Document:

Exhibit 4.3

 

 

REGISTERED

No.

 

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

 

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

 

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

 

 

GLOBAL CERTIFICATE

 

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

 

JetBlue
Airways

Pass Through
Certificate,

Series
2004-2C-O

 

Final Legal Distribution
Date:                        ,
20    

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

 

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

 

 

Dated:                        ,
2004

 

	
   

  	
  JETBLUE AIRWAYS PASS THROUGH

  TRUST, SERIES 2004-2C-O

  
	
   

  	
   

  
	
   

  	
  By:  WILMINGTON
  TRUST COMPANY,

  not in its individual capacity but solely as

  Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

 

This is one of
the Certificates referred

to in the
within-mentioned Agreement.

 

	
   

  	
  WILMINGTON TRUST COMPANY, not

  in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   Authorized
  Officer

  

 

 

FORM OF TRANSFER NOTICE

 

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

 

Insert
Taxpayer Identification No.

 

 

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

 

 

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

 

 

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

 

	
  Date:

  	
   

  	
   

  	
  [Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  NOTE:  The signature must correspond with

  the name as written upon the face of the

  within-mentioned instrument in every

  particular, without alteration or any change

  whatsoever.

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  	
   

  
					

 

 

JETBLUE AIRWAYS 2004-2C ESCROW
RECEIPT

 

No.     

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

*     *    
*

 

 

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

 

Dated:                        ,
2004

 

	
   

  	
  WILMINGTON TRUST COMPANY, as

  Escrow Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:Exhibit 4.4

 

EXECUTION COPY

 

 

PASS THROUGH TRUST AGREEMENT

 

dated as of
November 15, 2004

 

between

 

JETBLUE AIRWAYS CORPORATION

 

and

 

WILMINGTON
TRUST COMPANY,

as Trustee

 

 

JetBlue
Airways Pass Through Trust, Series 2004-2G-1-O

 

Pass Through
Certificates, Series 2004-2G-1-O

 

 

 

Reconciliation
and tie between JetBlue Airways Pass Through Trust Agreement, Series
2004-2G-1-O dated as of November 15, 2004, and the Trust Indenture Act of
1939.  This reconciliation does not
constitute part of the Pass Through Trust Agreement.

 

	
  Trust
  Indenture Act

  of 1939 Section

  	
   

  	
  Pass Through Trust

  Agreement Section

  
	
   

  	
   

  	
   

  
	
  310

  	
  (a)(1)

  	
   

  	
   

  	
  7.08

  
	
   

  	
  (a)(2)

  	
   

  	
   

  	
  7.08

  
	
  312

  	
  (a)

  	
   

  	
   

  	
  3.05; 8.01;
  8.02

  
	
  313

  	
  (a)

  	
   

  	
   

  	
  7.06; 8.03

  
	
  314

  	
  (a)

  	
   

  	
   

  	
  8.04(a), (c)
  & (d)

  
	
   

  	
  (a)(4)

  	
   

  	
   

  	
  8.04(e)

  
	
   

  	
  (c)(1)

  	
   

  	
   

  	
  1.02

  
	
   

  	
  (c)(2)

  	
   

  	
   

  	
  1.02

  
	
   

  	
  (d)(1)

  	
   

  	
   

  	
  7.13; 11.01

  
	
   

  	
  (d)(2)

  	
   

  	
   

  	
  7.13; 11.01

  
	
   

  	
  (d)(3)

  	
   

  	
   

  	
  2.01

  
	
   

  	
  (e)

  	
   

  	
   

  	
  1.02

  
	
  315

  	
  (b)

  	
   

  	
   

  	
  7.02

  
	
  316

  	
  (a)(last sentence)

  	
   

  	
   

  	
  1.04(c)

  
	
   

  	
  (a)(1)(A)

  	
   

  	
   

  	
  6.04

  
	
   

  	
  (a)(1)(B)

  	
   

  	
   

  	
  6.05

  
	
   

  	
  (b)

  	
   

  	
   

  	
  6.06

  
	
   

  	
  (c)

  	
   

  	
   

  	
  1.04(e)

  
	
  317

  	
  (a)(1)

  	
   

  	
   

  	
  6.03

  
	
   

  	
  (b)

  	
   

  	
   

  	
  7.13

  
	
  318

  	
  (a)

  	
   

  	
   

  	
  12.06

  

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I  DEFINITIONS

  	
   

  
	
  Section 1.01.

  	
  Definitions

  	
   

  
	
  Section 1.02.

  	
  Compliance
  Certificates and Opinions

  	
   

  
	
  Section 1.03.

  	
  Form
  of Documents Delivered to Trustee

  	
   

  
	
  Section 1.04.

  	
  Directions
  of Certificateholders

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II  ORIGINAL
  ISSUANCE OF CERTIFICATES; ACQUISITION OF EQUIPMENT NOTES

  	
   

  
	
  Section 2.01.

  	
  Issuance
  of Certificates; Acquisition of Equipment Notes

  	
   

  
	
  Section 2.02.

  	
  Withdrawal
  of Deposits

  	
   

  
	
  Section 2.03.

  	
  Acceptance
  by Trustee

  	
   

  
	
  Section 2.04.

  	
  Limitation
  of Powers

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III  THE
  CERTIFICATES

  	
   

  
	
  Section 3.01.

  	
  Title,
  Form, Denomination and Execution of Certificates

  	
   

  
	
  Section 3.02.

  	
  Restrictive
  Legends

  	
   

  
	
  Section 3.03.

  	
  Authentication
  of Certificates

  	
   

  
	
  Section 3.04.

  	
  Transfer
  and Exchange

  	
   

  
	
  Section 3.05.

  	
  Global,
  Book-Entry and Definitive Certificates

  	
   

  
	
  Section 3.06.

  	
  [Intentionally
  Omitted.]

  	
   

  
	
  Section 3.07.

  	
  Mutilated,
  Destroyed, Lost or Stolen Certificates

  	
   

  
	
  Section 3.08.

  	
  Persons
  Deemed Owners

  	
   

  
	
  Section 3.09.

  	
  Cancellation

  	
   

  
	
  Section 3.10.

  	
  Temporary
  Certificates

  	
   

  
	
  Section 3.11.

  	
  Limitation
  of Liability for Payments

  	
   

  
	
  Section 3.12.

  	
  ERISA
  Legend

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV  DISTRIBUTIONS;
  STATEMENTS TO CERTIFICATEHOLDERS

  	
   

  
	
  Section 4.01.

  	
  Certificate
  Account and Special Payments Account

  	
   

  
	
  Section 4.02.

  	
  Distributions
  from Certificate Account and Special Payments Account

  	
   

  
	
  Section 4.03.

  	
  Statements
  to Certificateholders

  	
   

  
	
  Section 4.04.

  	
  Investment
  of Special Payment Moneys

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V  THE
  COMPANY

  	
   

  
	
  Section 5.01.

  	
  Maintenance
  of Corporate Existence

  	
   

  
	
  Section 5.02.

  	
  Consolidation,
  Merger, etc

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI  DEFAULT

  	
   

  
	
  Section 6.01.

  	
  Events
  of Default

  	
   

  
	
  Section 6.02.

  	
  Incidents
  of Sale of Equipment Notes

  	
   

  
	
  Section 6.03.

  	
  Judicial
  Proceedings Instituted by Trustee; Trustee May Bring Suit

  	
   

  
	
  Section 6.04.

  	
  Control
  by Certificateholders

  	
   

  

 

i

 

	
  Section 6.05.

  	
  Waiver
  of Past Defaults

  	
   

  
	
  Section 6.06.

  	
  Right
  of Certificateholders to Receive Payments Not to Be Impaired

  	
   

  
	
  Section 6.07.

  	
  Certificateholders
  May Not Bring Suit Except Under Certain Conditions

  	
   

  
	
  Section 6.08.

  	
  Remedies
  Cumulative

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII  THE TRUSTEE

  	
   

  
	
  Section 7.01.

  	
  Certain
  Duties and Responsibilities

  	
   

  
	
  Section 7.02.

  	
  Notice
  of Defaults

  	
   

  
	
  Section 7.03.

  	
  Certain
  Rights of Trustee

  	
   

  
	
  Section 7.04.

  	
  Not
  Responsible for Recitals or Issuance of Certificates

  	
   

  
	
  Section 7.05.

  	
  May Hold
  Certificates

  	
   

  
	
  Section 7.06.

  	
  Money
  Held in Trust

  	
   

  
	
  Section 7.07.

  	
  Compensation
  and Reimbursement

  	
   

  
	
  Section 7.08.

  	
  Corporate
  Trustee Required; Eligibility

  	
   

  
	
  Section 7.09.

  	
  Resignation
  and Removal; Appointment of Successor

  	
   

  
	
  Section 7.10.

  	
  Acceptance
  of Appointment by Successor

  	
   

  
	
  Section 7.11.

  	
  Merger,
  Conversion, Consolidation or Succession to Business

  	
   

  
	
  Section 7.12.

  	
  Maintenance
  of Agencies

  	
   

  
	
  Section 7.13.

  	
  Money
  for Certificate Payments to Be Held in Trust

  	
   

  
	
  Section 7.14.

  	
  Registration
  of Equipment Notes in Name of Subordination Agent

  	
   

  
	
  Section 7.15.

  	
  Representations
  and Warranties of Trustee

  	
   

  
	
  Section 7.16.

  	
  Withholding
  Taxes Information Reporting

  	
   

  
	
  Section 7.17.

  	
  Trustee’s
  Liens

  	
   

  
	
  Section 7.18.

  	
  Preferential
  Collection of Claims

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII  CERTIFICATEHOLDERS’
  LISTS AND REPORTS BY TRUSTEE

  	
   

  
	
  Section 8.01.

  	
  The
  Company to Furnish Trustee with Names and Addresses of Certificateholders

  	
   

  
	
  Section 8.02.

  	
  Preservation
  of Information Communications to Certificateholders

  	
   

  
	
  Section 8.03.

  	
  Reports
  by Trustee

  	
   

  
	
  Section 8.04.

  	
  Reports
  by the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX  SUPPLEMENTAL
  AGREEMENTS

  	
   

  
	
  Section 9.01.

  	
  Supplemental
  Agreements Without Consent of Certificateholders

  	
   

  
	
  Section 9.02.

  	
  Supplemental
  Agreements with Consent of Certificateholders

  	
   

  
	
  Section 9.03.

  	
  Documents
  Affecting Immunity or Indemnity

  	
   

  
	
  Section 9.04.

  	
  Execution
  of Supplemental Agreements

  	
   

  
	
  Section 9.05.

  	
  Effect
  of Supplemental Agreements

  	
   

  

 

ii

 

	
  Section 9.06.

  	
  Conformity
  with Trust Indenture Act

  	
   

  
	
  Section 9.07.

  	
  Reference
  in Certificates to Supplemental Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X  AMENDMENTS TO
  INDENTURES AND FINANCING DOCUMENTS

  	
   

  
	
  Section 10.01.

  	
  Amendments
  and Supplements to Indentures and Financing Documents

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI  TERMINATION OF
  TRUST

  	
   

  
	
  Section 11.01.

  	
  Termination
  of the Trust

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII  MISCELLANEOUS
  PROVISIONS

  	
   

  
	
  Section 12.01.

  	
  Limitation
  on Rights of Certificateholders

  	
   

  
	
  Section 12.02.

  	
  Certificates
  Nonassessable and Fully Paid

  	
   

  
	
  Section 12.03.

  	
  Notices

  	
   

  
	
  Section 12.04.

  	
  Governing
  Law

  	
   

  
	
  Section 12.05.

  	
  Severability
  of Provisions

  	
   

  
	
  Section 12.06.

  	
  Trust
  Indenture Act Controls

  	
   

  
	
  Section 12.07.

  	
  Effect
  of Headings and Table of Contents

  	
   

  
	
  Section 12.08.

  	
  Successors
  and Assigns

  	
   

  
	
  Section 12.09.

  	
  Benefits
  of Agreement

  	
   

  
	
  Section 12.10.

  	
  Legal
  Holidays

  	
   

  
	
  Section 12.11.

  	
  Counterparts

  	
   

  
	
  Section 12.12.

  	
  Intention
  of Parties

  	
   

  

 

	
  Exhibit A

  	
  -

  	
  Form of
  Certificate

  	
   

  
	
  Exhibit B

  	
  -

  	
  Form of
  Assignment and Assumption Agreement

  	
   

  
	
  Exhibit C

  	
  -

  	
  Form of Notice to
  Withholding Agent

  	
   

  

 

iii

 

PASS THROUGH TRUST AGREEMENT

 

THIS PASS THROUGH TRUST AGREEMENT, dated as
of November 15, 2004 (the “Agreement”),
between JETBLUE AIRWAYS CORPORATION,
a Delaware corporation, and WILMINGTON TRUST
COMPANY, as Trustee, is made with respect to the formation of
JetBlue Airways Pass Through Trust, Series 2004-2G-1-O and the issuance of
JetBlue Airways Pass Through Trust, Series 2004-2G-1-O Pass Through
Certificates representing fractional undivided interests in the Trust.

 

W I T N E S S E T H:

 

WHEREAS, the Company has obtained
commitments from AVSA for the delivery of fifteen (15) Airbus A320-232 aircraft
(collectively, the “Aircraft”);

 

WHEREAS, the Company intends to finance or
refinance the acquisition of the Aircraft through separate secured loan
transactions in which the Company will own such Aircraft;

 

WHEREAS, in the case of each Aircraft, the
Company will issue pursuant to an Indenture, on a recourse basis, three series
of Equipment Notes to finance or refinance a portion of the purchase price of
such Aircraft;

 

WHEREAS, the Trustee, upon execution and
delivery of this Agreement, hereby declares the creation of the Trust for the
benefit of the Certificateholders, as the grantors of the Trust, by their
respective acceptances of the Certificates, join in the creation of this Trust
with the Trustee;

 

WHEREAS, all Certificates to be issued by
the Trust will evidence Fractional Undivided Interests in the Trust and will
convey no rights, benefits or interests in respect of any property other than
the Trust Property except for those Certificates to which an Escrow Receipt has
been affixed;

 

WHEREAS, the Escrow Agent and the
Underwriters have contemporaneously herewith entered into an Escrow Agreement
with the Escrow Paying Agent pursuant to which the Underwriters have delivered
to the Escrow Agent the proceeds from the sale of the Certificates and have
irrevocably instructed the Escrow Agent to withdraw and pay funds from such
proceeds upon request and proper certification by the Trustee to purchase
Equipment Notes;

 

WHEREAS, the Escrow Agent on behalf of the
Certificateholders has contemporaneously herewith entered into a Deposit
Agreement with the Depositary under which the Deposits referred to therein will
be made and from which it will withdraw funds to allow the Trustee to purchase
Equipment Notes from time to time prior to the Delivery Period Termination
Date;

 

WHEREAS, pursuant to the terms and
conditions of this Agreement and the Note Purchase Agreement, upon or following
delivery of an Aircraft, the Trustee on behalf of the Trust, using funds
withdrawn under the Escrow Agreement, may purchase an Equipment Note having the
same interest rate as, and final legal distribution date not later than the
final Regular

 

 

Distribution
Date of, the Certificates issued hereunder and shall hold such Equipment Note
in trust for the benefit of the Certificateholders;

 

WHEREAS,
to facilitate the sale of Equipment Notes to, and the purchase of Equipment
Notes by, the Trustee on behalf of the Trust, the Company has duly authorized
the execution and delivery of this Agreement as the “issuer”, as such term is defined in and solely for purposes of
the Securities Act, of the Certificates to be issued pursuant hereto and as the
“obligor”, as such term is defined
in and solely for purposes of the Trust Indenture Act of 1939, as amended, with
respect to all such Certificates and is undertaking to perform certain
administrative and ministerial duties hereunder and is also undertaking to pay
the ongoing fees and expenses of the Trustee;

 

WHEREAS,
all of the conditions and requirements necessary to make this Agreement, when
duly executed and delivered, a valid, binding and legal instrument, enforceable
in accordance with its terms and for the purposes herein expressed, have been
done, performed and fulfilled, and the execution and delivery of this Agreement
in the form and with the terms hereof have been in all respects duly
authorized; and

 

WHEREAS,
this Agreement, as amended or supplemented from time to time, will be subject
to the provisions of the Trust Indenture Act of 1939, and shall, to the extent
applicable, be governed by such provisions;

 

NOW, THEREFORE, in consideration of the
mutual agreements herein contained, and of other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section
1.01.        Definitions.  For all purposes of this Agreement, except as
otherwise expressly provided or unless the context otherwise requires:

 

(1)           the terms
used in this Agreement, including in the recitals to this Agreement, that are
defined in this Article have the meanings assigned to them in this Article, and
include the plural as well as the singular;

 

(2)           all other
terms used herein which are defined in the Trust Indenture Act, either directly
or by reference therein, or by the rules promulgated under the Trust Indenture
Act, have the meanings assigned to them therein;

 

(3)           all
references in this Agreement to designated “Articles”, “Sections”, “Subsections”
and other subdivisions are to the designated Articles, Sections, Subsections
and other subdivisions of this Agreement;

 

(4)           the words “herein”,
“hereof’ and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section, Subsection or
other subdivision; and

 

2

 

(5)           unless the
context otherwise requires, whenever the words “including”, “include” or “includes”
are used herein, it shall be deemed to be followed by the phrase “without
limitation”.

 

“Above-Cap
Liquidity Facility” means, initially, the ISDA Master Agreement,
dated as of November 15, 2004, between the Subordination Agent, as agent and
trustee for the Class G-1 Trust, and the initial Class G-1 Above-Cap
Liquidity Provider, together with the Schedule and Confirmation attached
thereto, relating to the Class G-1 Certificates, and, from and after
replacement of such ISDA Master Agreement pursuant to the Intercreditor
Agreement, the Replacement Above-Cap Liquidity Facility (as defined in the
Intercreditor Agreement) therefor, if any, in each case as amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Above-Cap
Liquidity Provider” means Citibank, N.A. or any Replacement
Above-Cap Liquidity Provider which has issued a Replacement Above-Cap Liquidity
Facility (each as defined in the Intercreditor Agreement) to replace the
Class G-1 Above-Cap Liquidity Facility pursuant to Section 3.6(c)(ii)
of the Intercreditor Agreement.

 

“Affiliate”
means, with respect to any specified Person, any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such Person.  For the
purposes of this definition, “control” means the power, directly or indirectly,
to direct the management and policies of such Person, whether through the
ownership of voting securities or by contract or otherwise, and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

 

“Agent Members”
means members of, or participants in, DTC.

 

“Agreement”
has the meaning specified in the initial paragraph hereto.

 

“Aircraft”
has the meaning specified in the Note Purchase Agreement.

 

“Aircraft
Purchase Agreement” has the meaning specified in the Note
Purchase Agreement.

 

“Applicable
Funding Date” has the meaning specified in Section 2.01(b).

 

“Applicable
Participation Agreement” has the meaning specified in
Section 2.01(b).

 

“Assignment and
Assumption Agreement” means the assignment and assumption
agreement substantially in the form of Exhibit B hereto to be executed and
delivered in accordance with Section 11.01.

 

“Authorized Agent”
means any Paying Agent or Registrar for the Certificates.

 

“Avoidable Tax”
means a state or local tax (i) upon (w) the Trust, (x) the Trust Property,
(y) Certificateholders or (z) the Trustee for which the Trustee is entitled to
seek reimbursement from the Trust Property, and (ii) which would be
avoided if the Trustee were located in another

 

3

 

state, or jurisdiction within a state, within the United States.  A tax shall not be an Avoidable Tax if the
Company shall agree to pay, and shall pay, such tax.

 

“AVSA”
means AVSA S.A.R.L., an affiliate of Airbus S.A.S.

 

“Book-Entry
Certificate” means, with respect to the Global Certificate, a
beneficial interest in the Global Certificate, ownership and transfers of which
shall be made through book entries as described in Section 3.05.

 

“Business Day”
means any day other than a Saturday, a Sunday or a day on which commercial
banks are required or authorized to close in New York, New York, Wilmington,
Delaware or, so long as any Certificate is outstanding, the city and state in
which the Trustee or any Loan Trustee maintains its Corporate Trust Office or
receives and disburses funds.

 

“Certificate”
means any one of the certificates executed and authenticated by the Trustee,
substantially in the form of Exhibit A hereto.

 

“Certificate
Account” means the account or accounts created and maintained
pursuant to Section 4.01(a).

 

“Certificate
Owner” means, with respect to the Certificates, for purposes of
Section 3.05, a Person who owns a Book-Entry Certificate.

 

“Certificateholder
or Holder” means the Person in whose name a Certificate is
registered in the Register.

 

“Class C
Certificate” has the meaning specified in the Intercreditor
Agreement.

 

“Class C
Certificateholder” means, at any time, any holder of one or more
pass through certificates issued by the JetBlue Airways Pass Through Trust,
Series 2004-2C-O.

 

“Class G-2
Certificate” has the meaning specified in the Intercreditor
Agreement.

 

“Class G-2
Certificateholder” means, at any time, any holder of one or more
pass through certificates issued by the JetBlue Airways Pass Through Trust,
Series 2004-2G-2-O.

 

“Clearing Agency”
means an organization registered as a “clearing agency” pursuant to
Section 17A of the Exchange Act.

 

“Clearing Agency
Participant” means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency
effects, directly or indirectly, book-entry transfers and pledges of securities
deposited with the Clearing Agency.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the
Treasury Regulations promulgated thereunder.

 

“Company”
means JetBlue Airways Corporation, a Delaware corporation, or its successor in
interest pursuant to Section 5.02, or (only in the context of provisions
hereof, if any,

 

4

 

where such reference is required for purposes of compliance with the
Trust Indenture Act) any other “obligor” (within the meaning of the Trust
Indenture Act) with respect to the Certificates.

 

“Controlling
Party” has the meaning specified in the Intercreditor Agreement.

 

“Corporate Trust
Office” with respect to the Trustee or any Loan Trustee, means
the office of such trustee in the city at which at any particular time its
corporate trust business shall be principally administered.

 

“Cut-off Date”
means the earlier of (a) the Delivery Period Termination Date and
(b) the date on which a Triggering Event occurs.

 

“Definitive
Certificates” has the meaning specified in Section 3.05.

 

“Delivery Period
Termination Date” means the earlier of
(a) February 28, 2006, or, if the Equipment Notes relating to all of
the Aircraft (or Substitute Aircraft in lieu thereof) have not been purchased
by the Trustee and the Other Trustees on or prior to such date due to any
reason beyond the control of the Company and not occasioned by the Company’s
fault or negligence, May 31, 2006 and (b) the date on which Equipment
Notes issued with respect to all of the Aircraft (or Substitute Aircraft in
lieu thereof) have been purchased by the Trustee and the Other Trustees in
accordance with the Note Purchase Agreement.

 

“Deposits”
has the meaning specified in the Deposit Agreement.

 

“Deposit
Agreement” means the Deposit Agreement dated as of
November 15, 2004 relating to the Certificates between the Depositary and
the Escrow Agent, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.

 

“Depositary”
means HSH Nordbank AG, acting through its New York Branch.

 

“Direction”
has the meaning specified in Section 1.04(a).

 

“Distribution
Date” means any Regular Distribution Date or Special
Distribution Date as the context requires.

 

“DTC”
means The Depository Trust Company, its nominees and their respective
successors.

 

“Equipment Notes”
means the equipment notes issued under the Indentures.

 

“ERISA”
means Employee Retirement Income Security Act of 1974, as amended from time to
time.

 

“Escrow Agent”
means, initially, Wilmington Trust Company.

 

“Escrow Agreement”
means the Escrow and Paying Agent Agreement dated as of November 15, 2004
relating to the Certificates, among the Escrow Agent, the Escrow Paying

 

5

 

Agent, the Trustee and the Underwriters, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Escrow Paying
Agent” means the Person acting as paying agent under the Escrow
Agreement.

 

“Escrow Receipt”
means the receipt substantially in the form annexed to the Escrow Agreement
representing a fractional undivided interest in the funds held in escrow
thereunder.

 

“Event of Default”
means an Indenture Default under any Indenture pursuant to which Equipment
Notes held by the Trust were issued.

 

“Exchange Act”
means the United States Securities Exchange Act of 1934, as amended from time
to time, or any successor thereto.

 

“Final Legal
Distribution Date” means February 15, 2018.

 

“Final Withdrawal”
has the meaning specified in the Escrow Agreement.

 

“Final Withdrawal
Date” has the meaning specified in the Escrow Agreement.

 

“Final Withdrawal
Notice” has the meaning specified in Section 2.02.

 

“Financing
Documents” with respect to any Equipment Note, means the
Indenture and the Participation Agreement relating to such Equipment Note.

 

“Fractional
Undivided Interest” means the fractional undivided interest in
the Trust that is evidenced by a Certificate relating to such Trust.

 

“Funding Date”
has the meaning specified in the Note Purchase Agreement.

 

“Funding Notice”
has the meaning specified in the Note Purchase Agreement.

 

“Global
Certificates” means certificates representing the Book-Entry
Certificate delivered to and held by a Clearing Agency or its nominee.

 

“Indenture”
means each of the separate trust indentures and mortgages relating to the
Aircraft, each as specified or described in a Funding Notice delivered pursuant
to the Note Purchase Agreement or the related Participation Agreement, in each
case as the same may be amended, supplemented or otherwise modified from time
to time in accordance with its terms.

 

“Indenture
Default” with respect to any Indenture, means any Event of
Default (as such term is defined in such Indenture).

 

“Intercreditor
Agreement” means the Intercreditor Agreement dated as of
November 15, 2004 among the Trustee, the Other Trustees, the Liquidity
Providers, the liquidity providers relating to the Certificates issued under
(and as defined in) the Other Pass Through Trust Agreements, the Policy
Provider, and Wilmington Trust Company, as Subordination Agent

 

6

 

and as trustee thereunder, as amended, supplemented or otherwise
modified from time to time in accordance with its terms.

 

“Investors”
means the Underwriters together with all subsequent beneficial owners of the
Certificates.

 

“Issuance Date”
means the date of the original issuance of the Certificates.

 

“Letter of
Representations” means, with respect to the Certificates, an
agreement between the Company, the Trustee and the initial Clearing Agency
substantially in the form attached as an exhibit hereto, as such letter may be
modified or supplemented, or any successor letter thereto.

 

“Liquidity
Facilities” means the Primary Liquidity Facility and the
Above-Cap Liquidity Facility.

 

“Liquidity
Providers” means the Primary Liquidity Provider and the
Above-Cap Liquidity Provider.

 

“Loan Trustee”
with respect to any Equipment Note or the Indenture applicable thereto, means
the bank or trust company designated as trustee under such Indenture, together
with any successor to such trustee appointed pursuant thereto.

 

“Note Purchase
Agreement” means the Note Purchase Agreement dated as of
November 15, 2004 among the Trustee, the Other Trustee, the Company, the
Escrow Agent, the Escrow Paying Agent and the Subordination Agent, providing
for, among other things, the purchase of Equipment Notes by the Trustee on
behalf of the Trust, as the same may be amended, supplemented or otherwise
modified from time to time, in accordance with its terms.

 

“Notice of
Purchase Withdrawal” has the meaning specified in the Deposit
Agreement.

 

“Officer’s
Certificate” means a certificate signed (a) in the case of
the Company, by any Vice President or more senior officer of the Company or,
(b) in the case of a Loan Trustee, a Responsible Officer of such Loan
Trustee, as the case may be.

 

“Opinion of
Counsel” means a written opinion of legal counsel who
(a) in the case of counsel for the Company may be (i) the General
Counsel of the Company, (ii) Vedder, Price, Kaufman & Kammholz,
P.C., (iii) Nixon Peabody LLP or (iv) such other counsel designated
by the Company and reasonably acceptable to the Trustee and (b) in the
case of counsel for any Loan Trustee may be such counsel as may be designated
by any of them whether or not such counsel is an employee of any of them, and
who shall be reasonably acceptable to the Trustee.

 

“Other Pass
Through Trust Agreements” means the other JetBlue Airways 2004-2
Pass Through Trust Agreements relating to the JetBlue Airways Pass Through
Trust, Series 2004-2G-2-O and the JetBlue Airways Pass Through Trust,
Series 2004-2C-O, each dated the date hereof.

 

7

 

“Other Trustee”
means each trustee under the Other Pass Through Trust Agreements, and any
successor or other trustee appointed as provided therein.

 

“Other Trusts”
means the JetBlue Airways Pass Through Trust, Series 2004-2G-2-O and JetBlue
Airways Pass Through Trust, Series 2004-2C-O each created on the date hereof.

 

“Outstanding”
when used with respect to Certificates, means, as of the date of determination,
all Certificates theretofore authenticated and delivered under this Agreement,
except:

 

(i)            Certificates
theretofore canceled by the Registrar or delivered to the Trustee or the
Registrar for cancellation;

 

(ii)           Certificates
for which money in the full amount required to make the final distribution with
respect to such Certificates pursuant to Section 11.01 hereof has been
theretofore deposited with the Trustee in trust for the Holders of such
Certificates as provided in Section 4.01 pending distribution of such money
to such Certificateholders pursuant to payment of such final distribution; and

 

(iii)          Certificates
in exchange for or in lieu of which other Certificates have been authenticated
and delivered pursuant to this Agreement.

 

“Participation
Agreement” means each Participation Agreement to be entered into
by the Trustee pursuant to the Note Purchase Agreement, as the same may be
amended, supplemented or otherwise modified in accordance with its terms.

 

“Paying Agent”
means the paying agent maintained and appointed for the Certificates pursuant
to Section 7.12.

 

“Permitted
Investments” means obligations of the United States of America
or agencies or instrumentalities thereof for the payment of which the full
faith and credit of the United States of America is pledged, maturing in not
more than 60 days after the date of acquisition thereof or such lesser time as
is required for the distribution of any Special Payments on a Special
Distribution Date.

 

“Person”
means any person, including any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust,
trustee, unincorporated organization, or government or any agency or political
subdivision thereof.

 

“Policy”
has the meaning specified in the Intercreditor Agreement.

 

“Policy Provider”
has the meaning specified in the Intercreditor Agreement.

 

“Policy Provider
Agreement” has the meaning specified in the Intercreditor
Agreement.

 

“Policy Provider
Amounts” has the meaning specified in the Intercreditor
Agreement.

 

“Policy Provider
Default” has the meaning specified in the Intercreditor
Agreement.

 

8

 

“Pool Balance”
means, as of any date, (i) the original aggregate face amount of the
Certificates less (ii) the aggregate amount of all payments made in
respect of such Certificates other than payments made in respect of interest,
Break Amount or premium thereon or reimbursement of any costs or expenses
incurred in connection therewith.  The Pool
Balance as of any Distribution Date shall be computed after giving effect to
the payment of principal, if any, on the Equipment Notes or other Trust
Property held in such Trust and the distribution thereof to be made on such
Distribution Date and the distribution of the Final Withdrawal to be made on
such Distribution Date.

 

“Pool Factor”
means, as of any date, the quotient (rounded to the seventh decimal place)
computed by dividing (i) the Pool Balance as at such date by (ii) the
original aggregate face amount of the Certificates.  The Pool Factor as of any Distribution Date
shall be computed after giving effect to the payment of principal, if any, on
the Equipment Notes or other Trust Property and the distribution thereof to be
made on such Distribution Date and the distribution of the Final Withdrawal to
be made on such Distribution Date.

 

“Primary
Liquidity Facility” means, initially, the Revolving Credit
Agreement dated as of November 15, 2004 relating to the Certificates,
between the Primary Liquidity Provider and the Subordination Agent, as agent
and trustee for the Trustee, and, from and after the replacement of such
Agreement pursuant to the Intercreditor Agreement, the Replacement Primary
Liquidity Facility (as defined in the Intercreditor Agreement) therefor, if
any, in each case as amended, supplemented or otherwise modified from time to
time in accordance with their respective terms.

 

“Primary
Liquidity Provider” means, initially, Landesbank
Baden-Württemberg or any Replacement Primary Liquidity Provider which has
issued a Replacement Primary Liquidity Facility (each as defined in the
Intercreditor Agreement) to replace the Class G-1 Primary Liquidity
Facility pursuant to Section 2.7 or 3.6(e) of the Intercreditor Agreement.

 

“Prospectus”
means the prospectus dated November 4, 2004, as supplemented by the
prospectus supplement dated November 9, 2004, relating to the offer and
sale of the Certificates and the certificates issued under the Other Pass
Through Trust Agreements.

 

“PTC Event of
Default” means any failure to pay within ten Business Days of
the due date thereof:  (i) the
outstanding Pool Balance on the Final Legal Distribution Date (unless the
Subordination Agent shall have made a drawing under the Policy in an aggregate
amount sufficient to pay the outstanding Pool Balance and shall have
distributed such amount to the Trustee) or (ii) interest due on the
Certificates on any Distribution Date (unless the Subordination Agent shall
have made an Interest Drawing or Drawings (as defined in the Intercreditor
Agreement), a withdrawal or withdrawals pursuant to Section 3.6(f) of the
Intercreditor Agreement, or a drawing under the Policy, with respect thereto in
an aggregate amount sufficient to pay such interest and shall have distributed
such amount to the Trustee).

 

“Record Date”
means (i) for Scheduled Payments to be distributed on any Regular
Distribution Date, other than the final distribution, February 1, May 1, August
1 or November 1 (whether or not a Business Day) immediately preceding such
Regular Distribution Date, and (ii) for Special Payments to be distributed
on any Special Distribution Date, other than the final

 

9

 

distribution, the 15th day (whether or not a Business Day) preceding
such Special Distribution Date.

 

“Register and
Registrar” mean the register maintained and the registrar
appointed pursuant to Sections 3.04 and 7.12.

 

“Regular
Distribution Date” with respect to distributions of Scheduled
Payments in respect of the Certificates, means each date designated as a Regular
Distribution Date in the Certificates issued pursuant to this Agreement, until
payment of all the Scheduled Payments to be made under the Equipment Notes held
in the Trust have been made; provided, however, that, if any such
day shall not be a Business Day, the related distribution shall be made on the
next succeeding Business Day.

 

“Related Pass
Through Trust Agreement” means the Pass Through Trust Agreement
relating to the JetBlue Airways Pass Through Trust, Series 2004-2G-1-S, dated
the date hereof, between the Company and the institution acting as trustee
thereunder, which agreement becomes effective upon the execution and delivery
of the Assignment and Assumption Agreement pursuant to Section 11.01.

 

“Related Trust”
means the JetBlue Airways Pass Through Trust, Series 2004-2G-1-S, formed under
the Related Pass Through Trust Agreement.

 

“Related Trustee”
means the trustee under the Related Pass Through Trust Agreement.

 

“Responsible
Officer” with respect to the Trustee and any Loan Trustee, means
any officer in the Corporate Trust Office of the Trustee, Loan Trustee or any
other officer customarily performing functions similar to those performed by
the persons who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of his knowledge of and
familiarity with a particular subject.

 

“Scheduled
Payment” with respect to any Equipment Note, means (i) any
payment of principal or interest on or in respect of such Equipment Note (other
than any such payment which is not in fact received by the Subordination Agent
within ten Business Days of the date on which such payment is scheduled to be
made) due from the obligor thereon or (ii) any payment of interest on the
Certificates with funds drawn under any Liquidity Facility or any payment of
interest on or principal of the Certificates with funds drawn under the Policy,
which payment in any such case represents the installment of principal at the
stated maturity of such installment of principal on such Equipment Note, the
payment of regularly scheduled interest accrued on the unpaid principal amount
of such Equipment Note, or both; provided that any payment of principal,
premium, if any, or interest resulting from the redemption or purchase of any
Equipment Note shall not constitute a Scheduled Payment.

 

“SEC”
means the Securities and Exchange Commission, as from time to time constituted
or created under the United States Securities Exchange Act of 1934, as amended,
or, if at any time after the execution of this instrument such Commission is
not existing and performing the duties now assigned to it under the Trust
Indenture Act, then the body performing such duties on such date.

 

10

 

“Securities Act”
means the United States Securities Act of 1933, as amended from time to time,
or any successor thereto.

 

“Special
Distribution Date” means each date on which a Special Payment is
to be distributed as specified in this Agreement; provided, however,
that, if any such day shall not be a Business Day, the related distribution
shall be made on the next succeeding Business Day.

 

“Special Payment”
means any payment (other than a Scheduled Payment) in respect of, or any
proceeds of, any Equipment Note or Collateral (as defined in each Indenture) or
Special Redemption Premium.

 

“Special Payments
Account” means the account or accounts created and maintained
pursuant to Section 4.01(b).

 

“Special
Redemption Premium” means the premium payable by the Company in
respect of the Final Withdrawal pursuant to the Note Purchase Agreement.

 

“Subordination
Agent” has the meaning specified in the Intercreditor Agreement.

 

“Substitute
Aircraft” has the meaning specified in the Note Purchase
Agreement.

 

“Tax”
means all license, recording, documentary, registration and other similar fees
and all taxes, levies, imposts, duties, charges, assessments or withholdings of
any nature whatsoever imposed by any Taxing Authority, together with any
penalties, additions to tax, fines or interest thereon or additions thereto.

 

“Taxing Authority”
means any federal, state or local government or other taxing authority in the
United States, any foreign government or any political subdivision or taxing
authority thereof, any international taxing authority or any territory or
possession of the United States or any taxing authority thereof.

 

“Transfer Date”
has the meaning specified in Section 11.01.

 

“Triggering Event”
has the meaning assigned to such term in the Intercreditor Agreement.

 

“Trust”
means the trust created by this Agreement, the estate of which consists of the
Trust Property.

 

“Trust Indenture
Act” means the United States Trust Indenture Act of 1939, as
amended from time to time, or any successor thereto.

 

“Trust Property”
means (i) the Equipment Notes held as the property of the Trust and,
subject to the Intercreditor Agreement, all monies at any time paid thereon and
all monies due and to become due thereunder, (ii) funds from time to time
deposited in the Certificate Account and the Special Payments Account and,
subject to the Intercreditor Agreement, any proceeds from the sale by the
Trustee pursuant to Article VI hereof of any Equipment Note and
(iii) all rights of the Trust and the Trustee, on behalf of the Trust,
under the Intercreditor Agreement, the

 

11

 

Escrow Agreement, the Note Purchase Agreement, the Policy and the
Liquidity Facilities, including, without limitation, all rights to receive
certain payments thereunder, and all monies paid to the Trustee on behalf of
the Trust pursuant to the Intercreditor Agreement, the Policy or the Liquidity
Facilities, provided that rights with respect to the Deposits or under
the Escrow Agreement, except for the right to direct withdrawals for the
purchase of Equipment Notes to be held herein, will not constitute Trust
Property.

 

“Trustee”
means Wilmington Trust Company, or its successor in interest, and any successor
or other trustee appointed as provided herein.

 

“Trustee’s Liens”
has the meaning specified in Section 7.17.

 

“Underwriters”
means the several underwriters listed as such in the Underwriting Agreement.

 

“Underwriting
Agreement” means the Underwriting Agreement dated
November 9, 2004 among the Underwriters and the Company, as the same may
be amended, supplemented or otherwise modified from time to time in accordance
with its terms.

 

“Unindemnified
Tax” means (i) any Tax imposed on the net income, net worth
or capital, or any franchise Tax or similar doing business Tax, of the Trustee,
(ii) any withholding Tax imposed by the United States (including, without
limitation, any withholding Tax imposed by the United States which is imposed
or increased as a result of the Trustee failing to deliver to the Company any
certificate or document necessary to establish that payments under this
Agreement are exempt from withholding Tax), and (iii) any Avoidable Tax.

 

Section
1.02.        Compliance
Certificates and Opinions.  Upon any
application or request (except with respect to matters set forth in
Article II) by the Company, any Loan Trustee to the Trustee to take any
action under any provision of this Agreement, the Company, such Loan Trustee,
as the case may be, shall furnish to the Trustee (i) an Officer’s
Certificate stating that, in the opinion of the signers, all conditions precedent,
if any, provided for in this Agreement relating to the proposed action have
been complied with and (ii) an Opinion of Counsel stating that in the
opinion of such counsel all such conditions precedent, if any, have been
complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any
provision of this Agreement relating to such particular application or request,
no additional certificate or opinion need be furnished.

 

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Agreement (other
than a certificate provided pursuant to Section 8.04(d)) shall include:

 

(1)           a
statement that each individual signing such certificate or opinion has read
such covenant or condition and the definitions in this Agreement relating
thereto;

 

(2)           a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

 

12

 

(3)           a
statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been
complied with; and

 

(4)           a
statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

 

Section
1.03.        Form
of Documents Delivered to Trustee. 
In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one
or more other such Persons as to other matters and any such Person may certify
or give an opinion as to such matters in one or several documents.

 

Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements,
opinions or other instruments under this Agreement or, in respect of the
Certificates, this Agreement, they may, but need not, be consolidated and form
one instrument.

 

Section
1.04.        Directions
of Certificateholders.  (a) Any
direction, consent, request, demand, authorization, notice, waiver or other
action provided by this Agreement to be given or taken by Certificateholders (a
“Direction”) may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Certificateholders in person or by an agent or proxy duly appointed in
writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the
Trustee and, where it is hereby expressly required pursuant to this Agreement,
to the Company or any Loan Trustee. 
Proof of execution of any such instrument or of a writing appointing any
such agent or proxy shall be sufficient for any purpose of this Agreement and
conclusive in favor of the Trustee, the Company and any Loan Trustee, if made
in the manner provided in this Section.

 

(b)           The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the certificate of any notary public or other officer of any
jurisdiction authorized to take acknowledgments of deeds or administer oaths
that the Person executing such instrument acknowledged to him the execution
thereof, or by an affidavit of a witness to such execution sworn to before any
such notary or such other officer and where such execution is by an officer of
a corporation or association or a member of a partnership, on behalf of such
corporation, association or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority.  The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same,
may also be proved in any other reasonable manner which the Trustee deems
sufficient.

 

(c)           In
determining whether the Certificateholders of the requisite Fractional
Undivided Interests of Certificates Outstanding have given any Direction under
this Agreement, Certificates owned by the Company or any Affiliate thereof
shall be disregarded and deemed not

 

13

 

to be Outstanding for purposes of any such
determination.  In determining whether
the Trustee shall be protected in relying upon any such Direction, only
Certificates which the Trustee knows to be so owned shall be so
disregarded.  Notwithstanding the
foregoing, (i) if any such Person owns 100% of the Certificates
Outstanding, such Certificates shall not be so disregarded, and (ii) if
any amount of Certificates so owned by any such Person have been pledged in
good faith, such Certificates shall not be disregarded if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act
with respect to such Certificates and that the pledgee is not the Company or
any Affiliate thereof.

 

(d)           For
all purposes of this Agreement, all Certificates shall vote and take all other
actions of Certificateholders together as one series of Certificates.

 

(e)           The
Company may at its option, by delivery of an Officer’s Certificate to the
Trustee, set a record date to determine the Certificateholders entitled to give
any Direction.  Notwithstanding
Section 316(c) of the Trust Indenture Act, such record date shall be the
record date specified in such Officer’s Certificate, which shall be a date not
more than 30 days prior to the first solicitation of Certificateholders in
connection therewith.  If such a record
date is fixed, such Direction may be given before or after such record date,
but only the Certificateholders of record at the close of business on such
record date shall be deemed to be Certificateholders for the purposes of
determining whether Certificateholders of the requisite proportion of
Outstanding Certificates have authorized or agreed or consented to such
Direction, and for that purpose the Outstanding Certificates shall be computed
as of such record date; provided that no such Direction by the
Certificateholders on such record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Agreement not later
than one year after such record date.

 

(f)            Any
Direction by the Holder of any Certificate shall bind the Holder of every
Certificate issued upon the transfer thereof or in exchange therefor or in lieu
thereof, whether or not notation of such Direction is made upon such
Certificate.

 

(g)           Except
as otherwise provided in Section 1.04(c), Certificates owned by or pledged
to any Person shall have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction as
among all of the Certificates.

 

ARTICLE II

ORIGINAL ISSUANCE OF CERTIFICATES;

ACQUISITION OF EQUIPMENT NOTES

 

Section
2.01.        Issuance
of Certificates; Acquisition of Equipment Notes.  (a) The Trustee is hereby directed
(i) to execute and deliver the Intercreditor Agreement, the Escrow
Agreement, the Policy Provider Agreement and the Note Purchase Agreement on or
prior to the Issuance Date, each in the form delivered to the Trustee by the
Company and (ii) subject to the respective terms thereof, to perform its
obligations thereunder.  Upon request of
the Company and the satisfaction or waiver of the closing conditions specified
in the Underwriting Agreement, the Trustee shall execute, deliver,
authenticate, issue and sell Certificates in authorized denominations equaling
in the aggregate the amount set forth, with respect to the Trust, in

 

14

 

Schedule II to the Underwriting Agreement
evidencing the entire ownership interest in the Trust, which amount equals the
maximum aggregate principal amount of Equipment Notes which may be purchased by
the Trustee pursuant to the Note Purchase Agreement.  Except as provided in Sections 3.04,
3.05, 3.07 and 3.10 hereof, the Trustee shall not execute, authenticate or
deliver Certificates in excess of the aggregate amount specified in this
paragraph.

 

(b)           On
or after the Issuance Date, the Company may deliver from time to time to the
Trustee a Funding Notice relating to one or more Equipment Notes.  After receipt of a Funding Notice and in any
case no later than one Business Day prior to a Funding Date as to which such
Funding Notice relates (the “Applicable
Funding Date”) (or, if the Issuance Date is an Applicable Funding
Date, on the Issuance Date), the Trustee shall (as and when specified in the
Funding Notice) instruct the Escrow Agent to provide a Notice of Purchase
Withdrawal to the Depositary requesting (A) the withdrawal of one or more
Deposits on the Applicable Funding Date in accordance with and to the extent
permitted by the terms of the Escrow Agreement and the Deposit Agreement and
(B) the payment of all, or a portion, of such Deposit or Deposits in an
amount equal in the aggregate to the purchase price of such Equipment Notes to
or on behalf of the Company, as the case may be, issuing such Equipment Notes,
all as shall be described in the Funding Notice; provided that, if the
Issuance Date is an Applicable Funding Date, such purchase price shall be paid
from a portion of the proceeds of the sale of the Certificates.  The Trustee shall (as and when specified in
such Funding Notice), subject to the conditions set forth in Section 2 of
the Note Purchase Agreement, enter into and perform its obligations under the
Participation Agreement specified in such Funding Notice (the “Applicable Participation Agreement”) and
cause such certificates, documents and legal opinions relating to the Trustee
to be duly delivered as required by the Applicable Participation
Agreement.  If at any time prior to the
Applicable Funding Date, the Trustee receives a notice of postponement pursuant
to Section 1(d) of the Note Purchase Agreement, then the Trustee shall
give the Depositary (with a copy to the Escrow Agent) a notice of cancellation
of such Notice of Purchase Withdrawal relating to such Deposit or Deposits on
such Applicable Funding Date.  Upon
satisfaction of the conditions specified in the Note Purchase Agreement and the
Applicable Participation Agreement, the Trustee shall purchase the applicable
Equipment Notes with the proceeds of the withdrawals of one or more Deposits
made on the Applicable Funding Date in accordance with the terms of the Deposit
Agreement and the Escrow Agreement (or, if the Issuance Date is the Applicable
Funding Date with respect to such Applicable Participation Agreement, from a
portion of the proceeds of the sale of the Certificates).  The purchase price of such Equipment Notes
shall equal the principal amount of such Equipment Notes.  Amounts withdrawn from such Deposit or
Deposits in excess of the purchase price of the Equipment Notes or to the
extent not applied on the Applicable Funding Date to the purchase price of the
Equipment Notes, shall be re-deposited by the Trustee with the Depositary on
the Applicable Funding Date in accordance with the terms of the Deposit
Agreement.

 

Section
2.02.        Withdrawal
of Deposits.  If any Deposits remain
outstanding on the Business Day next succeeding the Cut-Off Date, (i) (A) the
Trustee shall give the Escrow Agent notice that the Trustee’s obligation to
purchase Equipment Notes under the Note Purchase Agreement has terminated and
instruct the Escrow Agent to provide a notice of Final Withdrawal to the
Depositary substantially in the form of Exhibit B to the Deposit Agreement
(the “Final Withdrawal Notice”)
and (B) the Trustee will make a demand upon the Company under the

 

15

 

Note Purchase Agreement for an amount equal to the Special
Redemption Premium, if applicable, such payment to be made on the Final
Withdrawal Date.

 

Section
2.03.        Acceptance
by Trustee.  The Trustee, upon the
execution and delivery of this Agreement, acknowledges its acceptance of all
right, title and interest in and to the Trust Property and declares that the
Trustee holds and will hold such right, title and interest for the benefit of
all then present and future Certificateholders, upon the trusts herein set
forth.  Subject to Section 7.14, the
Trustee shall take all actions reasonably necessary to effect the registration
of all such Equipment Notes in the name of the Subordination Agent.  By its payment for and acceptance of each
Certificate issued to it under this Agreement, each Certificateholder as grantor
of the Trust thereby joins in the creation and declaration of the Trust.

 

Section
2.04.        Limitation
of Powers.  The Trust is constituted
solely for the purpose of making the investment in the Equipment Notes, and,
except as set forth herein, the Trustee shall not be authorized or empowered to
acquire any other investments or engage in any other activities including
without limitation purchasing any Equipment Note issued in connection with the
redemption of outstanding Equipment Notes under any Indenture and, in
particular, the Trustee shall not be authorized or empowered to do anything
that would cause such Trust to fail to qualify as a “grantor trust” for federal
income tax purposes (including as subject to this restriction, acquiring any
Aircraft (as defined in the respective Indentures) by bidding such Equipment
Notes or otherwise, or taking any action with respect to any such Aircraft once
acquired).

 

ARTICLE III

THE CERTIFICATES

 

Section
3.01.        Title,
Form, Denomination and Execution of Certificates.  (a) 
Each Certificate will represent a Fractional Undivided Interest in the
Trust, shall be issued in fully registered form without coupons and shall be
substantially in the form set forth as Exhibit A hereto, with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Agreement and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon
as may be required to comply with the rules of any securities exchange or as
may, consistently herewith, be determined by the Trustee or the officers
executing such Certificates, as evidenced by the Trustee’s or officer’s
execution of the Certificates (provided that such letters, numbers or other
marks of identification and such legends or endorsements are in a form
acceptable to the Company).  Any portion
of the text of any Certificate may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Certificate.  At the Escrow Agent’s request under the
Escrow Agreement, the Trustee shall affix the corresponding Escrow Receipt to
each Certificate.  In any event, any
transfer or exchange of any Certificate shall also effect a transfer or
exchange of the related Escrow Receipt. 
Prior to the Final Withdrawal Date, no transfer or exchange of any
Certificate shall be permitted unless the corresponding Escrow Receipt is
attached thereto and also is so transferred or exchanged.  By acceptance of any Certificate to which an
Escrow Receipt is attached, each Holder of such a Certificate acknowledges and
accepts the restrictions on transfer of the Escrow Receipt set forth herein and
in the Escrow Agreement.

 

16

 

(b)           The
Certificates shall be issued only in fully registered form without coupons and
only in minimum denominations of $1,000 and integral multiples of $1,000 in
excess thereof, except that one Certificate may be issued in a different
denomination.  Each Certificate shall be
dated the date of its authentication. 
The aggregate Fractional Undivided Interest of Certificates shall not at
any time exceed $176,753,000.

 

(c)           The
Certificates shall be in registered form and shall be typed, printed,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner, all as determined by the officers executing
such Certificates, as evidenced by their execution of such Certificates.

 

Section
3.02.        Restrictive
Legends.  Each Global Certificate
shall bear the following legend on the face thereof:

 

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

 

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

 

Section
3.03.        Authentication
of Certificates.  (a) On the Issuance
Date, the Trustee shall duly execute, authenticate and deliver Certificates in
authorized denominations equaling in the aggregate the amount set forth, with
respect to the Trust, in Schedule II to the Underwriting Agreement,
evidencing the entire ownership of the Trust, which amount equals the maximum
aggregate principal amount of Equipment Notes which may be purchased by the Trustee
pursuant to the Note Purchase Agreement.

 

(b)           No
Certificate shall be entitled to any benefit under this Agreement or be valid
or obligatory for any purpose, unless there appears on such Certificate a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Certificate

 

17

 

shall be conclusive evidence, and the only evidence,
that such Certificate has been duly authenticated and delivered hereunder.

 

(c)           Certificates
bearing the manual or facsimile signature of an individual who was, at the time
when such signature was affixed, authorized to sign on behalf of the Trustee
shall be valid and binding obligations of the Trust notwithstanding that such
individual has ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such office on the date of such
Certificates.

 

Section
3.04.        Transfer
and Exchange.  The Trustee shall
cause to be kept at the office or agency to be maintained by it in accordance
with the provisions of Section 7.12 a register (the “Register”) of the Certificates in which,
subject to such reasonable regulations as it may prescribe, the Trustee shall
provide for the registration of such Certificates and of transfers and
exchanges of such Certificates as herein provided.  The Trustee shall initially be the registrar
(the “Registrar”) for the purpose
of registering such Certificates and transfers and exchanges of such
Certificates as herein provided.  The
Company, upon notice to the Trustee, may change the Registrar at any time.

 

All Certificates issued upon any registration of
transfer or exchange of Certificates shall be valid obligations of the Trust,
evidencing the same interest therein, and entitled to the same benefits under
this Trust Agreement, as the Certificates surrendered upon such registration of
transfer or exchange.

 

A Certificateholder may transfer a Certificate, or
request that a Certificate be exchanged for Certificates in an aggregate
Fractional Undivided Interest equal to the Fractional Undivided Interest of
such Certificate surrendered for exchange of other authorized denominations, by
surrender of such Certificate to the Trustee with the form of transfer notice
thereon duly completed and executed, and otherwise complying with the terms of
this Agreement, including providing evidence of compliance with any
restrictions on transfer, in form satisfactory to the Trustee and the
Registrar.  No such transfer shall be
effected until, and such transferee shall succeed to the rights of a
Certificateholder only upon, final acceptance and registration of the transfer
by the Registrar in the Register.  Prior
to the registration of any transfer by a Certificateholder as provided herein,
the Trustee shall treat the person in whose name the Certificate is registered
as the owner thereof for all purposes, and the Trustee shall not be affected by
notice to the contrary.  Furthermore, DTC
shall, by acceptance of a Global Certificate, agree that transfers of
beneficial interests in such Global Certificate may be effected only through a
book-entry system maintained by DTC (or its agent) and that ownership of a
beneficial interest in the Certificate shall be required to be reflected in a
book entry.  When Certificates are
presented to the Registrar with a request to register the transfer thereof or
to exchange them for other authorized denominations of a Certificate in a Fractional
Undivided Interest equal to the aggregate Fractional Undivided Interest of
Certificates surrendered for exchange, the Registrar shall register the
transfer or make the exchange as requested if its requirements for such
transactions are met.

 

To permit registrations of transfers and exchanges in
accordance with the terms, conditions and restrictions hereof, the Trustee
shall execute and authenticate Certificates at the Registrar’s request.  No service charge shall be made to a
Certificateholder for any registration of

 

18

 

transfer or exchange of Certificates, but the Trustee shall require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed in connection with any transfer or exchange of Certificates.  All Certificates surrendered for registration
of transfer or exchange shall be canceled and subsequently destroyed by the
Trustee.

 

Section
3.05.        Global,
Book-Entry and Definitive Certificates. 
(a)   Except for one Certificate
that may be issued in a denomination of other than an even multiple of $1,000,
except as provided in the following sentence, the Certificates may be issued at
the option of the Company in the form of one or more typewritten Global
Certificates representing the Book-Entry Certificates of such class, to be
delivered to DTC, the initial Clearing Agency, by the Trustee on behalf of the
related Trust.  In the case of the
issuance of Global Certificates, such Global Certificates delivered to DTC
shall initially be registered on the Register in the name of Cede &
Co., the nominee of the initial Clearing Agency, and no Certificate Owner will
receive a definitive certificate representing such Certificate Owner’s interest
in the Certificates, except as provided in Subsection (d) below. As to
Global Certificates, unless and until definitive, fully registered Certificates
(the “Definitive Certificates”)
have been issued pursuant to Subsection (d) below:

 

(i)            the
provisions of this Section 3.05 shall be in full force and effect;

 

(ii)           the
Company, the Paying Agent, the Registrar and the Trustee may deal with the
Clearing Agency for all purposes (including the making of distributions on the
Global Certificates);

 

(iii)          to
the extent that the provisions of this Section 3.05 conflict with any
other provisions of this Agreement, the provisions of this Section 3.05
shall control;

 

(iv)          the rights
of Certificate Owners shall be exercised only through the Clearing Agency and
shall be limited to those established by law and agreements between such
Certificate Owners and the Clearing Agency and/or the Clearing Agency
Participants; and until Definitive Certificates are issued pursuant to
Subsection (d) below, the Clearing Agency will make book-entry transfers
in respect of the Book-Entry Certificates among the Clearing Agency
Participants and receive and transmit distributions of principal, interest and
premium, if any, on the Global Certificates to such Clearing Agency
Participants;

 

(v)           Global
Certificates may be transferred in whole, but not in part, and in the manner
provided in Section 3.04, by the Clearing Agency holding such Global
Certificates to a nominee of such Clearing Agency, or by such Clearing Agency
to a successor Clearing Agency that has been selected or approved by the
Company or to a nominee of such successor Clearing Agency; and

 

(vi)          whenever
this Agreement requires or permits actions to be taken based upon instructions
or directions of Certificateholders evidencing a specified percentage of the
Fractional Undivided Interests in the Trust, the Clearing Agency shall be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Clearing Agency Participants owning or
representing, respectively,

 

19

 

such
required percentage of the Book-Entry Certificates and has delivered such
instructions to the Trustee. Neither the Company nor the Trustee shall have any
obligation to determine whether the Clearing Agency has in fact received any
such instructions.

 

(b)           Whenever
notice or other communication to the Certificateholders is required under this
Agreement, unless and until Definitive Certificates shall have been issued
pursuant to Subsection (d) below, the Trustee shall give all such notices
and communications specified herein to be given to Certificateholders to the
Clearing Agency.

 

(c)           The
Trustee shall enter into the applicable Letter of Representations with respect
to the Global Certificates and fulfill its responsibilities thereunder.

 

(d)           If
with respect to the Global Certificates (i) the Company advises the
Trustee in writing that the Clearing Agency that holds such Global Certificates
is no longer willing or able to discharge properly its responsibilities and the
Trustee or the Company is unable to locate a qualified successor, (ii) the
Company, at its option, advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency or (iii) after
the occurrence of an Event of Default, Certificate Owners of Book-Entry
Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust, by Act of such Certificate Owners
delivered to the Company and the Trustee, advise the Company, the Trustee and
the Clearing Agency through the Clearing Agency Participants in writing that
the continuation of a book-entry system through the Clearing Agency
Participants is no longer in the best interests of the Certificate Owners, then
the Trustee shall notify all Certificate Owners, through the Clearing Agency,
of the occurrence of any such event and of the availability of Definitive
Certificates. Upon surrender to the Trustee of all the Global Certificates held
by the Clearing Agency, accompanied by registration instructions from the
Clearing Agency Participants for registration of Definitive Certificates in the
names of Certificate Owners, the Trustee shall issue and deliver the Definitive
Certificates in accordance with the instructions of the Clearing Agency.
Neither the Company, the Registrar, the Paying Agent nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such registration instructions. Upon
the issuance of Definitive Certificates, the Trustee shall recognize the
Persons in whose names the Definitive Certificates are registered in the
Register as Certificateholders hereunder. Neither the Company nor the Trustee
shall be liable if the Trustee or the Company is unable to locate a qualified
successor Clearing Agency.

 

(e)           Until
such time as no Certificates remain Outstanding, the Registrar shall retain
copies of all letters, notices and other written communications received
pursuant to this Section 3.05.  The
Trustee, if not the Registrar at such time, shall have the right to inspect and
make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.

 

Section
3.06.        [Intentionally
Omitted.]

 

Section
3.07.        Mutilated,
Destroyed, Lost or Stolen Certificates. 
If (a) any mutilated Certificate is surrendered to the Registrar or
the Registrar receives evidence to its satisfaction of

 

20

 

the destruction, loss or theft of any Certificate and
(b) there is delivered to the Registrar and the Trustee such security,
indemnity or bond, as may be required by them to save each of them harmless,
then, in the absence of notice to the Registrar or the Trustee that such
destroyed, lost or stolen Certificate has been acquired by a protected
purchaser, and provided that the requirements of Section 8-405 of the
Uniform Commercial Code in effect in any applicable jurisdiction are met, the Trustee
shall execute, authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate or
Certificates, in authorized denominations and of like Fractional Undivided
Interest and bearing a number not contemporaneously outstanding.

 

In connection with the issuance of any new Certificate
under this Section 3.07, the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other expenses (including the fees and expenses of the
Trustee and the Registrar) connected therewith.

 

Any duplicate Certificate issued pursuant to this
Section 3.07 shall constitute conclusive evidence of the appropriate
Fractional Undivided Interest in the Trust, as if originally issued, whether or
not the lost, stolen or destroyed Certificate shall be found at any time.

 

The provisions of this Section are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen
Certificates.

 

Section
3.08.        Persons
Deemed Owners.  Prior to due
presentment of a Certificate for registration of transfer, the Trustee, the
Registrar and any Paying Agent may treat the Person in whose name any
Certificate is registered (as of the day of determination) as the owner of such
Certificate for the purpose of receiving distributions pursuant to
Article IV and for all other purposes whatsoever, and none of the Trustee,
the Registrar or any Paying Agent shall be affected by any notice to the
contrary.

 

Section
3.09.        Cancellation.  All Certificates surrendered for payment or
transfer or exchange shall, if surrendered to the Trustee or any agent of the
Trustee other than the Registrar, be delivered to the Registrar for
cancellation and shall promptly be canceled by it.  No Certificates shall be authenticated in
lieu of or in exchange for any Certificates canceled as provided in this Section,
except as expressly permitted by this Agreement.  All canceled Certificates held by the
Registrar shall be destroyed and a certification of their destruction delivered
to the Trustee.

 

Section
3.10.        Temporary
Certificates.  Until Definitive
Certificates are ready for delivery, the Trustee shall authenticate temporary
Certificates.  Temporary Certificates
shall be substantially in the form of Definitive Certificates but may have
insertions, substitutions, omissions and other variations determined to be
appropriate by the officers executing the temporary Certificates, as evidenced
by their execution of such temporary Certificates.  If temporary Certificates are issued, the
Trustee will cause Definitive Certificates to be prepared without unreasonable
delay.  After the preparation of
Definitive Certificates, the temporary Certificates shall be exchangeable for
Definitive Certificates upon surrender of the temporary Certificates at the
office or agency of the Trustee designated for such purpose pursuant to

 

21

 

Section 7.12, without charge to the
Certificateholder.  Upon surrender for
cancellation of any one or more temporary Certificates, the Trustee shall
execute, authenticate and deliver in exchange therefor a like face amount of
Definitive Certificates of authorized denominations.  Until so exchanged, the temporary
Certificates shall be entitled to the same benefits under this Agreement as
Definitive Certificates.

 

Section
3.11.        Limitation
of Liability for Payments.  All
payments and distributions made to Certificateholders in respect of the
Certificates shall be made only from the Trust Property and only to the extent
that the Trustee shall have sufficient income or proceeds from the Trust
Property to make such payments in accordance with the terms of Article IV
of this Agreement.  Each
Certificateholder, by its acceptance of a Certificate, agrees that it will look
solely to the income and proceeds from the Trust Property for any payment or
distribution due to such Certificateholder pursuant to the terms of this
Agreement and that it will not have any recourse to the Company, the Trustee,
the Loan Trustees, the Liquidity Providers or the Policy Provider, except as
otherwise expressly provided herein or in the Intercreditor Agreement.

 

The Company is a party to this Agreement solely for
purposes of meeting the requirements of the Trust Indenture Act, and therefore
shall not have any right, obligation or liability hereunder (except as
otherwise expressly provided herein).

 

Section
3.12.        ERISA
Legend.  All Certificates issued
pursuant to this Agreement shall bear a legend to the following effect (the “ERISA Legend”) unless the Company and the
Trustee determine otherwise consistent with applicable law:

 

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

 

By acceptance of any Certificate bearing the ERISA
Legend, each Holder of such a Certificate acknowledges the restrictions on
transfer of such Certificate set forth in this Agreement and agrees that it
will transfer such Certificate only as provided in this Agreement.  The Trustee shall not register a transfer of
any Certificate unless such transfer complies with the restrictions on
transfer, if any, of such Certificate set forth in such legend.

 

22

 

ARTICLE IV

DISTRIBUTIONS; STATEMENTS TO

CERTIFICATEHOLDERS

 

Section
4.01.        Certificate
Account and Special Payments Account. 
(a) The Trustee shall establish and maintain on behalf of the
Certificateholders a Certificate Account as one or more non-interest-bearing
accounts.  The Trustee shall hold the
Certificate Account in trust for the benefit of the Certificateholders, and
shall make or permit withdrawals therefrom only as provided in this
Agreement.  On each day when a Scheduled
Payment is made to the Trustee under the Intercreditor Agreement, the Trustee
upon receipt thereof shall immediately deposit the aggregate amount of such
Scheduled Payment in the Certificate Account.

 

(b)           The
Trustee shall establish and maintain on behalf of the Certificateholders a
Special Payments Account as one or more accounts, which shall be non-interest
bearing except as provided in Section 4.04.  The Trustee shall hold the Special Payments
Account in trust for the benefit of the Certificateholders and shall make or
permit withdrawals therefrom only as provided in this Agreement.  On each day when one or more Special Payments
are made to the Trustee under the Intercreditor Agreement and upon the payment
of the Special Redemption Premium to the Trustee under the Note Purchase
Agreement, the Trustee, upon receipt thereof, shall immediately deposit the
aggregate amount of such Special Payments in the Special Payments Account.

 

(c)           The
Trustee shall cause the Subordination Agent to present to the related Loan
Trustee of each Equipment Note such Equipment Note on the date of its stated
final maturity or, in the case of any Equipment Note which is to be redeemed in
whole pursuant to the related Indenture, on the applicable redemption date
under such Indenture.

 

Section
4.02.        Distributions
from Certificate Account and Special Payments Account.  (a) On each Regular Distribution Date or as
soon thereafter as the Trustee has confirmed receipt of the payment of all or
any part of the Scheduled Payments due on such date, the Trustee shall
distribute out of the Certificate Account the entire amount deposited therein
pursuant to Section 4.01(a).  There
shall be so distributed to each Certificateholder of record on the Record Date
with respect to such Regular Distribution Date (other than as provided in
Section 11.01 concerning the final distribution) by check mailed to such
Certificateholder, at the address appearing in the Register, such
Certificateholder’s pro rata share (based on the Fractional Undivided Interest
in the Trust held by such Certificateholder) of the total amount in the
Certificate Account, except that, with respect to Certificates registered on
the Record Date in the name of Cede & Co., as nominee for DTC, such
distribution shall be made by wire transfer in immediately available funds to the
account designated by DTC.

 

(b)           On
each Special Distribution Date with respect to any Special Payment or as soon
thereafter as the Trustee has confirmed receipt of any Special Payments due on
the Equipment Notes held in the related Trust or realized upon the sale of such
Equipment Notes or receipt of the Special Redemption Premium, the Trustee shall
distribute out of the Special Payments Account the entire amount of such
Special Payment deposited therein pursuant to Section 4.01(b).  There shall be so distributed to each
Certificateholder of record on the Record

 

23

 

Date with respect to such Special Distribution Date
(other than as provided in Section 11.01 concerning the final
distribution) by check mailed to such Certificateholder, at the address
appearing in the Register, such Certificateholder’s pro rata share (based on
the Fractional Undivided Interest in the Trust held by such Certificateholder)
of the total amount in the Special Payments Account on account of such Special
Payment, except that, with respect to Certificates registered on the Record
Date in the name of Cede & Co., as nominee for DTC, such distribution shall
be made by wire transfer in immediately available funds to the account
designated by DTC.

 

(c)           The
Trustee shall cause notice of each Special Payment to be mailed to each
Certificateholder at his address as it appears in the Register.  In the event of redemption or purchase of
Equipment Notes held in the Trust, such notice shall be mailed not less than 20
days prior to the Special Distribution Date for the Special Payment resulting
from such redemption or purchase, which Special Distribution Date shall be the
date of such redemption or purchase.  In
the event of the payment of a Special Redemption Premium by the Company to the
Trustee under the Note Purchase Agreement, such notice shall be mailed,
together with the notice by the Escrow Paying Agent under Section 2.06 of
the Escrow Agreement, not less than 20 days prior to the Special Distribution
Date for such amount, which Special Distribution Date shall be the Final
Withdrawal Date.  In the case of
distributions pursuant to Section 3.7(c) or Section 3.7(e) of the
Intercreditor Agreement, the Trustee will mail notice to the Certificateholders
stating the Special Distribution Date, the related Record Date, the amount of
such distribution and the reason for such distribution.  In the case of any other Special Payments,
such notice shall be mailed as soon as practicable after the Trustee has confirmed
that it has received funds for such Special Payment, stating the Special
Distribution Date for such Special Payment which shall occur not less than 20
days after the date of such notice and as soon as practicable thereafter.  Notices mailed by the Trustee shall set
forth:

 

(i)            the
Special Distribution Date and the Record Date therefor (except as otherwise
provided in Section 11.01),

 

(ii)           the amount
of the Special Payment for each $1,000 face amount Certificate and the amount
thereof constituting principal, premium, if any, and interest,

 

(iii)          the
reason for the Special Payment, and

 

(iv)          if the
Special Distribution Date is the same date as a Regular Distribution Date, the
total amount to be received on such date for each $1,000 face amount
Certificate.

 

If the amount
of (i) premium, if any, payable upon the redemption or purchase of an
Equipment Note or (ii) the Special Redemption Premium, if any, has not
been calculated at the time that the Trustee mails notice of a Special Payment,
it shall be sufficient if the notice sets forth the other amounts to be
distributed and states that any premium received will also be distributed.

 

If any redemption of the Equipment Notes held in the
Trust is canceled, the Trustee, as soon as possible after learning thereof,
shall cause notice thereof to be mailed to each Certificateholder at its
address as it appears on the Register.

 

24

 

Section
4.03.        Statements
to Certificateholders.  (a) On
each Distribution Date, the Trustee will include with each distribution to
Certificateholders of a Scheduled Payment or Special Payment, as the case may
be, a statement setting forth the information provided below (in the case of a
Special Payment, including any Special Redemption Premium, reflecting in part
the information provided by the Escrow Paying Agent under the Escrow
Agreement).  Such statement shall set
forth (per $1,000 face amount Certificate as to (ii), (iii), (iv) and (v)
below) the following information:

 

(i)            the
aggregate amount of funds distributed on such Distribution Date hereunder and
under the Escrow Agreement, indicating the amount allocable to each source
including any portion thereof paid by the Liquidity Providers and/or the Policy
Provider;

 

(ii)           the amount
of such distribution hereunder allocable to principal and the amount allocable
to Break Amount (as defined in the Intercreditor Agreement) and premium
(including the Special Redemption Premium), if any;

 

(iii)          the
amount of such distribution hereunder allocable to interest;

 

(iv)          the amount
of such distribution under the Escrow Agreement allocable to interest;

 

(v)           the amount
of such distribution under the Escrow Agreement allocable to unused Deposits;

 

(vi)          the Pool
Balance and the Pool Factor; and

 

(vii)         Three-Month
LIBOR for the current and immediately preceding Interest Periods.

 

With respect to the Certificates registered in the
name of Cede & Co., as nominee for DTC, on the Record Date prior to each
Distribution Date, the Trustee will request that DTC post on its Internet
bulletin board a securities position listing setting forth the names of all
Agent Members reflected on DTC’s books as holding interests in the Certificates
on such Record Date.  On each
Distribution Date, the Trustee shall mail to each such Agent Members the
statement described above and will make available additional copies as
requested by such Agent Members for forwarding to holders of interests in the
Certificates.

 

(b)           Within
a reasonable period of time after the end of each calendar year but not later
than the latest date permitted by law, the Trustee shall furnish to each Person
who at any time during such calendar year was a Certificateholder of record a
statement containing the sum of the amounts determined pursuant to clauses
(a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or,
in the event such Person was a Certificateholder of record during a portion of
such calendar year, for such portion of such year, and such other items as are
readily available to the Trustee and which a Certificateholder shall reasonably
request as necessary for the purpose of such Certificateholder’s preparation of
its federal income tax returns.  Such
statement and such other items shall be prepared on the basis of information
supplied to the Trustee by the Agent Members and shall be delivered by the
Trustee to such Agent Members to be available for

 

25

 

forwarding by such Agent Members to the holders of
interests in the Certificates in the manner described in Section 4.03(a).

 

(c)           Promptly
following (i) any change in the information set forth in clauses (x), (y)
and (z) below from that set forth in page S-39 of the Prospectus, and
(ii) any early redemption or purchase of, or any default in the payment of
principal or interest in respect of, any of the Equipment Notes held in the
Trust, or any Final Withdrawal, the Trustee shall furnish to Certificateholders
of record on such date a statement setting forth (x) the expected Pool Balances
for each subsequent Regular Distribution Date following the Delivery Period
Termination Date, (y) the related Pool Factors for such Regular Distribution
Dates and (z) the expected principal distribution schedule of the Equipment
Notes, in the aggregate, held as Trust Property at the date of such
notice.  With respect to the Certificates
registered in the name of Cede & Co., as nominee for DTC, on the Delivery
Period Termination Date, the Trustee will request that DTC post on its Internet
bulletin board a securities position listing setting forth the names of all
Agent Members reflected on DTC’s books as holding interests in the Certificates
on such date.  The Trustee will mail to
each such Agent Member the statement described above and will make available
additional copies as requested by such Agent Member for forwarding to holders
of interests in the Certificates.

 

Section
4.04.        Investment
of Special Payment Moneys.  Any money
received by the Trustee pursuant to Section 4.01(b) representing a Special
Payment which is not distributed on the date received shall, to the extent
practicable, be invested in Permitted Investments by the Trustee pending
distribution of such Special Payment pursuant to Section 4.02.  Any investment made pursuant to this
Section 4.04 shall be in such Permitted Investments having maturities not
later than the date that such moneys are required to be used to make the
payment required under Section 4.02 on the applicable Special Distribution
Date and the Trustee shall hold any such Permitted Investments until
maturity.  The Trustee shall have no
liability with respect to any investment made pursuant to this
Section 4.04, other than by reason of the willful misconduct or negligence
of the Trustee.  All income and earnings
from such investments shall be distributed on such Special Distribution Date as
part of such Special Payment.

 

ARTICLE V

THE COMPANY

 

Section
5.01.        Maintenance
of Corporate Existence.  The Company,
at its own cost and expense, will do or cause to be done all things necessary
to preserve and keep in full force and effect its corporate existence, except
as permitted by Section 5.02.

 

Section
5.02.        Consolidation,
Merger, etc.  The Company shall not
consolidate with or merge into any other Person under circumstances in which
the Company is not the surviving corporation, or convey, transfer or lease in
one or more transactions all or substantially all of its assets to any other
Person, unless:

 

(a)           such
Person is organized, existing and in good standing under the Laws of the United
States, any State of the United States or the District of Columbia and, upon

 

26

 

consummation of such transaction, such Person will be
a U.S. Air Carrier (as defined in the Financing Documents); and

 

(b)           the
Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance, transfer or lease substantially all of the
assets of the Company as an entirety shall execute and deliver to the Trustee a
duly authorized, valid, binding and enforceable agreement in form and substance
reasonably satisfactory to the Trustee containing an assumption by such
successor corporation or Person of the due and punctual performance and
observance of each covenant and condition of this Agreement, the Other Pass
Through Trust Agreement and each Financing Document to be performed or observed
by the Company.

 

Upon any consolidation or merger, or any conveyance,
transfer or lease of substantially all of the assets of the Company as an
entirety in accordance with this Section 5.02, the successor corporation
or Person formed by such consolidation or into which the Company is merged or
to which such conveyance, transfer or lease is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Agreement with the same effect as if such successor corporation or Person
had been named as the Company herein.  No
such conveyance, transfer or lease of substantially all of the assets of the
Company as an entirety shall have the effect of releasing any successor
corporation or Person which shall have become such in the manner prescribed in
this Section 5.02 from its liability in respect of this Agreement and any
Financing Document to which it is a party.

 

ARTICLE VI

DEFAULT

 

Section
6.01.        Events
of Default.  (a) Exercise of
Remedies.  Upon the occurrence and
during the continuation of any Indenture Default under any Indenture, with ten
days’ written notice to the Trustee and each Certificateholder, the Trustee
may, to the extent it is the Controlling Party at such time (as determined
pursuant to the Intercreditor Agreement), direct the exercise of remedies as
provided in the Intercreditor Agreement.

 

(b)           Purchase
Rights of Certificateholders.  By
acceptance of its Certificate, each Certificateholder agrees that at any time
after the occurrence and during the continuation of a Triggering Event,

 

(i)            each
Class C Certificateholder shall have the right to purchase all, but not less
than all, of the Certificates and the Class G-2 Certificates upon ten days’
written notice to the Trustee, the Other Trustees and each other Class C
Certificateholder, provided that (A) if prior to the end of such
ten-day period any other Class C Certificateholder notifies such purchasing
Class C Certificateholder that such other Class C Certificateholder wants to
participate in such purchase, then such other Class C Certificateholder may
join with the purchasing Class C Certificateholder to purchase all, but not
less than all, of the Certificates and the Class G-2 Certificates pro rata
based on the Fractional Undivided Interest in the Class C Trust held by each
such Class C Certificateholder and (B) if prior to the end of such ten-day
period any other Class C

 

27

 

Certificateholder
fails to notify the purchasing Class C Certificateholder of such other Class C
Certificateholder’s desire to participate in such a purchase, then such other
Class C Certificateholder shall lose its right to purchase the Certificates and
the Class G-2 Certificates pursuant to this Section 6.01(b); and

 

(ii)           whether or
not any Class C Certificateholders exercise their right to purchase pursuant to
clause (i) above, the Policy Provider, if it is then the Controlling Party,
shall have the right to purchase all, but not less than all, of the
Certificates and the Class G-2 Certificates upon ten days’ written notice to
the Trustee, the Other Trustee and the Certificateholders; provided, that if
any Class C Certificateholder has previously exercised the right to purchase
all of the Class G-1 and Class G-2 Certificates, such holder may refuse to sell
the Class G-1 and Class G-2 Certificates to the Policy Provider if all of the
holders of the Class G-1 and Class G-2 Certificateholders release the Policy
Provider from all of its obligations under the Policies with respect to such
Class G-1 and Class G-2 Certificates (and return or cause the return of such
Policies to the Policy Provider); provided, further, that such holder may not
refuse such sale so long as (x) all Policy Provider Amounts have not been
paid in full and (y) sixteen months have passed from the occurrence of the
initial Triggering Event.

 

The purchase price with respect to the Certificates
and the Class G-2 Certificates shall be equal to the Pool Balance of the
Certificates, together with accrued and unpaid interest thereon to the date of
such purchase, plus Break Amount, if any, and including any other amounts then
due and payable to the Certificateholders under this Agreement, the
Intercreditor Agreement, the Escrow Agreement or any Financing Document or on
or in respect of the Certificates plus the amount payable in connection
with the purchase of the Class G-2 Certificates pursuant to Section 6.01(b) of
the Other Pass Through Trust Agreement for the Class G-2 Certificates; provided,
however, that (i) if such purchase occurs after the record date
specified in Section 2.03(b) of the Escrow Agreement relating to the
distribution of unused Deposits and accrued and unpaid interest thereunder,
such purchase price shall be reduced by the aggregate amount of unused Deposits
and interest to be distributed under the Escrow Agreement (which deducted
amounts shall remain distributable to, and may be retained by, the Certificateholder
as of such Record Date) and (ii) if such purchase occurs after a Record
Date, such purchase price shall be reduced by the amount to be distributed
hereunder on the related Distribution Date (which deducted amounts shall remain
distributable to, and may be retained by, the Certificateholder as of such
Record Date); provided, further, that no such purchase of
Certificates shall be effective unless the purchaser(s) shall certify to the
Trustee that contemporaneously with such purchase, such purchaser(s) is
purchasing, pursuant to the terms of this Agreement all of the Certificates and
pursuant to the Other Pass Through Trust Agreement relating to the Class G-2
Certificates, all of the Class G-2 Certificates.  Each payment of the purchase price of the Certificates
referred to in the first sentence hereof shall be made to an account or
accounts designated by the Trustee and relevant Other Trustee, as applicable,
and each such purchase shall be subject to the terms of this
Section 6.01(b). Each Certificateholder agrees by its acceptance of its
Certificate that it will, subject to Section 3.04 hereof, upon payment
from such Class C Certificateholder(s) or the Policy Provider, as the case may
be, of the purchase price set forth in the first sentence of this paragraph,
forthwith sell, assign, transfer and convey to the purchaser(s) thereof
(without recourse, representation or warranty of any kind except for its own
acts), all of the right, title, interest and obligation of such
Certificateholder in this Agreement, the Escrow Agreement, the

 

28

 

Deposit Agreement, the Intercreditor Agreement, the Liquidity
Facilities, the Policy, the Financing Documents and all Certificates and Escrow
Receipts held by such Certificateholder (excluding all right, title and
interest under any of the foregoing to the extent such right, title or interest
is with respect to an obligation not then due and payable as respects any
action or inaction or state of affairs occurring prior to such sale) and the
purchaser shall assume all of such Certificateholder’s obligations under this
Agreement, the Escrow Agreement, the Deposit Agreement, the Intercreditor
Agreement, the Liquidity Facilities, the Policy, the Financing Documents and
all such Certificates and Escrow Receipts. 
The Certificates will be deemed to be purchased on the date payment of
the purchase price is made notwithstanding the failure of the
Certificateholders to deliver any Certificates (whether in the form of
Definitive Certificates or beneficial interests in Global Certificates) and,
upon such a purchase, (i) the only rights of the Certificateholders will
be to deliver the Certificates to the purchaser(s) and receive the purchase
price for such Certificates and (ii) if the purchaser(s) shall so request,
such Certificateholder will comply with all the provisions of Section 3.04
hereof to enable new Certificates to be issued to the purchaser in such
denominations as it shall request.  All
charges and expenses in connection with the issuance of any such new
Certificates shall be borne by the purchaser thereof.

 

As used in this Section 6.01(b), the terms “Class C Certificate”, “Class C Certificateholder”, “Class C Trust”, and “Class C Trustee” shall have the respective
meanings assigned to such terms in the Intercreditor Agreement.

 

Section
6.02.        Incidents
of Sale of Equipment Notes.  Upon any
sale of all or any part of the Equipment Notes made either under the power of
sale given under this Agreement or otherwise for the enforcement of this
Agreement, the following shall be applicable:

 

(1)           Certificateholders
and Trustee May Purchase Equipment Notes. 
Any Certificateholder, the Trustee in its individual or any other
capacity or any other Person may bid for and purchase any of the Equipment
Notes, and upon compliance with the terms of sale, may hold, retain, possess
and dispose of such Equipment Notes in their own absolute right without further
accountability.

 

(2)           Receipt
of Trustee Shall Discharge Purchaser. 
The receipt of the Trustee making such sale shall be a sufficient
discharge to any purchaser for his purchase money, and, after paying such
purchase money and receiving such receipt, such purchaser or its personal
representative or assigns shall not be obliged to see to the application of
such purchase money, or be in any way answerable for any loss, misapplication
or non-application thereof.

 

(3)           Application
of Moneys Received upon Sale.  Any
moneys collected by the Trustee upon any sale made either under the power of
sale given by this Agreement or otherwise for the enforcement of this Agreement
shall be applied as provided in Section 4.02.

 

Section
6.03.        Judicial
Proceedings Instituted by Trustee; Trustee May Bring Suit.  If there shall be a failure to make payment
of the principal of, premium, if any, or interest on any Equipment Note, then
the Trustee, in its own name and as trustee of an express trust, as holder of
such Equipment Notes, to the extent permitted by and in accordance with the
terms of the

 

29

 

Intercreditor Agreement and the Financing Documents,
shall be entitled and empowered to institute any suits, actions or proceedings
at law, in equity or otherwise, for the collection of the sums so due and
unpaid on such Equipment Notes and may prosecute any such claim or proceeding
to judgment or final decree with respect to the whole amount of any such sums
so due and unpaid.

 

Section
6.04.        Control
by Certificateholders.  Subject to
Section 6.03 and the Intercreditor Agreement, the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in the Trust shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available
to the Trustee with respect to the Trust or pursuant to the terms of the
Intercreditor Agreement, or exercising any trust or power conferred on the
Trustee under this Agreement or the Intercreditor Agreement, including any
right of the Trustee as Controlling Party under the Intercreditor Agreement or
as holder of the Equipment Notes, provided that:

 

(1)           such
Direction shall not be in conflict with any rule of law or with this Agreement
and would not involve the Trustee in personal liability or expense,

 

(2)           the
Trustee shall not determine that the action so directed would be unjustly
prejudicial to the Certificateholders not taking part in such Direction, and

 

(3)           the
Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such Direction.

 

Section
6.05.        Waiver
of Past Defaults.  Subject to the
Intercreditor Agreement, the Certificateholders holding Certificates evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in the Trust (i) may on behalf of all of the Certificateholders waive any
past Event of Default hereunder and its consequences or (ii) if the
Trustee is the Controlling Party, may direct the Trustee to instruct the
applicable Loan Trustee to waive any past Indenture Default under any Indenture
and its consequences, and thereby annul any Direction given by such
Certificateholders or the Trustee to such Loan Trustee with respect thereto,
except a default:

 

(1)           in the
deposit of any Scheduled Payment or Special Payment under Section 4.01 or
in the distribution of any payment under Section 4.02 on the Certificates,
or

 

(2)           in the
payment of the principal of (premium, if any) or interest on the Equipment
Notes, or

 

(3)           in respect
of a covenant or provision hereof which under Article IX cannot be
modified or amended without the consent of each Certificateholder holding an
Outstanding Certificate affected thereby.

 

Upon any such waiver, such default shall cease to
exist with respect to the Certificates and any Event of Default arising
therefrom shall be deemed to have been cured for every purpose and any
direction given by the Trustee on behalf of the Certificateholders to the
relevant Loan Trustee shall be annulled with respect thereto; but no such
waiver shall extend to any subsequent or other default or Event of Default or
impair any right consequent thereon. 
Upon any such

 

30

 

waiver, the Trustee shall vote the Equipment Notes issued under the
relevant Indenture to waive the corresponding Indenture Default.

 

Section
6.06.        Right
of Certificateholders to Receive Payments Not to Be Impaired.  Anything in this Agreement to the contrary
notwithstanding, including, without limitation, Section 6.07 hereof, but
subject to the Intercreditor Agreement, the right of any Certificateholder to
receive distributions of payments required pursuant to Section 4.02 hereof
on the Certificates when due, or to institute suit for the enforcement of any
such payment on or after the applicable Regular Distribution Date or Special
Distribution Date, shall not be impaired or affected without the consent of
such Certificateholder.

 

Section
6.07.        Certificateholders
May Not Bring Suit Except Under Certain Conditions.  A Certificateholder shall not have the right
to institute any suit, action or proceeding at law or in equity or otherwise
with respect to this Agreement, for the appointment of a receiver or for the
enforcement of any other remedy under this Agreement, unless:

 

(1)           such
Certificateholder previously shall have given written notice to the Trustee of
a continuing Event of Default;

 

(2)           Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than 25% of the Trust shall have requested the Trustee in writing to institute
such action, suit or proceeding and shall have offered to the Trustee indemnity
as provided in Section 7.03(e);

 

(3)           the
Trustee shall have refused or neglected to institute such an action, suit or
proceeding for 60 days after receipt of such notice, request and offer of
indemnity; and

 

(4)           no
direction inconsistent with such written request shall have been given to the
Trustee during such 60-day period by Certificateholders holding Certificates
evidencing Fractional Undivided Interests aggregating not less than a majority
in interest in the Trust.

 

It is understood and intended that no one or more of
the Certificateholders shall have any right in any manner whatsoever hereunder
or under the Certificates to (i) surrender, impair, waive, affect, disturb
or prejudice any property in the Trust Property or the lien of any Indenture on
any property subject thereto, or the rights of the Certificateholders or the
holders of the Equipment Notes, (ii) obtain or seek to obtain priority
over or preference with respect to any other such Certificateholder or
(iii) enforce any right under this Agreement, except in the manner herein
provided and for the equal, ratable and common benefit of all the
Certificateholders subject to the provisions of this Agreement.

 

Section
6.08.        Remedies
Cumulative.  Every remedy given
hereunder to the Trustee or to any of the Certificateholders shall not be
exclusive of any other remedy or remedies, and every such remedy shall be
cumulative and in addition to every other remedy given hereunder or now or
hereafter given by statute, law, equity or otherwise.

 

31

 

ARTICLE VII

THE TRUSTEE

 

Section
7.01.        Certain
Duties and Responsibilities.  (a)
Except during the continuation of an Event of Default, the Trustee undertakes
to perform such duties as are specifically set forth in this Agreement, and no
implied covenants or obligations shall be read into this Agreement against the
Trustee.

 

(b)           In
case an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of its own affairs.

 

(c)           No
provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that

 

(1)           this
Subsection shall not be construed to limit the effect of Subsection (a) of
this Section; and

 

(2)           the
Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer of the Trustee, unless it shall be proved that the Trustee
was negligent in ascertaining the pertinent facts.

 

(d)           Whether
or not herein expressly so provided, every provision of this Trust Agreement
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section.

 

Section
7.02.        Notice
of Defaults.  As promptly as
practicable after, and in any event within 90 days after, the occurrence of any
default (as such term is defined below) hereunder, the Trustee shall transmit
by mail to the Company, the Loan Trustees and the Certificateholders in
accordance with Section 313(c) of the Trust Indenture Act, notice of such
default hereunder known to the Trustee, unless such default shall have been
cured or waived; provided, however, that, except in the case of a
default on the payment of the principal, premium, if any, or interest on any
Equipment Note held in the Trust, the Trustee shall be protected in withholding
such notice if and so long as the board of directors, the executive committee
or a trust committee of directors and/or Responsible Officers of the Trustee in
good faith determine that the withholding of such notice is in the best
interests of the Certificateholders.  For
the purpose of this Section, the term “default”
means any event that is, or after notice or lapse of time or both would become,
an Event of Default.

 

Section
7.03.        Certain
Rights of Trustee.  Subject to the
provisions of Section 315 of the Trust Indenture Act:

 

(a)           the
Trustee may rely and shall be protected in acting or refraining from acting in
reliance upon any resolution, certificate, statement, instrument, opinion,
report, notice,

 

32

 

request, direction, consent, order, bond, debenture or
other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;

 

(b)           any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a written description of the subject matter thereof accompanied by
an Officer’s Certificate and an Opinion of Counsel as provided in
Section 1.02 of this Agreement;

 

(c)           whenever
in the administration of this Agreement the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s
Certificate of the Company or any Loan Trustee;

 

(d)           the
Trustee may consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;

 

(e)           the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement at the Direction of any of the
Certificateholders pursuant to this Agreement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity against the
cost, expenses and liabilities which might be incurred by it in compliance with
such Direction;

 

(f)            the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture or other paper or
document;

 

(g)           the
Trustee may execute any of the trusts or powers under this Agreement or perform
any duties under this Agreement either directly or by or through agents or
attorneys, and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
under this Agreement;

 

(h)           the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the Direction of the
Certificateholders holding Certificates evidencing Fractional Undivided Interests
aggregating not less than a majority in interest in the Trust relating to the
time, method and place of conducting any proceeding for any remedy available to
the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Agreement; and

 

(i)            the
Trustee shall not be required to expend or risk its own funds in the
performance of any of its duties under this Agreement, or in the exercise of
any of its rights or powers, if it shall have reasonable grounds for believing
that repayment of such funds or adequate indemnity against such risk is not
reasonably assured to it.

 

Section
7.04.        Not
Responsible for Recitals or Issuance of Certificates.  The recitals contained herein and in the
Certificates, except the certificates of authentication, shall not be taken as
the statements of the Trustee, and the Trustee assumes no responsibility for
their correctness.  Subject to
Section 7.15, the Trustee makes no representations as to the validity or

 

33

 

sufficiency of this Agreement, any Equipment Notes,
the Intercreditor Agreement, the Deposit Agreement, the Escrow Agreement, the
Certificates or any other Financing Document, except that the Trustee hereby
represents and warrants that this Agreement has been, and the Intercreditor
Agreement, the Note Purchase Agreement, the Escrow Agreement and each
Certificate will be, executed, authenticated and delivered by one of its
officers who is duly authorized to execute, authenticate and deliver such
document on its behalf.

 

Section
7.05.        May Hold
Certificates.  The Trustee, any
Paying Agent, Registrar or any of their Affiliates or any other agent in their
respective individual or any other capacity may become the owner or pledgee of
Certificates and, subject to Sections 310(b) and 311 of the Trust
Indenture Act, if applicable, may otherwise deal with the Company or the Loan
Trustees with the same rights it would have if it were not Trustee, Paying
Agent, Registrar or such other agent.

 

Section
7.06.        Money
Held in Trust.  Money held by the
Trustee or the Paying Agent in trust hereunder need not be segregated from
other funds except to the extent required herein or by law and neither the
Trustee nor the Paying Agent shall have any liability for interest upon any such
moneys except as provided for herein.

 

Section
7.07.        Compensation
and Reimbursement.  The Company
agrees:

 

(1)           to pay, or
cause to be paid, to the Trustee from time to time reasonable compensation for
all services rendered by it hereunder as set forth in a written fee letter
dated the date hereof between the Company and the Trustee, which letter is
incorporated herein by reference (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust);

 

(2)           except as
otherwise expressly provided herein, to reimburse, or cause to be reimbursed,
the Trustee upon its request for all reasonable out-of-pocket expenses,
disbursements and advances incurred or made by the Trustee in accordance with
any provision of this Agreement (including the reasonable compensation and the
expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its undertaking its normal
administrative functions, or its negligence, willful misconduct or bad faith or
as may be incurred due to the Trustee’s breach of its representations and
warranties set forth in Section 7.15; and

 

(3)           to
indemnify, or cause to be indemnified, the Trustee for, and to hold it harmless
against, any loss, liability, expense or Tax (other than for or with respect to
any Unindemnified Tax) incurred without gross negligence, willful misconduct or
bad faith, on its part, arising out of or in connection with the acceptance or
administration of this Trust, including the costs and expenses of defending
itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except for any such loss,
liability or expense incurred by reason of the Trustee’s breach of its
covenants hereunder or under any Financing Document to which it is a party or
its representations and warranties set forth in Section 7.15 or in any
other Financing Document, the authorization or giving or withholding of any future
amendments, supplements, waivers or consents with respect hereto or any of the

 

34

 

Financing
Documents, which amendments, supplements, waivers or consents are not required
pursuant to the terms of the Financing Documents and not requested by the
Company, any loss of tax benefits, any Unindemnified Tax, or increase in tax
liability under any tax law whether or not the Company is required to indemnify
thereof or pursuant to this Agreement or any costs associated with overhead or
normal administration hereunder or any voluntary resignation pursuant to
Section 7.09.

 

With respect to paragraph (3) above, the Trustee shall
notify the Company promptly of any claim for which it may seek indemnity and
the Company shall make payment on any such claim within 30 days of written
demand thereof (delivered together with supporting documentation).  The Company shall defend the claim and the
Trustee shall cooperate in the defense. 
The Trustee may have separate counsel with the consent of the Company
and the Company will pay the reasonable fees and expenses of such counsel.  The Company need not pay for any settlement
made, in settlement or otherwise, without its consent.

 

With respect to any Tax other than an Unindemnified
Tax, the Trustee shall be entitled to reimbursement from, and shall have a lien
prior to the Certificates upon, the Trust Property for any such Tax incurred
without negligence, bad faith or willful misconduct, on its part, arising out
of or in connection with the acceptance or administration of such Trust (other
than any Tax attributable to the Trustee’s compensation for serving as such),
including any costs and expenses incurred in contesting the imposition of any
such Tax.  If the Trustee reimburses itself
from the Trust Property of such Trust for any such Tax, it will mail a brief
report within 30 days setting forth the circumstances thereof to all
Certificateholders as their names and addresses appear in the Register.

 

Section
7.08.        Corporate
Trustee Required; Eligibility.  There
shall at all times be a Trustee hereunder which shall be eligible to act as a
trustee under Section 310(a) of the Trust Indenture Act and shall have a
combined capital and surplus of at least $75,000,000 (or a combined capital and
surplus in excess of $5,000,000 and the obligations of which, whether now in
existence or hereafter incurred, are fully and unconditionally guaranteed by a
corporation organized and doing business under the laws of the United States,
any state or territory thereof or of the District of Columbia and having a
combined capital and surplus of at least $75,000,000).  If such corporation publishes reports of
conditions at least annually, pursuant to law or to the requirements of
federal, state, territorial or District of Columbia supervising or examining
authority, then for the purposes of this Section 7.08, the combined
capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of conditions so
published.

 

In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 7.08 to act as
Trustee, the Trustee shall resign immediately as Trustee in the manner and with
the effect specified in Section 7.09.

 

Section
7.09.        Resignation
and Removal; Appointment of Successor. 
(a) No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until
the acceptance of appointment by the successor Trustee under Section 7.10.

 

35

 

(b)           The
Trustee may resign at any time as trustee by giving prior written notice
thereof to the Company, the Authorized Agents and the Loan Trustees.  If an instrument of acceptance by a successor
Trustee shall not have been delivered to the Company, the Authorized Agents,
the Loan Trustees and the Trustee within 30 days after the giving of such
notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(c)           The
Trustee may be removed at any time by Direction of the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in the Trust delivered to the Trustee and to
the Company and the Loan Trustees.

 

(d)           If
at any time:

 

(1)           the
Trustee shall fail to comply with Section 310 of the Trust Indenture Act,
if applicable, after written request therefor by the Company or by any Certificateholder
who has been a bona fide Certificateholder for at least six months; or

 

(2)           the
Trustee shall cease to be eligible under Section 7.08 and shall fail to
resign after written request therefor by the Company or by any such
Certificateholder; or

 

(3)           the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation;

 

then, in any
case, (i) the Company may remove the Trustee or (ii) any
Certificateholder who has been a bona fide Certificateholder for at least six
months may, on behalf of itself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

(e)           If
a Responsible Officer of the Trustee shall obtain actual knowledge of an
Avoidable Tax which has been or is likely to be asserted, the Trustee shall
promptly notify the Company and shall, within 30 days of such notification,
resign hereunder unless within such 30-day period the Trustee shall have
received notice that the Company has agreed to pay such tax.  The Company shall promptly appoint a
successor Trustee in a jurisdiction where there are no Avoidable Taxes.

 

(f)            If
the Trustee shall resign, be removed or become incapable of acting or if a
vacancy shall occur in the office of the Trustee for any cause, the Company
shall promptly appoint a successor Trustee. 
If, within one year after such resignation, removal or incapability, or
other occurrence of such vacancy, a successor Trustee shall be appointed by
Direction of the Certificateholders holding Certificates evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in the
Trust delivered to the Company, the Loan Trustees and the retiring Trustee, and
the Company approves such appointment, which approval shall not be unreasonably
withheld, then the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the
successor

 

36

 

Trustee appointed as provided above.  If no successor Trustee shall have been so
appointed as provided above and accepted appointment in the manner hereinafter
provided, any Certificateholder who has been a bona fide Certificateholder for
at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee.

 

(g)           The
successor Trustee shall give notice of the resignation and removal of the
Trustee and appointment of the successor Trustee by mailing written notice of
such event by first-class mail, postage prepaid, to the Certificateholders as
their names and addresses appear in the Register.  Each notice shall include the name of such
successor Trustee and the address of its Corporate Trust Office.

 

Section
7.10.        Acceptance
of Appointment by Successor.  Every
successor Trustee appointed hereunder shall execute and deliver to the Company,
the Authorized Agents and the Loan Trustees and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall execute and
deliver an instrument transferring to such successor Trustee all such rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all Trust Property held by such retiring
Trustee hereunder, subject nevertheless to its lien, if any, provided for in
Section 7.07.  Upon request of any
such successor Trustee, the Company, the retiring Trustee and such successor
Trustee shall execute and deliver any and all instruments containing such
provisions as shall be necessary or desirable to transfer and confirm to, and
for more fully and certainly vesting in, such successor Trustee all such
rights, powers and trusts.

 

No institution shall accept its appointment as a
Trustee hereunder unless at the time of such acceptance such institution shall
be qualified and eligible under this Article VII.

 

Section
7.11.        Merger,
Conversion, Consolidation or Succession to Business.  Any corporation into which the Trustee may be
merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation shall be otherwise
qualified and eligible under this Article VII, without the execution or
filing of any paper or any further act on the part of any of the parties
hereto.  In case any Certificates shall
have been executed or authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such execution or authentication and deliver the Certificates
so executed or authenticated with the same effect as if such successor Trustee
had itself executed or authenticated such Certificates.

 

Section
7.12.        Maintenance
of Agencies.  (a) There shall at all
times be maintained an office or agency in the location set forth in
Section 12.03 where Certificates may be presented or surrendered for
registration of transfer or for exchange, and for payment thereof and where
notices and demands to or upon the Trustee in respect of such certificates or
this Agreement may

 

37

 

be served; provided, however, that, if
it shall be necessary that the Trustee maintain an office or agency in another
location (e.g., the Certificates shall be represented by Definitive
Certificates and shall be listed on a national securities exchange), the
Trustee will make all reasonable efforts to establish such an office or
agency.  Written notice of the location of
each such other office or agency and of any change of location thereof shall be
given by the Trustee to the Company, the Loan Trustees (in the case of any Loan
Trustee, at its address specified in the Financing Documents or such other
address as may be notified to the Trustee) and the Certificateholders.  In the event that no such office or agency
shall be maintained or no such notice of location or of change of location
shall be given, presentations and demands may be made and notices may be served
at the Corporate Trust Office of the Trustee.

 

(b)           There
shall at all times be a Registrar and a Paying Agent hereunder with respect to
the Certificates.  Each such Authorized
Agent shall be a bank or trust company, shall be a corporation organized and
doing business under the laws of the United States or any state, with a
combined capital and surplus of at least $75,000,000, or, if the Trustee shall
be acting as the Registrar or Paying Agent hereunder, a corporation having a
combined capital and surplus in excess of $5,000,000, the obligations of which
are guaranteed by a corporation organized and doing business under the laws of
the United States or any state, with a combined capital and surplus of at least
$75,000,000, and shall be authorized under such laws to exercise corporate
trust powers, subject to supervision by Federal or state authorities.  The Trustee shall initially be the Paying
Agent and, as provided in Section 3.04, Registrar hereunder with respect
to the Certificates.  Each Registrar
shall furnish to the Trustee, at stated intervals of not more than six months,
and at such other times as the Trustee may request in writing, a copy of the
Register maintained by such Registrar.

 

(c)           Any
corporation into which any Authorized Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
consolidation or conversion to which any Authorized Agent shall be a party, or
any corporation succeeding to the corporate trust business of any Authorized
Agent, shall be the successor of such Authorized Agent hereunder, if such
successor corporation is otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the parties
hereto or such Authorized Agent or such successor corporation.

 

(d)           Any
Authorized Agent may at any time resign by giving written notice of resignation
to the Trustee, the Company and the Loan Trustees.  The Company may, and at the request of the
Trustee shall, at any time terminate the agency of any Authorized Agent by
giving written notice of termination to such Authorized Agent and to the
Trustee.  Upon the resignation or
termination of an Authorized Agent or in case at any time any such Authorized Agent
shall cease to be eligible under this Section (when, in either case, no
other Authorized Agent performing the functions of such Authorized Agent shall
have been appointed), the Company shall promptly appoint one or more qualified
successor Authorized Agents, reasonably satisfactory to the Trustee, to perform
the functions of the Authorized Agent which has resigned or whose agency has
been terminated or who shall have ceased to be eligible under this
Section.  The Company shall give written
notice of any such appointment made by it to the Trustee and the Loan Trustees;
and in each case the Trustee shall mail notice of such appointment to all
Certificateholders as their names and addresses appear on the Register.

 

38

 

(e)           The
Company agrees to pay, or cause to be paid, from time to time to each
Authorized Agent reasonable compensation for its services and to reimburse it
for its reasonable expenses as set forth in the letter agreement referred to in
Section 7.07 hereof.

 

Section
7.13.        Money
for Certificate Payments to Be Held in Trust.  All moneys deposited with any Paying Agent
for the purpose of any payment on Certificates shall be deposited and held in
trust for the benefit of the Certificateholders entitled to such payment,
subject to the provisions of this Section. 
Moneys so deposited and held in trust shall constitute a separate trust
fund for the benefit of the Certificateholders with respect to which such money
was deposited.

 

The Trustee may at any time, for the purpose of
obtaining the satisfaction and discharge of this Agreement or for any other
purpose, direct any Paying Agent to pay to the Trustee all sums held in trust
by such Paying Agent, such sums to be held by the Trustee upon the same trusts
as those upon which such sums were held by such Paying Agent; and, upon such
payment by any Paying Agent to the Trustee, such Paying Agent shall be released
from all further liability with respect to such money.

 

Section
7.14.        Registration
of Equipment Notes in Name of Subordination Agent.  The Trustee agrees that all Equipment Notes
to be purchased by the Trust shall be issued in the name of the Subordination
Agent or its nominee and held by the Subordination Agent in trust for the
benefit of the Certificateholders, or, if not so held, the Subordination Agent
or its nominee shall be reflected as the owner of such Equipment Notes in the
register of the issuer of such Equipment Notes.

 

Section
7.15.        Representations
and Warranties of Trustee.  The
Trustee hereby represents and warrants that:

 

(a)           the
Trustee is a Delaware banking corporation organized and validly existing in
good standing under the laws of the State of Delaware;

 

(b)           the
Trustee has full power, authority and legal right to execute, deliver, and
perform this Agreement, the Intercreditor Agreement, the Escrow Agreement, the
Note Purchase Agreement and the Financing Documents to which it is a party and
has taken all necessary action to authorize the execution, delivery, and
performance by it of this Agreement, the Intercreditor Agreement, the Escrow
Agreement, the Note Purchase Agreement and the Financing Documents to which it
is a party;

 

(c)           the
execution, delivery and performance by the Trustee of this Agreement, the
Intercreditor Agreement, the Escrow Agreement, the Note Purchase Agreement and
the Financing Documents to which it is a party (i) will not violate any
provision of United States federal law or the law of the State of Delaware
where it is located governing the banking and trust powers of the Trustee or
any order, writ, judgment, or decree of any court, arbitrator or governmental
authority applicable to the Trustee or any of its assets, (ii) will not
violate any provision of the articles of association or by-laws of the Trustee,
or (iii) will not violate any provision of, or constitute, with or without
notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Trust Property
pursuant to the

 

39

 

provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default
or lien could reasonably be expected to have an adverse effect on the Trustee’s
performance or ability to perform its duties hereunder or thereunder or on the
transactions contemplated herein or therein;

 

(d)           the
execution, delivery and performance by the Trustee of this Agreement, the
Intercreditor Agreement, the Escrow Agreement, the Note Purchase Agreement, and
the Financing Documents to which it is a party will not require the
authorization, consent, or approval of, the giving of notice to, the filing or
registration with, or the taking of any other action in respect of, any
governmental authority or agency of the United States or the State of Delaware
regulating the banking and corporate trust activities of the Trustee;

 

(e)           this
Agreement, the Intercreditor Agreement, the Escrow Agreement, the Note Purchase
Agreement, and the Financing Documents to which it is a party have been duly
executed and delivered by the Trustee and constitute the legal, valid, and
binding agreements of the Trustee, enforceable against it in accordance with
their respective terms, provided that enforceability may be limited by
(i) applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and (ii) general
principles of equity, regardless of whether applied in a proceeding in equity
or at law; and

 

(f)            the
statements made by it in a Statement of Eligibility on Form T-1 supplied
or to be supplied to the Company in connection with the registration of any
Certificates are and will be true and accurate subject to the qualifications
set forth therein; and that such statement complies and will comply in all
material respects with the requirements of the Trust Indenture Act and the
Securities Act.

 

Section
7.16.        Withholding
Taxes Information Reporting.  (a) The
Trustee, as trustee of the grantor trust created by this Agreement, shall
exclude and withhold from each distribution of principal, premium, if any, and
interest and other amounts due under this Agreement or under the Certificates
any and all withholding taxes applicable thereto as required by law.  The Trustee agrees to act as such withholding
agent and, in connection therewith, whenever any present or future taxes or
similar charges are required to be withheld with respect to any amounts payable
in respect of the Certificates, to withhold such amounts and timely pay the
same to the appropriate authority in the name of and on behalf of the
Certificateholders, that it will file any necessary withholding tax returns or
statements when due, and that, as promptly as possible after the payment
thereof, it will deliver to each such Certificateholder appropriate documentation
showing the payment thereof, together with such additional documentary evidence
as such Certificateholders may reasonably request from time to time.  The Trustee agrees to file any other
information reports as it may be required to file under United States law.

 

(b)           In
the event the Trust is characterized as a partnership for U.S. federal income
tax purposes, the Company shall (i) file, mail or deliver (or cause to be
filed, mailed or delivered) Internal Revenue Form 1065 and any other federal,
state or local income tax returns or reports required to be filed, delivered or
mailed by the Trust to any taxing authority or any person treated as a partner
and (ii) indemnify the Trust against any costs, expenses or penalties
imposed on the Trust arising from the classification of the Trust as a
partnership.

 

40

 

Section
7.17.        Trustee’s
Liens.  The Trustee in its individual
capacity agrees that it will at its own cost and expense promptly take any
action as may be necessary to duly discharge and satisfy in full any mortgage,
pledge, lien, charge, encumbrance, security interest or claim (“Trustee’s Liens”) on or with respect to the
Trust Property which is attributable to the Trustee either (i) in its
individual capacity and which is unrelated to the transactions contemplated by
this Agreement, the Intercreditor Agreement, the Note Purchase Agreement or the
Financing Documents, or (ii) as Trustee hereunder or in its individual
capacity and which arises out of acts or omissions on the part of the Trustee
which are not contemplated by this Agreement.

 

Section
7.18.        Preferential
Collection of Claims.  The Trustee
shall comply with Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture
Act.  If the Trustee shall resign or be
removed as Trustee, it shall be subject to Section 311(a) of the Trust
Indenture Act to the extent provided therein.

 

ARTICLE VIII

CERTIFICATEHOLDERS’ LISTS AND REPORTS BY TRUSTEE

 

Section
8.01.        The
Company to Furnish Trustee with Names and Addresses of Certificateholders.  The Company will furnish to the Trustee
within 15 days after each Record Date with respect to a Scheduled Payment, and
at such other times as the Trustee may request in writing within 30 days after
receipt by the Company of any such request, a list, in such form as the Trustee
may reasonably require, of all information in the possession or control of the
Company as to the names and addresses of the Certificateholders, in each case
as of a date not more than 15 days prior to the time such list is furnished; provided,
however, that so long as the Trustee is the sole Registrar, no such list
need be furnished; and provided  further, however, that no
such list need be furnished for so long as a copy of the Register is being
furnished to the Trustee pursuant to Section 7.12.

 

Section
8.02.        Preservation
of Information Communications to Certificateholders.  The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of
Certificateholders contained in the most recent list furnished to the Trustee
as provided in Section 7.12 or Section 8.01, as the case may be, and
the names and addresses of Certificateholders received by the Trustee in its
capacity as Registrar, if so acting.  The
Trustee may destroy any list furnished to it as provided in Section 7.12
or Section 8.01, as the case may be, upon receipt of a new list so
furnished.

 

Section
8.03.        Reports
by Trustee.  Within 60 days after
May 15 of each year commencing with the first full year following the
issuance of the Certificates, the Trustee shall transmit to the
Certificateholders, as provided in Section 313(c) of the Trust Indenture
Act, a brief report dated as of such May 15, if required by
Section 313(a) of the Trust Indenture Act.

 

Section
8.04.        Reports
by the Company.  The Company shall:

 

(a)           file
with the Trustee, within 30 days after the Company is required to file the same
with the SEC, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the
SEC may from time to time by

 

41

 

rules and regulations prescribe) which the Company is
required to file with the SEC pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934, as amended; or, if the Company is not
required to file information, documents or reports pursuant to either of such
sections, then to file with the Trustee and the SEC, in accordance with rules
and regulations prescribed by the SEC, such of the supplementary and periodic
information, documents and reports which may be required pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended, in respect
of a security listed and registered on a national securities exchange as may be
prescribed in such rules and regulations;

 

(b)           file
with the Trustee and the SEC, in accordance with the rules and regulations
prescribed by the SEC, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants provided
for in this Agreement, as may be required by such rules and regulations,
including, in the case of annual reports, if required by such rules and regulations,
certificates or opinions of independent public accountants, conforming to the
requirements of Section 1.02;

 

(c)           transmit
to all Certificateholders, in the manner and to the extent provided in
Section 313(c) of the Trust Indenture Act such summaries of any
information, documents and reports required to be filed by the Company pursuant
to Subsections (a) and (b) of this Section 8.04 as may be required by
rules and regulations prescribed by the SEC; and

 

(d)           furnish
to the Trustee, not less often than annually, a brief certificate from the
principal executive officer, principal financial officer, any Vice President
(or more senior ranking officer) or the principal accounting officer as to his
or her knowledge of the Company’s compliance with all conditions and covenants
under this Agreement (it being understood that for purposes of this paragraph
(d), such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Agreement).

 

ARTICLE IX

SUPPLEMENTAL AGREEMENTS

 

Section
9.01.        Supplemental
Agreements Without Consent of Certificateholders.  Without the consent of the
Certificateholders, the Company may (but will not be required to), and the
Trustee (subject to Section 9.03) shall, at the Company’s request, at any
time and from time to time, enter into one or more agreements supplemental
hereto or, if applicable, to the Intercreditor Agreement, the Escrow Agreement,
the Note Purchase Agreement, the Deposit Agreement, the Policy, the Policy
Provider Agreement or any Liquidity Facility in form satisfactory to the
Trustee, for any of the following purposes:

 

(1)           to
evidence the succession of another corporation to the Company and the
assumption by any such successor of the covenants of the Company herein contained
or of the Company’s obligations under the Note Purchase Agreement, the Policy
Provider Agreement or any Liquidity Facility; or

 

(2)           to add to
the covenants of the Company for the benefit of the Certificateholders, or to
surrender any right or power conferred upon the Company in this

 

42

 

Agreement,
the Note Purchase Agreement, the Policy, the Policy Provider Agreement or any
Liquidity Facility; or

 

(3)           to correct
or supplement any provision in this Agreement, the Intercreditor Agreement, the
Escrow Agreement, the Deposit Agreement, the Note Purchase Agreement, the
Policy, the Policy Provider Agreement or any Liquidity Facility which may be
defective or inconsistent with any other provision herein or therein or to cure
any ambiguity or correct any mistake or to modify any other provision with
respect to matters or questions arising under this Agreement, the Escrow
Agreement, the Deposit Agreement, the Note Purchase Agreement, the
Intercreditor Agreement, the Policy, the Policy Provider Agreement or any
Liquidity Facility, provided that any such action shall not materially
adversely affect the interests of the Certificateholders; or

 

(4)           to modify,
eliminate or add to the provisions of this Agreement to such extent as shall be
necessary to continue the qualification of this Agreement (including any
supplemental agreement) under the Trust Indenture Act or under any similar
Federal statute hereafter enacted, and to add to this Agreement such other
provisions as may be expressly permitted by the Trust Indenture Act, excluding,
however, the provisions referred to in Section 316(a)(2) of the Trust
Indenture Act as in effect at the date as of which this instrument was executed
or any corresponding provision in any similar Federal statute hereafter
enacted; or

 

(5)           to
evidence and provide for the acceptance of appointment under thus Agreement by
the Trustee of a successor Trustee and to add to or change any of the
provisions of this Agreement as shall be necessary to provide for or facilitate
the administration of the Trust, pursuant to the requirements of
Section 7.10; or

 

(6)           to provide
the information required under Section 7.12 and Section 12.03 as to
the Trustee;

 

provided,
however, that no such supplemental agreement shall adversely affect the
status of any Trust as a grantor trust under Subpart E, Part I of
Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue
Code of 1986, as amended, for U.S. federal income tax purposes.

 

Section
9.02.        Supplemental
Agreements with Consent of Certificateholders.  With the consent of the Certificateholders
holding Certificates (including consents obtained in connection with a tender
offer or exchange offer for the Certificates) evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust, by
Direction of said Certificateholders delivered to the Company and the Trustee
and the consent of the Policy Provider, the Company may, and the Trustee
(subject to Section 9.03) shall, enter into an agreement or agreements for
the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement, the Intercreditor
Agreement, any Liquidity Facility, the Policy and the Policy Provider Agreement,
the Escrow Agreement, the Deposit Agreement or the Note Purchase Agreement to
the extent applicable to such Certificateholders or of modifying in any manner
the rights and obligations of such Certificateholders under this Agreement, the
Intercreditor Agreement, any Liquidity Facility, the Policy and the Policy
Provider Agreement, the Escrow Agreement, the Deposit Agreement or the

 

43

 

Note Purchase Agreement; provided, however,
that no such agreement shall, without the consent of the Certificateholder of
each Outstanding Certificate affected thereby:

 

(1)           reduce in
any manner the amount of, or delay the timing of, any receipt by the Trustee
(or, with respect to the Deposits, the Certificateholders) of payments on the
Equipment Notes or other Trust Property held in the Trust or on the Deposits or
distributions that are required to be made herein on any Certificate, or change
any date of payment on any Certificate, or change the place of payment where,
or the coin or currency in which, any Certificate is payable, or impair the
right to institute suit for the enforcement of any such payment or distribution
on or after the Regular Distribution Date or Special Distribution Date
applicable thereto; or

 

(2)           permit the
disposition of any Equipment Note included in the Trust Property except as
permitted by this Agreement or the Intercreditor Agreement, or otherwise
deprive such Certificateholder of the benefit of the ownership of the Equipment
Notes in the Trust; or

 

(3)           reduce the
specified percentage of the aggregate Fractional Undivided Interests of the
Trust which is required for any such supplemental agreement, or reduce such
specified percentage required for any waiver of compliance with certain
provisions of this Agreement or certain defaults hereunder and their
consequences provided for in this Agreement; or

 

(4)           waive,
amend or modify Section 2.4, or 3.2 of the Intercreditor Agreement in a
manner adverse to the Certificateholders; or

 

(5)           modify any
of the provisions of this Section 9.02 or Section 6.05, except to
increase any such percentage or to provide that certain other provisions of
this Agreement cannot be modified or waived without the consent of the
Certificateholder of each Certificate affected thereby; or

 

(6)           terminate
or modify the Policy; or

 

(7)           adversely
affect the status of any Trust as a grantor trust under Subpart E, Part I of
Subchapter J of Chapter 1 of Subtitle A of the Internal Revenue Code of 1986,
as amended, for U.S. federal income tax purposes.

 

It shall not be necessary for any Direction of
Certificateholders under this Section to approve the particular form of any
proposed supplemental agreement, but it shall be sufficient if such Direction
shall approve the substance thereof.

 

Section
9.03.        Documents
Affecting Immunity or Indemnity. 
Except for the performance of its covenants herein, if in the opinion of
the Trustee any document required to be executed by it pursuant to the terms of
Section 9.01 or 9.02 affects adversely any interest, right, duty, immunity
or indemnity in favor of the Trustee under this Agreement, the Trustee may in
its discretion decline to execute such document.

 

44

 

Section
9.04.        Execution
of Supplemental Agreements.  In executing,
or accepting the additional trusts created by, any agreement permitted by this
Article or the modifications thereby of the trusts created by this Agreement,
the Trustee shall be entitled to receive, and shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such
supplemental agreement is authorized or permitted by this Agreement.

 

Section
9.05.        Effect
of Supplemental Agreements.  Upon the
execution of any agreement supplemental to this Agreement under this Article,
this Agreement shall be modified in accordance therewith, and such supplemental
agreement shall form a part of this Agreement for all purposes; and every
Holder of a Certificate theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby.

 

Section
9.06.        Conformity
with Trust Indenture Act.  Every
supplemental agreement executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act as then in effect.

 

Section
9.07.        Reference
in Certificates to Supplemental Agreements. 
Certificates authenticated and delivered after the execution of any
supplemental agreement pursuant to this Article may bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental
agreement; and, in such case, suitable notation may be made upon Outstanding
Certificates after proper presentation and demand.

 

ARTICLE X

AMENDMENTS TO INDENTURES AND FINANCING DOCUMENTS

 

Section
10.01.      Amendments
and Supplements to Indentures and Financing Documents.  In the event that the Trustee, as holder (or
beneficial owner through the Subordination Agent) of any Equipment Note in
trust for the benefit of the Certificateholders or as Controlling Party under
the Intercreditor Agreement, receives (directly or indirectly through the
Subordination Agent) a request for a consent to any amendment, modification,
waiver or supplement under any Indenture, any other Financing Document, any
Equipment Note or any other related document, the Trustee shall forthwith send
a notice of such proposed amendment, modification, waiver or supplement to each
Certificateholder registered on the Register as of the date of such notice and
the Policy Provider.  The Trustee shall
request from the Policy Provider or if a Policy Provider Default has occurred
and is continuing, Certificateholders a Direction as to (a) whether or not
to take or refrain from taking (or direct the Subordination Agent to take or
refrain from taking) any action which a holder of such Equipment Note or as Controlling
Party has the option to direct, (b) whether or not to give or execute (or
direct the Subordination Agent to give or execute) any waivers, consents,
amendments, modifications or supplements as a holder of such Equipment Note or
a Controlling Party and (c) how to vote (or direct the Subordination Agent
to vote) any Equipment Note if a vote has been called for with respect
thereto.  Provided such a request for
Certificateholder Direction shall have been made, in directing any action or
casting any vote or giving any consent as the holder of any Equipment Note (or
in directing the Subordination Agent in any of the foregoing), (i) other
than as Controlling Party, the Trustee shall vote for or give consent to any
such action with respect to such Equipment Note in the same proportion as that
of (A) the aggregate face amounts of all Certificates actually voted in
favor of or for giving consent

 

45

 

to such action by such Direction of Certificateholders
to (B) the aggregate face amount of all Outstanding Certificates and
(ii) as Controlling Party, the Trustee shall vote jointly with the
Class G-2 Trustee (as defined in the Intercreditor Agreement) as directed
in such Certificateholder Direction by the Certificateholders and Class G-2
Certificateholders evidencing a Fractional Undivided Interest (as defined
herein and in the Class G-2 Trust Agreement (as defined in the
Intercreditor Agreement)) aggregating not less than a majority in interest in
the Trust and the Class G-2 Trust (as defined in the Intercreditor
Agreement), voting as one class.  For
purposes of the immediately preceding sentence, a Certificate shall have been “actually voted” if the Holder of such
Certificate has delivered to the Trustee an instrument evidencing such Holder’s
consent to such Direction prior to two Business Days before the Trustee directs
such action or casts such vote or gives such consent.  Notwithstanding the foregoing, but subject to
Section 6.04 and the Intercreditor Agreement, the Trustee may, in its own
discretion and at its own direction, consent and notify the relevant Loan
Trustee of such consent (or direct the Subordination Agent to consent and
notify the Loan Trustee of such consent) to any amendment, modification, waiver
or supplement under the relevant Indenture, any other Financing Document, any
Equipment Note or any other related document, if an Event of Default hereunder
shall have occurred and be continuing, or if such amendment, modification,
waiver or supplement will not materially adversely affect the interests of the
Certificateholders.

 

ARTICLE XI

TERMINATION OF TRUST

 

Section
11.01.      Termination
of the Trust.  The respective
obligations and responsibilities of the Company and the Trustee with respect to
the Trust shall terminate upon the earlier of (A) the completion of the
assignment, transfer and discharge described in the first sentence of the
immediately following paragraph and (B) distribution to all Holders of
Certificates and the Trustee of all amounts required to be distributed to them
pursuant to this Agreement and the disposition of all property held as part of
the Trust Property; provided, however, that in no event shall the
Trust continue beyond one hundred ten (110) years following the date of the
earliest execution of this Trust Agreement.

 

Upon the earlier of (i) the first Business Day
after February 28, 2006, or, if later, the fifth Business Day following
the Delivery Period Termination Date and (ii) the fifth Business Day
following the date on which a Triggering Event occurs (such date, the “Transfer Date”), or, if later the date on
which all of the conditions set forth in the immediately following sentence
have been satisfied, the Trustee is hereby directed (subject only to the
immediately following sentence) to, and the Company shall direct the
institution that will serve as the Related Trustee under the Related Pass
Through Trust Agreement to, execute and deliver the Assignment and Assumption
Agreement, pursuant to which the Trustee shall assign, transfer and deliver all
of the Trustee’s right, title and interest to the Trust Property to the Related
Trustee under the Related Pass Through Trust Agreement.  The Trustee and the Related Trustee shall
execute and deliver the Assignment and Assumption Agreement upon the
satisfaction of the following conditions:

 

(i)            The
Trustee, the Related Trustee and each of the Rating Agencies then rating the
Certificates shall have received an Officer’s Certificate and an Opinion of
Counsel dated the date of the Assignment and Assumption Agreement and each

 

46

 

satisfying
the requirements of Section 1.02, which Opinion of Counsel shall be
substantially to the effect set forth below and may be relied upon by the
Beneficiaries (as defined in the Assignment and Assumption Agreement):

 

(a)           upon the
execution and delivery thereof by the parties thereto in accordance with the
terms of this Agreement and the Related Pass Through Trust Agreement, the
Assignment and Assumption Agreement will constitute the valid and binding
obligation of each of the parties thereto enforceable against each such party
in accordance with its terms;

 

(b)           upon the
execution and delivery of the Assignment and Assumption Agreement in accordance
with the terms of this Agreement and the Related Pass Through Trust Agreement,
each of the Certificates then Outstanding will be entitled to the benefits of
the Related Pass Through Trust Agreement;

 

(c)           the
Related Trust is not required to be registered as an investment company under
the Investment Company Act of 1940, as amended;

 

(d)           the
Related Pass Through Trust Agreement constitutes the valid and binding
obligation of the Company enforceable against the Company in accordance with
its terms; and

 

(e)           neither
the execution and delivery of the Assignment and Assumption Agreement in
accordance with the terms of this Agreement and the Related Pass Through Trust
Agreement, nor the consummation by the parties thereto of the transactions
contemplated to be consummated thereunder on the date thereof, will violate any
law or governmental rule or regulation of the State of New York or the United
States of America known to such counsel to be applicable to the transactions
contemplated by the Assignment and Assumption Agreement.

 

(ii)           The
Trustee and the Company shall have received (x) a copy of the articles of
incorporation and bylaws of the Related Trustee certified as of the Transfer
Date by the Secretary or Assistant Secretary of such institution and (y) a copy
of the filing (including all attachments thereto) made by the institution
serving as the Related Trustee with the Office of the Superintendent, State of
New York Banking Department for the qualification of the Related Trustee under
Section 131(3) of the New York Banking Law.

 

Upon the execution of the Assignment and Assumption
Agreement by the parties thereto, the Trust shall be terminated, the
Certificateholders shall receive beneficial interests in the Related Trust in
exchange for their interests in the Trust equal to their respective beneficial
interests in the Trust, and the Outstanding Certificates representing
Fractional Undivided Interests in the Trust shall be deemed for all purposes of
this Agreement and the Related Pass Through Trust Agreement, without further
signature or action of any party or Certificateholder, to be certificates
representing the same fractional undivided interests in the Related Trust and
its trust property.  By acceptance of its
Certificate, each Certificateholder consents to such

 

47

 

assignment, transfer and delivery of the Trust Property to the trustee
of the Related Trust upon the execution and delivery of the Assignment and
Assumption Agreement.

 

In connection with the occurrence of the event set
forth in clause (B) above, notice of such termination, specifying the
Distribution Date upon which the Certificateholders may surrender their
Certificates to the Trustee for payment of the final distribution and
cancellation, shall be mailed promptly by the Trustee to Certificateholders not
earlier than the 60th day and not later than the 20th day next preceding such
final Distribution Date specifying (A) the Distribution Date upon which
the proposed final payment of the Certificates will be made upon presentation
and surrender of Certificates at the office or agency of the Trustee therein
specified, (B) the amount of any such proposed final payment, and
(C) that the Record Date otherwise applicable to such Distribution Date is
not applicable, payments being made only upon presentation and surrender of the
Certificates at the office or agency of the Trustee therein specified.  The Trustee shall give such notice to the
Registrar at the time such notice is given to Certificateholders.  Upon presentation and surrender of the
Certificates in accordance with such notice, the Trustee shall cause to be
distributed to Certificateholders such final payments.

 

In the event that all of the Certificateholders shall
not surrender their Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect thereto.  No additional interest shall accrue on the
Certificates after the Distribution Date specified in the first written
notice.  In the event that any money held
by the Trustee for the payment of distributions on the Certificates shall
remain unclaimed for two years (or such lesser time as the Trustee shall be
satisfied, after sixty days’ notice from the Company, is one month prior to the
escheat period provided under applicable law) after the final distribution date
with respect thereto, the Trustee shall pay to each Loan Trustee the
appropriate amount of money relating to such Loan Trustee and shall give
written notice thereof to the Company.

 

ARTICLE XII

MISCELLANEOUS PROVISIONS

 

Section
12.01.      Limitation
on Rights of Certificateholders.  The
death or incapacity of any Certificateholder shall not operate to terminate
this Agreement or the Trust, nor entitle such Certificateholder’s legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations, and liabilities of the
parties hereto or any of them.

 

Section
12.02.      Certificates
Nonassessable and Fully Paid.  Except
as set forth in the last sentence of this Section 12.02,
Certificateholders shall not be personally liable for obligations of the Trust,
the Fractional Undivided Interests represented by the Certificates shall be
nonassessable for any losses or expenses of the Trust or for any reason
whatsoever, and Certificates, upon authentication thereof by the Trustee
pursuant to Section 3.03, are and shall be deemed fully paid.  No Certificateholder shall have any right
(except as expressly provided herein) to vote or in any manner otherwise
control the operation and management of the Trust Property, the Trust, or the
obligations of the parties hereto, nor shall anything set forth herein, or

 

48

 

contained in the terms of the Certificates, be
construed so as to constitute the Certificateholders from time to time as
partners or members of an association. 
Neither the existence of the Trust nor any provision herein is intended
to or shall limit the liability the Certificateholders would otherwise incur if
the Certificateholders owned Trust Property as co-owners, or incurred any
obligations of the Trust, directly rather than through the Trust.

 

Section
12.03.      Notices.  (a) 
Unless otherwise specifically provided herein, all notices required
under the terms and provisions of this Agreement shall be in English and in
writing, and any such notice may be given by United States mail, courier
service or telecopy, and any such notice shall be effective when received or,
if made, given, furnished or filed by facsimile or telecommunication
transmission, when received unless received outside of business hours, in which
case on the next opening of business on a Business Day,

 

if to the
Company, to:

 

JetBlue Airways Corporation

118-29 Queens
Blvd.

Forest Hills, NY  11375

 

Attention: 
Vice President—Corporate Finance

Facsimile:  718-709-3639

 

with a copy
to:

 

JetBlue Airways Corporation

118-29 Queens Blvd.

Forest Hills,
NY 11375

 

Attention: 
General Counsel

Facsimile:  718-709-3631

 

if to the
Trustee, to:

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington,
Delaware 19890-0001

 

Attention: 
Corporate Trust Administration

Facsimile: 
(302) 636-4140

Telephone:
(302) 636-6000

 

(b)           The
Company or the Trustee, by notice to the other, may designate additional or
different addresses for subsequent notices or communications.

 

(c)           Any
notice or communication to Certificateholders shall be mailed by first-class
mail to the addresses for Certificateholders shown on the Register kept by the

 

49

 

Registrar. 
Failure so to mail a notice or communication or any defect in such
notice or communication shall not affect its sufficiency with respect to other
Certificateholders.

 

(d)           If
a notice or communication is mailed in the manner provided above within the
time prescribed, it is conclusively presumed to have been duly given, whether
or not the addressee receives it.

 

(e)           If
the Company mails a notice or communication to the Certificateholders, it shall
mail a copy to the Trustee and to the Paying Agent at the same time.

 

(f)            Notwithstanding
the foregoing, all communications or notices to the Trustee shall be deemed to
be given only when received by a Responsible Officer of the Trustee.

 

(g)           The
Trustee shall promptly furnish the Company with a copy of any demand, notice or
written communication received by the Trustee hereunder from any
Certificateholder or Loan Trustee.

 

Section
12.04.      Governing
Law.  THIS AGREEMENT HAS BEEN
DELIVERED IN THE STATE OF DELAWARE AND THIS AGREEMENT AND THE CERTIFICATES
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
DELAWARE AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section
12.05.      Severability
of Provisions.  If any one or more of
the covenants, agreements, provisions or terms of this Agreement shall be for
any reason whatsoever held invalid, then such covenants, agreements,
provisions, or terms shall be deemed severable from the remaining covenants,
agreements, provisions or terms of this Agreement and shall in no way affect
the validity or enforceability of the other provisions of this Agreement or the
Trust, or of the Certificates or the rights of the Certificateholders thereof.

 

Section
12.06.      Trust
Indenture Act Controls.  This
Agreement is subject to the provisions of the Trust Indenture Act and shall, to
the extent applicable, be governed by such provisions.

 

Section
12.07.      Effect
of Headings and Table of Contents. 
The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

 

Section
12.08.      Successors
and Assigns.  All covenants,
agreements, representations and warranties in this Agreement by the Trustee and
the Company shall bind and, to the extent permitted hereby, shall inure to the
benefit of and be enforceable by their respective successors and assigns,
whether so expressed or not.

 

Section
12.09.      Benefits
of Agreement.  Except as otherwise
provided in this Agreement, nothing in this Agreement or in the Certificates,
express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder, and the Certificateholders, any benefit or any
legal or equitable right, remedy or claim under this Agreement.

 

50

 

Section
12.10.      Legal
Holidays.  In any case where any
Regular Distribution Date or Special Distribution Date relating to any
Certificate shall not be a Business Day, then (notwithstanding any other
provision of this Agreement) payment need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made on such Regular Distribution Date or Special Distribution Date, and no
interest shall accrue during the intervening period.

 

Section
12.11.      Counterparts.  For the purpose of facilitating the execution
of this Agreement and for other purposes, this Agreement may be executed
simultaneously in any number of counterparts, each of which counterparts shall
be deemed to be an original, and all of which counterparts shall constitute but
one and the same instrument.

 

Section
12.12.      Intention
of Parties.  The parties hereto
intend that the Trust be classified for U.S. federal income tax purposes as a
grantor trust under Subpart E, Part I of Subchapter J of the Internal Revenue
Code of 1986, as amended, and not as a trust or association taxable as a
corporation or as a partnership.  Each
Certificateholder and Investor, by its acceptance of its Certificate or a
beneficial interest therein, agrees to treat the Trust as a grantor trust for
all U.S. federal, state and local income tax purposes.  The powers granted and obligations undertaken
pursuant to this Agreement shall be so construed so as to further such intent.

 

*     *    
*

 

51

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be duly executed by their respective officers thereunto duly
authorized as of the day and year first written above.

 

	
   

  	
  JETBLUE AIRWAYS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ John Harvey

  
	
   

  	
  Name: John Harvey

  
	
   

  	
  Title: VP Corporate Finance and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ W. Chris Sponenberg

  
	
   

  	
  Name: W. Chris Sponenberg

  
	
   

  	
  Title: Vice President

  

 

52

 

EXHIBIT A

 

FORM OF CERTIFICATE

 

REGISTERED

No.

 

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

 

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

 

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

 

1

 

GLOBAL CERTIFICATE

 

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

 

JetBlue
Airways

Pass Through
Certificate,

Series
2004-2G-1-O

 

Final Legal
Distribution Date:  February 15,
2018

 

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

 

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

 

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

 

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

 

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

 

2

 

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

 

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

 

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

 

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

 

3

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

4

 

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

 

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

 

5

 

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

 

 

Dated:                         ,
20    

 

	
   

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: WILMINGTON TRUST COMPANY,
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

6

 

[FORM OF THE TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

 

This is one of
the Certificates referred

to in the within-mentioned Agreement.

 

	
   

  	
  WILMINGTON TRUST COMPANY,
  not in its individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized
  Officer

  

 

7

 

FORM OF TRANSFER NOTICE

 

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

 

Insert
Taxpayer Identification No.

 

 

 

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

 

 

 

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

 

 

 

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

 

	
  Date:

  	
  [Name of
  Transferor]

  
	
   

  	
   

  
	
   

  	
  NOTE: The
  signature must correspond with the name as written upon the face of the
  within-mentioned instrument in every particular, without alteration or any
  change whatsoever.

  
	
   

  	
   

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  	
   

  
				

 

8

 

EXHIBIT B

 

FORM OF ASSIGNMENT AND ASSUMPTION
AGREEMENT

JetBlue Airways
Pass Through Trust, Series 2004-2G-1-O

 

ASSIGNMENT AND ASSUMPTION AGREEMENT, dated                     ,
(the “Agreement”), between
Wilmington Trust Company, a Delaware banking corporation (“WTC”), not in its individual capacity
except as expressly provided herein, but solely as trustee under the Pass
Through Trust Agreement dated as of November 15, 2004 (as amended,
modified or otherwise supplemented from time to time, the “Pass Through Trust Agreement”) in respect
of the JetBlue Airways Pass Through Trust, Series 2004-2G-1-O (the “Assignor”), and Wilmington Trust Company, a
Delaware banking corporation, not in its individual capacity except as
expressly provided herein, but solely as trustee under the Pass Through Trust
Agreement dated as of                          ,
200    (the “New Pass Through
Trust Agreement”) in respect of the JetBlue Airways Pass Through
Trust, Series 2004-2G-1-S (the “Assignee”).

 

W I T N E S S E T H:

 

WHEREAS,
the parties hereto desire to effect on the date hereof (the “Transfer Date”) (a) the transfer by
the Assignor to the Assignee of all of the right, title and interest of the
Assignor in, under and with respect to, among other things, the Trust Property
and each of the documents listed in Schedule I hereto (the “Scheduled Documents”) and (b) the
assumption by the Assignee of the obligations of the Assignor (i) under
the Scheduled Documents and (ii) in respect of the Certificates issued
under the Pass Through Trust Agreement; and

 

WHEREAS,
the Scheduled Documents permit such transfer upon satisfaction of certain
conditions heretofore or concurrently herewith being complied with;

 

NOW, THEREFORE, in consideration of the
premises and of the mutual covenants and agreements herein contained, the
parties hereto do hereby agree as follows (capitalized terms used herein
without definition having the meaning ascribed thereto in the Pass Through
Trust Agreement):

 

1.             Assignment.  The Assignor does hereby sell, assign,
convey, transfer and set over unto the Assignee as of the Transfer Date all of
its present and future right, title and interest in, under and with respect to
the Trust Property and the Scheduled Documents and each other contract,
agreement, document or instrument relating to the Trust Property or the
Scheduled Documents (such other contracts, agreements, documents or
instruments, together with the Scheduled Documents, to be referred to as the “Assigned Documents”), and any proceeds
therefrom, together with all documents and instruments evidencing any of such
right, title and interest.

 

2.             Assumption.  The Assignee hereby assumes for the benefit
of the Assignor and each Certificateholder (collectively, the “Beneficiaries”) all of the duties and
obligations of the Assignor, whenever accrued, pursuant to the Assigned
Documents and hereby confirms that it shall be deemed a party to each of the
Assigned Documents to which the Assignor is a party and shall be bound by all
the terms thereof (including the agreements and obligations of the Assignor set
forth therein) as if therein named as the Assignor.  Further, the Assignee hereby assumes for

 

1

 

the benefit of the Assignor and the Beneficiaries all
of the duties and obligations of the Assignor under the Outstanding
Certificates and hereby confirms that the Certificates representing Fractional
Undivided Interests under the Pass Through Trust Agreement shall be deemed for
all purposes of the Pass Through Trust Agreement and the New Pass Through Trust
Agreement to be certificates representing the same fractional undivided
interests under the New Pass Through Trust Agreement equal to their respective
beneficial interests in the trust created under the Pass Through Trust
Agreement.

 

3.             Effectiveness.  This Agreement shall be effective upon the
execution and delivery hereof by the parties hereto, and each
Certificateholder, by its acceptance of its Certificate or a beneficial
interest therein, agrees to be bound by the terms of this Agreement.

 

4.             Payments.  The Assignor hereby covenants and agrees to
pay over to the Assignee, if and when received following the Transfer Date, any
amounts (including any sums payable as interest in respect thereof) paid to or
for the benefit of the Assignor that, under Section 1 hereof, belong to
the Assignee.

 

5.             Further
Assurances.  The Assignor shall, at
any time and from time to time, upon the request of the Assignee, promptly and
duly execute and deliver any and all such further instruments and documents and
take such further action as the Assignee may reasonably request to obtain the
full benefits of this Agreement and of the right and powers herein
granted.  The Assignor agrees to deliver
the Global Certificates, and all Trust Property, if any, then in the physical
possession of the Assignor, to the Assignee.

 

6.             Representations
and Warranties.  (a)  The Assignee represents and warrants to the
Assignor and each of the Beneficiaries that:

 

(i)            it has
all requisite power and authority and legal right to enter into and carry out
the transactions contemplated hereby and to carry out and perform the
obligations of the “Pass Through Trustee” under the Assigned Documents;

 

(ii)           on and as
of the date hereof, the representations and warranties of the Assignee set
forth in Section 7.15 of the New Pass Through Trust Agreement are true and
correct.

 

(b)           The
Assignor represents and warrants to the Assignee that:

 

(i)            it is
duly incorporated, validly existing and in good standing under the laws of the
State of Delaware and has the full trust power, authority and legal right under
the laws of the State of Delaware and the United States pertaining to its trust
and fiduciary powers to execute and deliver this Agreement;

 

(ii)           the
execution and delivery by it of this Agreement and the performance by it of its
obligations hereunder have been duly authorized by it and will not violate its
articles of association or by-laws or the provisions of any indenture,
mortgage, contract or other agreement to which it is a party or by which it is
bound; and

 

2

 

(iii)          this
Agreement constitutes the legal, valid and binding obligations of it
enforceable against it in accordance with its terms, except as the same may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and by general
principles of equity, whether considered in a proceeding at law or in equity.

 

7.             GOVERNING
LAW.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK
INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.

 

8.             Counterparts.  This Agreement may be executed in any number
of counterparts, all of which together shall constitute a single
instrument.  It shall not be necessary
that any counterpart be signed by both parties so long as each party shall sign
at least one counterpart.

 

9.             Third
Party Beneficiaries.  The Assignee
hereby agrees, for the benefit of the Beneficiaries, that its representations,
warranties and covenants contained herein are also intended to be for the
benefit of each Beneficiary, and each Beneficiary shall be deemed to be an
express third party beneficiary with respect thereto, entitled to enforce
directly and in its own name any rights or claims it may have against such
party as such beneficiary.

 

*     *    
*

 

3

 

IN WITNESS WHEREOF,
the parties hereto, through their respective officers thereunto duly
authorized, have duly executed this Assignment as of the day and year first
above written.

 

 

	
   

  	
  ASSIGNOR:

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,
  not in its individual capacity except as expressly provided herein, but
  solely as trustee under the Pass Through Trust Agreement in respect of the
  JetBlue Airways Pass Through Trust 2004-2G-1-O

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ASSIGNEE:

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,
  not in its individual capacity except as expressly provided herein, but
  solely as trustee under the Pass Through Trust Agreement in respect of the
  JetBlue Airways Pass Through Trust 2004-2G-1-S

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Title:

  

 

4

 

SCHEDULE I

 

SCHEDULE OF ASSIGNED DOCUMENTS

 

(1)           Intercreditor
Agreement dated as of November 15, 2004 among the Trustee, the Other
Trustee, the Policy Provider, the Liquidity Providers, the liquidity provider,
if any, relating to the Certificates issued under (and as defined in) the Other
Pass Through Trust Agreements and the Subordination Agent.

 

(2)           Escrow
and Paying Agent Agreement (Class G-1) dated as of November 15, 2004 among
the Escrow Agent, the Underwriters, the Trustee and the Paying Agent.

 

(3)           Note
Purchase Agreement dated as of November 15, 2004 among the Company, the
Trustee, the Other Trustee, the Depositary, the Escrow Agent, the Paying Agent
and the Subordination Agent.

 

(4)           Deposit
Agreement (Class G-1) dated as of November 15, 2004 between the Escrow
Agent and the Depositary.

 

(5)           The
Policy (Class G-1) dated November 15, 2004, as defined in the Intercreditor
Agreement.

 

(6)           The
Policy Provider Agreement dated November 15, 2004, as defined in the
Intercreditor Agreement.

 

(7)           The
Revolving Credit Agreement (2004-2G-1) dated as of November 15, 2004
between the Subordination Agent and the Primary Liquidity Provider.

 

(8)           The
Class G-1 Above-Cap Liquidity Facility dated November 15, 2004, as defined
in the Intercreditor Agreement.

 

(9)           Each
of the Operative Agreements (as defined in the Participation Agreement for each
Aircraft) in effect as of the Transfer Date.

 

5

 

EXHIBIT C

 

FORM OF NOTICE TO DESIGNATE
NOMINEE AS WITHHOLDING AGENT

(Treas. Reg.
§ 1.1445-8(f); 17 C.F.R. 240.10b-17(b)(1))

 

[DATE]

 

National Association of Securities Dealers, Inc.

Market Operations

80 Merritt Blvd.

Trumbull, CT 06611

 

Re:          JetBlue
Airways Pass Through Trust, Series 2004-2G-1-O

Pass Through Certificates, Series 2004-2G-1-O

 

With
respect to distributions to be made on [INSERT DISTRIBUTION DATE] to holders of
the above-referenced Pass Through Certificates in the amount of $                        
per $1,000 principal amount of Certificate, we hereby designate the appropriate
nominees to withhold from amounts distributable to any non-U.S. Person such
amounts as required by Section 1446 of the Internal Revenue Code of 1986,
as amended.  The term “non-U.S. Person”
means any person or entity that, for U.S. federal income tax purposes, is not a
“U.S. Person.” “U.S. Person” for this purpose means a citizen or resident of
the United States, a corporation, partnership or other entity created or
organized under the laws of the United States or any political subdivision
thereof, or an estate or trust, the income of which is subject to U.S. federal
income taxation regardless of its source. 
The date of record for determining holders of Certificates entitled to
receive the distribution on [INSERT DISTRIBUTION DATE] is [INSERT RELATED
RECORD DATE].

 

Very
truly yours,

 

1

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