Document:

Exhibit 4.7

 

EXECUTION COPY

 

REVOLVING
CREDIT AGREEMENT

(2004-1C)

 

dated as of March 24, 2004

 

between

 

WILMINGTON TRUST COMPANY,
as Subordination Agent,

as agent and trustee for the

JetBlue Airways 2004-1C Pass Through Trust,

as Borrower

 

and

 

LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE,
as Primary Liquidity Provider

 

Relating to

 

JetBlue Airways 2004-1C Pass Through Trust

JetBlue Airways Enhanced Pass Through Certificates, Series 2004-1C

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
  DEFINITIONS

  	
   

  
	
   

  	
  Section 1.01

  	
  Certain
  Defined Terms

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
  AMOUNT
  AND TERMS OF THE COMMITMENT

  	
   

  
	
   

  	
  Section 2.01

  	
  Advances

  	
   

  
	
   

  	
  Section 2.02

  	
  Making
  the Advances

  	
   

  
	
   

  	
  Section 2.03

  	
  Fees

  	
   

  
	
   

  	
  Section 2.04

  	
  Automatic
  Reductions and Termination of the Maximum Commitment

  	
   

  
	
   

  	
  Section 2.05

  	
  Repayments
  of Interest Advances, the Special Termination Advance or the Final Advance

  	
   

  
	
   

  	
  Section 2.06

  	
  Repayments
  of Provider Advances

  	
   

  
	
   

  	
  Section 2.07

  	
  Payments
  to the Primary Liquidity Provider Under the Intercreditor Agreement

  	
   

  
	
   

  	
  Section 2.08

  	
  Book
  Entries

  	
   

  
	
   

  	
  Section 2.09

  	
  Payments
  from Available Funds Only

  	
   

  
	
   

  	
  Section 2.10

  	
  Extension
  of Expiry Date; Non-Extension Advance

  	
   

  
	
   

  	
  Section 2.11

  	
  Right
  to Further Extend Expiry Date

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
  OBLIGATIONS
  OF THE BORROWER

  	
   

  
	
   

  	
  Section 3.01

  	
  Increased
  Costs

  	
   

  
	
   

  	
  Section 3.02

  	
  Capital
  Adequacy

  	
   

  
	
   

  	
  Section 3.03

  	
  Payments
  Free of Deductions

  	
   

  
	
   

  	
  Section 3.04

  	
  Payments

  	
   

  
	
   

  	
  Section 3.05

  	
  Computations

  	
   

  
	
   

  	
  Section 3.06

  	
  Payment
  on Non-Business Days

  	
   

  
	
   

  	
  Section 3.07

  	
  Interest

  	
   

  
	
   

  	
  Section 3.08

  	
  Replacement
  of Borrower

  	
   

  
	
   

  	
  Section 3.09

  	
  Funding
  Loss Indemnification

  	
   

  
	
   

  	
  Section 3.10

  	
  Illegality

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
  CONDITIONS
  PRECEDENT

  	
   

  
	
   

  	
  Section 4.01

  	
  Conditions
  Precedent to Effectiveness of Section 2.01

  	
   

  
	
   

  	
  Section 4.02

  	
  Conditions
  Precedent to Borrowing

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE V

  	
  COVENANTS

  	
   

  
	
   

  	
  Section 5.01

  	
  Affirmative
  Covenants of the Borrower

  	
   

  
	
   

  	
  Section 5.02

  	
  Negative
  Covenants of the Borrower

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  	
  LIQUIDITY
  EVENTS OF DEFAULT AND SPECIAL TERMINATION

  	
   

  
	
   

  	
  Section 6.01

  	
  Liquidity
  Events of Default and Special Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
  Section 7.01

  	
  Amendments,
  Etc

  	
   

  
	
   

  	
  Section 7.02

  	
  Notices,
  Etc

  	
   

  
	
   

  	
  Section 7.03

  	
  No
  Waiver; Remedies

  	
   

  
						

 

i

 

	
   

  	
  Section 7.04

  	
  Further
  Assurances

  	
   

  
	
   

  	
  Section 7.05

  	
  Indemnification;
  Survival of Certain Provisions

  	
   

  
	
   

  	
  Section 7.06

  	
  Liability
  of the Primary Liquidity Provider

  	
   

  
	
   

  	
  Section 7.07

  	
  Costs,
  Expenses and Taxes

  	
   

  
	
   

  	
  Section 7.08

  	
  Binding
  Effect; Participations

  	
   

  
	
   

  	
  Section 7.09

  	
  Severability

  	
   

  
	
   

  	
  Section 7.10

  	
  GOVERNING
  LAW

  	
   

  
	
   

  	
  Section 7.11

  	
  Submission
  to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity

  	
   

  
	
   

  	
  Section 7.12

  	
  Execution
  in Counterparts

  	
   

  
	
   

  	
  Section 7.13

  	
  Entirety

  	
   

  
	
   

  	
  Section 7.14

  	
  Headings

  	
   

  
	
   

  	
  Section 7.15

  	
  PRIMARY
  LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES

  	
   

  
	
   

  	
  Section 7.16

  	
  Transfer

  	
   

  

 

	
  Annex I

  	
  -

  	
  Interest
  Advance Notice of Borrowing

  
	
  Annex II

  	
  -

  	
  Non-Extension
  Advance Notice of Borrowing

  
	
  Annex III

  	
  -

  	
  Downgrade
  Advance Notice of Borrowing

  
	
  Annex
  IV

  	
  -

  	
  Final
  Advance Notice of Borrowing

  
	
  Annex V

  	
  -

  	
  Notice
  of Termination

  
	
  Annex
  VI

  	
  -

  	
  Notice
  of Replacement Subordination Agent

  
	
  Annex
  VII

  	
  -

  	
  Special
  Termination Advance Notice of Borrowing

  
	
  Annex
  VIII

  	
  -

  	
  Notice
  of Special Termination

  

 

ii

 

REVOLVING CREDIT
AGREEMENT

 

This REVOLVING CREDIT AGREEMENT (2004-1C),
dated as of March 24, 2004 (as it may be amended, supplemented or
otherwise modified from time to time in accordance with the terms hereof, this
“Agreement”), between WILMINGTON TRUST COMPANY, a Delaware
banking corporation, not in its individual capacity but solely as Subordination
Agent under the Intercreditor Agreement (each as defined below), as agent and
trustee for the Class C Trust (as defined below) (the “Borrower”), and LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, a public-law banking
institution organized under the laws of Germany (“Primary Liquidity Provider”).

 

W  I  T  N
E  S  S  E  T  H:

 

WHEREAS,
pursuant to the Class C Trust Agreement (as defined below), the Class C Trust
is issuing the Class C Certificates; and

 

WHEREAS,
the Borrower, in order to support the timely payment of a portion of the
interest on the Class C Certificates in accordance with their terms, has
requested the Primary Liquidity Provider to enter into this Agreement,
providing in part for the Borrower to request in specified circumstances that
Advances be made hereunder.

 

NOW,
THEREFORE, in consideration of the mutual promises contained
herein, 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                            Certain
Defined Terms.  (a)  For all purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires:

 

(i)                                     the
terms used herein that are defined in this Article I have the meanings
assigned to them in this Article I, and include the plural as well as the
singular;

 

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

 

(iii)                               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 or other
subdivision; and

 

(iv)                              the
term “including” means “including without limitation”.

 

“Additional Costs” has the meaning
specified in Section 3.01.

 

 

“Advance” means an Interest Advance, a
Final Advance, a Provider Advance, a Special Termination Advance or an Applied
Provider Advance, as the case may be.

 

“Applicable Liquidity Rate” has the
meaning specified in Section 3.07(g).

 

“Applicable Margin” means (w) with
respect to any Unpaid Advance (other than a Special Termination Advance) or
Applied Provider Advance, 1.75% per annum, (x) with respect to any Unapplied
Provider Advance, the margin per annum specified in the Fee Letter or
(z) with respect to any Special Termination Advance, the margin per annum
specified in the Fee Letter.

 

“Applied Downgrade Advance” has the
meaning specified in Section 2.06(a).

 

“Applied Non-Extension Advance” has the
meaning assigned to such term in Section 2.06(a).

 

“Applied Provider Advance” has the
meaning assigned to such term in Section 2.06(a).

 

“Applied Special Termination Advance”
has the meaning assigned to such term in Section 2.05.

 

“Assignment and Assumption Agreement”
means the Assignment and Assumption Agreement to be entered into between the
Borrower and the trustee of the Successor Trust.

 

“Base Rate” means a fluctuating interest
rate per annum in effect from time to time, which rate per annum shall at all
times be equal to (a) the weighted average of the rates on overnight
Federal funds transactions with members of the Federal Reserve System arranged
by Federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the preceding Business Day) by the Federal Reserve Bank of
New York, or if such rate is not so published for any day that is a Business
Day, the average of the quotations for such day for such transactions received
by the Primary Liquidity Provider from three Federal funds brokers of
recognized standing selected by it, plus (b) one-quarter of one percent
(0.25)%.

 

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

 

“Borrower” has the meaning specified in
the recitals to this Agreement.

 

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

 

“Business Day” means any day
(x) other than a Saturday or Sunday or a day on which commercial banks are
authorized or required by law to close in Darien, Connecticut, New York, New
York or, so long as any Class C Certificate is outstanding, the city and state
in which the Class C Trustee, the Borrower or any Indenture Trustee maintains
its corporate trust office or receives and disburses funds, and (y) if the
applicable Business Day relates to any Advance or amount bearing interest based
on LIBOR, on which dealings are carried on in the London interbank market.

 

2

 

“Consent Period” has the meaning
specified in Section 2.10.

 

“Deposit Agreement” means the Deposit
Agreement (2004-1C) dated as of the date hereof between Wilmington Trust
Company, as Escrow Agent and HSH Nordbank AG, New York Branch, as Depositary,
pertaining to the Class C Certificates, as the same may be amended, modified or
supplemented from time to time in accordance with the terms thereof.

 

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

 

“Deposits” has the meaning assigned to
such term in the Deposit Agreement.

 

“Downgrade Advance” means an Advance
made pursuant to Section 2.02(c).

 

“Downgrade Event” means a downgrading of
the Primary Liquidity Provider’s short-term unsecured debt rating or issuer
credit rating (as applicable) issued by either Rating Agency below the
applicable Threshold Rating unless each Rating Agency shall have confirmed in
writing on or prior to the date of such downgrading that such downgrading will
not result in the downgrading, withdrawal or suspension of the ratings of the
Class C Certificates (without regard to the Policies), in which case, such
downgrading of the Primary Liquidity Provider’s short-term unsecured debt
rating or issuer credit rating (as applicable) shall not constitute a Downgrade
Event and shall be referred to herein as a “Helaba Downgrade”.

 

“Effective Date” has the meaning
specified in Section 4.01.  The
delivery of the certificate of the Primary Liquidity Provider contemplated by
Section 4.01(e) shall be conclusive evidence that the Effective Date has
occurred.

 

“Excluded Taxes” means (i) any
Taxes imposed on, based on, or measured by the overall net income, capital,
franchises, or receipts (other than Taxes which are or are in the nature of
sales or use Taxes or value added Taxes) of the Primary Liquidity Provider or
any of its Lending Offices, (ii) withholding Taxes imposed by the United
States except to the extent that such United States withholding Taxes are
imposed or increased as a result of any change in applicable law (excluding
from change in applicable law for this purpose a change in an applicable treaty
or other change in law affecting the applicability of a treaty) after the date
hereof, or in the case of a successor Primary Liquidity Provider (including a
transferee of an Advance), after the date on which such successor Primary
Liquidity Provider obtains its interest, (iii) any withholding Taxes
imposed by the United States which are imposed or increased as a result of the
Primary Liquidity Provider failing to deliver to the Borrower any certificate
or document (which certificate or document in the good faith judgment of the
Primary Liquidity Provider it is legally entitled to provide) which is
reasonably requested by the Borrower to establish that payments under this
Agreement are exempt from (or entitled to a reduced rate of) withholding tax,
and (iv) withholding Taxes imposed by the United States on payments to a
recipient in any other jurisdiction to which such Lending Office is moved if,
under the laws in effect at the time of such move, such laws would require
greater withholding of Taxes on payments to such Primary Liquidity Provider
acting from an office in such jurisdiction than would be required on payments
to such Primary Liquidity Provider acting from an office in the jurisdiction
from which such Lending Office was moved.

 

3

 

“Expenses” means liabilities,
obligations, damages, settlements, penalties, claims, actions, suits, costs,
expenses, and disbursements (including, without limitation, reasonable fees and
disbursements of legal counsel and costs of investigation), provided
that Expenses shall not include Taxes.

 

“Expiry Date” means March 23, 2005,
initially, or any date to which the Expiry Date is extended pursuant to
Section 2.10 or 2.11.

 

“Extension Effective Date” has the
meaning assigned to such term in Section 2.11.

 

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

 

“Helaba Downgrade” has the meaning
assigned to such term in the definition of “Downgrade Event”.

 

“Intercreditor Agreement” means the
Intercreditor Agreement, dated as of the date hereof among the Trustees, the
Primary Liquidity Provider, the Primary Liquidity Provider under each Primary
Liquidity Facility (other than this Agreement), the Above-Cap Liquidity
Provider, the Policy Provider and the Borrower, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms.

 

“Interest Advance” means an Advance made
pursuant to Section 2.02(a).

 

“Interest Period” means, with respect to
any LIBOR Advance, each of the following periods:

 

(1)                                  the period beginning
on the third Business Day following either (x) the Primary Liquidity
Provider’s receipt of the Notice of Borrowing for such LIBOR Advance or
(y) the withdrawal of funds from the Class C Primary Cash Collateral
Account for the purpose of paying interest on the Class C Certificates as
contemplated by Section 2.06(a) hereof and, in either case, ending on the
next Regular Distribution Date; and

 

(2)                                  each subsequent
period commencing on the last day of the immediately preceding Interest Period
and ending on the next Regular Distribution Date;

 

provided, however, that if (x) the
Final Advance shall have been made, or (y) other outstanding Advances
shall have been converted into the Final Advance, then the Interest Periods
shall be successive periods of one month beginning on the third Business Day
following the Primary Liquidity Provider’s receipt of the Notice of Borrowing
for such Final Advance (in the case of clause (x) above) or the Regular
Distribution Date following such conversion (in the case of clause (y) above).

 

“Lending Office” means the lending
office of the Primary Liquidity Provider, presently located at Frankfurt am
Main, Germany, or such other lending office as the Primary Liquidity Provider
from time to time shall notify the Borrower as its lending office hereunder;
provided that the Primary Liquidity Provider shall not change its Lending
Office to another Lending

 

4

 

Office outside the United
States of America except in accordance with Section 3.01, 3.02 or 3.03
hereof.

 

“LIBOR” means, with respect to any
Interest Period, the interest rate per annum at which deposits in United States
dollars are offered to prime banks in the London interbank market as indicated
on display page 3750 (British Bankers Association LIBOR) of the Dow Jones
Markets Service (or such other page as may replace such display
page 3750 for the purpose of displaying London interbank offered rates for
United States dollar deposits) or, if not so indicated, the average (rounded
upwards to the nearest 1/100%), as determined by the Primary Liquidity
Provider, of such rates as indicated on the Reuters Screen LIBO Page (or
such other page as may replace such Reuters Screen LIBO Page for the
purpose of displaying London interbank offered rates for United States dollar
deposits) or, if neither such alternative is indicated, the average (rounded
upwards to the nearest 1/100%), as determined by the Primary Liquidity
Provider, of such rates offered by the London Reference Banks to prime banks in
the London interbank market, in each case at or about 11:00 a.m. (London
time) on the second LIBOR Business Day prior to the first day of such Interest
Period for deposits of a duration equal to such Interest Period (or such other
period most nearly corresponding to such period) in an amount substantially
equal to the principal amount of the applicable LIBOR Advance as of the first
day of such Interest Period.  The
Primary Liquidity Provider will, if necessary, request that each of the London
Reference Banks provide a quotation of its rate.  If at least two such quotations are provided, the rate will be
the average of the quotations (rounded upwards to the nearest 1/100%).  If no such quotation can be obtained, the
rate will be Base Rate.

 

“LIBOR Advance” means an Advance bearing
interest at a rate based upon LIBOR.

 

“LIBOR Business Day” means any day on
which dealings are carried on in the London interbank market.

 

“Liquidity Event of Default” means the
occurrence of either (a) the Acceleration of all of the Equipment Notes
(provided that, with respect to any period prior to the Delivery Period Expiry
Date, such Equipment Notes have an aggregate outstanding principal balance in
excess of $300,000,000) or (b) a JetBlue Bankruptcy Event.

 

“Liquidity Indemnitee” means
(i) the Primary Liquidity Provider, (ii) the directors, officers,
employees, servants and agents of the Primary Liquidity Provider and its
Affiliates, and (iii) the successors and permitted assigns of the persons
described in clauses (i) through (ii), inclusive.

 

“London Reference Banks” means the
principal London offices of Citibank, N.A., Barclays Bank PLC and Standard
Chartered Bank or such other bank or banks as may from time to time be agreed
to by JetBlue and the Primary Liquidity Provider.

 

“Maximum Available Commitment” shall
mean, subject to the proviso contained in the third sentence of
Section 2.02(a), at any time of determination, (a) the Required
Amount at such time less (b) the aggregate amount of each Interest Advance
outstanding; provided, however, that following a Provider
Advance, a Special Termination Advance or a Final Advance, the Maximum
Available Commitment shall be zero.

 

5

 

“Maximum Commitment” means initially  $23,165,497.25, as the same may be reduced
from time to time in accordance with Section 2.04(a).

 

“Non-Excluded Tax” has the meaning
specified in Section 3.03.

 

“Non-Extension Advance” means an Advance
made pursuant to Section 2.02(b).

 

“Notice of Borrowing” has the meaning
specified in Section 2.02(f).

 

“Notice of Replacement Subordination Agent”
has the meaning specified in Section 3.08.

 

“Participating Institution” has the
meaning specified in Section 7.08(b).

 

“Performing Note Deficiency” means any
time that less than 65% of the then aggregate outstanding principal amount of
all Equipment Notes are Performing Equipment Notes.

 

“Primary Liquidity Provider” has the
meaning specified in the recital of parties to this Agreement.

 

“Prospectus Supplement” means the
Prospectus Supplement dated March 18, 2004 relating to the Certificates,
as such Prospectus Supplement may be amended or supplemented.

 

“Provider Advance” means a Downgrade
Advance or a Non-Extension Advance.

 

“Regulatory Change” has the meaning
specified in Section 3.01.

 

“Replenishment Amount” has the meaning
assigned to such term in Section 2.06(b).

 

“Required Amount” means, for any day,
(i) so long as there is no Interest Advance made hereunder remaining
unreimbursed on such day, the aggregate amount of interest, calculated at the
rate per annum equal to the applicable Capped Interest Rate for the Class C
Certificates, that would be payable on the Class C Certificates on each of the
six successive Regular Distribution Dates immediately following such day,
without regard to expected future distributions of principal on such Class of
Certificates or (ii) if there is one or more Interest Advances made hereunder
and remaining unreimbursed on such day, the sum of (x) the unreimbursed amount
of such Interest Advance(s) and (y) the product of (A) the Undrawn Percentage
and (B) the amount determined pursuant to clause (i) as if no Interest Advances
were outstanding and unreimbursed on such date.  The “Undrawn Percentage” as of any date is equal to one hundred
percent minus the sum of the Individual Drawn Percentages for the Interest
Advances that are unreimbursed as of such date.  The “Individual Drawn Percentage” for any unreimbursed Interest
Advance as of any day is equal to a fraction, expressed as a percentage, the
numerator of which is the unreimbursed amount of such Interest Advance as of
such date and the denominator of which is the Required Amount as of the date of
each such Interest Advance calculated as if no Interest Advance were
outstanding on the date of such Interest Advance and on the basis of the lower
of the applicable Stated Interest Rate and the applicable Capped Interest Rate
as of such date.  Repayments of Interest
Advances shall be deemed to have been made in the order in which such Interest
Advances were made.  Notwithstanding the
above, the Pool

 

6

 

Balance for purposes of
the definition of Required Amount shall be the Preferred C Pool Balance as
such date of determination.

 

“Special Termination Advance” means an
Advance made pursuant to Section 2.02(e).

 

“Special Termination Notice” means the
Notice of Special Termination substantially in the form of Annex VIII to
this Agreement.

 

“Successor Trust” means the JetBlue
Airways Pass Through Trust 2004-1C.

 

“Termination Date” means the earliest to
occur of the following:  (i) the
Expiry Date; (ii) the date on which the Borrower delivers to the Primary
Liquidity Provider a certificate, signed by a Responsible Officer of the
Borrower, certifying that all of the Class C Certificates have been paid
in full (or provision has been made for such payment in accordance with the
Intercreditor Agreement and the Trust Agreement) or are otherwise no longer
entitled to the benefits of this Agreement; (iii) the date on which the
Borrower delivers to the Primary Liquidity Provider a certificate, signed by a
Responsible Officer of the Borrower, certifying that a Replacement Liquidity
Facility has been substituted for this Agreement in full pursuant to
Section 3.6(e) of the Intercreditor Agreement; (iv) the fifth
Business Day following the receipt by the Borrower and JetBlue of a Termination
Notice or a Special Termination Notice from the Primary Liquidity Provider
pursuant to Section 6.01; and (v) the date on which no Advance is or
may (including by reason of reinstatement as herein provided) become available
for a Borrowing hereunder.

 

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

 

“Unapplied Non-Extension Advance” means
any Non-Extension Advance other than an Applied Non-Extension Advance.

 

“Unapplied Provider Advance” means any
Provider Advance other than an Applied Provider Advance.

 

“Unpaid Advance” has the meaning
specified in Section 2.05.

 

(b)                                 Terms
Defined in the Intercreditor Agreement. 
Capitalized terms not otherwise defined in this Agreement shall have the
respective meanings assigned to such terms in the Intercreditor Agreement.

 

ARTICLE II

AMOUNT AND TERMS OF THE COMMITMENT

 

Section 2.01                            Advances.  The Primary Liquidity Provider hereby
irrevocably agrees, on the terms and conditions hereinafter set forth, to make
Advances to the Borrower from time to time on any Business Day during the
period from the Effective Date until 12:00 noon (New York City time) on the
Expiry Date (unless the obligations of the Primary Liquidity Provider shall be

 

7

 

earlier terminated
in accordance with the terms of Section 2.04(b)) in an aggregate amount at
any time outstanding not to exceed the Maximum Commitment.

 

Section 2.02                            Making
the Advances.  (a)  Each “Interest
Advance” shall be made in a single Borrowing by delivery to the
Primary Liquidity Provider of a written and completed Notice of Borrowing in
substantially the form of Annex I, signed by a Responsible Officer of the
Borrower, such Interest Advance in an amount not exceeding the Maximum
Available Commitment at such time and shall be used solely for the payment when
due of Adjusted Interest for the applicable Interest Period on the Class C
Certificates at the Stated Interest Rate therefor in accordance with Section 3.6(a)
of the Intercreditor Agreement.  Each
Interest Advance made hereunder shall automatically reduce the Maximum
Available Commitment (based on the Required Amount as recalculated as a result
of making such Interest Advance) and the amount available to be borrowed
hereunder by subsequent Advances by the amount of such Interest Advance
(subject to reinstatement as provided in the next sentence).  Subject to the provisions of
Section 3.6(g) of the Intercreditor Agreement, upon repayment to the Primary
Liquidity Provider in full or in part of the amount of any Interest Advance
made pursuant to this Section 2.02(a), together with accrued interest
thereon (as provided herein), the Maximum Available Commitment shall be
reinstated by an amount equal to the product of (A) the then Required Amount
(calculated as if no Interest Advances are outstanding) and (B) a fraction, the
numerator of which is the amount of such reimbursement (assuming that Interest
Advances are reimbursed in the order in which they were made) in respect of
principal of such Interest Advance and the denominator of which is the Required
Amount at the date of such Interest Advance (calculated as if no Interest
Advances are then outstanding and on the basis of the lower of the applicable Stated
Interest Rate and the applicable Capped Interest Rate as of such date) but not
to exceed the Maximum Commitment; provided, however, that the
Maximum Available Commitment shall not be so reinstated at any time if
(i) a Liquidity Event of Default shall have occurred and be continuing and
(ii) there is a Performing Note Deficiency or at any time after the making
of a Provider Advance, a Final Advance or a Special Termination Advance.

 

(b)                                 A
“Non-Extension Advance” shall be
made in a single Borrowing if this Agreement is not extended in accordance with
Section 3.6(d) of the Intercreditor Agreement (unless a Replacement
Liquidity Facility to replace this Agreement shall have been delivered to the
Borrower as contemplated by said Section 3.6(d) within the time period
specified in such Section) by delivery to the Primary Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of
Annex II attached hereto, signed by a Responsible Officer of the Borrower,
in an amount equal to the Maximum Available Commitment at such time, and shall
be used to fund the Class C Primary Cash Collateral Account in accordance
with said Section 3.6(d) and Section 3.6(f) of the Intercreditor
Agreement.

 

(c)                                  A
“Downgrade Advance” shall be made
in a single Borrowing upon the occurrence of a Downgrade Event (as provided for
in Section 3.6(c) of the Intercreditor Agreement) unless a Replacement
Liquidity Facility shall have been delivered to the Borrower in accordance with
said Section 3.6(c), by delivery to the Primary Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of
Annex III, signed by a Responsible Officer of the Borrower, in an amount
equal to the Maximum Available Commitment at such time, and shall be used to
fund the Class C Primary Cash Collateral Account in accordance with said
Section 3.6(c) and Section 3.6(f) of the Intercreditor Agent.

 

8

 

Upon the
occurrence of a Downgrade Event, the Primary Liquidity Provider shall promptly
deliver notice thereof to the Borrower, the Trustee and JetBlue.

 

(d)                                 A
“Final Advance” shall be made in a
single Borrowing upon the receipt by the Borrower of a Termination Notice from
the Primary Liquidity Provider pursuant to Section 6.01(a), by delivery to
the Primary Liquidity Provider of a written and completed Notice of Borrowing
in substantially the form of Annex IV, signed by a Responsible Officer of the
Borrower, in an amount equal to the Maximum Available Commitment at such time,
and shall be used to fund the Class C Primary Cash Collateral Account (in
accordance with Section 3.6(f) and Section 3.6(i) of the
Intercreditor Agreement).

 

(e)                                  A
“Special Termination Advance”
shall be made in a single Borrowing upon the receipt by the Borrower of a
Special Termination Notice from the Primary Liquidity Provider pursuant to
Section 6.01(b), by delivery to the Primary Liquidity Provider of a
written and completed Notice of Borrowing in substantially the form of Annex
VII, signed by a Responsible Officer of the Borrower, in an amount equal to the
Maximum Available Commitment at such time, and shall be used to fund the
Class C Primary Cash Collateral Account (in accordance with
Section 3.6(f) and Section 3.6(i) of the Intercreditor Agreement).

 

(f)                                    Each
Borrowing shall be made on notice in writing (a “Notice of Borrowing”) in substantially the form required by
Section 2.02(a), 2.02(b), 2.02(c), 2.02(d) or 2.02(e), as the case may be,
given by the Borrower to the Primary Liquidity Provider.  If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing no later than 1:00 p.m. (New York
City time) on a Business Day, upon satisfaction of the conditions precedent set
forth in Section 4.02 with respect to a requested Borrowing, the Primary
Liquidity Provider shall, before 4:00 p.m. (New York City time) on the
date of delivery of such Notice of Borrowing or on such later Business Day
specified by the Borrower in such Notice of Borrowing, make available in U.S.
dollars and in immediately available funds, the amount of such Borrowing to be
paid to the Borrower in accordance with its payment instructions.  If a Notice of Borrowing is delivered by the
Borrower in respect of any Borrowing after 1:00 p.m. (New York City time)
on a Business Day, the Primary Liquidity Provider shall, before 1:00 p.m.
(New York City time) on the first Business Day following the day of receipt of
such Notice of Borrowing or on such later Business Day specified by the
Borrower in such Notice of Borrowing, make available to the Borrower, in
accordance with its payment instructions, in U.S. dollars and in immediately
available funds, the amount of such Borrowing. 
Payments of proceeds of a Borrowing shall be made by wire transfer of
immediately available funds to the Borrower in accordance with such wire
transfer instructions as the Borrower shall furnish from time to time to the
Primary Liquidity Provider for such purpose. 
Each Notice of Borrowing shall be irrevocable and binding on the
Borrower.  Each Notice of Borrowing
shall be effective upon delivery of a copy thereof to the Primary Liquidity
Provider’s New York Branch at the address specified in Section 7.02.

 

(g)                                 Upon
the making of any Advance requested pursuant to a Notice of Borrowing in
accordance with the Borrower’s payment instructions, the Primary Liquidity
Provider shall be fully discharged of its obligation hereunder with respect to
such Notice of Borrowing, and the Primary Liquidity Provider shall not
thereafter be obligated to make any further Advances hereunder in respect of
such Notice of Borrowing to the Borrower or to any other Person.  If the Primary Liquidity Provider makes an
Advance requested pursuant to a

 

9

 

Notice of
Borrowing before 12:00 noon (New York City time) on the second Business
Day after the date of payment specified in said Section 2.02(f), the
Primary Liquidity Provider shall have fully discharged its obligations
hereunder with respect to such Advance and an event of default shall not have
occurred hereunder.  Following the
making of any Advance pursuant to Section 2.02(b), Section 2.02(c),
Section 2.02(d) or Section 2.02(e) to fund the Class C Primary
Cash Collateral Account, the Primary Liquidity Provider shall have no interest
in or rights to the Class C Primary Cash Collateral Account, such Advance
or any other amounts from time to time on deposit in the Class C Primary
Cash Collateral Account; provided, however, that the foregoing
shall not affect or impair the obligations of the Subordination Agent to make
the distributions contemplated by Section 3.6(e) or (f) of the
Intercreditor Agreement and provided  further, that the foregoing
shall not affect or impair the rights of the Primary Liquidity Provider to
provide written instructions with respect to the investment and reinvestment of
the Cash Collateral Accounts to the extent provided in Section 2.2(b) of
the Intercreditor Agreement.  By paying
to the Borrower proceeds of Advances requested by the Borrower in accordance
with the provisions of this Agreement, the Primary Liquidity Provider makes no
representation as to, and assumes no responsibility for, the correctness or
sufficiency for any purpose of the amount of the Advances so made and
requested.

 

Section 2.03                            Fees.  The Borrower agrees to pay to the Primary
Liquidity Provider the fees set forth in the Fee Letter applicable to this
Agreement.

 

Section 2.04                            Automatic
Reductions and Termination of the Maximum Commitment.

 

(a)                                  Automatic
Reductions.  Promptly following each
date on which the Required Amount is reduced as a result of a reduction in the
Pool Balance of the Class C Certificates or otherwise, the Maximum
Commitment shall automatically be reduced to an amount equal to such reduced
Required Amount (as calculated by the Borrower).  The Borrower shall give notice of any such automatic reduction of
the Maximum Commitment to the Primary Liquidity Provider within two Business
Days thereof.  The failure by the
Borrower to furnish any such notice shall not affect such automatic reduction
of the Maximum Commitment.

 

(b)                                 Termination.  Upon the making of any Provider Advance, a
Special Termination Advance or Final Advance hereunder or the occurrence of the
Termination Date, the obligation of the Primary Liquidity Provider to make
further Advances hereunder shall automatically and irrevocably terminate, and
the Borrower shall not be entitled to request any further Borrowing hereunder.

 

Section 2.05                            Repayments
of Interest Advances, the Special Termination Advance or the Final Advance.  Subject to Sections 2.06, 2.07 and
2.09, the Borrower hereby agrees, without notice of an Advance or demand for
repayment from the Primary Liquidity Provider (which notice and demand are
hereby waived by the Borrower), to pay, or to cause to be paid, to the Primary
Liquidity Provider on each date on which the Primary Liquidity Provider shall
make an Interest Advance, the Special Termination Advance or the Final Advance,
an amount equal to (a) the amount of such Advance (any such Advance, until
repaid, is referred to herein as an “Unpaid
Advance”), plus (b) interest on the amount of each such Unpaid
Advance as provided in Section 3.07; provided, however, that if
(i) the Primary Liquidity Provider shall make a Provider Advance at any
time after making one or more Interest Advances which shall not have

 

10

 

been repaid in
accordance with this Section 2.05 or (ii) this Liquidity Facility
shall become a Downgraded Facility or Non-Extended Facility at any time when
unreimbursed Interest Advances have reduced the Maximum Available Commitment to
zero, then such Interest Advances shall cease to constitute Unpaid Advances and
shall be deemed to have been changed into an Applied Downgrade Advance or an
Applied Non-Extension Advance, as the case may be, for all purposes of this
Agreement (including, for the purpose of determining when such Interest Advance
is required to be repaid to the Primary Liquidity Provider in accordance with
Section 2.06 and for the purposes of Section 2.06(b)); provided,
further, that amounts in respect of a Special Termination Advance
withdrawn from the Class C Primary Cash Collateral Account for the purpose
of paying interest on the Class C Certificates in accordance with
Section 3.6(f) of the Intercreditor Agreement (the amount of any such
withdrawal being an “Applied Special
Termination Advance”) shall thereafter (subject to
Section 2.06(b)) be treated as an Interest Advance under this Agreement
for purposes of determining the Applicable Liquidity Rate for interest payable
thereon; and provided, further, that if, following the making of
a Special Termination Advance, the Liquidity Provider delivers a Termination
Notice to the Borrower pursuant to Section 6.01(a), such Special
Termination Advance shall thereafter be treated as a Final Advance under this
Agreement for purposes of determining the Applicable Liquidity Rate for
interest payable thereon and the obligation for repayment thereof.  The Borrower and the Primary Liquidity
Provider agree that the repayment in full of each Interest Advance, Special
Termination Advance and Final Advance on the date such Advance is made is
intended to be a contemporaneous exchange for new value given to the Borrower
by the Primary Liquidity Provider.

 

Section 2.06                            Repayments
of Provider Advances.  (a) Amounts
advanced hereunder in respect of a Provider Advance shall be deposited in the
Class C Primary Cash Collateral Account, invested and withdrawn from the
Class C Primary Cash Collateral Account as set forth in
Sections 3.6(c), (d) and (f) of the Intercreditor Agreement.  The Borrower agrees to pay to the Primary
Liquidity Provider, on each Regular Distribution Date, commencing on the first
Regular Distribution Date after the making of a Provider Advance, interest on
the principal amount of any such Provider Advance as provided in
Section 3.07; provided, however, that amounts in respect of
a Provider Advance withdrawn from the Class C Primary Cash Collateral
Account for the purpose of paying interest on the Class C Certificates in
accordance with Section 3.6(f) of the Intercreditor Agreement (the amount
of any such withdrawal being (y) in the case of a Downgrade Advance, an “Applied Downgrade Advance” and (z) in
the case of a Non-Extension Advance, an “Applied
Non-Extension Advance” and, together with an Applied Downgrade
Advance, an “Applied Provider Advance”)
shall thereafter (subject to Section 2.06(b)) be treated as an Interest
Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon; and provided, further,
that if, following the making of a Provider Advance, the Primary Liquidity
Provider delivers a Termination Notice to the Borrower pursuant to
Section 6.01(a), such Provider Advance shall thereafter be treated as a
Final Advance under this Agreement for purposes of determining the Applicable
Liquidity Rate for interest payable thereon and the obligation for repayment
thereof.  Subject to Sections 2.07
and 2.09 hereof, immediately upon the withdrawal of any amounts from the
Class C Primary Cash Collateral Account on account of a reduction in the
Required Amount, the Borrower shall repay to the Primary Liquidity Provider a
portion of the Provider Advances in a principal amount equal to the amount of
such reduction, plus interest on the principal amount prepaid as provided in
Section 3.07.

 

11

 

(b)                                 At
any time when an Applied Provider Advance (or any portion thereof) is
outstanding, upon the deposit in the Class C Primary Cash Collateral
Account of any amount pursuant to Section 2.4(a) of the Intercreditor
Agreement, clause fourth of Section 3.2 of the Intercreditor
Agreement (any such amount being a “Replenishment
Amount”) for the purpose of replenishing or increasing the balance
thereof up to the amount of the Required Amount at such time, (i) the
aggregate outstanding principal amount of all Applied Provider Advances (and of
Provider Advances treated as an Interest Advance for purposes of determining
the Applicable Liquidity Rate for interest payable thereon) shall be
automatically reduced by the amount of such Replenishment Amount and
(ii) the principal amount of all outstanding Unapplied Provider Advances
shall be automatically increased by the amount of such Replenishment Amount.

 

(c)                                  Upon
the provision of a Replacement 
Liquidity Facility in replacement of this Agreement in accordance with
Section 3.6(e) or 2.7(c) of the Intercreditor Agreement, amounts remaining
on deposit in the Class C Primary Cash Collateral Account after giving
effect to any Applied Provider Advance on the date of such replacement shall be
reimbursed to the Primary Liquidity Provider, but only to the extent such
amounts are necessary to repay in full to the Primary Liquidity Provider all
amounts owing to it hereunder.

 

Section 2.07                            Payments
to the Primary Liquidity Provider Under the Intercreditor Agreement.  In order to provide for payment or repayment
to the Primary Liquidity Provider of any amounts hereunder, the Intercreditor
Agreement provides that amounts available and referred to in Articles II
and III of the Intercreditor Agreement, to the extent payable to the
Primary Liquidity Provider pursuant to the terms of the Intercreditor Agreement
(including, without limitation, Sections 3.6(f) and 2.7(c) of the
Intercreditor Agreement), shall be paid to the Primary Liquidity Provider in
accordance with the terms thereof. 
Amounts so paid to the Primary Liquidity Provider shall be applied by the
Primary Liquidity Provider to Liquidity Obligations then due and payable in the
order of priority required by the applicable provisions of Articles II
and III of the Intercreditor Agreement or, if not provided for in the
Intercreditor Agreement, then in such manner as the Primary Liquidity Provider
shall deem appropriate, and shall discharge in full the corresponding
obligations of the Borrower hereunder.

 

Section 2.08                            Book
Entries.  The Primary Liquidity
Provider shall maintain in accordance with its usual practice an account or
accounts evidencing the indebtedness of the Borrower resulting from Advances
made from time to time and the amounts of principal and interest payable
hereunder and paid from time to time in respect thereof; provided, however,
that the failure by the Primary Liquidity Provider to maintain such account or
accounts shall not affect the obligations of the Borrower in respect of
Advances.

 

Section 2.09                            Payments
from Available Funds Only.  All
payments to be made by the Borrower under this Agreement shall be made only
from amounts received by it that constitute Scheduled Payments or Special
Payments or payments under Section 7.1 of the Participation Agreements,
and Section 6 of the Note Purchase Agreement, and only to the extent that
the Borrower shall have sufficient income or proceeds therefrom to enable the
Borrower to make payments in accordance with the terms hereof after giving
effect to the priority of payments provisions set forth in the Intercreditor
Agreement.  The Primary Liquidity
Provider agrees that it shall look solely to such amounts to the extent
available for distribution to it as provided in the Intercreditor Agreement and
this Agreement and that the Borrower, in its individual capacity, is

 

12

 

not personally
liable to it  for any amounts
payable or liability under this Agreement except as expressly provided in this
Agreement or the Intercreditor Agreement. 
Amounts on deposit in the Class C Primary Cash Collateral Account
shall be available to the Borrower to make payments under this Agreement only
to the extent and for the purposes expressly contemplated in
Section 3.6(f) of the Intercreditor Agreement.

 

Section 2.10                            Extension
of Expiry Date; Non-Extension Advance. 
No earlier than the 60th day and no later than the 40th
day prior to the then effective Expiry Date (unless such Expiry Date is on or
after the date that is 15 days after the Final Legal Distribution Date for the
Class C Certificates), the Borrower shall request that the Primary
Liquidity Provider extend the Expiry Date to the earlier of (i) the date
that is 15 days after the Final Legal Distribution Date for the Class C
Certificates and (ii) the date that is the day immediately preceding the
364th day occurring after the last day of the Consent Period (as hereinafter
defined).  Whether or not the Borrower
has made such request, the Primary Liquidity Provider shall advise the
Borrower, no earlier than the 40th day (or, if earlier, the date of
the Primary Liquidity Provider’s receipt of such request, if any, from the
Borrower) and no later than the 25th day prior to the then effective
Expiry Date (such period the “Consent Period”),
whether, in its sole discretion, it agrees to so extend the Expiry Date.  If the Primary Liquidity Provider advises
the Borrower on or before the date on which the Consent Period ends that such
Expiry Date shall not be so extended, or fails to irrevocably and
unconditionally advise the Borrower on or before the date on which the Consent
Period ends that such Expiry Date shall be so extended  (and, in each case, if the Primary Liquidity
Provider shall not have been replaced in accordance with Section 3.6(e) of
the Intercreditor Agreement), the Borrower shall be entitled on and after the
date on which the Consent Period ends (but prior to the then effective Expiry
Date) to request a Non-Extension Advance in accordance with
Section 2.02(b) and Section 3.6(d) of the Intercreditor Agreement.

 

Section 2.11                            Right
to Further Extend Expiry Date. 
Subject to the proviso in the immediately succeeding sentence, the
Primary Liquidity Provider shall have the right at any time and without the
consent of the Borrower to extend the then effective Expiry Date to the date
that is up to 15 days after the Final Legal Distribution Date for the
Class C Certificates by giving not less than five nor more than ten days’
prior written notice of such extension to the Borrower, the Trustee, each
Rating Agency and JetBlue (which notice shall specify the effective date of
such extension (the “Extension Effective Date”)).  On the Extension Effective Date, the then
effective Expiry Date shall be so extended without any further act; provided,
however, that if prior to the Extension Effective Date a Downgrade Event shall
have occurred, then the effective Expiry Date shall not be so extended.

 

ARTICLE III

OBLIGATIONS OF THE BORROWER

 

Section 3.01                            Increased
Costs.  The Borrower shall pay to
the Primary Liquidity Provider from time to time such amounts as may be
necessary to compensate the Primary Liquidity Provider for any costs incurred
by the Primary Liquidity Provider which are attributable to its making or
maintaining any LIBOR Advances hereunder or its obligation to make any such
Advances hereunder, or any reduction in any amount receivable by the Primary
Liquidity Provider under this Agreement or the Intercreditor Agreement in
respect of any such

 

13

 

Advances or such
obligation (such increases in costs and reductions in amounts receivable being
herein called “Additional Costs”),
resulting from any change after the date of this Agreement in U.S. federal,
state, or municipal, or any foreign laws or regulations, or the adoption or
making after such date of any interpretation, regulation, directive, or
requirement applying to a class of banks including the Primary Liquidity
Provider whether or not having the force of law, by any court or governmental
or monetary authority charged with the interpretation or administration thereof
(a “Regulatory Change”), which:
(1) changes the basis of taxation of any amounts payable to the Primary
Liquidity Provider under this Agreement in respect of any such Advances or such
obligation (other than Excluded Taxes or any Non-Excluded Taxes); or
(2) imposes or modifies any reserve, special deposit, compulsory loan or
similar requirements relating to any extensions of credit or other assets of,
or any deposits with other liabilities of, the Primary Liquidity Provider
(including any such Advances or such obligation or any deposits referred to in
the definition of LIBOR or related definitions).  The Primary Liquidity Provider agrees to use reasonable efforts
(consistent with its internal policies and with applicable legal and regulatory
restrictions) to change the jurisdiction of its Lending Office if making such
change would avoid the need for, or reduce the amount of, any amount payable
under this Section 3.01 that may thereafter accrue and would not, in the
reasonable judgment of the Primary Liquidity Provider, be otherwise
disadvantageous to the Primary Liquidity Provider.

 

The Primary Liquidity
Provider shall notify the Borrower of any event occurring after the date of
this Agreement that shall entitle the Primary Liquidity Provider to
compensation pursuant to this Section 3.01 as promptly as practicable
after it obtains knowledge thereof and determines to request such compensation,
which notice shall describe in reasonable detail the calculation of the amounts
owed under this Section 3.01; provided, that if the Primary Liquidity
Provider fails to give such notice within 180 days after it obtains such
knowledge, the Primary Liquidity Provider shall, with respect to any costs
resulting from such event, only be entitled to payment under this
Section 3.01 for costs incurred from and after the date 180 days prior to
the date the Primary Liquidity Provider does give such notice.  Determinations by the Primary Liquidity
Provider for purposes of this Section 3.01 of the effect of any Regulatory
Change on its costs of making or maintaining Advances or on amounts receivable
by it in respect of Advances, and of the additional amounts required to
compensate the Primary Liquidity Provider in respect of any Additional Costs,
shall be prima facie evidence of the amount owed under this Section 3.01.

 

Notwithstanding the
preceding two paragraphs, the Primary Liquidity Provider and the Subordination
Agent agree that any permitted assignee or participant of the initial Primary
Liquidity Provider that is not a bank shall not be entitled to the benefits of
the preceding two paragraphs (but without limiting the provisions of
Section 7.08 hereof).

 

Section 3.02                            Capital
Adequacy.  If (1) the adoption,
after the date hereof, of any applicable governmental law, rule or regulation
regarding capital adequacy, (2) any change, after the date hereof, in the
interpretation or administration of any such law, rule or regulation by any
central bank or other governmental authority charged with the interpretation or
administration thereof or (3) compliance by the Primary Liquidity Provider
or any corporation controlling the Primary Liquidity Provider with any
applicable guideline or request from any central bank or other governmental
authority (whether or not having the force of law), issued after the date
hereof, that constitutes a change in the nature described in clause (2), has
the effect of requiring an increase in the amount of capital required to be
maintained by the Primary Liquidity Provider

 

14

 

or any corporation
controlling the Primary Liquidity Provider, and such increase is based upon the
Primary Liquidity Provider’s obligations hereunder and other similar
obligations, the Borrower shall, subject to the provisions of the next
paragraph, pay to the Primary Liquidity Provider from time to time such
additional amount or amounts as are necessary to compensate the Primary
Liquidity Provider for the portion of such increase as shall be reasonably
allocable to the Primary Liquidity Provider’s obligations to the Borrower
hereunder.  The Primary Liquidity
Provider agrees to use reasonable efforts (consistent with its internal
policies and with applicable legal and regulatory restrictions) to change the
jurisdiction of its Lending Office if making such change would avoid the need
for, or reduce the amount of, any amount payable under this Section 3.02
that may thereafter accrue and would not, in the reasonable judgment of the
Primary Liquidity Provider, be otherwise disadvantageous to the Primary
Liquidity Provider.

 

From and after the
Extension Effective Date and prior to the occurrence of a Helaba Downgrade, the
Primary Liquidity Provider will be entitled to compensation pursuant to this
Section 3.02 only to the extent that the Primary Liquidity Provider would
have been so entitled if the Extension Effective Date had not occurred.  From and after the Extension Effective Date
and after the occurrence of a Helaba Downgrade, the Primary Liquidity Provider
will be entitled to compensation pursuant to this Section 3.02 only to the
extent that the Primary Liquidity Provider would have been so entitled had the
Primary Liquidity Provider made a Downgrade Advance upon the occurrence of such
Helaba Downgrade.

 

The Primary Liquidity
Provider shall notify the Borrower of any event occurring after the date of
this Agreement that shall entitle the Primary Liquidity Provider to
compensation pursuant to this Section 3.02 as promptly as practicable
after it obtains knowledge thereof and determines to request such compensation,
which notice shall describe in reasonable detail the calculation of the amounts
owed under this Section 3.02; provided, that if the Primary Liquidity
Provider fails to give such notice within 180 days after it obtains such
knowledge, the Primary Liquidity Provider shall, with respect to any costs
resulting from such event, only be entitled to payment under this
Section 3.02 for costs incurred from and after the date 180 days prior to
the date the Primary Liquidity Provider does give such notice.  Determinations by the Primary Liquidity
Provider for purposes of this Section 3.02 of the effect of any increase
in the amount of capital required to be maintained by the Primary Liquidity
Provider and of the amount allocable to the Primary Liquidity Provider’s
obligations to the Borrower hereunder shall be prima facie evidence of the
amounts owed under this Section 3.02.

 

Notwithstanding the
preceding two paragraphs, the Primary Liquidity Provider and the Subordination
Agent agree that any permitted assignee or participant of the initial Primary
Liquidity Provider that is not a bank shall not be entitled to the benefits of
the preceding two paragraphs (but without limiting the provisions of
Section 7.08 hereof).

 

Section 3.03                            Payments
Free of Deductions.  (a)  All payments made by the Borrower under this
Agreement shall be made free and clear of, and without reduction for or on
account of, any Taxes, excluding Excluded Taxes (such non-excluded taxes being
referred to herein, collectively, as “Non-Excluded
Taxes”).  If any Non-Excluded
Taxes are required to be withheld or deducted from any amounts payable to the
Primary Liquidity Provider under this Agreement, the Borrower shall
(i) within the time prescribed therefor by applicable law pay to the
appropriate governmental or taxing authority the full amount of any such
Non-Excluded

 

15

 

Taxes (and any
additional Non-Excluded Taxes in respect of the payment required under clause
(ii) below) and make such reports or returns in connection therewith at
the time or times and in the manner prescribed by applicable law, and
(ii) pay to the Primary Liquidity Provider an additional amount which
(after deduction of all such Non-Excluded Taxes) shall be sufficient to yield
to the Primary Liquidity Provider the full amount which would have been
received by it had no such withholding or deduction been made.  Within 30 days after the date of each
payment hereunder, the Borrower shall furnish to the Primary Liquidity Provider
the original or a certified copy of (or other documentary evidence of) the
payment of the Non-Excluded Taxes applicable to such payment.  The Primary Liquidity Provider agrees to use
reasonable efforts (consistent with its internal policies and with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid the need for, or reduce the amount of,
any such additional amounts that may thereafter accrue and would not, in the
reasonable judgment of the Primary Liquidity Provider, be otherwise materially
disadvantageous to the Primary Liquidity Provider.  The Primary Liquidity Provider shall deliver to the Borrower such
certificates and documents, including, without limitation, original W-8BEN or
W-8ECI forms, or any successor forms, as may be reasonably requested by the
Borrower and required by applicable law to establish that payments hereunder
are exempt from (or entitled to a reduced rate of) withholding Tax.

 

(b)                                 All
payments (including, without limitation, Advances) made by the Primary Liquidity
Provider under this Agreement shall be made free and clear of, and without
reduction for or on account of, any Taxes. 
If any Taxes are required to be withheld or deducted from any amounts
payable to the Borrower under this Agreement, the Primary Liquidity Provider
shall (i) within the time prescribed therefor by applicable law pay to the
appropriate governmental or taxing authority the full amount of any such Taxes
(and any additional Taxes in respect of the additional amounts payable under clause
(ii) hereof) and make such reports or returns in connection therewith at
the time or times and in the manner prescribed by applicable law, and
(ii) pay to the Borrower an additional amount which (after deduction of
all such Taxes) shall be sufficient to yield to the Borrower the full amount
which would have been received by it had no such withholding or deduction been
made.  Within 30 days after the date of
each payment hereunder, the Primary Liquidity Provider shall furnish to the
Borrower the original or a certified copy of (or other documentary evidence of)
the payment of the Taxes applicable to such payment.

 

(c)                                  If
any exemption from, or reduction in the rate of, any Taxes is reasonably
available to the Borrower to establish that payments under this Agreement are
exempt from (or entitled to a reduced rate of) tax, the Borrower shall deliver
to the Primary Liquidity Provider such form or forms and such other evidence of
the eligibility of the Borrower for such exemption or reduction as the Primary
Liquidity Provider may reasonably identify to the Borrower as being required as
a condition to exemption from, or reduction in the rate of, any Taxes.

 

Section 3.04                            Payments.  The Borrower shall make or cause to be made
each payment to the Primary Liquidity Provider under this Agreement so as to
cause the same to be received by the Primary Liquidity Provider not later than
1:00 P.M. (New York City time) on the day when due.  The Borrower shall make all such payments in lawful money of the
United States of America, to the Primary Liquidity Provider in immediately
available funds, by wire transfer to

 

16

 

Citibank, N.A.,
New York, ABA No. 021000089, for credit to Helaba, account no. 10920118,
ref: JetBlue 2004-1C account, MT215000, Attention:  M. Kirr.

 

Section 3.05                            Computations.  All computations of interest based on the
Base Rate shall be made on the basis of a year of 365 or 366 days, as the case
may be, and all computations of interest based on the LIBOR shall be made on
the basis of a year of 360 days, in each case for the actual number of days
(including the first day but excluding the last day) occurring in the period
for which such interest is payable.

 

Section 3.06                            Payment
on Non-Business Days.  Whenever any
payment to be made hereunder shall be stated to be due on a day other than a
Business Day, such payment shall be made on the next succeeding Business Day
and no additional interest shall be due as a result (and if so made, shall be
deemed to have been made when due).  If
any payment in respect of interest on an Advance is so deferred to the next
succeeding Business Day, such deferral shall not delay the commencement of the
next Interest Period for such Advance (if such Advance is a LIBOR Advance) or
reduce the number of days for which interest shall be payable on such Advance
on the next interest payment date for such Advance.

 

Section 3.07                            Interest.  (a) 
Subject to Section 2.09, the Borrower shall pay, or shall cause to
be paid, without duplication, interest on (i) the unpaid principal amount
of each Advance from and including the date of such Advance (or, in the case of
an Applied Provider Advance or Applied Special Termination Advance, from and
including the date on which the amount thereof was withdrawn from the
Class C Primary Cash Collateral Account to pay interest on the
Class C Certificates) to but excluding the date such principal amount
shall be paid in full (or, in the case of an Applied Provider Advance or
Applied Special Termination Advance, the date on which the Class C Primary
Cash Collateral Account is fully replenished in respect of such Advance) and
(ii) any other amount due hereunder (whether fees, commissions, expenses
or other amounts or to the extent permitted by applicable law,  installments of interest on Advances or any
such other amount) which is not paid when due (whether at stated maturity, by
acceleration or otherwise) from and including the due date thereof to but
excluding the date such amount is paid in full, in each such case, at a fluctuating
interest rate per annum for each day equal to the Applicable Liquidity Rate (as
defined below) for such Advance or such other amount as in effect for such day,
but in no event at a rate per annum greater than the maximum rate permitted by
applicable law; provided, however, that, if at any time the
otherwise applicable interest rate as set forth in this Section 3.07 shall
exceed the maximum rate permitted by applicable law, then any subsequent
reduction in such interest rate shall not reduce the rate of interest payable
pursuant to this Section 3.07 below the maximum rate permitted by
applicable law until the total amount of interest accrued equals the amount of
interest that would have accrued if such otherwise applicable interest rate as
set forth in this Section 3.07 had at all times been in effect.  Nothing contained in this Section 3.07
shall require the Borrower to pay any amount under this Section 3.07 other
than to the extent the Borrower shall have funds available therefor.

 

(b)                                 Except
as provided in Section 3.07(e), each Advance shall be either a Base Rate
Advance or a LIBOR Advance as provided in this Section or
Section 3.10.  Each such Advance
shall be a Base Rate Advance for the period from the date of its borrowing to
(but excluding) the third Business Day following the Primary Liquidity
Provider’s receipt of the

 

17

 

Notice of
Borrowing for such Advance.  Thereafter,
such Advance shall be a LIBOR Advance; provided, however, that
the Borrower (at the direction of the Controlling Party, so long as the Primary
Liquidity Provider is not the Controlling Party) may (x) convert the Final
Advance into a Base Rate Advance on the last day of an Interest Period for such
Advance by giving the Primary Liquidity Provider no less than four Business
Days’ prior written notice of such election or (y) elect to maintain the
Final Advance as a Base Rate Advance by not requesting a conversion of the
Final Advance to a LIBOR Advance under Clause (5) of the applicable Notice of
Borrowing (or, if such Final Advance is deemed to have been made, without
delivery of a Notice of Borrowing pursuant to Section 2.06, by requesting,
prior to 11:00 A.M. (New York City time) on the first Business Day following
the Borrower’s receipt of the applicable Termination Notice, that such Final
Advance not be converted from a Base Rate Advance to a LIBOR Advance).

 

(c)                                  Each
LIBOR Advance shall bear interest during each Interest Period at a rate per
annum equal to LIBOR for such Interest Period plus the Applicable Margin for
such LIBOR Advance, payable in arrears on the last day of such Interest Period
and, in the event of the payment of principal of such LIBOR Advance on a day
other than such last day, on the date of such payment (to the extent of
interest accrued on the amount of principal repaid).

 

(d)                                 Each
Base Rate Advance shall bear interest at a rate per annum equal to the Base
Rate plus the Applicable Margin, payable in arrears on each Regular
Distribution Date and, in the event of the payment of principal of such Base
Rate Advance on a day other than a Regular Distribution Date, on the date of
such payment (to the extent of interest accrued on the amount of principal
repaid).

 

(e)                                  Each
outstanding Unapplied Non-Extension Advance shall bear interest in an amount
equal to the Investment Earnings on amounts on deposit in the Class C
Primary Cash Collateral Account plus the Applicable Margin, payable in arrears
on each Regular Distribution Date.

 

(f)                                    Each
amount not paid when due hereunder (whether fees, commissions, expenses or
other amounts or, to the extent permitted by applicable law, installments of
interest on Advances but excluding Advances) shall bear interest at a rate per
annum equal to the Base Rate plus 1.00% per annum.

 

(g)                                 Each
change in the Base Rate shall become effective immediately.  The rates of interest specified in this
Section 3.07 with respect to any Advance or other amount shall be referred
to as the “Applicable Liquidity Rate.”

 

Section 3.08                            Replacement
of Borrower.  Subject to
Section 5.02, from time to time and subject to the successor Borrower’s
meeting the eligibility requirements set forth in Section 6.9 of the
Intercreditor Agreement applicable to the Subordination Agent, upon the
effective date and time specified in a written and completed Notice of
Replacement Subordination Agent in substantially the form of Annex VI (a “Notice of Replacement Subordination Agent”)
delivered to the Primary Liquidity Provider by the then Borrower, the successor
Borrower designated therein shall be substituted for as the Borrower for all
purposes hereunder.

 

18

 

Section 3.09                            Funding
Loss Indemnification.  The Borrower
shall pay to the Primary Liquidity Provider, upon the request of the Primary
Liquidity Provider, such amount or amounts as shall be sufficient (in the
reasonable opinion of the Primary Liquidity Provider) to compensate it for any
loss, cost, or expense incurred by reason of the liquidation or redeployment of
deposits or other funds acquired by the Primary Liquidity Provider to fund or
maintain any LIBOR Advance (but excluding loss of anticipated profits) incurred
as a result of:

 

(1)                                  Any
repayment of a LIBOR Advance on a date other than the last day of the Interest
Period for such Advance; or

 

(2)                                  Any
failure by the Borrower to borrow a LIBOR Advance on the date for borrowing
specified in the relevant notice under Section 2.02.

 

Section 3.10                            Illegality.  Notwithstanding any other provision in this
Agreement, if any change in any applicable law, rule or regulation, or any
change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Primary Liquidity Provider (or its
Lending Office) with any request or directive (whether or not having the force
of law) of any such authority, central bank or comparable agency shall make it
unlawful or impossible for the Primary Liquidity Provider (or its Lending
Office) to maintain or fund its LIBOR Advances, then upon notice to the
Borrower by the Primary Liquidity Provider, the outstanding principal amount of
the LIBOR Advances shall be converted to Base Rate Advances
(a) immediately upon demand of the Primary Liquidity Provider, if such
change or compliance with such request, in the judgment of the Primary
Liquidity Provider, requires immediate repayment; or (b) at the expiration
of the last Interest Period to expire before the effective date of any such
change or request.  The Primary
Liquidity Provider agrees to use reasonable efforts (consistent with applicable
legal and regulatory restrictions) to change the jurisdiction of its Lending
Office if making such change would avoid or cure the aforesaid illegality and
would not, in the reasonable judgment of the Primary Liquidity Provider, be
otherwise disadvantageous to the Primary Liquidity Provider.

 

ARTICLE IV

CONDITIONS PRECEDENT

 

Section 4.01                            Conditions
Precedent to Effectiveness of Section 2.01.  Section 2.01 of this Agreement shall become effective on and
as of the first date (the “Effective Date”)
on which the following conditions precedent have been satisfied or waived:

 

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

 

(i)                                     This
Agreement duly executed on behalf of the Borrower;

 

(ii)                                  The
Intercreditor Agreement, Tax Letter and Fee Letter duly executed on behalf of
each of the parties thereto (other than the Primary Liquidity Provider);

 

19

 

(iii)                               Fully executed copies of
each of the Operative Agreements executed and delivered on or before the
Closing Date (other than this Agreement, the Intercreditor Agreement, Tax
Letter and the Fee Letter);

 

(iv)                              A
copy of the Prospectus Supplement and specimen copies of the Class C
Certificates;

 

(v)                                 An
executed copy of each opinion, document, instrument and certificate delivered
on or before the Closing Date pursuant to the Class C Trust Agreement, the
Intercreditor Agreement, the Note Purchase Agreement and the other Operative
Agreements entered into on or prior to the date hereof (in the case of each
such opinion, other than the opinion of counsel for the Underwriters, either
addressed to the Primary Liquidity Provider or accompanied by a letter from the
counsel rendering such opinion to the effect that the Primary Liquidity
Provider is entitled to rely on such opinion as of its date as if it were
addressed to the Primary Liquidity Provider);

 

(vi)                              Evidence
that there shall have been made and shall be in full force and effect, all
filings, recordings and/or registrations, and there shall have been given or
taken any notice or other similar action as may be reasonably necessary or, to
the extent reasonably requested by the Primary Liquidity Provider, reasonably
advisable, in order to establish, perfect, protect and preserve the right,
title and interest, remedies, powers, privileges, liens and security interests
of, or for the benefit of, the Trustee and the Primary Liquidity Provider
created by the Operative Agreements executed and delivered on or before the
Closing Date;

 

(vii)                           An agreement from JetBlue,
pursuant to which JetBlue agrees to provide copies of quarterly financial
statements and audited annual financial statements to the Primary Liquidity
Provider provided that so long as JetBlue is subject to the reporting
requirements of the Securities Exchange Act of 1934, JetBlue will not be
required to provide such information; provided, further, that the information
required to be provided hereby will be considered provided if it is made
available on the EDGAR database of the Securities and Exchange Commission;

 

(viii)                        Legal opinions from (a) Morris,
James, Hitchens & Williams LLP, special counsel to the Borrower and
(b) Vedder, Price, Kaufman & Kammholz, P.C., special counsel to JetBlue,
each in form and substance reasonably satisfactory to the Primary Liquidity
Provider; and

 

(ix)                                Such
other documents, instruments, opinions and approvals as the Primary Liquidity
Provider shall have reasonably requested.

 

(b)                                 The
following statements shall be true on and as of the Effective Date:

 

(i)                                     The
representations and warranties in the Note Purchase Agreement and each of the
Participation Agreements entered into on or prior to the date hereof are true
and correct on and as of the Effective Date as though made on and as of the
Effective Date;

 

20

 

(ii)                                  No
event has occurred and is continuing, or would result from the entering into of
this Agreement or the making of any Advance, which constitutes a Liquidity
Event of Default; and

 

(iii)                               There has been no
material adverse change in the financial condition or results of operations of
JetBlue and its subsidiaries taken as a whole since December 31, 2003.

 

(c)                                  The
Primary Liquidity Provider shall have received payment in full of all fees and
other sums required to be paid to or for the account of the Primary Liquidity
Provider on or prior to the Effective Date.

 

(d)                                 All
conditions precedent to the issuance of the Certificates under the Trust
Agreements shall have been satisfied or waived, all conditions precedent to the
effectiveness of the other Liquidity Facilities shall have been satisfied or
waived, and all conditions precedent to the purchase of the Certificates by the
Underwriters under the Underwriting Agreement shall have been satisfied (unless
any of such conditions precedent shall have been waived by the Underwriters).

 

(e)                                  The
Borrower shall have received a certificate, dated the date hereof, signed by a
duly authorized representative of the Primary Liquidity Provider, certifying
that all conditions precedent to the effectiveness of Section 2.01 have
been satisfied or waived.

 

Section 4.02                            Conditions
Precedent to Borrowing.  The
obligation of the Primary Liquidity Provider to make an Advance on the occasion
of each Borrowing shall be subject to the conditions precedent that the
Effective Date shall have occurred and, prior to the date of such Borrowing,
the Borrower shall have delivered a Notice of Borrowing which conforms to the
terms and conditions of this Agreement and has been completed as may be
required by the relevant form of the Notice of Borrowing for the type of
Advances requested.

 

ARTICLE V

COVENANTS

 

Section 5.01                            Affirmative
Covenants of the Borrower.  So long
as any Advance shall remain unpaid or the Primary Liquidity Provider shall have
any Maximum Commitment hereunder or the Borrower shall have any obligation to
pay any amount to the Primary Liquidity Provider hereunder, the Borrower shall,
unless the Primary Liquidity Provider shall otherwise consent in writing:

 

(a)                                  Performance
of Agreements.  Punctually pay or
cause to be paid all amounts payable by it under this Agreement and the other
Operative Agreements and observe and perform in all material respects the
conditions, covenants and requirements applicable to it contained in this
Agreement and the other Operative Agreements.

 

(b)                                 Reporting
Requirements.  Furnish to the
Primary Liquidity Provider with reasonable promptness, such other information
and data with respect to the transactions contemplated by the Operative
Agreements as from time to time may be reasonably requested by

 

21

 

the Primary
Liquidity Provider; and permit the Primary Liquidity Provider, upon reasonable
notice, to inspect the Borrower’s books and records with respect to such
transactions and to meet with officers and employees of the Borrower to discuss
such transactions.

 

(c)                                  Certain
Operative Agreements.  Furnish to
the Primary Liquidity Provider with reasonable promptness any Operative
Agreement entered into after the date hereof as from time to time may be
reasonably requested by the Primary Liquidity Provider.

 

Section 5.02                            Negative
Covenants of the Borrower.  So long
as any Advance shall remain unpaid or the Primary Liquidity Provider shall have
any Maximum Commitment hereunder or the Borrower shall have any obligation to
pay any amount to the Primary Liquidity Provider hereunder, the Borrower shall
not appoint or permit or suffer to be appointed any successor Borrower without
the written consent of the Primary Liquidity Provider, which consent shall not
be unreasonably withheld or delayed.

 

ARTICLE VI

LIQUIDITY EVENTS OF DEFAULT AND SPECIAL TERMINATION

 

Section 6.01                            Liquidity
Events of Default and Special Termination. 
(a) If (i) any Liquidity Event of Default has occurred and is
continuing and (ii) there is a Performing Note Deficiency, the Primary
Liquidity Provider may, in its discretion, deliver to the Borrower a
Termination Notice, the effect of which shall be to cause (A) the obligation of
the Primary Liquidity Provider to make Advances hereunder to expire on the
fifth Business Day after the date on which such Termination Notice is received
by the Borrower and JetBlue, (B) the Borrower to promptly request, and the
Primary Liquidity Provider to promptly make, a Final Advance in accordance with
Section 2.02(d) and Section 3.6(i) of the Intercreditor Agreement,
(C) all other outstanding Advances to be automatically converted into
Final Advances for purposes of determining the Applicable Liquidity Rate for
interest payable thereon, and (D) subject to Sections 2.07 and 2.09,
all Advances (including, without limitation, any Provider Advance and Applied
Provider Advance), any accrued interest thereon and any other amounts outstanding
hereunder to become immediately due and payable to the Primary Liquidity
Provider.

 

(b)                                 If
an Indenture Event of Default arising due to a payment default on any
Series C Equipment Note occurs under any Indenture and such Indenture
Event of Default is not cured in full by the earlier of (x) the end of the
36-month period beginning on the date of such Indenture Event of Default and
(y) February 15, 2008, the Primary Liquidity Provider may, in its
discretion, deliver to the Borrower a Special Termination Notice, the effect of
which shall be to cause (i) the obligation of the Liquidity Provider to make
Advances hereunder to expire on the fifth Business Day after the date on which
such Special Termination Notice is received by the Borrower and JetBlue,
(ii) the Borrower to promptly request, and the Primary Liquidity Provider
to promptly make, a Special Termination Advance in accordance with
Section 2.02(e) and Section 3.6(k) of the Intercreditor Agreement,
and (iii) subject to Sections 2.07 and 2.09, all Advances (including,
without limitation, any Provider Advance and Applied Provider Advance), any
accrued interest thereon and any other amounts outstanding hereunder to become
immediately due and payable to the Primary Liquidity Provider.

 

22

 

ARTICLE VII

MISCELLANEOUS

 

Section 7.01                            Amendments,
Etc.  No amendment or waiver of any
provision of this Agreement, nor consent to any departure by the Borrower
therefrom, shall in any event be effective unless the same shall be in writing
and signed by the Primary Liquidity Provider, and, in the case of an amendment,
the Borrower, and then such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

 

Section 7.02                            Notices,
Etc.  Except as otherwise expressly
provided herein, all notices and other communications provided for hereunder
shall be in writing (including sent by telecopier):

 

Borrower:                                            Wilmington
Trust Company

Rodney Square North

1100 North Market Street

Wilmington, DE  19890-0001

Attention:  Corporate Trust
Administration

Telephone: 302-651-1000

Telecopy: 302-651-8882

 

Liquidity

Provider:                                                Landesbank
Hessen-Thüringen Girozentrale

Main Tower

Neue Mainzer Str. 52 - 58

60311 Frankfurt am Main

Germany

Attention:  Asset Finance

Telephone:  4969-9132-4882

Telecopy:  4969-9132-4392

 

with a copy of any Notice of Borrowing to:

 

Landesbank Hessen-Thüringen

420 Fifth Avenue, 24th Floor

New York, NY 10018

Attention:  Asset Finance,
Gerhard Winklmeier

Telephone:  212-703-5250

Telecopy:  212-703-5256

 

or, as to each of the foregoing, at such other address as shall be
designated by such Person in a Written Notice to the others.  All such notices and communications shall be
effective (i) if given by telecopier, when transmitted to the telecopier
number specified above with receipt confirmed, (ii) if given by mail, when
deposited in the mails addressed as specified above, and (iii) if given by
other means, when delivered at the address specified above, except that written
notices to the Primary Liquidity Provider pursuant to the provisions of
Articles II and III shall not be effective

 

23

 

until received by the Primary Liquidity Provider, subject to the last
sentence of Section 2.02(f).  A
copy of all notices delivered hereunder to either party shall in addition be
delivered to each of the parties to the Participation Agreements at their
respective addresses set forth therein.

 

Section 7.03                            No
Waiver; Remedies.  No failure on the
part of the Primary Liquidity Provider to exercise, and no delay in exercising,
any right under this Agreement shall operate as a waiver thereof; nor shall any
single or partial exercise of any right under this Agreement preclude any other
or further exercise thereof or the exercise of any other right.  The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

 

Section 7.04                            Further
Assurances.  The Borrower agrees to
do such further acts and things and to execute and deliver to the Primary
Liquidity Provider such additional assignments, agreements, powers and
instruments as the Primary Liquidity Provider may reasonably require or deem
advisable to carry into effect the purposes of this Agreement and the other
Operative Agreements or to better assure and confirm unto the Primary Liquidity
Provider its rights, powers and remedies hereunder and under the other
Operative Agreements.

 

Section 7.05                            Indemnification;
Survival of Certain Provisions.  The
Primary Liquidity Provider shall be indemnified hereunder to the extent and in
the manner described in Section 6 of the Note Purchase Agreement and
Section 7.1 of the Participation Agreements.  In addition, the Borrower agrees to indemnify, protect, defend
and hold harmless the Primary Liquidity Provider from, against and in respect
of, and shall pay on demand, all Expenses of any kind or nature whatsoever
(other than any Expenses of the nature described in Section 3.01, 3.02 or
7.07 hereof or in the Fee Letter (regardless of whether indemnified against
pursuant to said Sections or in such Fee Letter)) that may be imposed,
incurred by or asserted against any 
Liquidity Indemnitee, in any way relating to, resulting from, or arising
out of or in connection with any action, suit or proceeding by any third party
against such Liquidity Indemnitee and relating to this Agreement, the
Intercreditor Agreement, the Fee Letter or any Participation Agreement; provided,
however, that the Borrower shall not be required to indemnify, protect,
defend and hold harmless any Liquidity Indemnitee in respect of any Expense of
such Liquidity Indemnitee to the extent such Expense is (i) attributable
to the gross negligence or willful misconduct of such Liquidity Indemnitee or
any other Liquidity Indemnitee, (ii) ordinary and usual operating overhead
expense or (iii) attributable to the failure by such Liquidity Indemnitee
or any other Liquidity Indemnitee to perform or observe any agreement, covenant
or condition on its part to be performed or observed in this Agreement, the
Intercreditor Agreement, the Fee Letter or any other Operative Agreement to
which it is a party.  The indemnities
contained in Section 6 of the Note Purchase Agreement and Section 7.1
of the Participation Agreements and the provisions of Sections 3.01, 3.02,
3.03, 3.09, 7.05 and 7.07 shall survive the termination of this Agreement.

 

Section 7.06                            Liability
of the Primary Liquidity Provider. 
(a)  Neither the Primary
Liquidity Provider nor any of its officers, directors, employees or affiliates
shall be liable or responsible for: (i) the use which may be made of the
Advances or any acts or omissions of the Borrower or any beneficiary or
transferee in connection therewith; (ii) the validity, sufficiency or
genuineness of documents, or of any endorsement thereon, even if such documents
should prove to be in any or all respects invalid, insufficient, fraudulent or
forged; or (iii) the making of Advances by the Primary Liquidity Provider
against delivery of a Notice of Borrowing and other documents which do not
comply with the terms hereof; provided, however, that the
Borrower

 

24

 

shall have a claim
against the Primary Liquidity Provider, and the Primary Liquidity Provider
shall be liable to the Borrower, to the extent of any damages suffered by the
Borrower which were the result of (A) the Primary Liquidity Provider’s
willful misconduct or negligence in determining whether documents presented
hereunder comply with the terms hereof, or (B) any breach by the Primary
Liquidity Provider of any of the terms of this Agreement, including, but not
limited to, the Primary Liquidity Provider’s failure to make lawful payment
hereunder after the delivery to it by the Borrower of a Notice of Borrowing
complying with the terms and conditions hereof.

 

(b)                                 Neither
the Primary Liquidity Provider nor any of its officers, employees, directors or
Affiliates shall be liable or responsible in any respect for (i) any
error, omission, interruption or delay in transmission, dispatch or delivery of
any message or advice, however transmitted, in connection with this Agreement
or any Notice of Borrowing delivered hereunder, or (ii) any action,
inaction or omission which may be taken by it in good faith, absent willful
misconduct or negligence (in which event the extent of the Primary Liquidity
Provider’s potential liability to the Borrower shall be limited as set forth in
the preceding paragraph), in connection with this Agreement or any Notice of
Borrowing.

 

Section 7.07                            Costs,
Expenses and Taxes.  The Borrower
agrees to pay, or cause to be paid (A) on the Effective Date and on such
later date or dates on which the Primary Liquidity Provider shall make demand,
all reasonable out-of-pocket costs and expenses of the Primary Liquidity
Provider in connection with the preparation, negotiation, execution, delivery,
filing and recording of this Agreement, any other Operative Agreement and any
other documents which may be delivered in connection with this Agreement,
including, without limitation, the reasonable fees and expenses of outside
counsel for the Primary Liquidity Provider and (B) on demand, all
reasonable costs and expenses of the Primary Liquidity Provider (including
reasonable counsel fees and expenses) in connection with (i) the
enforcement of this Agreement or any other Operative Agreement, (ii) the
modification or amendment of, or supplement to, this Agreement or any other
Operative Agreement or such other documents which may be delivered in
connection herewith or therewith (whether or not the same shall become
effective) or (iii) any action or proceeding relating to any order,
injunction, or other process or decree restraining or seeking to restrain the
Primary Liquidity Provider from paying any amount under this Agreement, the Intercreditor
Agreement or any other Operative Agreement or otherwise affecting the
application of funds in the Class C Primary Cash Collateral Account.  In addition, the Borrower shall pay any and
all recording, stamp and other similar taxes and fees payable or determined to
be payable in connection with the execution, delivery, filing and recording of
this Agreement any other Operative Agreement and such other documents, and
agrees to save the Primary Liquidity Provider harmless from and against any and
all liabilities with respect to or resulting from any delay in paying or
omission to pay such taxes or fees.

 

Section 7.08                            Binding
Effect; Participations.  (a)  This Agreement shall be binding upon and
inure to the benefit of the Borrower and the Primary Liquidity Provider and
their respective successors and assigns, except that neither the Primary
Liquidity Provider (except as otherwise provided in this Section 7.08) nor
the Borrower (except as contemplated by Section 3.08) shall have the right
to assign its rights or obligations hereunder or any interest herein without
the prior written consent of the other party, subject to the requirements of
Section 7.08(b).  The Primary
Liquidity Provider may grant participations herein or in any of its rights
hereunder and under the

 

25

 

other Operative
Agreements to such Persons (other than JetBlue or any of its Affiliates) as the
Primary Liquidity Provider may in its sole discretion select, subject to the
requirements of Section 7.08(b). 
No such participation by the Primary Liquidity Provider, however, shall
relieve the Primary Liquidity Provider of its obligations hereunder.  In connection with any participation or any
proposed participation, the Primary Liquidity Provider may disclose to the
participant or the proposed participant any information that the Borrower is
required to deliver or to disclose to the Primary Liquidity Provider pursuant
to this Agreement.  The Borrower
acknowledges and agrees that the Primary Liquidity Provider’s source of funds
may derive in part from its participants. 
Accordingly, references in this Agreement and the other Operative
Agreements to determinations, reserve and capital adequacy requirements,
increased costs, reduced receipts and the like as they pertain to the Primary
Liquidity Provider shall be deemed also to include those of each of its
participants that are banks (subject, in each case, to the maximum amount that
would have been incurred by or attributable to the Primary Liquidity Provider
directly if the Primary Liquidity Provider, rather than the participant, had
held the interest participated other than a result of a change in law following
the date of any participation).

 

(b)                                 If,
pursuant to Section 7.08(a) above, the Primary Liquidity Provider sells
any participation in this Agreement to any bank or other entity (each, a “Participating Institution”), then,
concurrently with the effectiveness of such participation, the Participating
Institution shall (i) represent to the Primary Liquidity Provider (for the
benefit of the Primary Liquidity Provider and the Borrower) either
(A) that it is incorporated under the laws of the United States or a state
thereof or (B) that under applicable law and treaties, no taxes shall be
required to be withheld by the Borrower or the Primary Liquidity Provider with
respect to any payments to be made to such Participating Institution in respect
of this Agreement, (ii) furnish to the Primary Liquidity Provider and the
Borrower either (x) a statement that it is incorporated under the laws of
the United States or a state thereof or (y) if it is not so incorporated,
two copies of a properly completed United States Internal Revenue Service Form
W-8ECI or Form W-8BEN, as appropriate, or other applicable form, certificate or
document prescribed by the Internal Revenue Service certifying, in each case,
such Participating Institution’s entitlement to a complete exemption from
United States federal withholding tax in respect to any and all payments to be
made hereunder, and (iii) agree (for the benefit of the Primary Liquidity
Provider and the Borrower) to provide the Primary Liquidity Provider and the
Borrower a new Form W-8ECI or Form W-8BEN, as appropriate, or other applicable
form, (A) on or before the date that any such form expires or becomes
obsolete or (B) after the occurrence of any event requiring a change in
the most recent form previously delivered by it and prior to the immediately
following due date of any payment by the Borrower hereunder, certifying in the
case of a Form W-8BEN or Form W-8ECI that such Participating Institution is
entitled to a complete exemption from United States federal withholding tax on
payments under this Agreement.  Unless
the Borrower has received forms or other documents reasonably satisfactory to
it (and required by applicable law) from the Participating Institution
indicating that payments hereunder are not subject to United States federal
withholding tax, the Borrower shall withhold taxes as required by law from such
payments at the applicable statutory rate without any obligation to make
additional payments under Section 3.03.

 

(c)                                  Notwithstanding
the other provisions of this Section 7.08, the Primary Liquidity Provider
may assign and pledge all or any portion of the Advances owing to it to any
Federal Reserve Bank or the United States Treasury as collateral security
pursuant to Regulation

 

26

 

A of the Board of
Governors of the Federal Reserve System and any Operating Circular issued by
such Federal Reserve Bank, provided that any payment in respect of such
assigned Advances made by the Borrower to the Primary Liquidity Provider in
accordance with the terms of this Agreement shall satisfy the Borrower’s
obligations hereunder in respect of such assigned Advance to the extent of such
payment.  No such assignment shall
release the Primary Liquidity Provider from its obligations hereunder.

 

Section 7.09                            Severability.  Any provision of this Agreement which is
prohibited, unenforceable or not authorized in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability or non-authorization without invalidating the remaining
provisions hereof or affecting the validity, enforceability or legality of such
provision in any other jurisdiction.

 

Section 7.10                            GOVERNING
LAW.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
(WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF (OTHER THAN
SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW)) AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

 

Section 7.11                            Submission
to Jurisdiction; Waiver of Jury Trial; Waiver of Immunity.

 

(a)                                  Each
of the parties hereto hereby irrevocably and unconditionally:

 

(i)                                     submits
for itself and its property in any legal action or proceeding relating to this
Agreement or any other Operative Agreement, or for recognition and enforcement of
any judgment in respect hereof or thereof, to the non-exclusive general
jurisdiction of the courts of the State of New York, the courts of the United
States of America for the Southern District of New York, and the appellate
courts from any thereof;

 

(ii)                                  consents
that any such action or proceeding may be brought in such courts, and waives
any objection that it may now or hereafter have to the venue of any such action
or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(iii)                               agrees that service of
process in any such action or proceeding may be effected by mailing a copy
thereof by registered or certified mail (or any substantially similar form of
mail), postage prepaid, to each party hereto at its address set forth in
Section 7.02, or at such other address of which the Primary Liquidity
Provider shall have been notified pursuant thereto; and

 

(iv)                              agrees
that nothing herein shall affect the right to effect service of process in any
other manner permitted by law or shall limit the right to sue in any other
jurisdiction.

 

(b)                                 THE
BORROWER AND THE PRIMARY LIQUIDITY PROVIDER EACH HEREBY AGREE TO WAIVE THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF

 

27

 

ANY CLAIM OR CAUSE
OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN
THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE RELATIONSHIP THAT
IS BEING ESTABLISHED, including, without limitation, contract claims, tort
claims, breach of duty claims and all other common law and statutory
claims.  The Borrower and the Primary
Liquidity Provider each warrant and represent that it has reviewed this waiver
with its legal counsel, and that it knowingly and voluntarily waives its jury
trial rights following consultation with such legal counsel.  THIS WAIVER IS IRREVOCABLE, AND CANNOT BE
MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT
AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

(c)                                  The
Primary Liquidity Provider hereby waives any immunity it may have from the
jurisdiction of the courts of the United States or of any State and waives any
immunity any of its properties located in the United States may have from
attachment or execution upon a judgment entered by any such court under the
United States Foreign Sovereign Immunities Act of 1976 or any similar successor
legislation.

 

Section 7.12                            Execution
in Counterparts.  This Agreement may
be executed in any number of counterparts and by different parties hereto on
separate counterparts, each of which counterpart, when so executed and
delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

 

Section 7.13                            Entirety.  This Agreement and the other Operative
Agreements constitute the entire agreement of the parties hereto with respect
to the subject matter hereof and supersedes all prior understandings and
agreements of such parties.

 

Section 7.14                            Headings.  Section headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose.

 

Section 7.15                            PRIMARY
LIQUIDITY PROVIDER’S OBLIGATION TO MAKE ADVANCES.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE OBLIGATIONS
OF THE PRIMARY LIQUIDITY PROVIDER TO MAKE ADVANCES HEREUNDER, AND THE
BORROWER’S RIGHTS TO DELIVER NOTICES OF BORROWING REQUESTING THE MAKING OF ADVANCES
HEREUNDER, SHALL BE UNCONDITIONAL AND IRREVOCABLE, AND SHALL BE PAID OR
PERFORMED, IN EACH CASE STRICTLY IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT.

 

Section 7.16                            Transfer.  The Primary Liquidity Provider hereby
acknowledges and consents to the Transfer contemplated by the Assignment and
Assumption Agreement.

 

28

 

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first set forth above.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent and Trustee, as

  Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janel R. Havrilla

  
	
   

  	
   

  	
  Name:

  	
  Janel R. Havrilla

  
	
   

  	
   

  	
  Title:

  	
  Financial Services Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDESBANK HESSEN-THÜRINGEN

  GIROZENTRALE,

  as Primary Liquidity Provider

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marion Kohrsmeier - Hartmann

  
	
   

  	
   

  	
  Name:

  	
  Marion Kohrsmeier - Hartmann

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Astrid Horn

  
	
   

  	
   

  	
  Name:

  	
  Astrid Horn

  
	
   

  	
   

  	
  Title:

  

 

29

 

ANNEX I TO

REVOLVING CREDIT AGREEMENT

 

INTEREST ADVANCE
NOTICE OF BORROWING

 

The undersigned, a duly
authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Hessen-Thüringen Girozentrale (the “Primary
Liquidity Provider”), with reference to the Revolving Credit
Agreement, dated as of March 24, 2004, between the Borrower and the
Primary Liquidity Provider (the “Liquidity
Agreement”; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of an Interest
Advance by the Primary Liquidity Provider to be used, subject to clause(3)(v)
below, for the payment of Adjusted Interest on the Class C Certificates
which was payable on
                                     
(the “Distribution Date”) in
accordance with the terms and provisions of the Class C Trust Agreement
and the Class C Certificates, which Advance is requested to be made on
                           .  The Interest Advance should be transferred
to account
                      .

 

(3)                                  The
amount of the Interest Advance requested hereby (i) is
$                     ,
to be applied in respect of the payment of Adjusted Interest which was due and
payable on the Class C Certificates on such Distribution Date,
(ii) does not include any amount with respect to the payment of principal
of, or premium on, the Class G-1 Certificates, the Class G-2 Certificates or
the Class C Certificates, or interest on the Class G-1 Certificates or the
Class G-2 Certificates, (iii) was computed in accordance with the
provisions of the Class C Certificates, the Class C Trust Agreement
and the Intercreditor Agreement (a copy of which computation is attached hereto
as Schedule I), (iv) does not exceed the Maximum Available Commitment
on the date hereof, (v) does not include any amount of interest which was
due and payable on the Class C Certificates on such Distribution Date but
which remains unpaid due to the failure of the Depositary to pay any amount of
accrued interest on the Deposits on such Distribution Date, and (vi) has
not been and is not the subject of a prior or contemporaneous Notice of
Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall apply the same in accordance with the terms of
Section 3.6(b) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

1

 

The Borrower hereby acknowledges
that, pursuant to the Liquidity Agreement, the making of the Interest Advance
as requested by this Notice of Borrowing shall automatically reduce, subject to
reinstatement in accordance with the terms of the Liquidity Agreement, the
Maximum Available Commitment by an amount equal to the amount of the Interest
Advance requested to be made hereby as set forth in clause (i) of paragraph (3)
of this Notice of Borrowing and such reduction shall automatically result in
corresponding reductions in the amounts available to be borrowed pursuant to a
subsequent Advance.

 

2

 

IN WITNESS WHEREOF,
the Borrower has executed and delivered this Notice of Borrowing as of the
        day of
                                      ,
        .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO

INTEREST ADVANCE NOTICE OF BORROWING

 

[Insert Copy of Computations in accordance with Interest Advance Notice
of Borrowing]

 

4

 

ANNEX II TO

REVOLVING CREDIT AGREEMENT

 

NON-EXTENSION
ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly
authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Hessen-Thüringen Girozentrale (the “Primary
Liquidity Provider”), with reference to the Revolving Credit
Agreement, dated as of March 24, 2004, between the Borrower and the
Primary Liquidity Provider (the “Liquidity
Agreement”; the terms defined therein and not otherwise defined
herein being used herein as therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the
Non-Extension Advance by the Primary Liquidity Provider to be used for the
funding of the Class C Primary Cash Collateral Account in accordance with
Section 3.6(d) of the Intercreditor Agreement, which Advance is requested
to be made on
                      ,
         .  The Non-Extension Advance should be
transferred to
                              .

 

(3)                                  The
amount of the Non-Extension Advance requested hereby (i) is
$                          .    ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(d) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of the
principal of, or premium on, the Class G-1 Certificates, the Class G-2
Certificates or the Class C Certificates, or interest on the Class G-1
Certificates or the Class G-2 Certificates, (iii) was computed in
accordance with the provisions of the Class C Certificates, the Class C Trust
Agreement and the Intercreditor Agreement (a copy of which computation is
attached hereto as Schedule I), and (iv) has not been and is not the
subject of a prior or contemporaneous Notice of Borrowing under the Liquidity
Agreement.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower will deposit such amount in the Class C Primary Cash
Collateral Account and apply the same in accordance with the terms of
Section 3.6(d) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

The Borrower hereby
acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Non-Extension Advance as requested by this Notice of Borrowing shall
automatically and irrevocably terminate the obligation of the Primary Liquidity
Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Primary Liquidity Provider of the
Non-Extension Advance requested by this Notice of Borrowing, the Borrower shall
not be entitled to request any further Advances under the Liquidity Agreement.

 

1

 

IN WITNESS WHEREOF,
the Borrower has executed and delivered this Notice of Borrowing as of the
           day of
                        ,
        .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

2

 

SCHEDULE I TO
NON-EXTENSION ADVANCE

 

NOTICE OF BORROWING

[Insert copy of computations in accordance with

Non-Extension Advance Notice of Borrowing]

 

3

 

ANNEX III TO

REVOLVING CREDIT AGREEMENT

 

DOWNGRADE ADVANCE
NOTICE OF BORROWING

 

The undersigned, a duly authorized
signatory of the undersigned borrower (the “Borrower”),
hereby certifies to Landesbank Hessen-Thüringen Girozentrale (the “Primary Liquidity Provider”), with
reference to the Revolving Credit Agreement dated as of March 24, 2004,
between the Borrower and the Primary Liquidity Provider (the “Liquidity Agreement”; the terms defined
therein and not otherwise defined herein being used herein as therein defined
or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Downgrade
Advance by the Primary Liquidity Provider to be used for the funding of the
Class C Primary Cash Collateral Account in accordance with
Section 3.6(c) of the Intercreditor Agreement by reason of the downgrading
of the relevant rating of the Primary Liquidity Provider issued by either
Rating Agency below the Threshold Rating, which Advance is requested to be made
on                               .  The Downgrade Advance should be transferred
to
                     .

 

(3)                                  The
amount of the Downgrade Advance requested hereby (i) is
$                   ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(d) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on, the Class G-1 Certificates, the Class G-2 Certificates or
the Class C Certificates or interest on the Class G-1 Certificates or the Class
G-2  Certificates, (iii) was
computed in accordance with the provisions of the Class C Certificates,
the Class C Trust Agreement and the Intercreditor Agreement (a copy of
which computation is attached hereto as Schedule 1), and (iv) has not
been and is not the subject of a prior or contemporaneous Notice of Borrowing
under the Liquidity Agreement.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary
Cash Collateral Account and apply the same in accordance with the terms of
Section 3.6(d) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

The Borrower hereby
acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Downgrade Advance as requested by this Notice of Borrowing shall
automatically and irrevocably terminate the obligation of the Primary Liquidity
Provider to make further Advances under the Liquidity Agreement; and
(B) following the making by the Primary

 

1

 

Liquidity Provider of the
Downgrade Advance requested by this Notice of Borrowing, the Borrower shall not
be entitled to request any further Advances under the Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF,
the Borrower has executed and delivered this Notice of Borrowing as of the
           day of
                     ,
         .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO

DOWNGRADE ADVANCE NOTICE OF BORROWING

 

[Insert Copy of Computations in accordance with

Downgrade Advance Notice of Borrowing]

 

4

 

ANNEX IV TO

REVOLVING CREDIT AGREEMENT

 

FINAL ADVANCE
NOTICE OF BORROWING

 

The undersigned, a duly
authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Hessen-Thüringen Girozentrale (the “Primary
Liquidity Provider”), with reference to the Revolving Credit
Agreement, dated as of March 24, 2004, between the Borrower and the
Primary Liquidity Provider (the “Liquidity
Agreement”); the terms defined therein and not otherwise defined herein
being used herein as therein defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Final
Advance by the Primary Liquidity Provider to be used for the funding of the
Class C Primary Cash Collateral Account in accordance with
Section 3.6(i) of the Intercreditor Agreement by reason of the receipt by
the Borrower of a Termination Notice from the Primary Liquidity Provider with
respect to the Liquidity Agreement, which Advance is requested to be made on
                            .

 

(3)                                  The
amount of the Final Advance requested hereby (i) is
$                      ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(i) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal of,
or premium on the Class G-1 Certificates, the Class G-2 Certificates or the
Class C Certificates, or interest on the Class G-1 Certificates or the
Class G-2 Certificates, (iii) was computed in accordance with the
provisions of the Class C Certificates, the Class C Trust Agreement and the
Intercreditor Agreement (a copy of which computation is attached hereto as
Schedule I), and (iv) has not been and is not the subject of a prior
or contemporaneous Notice of Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary
Cash Collateral Account and apply the same in accordance with the terms of
Section 3.6(i) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds
held by the Borrower.

 

(5)                                  The
Borrower hereby requests that the Advance requested hereby be a Base Rate
Advance [and that such Base Rate Advance be converted into a LIBOR Advance on
the third Business Day following your receipt of this notice.](1)

 

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

 

1

 

The Borrower hereby
acknowledges that, pursuant to the Liquidity Agreement, (A) the making of
the Final Advance as requested by this Notice of Borrowing shall automatically
and irrevocably terminate the obligation of the Primary Liquidity Provider to
make further Advances under the Liquidity Agreement; and (B) following the
making by the Primary Liquidity Provider of the Final Advance requested by this
Notice of Borrowing, the Borrower shall not be entitled to request any further
Advances under the Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF,
the Borrower has executed and delivered this Notice of Borrowing as of the
           day of
                      ,
        .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO
FINAL ADVANCE NOTICE OF BORROWING

 

[Insert Copy of Computations in accordance with

Final Advance Notice of Borrowing]

 

4

 

ANNEX V TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF
TERMINATION

 

[Date]

 

Wilmington Trust Company

Rodney Square North

1100 North Market Square

Wilmington, DE  19890-0001

 

Attention:  Corporate Trust Administration

 

Re:                               Revolving
Credit Agreement, dated as of March 24, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-1C Pass Through Trust, as Borrower, and Landesbank Hessen-Thüringen
Girozentrale (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified
that pursuant to Section 6.01(a) of the Liquidity Agreement, by reason of
the occurrence of a Liquidity Event of Default and the existence of a
Performing Note Deficiency (each as defined therein), we are giving this notice
to you in order to cause (i) our obligations to make Advances (as defined
therein) under such Liquidity Agreement to terminate on the fifth Business Day
after the date on which you receive this notice and (ii) you to request a
Final Advance under the Liquidity Agreement pursuant to Section 3.6(i) of
the Intercreditor Agreement (as defined in the Liquidity Agreement) as a
consequence of your receipt of this notice.

 

1

 

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

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDESBANK HESSEN-THÜRINGEN

  GIROZENTRALE,

  as Primary Liquidity Provider

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

cc:                                 Wilmington
Trust Company, as Trustee

 

2

 

ANNEX VI TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF
REPLACEMENT SUBORDINATION AGENT

 

[Date]

 

Attention:

 

Re:                               Revolving
Credit Agreement, dated as of March 24, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-1C Pass Through Trust, as Borrower, and Landesbank Hessen-Thüringen
Girozentrale (the “Liquidity Agreement”)

 

Ladies and Gentlemen:

 

For value received, the
undersigned hereby irrevocably transfers to:

 

	
   

  	
   

  	
   

  
	
   

  	
  [Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Address of Transferee]

  

 

 

all rights and obligations of the undersigned as Borrower and
Subordination Agent under the Liquidity Agreement referred to above.  The transferee has succeeded the undersigned
as Borrower and Subordination Agent under the Intercreditor Agreement referred
to in the first paragraph of the Liquidity Agreement, pursuant to the terms of
Section 8.1 of the Intercreditor Agreement.

 

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

 

We ask that this transfer
be effective as of
                        ,
         .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

1

 

ANNEX VII TO

REVOLVING CREDIT AGREEMENT

 

SPECIAL
TERMINATION ADVANCE NOTICE OF BORROWING

 

The undersigned, a duly
authorized signatory of the undersigned borrower (the “Borrower”), hereby certifies to Landesbank
Hessen-Thüringen Girozentrale (the “Primary
Liquidity Provider”), with
reference to the Revolving Credit Agreement, dated as of March 24, 2004,
between the Borrower and the Primary Liquidity Provider (the “Primary Liquidity Agreement”); the terms
defined therein and not otherwise defined herein being used herein as therein
defined or referenced), that:

 

(1)                                  The
Borrower is the Subordination Agent under the Intercreditor Agreement.

 

(2)                                  The
Borrower is delivering this Notice of Borrowing for the making of the Special
Termination Advance by the Primary Liquidity Provider to be used for the
funding of the Class C Primary Cash Collateral Account in accordance with
Section 3.6(k) of the Intercreditor Agreement by reason of the receipt by
the Borrower of a Special Termination Notice from the Primary Liquidity
Provider with respect to the Primary Liquidity Agreement, which Advance is
requested to be made on
                             .

 

(3)                                  The
amount of the Special Termination Advance requested hereby (i) is
$                     ,
which equals the Maximum Available Commitment on the date hereof and is to be
applied in respect of the funding of the Class C Primary Cash Collateral
Account in accordance with Section 3.6(k) of the Intercreditor Agreement,
(ii) does not include any amount with respect to the payment of principal
of, or premium on the Class G-1 Certificates, the Class G-2 Certificates or the
Class C Certificates, or interest on the Class G-1 Certificates or the Class G-2
Certificates, (iii) was computed in accordance with the provisions of the
Class C Certificates, the Class C Trust Agreement and the
Intercreditor Agreement (a copy of which computation is attached hereto as
Schedule I), and (iv) has not been and is not the subject of a prior
or contemporaneous Notice of Borrowing.

 

(4)                                  Upon
receipt by or on behalf of the Borrower of the amount requested hereby,
(a) the Borrower shall deposit such amount in the Class C Primary
Cash Collateral Account and apply the same in accordance with the terms of
Section 3.6(k) of the Intercreditor Agreement, (b) no portion of such
amount shall be applied by the Borrower for any other purpose and (c) no
portion of such amount until so applied shall be commingled with other funds held
by the Borrower.

 

The Borrower hereby
acknowledges that, pursuant to the Primary Liquidity Agreement, (A) the
making of the Special Termination Advance as requested by this Notice of
Borrowing shall automatically and irrevocably terminate the obligation of the
Primary Liquidity Provider to make further Advances under the Primary Liquidity
Agreement; and (B) following the making by the Primary Liquidity Provider
of the Special Termination Advance requested by this Notice

 

1

 

of Borrowing, the
Borrower shall not be entitled to request any further Advances under the
Primary Liquidity Agreement.

 

2

 

IN WITNESS WHEREOF,
the Borrower has executed and delivered this Notice of Borrowing as of the
             
day of
                        ,
         .

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  not in its individual capacity but solely as

  Subordination Agent, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

3

 

SCHEDULE I TO
SPECIAL TERMINATION ADVANCE NOTICE OF BORROWING

 

[Insert Copy of Computations in accordance with

Special Termination Advance Notice of Borrowing]

 

4

 

ANNEX VIII TO

REVOLVING CREDIT AGREEMENT

 

NOTICE OF SPECIAL
TERMINATION

 

[Date]

 

Wilmington Trust Company

Rodney Square North

1100 North Market Square

Wilmington, DE  19890-0001

 

Attention:  Corporate Trust Administration

 

Re:                               Revolving
Credit Agreement, dated as of March 24, 2004, between Wilmington Trust
Company, as Subordination Agent, as agent and trustee for the JetBlue Airways
2004-1C Pass Through Trust, as Borrower, and Landesbank Hessen-Thüringen
Girozentrale (the “Primary Liquidity
Agreement”)

 

Ladies and Gentlemen:

 

You are hereby notified
that pursuant to Section 6.01(b) of the Primary Liquidity Agreement, by
reason of an Indenture Event of Default arising out of a payment default on a
Series C Equipment Note having occurred under an Indenture and such Indenture
Event of Default not having been cured in full by the earlier of (a) the end of
the 36-month period beginning on the date of such Indenture Event of Default
and (b) February 15, 2008, we are giving this notice to you in order to
cause (i) our obligations to make Advances (as defined therein) under such
Primary Liquidity Agreement to terminate on the fifth Business Day after the
date on which you receive this notice and (ii) you to request a Special
Termination Advance under the Primary Liquidity Agreement pursuant to
Section 3.6(k) of the Intercreditor Agreement (as defined in the Primary
Liquidity Agreement) as a consequence of your receipt of this notice.

 

1

 

THIS NOTICE IS THE
“NOTICE OF SPECIAL TERMINATION” PROVIDED FOR UNDER THE PRIMARY LIQUIDITY
AGREEMENT.  OUR OBLIGATIONS TO MAKE
ADVANCES UNDER THE PRIMARY LIQUIDITY AGREEMENT SHALL TERMINATE ON THE FIFTH
BUSINESS DAY AFTER THE DATE ON WHICH YOU RECEIVE THIS NOTICE.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LANDESBANK HESSEN-THÜRINGEN

  GIROZENTRALE,

  as Primary Liquidity Provider

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

cc:                                 Wilmington
Trust Company, as Trustee

 

2Exhibit 4.8

 

EXECUTION COPY

 

 

DEPOSIT AGREEMENT

(CLASS G-1)

 

dated as of March 24, 2004

 

between

 

WILMINGTON TRUST COMPANY
as Escrow Agent

 

and

 

HSH NORDBANK AG, NEW YORK BRANCH
as Depositary

 

 

 

 

DEPOSIT AGREEMENT (Class G-1)
dated as of March 24, 2004 (as amended, modified or supplemented from time
to time, this “Agreement”) between
WILMINGTON TRUST COMPANY, a
Delaware banking corporation, as Escrow Agent under the Escrow and Paying Agent
Agreement referred to below (in such capacity, together with its successors in
such capacity, the “Escrow Agent”),
and HSH NORDBANK AG, NEW YORK BRANCH,
a New York State licensed branch office of a bank organized under the laws of
Germany, as depositary bank hereunder (the “Depositary”).

 

W  I  T  N
E  S  S  E  T  H:

 

WHEREAS,
JetBlue Airways Corporation (“JetBlue”)
and Wilmington Trust Company, not in its individual capacity except as
otherwise expressly provided therein, but solely as trustee (in such capacity,
together with its successors in such capacity, the “Pass Through Trustee”) have entered into a Pass Through Trust
Agreement dated as of March 24, 2004 (as amended, modified or supplemented
from time to time in accordance with the terms thereof, the “Pass Through Trust Agreement”) relating to
JetBlue Airways Pass Through Trust 2004-1G-1-O pursuant to which the JetBlue
Airways Pass Through Trust, Series 2004-1G-1-O Certificates referred to therein
(the “Certificates”) are being
issued (the date of such issuance, the “Issuance
Date”);

 

WHEREAS,
JetBlue and Morgan Stanley & Co., Incorporated, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Crédit
Lyonnais Securities (USA) Inc. (collectively, the “Underwriters” and, together with their respective transferees
and assigns as registered owners of the Certificates, the “Investors”) have entered into an
Underwriting Agreement dated March 18, 2004 pursuant to which the Pass
Through Trustee will issue and sell the Certificates to the Underwriters (the
net proceeds of such sale being herein referred to as the “Net Proceeds”);

 

WHEREAS,
JetBlue, the Pass Through Trustee, certain other pass through trustees and
certain other persons concurrently herewith are entering into the Note Purchase
Agreement, dated as of the date hereof (the “Note
Purchase Agreement”), pursuant to which the Pass Through Trustee has
agreed to acquire from time to time on or prior to the Delivery Period
Termination Date (as defined in the Note Purchase Agreement) the
Series G-1 equipment notes (the “Equipment
Notes”) issued to finance or refinance the acquisition of aircraft
by JetBlue utilizing a portion of the Net Proceeds;

 

WHEREAS,
the Escrow Agent, the Underwriters, the Pass Through Trustee and Wilmington
Trust Company, as paying agent for the Escrow Agent (in such capacity, together
with its successors in such capacity, the “Paying
Agent”) concurrently herewith are entering into an Escrow and Paying
Agent Agreement (Class G-1), dated as of the date hereof (as amended,
modified or supplemented from time to time in accordance with the terms
thereof, the “Escrow and Paying Agent
Agreement”); and

 

WHEREAS,
the Underwriters and the Pass Through Trustee intend that the Net Proceeds
(excluding any amount used to purchase Equipment Notes on the Issuance Date) be
held in escrow by the Escrow Agent on behalf of the Investors pursuant to the
Escrow and Paying Agent Agreement, subject to withdrawal upon request of and
proper certification by the

 

 

Pass Through Trustee for
the purpose of purchasing Equipment Notes, and that pending such withdrawal the
Net Proceeds be deposited by the Escrow Agent with the Depositary pursuant to
this Agreement, which provides for the Depositary to pay interest for
distribution to the Investors and to establish accounts from which the Escrow
Agent shall make withdrawals upon request of and proper certification by the
Pass Through Trustee.

 

NOW,
THEREFORE, in consideration of the obligations contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto hereby agree as
follows:

 

Section 1.                                          Definitions.  Capitalized terms used but not defined
herein shall have the following meanings:

 

“Business Day” means any day other than
a Saturday, Sunday or other day on which commercial banks are authorized or
required by law to close in New York, New York, Darien, Connecticut or the city
in which the Corporate Trust Office is maintained.

 

“Debt Rate” means, for each Interest
Period, a rate per annum equal to the sum of (x) Three-Month LIBOR for
such Interest Period and (y) 0.375% per annum.

 

“Interest  Payment Date” means each March 15, June 15,
September 15 and December 15, commencing on June 15, 2004;
provided, that if any such date is not a Business Day, the relevant Interest
Payment Date shall be the next succeeding Business Day.

 

“Interest Period” means the period
commencing on and including the Deposit Date and ending on but excluding the
next succeeding Interest Payment Date, and thereafter, each successive period
commencing on and including the immediately preceding Interest Payment Date and
ending on but excluding the next succeeding Interest Payment Date.

 

“LIBOR Business Day” means any day on
which dealings are carried on in the London interbank market.

 

“Three-Month LIBOR”
means, (i) with respect to the initial Interest Period, 1.11%, and
(ii) for each subsequent Interest Period, the interest rate per annum
(calculated on the basis of a 360-day year and actual days elapsed) at which
deposits in United States dollars are offered to prime banks in the London
interbank market as indicated on display page 3750 (British Bankers
Association-LIBOR) of the Dow Jones Markets Service (or such other page as
may replace such display page 3750 for the purpose of displaying London
interbank offered rates for United States dollar deposits) or, if not so
indicated, the average (rounded upwards to the nearest 1/100 %), as determined by the Loan
Trustee (as defined in the Note Purchase Agreement), of such rates as indicated
on the Reuters LIBO Page (or such other page as may replace such
Reuters Screen LIBO Page for the purpose of displaying London interbank
offered rates for United States dollar deposits) or, if neither such
alternative is indicated, the average (rounded upwards to the nearest 1/100 %), as determined by the Loan
Trustee, of such rates offered by four major reference banks in the London
interbank market, as selected by the Loan Trustee after consultation with
JetBlue, to prime banks in the London interbank market, in each case at or
about 11:00 a.m. (London time) on the day that is two LIBOR Business Days
prior to the first day of such Interest Period (the “Three-Month LIBOR Reference
Date”) for deposits for a period of three months

 

2

 

in an amount substantially equal to the principal amount of
Deposits then outstanding. The Escrow Agent will, if necessary, request that
each of the reference banks provide a quotation of its rate.  If at least two such quotations are
provided, the rate will be the average of the quotations (rounded to the
nearest 1/100 %).  If fewer than two
quotations are provided, Three-Month LIBOR will be determined for the
applicable Three-Month LIBOR Reference Date as the arithmetic mean of the rates
quoted at approximately 11:00 a.m., New York time, on that Three-Month
LIBOR Reference Date, by three major banks in New York City, as selected by the
Loan Trustee after consultation with JetBlue, for loans in U.S. dollars to
leading European banks, for a period of three months, commencing on that
Three-Month LIBOR Reference Date, and in a principal amount that is
representative of a single transaction in U.S. dollars in that market at that
time.  If the banks so selected by the
Loan Trustee are not quoting as mentioned above, the rate will be Three-Month
LIBOR for the immediately preceding Interest Period.  Notwithstanding the foregoing, if a payment default on any
Equipment Note (as defined in the Note Purchase Agreement) exists on any Regular
Distribution Date (as defined in the Note Purchase Agreement), from such
Regular Distribution Date and for each full Interest Period while such default
is continuing, Three-Month LIBOR will not exceed 8%.

 

Section 2.                                          Terms
of Deposit.

 

2.1                                 Acceptance
of Depositary.  The Depositary
hereby agrees to act as depositary bank as provided herein and in connection
therewith to accept all amounts to be delivered to or held by the Depositary
pursuant to the terms of this Agreement. 
The Depositary further agrees to hold, maintain and safeguard the Deposits
and the Accounts (as defined below) during the term of this Agreement in
accordance with the provisions of this Agreement.  The Depositary shall neither be responsible for or under, nor
chargeable with knowledge of, the terms and conditions of any other agreement,
instrument or document executed between and among the parties hereto.  This Agreement sets forth all of the
obligations of the Depositary, and no additional obligations shall be implied
from the terms of this Agreement or any other agreement, instrument or
document.  The Escrow Agent shall not
have any right to withdraw, assign or otherwise transfer moneys held in the
Accounts except as permitted by this Agreement.

 

2.2                                 Establishment
of Accounts.  The Escrow Agent
hereby instructs the Depositary, and the Depositary agrees, to establish the
separate deposit accounts listed on Schedule I hereto and to establish
such additional separate deposit accounts as may be required in connection with
the deposits contemplated by Section 2.6 hereof (each, an “Account” and collectively, the “Accounts”), each in the name of the Escrow
Agent and all on the terms and conditions set forth in this Agreement.  It is the express intention of the parties
hereto that all amounts on deposit hereunder be deemed to be general deposits,
not special deposits, and that such deposits create a customer and bank
relationship between the Escrow Agent and Depository.

 

2.3                                 Deposits.  The Escrow Agent shall direct the
Underwriters to deposit with the Depositary on the date of this Agreement (the
“Deposit Date”) in Federal (same
day) funds by wire transfer to the account of HSH Nordbank AG, New York Branch
at HSH Nordbank AG, New York Branch, New York, New York 10022, Account
No. 7990116721-01, Account Name: 
Wilmington Trust Company, Reference: 
JetBlue EETC G1, and the Depositary shall accept from the Underwriters,
on behalf of the Escrow Agent, the sum of US$110,089,756.67.  Upon acceptance of such sum, the Depositary
shall (i) establish each of the deposits specified in

 

3

 

Schedule I
hereto maturing on July 31, 2005 (including any deposit made pursuant to
Section 2.6 hereof, individually, a “Deposit”
and, collectively, the “Deposits”)
and (ii) credit each Deposit to the related Account as set forth
therein.  No amount shall be deposited
in any Account other than the related Deposit.

 

2.4                                 Interest.  Each Deposit shall bear interest from and
including the date of deposit to but excluding the date of withdrawal at the
rate per annum for each Interest Period equal to the Debt Rate for such
Interest Period (computed on the basis of a year of 360 days and actual days
elapsed) payable to the Paying Agent on behalf of the Escrow Agent quarterly in
arrears on each Interest Payment Date and, as provided in Section 2.5(b)
hereof, on the date of the Final Withdrawal (as defined below), all in
accordance with the terms of this Agreement (whether or not any such Deposit is
withdrawn on an Interest Payment Date). 
Interest accrued on any Deposit that is withdrawn pursuant to a Notice
of Purchase Withdrawal (as defined below) shall be paid on the next Interest
Payment Date, notwithstanding any intervening Final Withdrawal (as defined
below).  In addition, interest accrued
on any Deposit that is withdrawn pursuant to a Notice of Replacement Withdrawal
(as defined below) but not paid on the date of the Final Withdrawal shall be
paid on the next Interest Payment Date.

 

2.5                                 Withdrawals.  (a) 
On and after the date seven days after the establishment of any Deposit,
the Escrow Agent may, by providing a notice of withdrawal to the Depositary by
10:00 a.m. (New York City time) on a Business Day that is at least seven
days prior to the date of such requested withdrawal in the form of
Exhibit A hereto (a “Notice of Purchase
Withdrawal”), withdraw at any time while funds may be transferred in
the Fed Wire electronic transfer system not less than the entire principal
balance of such Deposit as set forth on Schedule I, except that at any
time prior to the actual withdrawal of such Deposit, the Escrow Agent or the
Pass Through Trustee may, by written notice to the Depositary, cancel such
withdrawal (including on the scheduled date therefor), and thereafter such
Deposit shall continue to be maintained by the Depositary in accordance with
the original terms thereof.  Following
such withdrawal the balance in the related Account shall be zero and the
Depositary shall, without limiting or otherwise affecting the Depositary’s
payment obligation pursuant to the penultimate sentence of Section 2.4
hereof, close such Account.

 

(b)                                 (i)  The Escrow Agent may, by providing at least
15 days’ prior notice of withdrawal to the Depositary in the form of
Exhibit B hereto (a “Notice of Final
Withdrawal”), withdraw the entire amount of all of the remaining
Deposits together with the payment by the Depositary of all accrued and unpaid
interest on such Deposits to but excluding the specified date of withdrawal (a
“Final Withdrawal”), on such date
as shall be specified in such Notice of Final Withdrawal.  If a Notice of Final Withdrawal has not been
given to the Depositary on or before July 5, 2005 and there are
unwithdrawn Deposits on such date, the Depositary shall pay the amount of the
Final Withdrawal to the Paying Agent on July 31, 2005.

 

(ii)                                  The
Escrow Agent may, by providing at least 15 days’ prior notice of withdrawal to
the Depositary in the form of Exhibit C hereto (a “Notice of Replacement Withdrawal”),
withdraw the entire amount of all Deposits then held by the Depositary together
with, if specified in such Notice of Replacement Withdrawal, the payment by the
Depositary of all accrued and unpaid interest on such Deposits to but

 

4

 

excluding the specified date of withdrawal (a “Replacement Withdrawal”), on such date as
shall be specified in such Notice of Replacement Withdrawal.

 

(c)                                  If
the Depositary receives a duly completed Notice of Purchase Withdrawal or
Notice of Final Withdrawal or Notice of Replacement Withdrawal (each, a “Withdrawal Notice”) complying with the
provisions of this Agreement, it shall make the payments specified therein in
accordance with the provisions of this Agreement.

 

If such complying
Withdrawal Notice is received by the Depositary no later than 11:00 a.m. (New
York City time) on a Business Day, the Depositary shall make the payments
requested in such Withdrawal Notice no later than 10:00 a.m. (New York
City time) on the next succeeding Business Day or such later time as requested
by the Escrow Agent while funds may be transferred in the Fed Wire electronic
transfer system as specified in such Withdrawal Notice.  If such complying Withdrawal Notice is
received by the Depositary after 11:00 a.m. (New York City time) on a
Business Day, the Depositary shall make the payments requested in such
Withdrawal Notice no later than 10:00 a.m. (New York City time) on the
second Business Day next following such Business Day or such later time as
requested by the Escrow Agent while funds may be transferred in the Fed Wire electronic
transfer system as specified in such Withdrawal Notice.

 

2.6                                 Other
Accounts.  On the date of withdrawal
of any Deposit pursuant to a Notice of Purchase Withdrawal, the Escrow Agent,
or the Pass Through Trustee on behalf of the Escrow Agent, shall be entitled to
re-deposit with the Depositary any portion thereof and the Depositary shall
accept the same for deposit hereunder. 
Any sums so received for deposit shall be established as a new Deposit
and credited to a new Account, all as more fully provided in Section 2.3
hereof, and thereafter the provisions of this Agreement shall apply thereto as
fully and with the same force and effect as if such Deposit had been
established on the Deposit Date except that (i) such Deposit may not be
withdrawn prior to the date seven days after the establishment thereof and
(ii) such Deposit shall mature on July 31, 2005 and bear interest as
provided in Section 2.4.  The
Depositary shall promptly give notice to the Escrow Agent of receipt of each
such re-deposit and the account number assigned thereto.

 

Section 3.                                          Termination.  This Agreement shall terminate on the fifth
Business Day after the later of the date on which (i) all of the Deposits
shall have been withdrawn and paid as provided herein without any re-deposit of
such funds and (ii) all accrued and unpaid interest on the Deposits shall
have been paid as provided herein, but in no event prior to the date on which
the Depositary shall have performed in full its obligations hereunder.  For the avoidance of doubt, the obligations
of the Depositary under the last two sentences of Section 2.4 hereof shall
remain in full force and effect notwithstanding the execution and delivery of a
replacement Deposit Agreement in accordance with Section 4(a)(vii) of the Note
Purchase Agreement.

 

Section 4.                                          Payments.  All payments (including, without limitation,
those payments made in respect of Taxes (as defined and provided for below))
made by the Depositary hereunder shall be paid in United States Dollars and
immediately available funds by wire transfer (i) in the case of accrued
interest on the Deposits payable under Section 2.4 hereof or any Final
Withdrawal, directly to the Paying Agent at Wilmington Trust Company,
Wilmington, Delaware, ABA# 031100092, for credit to the account of JetBlue
2004-1, Account No. 65540-3, Attention:

 

5

 

Monica Henry,
Telephone No. (302) 636-6296, Reference:  JetBlue 2004-1G-1, or to such other account as the Paying Agent
may direct from time to time in writing to the Depositary and the Escrow Agent
and (ii) in the case of any withdrawal of one or more Deposits pursuant to
a Notice of Purchase Withdrawal or Notice of Replacement Withdrawal, directly
to or as directed by the Pass Through Trustee as specified and in the manner
provided in such Notice of Purchase Withdrawal or Notice of Replacement
Withdrawal.  The Depositary hereby
waives any and all rights of set-off, combination of accounts, right of
retention or similar right (whether arising under applicable law, contract or
otherwise) it may have against the Deposits howsoever arising.  Except as expressly provided below, all
payments on or in respect of each Deposit shall be made free and clear of and
without reduction for or on account of any and all taxes, levies or other
impositions or charges (collectively, “Taxes”).  However, if the Depositary or the Paying
Agent (pursuant to Section 2.04 of the Escrow and Paying Agent Agreement)
shall be required by law to deduct or withhold any Taxes from or in respect of
any sum payable hereunder, the Depositary shall (i) make such deductions
or withholding and (ii) pay the full amount deducted or withheld
(including in respect of such additional amounts) to the competent taxation
authority.

 

Section 5.                                          Representation
and Warranties.  The Depositary
hereby represents and warrants to JetBlue, the Escrow Agent, the Pass Through
Trustee, the Underwriters and the Paying Agent that:

 

(1)                                  it
is a New York licensed branch office of a German bank duly organized and
existing under the laws of Germany and is duly qualified to conduct banking
business in the State of New York through its New York branch;

 

(2)                                  it
has full power, authority and legal right to conduct its business and
operations as currently conducted and to enter into and perform its obligations
under this Agreement;

 

(3)                                  the
execution, delivery and performance of this Agreement have been duly authorized
by all necessary corporate action on the part of it and do not require any
stockholder approval, or approval or consent of any trustee or holder of any
indebtedness or obligations of it, and this Agreement has been duly executed
and delivered by it and constitutes its legal, valid and binding obligations
enforceable against it in accordance with the terms hereof;

 

(4)                                  no
authorization, consent or approval of or other action by, and no notice to or
filing with, any United States federal or state governmental authority or
regulatory body is required for the execution, delivery or performance by it of
this Agreement;

 

(5)                                  neither
the execution, delivery or performance by it of this Agreement, nor compliance
with the terms and provisions hereof, (A) conflicts or will conflict with
or results or will result in a breach or violation of any of the terms,
conditions or provisions of, or will require any consent or approval under, any
law, governmental rule or regulation or the charter documents, or bylaws, as
amended, of it or any similar instrument binding on it or any order, writ,
injunction or decree of any court or governmental authority against it or by
which it or any of its properties is bound or

 

6

 

(B) results or will result in a material breach or violation of
any of the terms, conditions or provisions of any indenture, mortgage or
contract or other agreement or instrument to which it is a party or by which it
or any of its properties is bound, or constitutes or will constitute a default
thereunder or results or will result in the imposition of any lien upon any of
its properties; and

 

(6)                                  there
are no pending or, to its knowledge, threatened actions, suits, investigations
or proceedings (whether or not purportedly on behalf of it) against or
affecting it or any of its property before or by any court or administrative
agency which, if adversely determined, (i) would adversely affect the
ability of it to perform its obligations under this Agreement or
(ii) would call into question or challenge the validity of this Agreement
or the enforceability hereof in accordance with the terms hereof, nor is the
Depositary in default with respect to any order of any court, governmental
authority, arbitration board or administrative agency so as to adversely affect
its ability to perform its obligations under this Agreement.

 

Section 6.                                          Transfer.  Neither party hereto shall be entitled to
assign or otherwise transfer this Agreement (or any interest herein) other than
(in the case of the Escrow Agent) to a successor escrow agent under the Escrow
and Paying Agent Agreement, and any purported assignment in violation thereof
shall be void.  This Agreement shall be
binding upon the parties hereto and their respective successors and (in the
case of the Escrow Agent) permitted assigns. 
Upon the occurrence of the Transfer (as defined below) contemplated by
the Assignment and Assumption Agreement (as defined below), the Pass Through
Trustee shall (without further act) be deemed to have transferred all of its
right, title and interest in and to this Agreement to the trustee of the
Successor Trust (as defined below) and, thereafter, the trustee of the
Successor Trust shall be deemed to be the “Pass Through Trustee” hereunder with
the rights of the “Pass Through Trustee” hereunder, and each reference herein
to “JetBlue Airways Pass Through Trust 2004-1G-1-O” shall be deemed to be a
reference to “JetBlue Airways Pass Through Trust 2004-1G-1-S”.  The Escrow Agent and the Depositary hereby
acknowledge and consent to the Transfer contemplated by the Assignment and Assumption
Agreement.  For the purposes of this
Section 6, “Transfer” means
the transfer contemplated by the Assignment and Assumption Agreement; “Assignment and Assumption Agreement” means
the Assignment and Assumption Agreement to be entered into between the Pass
Through Trustee and the trustee of the Successor Trust; and “Successor Trust” means the JetBlue Airways
Pass Through Trust 2004-1G-1-S.

 

Section 7.                                          Amendment,
Etc.  This Agreement may not be
amended, waived or otherwise modified except by an instrument in writing signed
by the parties hereto.

 

Section 8.                                          Notices.

 

(a)                                  Unless
otherwise expressly provided herein, any notice, instruction or other
communication under this Agreement shall be in writing (including by facsimile)
and shall be deemed to be given and effective upon receipt thereof (or, if
received after normal business hours, the next open of business on a Business
Day).  All notices shall be sent to
(x) in the case of the Depositary, HSH Nordbank AG, New York Branch,
590 Madison Ave., New York, New York 10022-2540, Attention:  Transportation-Americas (Telecopier:
(212) 407-6033) or (y) in

 

7

 

the case of the
Escrow Agent, Wilmington Trust Company, 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration (Telecopier:  (302) 651-8882), in each case, with a
copy to the Pass Through Trustee, Wilmington Trust Company, 1100 North Market
Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration
(Telecopier:  (302) 651-8882) and
to JetBlue, JetBlue Airways Corporation, 118-29 Queens Blvd., Forest Hills, New
York 11375, Attention:  Vice President –
Corporate Finance (Telecopier: 
(718) 709-3630) with a copy to JetBlue Airways Corporation, 118-29
Queens Blvd., Forest Hills, New York 11375, Attention:  General Counsel (Telecopier:  (718) 709-3630) (or at such other
address as any such party may specify from time to time in a written notice to
the parties hereto).  On or prior to the
execution of this Agreement, the Escrow Agent has delivered to the Depositary
an incumbency certificate containing specimen signatures of the representatives
of the Escrow Agent who are authorized to give notices and instructions with
respect to this Agreement.  The Depositary
may conclusively rely on such certificate until the Depositary receives written
notice from the Escrow Agent to the contrary.

 

(b)                                 The
Depositary shall be fully protected and authorized in relying upon any
instruction, notice, certification, demand, consent, authorization, receipt,
power of attorney or other writing delivered to it by any party without being
required to make any investigation or inquiry thereof to determine the
authenticity or validity thereof or the correctness of any fact stated therein,
the propriety or validity of the service thereof, or the jurisdiction of the
court issuing any judgment or order. 
The Depositary may act in reliance upon any signature believed by it to
be genuine, and may assume that such person has been properly authorized to do
so.  The Depositary shall not be deemed
to have any duty or notice unless and until it has been provided with written
notice.  In no event shall the
Depositary be liable for indirect, special or consequential damages.

 

Section 9.                                          Obligations
Unconditional.  The Depositary
hereby acknowledges and agrees that its obligation to repay each Deposit
together with interest thereon as provided herein is absolute, irrevocable and
unconditional and constitutes a full recourse obligation of the Depositary
enforceable against it to the full extent of all of its assets and properties.

 

Section 10.                                   Entire
Agreement.  This Agreement
(including all attachments hereto) sets forth all of the promises, covenants,
agreements, conditions and understandings between the Depositary and the Escrow
Agent with respect to the subject matter hereof and supersedes all prior and
contemporaneous agreements and undertakings, inducements or conditions, express
or implied, oral or written.

 

Section 11.                                   Governing
Law.  This Agreement, and the rights
and obligations of the Depositary and the Escrow Agent with respect to the
Deposits, shall be governed by, and construed in accordance with, the law of
the State of New York and subject to the provisions of Regulation D of the
Board of Governors of the Federal Reserve System (or any successor), as the
same may be modified and supplemented and in effect from time to time.

 

Section 12.                                   Waiver
of Jury Trial Right.  EACH OF THE DEPOSITARY AND THE ESCROW AGENT
ACKNOWLEDGES AND ACCEPTS THAT IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT SUCH PARTY IRREVOCABLY WAIVES ITS RIGHT TO A
TRIAL BY JURY.

 

8

 

Section 13.                                   Counterparts.  This Agreement may be executed in one or
more counterparts, all of which taken together shall constitute one instrument.

 

*       *       *

 

9

 

IN
WITNESS WHEREOF, the Escrow Agent and the Depositary have
caused this Deposit Agreement to be duly executed as of the day and year first
above written.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Janel R. Havrilla

  
	
   

  	
   

  	
  Name:

  	
  Janel R. Havrilla

  
	
   

  	
   

  	
  Title:

  	
  Financial Services Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  HSH NORDBANK AG, NEW YORK

  BRANCH,

  as Depositary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Klaus Bernhart

  
	
   

  	
   

  	
  Name:

  	
  Klaus Bernhart

  
	
   

  	
   

  	
  Title:

  	
  SEVP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mikal Sanne

  
	
   

  	
   

  	
  Name:

  	
  Mikal Sanne

  
	
   

  	
   

  	
  Title:

  	
  AVP

  

 

10

 

SCHEDULE I

 

SCHEDULE OF
DEPOSITS

(CLASS G-1)

 

	
  Aircraft Registration
  Number

  	
   

  	
  Amount

  	
   

  	
  Sub-Account

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  N587JB

  	
   

  	
  $

  	
  9,038,253.17

  	
   

  	
  N587JB

  
	
  N588JB

  	
   

  	
  $

  	
  9,093,295.72

  	
   

  	
  N588JB

  
	
  N589JB

  	
   

  	
  $

  	
  9,122,474.92

  	
   

  	
  N589JB

  
	
  N590JB

  	
   

  	
  $

  	
  9,144,359.30

  	
   

  	
  N590JB

  
	
  N591JB

  	
   

  	
  $

  	
  9,165,580.54

  	
   

  	
  N591JB

  
	
  N592JB

  	
   

  	
  $

  	
  9,186,138.59

  	
   

  	
  N592JB

  
	
  N593JB

  	
   

  	
  $

  	
  9,208,686.14

  	
   

  	
  N593JB

  
	
  N594JB

  	
   

  	
  $

  	
  9,208,686.14

  	
   

  	
  N594JB

  
	
  N595JB

  	
   

  	
  $

  	
  9,208,686.14

  	
   

  	
  N595JB

  
	
  N597JB

  	
   

  	
  $

  	
  9,230,570.54

  	
   

  	
  N597JB

  
	
  N598JB

  	
   

  	
  $

  	
  9,230,570.54

  	
   

  	
  N598JB

  
	
  N599JB

  	
   

  	
  $

  	
  9,252,454.93

  	
   

  	
  N599JB

  

 

1

 

EXHIBIT A

 

NOTICE OF PURCHASE
WITHDRAWAL

 

HSH Nordbank AG, New York
Branch

590 Madison Ave.

New York, New York
10022-2540

Attention:  Transportation - Americas

(Telecopier:
(212) 407-6033)

 

Gentlemen:

 

Reference is made to the
Deposit Agreement (Class G-1) dated as of March 24, 2004 (the “Deposit Agreement”) between Wilmington
Trust Company, as Escrow Agent, and HSH Nordbank AG, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with
Section 2.5(a) of the Deposit Agreement, the undersigned hereby requests
the withdrawal of the entire amount of the Deposit,
$                     ,
Account
No.                    .

 

The undersigned hereby
directs the Depositary to pay the proceeds of the Deposit to
[                    ,
Account No.                    ,
Reference:
                    ]
on                     ,
200  , upon the telephonic request of a representative of Wilmington
Trust Company, the Pass Through Trustee.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:      , 200 

  	
   

  	
   

  

 

1

 

EXHIBIT B

 

NOTICE OF FINAL
WITHDRAWAL

 

HSH Nordbank AG, New York
Branch

590 Madison Ave.

New York, New York
10022-2540

Attention:  Transportation - Americas

(Telecopier:  (212) 407-6033)

 

Gentlemen:

 

Reference is made to the
Deposit Agreement (Class G-1) dated as of March 24, 2004 (the “Deposit Agreement”) between Wilmington
Trust Company, as Escrow Agent, and HSH Nordbank AG, New York Branch, as
Depositary (the “Depositary”).

 

In accordance with
Section 2.5(b) of the Deposit Agreement, the undersigned hereby requests
the withdrawal of the entire amount of all Deposits for payment on
                   ,
200  .

 

The undersigned hereby
directs the Depositary to pay the proceeds of the Deposits [and accrued
interest thereon] to the Paying Agent at
                       ,
ABA#
                       ,
Account No.                       ,
Reference:  JetBlue 2004-1.

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:      , 20  .

  	
   

  	
   

  

 

1

 

EXHIBIT C

 

NOTICE OF
REPLACEMENT WITHDRAWAL

 

HSH Nordbank AG, New York
Branch

590 Madison Ave.

New York, New York
10022-2540

Attention:  Transportation - Americas

(Telecopier:  (212) 407-6033)

 

Gentlemen:

 

Reference is made to the
Deposit Agreement (Class G-1) dated as of March 24, 2004 (the “Deposit Agreement”) between Wilmington
Trust Company, as Escrow Agent, and HSH Nordbank AG, New York Branch, as
Depositary (the “Deposit”).

 

In accordance with
Section 2.5(b)(ii) of the Deposit Agreement, the undersigned hereby
requests the withdrawal of the entire amount of all Deposits for payment on
                            ,
20   .

 

The undersigned hereby
directs the Depositary to pay the proceeds of the Deposits to
[                       ]
at                        ,
ABA#
                       ,
Account
No.                        ,
Reference:  JetBlue 2004-1 [and to pay
accrued interest thereon to the Paying Agent at
                       ,
ABA #                        ,
Acct.
No.                       ,
Reference.  JetBlue 2004-1](1).  [The undersigned further directs the
Depositary to pay the accrued interest on the Deposits to the Paying Agent on
                        ,
      (the next Interest Payment Date) at ABA #
                       ,
Account
No.                       ,
Reference:  JetBlue Airways 2004-1](2)

 

	
   

  	
  WILMINGTON TRUST COMPANY,

  as Escrow Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:      , 20  

  	
   

  	
   

  

 

(1)  To be deleted in the case
of a Replacement Withdrawal scheduled for a date which is not an Interest
Payment Date (as defined in the Escrow and Paying Agent Agreement).

 

(2)  To be inserted only in the
case of a Replacement Withdrawal scheduled for a date which is not an Interest
Payment Date (as defined in the Escrow and Paying Agent Agreement).

 

1

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