnify and hold harmless
the Reference Agent, its directors, officers, employees and agents from and
against any and all actions, claims, damages, liabilities, judgments, losses,
costs, charges and expenses (including reasonable legal fees and expenses)
relating to or arising out of actions or omissions from actions in any capacity
hereunder, except actions, claims, damages, liabilities, judgments, losses,
costs, charges and expenses caused by the negligence or wilful misconduct of the
Reference Agent, its directors, officers, employees or agents. The Reference
Agent shall be indemnified and held harmless by the Company for any error
resulting from use of or reliance on a source or publication required to be used
under Section 6. The Reference Agent shall be indemnified and held harmless by
the Company for, or in respect of, any actions taken, omitted to be taken or
suffered to be taken in good faith by the Reference Agent in reliance upon (a)
advice to be confirmed in writing or opinion of counsel or (b) a written
instruction from the Company.

Reference Agency Agreement

                                        6

     SECTION 12. Merger, Consolidation or Sale of Business by Reference Agent.
Any corporation into which the Reference Agent may be merged or consolidated or
any corporation resulting from any merger or consolidation to which the
Reference Agent may be a party, or any corporation to which the Reference Agent
may sell or otherwise transfer all or substantially all of its assets and
corporation trust business, shall, to the extent permitted by applicable law,
become the Reference Agent under this Agreement without the execution or filing
of any paper or any further act by the parties hereto. The Reference Agent shall
give notice in writing to the Company, the Subordination Agent, the Pass Through
Trustees and the Mortgagee of any such merger, consolidation or sale.

     SECTION 13. Miscellaneous. (a) If there should develop any conflict between
the Reference Agent and any other Person relating to the rights or obligations
of the Reference Agent in connection with calculation of the Senior Series
Interest Rate or the Junior Series Interest Rate, the terms of this Agreement
shall govern such rights and obligations.

     (b) The Reference Agent agrees to cooperate with the Company and its
agents, employees, directors and officers, including by providing such
information as may reasonably be requested to permit the Company or such agents,
employees, directors and officers to monitor the Reference Agent's compliance
with its obligations under this Agreement.

     (c) The Reference Agent shall not assign or delegate or otherwise
subcontract this Agreement or all or any part of its rights or obligations
hereunder to any Person without the prior written consent of the Company.

     (d) For the avoidance of doubt, this Agreement shall not apply to any
Additional Equipment Notes and related Pass Through Certificates bearing a fixed
rate of interest, as specified in the applicable Officer's Certificate for such
Additional Equipment Notes pursuant to Section 11.03 of the Trust Indenture.

     (e) THIS AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE.

     (f) This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall
constitute one and the same agreement. Delivery of an executed counterpart of a
signature page to this Agreement by telecopier shall be effective as delivery of
a manually executed counterpart of this Agreement.

Reference Agency Agreement

                                        7

     IN WITNESS WHEREOF, this Reference Agency Agreement has been entered into
as of the date first set forth above.

                                        JETBLUE AIRWAYS CORPORATION

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

                                        WILMINGTON TRUST COMPANY, as
                                        Reference Agent

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

                                        WILMINGTON TRUST COMPANY, as
                                        Subordination Agent

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

                                        WILMINGTON TRUST COMPANY, as Mortgagee

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

Reference Agency Agreement

                                        8

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