Document:

Exhibit 4.15

 

(Multicurrency
– Cross Border)

 

ISDAÒ

International Swaps and
Derivatives Association, Inc.

 

SCHEDULE

to the

Master Agreement

 

dated as of November 15, 2004

 

between

 

	
  Citibank, N.A.,

  a  national banking association
  duly organized and existing under the laws of the United States of America

   

  (“Party A”)

  	
   

  	
  and

  	
   

  	
  Wilmington Trust Company,

  a Delaware banking corporation, in its capacity as Subordination Agent on
  behalf of the Trustee under the Pass Through Trust Agreement dated as of the
  date hereof between Wilmington Trust Company and JetBlue Airways Corporation
  with respect to the JetBlue Airways Pass Through Trust, Series 2004-2G–1–O
  (for purposes of this agreement only, the “Class G-1 Trust Agreement”)

   

  (“Party B”)

  

 

Part 1

Termination Provisions

 

(a)                                  Specified
Entity.  None.

 

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

 

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

 

(d)                                  Cross
Default.  The “Cross Default”
provision of Section 5(a)(vi) will not apply.

 

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

 

(f)                                    Credit Event Upon Merger. The “Credit Event
Upon Merger” provisions of Section 5(b)(iv)

 

 

shall not apply to Party A nor Party B.

 

(g)                                 Automatic
Early Termination.  The “Automatic
Early Termination” provision of Section 6(a) will not apply.

 

(h)                                 Right to Terminate Following Termination
Event.  Sections 6(b)(ii)-(iv)
are deleted in their entirety and replaced by the following:

 

“(ii)  Replacement on Termination Event.  Upon the occurrence of a Termination Event
(other than an Additional Termination Event) with respect to Party A, Party A
shall have the right within 20 days of the date of such Termination Event, at
its own expense, to arrange for one or more Replacement Above-Cap Liquidity
Providers to enter into and deliver to Party B a Replacement Above-Cap
Liquidity Facility for such Above-Cap Liquidity Facility.  If Party A does not arrange for such
replacement and if the Above-Cap Liquidity Facility has not otherwise been
replaced by JetBlue Airways Corporation (at the expense of JetBlue Airways
Corporation) in accordance with the terms of Section 3.6(c)(ii) of the
Intercreditor Agreement, such 20th day (or if such 20th
day is not a Business Day, the next succeeding Business Day) shall be deemed to
be an “Early Termination Date” and Party A shall make a termination payment to
Party B in accordance with Part 1(j) of this Schedule.  For the avoidance of doubt, Party B shall
have no right to designate an Early Termination Date following the occurrence
of any Termination Event.

 

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

 

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

 

(j)                                    Payments on Early Termination.  Section 6(e) is deleted in its entirety
and replaced with the following:

 

“Upon the occurrence or
designation of an Early Termination Date with respect to the Transaction
evidenced by the Confirmation, Party A shall make a termination payment to
Party B on the Early Termination Date in an amount equal to the “Termination
Amount” for the Early Termination Date for credit to the Above-Cap Reserve
Account (as provided in Section 3.6(f) of the Intercreditor Agreement) to
be applied as set forth in said Section 3.6(f) plus all Unpaid Amounts due
and payable by Party A under the Confirmation on or prior to the Early
Termination Date and upon such payments the Transaction evidenced by the
Confirmation shall terminate.

 

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

 

TA =   (20%
per annum – CR) x N x F

 

where

 

CR =   the Cap Rate designated in the
Confirmation

 

N =     the Notional Amount
for such date

 

F = 0.256

 

2

 

For the avoidance of
doubt, the Termination Amount shall not exceed US$[                       ]
at any time.”

 

(k)                                Termination
Currency.  “Termination Currency” means United States Dollars.

 

(l)                                    Additional
Termination Event.  Additional
Termination Event will apply solely as specified in the Confirmation.

 

(m)                              Limitations
on Conditions Precedent. 
Notwithstanding Section 2(a), the obligation of Party A to make
each payment specified in the Confirmation, so long as it shall remain in
effect, shall not be subject to any conditions precedent, and, without limiting
the foregoing, Party A agrees that it will make each such payment without
offset, counterclaim or defense.

 

Part 2

Tax Representations

 

(a)                                  Payer
Tax Representations.  For the purpose
of Section 3(e), Party A and Party B each make the following
representation:

 

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

 

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

 

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

 

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

 

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

 

(b)                                  Payee
Tax Representations. For the purpose of Section 3(f),

 

(i)                                     Party
A represents that it is a national banking association duly organized and
existing under the laws of the United States of America.

 

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

 

Part 3

Agreement to Deliver Documents

 

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

 

3

 

	
  Party required to

  deliver documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to be

  delivered

  	
   

  	
  Covered by

  Section 3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and Party B

  	
   

  	
  Evidence reasonably satisfactory to the other party
  as to the names, true signatures and authority of the officer or officials
  signing this Agreement or the Confirmation on its behalf

  	
   

  	
  Upon execution of this Agreement and the related
  Confirmation

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A copy of the annual report for Party A containing
  audited and certified financial statements for the most recently ended
  financial year

  	
   

  	
  Upon request, as soon as publicly available

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Opinions of counsel to Party A reasonably
  satisfactory in form and substance to Party B with respect to this
  Agreement

  	
   

  	
  Upon execution of this Agreement

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Certified copies of all documents evidencing the
  necessary corporate authorizations and approvals with respect to the
  execution, delivery, and performance of derivatives transactions

  	
   

  	
  Upon execution of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Correct, complete and executed U.S. Internal Revenue
  Form W-9 or any successor thereto

  	
   

  	
  Upon execution of this Agreement, upon the
  appointment of a successor Subordination Agent, and at any time upon
  reasonable request by Party B

  	
   

  	
  Not applicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Correct, complete and executed U.S. Internal Revenue
  Form W-9 or any successor thereto

  	
   

  	
  Upon execution of this Agreement, upon the
  appointment of a successor Subordination Agent, and at any time upon
  reasonable request by Party A

  	
   

  	
  Not applicable

  

 

Part 4

Miscellaneous

 

(a)                                  Addresses for Notices. 
For the purpose of Section 12(a):

 

4

 

(i)                                     Address
for notices or communications to Party A (including all notices pursuant to
Sections 5, 6 and 7 as well as any changes to Party B’s address, telephone
number or facsimile number):

 

Address:                                               Citibank,
N.A.

 

Attention:

Facsimile:

 

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

 

Address:                                               Wilmington
Trust Company

Rodney Square
North

1100 North Market
Street

Wilmington,
Delaware 19890-0001

Attention:                                         Corporate
Trust Administration

Telephone:                                    302-651-1000

Facsimile:                                            302-636-4140

 

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

 

(c)                                  Multibranch
Party.  For the purpose of Section 10(c):

 

Party A is not a
Multibranch Party.

Party B is not a
Multibranch Party.

 

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

 

(e)                                  Credit Support Documents.

 

With respect to Party A and Party B: None.

 

(f)                                    Credit
Support Provider.

 

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

 

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

 

(g)                                 Governing
Law.  This Agreement and each
Confirmation will be governed by and construed in accordance with the laws of
the State of New York.

 

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

 

5

 

(i)                                    Netting
of Payments.  The Netting provision set forth in Section 2(c) will not
apply to any Transaction.

 

(j)                                    Affiliate.  Affiliate will have the meaning specified
in Section 14.

 

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

 

Part 5

Other Provisions

 

(a)                                  Definitions.  This Agreement and the Transaction between
the parties are subject to the 2000 ISDA Definitions and Annex to the 2000 ISDA
Definitions (June 2000 Version) as published by the International Swaps
and Derivatives Association, Inc. (collectively, the “Definitions”), and will
be governed in all relevant respects by the provisions set forth in the
Definitions, without regard to any amendment to the Definitions subsequent to
the date hereof. The provisions of the Definitions are incorporated by
reference in and shall be deemed a part of this Agreement, except that
references in the Definitions to a “Swap Transaction” shall be deemed
references to a “Transaction” for purposes of this Agreement. In the event of
any inconsistency between the provisions of this Agreement and the Definitions,
this Agreement will prevail.  “Intercreditor
Agreement” as used in this Agreement shall mean the Intercreditor Agreement
dated as of November 15, 2004 among Wilmington Trust Company, as Trustee
under the JetBlue Airways Pass Through Trust 2004–2G–1, JetBlue Airways Pass
Through Trust 2004–2G–2 and JetBlue Airways Pass Through Trust 2004–2C,
Landesbank Baden-Württemberg, as Class G–1 Primary Liquidity Provider, Class
G–2 Primary Liquidity Provider and Class C Primary Liquidity Provider,
Citibank, N.A. as Class G–1 Above-Cap Liquidity Provider, Class G–2 Above-Cap
Liquidity Provider and Class C Above-Cap Liquidity Provider, MBIA Insurance
Corporation as Policy Provider and Wilmington Trust Company as Subordination
Agent, attached hereto as Exhibit A. 
Capitalized terms used and not defined herein, the Confirmation, or the
Definitions shall have the meanings set forth in the Intercreditor Agreement,
as amended or modified from time to time in accordance with the terms thereof.

 

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

 

(i)                                     Non-Reliance.  It is acting for its own account, and it has made its
own independent decisions to enter into the Transaction and as to whether the
Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisers as it has deemed necessary.  It is not
relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into the Transaction; it being
understood that information and explanations related to the terms and
conditions of the Transaction shall not be considered investment advice or a
recommendation to enter into the Transaction.  No communication (written or
oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of the Transaction.

 

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

 

6

 

and assumes, the risks of the Transaction

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)                                 Limitation
of Liability.  The obligations of
Party B under this Agreement, and in respect of the Transaction evidenced by
the Confirmation, are expressly limited to the extent of funds, if any, made
available for such payment to Party B under, and in accordance with, the
priorities of payments set forth in Sections 3.2 and 3.6 of the Intercreditor
Agreement.  No recourse under any

 

7

 

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

 

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

 

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

 

[Signatures follow
on separate page]

 

8

 

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

 

 

	
   

  	
  CITIBANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Linda Cook

  	
   

  
	
   

  	
  Name:

  	
  Linda
  Cook

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY

  
	
   

  	
  in
  its capacity as Subordination Agent on behalf of the Trustee under the Class
  G-1 Trust Agreement.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kathleen A. Pedelini

  	
   

  
	
   

  	
  Name:

  	
  Kathleen
  A. Pedelini

  	
   

  
	
   

  	
  Title:

  	
  Fianancial
  Services Officer

  	
   

  
	
   

  	
  Date:Exhibit
4.16

 

(Multicurrency – Cross Border)

 

ISDAÒ

International Swaps and Derivatives Association, Inc.

 

SCHEDULE

to the

Master
Agreement

 

dated as of November 15,
2004

 

between

 

	
  Citibank,
  N.A.,

  a  national
  banking association duly organized and existing under the laws of the United
  States of America

   

  (“Party A”)

  	
   

  	
  and

  	
   

  	
  Wilmington Trust Company,
a Delaware banking corporation, in its capacity as Subordination Agent
  on behalf of the Trustee under the Pass Through Trust Agreement dated as of
  the date hereof between Wilmington Trust Company and JetBlue Airways
  Corporation with respect to the JetBlue Airways Pass Through Trust, Series
  2004–2G–2–O (for purposes of this agreement only, the “Class G–2 Trust
  Agreement”)

   

  (“Party
  B”)

  

 

Part 1

Termination
Provisions

 

(a)                                  Specified
Entity.  None.

 

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

 

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

 

(d)                                  Cross
Default.  The “Cross Default”
provision of Section 5(a)(vi) will not apply.

 

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

 

(f)                                    Credit Event Upon Merger. The “Credit Event
Upon Merger” provisions of Section 5(b)(iv)

 

 

shall not apply to Party
A nor Party B.

 

(g)                                 Automatic
Early Termination.  The “Automatic
Early Termination” provision of Section 6(a) will not apply.

 

(h)                                 Right to Terminate Following Termination
Event.  Sections 6(b)(ii)-(iv)
are deleted in their entirety and replaced by the following:

 

“(ii)  Replacement on Termination Event.  Upon the occurrence of a Termination Event
(other than an Additional Termination Event) with respect to Party A, Party A
shall have the right within 20 days of the date of such Termination Event, at
its own expense, to arrange for one or more Replacement Above-Cap Liquidity
Providers to enter into and deliver to Party B a Replacement Above-Cap
Liquidity Facility for such Above-Cap Liquidity Facility.  If Party A does not arrange for such
replacement and if the Above-Cap Liquidity Facility has not otherwise been
replaced by JetBlue Airways Corporation (at the expense of JetBlue Airways
Corporation) in accordance with the terms of Section 3.6(c)(ii) of the
Intercreditor Agreement, such 20th day (or if such 20th
day is not a Business Day, the next succeeding Business Day) shall be deemed to
be an “Early Termination Date” and Party A shall make a termination payment to
Party B in accordance with Part 1(j) of this Schedule.  For the avoidance of doubt, Party B shall
have no right to designate an Early Termination Date following the occurrence
of any Termination Event.

 

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

 

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

 

(j)                                    Payments on Early Termination.  Section 6(e) is deleted in its entirety
and replaced with the following:

 

“Upon the occurrence or
designation of an Early Termination Date with respect to the Transaction
evidenced by the Confirmation, Party A shall make a termination payment to
Party B on the Early Termination Date in an amount equal to the “Termination
Amount” for the Early Termination Date for credit to the Above-Cap Reserve
Account (as provided in Section 3.6(f) of the Intercreditor Agreement) to
be applied as set forth in said Section 3.6(f) plus all Unpaid Amounts due
and payable by Party A under the Confirmation on or prior to the Early
Termination Date and upon such payments the Transaction evidenced by the
Confirmation shall terminate.

 

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

 

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

 

where

 

CR =                      the Cap Rate
designated in the Confirmation

 

N =                             the
Notional Amount for such date

 

F = 0.256

 

2

 

For the avoidance of
doubt, the Termination Amount shall not exceed US$[                          ]
at any time.”

 

(k)                                Termination
Currency.  “Termination Currency” means United States Dollars.

 

(l)                                    Additional
Termination Event.  Additional
Termination Event will apply solely as specified in the Confirmation.

 

(m)                              Limitations
on Conditions Precedent. 
Notwithstanding Section 2(a), the obligation of Party A to make
each payment specified in the Confirmation, so long as it shall remain in
effect, shall not be subject to any conditions precedent, and, without limiting
the foregoing, Party A agrees that it will make each such payment without
offset, counterclaim or defense.

 

Part 2

Tax
Representations

 

(a)                                  Payer
Tax Representations.  For the purpose
of Section 3(e), Party A and Party B each make the following
representation:

 

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

 

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

 

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

 

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

 

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

 

(b)                                  Payee
Tax Representations. For the purpose of Section 3(f),

 

(i)                                     Party
A represents that it is a national banking association duly organized and
existing under the laws of the United States of America.

 

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

 

Part 3

Agreement
to Deliver Documents

 

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

 

3

 

	
  Party required to

  deliver documents

  	
   

  	
  Form/Document/

  Certificate

  	
   

  	
  Date by which to be

  delivered

  	
   

  	
  Covered by

  Section3(d)

  Representation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A and
  Party B

  	
   

  	
  Evidence
  reasonably satisfactory to the other party as to the names, true signatures
  and authority of the officer or officials signing this Agreement or the
  Confirmation on its behalf

  	
   

  	
  Upon execution
  of this Agreement and the related Confirmation

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  A copy of the
  annual report for Party A containing audited and certified financial
  statements for the most recently ended financial year

  	
   

  	
  Upon request, as
  soon as publicly available

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Opinions of
  counsel to Party A reasonably satisfactory in form and substance to
  Party B with respect to this Agreement

  	
   

  	
  Upon execution
  of this Agreement

  	
   

  	
  No

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Certified copies
  of all documents evidencing the necessary corporate authorizations and
  approvals with respect to the execution, delivery, and performance of
  derivatives transactions

  	
   

  	
  Upon execution
  of this Agreement

  	
   

  	
  Yes

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party A

  	
   

  	
  Correct,
  complete and executed U.S. Internal Revenue Form W–9 or any successor thereto

  	
   

  	
  Upon execution
  of this Agreement, upon the appointment of a successor Subordination Agent,
  and at any time upon reasonable request by Party B

  	
   

  	
  Not applicable

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Party B

  	
   

  	
  Correct,
  complete and executed U.S. Internal Revenue Form W–9 or any successor thereto

  	
   

  	
  Upon execution
  of this Agreement, upon the appointment of a successor Subordination Agent,
  and at any time upon reasonable request by Party A

  	
   

  	
  Not applicable

  

 

Part 4

Miscellaneous

 

(a)                                  Addresses for Notices. 
For the purpose of Section 12(a):

 

4

 

(i)                                     Address
for notices or communications to Party A (including all notices pursuant to
Sections 5, 6 and 7 as well as any changes to Party B’s address, telephone
number or facsimile number):

 

Address:                                               Citibank,
N.A.

 

Attention:

Facsimile:

 

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

 

Address:                                               Wilmington
Trust Company

Rodney
Square North

1100
North Market Street

Wilmington,
Delaware 19890-0001

Attention:                                         Corporate
Trust Administration

Telephone:                                    302-651-1000

Facsimile:                                            302-636-4140

 

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

 

(c)                                  Multibranch
Party.  For the purpose of Section 10(c):

 

Party A is not a
Multibranch Party.

Party B is not a
Multibranch Party.

 

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

 

(e)                                  Credit Support Documents.

 

With respect to Party A
and Party B: None.

 

(f)                                    Credit
Support Provider.

 

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

 

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

 

(g)                                 Governing
Law.  This Agreement and each
Confirmation will be governed by and construed in accordance with the laws of
the State of New York.

 

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

 

5

 

(i)                                    Netting
of Payments.  The Netting provision set forth in Section 2(c) will not
apply to any Transaction.

 

(j)                                    Affiliate.  Affiliate will have the meaning specified
in Section 14.

 

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

 

Part 5

Other
Provisions

 

(a)                                  Definitions.  This Agreement and the Transaction between
the parties are subject to the 2000 ISDA Definitions and Annex to the 2000 ISDA
Definitions (June 2000 Version) as published by the International Swaps
and Derivatives Association, Inc. (collectively, the “Definitions”), and will
be governed in all relevant respects by the provisions set forth in the
Definitions, without regard to any amendment to the Definitions subsequent to
the date hereof. The provisions of the Definitions are incorporated by
reference in and shall be deemed a part of this Agreement, except that
references in the Definitions to a “Swap Transaction” shall be deemed
references to a “Transaction” for purposes of this Agreement. In the event of
any inconsistency between the provisions of this Agreement and the Definitions,
this Agreement will prevail.  “Intercreditor
Agreement” as used in this Agreement shall mean the Intercreditor Agreement
dated as of November[ ], 2004 among Wilmington Trust Company, as Trustee under
the JetBlue Airways Pass Through Trust 2004–2G–1, JetBlue Airways Pass Through
Trust 2004–2G–2 and JetBlue Airways Pass Through Trust 2004–2C, Landesbank
Baden-Württemberg, as Class G–1 Primary Liquidity Provider, Class G–2 Primary
Liquidity Provider and Class C Primary Liquidity Provider, Citibank, N.A. as
Class G–1 Above-Cap Liquidity Provider, Class G–2 Above-Cap Liquidity Provider
and Class C Above-Cap Liquidity Provider, MBIA Insurance Corporation as Policy
Provider and Wilmington Trust Company as Subordination Agent, attached hereto
as Exhibit A.  Capitalized terms used and
not defined herein, the Confirmation, or the Definitions shall have the
meanings set forth in the Intercreditor Agreement, as amended or modified from
time to time in accordance with the terms thereof.

 

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

 

(i)                                     Non-Reliance.  It is acting for its own account, and it has made its
own independent decisions to enter into the Transaction and as to whether the
Transaction is appropriate or proper for it based upon its own judgment and
upon advice from such advisers as it has deemed necessary.  It is not
relying on any communication (written or oral) of the other party as investment
advice or as a recommendation to enter into the Transaction; it being
understood that information and explanations related to the terms and
conditions of the Transaction shall not be considered investment advice or a
recommendation to enter into the Transaction.  No communication (written
or oral) received from the other party shall be deemed to be an assurance or
guarantee as to the expected results of the Transaction.

 

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

 

6

 

and assumes, the risks of the Transaction

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)                                 Limitation
of Liability.  The obligations of
Party B under this Agreement, and in respect of the Transaction evidenced by
the Confirmation, are expressly limited to the extent of funds, if any, made
available for such payment to Party B under, and in accordance with, the
priorities of payments set forth in Sections 3.2 and 3.6 of the Intercreditor
Agreement.  No recourse under any 

 

7

 

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

 

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

 

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

 

[Signatures follow on separate page]

 

8

 

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

 

 

	
   

  	
  CITIBANK,
  N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Linda Cook

  	
   

  
	
   

  	
  Name:

  	
  Linda Cook

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILMINGTON
  TRUST COMPANY

  
	
   

  	
  in its capacity as
  Subordination Agent on behalf of the Trustee under the Class G-2 Trust
  Agreement.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kathleen A.
  Pedelini

  	
   

  
	
   

  	
  Name:

  	
  Kathleen A. Pedelini

  	
   

  
	
   

  	
  Title:

  	
  Financial Services
  Officer

  	
   

  
	
   

  	
  Date:

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