<SUBMISSION>
<ACCESSION-NUMBER>0001047469-04-032911
<TYPE>S-3/A
<PUBLIC-DOCUMENT-COUNT>11
<FILING-DATE>20041102
<DATE-OF-FILING-DATE-CHANGE>20041102
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>JETBLUE AIRWAYS CORP
<CIK>0001158463
<ASSIGNED-SIC>4512
<IRS-NUMBER>870617894
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-3/A
<ACT>33
<FILE-NUMBER>333-119549
<FILM-NUMBER>041113936
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>118-29 QUEENS BOULEVARD
<CITY>FOREST HILLS
<STATE>NY
<ZIP>11375
<PHONE>7182867900
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>118-29 QUEENS BOULEVARD
<CITY>FOREST HILLS
<STATE>NY
<ZIP>11375
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>S-3/A
<SEQUENCE>1
<FILENAME>a2145815zs-3a.htm
<DESCRIPTION>FORM S-3/A
<TEXT>
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<FONT SIZE=3 ><A HREF="#04NYC8338_1">QuickLinks</A></FONT>
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<FONT SIZE=2><B>As filed with the Securities and Exchange Commission on November&nbsp;2, 2004

  </B></FONT>

</P>

<P ALIGN="RIGHT"><FONT SIZE=2><B>


Registration No.&nbsp;333-119549

 </B></FONT></P>

<P><FONT SIZE=2><B> <hr noshade width=100% align=left size=4>
<hr noshade width=100% align=left size=1>  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=3><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>  </B></FONT><FONT SIZE=2><B>Washington, D.C. 20549  </B></FONT></P>

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<FONT SIZE=3><B>AMENDMENT NO. 1<BR>
TO<BR>
FORM S-3<BR>  </B></FONT><FONT SIZE=2><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933

 </B></FONT>

</P>

<P ALIGN="CENTER"><FONT SIZE=3><B>JETBLUE AIRWAYS CORPORATION<BR>  </B></FONT><FONT SIZE=2>(Exact name of Registrant as specified in its charter) </FONT></P>

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<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>Delaware</B></FONT><FONT SIZE=2><BR>
(State or other jurisdiction of incorporation or organization)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="49%" ALIGN="CENTER"><FONT SIZE=2><B>87-0617894</B></FONT><FONT SIZE=2><BR>
(I.R.S. Employer Identification No.)</FONT></TD>
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<P ALIGN="CENTER"><FONT SIZE=2><B>118-29 Queens Boulevard<BR>
Forest Hills, New York 11375<BR>
(718)&nbsp;709-3026</B></FONT><FONT SIZE=2><BR>
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices) </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><B>James G. Hnat<BR>
General Counsel<BR>
118-29 Queens Boulevard<BR>
Forest Hills, New York 11375<BR>
(718)&nbsp;709-3026</B></FONT><FONT SIZE=2><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service or process) </FONT></P>

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<TD WIDTH="32%" ALIGN="CENTER"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER"><FONT SIZE=2>With a copy to:</FONT></TD>
<TD WIDTH="32%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="32%"><FONT SIZE=2><BR>
<BR></FONT> <FONT SIZE=2><B>Richard F. Langan, Jr.<BR>
Bruce E. Rosenthal</B></FONT><FONT SIZE=2><BR>
Nixon Peabody LLP<BR>
437 Madison Avenue<BR>
New York, New York 10022<BR>
(212) 940-3000</FONT></TD>
<TD WIDTH="36%" ALIGN="CENTER"><BR><FONT SIZE=2><B>Ronald Scheinberg</B></FONT><FONT SIZE=2><BR>
Vedder, Price, Kaufman &amp; Kammholz, P.C.<BR>
805 Third Avenue<BR>
New York, New York 10022-75<BR>
(212) 407-7700</FONT></TD>
<TD WIDTH="32%" ALIGN="CENTER"><BR><FONT SIZE=2><B>Ji Hoon Hong<BR>
Joel S. Klaperman</B></FONT><FONT SIZE=2><BR>
Shearman &amp; Sterling LLP<BR>
599 Lexington Avenue<BR>
New York, New York 10022<BR>
(212) 848-4000</FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Approximate date of commencement of proposed sale to the public: From time to time after this Registration Statement becomes effective.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or reinvestment plans, check the following box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#253;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b) under the Securities Act, please check the following box and
list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule&nbsp;462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If delivery of the prospectus is expected to be made under Rule&nbsp;434, please check the following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="WINGDINGS">&#111;</FONT> </FONT></P>

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<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Rule&nbsp;429 under the Securities Act of 1933, the prospectuses contained in this registration statement relate to the $681,004,000 amount of
securities registered hereby and to the remaining unsold $318,996,000 amount of securities previously registered by the Registrant pursuant to Registration Statement on Form&nbsp;S-3
(No.&nbsp;333-109546). As such, this registration statement constitutes Post-Effective Amendment No.&nbsp;1 to the previously filed Registration Statement on
Form&nbsp;S-3 (No.&nbsp;333-109546).

</FONT>

</P>

<P>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT SIZE=2><B>The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective time until the Registrant shall
file&nbsp;a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section&nbsp;8(a) of the Securities Act of 1933 or
until the registration statement shall become effective on such date as the Commission, acting pursuant to said Section&nbsp;8(a), may determine.

 </B></FONT></P>

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<hr noshade width=100% align=left size=4>  </B></FONT></P>

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<BR></FONT><FONT SIZE=2><B>EXPLANATORY NOTE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This registration statement consists of two separate prospectuses. The first prospectus relates to the offer and sale from time to time by JetBlue of common
stock, preferred stock and debt securities, and the second prospectus relates to the offer and sale from time to time by JetBlue of pass through certificates. </FONT></P>

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<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting offers to buy these securities in any state where the offer or
sale is not permitted. </B></FONT></P>

<P ALIGN="CENTER">


<FONT COLOR="#FF4040" SIZE=2><B>Subject to Completion, Issued November&nbsp;2, 2004

 </B></FONT>

</P>

<P><FONT SIZE=2><B> PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>$1,000,000,000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>
<IMG SRC="g153965.jpg" ALT="LOGO" WIDTH="274" HEIGHT="108">
  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer, from time to time, together or separately, up to $1,000,000,000 aggregate amount, or the equivalent in one or more foreign
currencies or currency units, of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Common
Stock
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Preferred
Stock
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Debt
Securities </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may offer the securities in one or more series, in amounts, at prices and on terms determined at the time of offering. We will provide the specific terms of any securities we actually
offer for sale in supplements to this prospectus. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should read this prospectus and any prospectus supplement carefully before you purchase any of our securities. This prospectus may not be used to sell securities unless accompanied
by a prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the securities directly to you, through agents we select, or through underwriters or dealers we select. If we use agents, underwriters or dealers to sell the securities, we
will name them and describe their compensation in a prospectus supplement. The net proceeds we expect to receive from such sales will be set forth in the prospectus supplement. </FONT></P>


<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our common stock is traded on the Nasdaq National Market under the symbol "JBLU." On November&nbsp;1, 2004, the reported last sale price of our common stock on the Nasdaq National
Market was $22.31 per share. Neither the preferred stock nor the debt securities are currently publicly traded.


</FONT></P>

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<UL>

<P><FONT SIZE=2><B><I>Investing in our securities involves risks. See "Risk Factors" beginning on page 3.</I></B></FONT></P>

</UL>
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<UL>

<P><FONT SIZE=2><B>The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities or determined if this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.</B></FONT></P>

</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2004 </FONT></P>

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NAME="bg8338_table_of_contents"> </A>
<A NAME="toc_bg8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TH WIDTH="92%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>Page</B></FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Important Notice To Readers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
ii</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Special Note About Forward-Looking Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
iii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Prospectus Summary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Risk Factors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
3</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Use of Proceeds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Dividend Policy</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Ratio of Earnings to Fixed Charges</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Description of Common and Preferred Stock</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Description of Debt Securities</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
19</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Plan of Distribution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
34</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Legal Matters</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Experts</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
35</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="92%"><FONT SIZE=2><BR>
Where You Can Find More Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2><BR>
36</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="bg8338_important_notice_to_readers"> </A>
<A NAME="toc_bg8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>IMPORTANT NOTICE TO READERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement we filed with the Securities and Exchange Commission, or SEC, using a "shelf" registration process. Under the
shelf registration process, using this prospectus, together with a prospectus supplement, we may sell, from time to time, in one or more offerings, any combination of the securities described in this
prospectus in a dollar amount that does not exceed $1,000,000,000 in the aggregate. This prospectus provides you with a general description of the securities we may offer. Each time we offer
securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information
contained in this prospectus. You should read this prospectus, the applicable prospectus supplement and the information incorporated by reference in this prospectus before making an investment in our
securities. See "Where You Can Find More Information" for more information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in or incorporated by reference in this prospectus or a prospectus supplement. We have not authorized anyone to provide you with
different information. This document may be used only in jurisdictions where offers and sales of these securities are permitted. You should not assume that information contained in this prospectus, in
any supplement to this prospectus, or in any document incorporated by reference is accurate as of any date other than the date on the front page of the document that contains the information,
regardless of when this prospectus is delivered or when any sale of our securities occurs. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this prospectus, we use the terms "JetBlue," "we," "us" and "our" to refer to JetBlue Airways Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JETBLUE
and JETBLUE AIRWAYS are registered service marks of JetBlue Airways Corporation in the United States and other countries. This prospectus also contains trademarks and tradenames
of other companies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_bg8338_3"> </A>
<BR></FONT><FONT SIZE=2><B>SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements in this prospectus and in documents incorporated by reference in this prospectus contain various forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our
management's beliefs and assumptions concerning future events. When used in this prospectus and in documents incorporated by reference, forward-looking statements include, without limitation,
statements regarding financial forecasts or projections, and our expectations, beliefs, intentions or future strategies that are signified by the words "expects", "anticipates", "intends", "believes",
"plans" or similar language. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ
materially from those expressed in the forward-looking statements. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and
therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Although these
expectations may change, we may not inform you if they do. Our policy is generally to provide our expectations only once per quarter, and not to update that information until the next quarter. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should understand that many important factors, in addition to those discussed or incorporated by reference in this prospectus, could cause our results to differ materially from those
expressed in the forward-looking statements. Potential factors that could affect our results include those described in this prospectus under "Risk Factors." In light of these risks and uncertainties,
the forward-looking events discussed or incorporated by reference in this prospectus might not occur. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_ca8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights selected information about our company and a general description of the securities we may offer. This summary is
not complete and does not contain all of the information that may be important to you. For a more complete understanding of us and the terms of the particular securities we will offer, you should read
carefully this entire prospectus, including the "Risk Factors" section, the applicable prospectus supplement for such securities and the other documents we refer to and incorporate by reference. In
particular, we incorporate important business and financial information in this prospectus by reference.</I></FONT></P>

<P><FONT SIZE=2><B>JetBlue Airways  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corporation is a low-fare, low-cost passenger airline that provides high-quality customer service primarily on
point-to-point routes. We focus on serving markets that previously were underserved and/or large metropolitan areas that have high average fares. We have a geographically
diversified flight schedule that includes both short-haul and long-haul routes. We intend to maintain a disciplined growth strategy by increasing frequency on our existing
routes and entering new markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
commenced service in February&nbsp;2000 and established our primary base of operations at New York's John F. Kennedy International Airport, or JFK. In August&nbsp;2001, we began
service at our West Coast base of operations, Long Beach Municipal Airport, which serves the Los Angeles area. JetBlue is the 11<SUP>th</SUP> largest passenger carrier in the United States based on
revenue passenger miles for the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an experienced management team and a strong company culture with a productive and incentivized workforce that strives to offer high-quality customer service, while at
the same time operating efficiently and keeping costs low. We have low operating costs, in part because of our high daily aircraft utilization and low distribution costs. Our widely available low
fares are designed to stimulate demand and we have demonstrated our ability to increase passenger traffic in the markets we serve. In addition, we offer our customers a differentiated product,
including new aircraft, low fares, leather seats, free LiveTV (a satellite TV service with programming provided by DIRECTV&reg;) at every seat, pre-assigned seating and reliable
operating performance. We continue to improve our customers' flying experience by increasing the total number



of LiveTV channels from 24 to 36 and by adding movie channel offerings from News Corporation's Fox Entertainment Group to all of our aircraft. In 2005, we plan to add XM Satellite Radio to our
in-flight entertainment offerings.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue
was incorporated in Delaware in August&nbsp;1998. Our principal executive offices are located at 118-29 Queens Boulevard, Forest Hills, New York 11375 and our
telephone number is (718)&nbsp;286-7900. Our website address is </FONT><FONT SIZE=2><I>http://investor.jetblue.com</I></FONT><FONT SIZE=2>. Information contained on our website is not a
prospectus and does not constitute part of this prospectus. </FONT></P>


<P><FONT SIZE=2><B>The Securities We May Offer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may use this prospectus to offer up to $1,000,000,000 of common stock, preferred stock and debt securities, in one or more offerings and in any combination. If
we issue debt securities at a discount from their original stated principal amount, then, for purposes of calculating the total dollar amount of all securities issued under this prospectus, we will
treat the initial offering price of the debt securities as the total original principal amount of the debt securities. A prospectus supplement, which we will provide each time we offer securities,
will describe the specific types, amounts, prices and detailed terms of any of these offered securities and may describe risks associated with an investment in the securities. We will also include in
the prospectus supplement, where applicable, information about material United States federal income tax considerations relating to the securities. Terms used in this prospectus will have the meanings
described in this prospectus unless otherwise specified. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may sell the securities to or through underwriters, dealers or agents or directly to purchasers. We, as well as any agents acting on our behalf, reserve the sole right to accept and
to reject in whole or in part any proposed purchase of securities. Each prospectus supplement will set forth the names of any underwriters, dealers or agents involved in the sale of securities
described in that prospectus supplement and any applicable fee, commission or discount arrangements with them. </FONT></P>

<P><FONT SIZE=2><B>Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may offer shares of our common stock either alone or underlying other registered securities convertible into our common stock. Holders of our common stock are
entitled to such dividends as our board of directors may declare from time to time out of legally available funds, subject to the preferential rights of the holders of any shares of our preferred
stock we may issue in the future.
Currently, we do not pay any dividends. Each holder of our common stock is entitled to one vote per share. Holders of our common stock have no preemptive rights. </FONT></P>

<P><FONT SIZE=2><B>Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue shares of preferred stock in one or more classes or series. Our board of directors or a committee designated by the board will determine the
dividend, voting and conversion rights and other provisions at the time of sale. The particular terms of each class or series of preferred stock, including redemption privileges, liquidation
preferences, voting rights, dividend rights and/or conversion rights, will be more fully described in the applicable prospectus supplement relating to the preferred stock offered thereby. </FONT></P>

<P><FONT SIZE=2><B>Debt Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities under an indenture to be entered between us and, unless otherwise indicated in the applicable prospectus supplement, Wilmington Trust
Company, as trustee. A form of the indenture is included as an exhibit to the registration statement of which this prospectus is a part. The indenture does not limit the amount of securities that may
be issued under it and provides that debt securities may be issued in one or more series. Unless otherwise provided in the applicable prospectus supplement, the debt securities will be unsecured
obligations of ours and will rank equally and ratably with our other unsecured obligations. This prospectus contains only general terms and provisions of the debt securities. The applicable prospectus
supplement will describe the particular terms of the debt securities being offered thereby. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in our securities involves a high degree of risk. You should carefully consider the risks described below, as well as the
other information included or incorporated by reference in this prospectus, before making an investment decision. Additional risks, including those that relate to any particular securities that we
will offer, will be included in the applicable prospectus supplement. Our business, financial condition or results of operations could be materially adversely affected by any of these risks. The
market or trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. In addition, please read "Special Note About Forward-Looking
Statements" in this prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this prospectus.
Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.</I></FONT></P>

<P><FONT SIZE=2><B>Risks Related to JetBlue  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> If we fail to successfully implement our growth strategy, our business could be harmed.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth strategy involves increasing the frequency of flights to markets we currently serve, expanding the number of markets served and increasing flight
connection opportunities. Achieving our growth strategy is critical in order for our business to achieve economies of scale and to sustain or increase our profitability. Increasing the number of
markets we serve depends on our ability to access suitable airports located in our targeted geographic markets in a manner that is consistent with our cost strategy. We will also need to obtain
additional gates at some of our existing destinations. Any condition that would deny, limit or delay our access to airports we seek to serve in the future will constrain our ability to grow. Opening
new markets requires us to commit a substantial amount of resources, even before the new services commence. Expansion is also dependent upon our ability to maintain a safe and secure operation and
will require additional personnel, equipment and facilities as well as obtaining approval from the Department of Transportation, or DOT, and the Federal Aviation Administration, or FAA, to operate
more than the 70 aircraft which we are currently allowed to operate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
inability to hire and retain personnel, timely secure the required equipment and facilities in a cost-effective manner, efficiently operate our expanded facilities, or
obtain the necessary regulatory approvals may adversely affect our ability to achieve our growth strategy. In addition, our competitors have often chosen to add service, reduce their fares and/or
offer special promotions following our entry into a new market. We cannot assure you that we will be able to successfully expand our existing markets or establish new markets in this increased
competitive environment, and if we fail to do so our business could be harmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion
of our markets and services may also strain our existing management resources and operational, financial and management information systems to the point that they may no longer
be adequate to support our operations, requiring us to make significant expenditures in these areas. We expect that we will need to develop further financial, operational and management reporting
systems and procedures to accommodate future growth. While we believe our current systems and procedures are adequate, we cannot assure you that we will be able to develop such additional systems or
procedures to accommodate our future expansion on a timely basis, and the failure to do so could harm our business. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> We operate in an extremely competitive industry.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently compete with other airlines on all of our routes. Many of these airlines are larger and have greater financial resources and name recognition or
lower operating costs than we do. Several of these competitors have chosen to add service in some of our markets following our entry. As we expand our fleet, the extremely competitive nature of the
airline industry could prevent us from </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>attaining
the level of passenger traffic required to maintain profitable operations in new markets and impede our growth strategy, which would harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
airline industry also encounters extensive price competition and is characterized by low profit margins and high fixed costs. Our ability to meet this price competition depends on,
among other things, our ability to operate at costs equal to or lower than our competitors. Price competition occurs through price discounting, fare matching, targeted sale promotions or frequent
flyer travel initiatives, all of which are usually matched by other airlines in order to maintain their level of passenger traffic. A relatively small change in pricing or in passenger traffic due to
other airlines' competitive actions could have a disproportionate effect on an airline's operating and financial results. Unanticipated shortfalls in expected revenues as a result of price competition
would negatively impact our financial results and harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We have a significant amount of fixed obligations and we will incur significantly more fixed obligations, which could harm our ability to meet our growth strategy
and impair our ability to service our fixed obligations, including any debt securities issued pursuant to this prospectus.</I></B></FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2004, our debt of $1.40&nbsp;billion accounted for 65.0% of our total capitalization. Most of our long-term and short-term debt has
floating interest rates. In addition to long-term debt, we have a significant amount of other fixed obligations under operating leases related to our aircraft, airport terminal space,
other airport facilities and office space. As of September&nbsp;30, 2004, future minimum lease payments under noncancelable operating leases with initial or remaining terms in excess of one year
were approximately $436&nbsp;million for 2004 through 2008 and an aggregate of $618&nbsp;million for the years thereafter.

 </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2004, we had commitments of approximately $7.42&nbsp;billion to purchase 219 additional aircraft and other flight equipment over the next eight years,
including estimated amounts for contractual price escalations. We have commenced construction of a hangar at JFK and a training facility and hangar in Orlando, Florida and plan to construct a new
terminal at JFK. We will incur additional debt and other fixed obligations as we take delivery of new aircraft and other equipment and continue to expand into new markets. We typically finance our
aircraft through either secured debt or lease financing. Although we believe that debt and/or lease financing should be available for our aircraft deliveries, we cannot assure you that we will be able
to secure such financing on terms acceptable to us or at all.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
high level of debt and other fixed obligations could: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>impact
our ability to obtain additional financing to support capital expansion plans and for working capital and other purposes on acceptable terms or at all;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>divert
substantial cash flow from our operations and expansion plans in order to service our fixed obligations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>require
us to incur significantly more interest or rent expense than we currently do, since most of our debt has floating interest rates and five of our aircraft leases have
variable-rate rent; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>place
us at a possible competitive disadvantage compared to less leveraged competitors and competitors that have better access to capital resources. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to make scheduled payments on our debt and other fixed obligations, including any debt securities issued pursuant to this prospectus, will depend on our future operating
performance and cash flow, which in turn will depend on prevailing economic and political conditions and financial, competitive, regulatory, business and other factors, many of which are beyond our
control. We cannot assure you that we will be able to generate sufficient cash flow from our operations to pay our debt and other fixed obligations as they become due, and if we fail to do so our
business could be harmed. If we are unable to make payments on our debt and other fixed obligations, including any debt </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>securities
issued pursuant to this prospectus, we could be forced to renegotiate those obligations or obtain additional equity or debt financing. To the extent we finance our activities with
additional debt, we may become subject to financial and other covenants that may restrict our ability to pursue our growth strategy. We cannot assure you that our renegotiation efforts would be
successful or timely or that we could refinance our obligations on acceptable terms, if at all. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Our maintenance costs will increase as our fleet ages.  </I></B></FONT></P>


</UL>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because the average age of our aircraft is approximately 2.2&nbsp;years, our aircraft require less maintenance now than they will in the future. We have
incurred lower maintenance expenses because most of the parts on our aircraft are under multi-year warranties. Our maintenance costs will increase significantly, both on an absolute basis
and as a percentage of our operating expenses, as our fleet ages and these warranties expire.

 </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>If we are unable to attract and retain qualified personnel at reasonable costs or fail to maintain our company culture, our business could be
harmed.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is labor intensive, with labor costs representing approximately one-third of our operating expenses. We expect salaries, wages and benefits to increase on a
gross basis and these costs could increase as a percentage of our overall costs. Since we compete against the major U.S. airlines for pilots, mechanics and other skilled labor and many of them offer
wage and benefit packages that exceed ours, we may be required to increase wages and/or benefits in order to attract and retain qualified personnel or risk considerable employee turnover. If we are
unable to hire, train and retain qualified employees at a reasonable cost, our business could be harmed and we may be unable to complete our expansion plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, as we hire more people and grow, we believe it may be increasingly challenging to continue to hire people who will maintain our company culture. One of our principal
competitive strengths is our service-oriented company culture that emphasizes friendly, helpful, team-oriented and customer-focused employees. Our company culture is important to providing
high quality customer service and having a productive workforce that helps keep our costs low. As we grow, we may be unable to identify, hire or retain enough people who meet the above criteria, and
our company culture could otherwise be adversely affected by our growing operations and geographic diversity. If we fail to maintain the strength of our company culture, our competitive ability and
our business may be harmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>If we fail to successfully take delivery of, place into service and integrate into our operations the new Embraer E190 aircraft we agreed to purchase, our
business could be harmed.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June&nbsp;2003, we placed an order for 100 new Embraer E190 jet aircraft, with options for an additional 100 new aircraft. Acquisition of an all-new type of aircraft,
such as the Embraer E190, involves a variety of risks relating to its ability to be successfully placed into service, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
or delays in obtaining the necessary certification from the Brazilian aviation regulatory authority and validation from the FAA as to the aircraft's
airworthiness;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delays
in meeting the agreed upon aircraft delivery schedule;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
in obtaining financing on acceptable terms to complete our purchase of all of the firmly ordered aircraft;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>inability
of the aircraft and all of its components to comply with agreed upon specifications and performance standards; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
in outfitting the aircraft with LiveTV. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we also face risks in integrating a second type of aircraft into our existing infrastructure and operations, including, among other things, the additional costs, resources
and time </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>needed
to hire and train new pilots, technicians and other skilled support personnel. If we fail to successfully take delivery of, place into service and integrate into our operations the new Embraer
E190 aircraft, our business could be harmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We rely on maintaining a high daily aircraft utilization rate to keep our costs low, which makes us especially vulnerable to delays.</I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of our key competitive strengths is to maintain a high daily aircraft utilization rate, which is the amount of time that our aircraft spend in the air carrying passengers. High daily
aircraft utilization allows us to generate more revenue from our aircraft and is achieved in part by reducing turnaround times at airports so we can fly more hours on average in a day. The expansion
of our business to include new destinations, more frequent flights on current routes and expanded facilities could increase the risk of delays. Aircraft utilization is reduced by delays and
cancellations from various factors, many of which are beyond our control, including adverse weather conditions, security requirements, air traffic congestion and unscheduled maintenance. Reduced
aircraft utilization may limit our ability to achieve and maintain profitability as well as lead to customer dissatisfaction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our business is highly dependent on the New York market and increases in competition or a reduction in demand for air travel in this market would harm our
business.</I></B></FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth has focused on adding flights to and from our primary base of operations at JFK in New York City. JFK is an airport that has traditionally attracted considerably less
attention from our competitors for domestic flight activity than either LaGuardia Airport or Newark International Airport because of an industry perception that JFK is primarily an international
airport and that the commuting distance from Manhattan to JFK is too far to attract domestic travelers. We disagreed with this perception of JFK and believe that the operational efficiencies
associated with conducting our principal base of operations from JFK has contributed to our profitability. As of September&nbsp;30, 2004, approximately 75% of our daily flights had JFK as either
their destination or origin. As a result, we remain highly dependent upon the New York market.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response to our positive experience at JFK, other airlines have increased their presence at the airport with a greater emphasis on low-fare domestic travel. As gates
become available, other airlines which do not currently have a presence at JFK could petition the DOT for slot exemptions at JFK as we did or purchase or lease slots from other airlines. An increase
in the amount of direct competition we face at JFK, LaGuardia or Newark, or an increase in congestion and delays at JFK could harm our business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business would also be harmed by any circumstances causing a reduction in demand for air transportation in the New York metropolitan area, such as adverse changes in local economic
conditions, negative public perception of the city, additional terrorist attacks or significant price increases linked to increases in airport access costs and fees imposed on passengers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We may be subject to unionization, work stoppages, slowdowns or increased labor costs.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike
most airlines, we have a non-union workforce. If our employees unionize, it could result in demands that may increase our operating expenses and adversely affect our
profitability. Each of our different employee groups could unionize at any time and require separate collective bargaining agreements. If any group of our employees were to unionize and we were unable
to reach agreement on the terms of their collective bargaining agreement or we were to experience widespread employee dissatisfaction, we could be subject to work slowdowns or stoppages. In addition,
we may be subject to disruptions by organized labor groups protesting our non-union status. Any of these events would be disruptive to our operations and could harm our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<BR>
<UL>

<P><FONT SIZE=2><B><I> Our results of operations will fluctuate.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect our quarterly operating results to fluctuate due to changes in aircraft fuel and security costs as well as to the timing and amount of maintenance and
advertising expenditures. Seasonality also impacts our operations, with high vacation and leisure demand occurring on the Florida routes between October and April and on our western routes during the
summer. Actions of our competitors may also contribute to fluctuations in our results. We are more susceptible to adverse weather conditions, including snow storms and hurricanes, as a result of our
operations being concentrated on the East Coast, than are some of our competitors. As we enter new markets, we could be subject to additional seasonal variations along with any potential competitive
responses to our entry by other airlines. As a result of these factors, quarter-to-quarter comparisons of our operating results may not be a good indicator of our future
performance. In addition, it is possible that in any future quarter our operating results could be below the expectations of investors and any published reports or analyses regarding JetBlue. In that
event, the price of our common stock could decline, perhaps substantially. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We are subject to the risks of having a limited number of suppliers for our aircraft, our engines and a key component of our in-flight entertainment
system.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
date, one of the elements of our business strategy has been to operate only one type of aircraft equipped with one type of engine. Our current dependence on a single type of aircraft
and engine for all of our flights makes us particularly vulnerable to any problems associated with the Airbus A320 or the IAE International Aero Engines V2527-A5 engine, including design
defects, mechanical problems, contractual performance by the manufacturers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA resulting in an
inability to operate our aircraft. Carriers that operate a more diversified fleet are better positioned than we are to manage such events. While our recent decision to acquire a new fleet of Embraer
E190 aircraft may lessen our exposure to this risk, we will likely also become subject to similar sets of risks after we begin to take delivery of these aircraft in 2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the unique features of our fleet is that every seat in each of our aircraft is equipped with free LiveTV. An integral component of the system is the antenna, which is supplied to
us by EMS Technologies,&nbsp;Inc. If EMS were to stop supplying us with its antennas for any reason, we would have to incur significant costs to procure an alternate supplier. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We rely heavily on automated systems to operate our business and any failure of these systems could harm our business.</I></B></FONT></P>


<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depend on automated systems to operate our business, including our computerized airline reservation system, our telecommunication systems and our website. Unlike many other airlines,
which issue traditional paper tickets to some of their passengers, we issue only electronic tickets. Our website and reservation system must be able to accommodate a high volume of traffic and deliver
important flight information. Substantial or repeated website, reservations system or telecommunication systems failures could reduce the attractiveness of our services and could cause our customers
to purchase tickets from another airline. Any disruption in these systems could result in the loss of important data, increase our expenses and generally harm our business.

</FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Our business could be harmed if we lose the services of our key personnel.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business depends upon the efforts of our Chief Executive Officer, David Neeleman, our President and Chief Operating Officer, David Barger, and a small number
of management and operating personnel. We maintain key-man life insurance on Messrs.&nbsp;Neeleman and Barger, which may not be sufficient to cover the costs of recruiting and hiring a
replacement chief executive officer or president, much less the loss of their services. We may have difficulty replacing management or other </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2>key
personnel who leave and, therefore, the loss of the services of any of these individuals could harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our lack of an established line of credit or borrowing facility makes us highly dependent upon our operating cash flows.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no lines of credit, other than a short-term borrowing facility for certain aircraft predelivery deposits, and rely primarily on operating cash flows to provide
working capital. Unless we secure a line of credit, borrowing facility or equity financing, we will be dependent upon our operating cash flows to fund our operations and to make scheduled payments on
our debt and other fixed obligations. If we fail to generate sufficient funds from operations to meet these cash requirements or are unable to secure a line of credit, other borrowing facility or
equity financing, we could default on our debt and other fixed obligations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We could be subject to liability arising from claims or other actions relating to our handling of customer data.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
our computerized reservation system, we are provided with and maintain data regarding our customers and their travel itineraries. Various federal and state laws and regulations
impose limitations on the dissemination of that information by us. In addition, we have adopted a privacy policy concerning our customer information gathering and dissemination practices, including
the protection of financial and personal information collected on our website. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
in September&nbsp;2003, several lawsuits were commenced against us alleging various causes of action, including fraudulent misrepresentation, breach of contract, violation of
privacy rights, as well as violations of consumer protection statutes and federal electronic communications laws. These claims arose out of our providing access to limited customer data to a
government contractor in connection
with a test project for military base security. Since the lawsuits are in the preliminary stages, we are unable to determine the impact they may have upon us. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our reputation and financial results could be harmed in the event of an accident or incident involving our aircraft.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
accident or incident involving one of our aircraft, or an aircraft containing LiveTV equipment, could involve significant potential claims of injured passengers or others in addition
to repair or replacement of a damaged aircraft and its consequential temporary or permanent loss from service. We are required by the DOT to carry liability insurance. Although we believe we currently
maintain liability insurance in amounts and of the type generally consistent with industry practice, the amount of such coverage may not be adequate and we may be forced to bear substantial losses
from an accident. Substantial claims resulting from an accident in excess of our related insurance coverage would harm our business and financial results. Moreover, any aircraft accident or incident,
even if fully insured, could cause a public perception that we are less safe or reliable than other airlines, which would harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our employment agreements with our FAA-licensed personnel provide that we can terminate these employees only for cause and, as a result, it may be
difficult to reduce our labor costs during an economic downturn, which could harm our business.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
employment agreements with our FAA-licensed personnel, including pilots, technicians and dispatchers, provide that these employees can be terminated only for cause. Each
employment agreement is for a term of five years and automatically renews for an additional five-year term unless either the employee or we elect not to renew it by giving notice at least
90&nbsp;days before the end of the relevant term. In the event of a downturn in our business, we are obligated to pay these employees a significant portion of their income and to continue their
benefits if they do not obtain other aviation </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>employment.
As a result, it may be difficult for us to reduce our labor costs during an economic downturn, and our inability to do so could harm our business. </FONT></P>


<P><FONT SIZE=2><B>Risks Associated with the Airline Industry  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>The airline industry has incurred significant losses resulting in airline restructurings and bankruptcies, which could result in changes
in our industry.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of slower general economic conditions, the lingering impact of the 2001 terrorist attacks and military action in Iraq, the airline industry has experienced a decline in
demand which has resulted in record financial losses. In response to the adverse financial results the industry has experienced, most airlines have taken actions in an effort to reduce losses, such as
reducing capacity and rationalizing fleet types, furloughing or terminating employees, limiting service offerings, renegotiating or attempting to renegotiate labor contracts and reconfiguring flight
schedules, as well as other efficiency and cost-cutting measures. Some airlines have reexamined their traditional business models and have created or plan to launch their own
low-fare operations. Despite these actions, financial losses have continued into 2004 and it is foreseeable that further airline reorganizations, bankruptcies or consolidations may occur,
the effects of which we are unable to predict. Even with these conditions, the airline industry has continued to add or restore capacity. We cannot assure you that the occurrence of these events, or
potential changes resulting from these events, will not harm our business or the industry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>A future act of terrorism, the threat of such acts or escalation of U.S. military involvement overseas could adversely affect our
industry.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even
if not directed at the airline industry, a future act of terrorism, the threat of such acts or escalation of U.S. military involvement overseas could have an adverse effect on the
airline industry. In the event of a terrorist attack, the industry would likely experience significantly reduced demand. We cannot assure you that these actions, or consequences resulting from these
actions, will not harm our business or the industry. </FONT></P>



<UL>

<P><FONT SIZE=2><B><I> Continued high fuel costs would harm our business.

  </I></B></FONT></P>


</UL>




<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel costs constitute a substantial portion of our total operating expenses. There have been significant increases in fuel costs and continued high fuel costs or
further increases would harm our financial condition and results of operations. Historically, fuel costs have been subject to wide price fluctuations based on geopolitical issues and supply and
demand. Fuel availability is also subject to periods of market surplus and shortage and is affected by demand for both home heating oil and gasoline. Because of the effect of these events on the price
and availability of fuel, the cost and future availability of fuel cannot be predicted with any degree of certainty. In the event of a fuel supply shortage, further increased fuel prices or the
curtailment of scheduled service could result. Some of our competitors may have more leverage than we do in obtaining fuel. In addition, although we utilize a fuel hedging program, under which we
enter into crude oil option contracts and swap agreements to partially protect against significant increases in fuel prices, our fuel hedging program does not completely protect us against ordinary
course price increases and is limited in fuel volume and duration.

</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Changes in government regulations imposing additional requirements and restrictions on our operations could increase our operating costs and result in service
delays and disruptions.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines
are subject to extensive regulatory and legal requirements, both domestically and internationally, that involve significant compliance costs. In the last several years, Congress
has passed laws, and the DOT, FAA and the Transportation Security Administration, or TSA, have issued regulations relating to the operation of airlines that have required significant expenditures. We
expect </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<P><FONT SIZE=2>to
continue to incur expenses in connection with complying with government regulations. Additional laws, regulations, taxes and airport rates and charges have been proposed from time to time that
could significantly increase the cost of airline operations or reduce the demand for air travel. If adopted, these measures could have the effect of raising ticket prices, reducing revenue and
increasing costs. We cannot assure you that these and other laws or regulations enacted in the future will not harm our business. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Our insurance costs have increased substantially and further increases could harm our business.  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The U.S. government provides coverage to domestic airlines for liabilities from claims resulting from acts of terrorism, war or similar events via authority
granted to it under the Homeland Security Act of 2002. The Emergency Wartime Supplemental Appropriations Act of 2003 required the government to extend these policies through August&nbsp;2004 and
such coverage has been further extended through December&nbsp;31, 2004. JetBlue has elected this coverage, with our current policies in effect until December&nbsp;31, 2004. It is expected that
should the government stop providing war risk coverage to the airline industry, the premiums charged by commercial aviation insurers for this coverage will be substantially higher than the premiums
currently charged by the government. Significant increases in insurance premiums could harm our financial condition and results of operations. Additionally, the coverage that would be provided by
these commercial aviation insurers could have substantially less desirable terms and might not be adequate to protect our risk of loss from future acts of terrorism. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce8338_use_of_proceeds"> </A>
<A NAME="toc_ce8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise described in the applicable prospectus supplement, we intend to use the net proceeds from the sale of the securities offered hereunder to fund
working capital and capital expenditures, including capital expenditures related to the purchase of aircraft and construction of facilities on or near airports. Pending the use of such net proceeds,
we intend to invest these funds in investment-grade, short-term interest bearing securities. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce8338_dividend_policy"> </A>
<A NAME="toc_ce8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>DIVIDEND POLICY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not declared or paid any dividends on our common stock since our inception and do not intend to pay any dividends on our common stock in the foreseeable
future. We currently intend to retain our future earnings, if any, to finance the further expansion and continued growth of our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ce8338_ratio_of_earnings_to_fixed_charges"> </A>
<A NAME="toc_ce8338_3"> </A>
<BR></FONT><FONT SIZE=2><B>RATIO OF EARNINGS TO FIXED CHARGES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated. For purposes of calculating this ratio, earnings consist
of income (loss) before income taxes, plus fixed charges, less capitalized interest. Fixed charges include interest expense and the portion of rent expense representative of the interest factor. </FONT></P>




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<TABLE WIDTH="92%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH COLSPAN=9 ALIGN="CENTER"><FONT SIZE=1><B>Year Ended December 31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Nine Months<BR>
Ended September 30,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>1999(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>2000(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER"><FONT SIZE=2>1.9x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER"><FONT SIZE=2>2.7x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="CENTER"><FONT SIZE=2>3.2x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="CENTER"><FONT SIZE=2>1.9x</FONT></TD>
</TR>
</TABLE>

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<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Earnings
were inadequate to cover fixed charges by $14.2&nbsp;million and $26.0&nbsp;million for the years ended December&nbsp;31, 1999 and 2000, respectively. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

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NAME="ce8338_description_of_common_and_preferred_stock"> </A>
<A NAME="toc_ce8338_4"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF COMMON AND PREFERRED STOCK    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of our common stock and preferred stock, together with the additional information we include in any applicable prospectus supplement,
summarizes the material terms and provisions of the common stock and the preferred stock that we may offer pursuant to this prospectus. While the terms we have summarized below will apply generally to
any future common stock or preferred stock that we may offer, we will describe the particular terms of any class or series of these securities in more detail in the applicable prospectus supplement.
For the complete terms of our common stock and preferred stock, please refer to our amended and restated certificate of incorporation, amended and restated bylaws, amended and restated registration
rights agreement and stockholder rights agreement that are incorporated by reference into the registration statement of which this prospectus is a part or may be incorporated by reference in this
prospectus or any
prospectus supplement. The terms of these securities may also be affected by the General Corporation Law of the State of Delaware. The summary below and that contained in any prospectus supplement is
qualified in its entirety by reference to our amended and restated certificate of incorporation, amended and restated bylaws, amended and restated registration rights agreement and stockholder rights
agreement. </FONT></P>

<P><FONT SIZE=2><B>Authorized Capitalization  </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of the date of this prospectus, our capital structure consists of 500,000,000 authorized shares of common stock, par value $.01 per share, and 25,000,000
shares of undesignated preferred stock, par value $.01 per share. As of September&nbsp;30, 2004, an aggregate of 103,602,879 shares of our common stock were issued and outstanding, and no shares of
preferred stock were issued and outstanding.

 </FONT>

</P>

<P><FONT SIZE=2><B>Common Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of our common stock are entitled to such dividends as our board of directors may declare from time to time from legally available funds subject to the
preferential rights of the holders of any shares of our preferred stock that we may issue in the future. The holders of our common stock are entitled to one vote per share on any matter to be voted
upon by stockholders, subject to the restrictions described below under the caption "Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Amended and Restated Certificate of
Incorporation and Amended and Restated Bylaws&#151;Limited Voting by Foreign Owners." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
amended and restated certificate of incorporation does not provide for cumulative voting in connection with the election of directors. Accordingly, directors will be elected by a
plurality of the shares voting once a quorum is present. No holder of our common stock has any preemptive right to subscribe for any shares of capital stock issued in the future. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
any voluntary or involuntary liquidation, dissolution or winding up of our affairs, the holders of our common stock are entitled to share, on a pro rata basis, all assets remaining
after payment to creditors and subject to prior distribution rights of the holders of any shares of preferred stock that we may issue in the future. All of the outstanding shares of common stock are,
and the shares of common stock offered by this prospectus as well as the shares issuable upon the conversion of our outstanding 3<SUP>1</SUP>/<SMALL>2</SMALL>% convertible notes due 2033 and upon the conversion
of any preferred stock or debt securities offered pursuant to this prospectus, when issued and paid for, will be, fully paid and non-assessable. </FONT></P>

<P><FONT SIZE=2><B>Preferred Stock  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No shares of our preferred stock are currently outstanding. Under our amended and restated certificate of incorporation, our board of directors, without further
action by our stockholders, is authorized to issue up to 25,000,000 shares of preferred stock in one or more classes or series. The board may fix or alter the rights, preferences and privileges of the
preferred stock, along with any </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

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<BR>

<P><FONT SIZE=2>limitations
or restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each class or series of preferred stock. The preferred
stock could have voting or conversion rights that could adversely affect the voting power or other rights of holders of our common stock. The issuance of preferred stock could also have the effect,
under certain circumstances, of delaying, deferring or preventing a change of control of our company. </FONT></P>

<P><FONT SIZE=2><B>Registration Rights  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have entered into an amended and restated registration rights agreement with some of the holders of our common stock, including holders of common stock issued
upon the conversion of preferred stock immediately following our initial public offering in April&nbsp;2002, entitling these holders to registration rights with respect to their shares. Any group of
holders of at least 60% of the securities with registration rights can require us to register all or part of their shares at any time after October&nbsp;11, 2002, so long as the thresholds in the
amended and restated registration rights agreement are met with respect to the amount of securities to be sold. After we have completed two such registrations we are no longer subject to these demand
registration rights. In addition, holders of the securities with registration rights may also require us to include their shares in future registration statements that we file, subject to cutback at
the option of the underwriters of such an offering. Subject to our eligibility to do so, holders of at least 60% of registrable securities may also require us, twice in any 12&nbsp;month period and
a total of three times, to register their shares with the Securities and Exchange Commission on Form&nbsp;S-3. Upon any of these registrations, these shares will be freely tradable in
the public market without restriction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of July&nbsp;10, 2003 (which was one year and 90&nbsp;days after the registration statement for our initial public offering was declared effective), those stockholders party to
the amended and restated registration rights agreement who, together with their affiliates, held less than two percent of our issued and outstanding shares of common stock, ceased to have any
registration rights under the agreement with respect to their shares. They may continue, however, to sell their shares pursuant to Rule&nbsp;144 under the Securities Act of 1933, as amended. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
of the terms and provisions of the amended and restated registration rights agreement may be modified, amended or waived pursuant to a written agreement signed by us, the
stockholders party to the agreement holding at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the common stock held by all such stockholders and our management stockholders party to the agreement holding at least a
majority of the common stock held by all such management stockholders, provided that such amendment, modification or waiver does not disproportionately affect any stockholder that is a party to the
agreement. Accordingly, on October&nbsp;4, 2004, we entered into a waiver and amendment to the amended and restated registration rights agreement pursuant to which the requisite stockholders party
to the agreement waived their demand registration rights in connection with any offering pursuant to this prospectus and agreed that no registration rights otherwise available to holders under the
agreement were exercisable with respect to any such offering. </FONT></P>

<P><FONT SIZE=2><B>Anti-Takeover Effects of Certain Provisions of Delaware Law and Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws  </B></FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of Delaware Anti-Takeover Statute.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;We are subject to Section&nbsp;203 of the Delaware General
Corporation Law, an anti-takeover law. In general, Section&nbsp;203 prohibits a Delaware corporation from engaging in any business combination with any interested stockholder for a
period of three years following the date that the stockholder became an interested stockholder, unless: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>prior
to that date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an
interested stockholder; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

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<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock
of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares of voting stock outstanding (but not the voting stock owned by the
interested stockholder) those shares owned by persons who are directors and also officers and by excluding employee stock plans in which employee participants do not have the right to determine
confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>on
or subsequent to that date, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of
stockholders, and not by written consent, by the affirmative vote of at least 66<SUP>2</SUP>/<SMALL>3</SMALL>% of the outstanding voting stock that is not owned by the interested stockholder. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;203
defines "business combination" to include the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
merger or consolidation involving the corporation and the interested stockholder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
sale, transfer, pledge or other disposition of 10% or more of the assets of the corporation involving the interested stockholder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>subject
to certain exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation to the interested stockholder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned
by the interested stockholder; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits provided by or through the corporation. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
general, Section&nbsp;203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation, or who
beneficially owns 15% or more of the outstanding voting stock of the corporation at anytime within a three year period immediately prior to the date of determining whether such person is an interested
stockholder, and any entity or person affiliated with or controlling or controlled by any of these entities or persons. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws Provisions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated
certificate of incorporation and amended and restated bylaws include provisions that may have the effect of discouraging, delaying or preventing a change in control or an unsolicited
acquisition proposal that a stockholder might consider favorable, including a proposal that might result in the payment of a premium over the market price for the shares held by stockholders. These
provisions are summarized in the following paragraphs. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Classified Board of Directors.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated bylaws provide
for our board to be divided into three classes of directors serving staggered, three year terms. The classification of the board has the effect of requiring at least two annual stockholder meetings,
instead of one, to replace a majority of the members of the board of directors. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supermajority Voting.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation requires the approval of the holders of at least
66<SUP>2</SUP>/<SMALL>3</SMALL>% of our combined voting power to effect certain amendments to our amended and restated certificate of incorporation. Our amended and restated bylaws may be amended by either a
majority of the board of directors, or the holders of 66<SUP>2</SUP>/<SMALL>3</SMALL>% of our voting stock. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized but Unissued or Undesignated Capital Stock.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital stock consists of 500,000,000 shares of common
stock and 25,000,000 shares of preferred stock. The authorized but unissued (and in the case of preferred stock, undesignated) stock may be issued by the board of directors in one or more
transactions. In this regard, our amended and restated certificate of incorporation grants the board of directors broad power to establish the rights and preferences of authorized and unissued
preferred stock. The issuance of shares of preferred stock pursuant to the board of director's authority described above could decrease the amount of earnings and assets available for distribution to
holders of common stock and adversely affect the rights and powers, including voting rights, of such holders and may have the effect of delaying, deferring or preventing a change in control. The board
of directors does not currently intend to seek stockholder approval prior to any issuance of preferred stock, unless otherwise required by law. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings of Stockholders.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws provide that special meetings of our stockholders may be
called only by our board of directors, by our Chairman of the board of directors or by our Chief Executive Officer. </FONT></P>


<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Stockholder Action by Written Consent.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated
bylaws provide that an action required or permitted to be taken at any annual or special meeting of our stockholders may be taken only at a duly called annual or special meeting of stockholders. This
provision prevents stockholders from initiating or effecting any action by written consent, and thereby taking actions opposed by the board. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice Procedures.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws establish advance notice procedures with regard to all stockholder
proposals to be brought before meetings of our stockholders, including proposals relating to the nomination of candidates for election as directors, the removal of directors and amendments to our
amended and restated certificate of incorporation or amended and restated bylaws. These procedures provide that notice of such stockholder proposals must be timely given in writing to our Secretary
prior to the meeting. Generally, to be timely, notice must be received at our principal executive offices not less than 150&nbsp;days prior to the meeting. The notice must contain certain
information specified in the amended and restated bylaws. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Anti-Takeover Provisions.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our 2002 Stock Incentive Plan, or 2002 Plan, contains provisions which may have
the effect of discouraging, delaying or preventing a change in control or unsolicited acquisition proposals. In the event that we are acquired by a merger, a sale by our stockholders of more than 50%
of our outstanding voting stock or a sale of all or substantially all of our assets, each outstanding option under the discretionary option grant program under our 2002 Plan that (i)&nbsp;will not
be assumed by the successor corporation or otherwise continued in effect, (ii)&nbsp;will not be replaced with a cash incentive program of a successor corporation of the type described in the 2002
Plan, or (iii)&nbsp;will not otherwise be precluded based on other limitations imposed at the time such option was granted, will automatically accelerate in full, and all unvested shares under the
discretionary option grant and stock issuance programs will immediately vest, except to the extent (a)&nbsp;our repurchase rights with respect to those shares are to be assigned to the successor
corporation or otherwise continue in effect, or (b)&nbsp;accelerated vesting otherwise is precluded by other limitations imposed at the time of grant. However, our compensation committee will have
complete discretion to structure any or all of the options under the discretionary option grant program so those options will immediately vest in the event we are acquired, whether or not those
options are assumed by the successor corporation or otherwise continued in effect. Alternatively, our compensation committee may condition such accelerated vesting upon the subsequent termination of
the optionee's service with us or the acquiring entity. The vesting of outstanding shares or share rights under the stock issuance program may also be accelerated upon similar terms and conditions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
compensation committee may grant options and structure repurchase rights so that the shares subject to those options or repurchase rights will vest in connection with a hostile
takeover, whether </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2>accomplished
through a tender offer for more than 50% of our outstanding voting stock or a change in the majority of our board through one or more contested elections for board membership. Such
accelerated vesting may occur either at the time of such hostile takeover or upon the subsequent termination of the individual's service. The vesting of outstanding shares or share rights under the
stock issuance program may also be accelerated upon similar terms and conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
of the options and unvested shares under our predecessor 1999 Stock Option/Stock Issuance Plan, which were transferred to our 2002 Plan immediately following our initial public
offering in April&nbsp;2002, will immediately vest in the event we are acquired by a merger or a sale of substantially all our assets or more than 50% of our outstanding voting stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, should we be acquired by merger or sale of substantially all of our assets or more than 50% of our outstanding voting securities, then all outstanding purchase rights under
our crewmember stock purchase plan will be automatically exercised immediately prior to the effective date of the acquisition. The purchase price in effect for each participant will be equal to 85% of
the market value per share on the start date of the offering period in which the participant is enrolled at the time the acquisition occurs or, if lower, 85% of the fair market value per share
immediately prior to the acquisition. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Director Liability.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated certificate of incorporation and amended and restated bylaws limit
the liability of our directors (in their capacity as directors but not in their capacity as officers) to us or our stockholders to the fullest extent permitted by Delaware law. Specifically, our
amended and restated certificate of incorporation provides that our directors will not be personally liable for monetary damages for breach of a director's fiduciary duty as a director, except for
liability: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
any breach of the directors duty of loyalty to us or our stockholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>under
Section&nbsp;174 of the Delaware General Corporation Law, which relates to unlawful payments of dividends or unlawful stock repurchases or redemptions; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>for
any transaction from which the director derived an improper personal benefit. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnification Arrangements.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;Our amended and restated bylaws provide that our directors and officers shall be indemnified
and provide for the advancement to them of expenses in connection with actual or threatened proceedings and claims arising out of their status as such to the fullest extent permitted by the Delaware
General Corporation Law. We have entered into indemnification agreements with each of our directors and executive officers that provide them with rights to indemnification and expense advancement to
the fullest extent permitted under the Delaware General Corporation Law. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited Voting by Foreign Owners.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;To comply with restrictions imposed by federal law on foreign ownership of U.S. airlines,
our amended and restated certificate of incorporation and amended and restated bylaws restrict voting of shares of our capital stock by non-U.S. citizens. The restrictions imposed by
federal law currently require that no more than 25% of our voting stock be owned by persons who are not U.S. citizens. If non-U.S. citizens at any time own more than 25% of our voting
stock, the voting rights of the stock in excess of the 25% shall be automatically suspended. Our amended and restated bylaws provide that no shares of our capital stock may be voted by or at the
direction of non-U.S. citizens unless such shares are registered on a separate stock record, which we refer to as the foreign stock record. Our amended and restated bylaws further provide
that no shares of our capital stock will be registered on the foreign stock record if the amount so registered would </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>exceed
the foreign ownership restrictions imposed by federal law. We are currently in compliance with these ownership restrictions. </FONT></P>

<P><FONT SIZE=2><B>Stockholder Rights Agreement  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;11, 2002, our board of directors authorized us to enter into a stockholder rights agreement. The following is a summary of the material terms
of this agreement. The statements below are only a summary, and we refer you to the stockholder rights agreement, a copy of which is filed as Exhibit&nbsp;4.3 to our Annual Report on
Form&nbsp;10-K, filed on February&nbsp;18, 2003. Each statement is qualified in its entirety by such reference. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the stockholder rights agreement, one stockholder right is attached to each share of common stock. The stockholder rights are transferable only with the common stock until they
become exercisable, are redeemed or expire. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
right entitles the holder to purchase one one-thousandth of a share of our Series&nbsp;A participating preferred stock at an exercise price of $53.33, which gives
effect to adjustments for both our December&nbsp;2002 and November&nbsp;2003 three-for-two common stock splits, subject to further adjustment. The rights will separate from
the common stock upon the earlier of: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
tenth business day after a person or group has acquired, or obtained the right to acquire, beneficial ownership of 15% or more of the outstanding shares of our common
stock, such person or group referred to as an "acquiring person," or such later date as determined by our board of directors; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
tenth business day after a person or group commences or announces its intent to commence a tender or exchange offer, the consummation of which would result in such
person or group becoming an acquiring person. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
term "acquiring person" expressly excludes Chase New Air Investors (GC), LLC, Quantum Industrial Partner LDC, and the Weston Presidio funds (although the Western Presidio funds are
no longer stockholders of our company) and their respective affiliates, unless Chase New Air Investors and the Weston Presidio funds and their respective affiliates beneficially own in the aggregate
more than 25% of our outstanding common stock, and in the case of Quantum Industrial Partners LDC, unless Quantum and its affiliates beneficially own in the aggregate more than 30% of our common
stock. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any person or group becomes an acquiring person, instead of thousandths of shares of preferred stock, each stockholder right, other than any stockholder rights held by the acquiring
person or group, will then represent the right to receive upon exercise an amount of common stock having a market value equal to twice the exercise price, subject to certain exceptions. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
after a person or group becomes an acquiring person, we are acquired in a merger or other business combination or 50% or more of our consolidated assets or earnings power are sold or
transferred, each stockholder right will then represent the right to receive upon exercise an amount of common stock of the other party to the merger or other business combination having a value equal
to twice the exercise price. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, at any time after any person or group becomes an acquiring person, but before that person or group becomes the beneficial owner of 50% or more of the outstanding common
stock, our board of directors may at its option exchange the stockholder rights, in whole or in part, for common stock at an exchange ratio of one share of common stock per right, subject to
adjustment as described in the agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price payable, the number of thousandths of shares of preferred stock and the amount of common stock, cash or securities or assets issuable upon exercise of, or exchange
for, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><FONT SIZE=2>stockholder
rights and the number of outstanding rights are subject to adjustment to prevent dilution if certain events occur. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
board of directors may redeem the stockholder rights in whole, but not in part, for one cent ($.01) per right, as adjusted to reflect any preferred stock split, stock dividend or
similar transaction, at any time before the earlier of April&nbsp;1, 2012 and the tenth business day after the first date of public announcement that a person or group has become an acquiring
person. Unless earlier redeemed by us, exercised or exchanged, the stockholder rights will expire on April&nbsp;1, 2012. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
transfer agent, EquiServe Trust Company, N.A., is the rights agent under the stockholder rights agreement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
stockholder rights will not prevent a takeover of us. However, the rights may render an unsolicited takeover of us more difficult or less likely to occur, even though such takeover
may offer stockholders opportunity to sell their shares at a price above the prevailing market and/or may be favored by a majority of the stockholders. </FONT></P>

<P><FONT SIZE=2><B>Transfer Agent and Registrar  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The transfer agent and registrar for our common stock is EquiServe Trust Company, N.A. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will specify the transfer agent and registrar for any shares of preferred stock we may offer pursuant to this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF DEBT SECURITIES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities from time to time in one or more series. The following description summarizes the general terms and provisions of the debt securities
that we may offer pursuant to this prospectus that are common to all series. The specific terms relating to any series of our debt securities that we offer will be described in a prospectus
supplement. You should read the applicable prospectus supplement for the terms of the series of debt securities offered. Because the terms of specific series of debt securities offered may differ from
the general information that we have provided below, you should rely on information in the applicable prospectus supplement that contradicts any information below. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
required by federal law for all bonds and notes of companies that are publicly offered, the debt securities will be governed by a document called an "indenture." An indenture is a
contract between a financial institution, acting on your behalf as trustee of the debt securities offered, and us. The debt securities will be issued pursuant to an indenture that we will enter into
with a trustee, which, unless otherwise indicated in the applicable prospectus supplement, will be Wilmington Trust Company. When we refer to the "indenture" in this prospectus, we are referring to
the indenture under which your debt securities are issued, as may be supplemented by any supplemental indenture applicable to your debt securities. The trustee has two main roles. First, subject to
some limitations on the extent to which the trustee can act on your behalf, the trustee can enforce your rights against us if we default on our obligations under the indenture. Second, the trustee
performs certain administrative duties for us with respect to the debt securities. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in any applicable prospectus supplement, the following section is a summary of the principal terms and provisions that will be included in the indenture. This
summary is not complete. Because this section is a summary, it does not describe every aspect of the debt securities or the indenture. If we refer to particular provisions in the indenture, such
provisions, including the definition of terms, are incorporated by reference in this prospectus as part of this summary. We urge you to read the indenture and any supplement thereto that are
applicable to you because the indenture, and not this section, defines your rights as a holder of debt securities. The form of indenture is filed as an exhibit to the registration statement of which
this prospectus is a part. </FONT></P>


<P><FONT SIZE=2><B>General Terms of Debt Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise provided in any applicable prospectus supplement, the debt securities offered hereby will be unsecured obligations of JetBlue and will be either
our senior unsecured obligations issued in one or more series and referred to herein as the "senior debt securities," or our subordinated unsecured obligations issued in one or more series and
referred to herein as the "subordinated debt securities." The senior debt securities will rank equal in right of payment to all of our other unsecured and unsubordinated indebtedness. The subordinated
debt securities will be subordinated in right of payment to the prior payment in full of the senior debt securities and all of our other senior indebtedness, as described below under
"&#151;Subordination Provisions." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture contains covenants with respect to the following matters: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>payment
of principal, premium, if any, and interest;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>maintenance
of an office or agency in each place of payment;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>arrangements
regarding the handling of money held in trust;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>maintenance
of corporate existence;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>maintenance
of insurance; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>statement
by officers as to default. </FONT></DD></DL>
</UL>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may agree to additional covenants for the benefit of one or more series of debt securities, and, if so, these will be described in the applicable prospectus supplement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture does not limit the total amount of debt securities that we can issue under it, nor does it limit us from incurring or issuing other unsecured or secured debt. Unless
otherwise indicated in the applicable prospectus supplement, the indenture pursuant to which the debt securities are issued will not contain any financial covenants or other provisions that protect
you in the event we issue a large amount of debt, or in the event that we are acquired by another entity (including in a highly leveraged transaction). </FONT></P>

<P><FONT SIZE=2><B>Specific Terms of Debt Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You should read the applicable prospectus supplement for the terms of the series of debt securities offered. The terms of the debt securities described in such
prospectus supplement may include the following, as applicable to the series of debt securities offered thereby: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
title of the debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
the debt securities will be senior debt securities or subordinated debt securities of JetBlue;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
aggregate principal amount of the debt securities and whether there is any limit on such aggregate principal amount;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
we may reopen the series of debt securities for issuances of additional debt securities of such series;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
date or dates, or how the date or dates will be determined, when the principal amount of the debt securities will be payable;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
amount payable upon acceleration of the maturity of the debt securities or how this amount will be determined;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
interest rate or rates, which may be fixed or variable, that the debt securities will bear, if any, or how such interest rate or rates will be determined;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
basis upon which interest will be calculated if other than that of a 360-day year of twelve 30-day months;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
date or dates from which any interest will accrue or how such date or dates will be determined;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
interest payment dates and the record dates for these interest payments;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
the debt securities are redeemable at our option;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
there are any sinking fund or other provisions that would obligate us to purchase or otherwise redeem the debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
form in which we will issue the debt securities, if other than in registered book-entry only form represented by global securities; whether we will have the
option of issuing debt securities in "certificated" form; whether we will have the option of issuing certificated debt securities in bearer form if we issue the securities outside the United States to
non-U.S. persons; any restrictions on the offer, sale or delivery of bearer securities and the terms, if any, upon which bearer securities of the series may be exchanged for registered
securities of the series and vice versa (if permitted by applicable laws and regulations);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
currency or currencies of the debt securities; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
the amount of payments of principal, premium, if any, or interest on the debt securities will be determined with reference to an index, formula or other method
(which could be based on one or more currencies, commodities, equity indices or other indices) and how these amounts will be determined;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
place or places, if any, other than or in addition to Wilmington, Delaware, for payment, transfer, conversion and/or exchange of the debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
denominations in which the offered debt securities will be issued;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
applicability of the provisions of the indenture described under "defeasance" and any provisions in modification of, in addition to or in lieu of any of these
provisions;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>material
federal income tax considerations that are specific to the series of debt securities offered;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
provisions granting special rights to the holders of the debt securities upon the occurrence of specified events;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
the indenture contains any changes or additions to the events of default or covenants described in this prospectus;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
the debt securities will be convertible into or exchangeable for any other securities and the applicable terms and conditions for such conversion or exchange;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the debt securities are to be secured, the provisions applicable to such security; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other terms specific to the series of debt securities offered. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Redemption  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the debt securities are redeemable, the applicable prospectus supplement will set forth the terms and conditions for such redemption, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
redemption prices (or method of calculating the same);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
redemption period (or method of determining the same);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
such debt securities are redeemable in whole or in part at our option; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other provisions affecting the redemption of such debt securities. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><B>Conversion and Exchange  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any series of the debt securities offered are convertible into or exchangeable for shares of our common stock or other securities, the applicable prospectus
supplement will set forth the terms and conditions for such conversion or exchange, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
conversion price or exchange ratio (or method of calculating the same);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
conversion or exchange period (or method of determining the same);
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
conversion or exchange will be mandatory, or at our option or at the option of the holder;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
events requiring an adjustment of the conversion price or the exchange ratio; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
other provisions affecting conversion or exchange of such debt securities. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>Form and Denomination of Debt Securities  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Denomination of Debt Securities  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable prospectus supplement, the debt securities will be denominated in U.S. dollars, in minimum denominations of $1,000
and multiples thereof. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Registered Form  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue the debt securities in registered form, in which case we may issue them either in book-entry form only or in "certificated" form. We will
issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. Debt securities issued in book-entry form will be
represented by global securities. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Bearer Form  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also will have the option of issuing debt securities in non-registered form, as bearer securities, if we issue the securities outside the United
States to non-U.S. persons. In that case, the applicable prospectus supplement will set forth the mechanics for holding the bearer securities, including the procedures for receiving
payments, for exchanging the bearer securities for registered securities of the same series and for receiving notices. The applicable prospectus supplement will also describe the requirements with
respect to our maintenance of offices or agencies outside the United States and the applicable U.S. federal tax law requirements. </FONT></P>

<P><FONT SIZE=2><B>Holders of Registered Debt Securities  </B></FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Book-Entry Holders  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will issue registered debt securities in book-entry form only, unless we specify otherwise in the applicable prospectus supplement. Debt securities
held in book-entry form will be represented by one or more global securities registered in the name of a depositary or its nominee. The depositary or its nominee will hold such global
securities on behalf of financial institutions that participate in such depositary's book-entry system. These participating financial institutions, in turn, hold beneficial interests in
the global securities either on their own behalf or on behalf of their customers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the indenture, only the person in whose name a debt security is registered is recognized as the holder of that debt security. Consequently, for debt securities issued in global
form, we will recognize only the depositary or its nominee as the holder of the debt securities, and we will make all payments on the debt securities to the depositary or its nominee. The depositary
will then pass along the payments that it receives to its participants, which in turn will pass the payments along to their customers who are the beneficial owners of the debt securities. The
depositary and its participants do so under agreements they have made with one another or with their customers or by law; they are not obligated to do so under the terms of the debt securities or the
terms of the indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result, investors will not own debt securities directly. Instead, they will own beneficial interests in a global security, through a bank, broker or other financial institution that
participates in the depositary's book-entry system, or that holds an interest through a participant in the depositary's book-entry system. As long as the debt securities are
issued in global form, investors will be indirect holders, and not holders, of the debt securities. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Street Name Holders  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that we issue debt securities in certificated form, or in the event that a global security is terminated, investors may choose to hold their debt
securities either in their own names or in "street name." Debt securities held in street name are registered in the name of a bank, broker or other </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<P><FONT SIZE=2>financial
institution chosen by the investor, and the investor would hold a beneficial interest in those debt securities through the account that he or she maintains at such bank, broker or other
financial institution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
debt securities held in street name, we will recognize only the intermediary banks, brokers and other financial institutions in whose names the debt securities are registered as the
holders of those debt securities, and we will make all payments on those debt securities to them. These institutions will pass along the payments that they receive from us to their customers who are
the beneficial owners pursuant to agreements that they have entered into with such customers or by law; they are not obligated to do so under the terms of the debt securities or the terms of the
indenture. Investors who hold debt securities in street name will be indirect holders, and not holders, of the debt securities. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Registered Holders  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligations, as well as the obligations of the trustee and those of any third parties employed by the trustee or us, run only to the registered holders of the
debt securities. We do not have obligations to investors who hold beneficial interests in global securities, in street name or by any other indirect means and who are, therefore, not the registered
holders of the debt securities. This will be the case whether an investor chooses to be an indirect holder of a debt security, or has no choice in the matter because we are issuing the debt securities
only in global form. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
example, once we make a payment or give a notice to the registered holder of the debt securities, we have no further responsibility with respect to such payment or notice even if
that registered holder is required, under agreements with depositary participants or customers or by law, to pass it along to the indirect holders but does not do so. Similarly, if we want to obtain
the approval of the holders for any purpose (for example, to amend an indenture or to relieve us of the consequences of a default or of our obligation to comply with a particular provision of an
indenture), we would seek the approval only from the registered holders, and not the indirect holders, of the debt securities. Whether and how the registered holders contact the indirect holders is up
to the registered holders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the above, when we refer to "you" or "your" in this prospectus, we are referring to investors who invest in the debt securities being offered by this prospectus, whether
they are the registered holders or only indirect holders of the debt securities offered. When we refer to "your debt securities" in this prospectus, we mean the series of debt securities in which you
hold a direct or indirect interest. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Special Considerations for Indirect Holders  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you hold debt securities through a bank, broker or other financial institution, either in book-entry form or in street name, we urge you to check
with that institution to find out: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>how
it handles securities payments and notices;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>whether
it imposes fees or charges;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>how
it would handle a request for its consent, as a registered holder of the debt securities, if ever required;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
permitted for a particular series of debt securities, whether and how you can instruct it to send you debt securities registered in your own name so you can be a
registered holder of such debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>how
it would exercise rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the debt securities are in book-entry form, how the depositary's rules and procedures will affect these matters. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<UL>
<UL>
</UL>
</UL>

<P><FONT SIZE=2><B>Global Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A global security represents one or any other number of individual debt securities. Generally, all debt securities represented by the same global securities will
have the same terms. Each debt security issued in book-entry form will be represented by a global security that we deposit with and register in the name of a financial institution or its
nominee that we select. The financial institution that we select for this purpose is called the depositary. Unless we specify otherwise in the applicable prospectus supplement, The Depository Trust
Company, New York, New York, known as DTC, will be the depositary for all debt securities that we issue in book-entry form. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
global security may not be transferred to or registered in the name of anyone other than the depositary or its nominee, unless special termination situations arise. We describe those
situations below under "&#151;Special Situations When a Global Security Will Be Terminated." As a result of these arrangements, the depositary, or its nominee, will be the sole registered
holder of all debt securities represented by a global security, and investors will be permitted to own only beneficial interests in a global security. Beneficial interests must be held by means of an
account with a broker, bank or other financial institution that in turn has an account either with the depositary or with another institution that has an account with the depositary. Thus, an investor
whose security is represented by a global security will not be a registered holder of the debt security, but an indirect holder of a beneficial interest in the global security. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Special Considerations for Global Securities  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an indirect holder, an investor's rights relating to a global security will be governed by the account rules of the investor's financial institution and of the
depositary, as well as general laws relating to securities transfers. The depositary that holds the global security will be considered the registered holder of the debt securities represented by such
global security. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
debt securities are issued only in the form of a global security, an investor should be aware of the following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>An
investor cannot cause the debt securities to be registered in his or her name, and cannot obtain non-global certificates for his or her interest in the debt
securities, except in the special situations we describe below under "&#151;Special Situations When a Global Security Will Be Terminated."
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>An
investor will be an indirect holder and must look to his or her own bank or broker for payments on the debt securities and protection of his or her legal rights relating
to the debt securities, as we describe under "&#151;Holders of Registered Debt Securities" above.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>An
investor may not be able to sell his or her interest in the debt securities to some insurance companies and other institutions that are required by law to own their
securities in non-book-entry form.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>An
investor may not be able to pledge his or her interest in the debt securities in circumstances where certificates representing the debt securities must be delivered to
the lender or other beneficiary of the pledge in order for the pledge to be effective.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
depositary's policies, which may change from time to time, will govern payments, transfers, exchanges and other matters relating to an investors interest in the debt
securities. Neither the trustee nor we have any responsibility for any aspect of the depositary's actions or for the depositary's records of ownership interests in a global security. Additionally,
neither the trustee nor we supervise the depositary in any way. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>DTC
requires that those who purchase and sell interests in a global security that is deposited in its book-entry system use immediately available funds. Your
broker or bank may also require you to use immediately available funds when purchasing or selling interests in a global security.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Financial
institutions that participate in the depositary's book-entry system, and through which an investor holds its interest in a global security, may also
have their own policies affecting payments, notices and other matters relating to the debt security. There may be more than one financial intermediary in the chain of ownership for an investor. We do
not monitor and are not responsible for the actions of any of such intermediaries. </FONT></DD></DL>
</UL>
<BR>
<UL>

<P><FONT SIZE=2><B><I> Special Situations When a Global Security Will Be Terminated  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a few special situations described below, a global security will be terminated and interests in the global security will be exchanged for certificates in
non-global form, referred to as "certificated" debt securities. After such an exchange, it will be up to the investor as to whether to hold the certificated debt securities directly or in
street name. We have described the rights of direct holders and street name holders under "&#151;Holders of Registered Debt Securities" above. Investors must consult their own banks or brokers
to find out how to have their interests in a global security exchanged on termination of a global security for certificated debt securities to be held directly in their own names. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
special situations for termination of a global security are as follows: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
the depositary notifies us that it is unwilling, unable or no longer qualified to continue as depositary for that global security, and we do not appoint another
institution to act as depositary within 60&nbsp;days of such notification;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
we notify the trustee that we wish to terminate that global security; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
an event of default has occurred with regard to the debt securities represented by that global security and such event of default has not been cured or waived. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement may list situations for terminating a global security that would apply only to the particular series of debt securities covered by such prospectus
supplement. If a global security were terminated, only the depositary, and not we or the trustee, would be responsible for deciding the names of the institutions in whose names the debt securities
represented by the global security would be registered and, therefore, who would be the registered holders of those debt securities. </FONT></P>

<P><FONT SIZE=2><B>Form, Exchange and Transfer of Registered Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we cease to issue registered debt securities in global form, we will issue them: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>only
in fully registered certificated form; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>unless
otherwise indicated in the applicable prospectus supplement, in denominations of $1,000 and amounts that are multiples of $1,000. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may exchange their certificated securities for debt securities of smaller denominations or combined into fewer debt securities of larger denominations, as long as the total
principal amount is not changed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
may exchange or transfer their certificated securities at the trustee's office. We have appointed the trustee to act as our agent for registering debt securities in the names of
holders transferring debt securities. We may appoint another entity to perform these functions or perform them ourselves. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
will not be required to pay a service charge to transfer or exchange their certificated securities, but they may be required to pay any tax or other governmental charge
associated with the transfer or exchange. The transfer or exchange will be made only if our transfer agent is satisfied with the holders proof of legal ownership. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we have designated additional transfer agents for your debt security, they will be named in the applicable prospectus supplement. We may appoint additional transfer agents or cancel
the appointment of any particular transfer agent. We may also approve a change in the location of the office through which any transfer agent acts. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any certificated securities of a particular series are redeemable and we redeem less than all the debt securities of that series, we may block the transfer or exchange of those debt
securities during the
period beginning 15&nbsp;days before the day we mail the notice of redemption and ending on the day of that mailing, in order to freeze the list of holders to prepare the mailing. We may also refuse
to register transfers or exchanges of any certificated securities selected for redemption, except that we will continue to permit transfers and exchanges of the unredeemed portion of any debt security
that will be partially redeemed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a registered debt security is issued in global form, only the depositary will be entitled to transfer and exchange the debt security as described in this subsection because it will be
the sole holder of the debt security. </FONT></P>

<P><FONT SIZE=2><B>Payment and Paying Agents  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each due date for interest payments on the debt securities, we will pay interest to each person shown on the trustee's records as owner of the debt securities
at the close of business on a designated day that is in advance of the due date for interest. We will pay interest to each such person even if such person no longer owns the debt security on the
interest due date. The designated day on which we will determine the owner of the debt security, as shown on the trustee's records, is also known as the "record date." The record date will usually be
about two weeks in advance of the interest due date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
we will pay interest on the debt securities to the holders of the debt securities based on ownership as of the applicable record date with respect to any given interest period,
and not to the holders of the debt securities on the interest due date (that is, the day that the interest is to be paid), it is up to the holders who are buying and selling the debt securities to
work out between themselves the appropriate purchase price for the debt securities. It is common for purchase prices of debt securities to be adjusted so as to prorate the interest on the debt
securities fairly between the buyer and the seller based on their respective ownership periods within the applicable interest period. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Payments on Global Securities  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make payments on a global security by wire transfer of immediately available funds directly to the depositary, or its nominee, and not to any indirect
holders who own beneficial interests in the global security. An indirect holder's right to those payments will be governed by the rules and practices of the depositary and its participants, as
described under "&#151;Global Securities" above. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Payments on Certificated Securities  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make interest payments on debt securities held in certificated form by mailing a check on each due date for interest payments to the holder of the
certificated securities, as shown on the trustee's records, as of the close of business on the record date. We will make all payments of principal and premium, if any, on the certificated securities
by check at the office of the trustee in New York City, New York, and/or at other offices that may be specified in the applicable prospectus supplement or in a notice to holders, against surrender of
the certificated security. All payments by check will be made in next-day funds (that is, funds that become available on the day after the check is cashed). </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_ci8338_1_27"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alternatively, if a certificated security has a face amount of at least $10,000,000, and the holder of such certificated security so requests, we will pay any amount that becomes due on
such certificated security by wire transfer of immediately available funds to an account specified by the holder at a bank in New York City, New York, on the applicable due date for payment. To
request payment by wire transfer, the holder must give appropriate transfer instructions to the trustee or other paying agent at least 15 business days before the requested wire payment is due. In the
case of any interest payments, the instructions must be given by the person who is shown on the trustee's records as the holder of the certificated security on the applicable record date. Wire
instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Payment When Offices Are Closed  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If payment on a debt security is due on a day that is not a business day, we will make such payment on the next succeeding business day. The indenture will
provide that such payments will be treated as if they were made on the original due date for payment. A postponement of this kind will not result in a default under any debt security or indenture, and
no interest will accrue on the amount of any payment that is postponed in this manner. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Book-entry and other indirect holders should consult their banks or brokers for information on how they will receive payments on their debt
securities.</B></FONT></P>


<P><FONT SIZE=2><B>Events of Default  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will have special rights if an Event of Default occurs with respect to your debt securities and such Event of Default is not cured, as described later in this
subsection. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> What Is an Event of Default?  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable prospectus supplement, the term "Event of Default" with respect to the debt securities offered means any of the
following: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
do not pay the principal of, or any premium on, the debt security on its due date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
do not pay interest on the debt security within 30&nbsp;days of its due date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
do not deposit any sinking fund payment, if applicable, with respect to the debt securities on its due date.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
remain in breach of a covenant with respect to the debt securities for 60&nbsp;days after we receive a written notice of default stating that we are in breach. The
notice must be sent by either the trustee or holders of at least 25% of the principal amount of the debt securities of the affected series.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
file for bankruptcy or certain other events of bankruptcy, insolvency or reorganization occur.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Any
other Event of Default that may be described in the applicable prospectus supplement, and set forth in the indenture, occurs. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Event of Default for a particular series of debt securities does not necessarily constitute an Event of Default for any other series of debt securities issued under the same indenture
or any other indenture. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Remedies if an Event of Default Occurs  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred and has not been cured within the applicable time period, the trustee or the holders of 25% in principal amount of the debt
securities of the affected series may declare the entire principal amount of all the debt securities of that series to be immediately due and </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<P><FONT SIZE=2>payable.
This is called a declaration of acceleration of maturity. A declaration of acceleration of maturity may be rescinded by the holders of at least a majority in principal amount of the debt
securities of the affected series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
trustee may withhold notice to the holders of debt securities of any default, except in the payment of principal or interest, if it considers the withholding of notice to be in the
best interests of the holders. Additionally, subject to the provisions of the indenture relating to the duties of the trustee, the trustee is not required to take any action under the indenture at the
request of any of the holders of the debt securities unless such holders offer the trustee reasonable protection from expenses and liability (called an "indemnity'). If reasonable indemnity is
provided, the holders of a majority in principal amount of the outstanding debt securities of the relevant series may direct the time, method and place of conduct of any lawsuit or other formal legal
action seeking any remedy available to the trustee. The trustee may refuse to follow those directions in certain circumstances. No delay or omission in exercising any right or remedy will be treated
as a waiver of that right, remedy or Event of Default. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before
you are allowed to bypass the trustee and bring your own lawsuit or other formal legal action or take other steps to enforce your rights or protect your interests relating to your
debt securities, the following must occur: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>You
must give the trustee written notice that an Event of Default has occurred and remains uncured.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
holders of 25% in principal amount of all outstanding debt securities of the relevant series must make a written request that the trustee take action because of the
default that has occurred and must offer reasonable indemnity to the trustee against the cost and other liabilities of taking that action.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
trustee must not have taken any action for 60&nbsp;days after receipt of the above notice, request and offer of indemnity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>The
holders of a majority in principal amount of the debt securities of the relevant series must not have given the trustee a direction inconsistent with the above notice or
request. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the above, you are entitled at any time to bring a lawsuit for the payment of money due on your debt securities on or after the due date for payment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of a majority in principal amount of the debt securities of the affected series may waive any past defaults other than: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
payment of principal, or any premium or interest, on the affected series of debt securities; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
default in respect of a covenant that cannot be modified or amended without the consent of each holder of the affected series of debt securities. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Book-entry and other indirect holders should consult their banks or brokers for information on how to give notice or direction to or make a request of
the trustee, and how to declare or rescind an acceleration of maturity on their debt securities.</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to each series of debt securities, we will furnish to each trustee, each year, a written statement of certain of our officers certifying that, to their knowledge, we are in
compliance with the provisions of the indenture applicable to such series of debt securities, or specifying an Event of Default. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<BR>

<P><FONT SIZE=2><B>Merger or Consolidation  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable prospectus supplement, the terms of the indenture will generally permit us to consolidate or merge with another
entity. We will also be permitted to sell all or substantially all of our assets to another entity. However, we may not take any of these actions unless, among other things, the following conditions
are met: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>in
the event that we merge out of existence or sell all or substantially all of our assets, the resulting entity must agree to be legally responsible for the debt
securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
merger or sale of all or substantially all of our assets must not cause a default on the debt securities, and we must not already be in default (unless the merger or
sale would cure the default) with respect to the debt securities; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>we
must satisfy any other requirements specified in the applicable prospectus supplement relating to a particular series of debt securities. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Modification or Waiver  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are three types of changes we can make to any indenture and the debt securities issued thereunder. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Changes Requiring Your Approval  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First, there are changes that we cannot make to the terms or provisions of your debt securities without your specific approval. Subject to the provisions of the
indenture, without your specific approval, we may not: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>change
the stated maturity of the principal of, or interest or any additional amounts on, your debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the principal amount of, or premium, if any, or interest on, or any other amounts due on your debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the amount of principal payable upon acceleration of maturity of your debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>make
any change that adversely affects your right to receive payment on, to convert, to exchange or to require us to purchase, as applicable, your debt security in
accordance with the terms of the indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>change
the place or currency of payment on your debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>impair
your right to sue for payment on your debt securities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
your debt securities are subordinated debt securities, modify the subordination provisions in the indenture in a manner that is adverse to you;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the percentage of holders of outstanding debt securities of your series whose consent is needed to modify or amend the indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>reduce
the percentage of holders of outstanding debt securities of your series whose consent is needed to waive compliance with certain provisions of the indenture or to
waive certain defaults of the indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>modify
any other aspect of the provisions of the indenture dealing with modification and waiver of past defaults, changes to the quorum or voting requirements or the waiver
of certain covenants relating to your debt securities; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>modify
any other provisions of the indenture as specified in the applicable prospectus supplement. </FONT></DD></DL>


<P><FONT SIZE=2><B><I> Changes Not Requiring Your Approval  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are certain changes that we may make to your debt securities without your specific approval and without any vote of the holders of the debt securities of
the same series. Such changes are limited to clarifications and certain other changes that would not adversely affect the holders of the outstanding debt securities of such series in any material
respect. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Changes Requiring Majority Approval  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of the indenture, any other change to, or waiver of, any provision of the indenture and the debt securities issued pursuant thereto
would require the following approval: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
the change affects only one series of debt securities, it must be approved by the holders of a majority in principal amount of the outstanding debt securities of that
series.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>If
the change affects more than one series of debt securities issued under the same indenture, it must be approved by the holders of a majority in principal amount of the
outstanding debt securities of all series affected by the change, with all affected series voting together as one class for this purpose.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>Waiver
of our compliance with certain provisions of an indenture must be approved by the holders of a majority in principal amount of the outstanding debt securities of all
series issued under such indenture, voting together as one class for this purpose, in accordance with the terms of such indenture. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
each case, the required approval must be given in writing. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Further Details Concerning Voting  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When taking a vote, we will decide the principal amount attributable to the debt securities in the following manner: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
original issue discount debt securities, we will use the principal amount that would be due and payable on the voting date if the maturity of such debt securities were
accelerated to that date because of a default.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
debt securities for which principal amount is not known (for example, because it is based on an index), we will use the formula described in the prospectus supplement
relating to such debt securities.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>For
debt securities denominated in one or more foreign currencies, we will use the U.S. dollar equivalent. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
securities will not be considered outstanding, and therefore will not be eligible to vote, if we have deposited or set aside in trust money for their payment in full or their
redemption. Debt securities will also not be eligible to vote if we can legally release ourselves from all payment and other obligations with respect to such debt securities, as described below under
"&#151;Defeasance&#151;Full Defeasance." </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will generally be entitled to set any day as a record date for the purpose of determining the holders of outstanding debt securities that are entitled to vote or take other action
under the indenture. If we set a record date for a vote or other action to be taken by holders of one or more series of debt securities, such vote or action may be taken only by persons shown on the
trustee's records as holders of the debt securities of the relevant series on such record date. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>30</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>Book-entry and other indirect holders should consult their banks or brokers for information on how their approval or waiver may be granted or denied
if we seek their approval to change or waive the provisions of an indenture or of their debt securities.</B></FONT></P>


<P><FONT SIZE=2><B>Defeasance  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified in the applicable prospectus supplement and subject to the provisions of the indenture, we may elect either: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
be released from some of the covenants in the indenture under which your debt securities were issued (referred to as "covenant defeasance"); or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
be discharged from all of our obligations with respect to your debt securities, except for obligations to register the transfer or exchange of your debt securities, to
replace mutilated, destroyed, lost or stolen debt securities, to maintain paying offices or agencies and to hold moneys for payment in trust (referred to as "full defeasance"). </FONT></DD></DL>
</UL>
<UL>

<P><FONT SIZE=2><B><I> Covenant Defeasance  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of covenant defeasance, you would lose the protection of some of our covenants in the indenture, but would gain the protection of having money and
government securities set aside in trust to repay your debt securities. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the indenture, to accomplish covenant defeasance with respect to the debt securities offered: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deposit in trust for the benefit of all holders of the debt securities of the same series as your debt securities a combination of money and U.S. government or U.S.
government agency notes or bonds that would generate enough cash to make interest, principal and any other payments on such series of debt securities on the various dates when such payments would be
due.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>No
Event of Default or event which with notice or lapse of time would become an Event of Default, including by reason of the above deposit of money, notes or bonds, with
respect to your debt securities shall have occurred and be continuing on the date of such deposit.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee of your debt securities a legal opinion of our counsel to the effect that, for U.S. federal income tax purposes, you will not recognize
income, gain or loss as a result of such covenant defeasance and that such covenant defeasance will not cause you to be taxed on your debt securities any differently than if such covenant defeasance
had not occurred and we had just repaid your debt securities ourselves at maturity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee of your debt securities a legal opinion of our counsel to the effect that the deposit of funds or bonds would not require registration under
the Investment Company Act of 1940, as amended, or that all necessary registration under the Investment Company Act of 1940, as amended, had been effected.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must comply with any additional terms of, conditions to or limitations to covenant defeasance, as set forth in the indenture.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee of your debt securities an officer's certificate and a legal opinion of our counsel stating that all conditions precedent to covenant
defeasance, as set forth in the indenture, had been complied with. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
we were to accomplish covenant defeasance, you could still look to us for repayment of the debt securities if there were a shortfall in the trust deposit or the trustee were prevented
from making payment. In fact, if an Event of Default that remained after we accomplish covenant defeasance </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<P><FONT SIZE=2>occurred
(such as our bankruptcy) and your debt securities became immediately due and payable, there might be a shortfall in our trust deposit. Depending on the event causing the default, you might
not be able to obtain payment of the shortfall. </FONT></P>

<UL>

<P><FONT SIZE=2><B><I> Full Defeasance  </I></B></FONT></P>

</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we were to accomplish full defeasance, you would have to rely solely on the funds or notes or bonds that we deposit in trust for repayment of your debt
securities. You could not look to us for repayment in the unlikely event of any shortfall in our trust deposit. Conversely, the trust deposit would most likely be protected from claims of our lenders
and other creditors if we were to become bankrupt or insolvent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of the indenture, in order to accomplish full defeasance with respect to the debt securities offered: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deposit in trust for the benefit of all holders of the debt securities of the same series as your debt securities a combination of money and U.S. government or U.S.
government agency notes or bonds that would generate enough cash to make interest, principal and any other payments on such series of debt securities on the various dates when such payments would be
due.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>No
Event of Default or event which with notice or lapse of time would become an Event of Default, including by reason of the above deposit of money, notes or bonds, with
respect to your debt securities shall have occurred and be continuing on the date of such deposit.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee of your debt securities a legal opinion of our counsel stating either that we have received, or there has been published, a ruling by the
Internal Revenue Service or that there had been a change in the applicable U.S. federal income tax law, in either case to the effect that, for U.S. federal income tax purposes, you will not recognize
income, gain or loss as a
result of such full defeasance and that such full defeasance will not cause you to be taxed on your debt securities any differently than if such full defeasance had not occurred and we had just repaid
your debt securities ourselves at maturity.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee a legal opinion of our counsel to the effect that the deposit of funds or bonds would not require registration under the Investment Company
Act of 1940, as amended, or that all necessary registration under the Investment Company Act of 1940, as amended, had been effected.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must comply with any additional terms of, conditions to or limitations to full defeasance, as set forth in the indenture.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>We
must deliver to the trustee of your debt securities an officer's certificate and a legal opinion of our counsel stating that all conditions precedent to full defeasance,
as set forth in the indenture, had been complied with. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Subordination Provisions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any distribution of our assets upon our dissolution, winding up, liquidation or reorganization, the payment of the principal of, premium, if any, and
interest, if any, on the subordinated debt securities will be subordinated, to the extent provided in the subordinated indenture, as supplemented, in right of payment to the prior payment in full of
all of our senior indebtedness. Our obligation to make payment of the principal of, premium, if any, and interest, if any, on the subordinated debt securities will not otherwise be affected. In
addition, no payment on account of principal and premium, if any, sinking fund or interest, if any, may be made on the subordinated debt securities at any time unless full payment of all amounts due
in respect of the principal and premium, if any, sinking fund </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P><FONT SIZE=2>and
interest, if any, on our senior indebtedness has been made or duly provided for in money or money's worth. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, unless all of our senior indebtedness has been paid in full, in the event that any payment or distribution made by us is received by the trustee or the
holders of any of the subordinated debt securities, such payment or distribution must be paid over to the holders of our
senior indebtedness or a person acting on their behalf, to be applied toward the payment of all our senior indebtedness remaining unpaid until all the senior indebtedness has been paid in full.
Subject to the payment in full of all our senior indebtedness, the rights of the holders of the subordinated debt securities will be subrogated to the rights of the holders of our senior indebtedness. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By
reason of this subordination, in the event of a distribution of our assets upon our insolvency, certain of our general creditors may recover more, ratably, than holders of the
subordinated debt securities. The subordinated indenture provides that these subordination provisions will not apply to money and securities held in trust under the defeasance provisions of the
subordinated indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
we refer to "senior indebtedness" in this prospectus, we are referring to the principal of (and premium, if any) and unpaid interest on: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
indebtedness (including indebtedness of others guaranteed by us), other than subordinated debt securities, whenever created, incurred, assumed or guaranteed, or money
borrowed, unless the instrument creating or evidencing such indebtedness or under which such indebtedness is outstanding provides that such indebtedness is not senior or prior in right of payment to
the subordinated debt securities; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>renewals,
extensions, modifications and refundings of any of such indebtedness. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this prospectus is being delivered in connection with the offering of a series of subordinated debt securities, the accompanying prospectus supplement or the information incorporated
by reference will set forth the approximate amount of our senior indebtedness outstanding as of a recent date. </FONT></P>


<P><FONT SIZE=2><B>Information Concerning the Trustee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable prospectus supplement, Wilmington Trust Company will be the trustee under the indenture. We may conduct banking and
other transactions with the trustee in the ordinary course of business. </FONT></P>

<P><FONT SIZE=2><B>Governing Law  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture and the debt securities will be governed by, and construed in accordance with, the law of the State of New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>33</FONT></P>

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NAME="page_ck8338_1_34"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ck8338_plan_of_distribution"> </A>
<A NAME="toc_ck8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may sell the securities being offered hereby in one or more of the following ways from time to time: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
agents to the public or to investors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>to
underwriters for resale to the public or to investors;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>directly
to investors; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>through
a combination of any of these methods of sale. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will set forth in a prospectus supplement the terms of that particular offering of securities, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
name or names of any agents or underwriters;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
purchase price of the securities being offered and the proceeds we will receive from the sale;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
over-allotment options under which underwriters may purchase additional securities from us;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
agency fees or underwriting discounts and other items constituting agents' or underwriters' compensation;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
initial public offering price;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
discounts or concessions allowed or reallowed or paid to dealers; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
securities exchanges or markets on which such securities may be listed. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2><B>Agents  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may designate agents who agree to use their reasonable efforts to solicit purchases of our securities for the period of their appointment or to sell our
securities on a continuing basis. </FONT></P>

<P><FONT SIZE=2><B>Underwriters  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we use underwriters for a sale of securities, the underwriters will acquire the securities for their own account. The underwriters may resell the securities in
one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. The obligations of the underwriters to purchase the
securities will be subject to the conditions set forth in the applicable underwriting agreement. The underwriters will be obligated to purchase all the securities of the series offered if they
purchase any of the securities of that series. We may change from time to time any initial public offering price and any discounts or concessions the underwriters allow or reallow or pay to dealers.
We may use underwriters with whom we have a material relationship. We will describe the nature of any such relationship in any prospectus supplement naming any such underwriter. </FONT></P>

<P><FONT SIZE=2><B>Direct Sales  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may also sell securities directly to one or more purchasers without using underwriters or agents. Underwriters, dealers and agents that participate in the
distribution of the securities may be underwriters as defined in the Securities Act, and any discounts or commissions they receive from us and any profit on their resale of the securities may be
treated as underwriting discounts and commissions under the Securities Act. We will identify in the applicable prospectus supplement any underwriters, dealers or agents and will describe their
compensation. We may have agreements with the underwriters, dealers and agents to indemnify them against specified civil liabilities, including liabilities </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>34</FONT></P>

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<BR>

<P><FONT SIZE=2>under
the Securities Act. Underwriters, dealers and agents may engage in transactions with or perform services for us in the ordinary course of their businesses. </FONT></P>

<P><FONT SIZE=2><B>Trading Markets and Listing Of Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in the applicable prospectus supplement, each class or series of securities will be a new issue with no established trading market,
other than our common stock, which is listed on The Nasdaq National Market. We may elect to list any other class or series of securities on any exchange or market, but we are not obligated to do so.
It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters will not be obligated to do so and may discontinue any market making at any time
without notice. We cannot give any assurance as to the liquidity of the trading market for any of the securities. </FONT></P>

<P><FONT SIZE=2><B>Stabilization Activities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any underwriter may engage in overallotment, stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation&nbsp;M under
the Exchange Act. Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids to purchase the underlying security so long as the
stabilizing bids do not exceed a specified maximum. Short covering transactions involve purchases of the securities in the open market after the distribution is completed to cover short positions.
Penalty bids permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased in a covering transaction to cover short positions.
Those activities may cause the price of the securities to be higher than it would otherwise be. If commenced, the underwriters may discontinue any of these activities at any time. </FONT></P>

<P><FONT SIZE=2><B>Passive Market Marking  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any underwriters who are qualified market markers on The Nasdaq National Market may engage in passive market making transactions in the securities on The Nasdaq
National Market in accordance with Rule&nbsp;103 of Regulation&nbsp;M, during the business day prior to the pricing of the offering, before the commencement of offers or sales of the securities.
Passive market makers must comply with applicable volume and price limitations and must be identified as passive market makers. In general, a passive market maker must display its bid at a price not
in excess of the highest independent bid for such security. If all independent bids are lowered below the passive market maker's bid, however, the passive market maker's bid must then be lowered when
certain purchase limits are exceeded. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ck8338_legal_matters"> </A>
<A NAME="toc_ck8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, the validity of the securities to be offered by this prospectus will be passed upon for us by Nixon Peabody
LLP, New York, New York and for any agents, underwriters or dealers by Shearman&nbsp;&amp; Sterling LLP, New York, New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ck8338_experts"> </A>
<A NAME="toc_ck8338_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and schedule of JetBlue Airways Corporation appearing in JetBlue Airways Corporation's Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003, have been audited by Ernst&nbsp;&amp; Young LLP, independent auditors, as set forth in their reports thereon included therein
and incorporated herein by reference. Such consolidated financial statements and schedule are incorporated herein by reference in reliance upon such reports given on the authority of such firm as
experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>35</FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ck8338_where_you_can_find_more_information"> </A>
<A NAME="toc_ck8338_4"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. You may read and copy any document we
file at the SEC's Public Reference Room located at 450 Fifth Street, N.W., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at
1-800-SEC-0330. Our SEC filings also are available from the SEC's Internet site at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>, which
contains reports, proxy and information statements, and other information regarding issuers that file electronically. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows us to "incorporate by reference" into this prospectus the information we file with them, which means that we can disclose important information to you by referring you to
those documents. Any statement contained or incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement
contained herein, or in any subsequently filed document which also is incorporated by reference herein, modifies or supersedes such earlier statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this prospectus. We incorporate by reference the documents listed below: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2003, filed on February&nbsp;11, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form&nbsp;8-K, filed on March&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2004, filed on <BR>
April&nbsp;26, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2004, filed on July&nbsp;27, 2004.


<BR><BR></FONT></DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form 8-K, filed on October&nbsp;8, 2004.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form 8-K/A, filed on October&nbsp;8, 2004.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form 10-Q for the quarter ended September&nbsp;30, 2004, filed on November&nbsp;1, 2004.

 </FONT></DD>

</DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents we file pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before all of the common stock offered by this
prospectus is sold are incorporated by reference in this prospectus from the date of filing of the documents, except for information furnished under Item 2.02 and Item 7.01 of
Form&nbsp;8-K, which is not deemed filed and not incorporated by reference herein. Information that we file with the SEC will automatically update and may replace information in this
prospectus and information previously filed with the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain any of these incorporated documents from us without charge, excluding any exhibits to these documents unless the exhibit is specifically incorporated by reference in such
document, by requesting them from us in writing or by telephone at the following address: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>JetBlue
Airways Corporation<BR>
118-29 Queens Boulevard<BR>
Forest Hills, New York 11375<BR>
Attention: Legal Department<BR>
(718)&nbsp;709-3026 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
may also be available on our website at </FONT><FONT SIZE=2><I>http://investor.jetblue.com.</I></FONT><FONT SIZE=2> Information contained on our website is not a prospectus
and does not constitute part of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

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<P><FONT COLOR="#FF4040" SIZE=2><B>The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with
the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or
sale is not permitted. </B></FONT></P>

<P ALIGN="CENTER">


<FONT COLOR="#FF4040" SIZE=2><B>Subject to Completion, Issued November&nbsp;2, 2004</B></FONT>

</P>

<P><FONT SIZE=2><B>PROSPECTUS  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>$1,000,000,000  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B>
<IMG SRC="g612279.jpg" ALT="LOGO" WIDTH="342" HEIGHT="133">
  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=4><B> PASS THROUGH CERTIFICATES  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pass through trusts formed by JetBlue may offer for sale up to $1,000,000,000 aggregate face amount of pass through certificates from time to time
under this prospectus and one or more prospectus
supplements. Each pass through certificate will represent an interest in a pass through trust. The property of the pass through trust will include equipment notes issued by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
or more owner trustees, on a non-recourse basis, to finance or refinance a portion of the purchase price of aircraft that have been or will be leased to us
as part of a leveraged lease transaction; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>JetBlue
to finance or refinance all or a portion of the purchase price of aircraft owned or to be purchased by us. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through certificates will not represent interests in or obligations of JetBlue or any of our affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment
notes issued by any owner trustee will be without recourse to us. For each aircraft, we or the owner trustee will issue one or more equipment notes with an interest rate, final
maturity date and ranking of priority of payment described in a prospectus supplement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through trustee will distribute to the holders of pass through certificates the interest paid on the equipment notes held in the related pass through trust on the dates and at
the rates indicated in a prospectus supplement. Holders of pass through certificates will also receive distributions of the principal paid on the equipment notes in scheduled amounts and on dates
specified in a prospectus
supplement. Unless otherwise indicated in a prospectus supplement, we will not list the pass through certificates on any national securities exchange. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide specific terms of a particular series of pass through certificates in a supplement to this prospectus. You should read this prospectus and the prospectus supplement
carefully before you invest. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Investing in our securities involves risks. See "Risk Factors" beginning on page&nbsp;2.  </I></B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B>The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities or determined if
this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.  </B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 </FONT></P>

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<BR></FONT><FONT SIZE=2><B>TABLE OF CONTENTS    <BR>    </B></FONT></P>

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<TH WIDTH="91%" ALIGN="LEFT"><FONT SIZE=2>&nbsp;</FONT><BR></TH>
<TH WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TH>
<TH WIDTH="6%" ALIGN="CENTER"><FONT SIZE=2>Page</FONT><HR NOSHADE></TH>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Important Notice to Readers</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>ii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Special Note about Forward-Looking Statements</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>iii</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Reports to Pass Through Certificateholders</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>iii</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Prospectus Summary</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>1</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Risk Factors</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>2</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Use of Proceeds</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>10</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Ratio of Earnings to Fixed Charges</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Outline of Pass Through Trust Structure</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Flow of Payments</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>11</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Description of the Certificates</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>13</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Description of the Equipment Notes</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>29</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>United States Federal Income Tax Considerations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>35</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>ERISA Considerations</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>37</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Plan of Distribution</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>38</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Legal Matters</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Experts</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>39</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="91%"><FONT SIZE=2>Where You Can Find More Information</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="6%"><FONT SIZE=2>39</FONT></TD>
</TR>
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<P ALIGN="CENTER"><FONT SIZE=2><A
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<A NAME="toc_co8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>IMPORTANT NOTICE TO READERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This prospectus is part of a registration statement we filed with the Securities and Exchange Commission, or SEC, using a "shelf" registration process. Under the
shelf registration process, using this prospectus, together with a prospectus supplement, we may sell, from time to time, in one or more offerings, up to $1,000,000,000 aggregate face amount of pass
through certificates. This prospectus provides you with a general description of pass through certificates that we may offer. Each time that we offer pass through certificates under this prospectus,
we will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this
prospectus. You should read this prospectus, the applicable prospectus supplement and the information incorporated by reference in this prospectus before making an investment in the pass through
certificates. See "Where You Can Find More Information" for more information. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should rely only on the information contained in or incorporated by reference in this prospectus or a prospectus supplement. We have not authorized any other person to provide you
with different information. This document may be used only in jurisdictions where offers and sales of pass through certificates are permitted. You should not assume that information contained in this
prospectus, in any supplement to this prospectus, or in any document incorporated by reference is accurate as of any date other than the date on the front page of the document that contains the
information, regardless of when this prospectus is delivered or when any sale of our pass through certificates occurs. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this prospectus, we use the terms "JetBlue," "we," "us" and "our" to refer to JetBlue Airways Corporation. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JETBLUE
and JETBLUE AIRWAYS are registered service marks of JetBlue Airways Corporation in the United States and other countries. This prospectus also contains trademarks and tradenames
of other companies. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>ii</FONT></P>

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<BR></FONT><FONT SIZE=2><B>SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements in this prospectus and in documents incorporated by reference in this prospectus contain various forward-looking statements within the meaning of
Section&nbsp;27A of the Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which represent our
management's beliefs and assumptions concerning future events. When used in this prospectus and in documents incorporated by reference, forward-looking statements include, without limitation,
statements regarding financial forecasts or projections, and our expectations, beliefs, intentions or future strategies that are signified by the words "expects", "anticipates", "intends", "believes",
"plans" or similar language. These forward-looking statements are subject to risks, uncertainties and assumptions that could cause our actual results and the timing of certain events to differ
materially from those expressed in the forward-looking statements. It is routine for our internal projections and expectations to change as the year or each quarter in the year progresses, and
therefore it should be clearly understood that the internal projections, beliefs and assumptions upon which we base our expectations may change prior to the end of each quarter or year. Although these
expectations may change, we may not inform you if they do. Our policy is generally to provide our expectations only once per quarter, and not to update that information until the next quarter. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
should understand that many important factors, in addition to those discussed or incorporated by reference in this prospectus, could cause our results to differ materially from those
expressed in the forward-looking statements. Potential factors that could affect our results include those described in this prospectus under "Risk Factors." In light of these risks and uncertainties,
the forward-looking events discussed or incorporated by reference in this prospectus might not occur. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
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<BR></FONT><FONT SIZE=2><B>REPORTS TO PASS THROUGH CERTIFICATEHOLDERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pass through trustee under each pass through trust will provide the certificateholders of such pass through trust with periodic statements concerning the
distributions made from that pass through trust. See "Description of the Certificates&#151;Reports to Certificateholders" for a description of these periodic statements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>iii</FONT></P>

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<BR></FONT><FONT SIZE=2><B>PROSPECTUS SUMMARY    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>This summary highlights selected information about our company and a general description of the pass through certificates we may offer.
This summary is not complete and does not contain all of the information that may be important to you. For a more complete understanding of us and the terms of the particular pass through
certificates, you should read carefully this entire prospectus, including the "Risk Factors" section, the applicable prospectus supplement for such pass through certificates and the other documents we
refer to and incorporate by reference. In particular, we incorporate important business and financial information in this prospectus by reference.</I></FONT></P>

<P><FONT SIZE=2><B>JetBlue Airways  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue Airways Corporation is a low-fare, low-cost passenger airline that provides high-quality customer service primarily on
point-to-point routes. We focus on serving markets that previously were underserved and/or large metropolitan areas that have had high average fares. We have a geographically
diversified flight schedule that includes both short-haul and long-haul routes. We intend to maintain a disciplined growth strategy by increasing frequency on our existing
routes and entering new markets. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
commenced service in February&nbsp;2000 and established our primary base of operations at New York's John F. Kennedy International Airport, or JFK. In August&nbsp;2001, we began
service at our West Coast base of operations, Long Beach Municipal Airport, which serves the Los Angeles area. JetBlue is the 11<SUP>th</SUP> largest passenger carrier in the United States based on
revenue passenger miles for the year ended December&nbsp;31, 2003. </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have an experienced management team and a strong company culture with a productive and incentivized workforce that strives to offer high-quality customer service, while at
the same time operating efficiently and keeping costs low. We have low operating costs, in part because of our high daily aircraft utilization and low distribution costs. Our widely available low
fares are designed to stimulate demand and we have demonstrated our ability to increase passenger traffic in the markets we serve. In addition, we offer our customers a differentiated product,
including new aircraft, low fares, leather seats, free LiveTV (a satellite TV service with programming provided by DIRECTV&reg;) at every seat, pre-assigned seating and reliable
operating



performance. We continue to improve our customers' flying experience by increasing the total number of LiveTV channels from 24 to 36 and by adding movie channel offerings from News Corporation's Fox
Entertainment Group to all of our aircraft. In 2005, we plan to add XM Satellite Radio to our in-flight entertainment offerings.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JetBlue
was incorporated in Delaware in August&nbsp;1998. Our principal executive offices are located at 118-29 Queens Boulevard, Forest Hills, New York 11375 and our
telephone number is (718)&nbsp;286-7900. Our website address is </FONT><FONT SIZE=2><I>http://investor.jetblue.com</I></FONT><FONT SIZE=2>. Information contained on our website is not a
prospectus and does not constitute part of this prospectus. </FONT></P>


<P><FONT SIZE=2><B>The Securities We May Offer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may use this prospectus to offer up to $1,000,000,000 aggregate face amount of pass through certificates, in one or more offerings. A prospectus supplement,
which we will provide each time we offer a series of pass through certificates, will describe the specific types, amounts, prices and detailed terms of such series of pass through certificates and may
describe risks associated with an investment in such pass through certificates. We will also include in the prospectus supplement information, where applicable, about material United States federal
income tax considerations relating to the pass through certificates. Terms used in this prospectus will have the meanings described in this prospectus unless otherwise specified. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through certificates that we will offer are securities that represent fractional undivided interests in certain pass through trusts established to hold promissory notes issued
by us or an owner trustee secured by a mortgage on aircraft operated by us and, in the case of promissory notes issued by an owner trustee, by an assignment of an aircraft lease under which we are the
lessee. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>1</FONT></P>

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<BR></FONT><FONT SIZE=2><B>RISK FACTORS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><I>An investment in our pass through certificates involves certain risks. You should carefully consider the risks described below, as well as
the other information included or incorporated by reference in this prospectus, before making an investment decision. Additional risks, including those that relate to the particular pass through
certificates that we will offer, will be included in the applicable prospectus supplement. Our business, financial condition or results of operations could be materially adversely affected by any of
these risks. The trading price of our pass through certificates could decline due to any of these risks, and you may lose all or part of your investment. In addition, please read "Special Note About
Forward-Looking Statements" in this prospectus, where we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this
prospectus. Please note that additional risks not presently known to us or that we currently deem immaterial may also impair our business and operations.</I></FONT></P>

<P><FONT SIZE=2><B>Risks Related to JetBlue  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>If we fail to successfully implement our growth strategy, our business could be harmed.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
growth strategy involves increasing the frequency of flights to markets we currently serve, expanding the number of markets served and increasing flight connection opportunities.
Achieving our growth strategy is critical in order for our business to achieve economies of scale and to sustain or increase our profitability. Increasing the number of markets we serve depends on our
ability to access suitable airports located in our targeted geographic markets in a manner that is consistent with our cost strategy. We will also need to obtain additional gates at some of our
existing destinations. Any condition that would deny, limit or delay our access to airports we seek to serve in the future will constrain our ability to grow. Opening new markets requires us to commit
a substantial amount of resources, even before the new services commence. Expansion is also dependent upon our ability to maintain a safe and secure operation and will require additional personnel,
equipment and facilities as well as obtaining approval from the Department of Transportation, or DOT, and the Federal Aviation Administration, or FAA, to operate more than the 70 aircraft which we are
currently allowed to operate. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
inability to hire and retain personnel, timely secure the required equipment and facilities in a cost-effective manner, efficiently operate our expanded facilities, or
obtain the necessary regulatory approvals may adversely affect our ability to achieve our growth strategy. In addition, our
competitors have often chosen to add service, reduce their fares and/or offer special promotions following our entry into a new market. We cannot assure you that we will be able to successfully expand
our existing markets or establish new markets in this increased competitive environment, and if we fail to do so our business could be harmed. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expansion
of our markets and services may also strain our existing management resources and operational, financial and management information systems to the point that they may no longer
be adequate to support our operations, requiring us to make significant expenditures in these areas. We expect that we will need to develop further financial, operational and management reporting
systems and procedures to accommodate future growth. While we believe our current systems and procedures are adequate, we cannot assure you that we will be able to develop such additional systems or
procedures to accommodate our future expansion on a timely basis, and the failure to do so could harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We operate in an extremely competitive industry.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
currently compete with other airlines on all of our routes. Many of these airlines are larger and have greater financial resources and name recognition or lower operating costs than
we do. Several of these competitors have chosen to add service in some of our markets following our entry. As we </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>2</FONT></P>

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<P><FONT SIZE=2>expand
our fleet, the extremely competitive nature of the airline industry could prevent us from attaining the level of passenger traffic required to maintain profitable operations in new markets and
impede our growth strategy, which would harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
airline industry also encounters extensive price competition and is characterized by low profit margins and high fixed costs. Our ability to meet this price competition depends on,
among other things, our ability to operate at costs equal to or lower than our competitors. Price competition occurs through price discounting, fare matching, targeted sale promotions or frequent
flyer travel initiatives, all of which are usually matched by other airlines in order to maintain their level of passenger traffic. A relatively small change in pricing or in passenger traffic due to
other airlines' competitive actions could have a disproportionate effect on an airline's operating and financial results. Unanticipated shortfalls in expected revenues as a result of price competition
would negatively impact our financial results and harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We have a significant amount of fixed obligations and we will incur significantly more fixed obligations, which could harm our ability to meet our growth strategy
and impair our ability to service our fixed obligations, including any securities issued pursuant to this prospectus.</I></B></FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2004, our debt of $1.40&nbsp;billion accounted for 65.0% of our total capitalization. Most of our long-term and short-term debt has
floating interest rates. In addition to long-term debt, we have a significant amount of other fixed obligations under operating leases related to our aircraft, airport terminal space,
other airport facilities and office space. As of September&nbsp;30, 2004, future minimum lease payments under noncancelable operating leases with initial or remaining terms in excess of one year
were approximately $618&nbsp;million for 2004 through 2008 and an aggregate of $603&nbsp;million for the years thereafter.

 </FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;30, 2004, we had commitments of approximately $7.42&nbsp;billion to purchase 219 additional aircraft and other flight equipment over the next eight years,
including estimated amounts for contractual price escalations. We have commenced construction of a hangar at JFK and a training facility and hangar in Orlando, Florida and plan to construct a new
terminal at JFK. We will incur additional debt and other fixed obligations as we take delivery of new aircraft and other equipment and continue to expand into new markets. We typically finance our
aircraft through either secured debt or lease financing. Although we believe that debt and/or lease financing should be available for our aircraft deliveries, we cannot assure you that we will be able
to secure such financing on terms acceptable to us or at all.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
high level of debt and other fixed obligations could: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>impact
our ability to obtain additional financing to support capital expansion plans and for working capital and other purposes on acceptable terms or at all;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>divert
substantial cash flow from our operations and expansion plans in order to service our fixed obligations;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>require
us to incur significantly more interest or rent expense than we currently do, since most of our debt has floating interest rates and five of our aircraft leases have
variable-rate rent; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>place
us at a possible competitive disadvantage compared to less leveraged competitors and competitors that have better access to capital resources. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
ability to make scheduled payments on our debt and other fixed obligations, including any securities issued pursuant to this prospectus, will depend on our future operating
performance and cash flow, which in turn will depend on prevailing economic and political conditions and financial, competitive, regulatory, business and other factors, many of which are beyond our
control. We cannot assure you that we will be able to generate sufficient cash flow from our operations to pay our debt and other fixed obligations as they become due, and if we fail to do so our
business could be harmed. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>3</FONT></P>

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<P><FONT SIZE=2>If
we are unable to make payments on our debt and other fixed obligations, including any securities issued pursuant to this prospectus, we could be forced to renegotiate those obligations or obtain
additional equity or debt financing. To the extent we finance our activities with additional debt, we may become subject to financial and other covenants that may restrict our ability to pursue our
growth strategy. We cannot assure you that our renegotiation efforts would be successful or timely or that we could refinance our obligations on acceptable terms, if at all. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our maintenance costs will increase as our fleet ages.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the average age of our aircraft is approximately 2.1&nbsp;years, our aircraft require less maintenance now than they will in the future. We have incurred lower maintenance
expenses because most of the parts on our aircraft are under multi-year warranties. Our maintenance costs will increase significantly, both on an absolute basis and as a percentage of our
operating expenses, as our fleet ages and these warranties expire. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>If we are unable to attract and retain qualified personnel at reasonable costs or fail to maintain our company culture, our business could be
harmed.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business is labor intensive, with labor costs representing approximately one-third of our operating expenses. We expect salaries, wages and benefits to increase on a
gross basis and these costs could increase as a percentage of our overall costs. Since we compete against the major U.S. airlines for pilots, mechanics and other skilled labor and many of them offer
wage and benefit packages that exceed ours, we may be required to increase wages and/or benefits in order to attract and retain qualified personnel or risk considerable employee turnover. If we are
unable to hire, train and retain qualified employees at a reasonable cost, our business could be harmed and we may be unable to complete our expansion plans. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, as we hire more people and grow, we believe it may be increasingly challenging to continue to hire people who will maintain our company culture. One of our principal
competitive strengths is our service-oriented company culture that emphasizes friendly, helpful, team-oriented and customer-focused employees. Our company culture is important to providing
high quality customer
service and having a productive workforce that helps keep our costs low. As we grow, we may be unable to identify, hire or retain enough people who meet the above criteria, and our company culture
could otherwise be adversely affected by our growing operations and geographic diversity. If we fail to maintain the strength of our company culture, our competitive ability and our business may be
harmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>If we fail to successfully take delivery of, place into service and integrate into our operations the new Embraer E190 aircraft we agreed to purchase, our
business could be harmed.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
June&nbsp;2003, we placed an order for 100 new Embraer E190 jet aircraft, with options for an additional 100 new aircraft. Acquisition of an all-new type of aircraft,
such as the Embraer E190, involves a variety of risks relating to its ability to be successfully placed into service, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
or delays in obtaining the necessary certification from the Brazilian aviation regulatory authority and validation from the FAA as to the aircraft's
airworthiness;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>delays
in meeting the agreed upon aircraft delivery schedule;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
in obtaining financing on acceptable terms to complete our purchase of all of the firmly ordered aircraft;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>inability
of the aircraft and all of its components to comply with agreed upon specifications and performance standards; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>difficulties
in outfitting the aircraft with LiveTV. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>4</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, we also face risks in integrating a second type of aircraft into our existing infrastructure and operations, including, among other things, the additional costs, resources
and time needed to hire
and train new pilots, technicians and other skilled support personnel. If we fail to successfully take delivery of, place into service and integrate into our operations the new Embraer E190 aircraft,
our business could be harmed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We rely on maintaining a high daily aircraft utilization rate to keep our costs low, which makes us especially vulnerable to delays.</I></B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of our key competitive strengths is to maintain a high daily aircraft utilization rate, which is the amount of time that our aircraft spend in the air carrying passengers. High daily
aircraft utilization allows us to generate more revenue from our aircraft and is achieved in part by reducing turnaround times at airports so we can fly more hours on average in a day. The expansion
of our business to include new destinations, more frequent flights on current routes and expanded facilities could increase the risk of delays. Aircraft utilization is reduced by delays and
cancellations from various factors, many of which are beyond our control, including adverse weather conditions, security requirements, air traffic congestion and unscheduled maintenance. Reduced
aircraft utilization may limit our ability to achieve and maintain profitability as well as lead to customer dissatisfaction. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our business is highly dependent on the New York market and increases in competition or a reduction in demand for air travel in this market would harm our
business.</I></B></FONT></P>

<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our growth has focused on adding flights to and from our primary base of operations at JFK in New York City. JFK is an airport that has traditionally attracted considerably less
attention from our competitors for domestic flight activity than either LaGuardia Airport or Newark International Airport because of an industry perception that JFK is primarily an international
airport and that the commuting distance from Manhattan to JFK is too far to attract domestic travelers. We disagreed with this perception of JFK and believe that the operational efficiencies
associated with conducting our principal base of operations from JFK has contributed to our profitability. As of September&nbsp;30, 2004, approximately 75% of our daily flights had JFK as either
their destination or origin. As a result, we remain highly dependent upon the New York market.

 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
response to our positive experience at JFK, other airlines have increased their presence at the airport with a greater emphasis on low-fare domestic travel. As gates
become available, other airlines which do not currently have a presence at JFK could petition the DOT for slot exemptions at JFK as we did or purchase or lease slots from other airlines. An increase
in the amount of direct competition we face at JFK, LaGuardia or Newark, or an increase in congestion and delays at JFK could harm our business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business would also be harmed by any circumstances causing a reduction in demand for air transportation in the New York metropolitan area, such as adverse changes in local economic
conditions, negative public perception of the city, additional terrorist attacks or significant price increases linked to increases in airport access costs and fees imposed on passengers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We may be subject to unionization, work stoppages, slowdowns or increased labor costs.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlike
most airlines, we have a non-union workforce. If our employees unionize, it could result in demands that may increase our operating expenses and adversely affect our
profitability. Each of our different employee groups could unionize at any time and require separate collective bargaining agreements. If any group of our employees were to unionize and we were unable
to reach agreement on the terms of their collective bargaining agreement or we were to experience widespread employee dissatisfaction, we could be subject to work slowdowns or stoppages. In addition,
we may be subject to disruptions by organized labor groups protesting our non-union status. Any of these events would be disruptive to our operations and could harm our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>5</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our results of operations will fluctuate.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect our quarterly operating results to fluctuate due to changes in aircraft fuel and security costs as well as to the timing and amount of maintenance and advertising expenditures.
Seasonality also impacts our operations, with high vacation and leisure demand occurring on the Florida routes between October and April and on our western routes during the summer. Actions of our
competitors may also contribute to fluctuations in our results. We are more susceptible to adverse weather conditions, including snow storms and hurricanes, as a result of our operations being
concentrated on the East Coast, than are some of our competitors. As we enter new markets, we could be subject to additional seasonal variations along with any potential competitive responses to our
entry by other airlines. As a result of these factors, quarter-to-quarter comparisons of our operating results may not be a good indicator of our future performance. In
addition, it is possible that in any future quarter our operating results could be below the expectations of investors and any published reports or analyses regarding JetBlue. In that event, the price
of our common stock could decline, perhaps substantially. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We are subject to the risks of having a limited number of suppliers for our aircraft, our engines and a key component of our in-flight entertainment
system.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
date, one of the elements of our business strategy has been to operate only one type of aircraft equipped with one type of engine. Our current dependence on a single type of aircraft
and engine for all of our flights makes us particularly vulnerable to any problems associated with the Airbus A320 or the IAE International Aero Engines V2527-A5 engine, including design
defects, mechanical problems, contractual performance by the manufacturers, or adverse perception by the public that would result in customer avoidance or in actions by the FAA resulting in an
inability to operate our aircraft. Carriers that operate a more diversified fleet are better positioned than we are to manage such events. While our recent decision to acquire a new fleet of Embraer
E190 aircraft may
lessen our exposure to this risk, we will likely also become subject to similar sets of risks after we begin to take delivery of these aircraft in 2005. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One
of the unique features of our fleet is that every seat in each of our aircraft is equipped with free LiveTV. An integral component of the system is the antenna, which is supplied to
us by EMS Technologies,&nbsp;Inc. If EMS were to stop supplying us with its antennas for any reason, we would have to incur significant costs to procure an alternate supplier. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We rely heavily on automated systems to operate our business and any failure of these systems could harm our business.</I></B></FONT></P>


<P><FONT SIZE=2>


&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We depend on automated systems to operate our business, including our computerized airline reservation system, our telecommunication systems and our website. Unlike many other airlines,
which issue traditional paper tickets to some of their passengers, we issue only electronic tickets. Our website and reservation system must be able to accommodate a high volume of traffic and deliver
important flight information. Substantial or repeated website, reservations system or telecommunication systems failures could reduce the attractiveness of our services and could cause our customers
to purchase tickets from another airline. Any disruption in these systems could result in the loss of important data, increase our expenses and generally harm our business.


</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our business could be harmed if we lose the services of our key personnel.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
business depends upon the efforts of our Chief Executive Officer, David Neeleman, our President and Chief Operating Officer, David Barger, and a small number of management and
operating personnel. We maintain key-man life insurance on Messrs.&nbsp;Neeleman and Barger, which may not be sufficient to cover the costs of recruiting and hiring a replacement chief
executive officer or president, much less the loss of their services. We may have difficulty replacing management or other key personnel who leave and, therefore, the loss of the services of any of
these individuals could harm our business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>6</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our lack of an established line of credit or borrowing facility makes us highly dependent upon our operating cash flows.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have no lines of credit, other than a short-term borrowing facility for certain aircraft predelivery deposits, and rely primarily on operating cash flows to provide
working capital. Unless we
secure a line of credit, borrowing facility or equity financing, we will be dependent upon our operating cash flows to fund our operations and to make scheduled payments on our debt and other fixed
obligations. If we fail to generate sufficient funds from operations to meet these cash requirements or are unable to secure a line of credit, other borrowing facility or equity financing, we could
default on our debt and other fixed obligations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>We could be subject to liability arising from claims or other actions relating to our handling of customer data.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through
our computerized reservation system, we are provided with and maintain data regarding our customers and their travel itineraries. Various federal and state laws and regulations
impose limitations on the dissemination of that information by us. In addition, we have adopted a privacy policy concerning our customer information gathering and dissemination practices, including
the protection of financial and personal information collected on our website. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning
in September&nbsp;2003, several lawsuits were commenced against us alleging various causes of action, including fraudulent misrepresentation, breach of contract, violation of
privacy rights, as well as violations of consumer protection statutes and federal electronic communications laws. These claims arose out of our providing access to limited customer data to a
government contractor in connection with a test project for military base security. Since the lawsuits are in the preliminary stages, we are unable to determine the impact they may have upon us. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our reputation and financial results could be harmed in the event of an accident or incident involving our aircraft.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
accident or incident involving one of our aircraft, or an aircraft containing LiveTV equipment, could involve significant potential claims of injured passengers or others in addition
to repair or replacement of a damaged aircraft and its consequential temporary or permanent loss from service. We are required by the DOT to carry liability insurance. Although we believe we currently
maintain liability insurance in amounts and of the type generally consistent with industry practice, the amount of such coverage may not be adequate and we may be forced to bear substantial losses
from an accident. Substantial claims resulting from an accident in excess of our related insurance coverage would harm our business and financial results. Moreover, any aircraft accident or incident,
even if fully insured, could cause a public perception that we are less safe or reliable than other airlines, which would harm our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our employment agreements with our FAA-licensed personnel provide that we can terminate these employees only for cause and, as a result, it may be
difficult to reduce our labor costs during an economic downturn, which could harm our business.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
employment agreements with our FAA-licensed personnel, including pilots, technicians and dispatchers, provide that these employees can be terminated only for cause. Each
employment agreement is for a term of five years and automatically renews for an additional five-year term unless either the employee or we elect not to renew it by giving notice at least
90&nbsp;days before the end of the relevant term. In the event of a downturn in our business, we are obligated to pay these employees a significant portion of their income and to continue their
benefits if they do not obtain other aviation employment. As a result, it may be difficult for us to reduce our labor costs during an economic downturn, and our inability to do so could harm our
business. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>7</FONT></P>

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<P><FONT SIZE=2><B>Risks Associated with the Airline Industry  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT SIZE=2><B><I>The airline industry has incurred significant losses resulting in airline restructurings and bankruptcies, which could result in changes
in our industry.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a result of slower general economic conditions, the lingering impact of the 2001 terrorist attacks and military action in Iraq, the airline industry has experienced a decline in
demand which has resulted in record financial losses. In response to the adverse financial results the industry has experienced, most airlines have taken actions in an effort to reduce losses, such as
reducing capacity and rationalizing fleet types, furloughing or terminating employees, limiting service offerings, renegotiating or attempting to renegotiate labor contracts and reconfiguring flight
schedules, as well as other efficiency and cost-cutting measures. Some airlines have reexamined their traditional business models and have created or plan to launch their own
low-fare operations. Despite these actions, financial losses have continued into 2004 and it is foreseeable that further airline reorganizations, bankruptcies or consolidations may occur,
the effects of which we are unable to predict. Even with these conditions, the airline industry has continued to add or restore capacity. We cannot assure you that the occurrence of these events, or
potential changes resulting from these events, will not harm our business or the industry. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>A future act of terrorism, the threat of such acts or escalation of U.S. military involvement overseas could adversely affect our
industry.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even
if not directed at the airline industry, a future act of terrorism, the threat of such acts or escalation of U.S. military involvement overseas could have an adverse effect on the
airline industry. In the event of a terrorist attack, the industry would likely experience significantly reduced demand. We cannot assure you that these actions, or consequences resulting from these
actions, will not harm our business or the industry. </FONT></P>



<UL>

<P><FONT SIZE=2><B><I> Continued high fuel costs would harm our business.

  </I></B></FONT></P>


</UL>




<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fuel costs constitute a substantial portion of our total operating expenses. There have been significant increases in fuel costs and continued high fuel costs or
further increases would harm our financial condition and results of operations. Historically, fuel costs have been subject to wide price fluctuations based on geopolitical issues and supply and
demand. Fuel availability is also subject to periods of market surplus and shortage and is affected by demand for both home heating oil and gasoline. Because of the effect of these events on the price
and availability of fuel, the cost and future availability of fuel cannot be predicted with any degree of certainty. In the event of a fuel supply shortage, further increased fuel prices or the
curtailment of scheduled service could result. Some of our competitors may have more leverage than we do in obtaining fuel. In addition, although we utilize a fuel hedging program, under which we
enter into crude oil option contracts and swap agreements to partially protect against significant increases in fuel prices, our fuel hedging program does not completely protect us against ordinary
course price increases and is limited in fuel volume and duration.

</FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Changes in government regulations imposing additional requirements and restrictions on our operations could increase our operating costs and result in service
delays and disruptions.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Airlines
are subject to extensive regulatory and legal requirements, both domestically and internationally, that involve significant compliance costs. In the last several years, Congress
has passed laws, and the DOT, FAA and the Transportation Security Administration, or TSA, have issued regulations relating to the operation of airlines that have required significant expenditures. We
expect to continue to incur expenses in connection with complying with government regulations. Additional laws, regulations, taxes and airport rates and charges have been proposed from time to time
that could significantly increase the cost of airline operations or reduce the demand for air travel. If adopted, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>8</FONT></P>

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<P><FONT SIZE=2>these
measures could have the effect of raising ticket prices, reducing revenue and increasing costs. We cannot assure you that these and other laws or regulations enacted in the future will not harm
our business. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B><I>Our insurance costs have increased substantially and further increases could harm our business.</I></B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
U.S. government provides coverage to domestic airlines for liabilities from claims resulting from acts of terrorism, war or similar events via authority granted to it under the
Homeland Security Act of 2002. The Emergency Wartime Supplemental Appropriations Act of 2003 required the government to extend these policies through August&nbsp;2004 and such coverage has been
further extended through December&nbsp;31, 2004. JetBlue has elected this coverage, with our current policies in effect until
December&nbsp;31, 2004. It is expected that should the government stop providing war risk coverage to the airline industry, the premiums charged by commercial aviation insurers for this coverage
will be substantially higher than the premiums currently charged by the government. Significant increases in insurance premiums could harm our financial condition and results of operations.
Additionally, the coverage that would be provided by these commercial aviation insurers could have substantially less desirable terms and might not be adequate to protect our risk of loss from future
acts of terrorism. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>9</FONT></P>

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<BR></FONT><FONT SIZE=2><B>USE OF PROCEEDS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pass through trustee(s) will use proceeds from the sale of pass through certificates to purchase equipment notes issued by us or an owner trustee secured by
aircraft. The equipment notes are or will be issued by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>one
or more owner trustees on a non-recourse basis to finance or refinance a portion of the purchase price of aircraft that have been or will be leased to us, or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>us
to finance or refinance all or a portion of the purchase price of aircraft owned or to be purchased by us. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through certificates will not represent interests in or obligations of JetBlue or any of our affiliates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each leased aircraft, the owner trustee will issue the related equipment notes, as nonrecourse obligations, and authenticated by a bank or trust company, as indenture trustee under
either a separate supplement to an existing trust indenture and security agreement between the owner trustee and the indenture trustee or a separate trust indenture and security agreement. Each trust
indenture and security agreement entered into by an owner trustee is referred to in this prospectus as a "Leased Aircraft Indenture." The owner trustee will also obtain a portion of the funding for
the leased aircraft from an equity investment of one or more owner participants. A leased aircraft may also be subject to other financing arrangements that will be described in the applicable
prospectus supplement. In connection with the refinancing of a leased aircraft, the owner trustee may refinance the existing
equipment notes through the issuance of notes by a separate trust, which will be described in the applicable prospectus supplement. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will issue the equipment notes relating to aircraft owned by us under either a separate supplement to an existing trust indenture and mortgage or a separate trust indenture and
mortgage. Each trust indenture and mortgage entered into by us is referred to in this prospectus as an "Owned Aircraft Indenture." The term "Indenture" refers to any Leased Aircraft Indenture and any
Owned Aircraft Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the pass through trustee does not use the proceeds of any offering of pass through certificates to purchase equipment notes on the date of issuance of the pass through certificates,
it will hold the proceeds for the benefit of the holders of the related pass through certificates under arrangements that we will describe in the applicable prospectus supplement. If the pass through
trustee does not subsequently use any portion of the proceeds to purchase equipment notes by the date specified in the applicable prospectus supplement, it will return that portion of the proceeds to
the holders of the related pass through certificates. In these circumstances, the prospectus supplement will describe how the proceeds of the pass through certificates will be held or applied
including any depositary or escrow arrangements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>10</FONT></P>

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<BR></FONT><FONT SIZE=2><B>RATIO OF EARNINGS TO FIXED CHARGES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth our ratio of earnings to fixed charges for each of the periods indicated. For purposes of calculating this ratio, earnings consist
of income (loss) before income taxes, plus fixed charges, less capitalized interest. Fixed charges include interest expense and the portion of rent expense representative of the interest factor. </FONT></P>




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<TR VALIGN="BOTTOM">
<TH COLSPAN=9 ALIGN="CENTER"><FONT SIZE=1><B>Year Ended December 31,</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>Nine Months<BR>
Ended September&nbsp;30,</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TH WIDTH="8%" ALIGN="CENTER"><FONT SIZE=1><B>1999(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="7%" ALIGN="CENTER"><FONT SIZE=1><B>2000(1)</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2001</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2002</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="5%" ALIGN="CENTER"><FONT SIZE=1><B>2003</B></FONT><HR NOSHADE></TH>
<TH WIDTH="10%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="20%" ALIGN="CENTER"><FONT SIZE=1><B>2004</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="8%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="7%" ALIGN="CENTER"><FONT SIZE=2>&#151;</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>1.9x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>2.7x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%" ALIGN="RIGHT"><FONT SIZE=2>3.2x</FONT></TD>
<TD WIDTH="10%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="20%" ALIGN="RIGHT"><FONT SIZE=2>1.9x</FONT></TD>
</TR>
</TABLE>

<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>Earnings
were inadequate to cover fixed charges by $14.2&nbsp;million and $26.0&nbsp;million for the years ended December&nbsp;31, 1999 and 2000, respectively. </FONT></DD></DL>
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cu8338_outline_of_pass_through_trust_structure"> </A>
<A NAME="toc_cu8338_3"> </A>
<BR></FONT><FONT SIZE=2><B>OUTLINE OF PASS THROUGH TRUST STRUCTURE    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each series of pass through certificates will be issued by a separate pass through trust. Each separate pass through trust will be formed under a separate Pass
Through Trust Agreement between us and the pass through trustee named therein. All pass through certificates issued by a particular pass through trust will represent fractional undivided interests in
that pass through trust. The trust property held in each pass through trust will consist of (a)&nbsp;equipment notes issued by us in connection with financing or refinancing the purchase of one or
more aircraft, or (b)&nbsp;equipment notes issued by one or more owner trustees in connection with the financing or refinancing one or more leveraged lease transactions, as specified in the
applicable prospectus supplement, and (c)&nbsp;any other property described in the applicable prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
or the owner trustee, acting for a trust, may issue one or more equipment notes in connection with the financing or refinancing of an aircraft or leveraged lease transaction. The
equipment notes may have different interest rates and final maturity dates and rankings of priority of payment. Concurrently with the execution and delivery of each Pass Through Trust Agreement, the
pass through trustee, on behalf of the related pass through trust, will enter into one or more agreements under which it will purchase or agree to purchase one or more equipment notes. Unless
otherwise provided in a prospectus supplement, the equipment notes that constitute the property of a pass through trust will have the same interest rates as the interest rates stated on the pass
through certificates issued by the
pass through trust and the same priority of payment relative to each of the other equipment notes held by the pass through trust. Unless otherwise provided in a prospectus supplement, the latest
maturity date for the equipment notes will occur on or before the final distribution date applicable to the pass through certificates issued by the pass through trust holding those equipment notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each pass through trust, the total initial face amount of the pass through certificates will equal the total initial principal amount of the equipment notes constituting the trust
property of the pass through trust, unless otherwise specified in the applicable prospectus supplement. The pass through trustee will distribute payments of principal, any premium and interest
received by it as holder of the equipment notes to the certificateholders of the pass through trust that hold those equipment notes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cu8338_flow_of_payments"> </A>
<A NAME="toc_cu8338_4"> </A>
<BR></FONT><FONT SIZE=2><B>FLOW OF PAYMENTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each pass through trust may hold equipment notes relating to more than one aircraft. A prospectus supplement will describe the number of aircraft included in each
offering and the interest rates, final maturity dates and rankings of priority in respect of payment of the equipment notes held by each pass through trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
a leveraged leased aircraft transaction, we will lease each aircraft from the owner trustee under a separate lease. Each such lease is referred to in this prospectus as a "Lease." We
will make </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>11</FONT></P>

<HR NOSHADE>
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<BR>

<P><FONT SIZE=2>scheduled
rent payments for each aircraft under the Lease. As a result of the assignment under the related Leased Aircraft Indenture of specified rights of the owner trustee under the Lease, we will
make the rent payments directly to the indenture trustee under the related Leased Aircraft Indenture. From these rent payments, the indenture trustee will pay to the pass through trustee the interest,
principal and any premium due from the owner trustee on the equipment notes issued under the related Leased Aircraft Indenture and held in the related pass through trust. After the indenture trustee
has made the payments on the equipment notes then due, the indenture trustee will pay the remaining balance to the owner trustee for the benefit of the related owner participant. The pass through
trustee for each pass through trust will distribute to the related certificateholders payments received on the equipment notes held in the pass through trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
an owned aircraft transaction, we will make scheduled payments on the equipment notes relating to each aircraft to the indenture trustee. From these payments, the indenture trustee
will pay to the pass through trustee for each pass through trust the interest, principal and any premium due on the equipment notes issued under the related Owned Aircraft Indenture and held in the
related pass through trust. The pass through trustee will distribute to the related certificateholders payments received on the equipment notes held in the pass through trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, this description generally assumes that, on or before the date of the sale of any series of pass through certificates, the related aircraft shall have been delivered and the
ownership or lease financing arrangements for such aircraft shall have been put in place. However, it is possible that some or all of the aircraft related to a particular offering of pass through
certificates may be subject to delayed aircraft financing arrangements. In the event of any delayed aircraft financing arrangements, some terms of the pass through certificates will differ from the
terms described in this prospectus. The applicable prospectus supplement will reflect the material differences arising from delayed aircraft financing arrangements. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>12</FONT></P>

<HR NOSHADE>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cu8338_description_of_the_certificates"> </A>
<A NAME="toc_cu8338_5"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF THE CERTIFICATES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion that follows is a summary of the terms of the pass through certificates that we expect will be common to all series and is not complete. The
applicable prospectus supplement will describe most of the financial terms and other specific terms of a particular series of pass through certificates. The summary includes descriptions of the
material terms of the Pass Through Trust Agreements. The form of Pass Through Trust Agreement has been filed as an exhibit to the registration statement of which this prospectus is a part. The Pass
Through Trust Agreements relating to each series of pass through certificates and the forms of Indentures, Note Purchase Agreements, if any, Participation Agreements, Leases, if the pass through
certificates relate to a leased aircraft transaction, intercreditor agreement, if any, liquidity facility, if any, Trust Agreements and Collateral Agreements, if any, will be filed with the SEC as
exhibits to a post-effective amendment to the registration statement of which this prospectus is a part, a Current Report on Form&nbsp;8-K, a Quarterly Report on
Form&nbsp;10-Q or an Annual Report on Form&nbsp;10-K, as applicable, and this summary is qualified in its entirety by the detailed information appearing in each of these
documents. This summary makes use of terms defined in and is qualified in its entirety by reference to the Pass Through Trust Agreements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
prospectus supplement will include a glossary of terms used in connection with the pass through certificates offered thereby and the related equipment notes. The applicable
prospectus supplement will describe the particular terms of the Indentures, the pass through certificates, the Leases and the Participation Agreements relating to any particular offering of pass
through certificates. To the extent that any provision in any prospectus supplement is inconsistent with any provision of this summary, the provision of the prospectus supplement will control. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through certificates of each pass through trust will be issued in fully registered form only. Each pass through certificate will represent a fractional undivided interest in the
separate pass through trust formed by the related Pass Through Trust Agreement under which that pass through certificate is issued. The property of each pass through trust will include (1)&nbsp;the
equipment notes and any other
property described in the applicable prospectus supplement held in that pass through trust, (2)&nbsp;all monies at any time paid on the equipment notes and the other property held in that pass
through trust, (3)&nbsp;all monies due and to become due on the equipment notes and the other property held in the pass through trust and (4)&nbsp;funds from time to time deposited with the pass
through trustee in accounts relating to that pass through trust. If specified in a prospectus supplement, the property of a pass through trust will also include rights under an intercreditor agreement
relating to cross-subordination arrangements and monies receivable under a liquidity facility. Each pass through certificate will represent a pro rata share of the outstanding principal amount of the
equipment notes and other property held in the related pass through trust and will be issued, unless otherwise specified in a prospectus supplement, in minimum denominations of $1,000 and integral
multiples of $1,000 in excess of $1,000. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus supplement will describe the specific series of pass through certificates offered by that prospectus supplement, including: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
specific designation and title of the pass through certificates and the pass through trust;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>the
pass through trustee for that series of pass through certificates;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>the
regular distribution dates and special distribution dates for the pass through certificates and any cut-off date for the purchase of an aircraft;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>whether
the pass through certificates will be issued in accordance with a book-entry system;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>a
description of:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
equipment notes to be purchased by that pass through trust, including the period(s) within which, the price(s) at which, and the terms and conditions upon which the </FONT></DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>13</FONT></P>

<HR NOSHADE>
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<UL>
<UL>
<UL>

<P><FONT SIZE=2>equipment
notes may or must be repaid in whole or in part, by us or the related owner trustee; </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>the
payment priority of the equipment notes in relation to any other equipment notes issued with respect to the related aircraft;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>any
additional security or liquidity facilities for the pass through certificates;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>any
intercreditor issues among the holders of equipment notes having different priorities;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(e)</FONT></DT><DD><FONT SIZE=2>any
provisions for defeasance or covenant defeasance; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(f)</FONT></DT><DD><FONT SIZE=2>any
arrangements for the investment or other use of proceeds of the pass through certificates prior to the purchase of equipment notes, and any arrangements relating to any delayed
aircraft financing arrangements;
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>a
description of the related aircraft, including whether the aircraft is a leased aircraft or an owned aircraft;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>a
description of the related Participation Agreement or Note Purchase Agreement and Indenture, including a description of events of default under the Indenture, remedies exercisable
upon the occurrence of an event of default and any limitations on the exercise of remedies;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>if
the pass through certificates relate to leased aircraft, a description of the related Lease, Trust Agreement and any Collateral Agreement, including:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>the
name of the owner trustee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>a
description of the events of default under the Lease, remedies exercisable upon the occurrence of an event of default and any limitations on the exercise of remedies; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>any
rights of the owner trustee or owner participant to cure failures of JetBlue to pay rent under the Lease;
<BR><BR></FONT></DD></DL>
</DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(9)</FONT></DT><DD><FONT SIZE=2>the
extent, if any, to which the provisions of the operative documents applicable to the equipment notes may be amended without the consent of the holders of the equipment notes, or
upon the consent of the holders of a specified percentage of the total principal amount of the equipment notes;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(10)</FONT></DT><DD><FONT SIZE=2>a
description of the related Indenture;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(11)</FONT></DT><DD><FONT SIZE=2>a
description of any intercreditor or subordination provisions among the holders of pass through certificates, including any cross-subordination provisions among the holders of pass
through certificates in separate pass through trusts and purchase rights of subordinated holders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(12)</FONT></DT><DD><FONT SIZE=2>a
description of any deposit or escrow agreement, any liquidity or revolving credit facility or other like arrangement providing collateralization, credit support or liquidity
enhancement for any series of pass through certificates or any class of equipment notes; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(13)</FONT></DT><DD><FONT SIZE=2>any
other special terms of the pass through certificates. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equipment notes issued under an Indenture may be held in more than one pass through trust and any pass through trust may hold equipment notes issued under more than one Indenture.
Unless otherwise provided in a prospectus supplement, a pass through trust may only hold equipment notes having the same priority of payment. Equipment notes that have the same priority of payment are
referred to as a "class." </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>14</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
will be passed through to certificateholders of each pass through trust at the rate payable on the equipment notes held in the pass through trust, as specified for the pass
through trust in the related prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through certificates represent interests in the related pass through trust only and all payments and distributions will be made only from the trust property of the pass through
trust. The pass through certificates do not represent an interest in or obligation of ours, the pass through trustee, any owner participant, the owner trustee in its individual capacity or any
affiliate of any of them. Each certificateholder by its acceptance of a pass through certificate agrees to look solely to the income and proceeds from the trust property of the related pass through
trust as specified in the related Pass Through Trust Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pass Through Trust Agreements and the Indentures will not contain any debt covenants or provisions that would give certificateholders protection in the event of a highly leveraged
transaction involving us. However, the holders of pass through certificates will benefit indirectly from a lien on the specific aircraft securing the related equipment notes held in the related pass
through trust. </FONT></P>

<P><FONT SIZE=2><B>Denominations, Registration and Transfer  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, distributions with respect to the pass through certificates will be made, and the transfer of pass through
certificates will be registerable, at the office or agency to be maintained by the pass through trustee in Wilmington, Delaware, and at any other office or agency maintained by the pass through
trustee for this purpose. We will issue pass through certificates in fully registered form, unless otherwise indicated in a prospectus supplement. Unless we tell you otherwise in a prospectus
supplement, we will issue pass through certificates denominated in U.S. dollars only in denominations of $1,000 and integral multiples of $1,000 in excess of $1,000. We will specify in the prospectus
supplement the denominations of any pass through certificates we issue denominated in a foreign or composite currency. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will exchange pass through certificates of any series for other pass through certificates of the same series, principal amount and final expected distribution date. You may present
pass through certificates, other than a global security, for registration of transfer, with the form of transfer properly signed, at the office of the registrar or of any transfer agent designated by
the pass through trustee for this purpose for any series of pass through certificates and referred to in a prospectus supplement. The registrar or the transfer agent will effect the transfer or
exchange when it is satisfied with the documents of title and identity of the person making the request. Each Pass Through Trust Agreement designates the pass through trustee as the registrar for the
pass through certificates issued under such Pass Through Trust Agreement. If a prospectus supplement refers to any transfer agent in addition to the registrar for any series of pass through
certificates, the pass through trustee may at any time rescind the designation of any transfer agent or approve a change in the location through which any transfer agent acts. The pass through trustee
must maintain a transfer agent in each place of payment for that series. The pass through trustee may at any time designate additional transfer agents with respect to any series of pass through
certificates. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
service charge will be made for any registration of transfer or exchange of the pass through certificates, but the pass through trustee may require payment of any amount needed to
cover any tax or other governmental charge imposed in connection with the transfer or exchange. </FONT></P>

<P><FONT SIZE=2><B>Payments and Paying Agents  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, the pass through trustee will distribute the amounts on deposit in the applicable certificate account
(1)&nbsp;by check mailed to the address of each certificateholder of record of that series on the record date with respect to a regular distribution date as it appears in the register or
(2)&nbsp;by wire transfer to an account maintained by the nominee of the depositary holding global securities representing such pass through certificates. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>15</FONT></P>

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<P><FONT SIZE=2><A
NAME="page_cw8338_1_16"> </A> </FONT> <FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, the pass through trustee will serve as paying agent and the corporate trust office of the pass through trustee will be designated
as the paying agent office for payments with respect to pass through certificates. We will name in a prospectus supplement any paying agent outside the United States and any other paying agent in the
United States initially designated by the pass through trustee for the pass through certificates. The pass through trustee may at any time designate additional paying agents or rescind the designation
of any paying agent or approve a change in the office through which any paying agent acts. The pass through trustee will be required to maintain a paying agent in each place of payment for that
series. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through trustee will repay to the appropriate indenture trustees all moneys held by the pass through trustee for the payment of distributions that remain unclaimed at the end of
two years after the final distribution date for the pass through certificates. The pass through trustee will give written notice of the repayment to us. </FONT></P>

<P><FONT SIZE=2><B>Book-Entry Securities  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless we provide otherwise in a prospectus supplement, the pass through certificates will be represented by one or more fully registered certificates. These
certificates are called "global securities." Each global security will be deposited with a depositary. The depositary will initially be The Depository Trust Company. Each global security will be
registered in the name of the depositary or its nominee. Except in the circumstances described in "Certificated Form" below, no certificateholder will receive a certificated pass through certificate.
If the total principal amount of any issue of pass through certificates exceeds $400&nbsp;million, one certificate will be issued for each $400&nbsp;million of principal amount and an additional
certificate will be issued for any remaining principal amount of that issue. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Depository Trust Company or "DTC" is a limited-purpose trust company organized under the New York Banking Law. It is a "banking organization" within the meaning of the New York
Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered under the provisions of
Section&nbsp;17A of the Exchange Act. DTC holds securities that its participants deposit with it. DTC also facilitates the settlement among participants of securities transactions, such as transfers
and pledges, in deposited securities through electronic computerized book-entry changes in participants' accounts, which eliminates the need for physical movement of securities
certificates. Direct participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. A number of DTC's direct participants and the
New York Stock Exchange,&nbsp;Inc., the American Stock Exchange,&nbsp;Inc. and the National Association of Securities Dealers,&nbsp;Inc. own DTC. Other persons, such as securities brokers and
dealers, banks and trust companies that clear through or
maintain a custodial relationship with a direct participant, have access to DTC's book-entry system, either directly or indirectly. These other entities are referred to as "indirect
participants." The rules applicable to DTC and its participants are on file with the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases
of pass through certificates under the DTC system must be made by or through direct participants. Direct participants will receive a credit for the pass through certificates on
DTC's records. The ownership interest of each actual purchaser of each pass through certificate will be recorded on the direct and indirect participants' records. Each actual purchaser is referred to
as a "beneficial owner." Beneficial owners will not receive written confirmation from DTC of their purchase, but beneficial owners are expected to receive written confirmations providing details of
the transaction and periodic statements of their holdings, from the direct or indirect participant through which the beneficial owner entered into the transaction. Transfers of ownership interests in
the pass through certificates will be accomplished by entries made on the books of participants acting on behalf of beneficial owners. Beneficial owners will not receive certificates representing
their ownership interests in pass through certificates, except if the use of the book-entry system for the pass through certificates is discontinued. The laws of some states require that
certain purchasers of securities take physical </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>16</FONT></P>

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<P><FONT SIZE=2>delivery
of securities in definitive form. These limits and laws may impair the ability to transfer beneficial interests in the global security. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
long as the depositary for the global security, or its nominee, is the registered owner of the global security, it will be considered the sole owner or holder of the pass through
certificates represented by the global security. Except as provided below, owners of beneficial interests in pass through certificates represented by the global security will not be entitled to have
pass through certificates represented by the global security registered in their names, will not receive or be entitled to receive physical delivery of pass through certificates in definitive form and
will not be considered the owners or holders of the pass through certificates under the Pass Through Trust Agreement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
facilitate subsequent transfers, all pass through certificates deposited by participants with DTC are registered in the name of DTC's partnership nominee, Cede&nbsp;&amp; Co. The
deposit of pass through certificates with DTC and their registration in the name of Cede&nbsp;&amp; Co. causes no change in the beneficial ownership of the pass through certificates. DTC has no
knowledge of the actual beneficial owners of the pass through certificates; its records reflect only the identity of the direct participants to whose accounts the pass through certificates are
credited, which may or may not be the beneficial owners. The participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other
communications by DTC to direct participants, by direct participants to indirect participants and by direct participants and indirect participants to beneficial owners will be governed by arrangements
among them. These arrangements are subject to any applicable statutory or regulatory requirements. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither
DTC nor Cede&nbsp;&amp; Co. will consent or vote with respect to pass through certificates. Under its usual procedures, DTC mails an omnibus proxy to the pass through trustee as
soon as possible after the record date. The omnibus proxy assigns Cede&nbsp;&amp; Co.'s consenting or voting rights to those direct participants to whose accounts the pass through certificates are
credited on the record date. Those direct participants will be identified in a listing attached to the omnibus proxy. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through trustee or a paying agent, which may also be the pass through trustee, will make distributions with respect to the pass through certificates represented by the global
security to the depositary as the registered owner of the global security. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
expect that the depositary upon receipt of any distribution will credit direct participants' accounts with payments in amounts proportionate to their respective beneficial interests
in the global security for the related pass through certificates as shown on the records of the depositary. We also expect that payments by participants to beneficial owners will be governed by
standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in "street name". The participants, and not DTC, the
paying agent, the pass through trustee, the indenture trustee, the owner trustee or us, will be responsible for payments to the beneficial owners. The pass through trustee is responsible for the
payment of distributions with respect to the global security to DTC. DTC is responsible for the disbursement of these payments to direct participants. The direct and indirect participants are
responsible for the disbursement of these payments to the beneficial owners. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the depositary with respect to a global security is at any time unwilling or unable to continue as depositary and a successor depositary is not appointed within 90&nbsp;days, the
pass through trustee will issue pass through certificates in certificated form in exchange for the pass through certificates represented by the global security. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information in this section concerning the depositary and the depositary's book-entry system has been obtained from sources that we believe to be reliable, but we take no
responsibility for the accuracy of the information. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>17</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to holding pass through certificates through participants or indirect participants of DTC in the United States as described above, you may hold your pass through certificates
through Clearstream or Euroclear in Europe if they are participants of these systems, or indirectly through organizations which are participants in these systems. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearstream
and Euroclear will hold omnibus positions on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their
respective depositaries which in turn will hold these positions in customers' securities accounts in the depositaries names on the books of DTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfers
between Clearstream participants and Euroclear participants will occur in accordance with their respective rules and operating procedures. Cross-market transfers between
persons holding directly or indirectly through DTC, on the one hand, and directly or indirectly through Clearstream participants or Euroclear participants, on the other hand, will be effected in DTC
in accordance with DTC rules on behalf of the relevant European international clearing systems by its depositary. Cross-market transactions will require delivery of instructions to the relevant
European international clearing system by the counterparty in this system in accordance with its rules and procedures and within its established deadlines (European time). If the transaction meets its
settlement requirements, the relevant European international clearing system will deliver instructions to its depositary to take action to effect final settlement on its behalf by delivering or
receiving pass through certificates in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Clearstream participants
and Euroclear participants may not deliver instructions directly to the depositaries. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of time-zone differences, credits of pass through certificates received in Clearstream or Euroclear as a result of a transaction with a DTC participant will be made
during subsequent securities settlement processing and dated the business day following the DTC settlement date. These credits or any transactions in the pass through certificates settled during the
securities settlement processing will be reported to the relevant Euroclear or Clearstream participants on the business day following the DTC settlement date. Cash received in Clearstream or Euroclear
as a result of sales of pass through certificates by or through a Clearstream participant or a Euroclear participant to a DTC participant will be received with value on the DTC settlement date but
will be available in the relevant Clearstream or Euroclear cash account only as of the business day following settlement in DTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearstream
is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participating organizations and facilitates the clearance and
settlement of securities transactions between Clearstream participants through electronic book-entry changes in accounts of Clearstream participants, which eliminates the need for physical
movement of certificates. Transactions may be settled in Clearstream in any of 28 currencies, including United States dollars. Clearstream provides to Clearstream participants, among other things,
services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several
countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Monetary Institute. Clearstream participants are recognized financial institutions around the world,
including securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations and may include the underwriters. Indirect access to Clearstream is also
available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream participant, either directly or indirectly. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Euroclear
was created in 1968 to hold securities for participants of Euroclear and to clear and settle transactions between Euroclear participants through simultaneous electronic
book-entry delivery against payment, eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Transactions may
now be settled in any of 29 currencies, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>18</FONT></P>

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<P><FONT SIZE=2>including
United States dollars. Euroclear includes various other services, including securities lending and borrowing and interfaces with domestic markets in several countries generally similar to
the arrangements for cross-market transfers with DTC described above. Euroclear is operated by Euroclear Bank S.A./N.V. (the "Euroclear Operator"), under contract with Euro-clear Clearance
System S.C., a Belgian cooperative corporation (the "Cooperative"). All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts
are accounts with the Euroclear Operator, not the Cooperative. The Cooperative establishes policy for Euroclear on behalf of Euroclear participants. Euroclear participants include banks (including
central banks), securities brokers and dealers and other professional financial intermediaries and may include the underwriters. Indirect access to Euroclear is also available to other firms that
clear through or maintain a custodial relationship with a Euroclear participant, either directly or indirectly. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Euroclear Operator was launched on December&nbsp;31, 2000, and replaced Morgan Guaranty Trust Company of New York as the operator of and banker to the Euroclear System. The
Euroclear Operator has capital of approximately Euro 1&nbsp;billion. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System and applicable Belgian law govern securities clearance accounts and cash
accounts with the Euroclear Operator. These terms and conditions govern transfers of securities and cash with Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments
with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear
Operator acts under the terms and conditions only on behalf of Euroclear participants, and has no record of or relationship with persons holding through Euroclear participants. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions
with respect to pass through certificates held through Clearstream or Euroclear will be credited to the cash accounts of Clearstream participants or Euroclear participants
in accordance with the relevant system's rules and procedures, to the extent received by its depositary. These distributions will be subject to tax reporting in accordance with relevant United States
tax laws and regulations. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clearstream
or the Euroclear Operator, as the case may be, will take any other action permitted to be taken by a certificateholder under the Pass Through Trust Agreement or any other
related document on behalf of a Clearstream participant or Euroclear participant only in accordance with its relevant rules and procedures and subject to its depositary's ability to effect action on
its behalf through DTC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although
DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of pass through certificates among participants of DTC, Clearstream and
Euroclear, they are under no obligation to perform or continue to perform these procedures and these procedures may be discontinued at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
as required by law, neither JetBlue, the pass through trustee nor the paying agent will have any liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests of the pass through certificates of any series held by Cede&nbsp;&amp; Co. by Clearstream or by Euroclear in Europe, or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests. </FONT></P>

<P><FONT SIZE=2><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificated Form.</I></FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;The pass through trustee will issue certificates in fully registered, certificated form to
certificateholders, or their nominees, rather than to DTC or its nominee, only if we advise the pass through trustee in writing that DTC is no longer willing or able to discharge properly its
responsibilities as depositary with respect to the pass through certificates and we are unable to locate a qualified successor or if we, at our option, elect to terminate the book-entry
system through DTC or, after the occurrence of an event of default under the Pass Through Trust Agreement, the certificateholders evidencing fractional undivided interest together representing not
less than a majority </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>19</FONT></P>

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<P><FONT SIZE=2>in
interest in such pass through trust may advise us, the Pass Through Trustee and DTC that the continuation of a book-entry system is no longer in the best interest of the
certificateholders. In this event, the pass through trustee will notify all certificateholders through DTC participants of the availability of certificated pass through certificates. Upon surrender by
DTC of the global security representing the series of pass through certificates and receipt of instructions for reregistration, the pass through trustee will reissue the pass through certificates in
certificated form to certificateholders or their nominees. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates
in certificated form will be freely transferable and exchangeable at the office of the pass through trustee upon compliance with the requirements set forth in the relevant
Pass Through Trust Agreement. </FONT></P>

<P><FONT SIZE=2><B>Payments and Distributions  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will make scheduled payments of interest and principal on the equipment notes related to owned aircraft to the indenture trustee under the related Owned
Aircraft Indenture. The indenture trustee will distribute these interest and principal payments to the pass through trustee for each of the pass through trusts that hold these equipment notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
commencement of the Lease for any leased aircraft, we will make scheduled rent payments for each leased aircraft under the related Lease to the indenture trustee as assignee of the
related owner trustee. These scheduled rent payments to the indenture trustee under the related Leased Aircraft Indenture will provide the funds necessary to make the corresponding payments of
principal and interest due from the owner trustee on the equipment notes issued under such Leased Aircraft Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the effect of any cross-subordination provisions set forth in the applicable prospectus supplement, the pass through trustee will distribute payments of principal, any premium
and interest on the equipment notes held in each pass through trust, upon receipt, to certificateholders of that pass through trust on the dates and in the currency specified in the applicable
prospectus supplement, except in cases when some or all of the equipment notes are in default as described in the applicable prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments
of interest and principal on the equipment notes held in each pass through trust will be scheduled to be received by the pass through trustee on the dates specified in a
prospectus supplement. These scheduled payments of interest and principal on the equipment notes are referred to as "scheduled payments." The dates specified for distributions of scheduled payments to
the pass through trustee in a prospectus supplement are referred to as "regular distribution dates." Subject to the effect of any cross-subordination provisions described in a prospectus supplement,
for each pass through trust, the pass through trustee will distribute on each regular distribution date to the related certificateholders any scheduled payment received by the pass through trustee on
the regular distribution date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the pass through trustee does not receive a scheduled payment on or before a regular distribution date but receives the scheduled payment within ten business days after the regular
distribution date, the pass through trustee will distribute the scheduled payment to the certificateholders on the date received. The pass through trustee will make each distribution of a scheduled
payment to the certificateholders of record on the fifteenth day prior to each regular distribution date, subject to any exceptions specified in a prospectus supplement. Subject to the effect of any
cross-subordination provisions described in the applicable prospectus supplement, each certificateholder will be entitled to receive a pro rata share of any distribution. If the pass through trustee
receives a scheduled payment more than ten business days after a regular distribution date, it will be treated as a special payment and will be distributed as described in the next paragraph. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>20</FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any pass through trust, any payments of principal, any premium or interest, other than scheduled payments, received by the pass through trustee with respect to any of the equipment
notes held in the pass through trust or the collateral securing such equipment notes will be distributed on the special distribution dates specified in a prospectus supplement. These payments are
referred to as "special
payments." Prior to the distribution of any special payment for a pass through trust, the pass through trustee will notify the certificateholders of record of that pass through trust of the special
payment and the anticipated special distribution date. The pass through trustee will make each distribution of a special payment, other than the final distribution, for any pass through trust to the
certificateholders of record on the fifteenth day prior to the special distribution date, unless otherwise specified in a prospectus supplement. Subject to the effect of any cross-subordination
provisions set forth in a prospectus supplement, each certificateholder will be entitled to receive a pro rata share of any distribution of a special payment. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any distribution date is not a business day, distributions scheduled to be made on that distribution date will be made on the next business day and, unless otherwise provided in a
prospectus supplement, without additional interest. </FONT></P>

<P><FONT SIZE=2><B>Pool Factors  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The "pool factor" for any pass through trust will decline in proportion to the scheduled repayments of principal on the equipment notes held in a pass through
trust as described in a prospectus supplement. However, if any equipment notes held in a pass through trust have been prepaid, a scheduled repayment of principal on the equipment notes has not been
made or specified actions have been taken following a default on the equipment notes, the pool factor and the pool balance of the pass through trust will be recomputed after giving effect to that
event and notice of the new computation will be mailed to the certificateholders of that pass through trust. Each pass through trust will have a separate pool factor. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise described in a prospectus supplement, the "pool balance" for each pass through trust indicates, as of any date, the total original face amount of the pass through
certificates less the total amount of all payments made in respect of the pass through certificates other than payments of interest or premium on the pass through certificates or reimbursement of any
costs or expenses incurred in connection with the pass through certificates. The pool balance for each pass through trust as of any distribution date will be computed after giving effect to the
payment of principal, if any, on the equipment notes or other trust property held in that pass through trust and the distribution of principal being made on that date. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise described in a prospectus supplement, the "pool factor" for each pass through trust as of any distribution date is the quotient (rounded to the seventh decimal place)
computed by dividing (1)&nbsp;the pool balance, by (2)&nbsp;the total original face amount of the pass through certificates of the pass through trust. The pool factor for each pass through trust
as of any distribution date will be computed after giving effect to the payment of principal, if any, on the equipment notes held in the pass through trust and the distribution of principal being made
on that date. The pool factor for each pass through trust will initially be 1.0000000; the pool factor for each pass through trust will decline as described above to reflect reductions in the pool
balance of the pass through trust. For any pass through trust, the amount of any certificateholder's pro rata share of the pool balance of the pass through trust can
be determined by multiplying the original denomination of the certificateholder's pass through certificate by the pool factor for the pass through trust as of the applicable distribution date. </FONT></P>


<P><FONT SIZE=2><B>Reports to Certificateholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each distribution date for a pass through trust, the pass through trustee will include with each distribution of a scheduled payment or special payment to
certificateholders of record a statement, </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>21</FONT></P>

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<P><FONT SIZE=2>giving
effect to the distribution being made on that distribution date. The statement will provide the following information (per $1,000 in aggregate amount of pass through certificates for the pass
through trust, as to (1)&nbsp;and (2)&nbsp;below): </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
amount of the distribution allocable to principal and allocable to premium, if any;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>the
amount of the distribution allocable to interest; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>the
pool balance and the pool factor for that pass through trust. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
long as the pass through certificates of any related pass through trust are registered in the name of Cede&nbsp;&amp; Co., as nominee for DTC, on the record date prior to each
distribution date, the pass through trustee will request that DTC post on its Internet bulletin board a securities position listing that provides the names of all DTC participants reflected on DTC's
books as holding interests in the pass through certificates of the related pass through trust on that record date. On each distribution date, the pass through trustee will mail to DTC and each
participant the statement described above. The pass through trustee will also make available additional copies as requested by the DTC participant, to be available for forwarding to
certificateholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, after the end of each calendar year, the pass through trustee will prepare and deliver to each certificateholder of each pass through trust at any time during the preceding
calendar year a report containing the sum of the amounts of principal, any premium and interest with respect to each pass through trust for that calendar year or, if that person was a
certificateholder during a portion of
that calendar year, for the applicable portion of that calendar year. The pass through trustee will prepare this report on the basis of information supplied to the pass through trustee by the DTC
participants, and the pass through trustee will deliver this report to the DTC participants to be available for forwarding by the DTC participants to certificateholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
pass through certificates of a pass through trust are issued in certificated form, the related pass through trustee will prepare and deliver the information described above to each
certificateholder of record of the pass through trust as the name of the certificateholder appears on the records of the registrar for the pass through trust. </FONT></P>


<P><FONT SIZE=2><B>Voting of Equipment Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the effect of any cross-subordination and intercreditor provisions described in a prospectus supplement, the pass through trustee, as holder of the
equipment notes held in each pass through trust, has the right to vote and give consents and waivers in respect of those equipment notes under the related Indentures. The Pass Through Trust Agreement
describes: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
circumstances in which the pass through trustee will direct any action or cast any vote as the holder of the equipment notes held in the applicable pass through trust at
its own discretion;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>the
circumstances in which the pass through trustee will seek instructions from the certificateholders of that pass through trust; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>if
applicable, the percentage of certificateholders required to direct the pass through trustee to take any action. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior
to an event of default with respect to any pass through trust, the principal amount of the equipment notes held in that pass through trust directing any action or being voted for
or against any proposal will be in proportion to the principal amount of pass through certificates held by the certificateholders of that pass through trust taking the corresponding position. If
specified in a prospectus supplement, the right of the pass through trustee to vote and give consents and waivers with respect to the equipment notes held in the related pass through trust may, in the
circumstances provided in an intercreditor agreement to be executed by the pass through trustee, be exercisable by another person specified in the prospectus supplement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>22</FONT></P>

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<P><FONT SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplement will specify the pass through trustee's obligations if the pass through trustee, as the holder of any equipment notes held in a pass through trust, receives a
request for its consent to any amendment or modification of or waiver under the Indenture or other documents relating to the equipment notes, including any Lease. </FONT></P>

<P><FONT SIZE=2><B>Events of Default and Certain Rights Upon an Event of Default  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pass Through Trust Agreements define an event of default for any pass through trust as the occurrence and continuance of an event of default under one or more
of the related Indentures. What constitutes an event of default for a particular pass through trust may be varied by the applicable Pass Through Trust Agreement and described in the applicable
prospectus supplement. The applicable prospectus supplement will describe the indenture events of default under the Indentures and will include events of default under the related Leases for leased
aircraft. If any equipment notes are supported by a liquidity facility or other credit enhancement arrangement, the events of default or indenture events of default may include events of default under
the liquidity facility or other credit enhancement arrangement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
the equipment notes outstanding under an Indenture may be held in more than one pass through trust, a continuing indenture event of default under one Indenture would result in an
event of default with respect to each pass through trust that holds equipment notes issued under such Indenture. All the equipment notes issued under the same Indenture will relate to a specific
aircraft. There will be no cross-collateralization or cross-default provisions in the Indentures, unless otherwise specified in a prospectus supplement. Consequently, unless otherwise provided in a
prospectus supplement, events resulting in an indenture event of default under any particular Indenture will not necessarily result in an indenture event of default occurring under any other
Indenture. If an indenture event of default occurs in fewer than all of the Indentures related to a pass through trust, the equipment notes issued under the related Indentures with respect to which an
indenture event of default has not occurred will continue to be held in the pass through trust and the pass through trustee will continue to distribute payments of principal of, and any premium and
interest on, the equipment notes to the certificateholders of the pass through trust as originally scheduled, subject to the terms of any intercreditor, subordination or similar arrangements
applicable to that pass through trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
each Leased Aircraft Indenture, the related owner trustee and the owner participant will have the right under some circumstances to cure an indenture event of default that results
from the occurrence of a lease event of default under the related Lease. If the owner trustee or the owner participant chooses to exercise its cure right, the indenture event of default and
consequently the event of default under any pass through trust holding the related equipment notes will be deemed to be
cured. The prospectus supplement will contain a more detailed discussion of the rights to cure defaults and the effects of the exercise of those rights. Unless otherwise provided in a prospectus
supplement, in the case of any pass through certificates or equipment notes entitled to the benefits of a liquidity facility or similar arrangement, a drawing under any liquidity facility or
arrangement for the purpose of making a payment of interest as a result of our failure to have made a corresponding payment will not cure an indenture event of default related to our failure. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
ability of the certificateholders of any one pass through trust to cause the indenture trustee for any equipment notes held in the pass through trust to accelerate the payment on the
equipment notes under the related Indenture or to direct the exercise of remedies by the indenture trustee under the related Indenture will depend, in part, upon the proportion of the total principal
amount of the equipment notes outstanding under the Indenture held in the pass through trust to the total principal amount of all equipment notes outstanding under that Indenture. In addition, if
cross-subordination provisions are applicable to the pass through certificates, the ability of the certificateholders of any one pass through trust holding equipment notes issued under related
Indentures to cause the indenture trustee to accelerate the equipment notes or to direct the exercise of remedies by the indenture trustee </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>23</FONT></P>

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<P><FONT SIZE=2>under
the related Indenture will depend, in part, on the delegation of control to a pass through trustee or any other entity designated to exercise such control, as described in the applicable
prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
pass through trust may hold equipment notes with different terms from those of the equipment notes held in any other pass through trust. Therefore, the certificateholders of a pass
through trust may have divergent or conflicting interests from those of the certificateholders of the other pass through trusts holding equipment notes relating to the same Indenture. In addition, so
long as the same institution or an affiliate of that institution acts as pass through trustee of one or more pass through trusts holding equipment notes issued under that Indenture, in the absence of
instructions from the certificateholders of any pass through trust, the pass through trustee for that pass through trust could be faced with a potential conflict of interest upon an indenture event of
default. In that event, we expect that the pass through trustee would resign as pass through trustee of one or all of the affected pass through trusts, and a successor pass through trustee would be
appointed. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
prospectus supplement for a series of pass through certificates will specify whether and under what circumstances the pass through trustee may or will sell for cash to any person all
or part of the equipment notes held in the related pass through trust. A person other than the pass through trustee may exercise the right to make a sale if the applicable series of pass through
certificates are subject to any intercreditor, subordination or similar arrangements, and the proceeds or any sale will be distributed as prescribed by those arrangements. Any proceeds received by the
pass through trustee upon any sale that are distributable to the certificateholders of a particular pass through trust will be deposited in an account established by the pass through trustee for the
benefit of the certificateholders of that pass through trust and will be distributed to the certificateholders of that pass through trust on a special distribution date. The market for equipment notes
in default may be very limited and thus, it may not be possible to sell them for a reasonable price. Furthermore, if the same institution acts as
pass through trustee of multiple pass through trusts, it may be faced with a conflict in deciding from which pass through trust to sell equipment notes to available buyers. If the pass through trustee
sells any equipment notes with respect to which an indenture event of default exists for less than their outstanding principal amount, the certificateholders of the pass through trust, or any pass
through trust that is subordinate by virtue of any cross subordination provisions, will receive a smaller amount of principal distributions than anticipated and will not have any claim for the
shortfall against us, the pass through trustee or any other person, including, in the case of any leased aircraft, the related owner trustee or owner participant. Neither the pass through trustee nor
the certificateholders of that pass through trust could take any action with respect to any remaining equipment notes held in that pass through trust as long as no indenture event of default existed
with respect to the remaining equipment notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any pass through trust, the pass through trustee will deposit into the special payments account for that pass through trust any amount, other than scheduled payments received on a
regular distribution date or within ten business days thereafter, distributed to the pass through trustee by the indenture trustee under any Indenture on account of the equipment notes held in that
pass through trust following an indenture event of default under the Indenture and the pass through trustee will distribute that amount to the certificateholders of that pass through trust on a
special distribution date. In addition, if a Leased Aircraft Indenture provides that the applicable owner trustee or owner participant may, under circumstances specified in the Leased Aircraft
Indenture, redeem or purchase some or all of the outstanding equipment notes issued under that Leased Aircraft Indenture, the pass through trustee will deposit in the special payments account for that
pass through trust the price paid by the owner trustee or owner participant to the pass through trustee for any of the equipment notes issued under that Leased Aircraft Indenture and held in that pass
through trust. The pass through trustee will distribute the price paid to the certificateholders of that pass through trust on a special distribution date. Any funds held by the pass through trustee
in the special payments account for that </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>24</FONT></P>

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<P><FONT SIZE=2>pass
through trust will, to the extent practicable, be invested by the pass through trustee in permitted investments pending the distribution of these funds on a special distribution date. The
applicable prospectus supplement will describe these permitted investments. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pass Through Trust Agreements provide that the pass through trustee will, within 90&nbsp;days after the occurrence of a default under any pass through trust, notify the
certificateholders of the pass through trust by mail of all uncured or unwaived defaults with respect to the pass through trust known to it. However, the pass through trustee will be protected in
withholding such notice if it in good faith determines that the withholding of such notice is in the best interests of the certificateholders, except in the case of default in the payment of principal
of, or any premium or interest on, any of the equipment notes held in the pass through trust. The term "default" means the occurrence of any event of default with respect to a pass through trust,
except that in determining whether an event of default has occurred any grace period or notice in connection with that event of default will be disregarded. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pass Through Trust Agreements provide that for each pass through trust, subject to the duty of the pass through trustee during a default to act with the required standard of care,
the pass through trustee is entitled to be indemnified by the certificateholders of the pass through trust before proceeding to
exercise any right or power under the pass through trust or any intercreditor agreement at the request of the certificateholders. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will specify the percentage of certificateholders entitled to waive, or to instruct the pass through trustee to waive, any past default or event of
default with respect to that pass through trust and its consequences. The prospectus supplement will also specify the percentage of certificateholders of that pass through trust, or of any other pass
through trust holding equipment notes issued under related Indentures, entitled to waive, or to instruct the pass through trustee or the indenture trustee to waive, any past indenture event of default
under any related Indenture and annul any direction given with respect to that indenture event of default. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to any intercreditor agreement, in some cases, the certificateholders of a majority of the total fractional undivided interests in a pass through trust (a)&nbsp;may on behalf
of all certificateholders of that pass through trust or (b)&nbsp;if the pass through trustee is the controlling party under an intercreditor agreement, may direct the pass through trustee to
instruct the applicable indenture trustee to, waive any past default with respect to that pass through trust and annul any direction given by the certificateholders to the pass through trustee or the
indenture trustee with respect to the default. However, subject to any intercreditor agreement, all of the certificateholders of that pass through trust must consent in order to waive (1)&nbsp;a
default in payment of the principal of, or any premium or interest on, any of the equipment notes held in the pass through trust and (2)&nbsp;a default in respect of any covenant or provision of the
relevant Pass Through Trust Agreement that cannot be modified or amended without the consent of each certificateholder of the pass through trust affected by the waiver. </FONT></P>


<P><FONT SIZE=2><B>Modifications of the Pass Through Trust Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Pass Through Trust Agreements contain provisions permitting us and the relevant pass through trustee to enter into a supplement to the related pass through
trust agreement or any note purchase agreement or any intercreditor, subordination or similar agreement or liquidity facility, without the consent of the certificateholders of the relevant pass
through trust, to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>evidence
the succession of another corporation to us and the assumption by that corporation of our obligations under the Pass Through Trust Agreements, any note purchase agreement and
any intercreditor, subordination or similar agreement or liquidity facility;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>add
to our covenants for the benefit of the related certificateholders; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>25</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>surrender
any right or power conferred upon us in the Pass Through Trust Agreements, any note purchase agreement or any intercreditor, subordination or similar agreement or liquidity
facility;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>cure
any ambiguity or correct or supplement any defective or inconsistent provision of the Pass Through Trust Agreements, any note purchase agreement, any intercreditor agreement or
any liquidity facility or make or modify any other provision in regard to matters or questions arising thereunder that will not materially adversely affect the interests of the related
certificateholders;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>evidence
and provide for a successor pass through trustee for some or all of the pass through trusts or add to or change any provision of the Pass Through Trust Agreements as
necessary to facilitate the administration of the pass through trusts under those agreements by more than one pass through trustee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>comply
with any requirement of the SEC, any applicable law, rules or regulations of any exchange or quotation system on which any pass through certificates may be listed or of any
regulatory body;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>modify,
eliminate or add to the provisions of the Pass Through Trust Agreements to the extent necessary to continue to qualify the Pass Through Trust Agreements under the Trust
Indenture Act of 1939, as amended, or any similar federal statute and add to the Pass Through Trust Agreements other provisions as may be expressly permitted by the Trust Indenture Act; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>provide
information to the pass through trustee as required in the Pass Through Trust Agreements. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
modification may cause the pass through trust to fail to qualify as a "grantor trust" for federal income tax purposes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pass Through Trust Agreements also provide that we and the relevant pass through trustee, with the consent of the certificateholders evidencing fractional undivided interests
together representing not less than a majority in interest of the affected pass through trust, may execute supplemental agreements adding any provisions to or changing or eliminating any of the
provisions of the Pass Through Trust Agreements, to the extent relating to the pass through trust, any note purchase agreement, any intercreditor, subordination or similar agreement or any liquidity
facility or modifying the rights of the certificateholders. No supplemental agreement may, however, without the consent of each affected certificateholder: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>reduce
the amount of, or delay the timing of, any payments on the equipment notes held in the pass through trust, or distributions in respect of any pass through certificate of the
pass through trust;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>change
the date or place of payment or change the currency in which the pass through certificates are payable other than that provided for in the pass through certificates;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>impair
the right of any certificateholder to take legal action for the enforcement of any payment when due;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>permit
the disposition of any equipment note included in the trust property, except as provided in the relevant Pass Through Trust Agreement or any intercreditor agreement;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>alter
the priority of distributions specified in any relevant intercreditor agreement in a manner adverse to the holders of the pass through certificates of that series; or </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>26</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>reduce
the percentage of the total fractional undivided interests of the pass through trust that must consent to approve any supplemental agreement or to waive compliance with the
relevant Pass Through Trust Agreement or to waive events of default. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><B>Cross-Subordination Issues  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The equipment notes issued under an Indenture may be held in more than one pass through trust and a pass through trust may hold equipment notes issued under more
than one Indenture. Unless otherwise provided in a prospectus supplement, only equipment notes of the same class may be held in the same pass through trust. A pass through trust that holds equipment
notes that are junior in priority of payment to the equipment notes held in another pass through trust formed as part of the same offering of pass through certificates as a practical matter are
subordinated to the other pass through trust. In addition, the pass through trustees on behalf of one or more pass through trusts may enter into an intercreditor or subordination agreement that
establishes priorities among different classes of pass through certificates or provides that distributions on the pass through certificates will be made to the certificateholders of a particular pass
through trust before they are made to the certificateholders of one or more other trusts. For example, an agreement may provide that payments made to a pass through trust on account of a subordinate
class of equipment notes issued under one Indenture may be subordinated to the prior payment of all amounts owing to certificateholders of a pass through trust that holds senior equipment notes issued
under that Indenture or any related Indentures. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
prospectus supplement related to an issuance of pass through certificates will describe any intercreditor agreement and the cross-subordination provisions and any related terms,
including the percentage of certificateholders under any pass through trust which are permitted to (1)&nbsp;grant waivers of defaults under any related Indenture, (2)&nbsp;consent to the amendment
or modification of any related Indentures or (3)&nbsp;direct the exercise of remedial actions under any related Indentures. </FONT></P>


<P><FONT SIZE=2><B>Termination of Pass Through Trusts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligations and the obligations of the pass through trustee with respect to a pass through trust will terminate upon the distribution to the
certificateholders of that pass through trust of all amounts required to be distributed to them under the relevant Pass Through Trust Agreement and the disposition of all property held in the pass
through trust. The pass through trustee will notify each certificateholder of record of the pass through trust by mail of the termination of the pass through trust, the amount of the proposed final
payment and the proposed date for the distribution of the final payment for the pass through trust. The final distribution for each certificateholder of the pass through trust will be made only upon
surrender of that certificateholder's pass through certificates at the office or agency of the pass through trustee specified in the termination notice. </FONT></P>

<P><FONT SIZE=2><B>Delayed Purchase  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on the date of issuance of any pass through certificates, all of the proceeds from the sale of the pass through certificates are not used to purchase the
equipment notes contemplated to be held in the related pass through trust, the equipment notes may be purchased by the pass through trustee at any time on or prior to the cut-off date
specified in the prospectus supplement related to the pass through certificates. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this event, the pass through trustee will hold the proceeds from the sale of the pass through certificates not used to purchase equipment notes under an arrangement described in the
applicable prospectus supplement. This arrangement may include: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>the
investment of the proceeds by the pass through trustee in specified permitted investments; </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>27</FONT></P>

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<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>the
deposit of the proceeds in a deposit or escrow account held by a separate depositary or escrow agent; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>the
purchase by the pass through trustee of debt instruments issued on an interim basis by us, which may be secured by a collateral account or other security or property described in
the applicable prospectus supplement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will describe the arrangements with respect to the payment of interest on funds so held. If any proceeds are not subsequently utilized to purchase
equipment notes by the date specified in the applicable prospectus supplement, including by reason of a casualty to one or more aircraft, the proceeds will be returned to the holders of the related
pass through certificates. </FONT></P>

<P><FONT SIZE=2><B>Merger, Consolidation and Transfer of Assets  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not consolidate with or merge into any other corporation or transfer all or substantially all of our assets as an entirety to any other corporation,
unless, among other things, we are the surviving corporation or the successor or transferee corporation expressly assumes all of our obligations under the Pass Through Trust Agreements. </FONT></P>


<P><FONT SIZE=2><B>Liquidity Facility  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A prospectus supplement may provide that one or more payments of interest on the pass through certificates of one or more pass through trusts will be supported by
a liquidity facility issued by an institution identified in the prospectus supplement. The provider of the liquidity facility may have a claim senior to the certificateholders' as specified in the
prospectus supplement. </FONT></P>

<P><FONT SIZE=2><B>The Pass Through Trustee; the Indenture Trustee  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will name the pass through trustee for each of the pass through trusts in a prospectus supplement. The pass through trustee and any of its affiliates may hold
pass through certificates in their own names. The pass through trustee may act as trustee under other financings of ours. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
pass through trustee may resign as trustee under any or all of the pass through trusts at any time. We may remove the pass through trustee and appoint a successor trustee, or any
certificateholder of the pass through trust holding pass through certificates for at least six months may, on behalf of that certificateholder and all others similarly situated, petition any court of
competent jurisdiction for the removal of the pass through trustee and the appointment of a successor trustee, if the pass through trustee: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>fails
to comply with Section&nbsp;310 of the Trust Indenture Act, after written request for compliance by us or any pass through certificateholder of the pass through trust holding
pass through certificates for at least six months;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>ceases
to be eligible to continue as pass through trustee;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>becomes
incapable of acting as pass through trustee; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>is
adjudged bankrupt or insolvent. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the certificateholders holding more than 50% in total amount of the related pass through certificates may remove the pass through trustee of any pass through trust at any
time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in the prospectus supplement, in the case of the resignation or removal of the pass through trustee, we or, if we have not appointed a new trustee within one
year, the certificateholders holding more than 50% in total amount of the related pass through certificates may, with our approval, appoint a successor pass through trustee. The resignation or removal
of the pass through trustee for any pass through trust and the appointment of the successor trustee for the pass </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>28</FONT></P>

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<BR>

<P><FONT SIZE=2>through
trust does not become effective until acceptance of the appointment by the successor trustee. Under the resignation and successor trustee provisions, it is possible that a different trustee
could be appointed to act as the successor trustee with respect to each pass through trust. All references in this prospectus to the pass through trustee are to the pass through trustee acting in that
capacity under each of the pass through trusts and should be read to take into account the possibility that each of the pass through trusts could have a different successor trustee in the event of a
resignation or removal. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Pass Through Trust Agreement provides that we will pay, or cause to be paid, the pass through trustee's fees and expenses and indemnify the pass through trustee against specified
liabilities described in the prospectus supplement. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="cy8338_description_of_the_equipment_notes"> </A>
<A NAME="toc_cy8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>DESCRIPTION OF THE EQUIPMENT NOTES    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The discussion that follows is a summary that is not complete and does not describe every aspect of the equipment notes. Where no distinction is made between the
equipment notes relating to leased aircraft and owned aircraft or between their respective Indentures, the summary applies to any equipment note and any Indenture. The prospectus supplement will
describe most of the financial terms and other specific terms of any series of equipment notes. Because the terms of the specific equipment notes may differ from the general information provided
below, you should rely on the information in the prospectus supplement instead of the information in this prospectus if the information in the
prospectus supplement is different from the information below. The applicable prospectus supplement will describe the specific terms of the equipment notes, the Indentures, the Participation
Agreements, the Leases, if any, and any other agreements, relating to any particular offering of pass through certificates. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each owned aircraft, we will issue equipment notes as our direct obligations and the indenture trustee will authenticate the equipment notes under an Owned Aircraft Indenture. Unless
otherwise specified in a prospectus supplement, all of the equipment notes issued under the same Owned Aircraft Indenture will relate to a specific owned aircraft and will not be secured by any other
aircraft. The prospectus supplement will identify the owned aircraft relating to each Owned Aircraft Indenture and the related equipment notes. We will be directly obligated under each Owned Aircraft
Indenture to make payments of principal of, and any premium and interest on, the related equipment notes. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
each leased aircraft, the owner trustee will issue equipment notes as nonrecourse obligations of the owner trustee, in each case acting for a separate owner trust for the benefit of
an owner participant, and the indenture trustee will authenticate the equipment notes under a Leased Aircraft Indenture. Unless otherwise specified in a prospectus supplement, all of the equipment
notes issued under the same Leased Aircraft Indenture will relate to and will be secured by a specific leased aircraft and will not be secured by any other aircraft. In each case, the owner trustee
will lease the leased aircraft to us under a separate Lease between the owner trustee and us. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the commencement of the Lease for any leased aircraft, we will be obligated to make rent payments under the Lease that will be sufficient to pay the principal of, and accrued
interest on, the related equipment notes when and as due and payable. The equipment notes related to leased aircraft will not, however, be obligations of ours or guaranteed by us. Our obligations to
pay rent and to cause other payments to be made under each Lease will be general obligations of ours. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
any owned aircraft, if specified in a prospectus supplement, we may arrange for an owner trustee, acting for an owner trust for the benefit of an owner participant, to purchase the
owned aircraft from us and lease the aircraft back to us under a "net lease," after the sale of the related equipment notes to the pass through trustee for each applicable pass through trust and the
offering and sale of the related pass through certificates under the prospectus supplement. In addition, if specified in the prospectus supplement, we may substitute other aircraft, cash and/or U.S.
government securities in place of the owned aircraft securing the related equipment notes. The prospectus supplement will describe terms and conditions of any sale and leaseback transaction or
substitution. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
applicable prospectus supplement will describe any refinancing arrangements with respect to any aircraft, including whether a separate trust will be created to issue notes. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>29</FONT></P>

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<P><FONT SIZE=2><B>Principal and Interest Payments  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pass through trustee will pass through interest received by the pass through trustee on the equipment notes constituting trust property of each pass through
trust to the certificateholders of that pass through trust on a pro rata basis on the dates and at the rate indicated in a prospectus supplement. The equipment notes may bear interest at a fixed or a
floating rate or may be issued at a discount. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
pass through trust will hold equipment notes on which principal is payable in scheduled amounts and on specified dates as indicated in a prospectus supplement. The pass through
trustee will pass through principal received by the pass through trustee on the equipment notes to the certificateholders of the related pass through trust as specified in the prospectus supplement. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
any date scheduled for any payment of principal of, or any premium or interest on, the equipment notes is not a business day, that payment will be made on the next succeeding business
day without any additional interest, unless otherwise provided in the applicable prospectus supplement. </FONT></P>

<P><FONT SIZE=2><B>Prepayment  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A prospectus supplement will describe the circumstances, whether voluntary or involuntary, under which the related equipment notes may or must be prepaid, in
whole or in part, prior to the stated maturity date of the equipment notes, any premium applicable upon some prepayments and other terms applying to the prepayment of the equipment notes. </FONT></P>


<P><FONT SIZE=2><B>Security  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The equipment notes related to leased aircraft issued under each Leased Aircraft Indenture will be secured by: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>an
assignment by the related owner trustee to the indenture trustee of the owner trustee's rights, except for the limited rights described below and in the prospectus
supplement, under the applicable Lease, including the right to receive rent and other payments; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>a
security interest granted to the indenture trustee in the related leased aircraft, subject to our rights under the Lease and other property or rights, if any, described in
the applicable prospectus supplement. </FONT></DD></DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
assignment by the owner trustee to the indenture trustee of its rights under each Lease will exclude rights of the owner trustee and the related owner participant relating to: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>indemnification
by us;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>proceeds
of public liability insurance payable to the owner trustee in its individual capacity and to the owner participant under insurance maintained by us under the Lease;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>proceeds
of any insurance policies separately maintained by the owner trustee in its individual capacity or by the owner participant;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>proceeds
of any insurance policies maintained by us that are not required to be maintained under the Lease; and
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>any
rights of the owner trustee or owner participant to enforce payment of the amounts listed in the preceding four clauses. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
prospectus supplement will describe any limitations on the right of the indenture trustee to exercise any of the rights of the owner trustee under the related Lease, except the right
to receive payments of rent due. </FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
obligations in respect of each leased aircraft will be those of a lessee under a "net lease." Accordingly, we will be obligated, among other things, to pay all costs of operating and
maintaining the aircraft. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
prospectus supplement will describe the required insurance coverage for the aircraft. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
equipment notes issued under each Owned Aircraft Indenture will be secured by a security interest granted to the indenture trustee in all of our right, title and interest in and to
the related owned aircraft. Each Owned Aircraft Indenture will require us to pay all costs of operating and maintaining the aircraft. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise specified in a prospectus supplement, there will be no cross-collateralization provisions in the Indentures. As a result, unless otherwise specified in the prospectus
supplement, the equipment notes issued in respect of one of the aircraft will not be secured by any other aircraft and, in the case of equipment notes related to leased aircraft, the related Leases.
Unless otherwise specified in a prospectus supplement, there will be no cross-default provisions in the Indentures. As a result, unless so specified, events resulting in an event of default under any
particular Indenture may not result in an event of default occurring under any other Indenture. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1110
of the U.S. Bankruptcy Code provides that the right of lessors, conditional vendors and holders of security interests with respect to aircraft capable of carrying ten
or more individuals or 6,000 pounds or more of cargo used by air carriers operating under certificates issued by the Secretary of Transportation under Chapter 447 of the Transportation Code to take
possession of the aircraft in compliance with the provisions of the lease, conditional sale contract or security agreement, as the case may be, and to enforce any of their other rights or remedies to
sell, lease or otherwise dispose of the aircraft, is not affected by any other provision of Chapter 11 of the Bankruptcy Code or any power of the bankruptcy court. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1110
provides, however, that the right of a lessor, conditional vendor or holder of a security interest to take possession of an aircraft and enforce any of its other
rights or remedies to sell, lease or otherwise dispose of an aircraft in the event of a default may not be exercised for 60&nbsp;days following the date of commencement of the reorganization
proceedings unless specifically permitted by the
bankruptcy court. These rights to take possession and enforce any other rights or remedies to sell, lease or otherwise dispose of an aircraft may not be exercised at all if, within the
60-day period, the trustee in reorganization or the debtor-in-possession agrees to perform the debtor's obligations that become due on or after that date and cures
all existing defaults within the time period set forth in Section&nbsp;1110 (other than defaults that are a breach of a provision relating to the financial condition, bankruptcy, insolvency or
reorganization of the debtor). The prospectus supplement for each offering will discuss the availability of the benefits of Section&nbsp;1110 of the Bankruptcy Code with respect to the related
aircraft. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
indenture trustee will invest and reinvest funds, if any, held from time to time by the indenture trustee with respect to any aircraft, including funds held as the result of an event
of loss to the aircraft or termination of the Lease, at our direction, except, with respect to a leased aircraft, in the case of a lease event of default under the applicable Lease or, with respect to
an owned aircraft, in the case of an indenture event of default under the applicable Indenture, in investments described in the related Indenture. We will pay the amount of any net loss resulting from
any investment directed by us. </FONT></P>

<P><FONT SIZE=2><B>Registration of the Aircraft  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise specified in a prospectus supplement, we, except under specified circumstances, must register and keep each aircraft registered under Title 49 of
the United States Code (the "Transportation Code"), in our name, in the case of an owned aircraft, or in the name of the owner </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>31</FONT></P>

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<P><FONT SIZE=2>trustee,
after commencement of a Lease in the case of a leased aircraft. We must also record and maintain the recordation of the Indenture and the Lease, if any, relating to each aircraft under the
Transportation Code. This recordation of the Indenture and the Lease, if any, relating to each aircraft will give the indenture trustee a security interest in each aircraft perfected under the
Transportation Code, which perfected security interest will, with limited exceptions, be recognized in those jurisdictions that have ratified the Convention on the International Recognition of Rights
in Aircraft (the "Convention"). </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may, in specified circumstances, register any aircraft in countries other than the United States. Each aircraft may be operated by us, or placed under lease, sublease or interchange
arrangements with carriers domiciled outside of the United States. If an indenture event of default occurs, the ability of the indenture trustee to realize on its security interest in the aircraft
could be adversely affected as a legal or practical matter if the aircraft were located outside the United States. There is no guarantee that, even if that jurisdiction is a party to the Convention,
as a practical matter, the indenture trustee would be able to realize upon its security interest if an indenture event of default occurs. </FONT></P>

<P><FONT SIZE=2><B>Payments and Limitations of Liability  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For each leased aircraft, the related owner trustee will lease the leased aircraft to us for a term expiring on a date not earlier than the latest maturity date
of the equipment notes issued with respect to that leased aircraft, unless the Lease is previously terminated as permitted by the terms of the Lease. The owner trustee under the related Leased
Aircraft Indenture will assign to the indenture trustee the basic rent and other specified payments of ours under each Lease to provide the funds necessary to pay principal of and interest due from
the owner trustee on the equipment notes issued under that Leased Aircraft Indenture. Each Lease will provide that under no circumstances will our basic rent payments be less than the scheduled
payments of principal and interest on the related equipment notes. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except
when we purchase a leased aircraft and assume the equipment notes related to that leased aircraft, the equipment notes related to leased aircraft will not be obligations of ours
or guaranteed by us. Neither the owner trustee nor the indenture trustee, in their individual capacities, will be liable to any certificateholder or, in the case of the owner trustee, in its
individual capacity, to us or the indenture trustee for any amounts payable or for any liability under the equipment notes or the Leased Aircraft Indentures, except as provided in the Leased Aircraft
Indentures and the Participation Agreements and except for the gross negligence or willful misconduct of the owner trustee. Except when we have assumed any equipment notes related to a leased
aircraft, all amounts payable under the equipment notes related to leased aircraft, other than payments made in connection with an optional redemption or purchase of equipment notes by the related
owner trustee or the related owner participant, will be made only from the assets subject to the lien of the Leased Aircraft Indenture. These assets include rent payable by us under the Lease with
respect to that leased aircraft and amounts received under any applicable liquidity facility or similar arrangement. </FONT></P>


<P><FONT SIZE=2><B>Defeasance of the Indentures and the Equipment Notes  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified in the applicable prospectus supplement, our obligations or the obligations of the related owner trustee under the applicable Indenture will be
discharged on the date that we or the owner trustee, as the case may be, deposit with the related indenture trustee a sufficient amount of money or U.S. government obligations to make all required
payments on the related equipment notes when those payments are due. The due dates may include one or more redemption dates. All payments must be made in accordance with the terms of the equipment
notes. We or the owner trustee, as applicable, will remain obligated to register the transfer or exchange of equipment notes, to replace stolen, lost, destroyed or mutilated equipment notes, to
maintain paying agencies and hold money for payment in trust. A discharge may occur only if the Internal Revenue Service has published a ruling </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>32</FONT></P>

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<P><FONT SIZE=2>stating
that holders of the equipment notes will not recognize income, gain or loss for federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to federal
income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and discharge had not occurred. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
holders of equipment notes will have no beneficial interest in or other rights with respect to the related aircraft or other assets subject to the lien of the related Indenture and
this lien will terminate: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
defeasance;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
payment in full of the principal of, and any premium and interest on, all equipment notes issued under the Indenture; or
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>upon
deposit with the indenture trustee of money sufficient to pay when due payments of principal of, and any premium and interest on, the equipment notes, no earlier than
one year before the maturity date. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2><B>Our Assumption of Obligations  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified in the applicable prospectus supplement with respect to any leased aircraft, we may purchase the leased aircraft before the end of the term of the
related Lease. In connection with this purchase, we may assume on a full recourse basis all of the obligations of the owner trustee, other than its obligations in its individual capacity, under the
Leased Aircraft Indenture with respect to the aircraft, including the obligations to make payments in respect of the related equipment notes. In this event, the Leased Aircraft Indenture will be
amended and restated to incorporate specified provisions of the related Lease, including provisions relating to maintenance, possession and use of the aircraft, liens, insurance and events of default.
The equipment notes issued under the Leased Aircraft Indenture will continue to be outstanding and secured by the aircraft. The applicable prospectus supplement will describe the terms and conditions
of any assumption. </FONT></P>

<P><FONT SIZE=2><B>Owner Participant; Revisions to Agreements  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If specified in the applicable prospectus supplement, at the time pass through certificates are issued, we may still be seeking owner participants for the owner
trusts relating to an aircraft. We or an affiliate will hold the beneficial interest under the owner trust agreement relating to this aircraft until the date on which a prospective owner participant
commits to participate in the purchase price of the aircraft. The applicable prospectus supplement will specify any deadline to obtain the commitment of an owner participant. We or our affiliate will
transfer to the owner participant on that date our or our affiliate's beneficial interest under the owner trust agreement. Prospective owner participants may request revisions to the participation
agreement, Lease, trust agreement and Indenture so that the terms of the agreements applicable to these aircraft may differ from the description of the agreements contained in the applicable
prospectus supplement. The prospectus supplement will describe the extent to which any terms can be changed at the request of prospective owner participants. </FONT></P>


<P><FONT SIZE=2><B>Indenture Events of Default and Remedies  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For any pass through trust, a prospectus supplement will describe the indenture events of default under the Indentures related to the equipment notes to be held
by the pass through trust, the remedies that the indenture trustee may exercise with respect to the related aircraft, either at its own initiative or upon instruction from holders of the related
equipment notes, and other provisions relating to the occurrence of an indenture event of default and the exercise of remedies. </FONT></P>

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<P><FONT SIZE=2><B>Liquidity Facility  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The applicable prospectus supplement may provide that a "liquidity facility" will support payments of principal, any premium or interest on, the equipment notes
of one or more series, or distributions in respect of the pass through certificates of one or more series. A liquidity facility may include a letter of credit, a revolving credit agreement, an
insurance policy, surety bond or financial guaranty, or any other type of agreement or arrangement for the provision of liquidity support. The applicable prospectus supplement will identify the
institution or institutions providing any liquidity facility. Unless otherwise provided in the applicable prospectus supplement, the provider of any liquidity facility will have a senior ranking in
priority of payment with respect to any funds received with respect to the assets securing the affected equipment notes and on the trust property of the affected pass through trusts. </FONT></P>

<P><FONT SIZE=2><B>Intercreditor Issues  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment notes may be issued in different classes, which means that the equipment notes may have different payment priorities even though issued by the same
owner trustee and related to the same aircraft. In this event, the applicable prospectus supplement will describe the priority of distributions among the equipment notes and any liquidity facilities,
the ability of any class to exercise and enforce any or all remedies with respect to the related aircraft and, if the equipment notes are related to leased aircraft, the Lease, and other intercreditor
terms and provisions. </FONT></P>

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<BR></FONT><FONT SIZE=2><B>UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following discussion of the material United States federal income tax consequences of the purchase, ownership and disposition of the pass through certificates
is directed to initial purchasers of the pass through certificates at the "issue price" who hold the pass through certificates as a capital asset. This discussion is based on current provisions of the
Internal Revenue Code of 1986, as amended, called the "Code", proposed, temporary and final Treasury regulations under the Code, and published rulings and court decisions, in effect as of the date of
this prospectus. The discussion is addressed to beneficial owners of pass-through certificates ("U.S. Certificateholders") that are citizens or residents of the United States, corporations
or partnerships (including entities treated as such for United States federal income tax purposes) created or organized in or under the laws of the United States, any State or the district of
Columbia, estates the income of which is subject to United States federal income taxation regardless of its source or, generally, trusts if a court within
the United States is able to exercise primary supervision over the administration of such trust and one or more of the foregoing have the authority to control all substantial decisions of such trust.
Changes to existing tax laws, regulations, rulings and court decisions, which could have retroactive effect, may alter the consequences described below. This discussion does not address United States
federal income tax consequences applicable to certificateholders that are subject to special treatment under the United States federal income tax laws, including banks and thrifts, life insurance
companies, regulated investment companies, dealers in securities, holders that will hold the pass through certificates as a position in a "straddle" for tax purposes or as part of a "synthetic
security" or "conversion transaction" or other integrated investment comprised of the certificates and one or more other investments, non-U.S. Certificateholders, trusts or estates and
pass-through entities with any of these specified investors as beneficial owners. This discussion does not describe any tax consequences arising under the laws of any State, locality or
taxing jurisdiction other than the United States. You should read this discussion in conjunction with any additional discussion of United States federal income tax consequences and additional opinions
included in the applicable prospectus supplement. To the extent that any provision in any prospectus supplement is inconsistent with any provision of the summary, the provision of the prospectus
supplement will control. You should consult your own tax advisors about the application of the United States federal income tax laws to your particular situation as well as any tax consequences
arising under the laws of any state, local or foreign jurisdiction. The pass through trusts are not indemnified for any United States federal income taxes that may be imposed upon them. Any income
taxes imposed on a pass through trust could result in a reduction in amounts available for distribution to certificateholders. </FONT></P>

<P><FONT SIZE=2><B>Tax Status of the Trusts  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pass through trusts will not themselves be subject to United States federal income taxation. Except as discussed in a prospectus supplement, although there is
no authority that addresses the characterization of entities that are similar to the pass through trusts in all material respects, based upon an interpretation of analogous authorities under existing
law, each pass through trust should be classified as a grantor trust for United States federal income tax purposes. We assume in the following discussion that the pass through trusts will be
classified as grantor trusts. </FONT></P>

<P><FONT SIZE=2><B>Taxation of Certificateholders  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A U.S. Certificateholder will be treated as owning its pro rata undivided interest in each of the equipment notes and any other property held by the related pass
through trust. Accordingly, each certificateholder will be required to report on its United States federal income tax return its pro rata share of the gross income from each of the equipment notes and
any other property held in the related pass through trust, under the certificateholder s usual method of accounting. Each certificateholder may deduct, consistent with its method of accounting, its
pro rata share of the fees and expenses paid or </FONT></P>

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<P><FONT SIZE=2>incurred
by the pass through trust as provided in Section&nbsp;162 or 212 of the Code. Some fees and expenses may, however, be borne by parties other than the certificateholders. The pass through
trust may be treated as having constructively received these fees and expenses so that each certificateholder would be required to include in income and would be entitled to deduct its pro rata share
of these constructively-received fees and expenses. Certificateholders who are individuals, estates or trusts will be allowed to deduct expenses only to the extent they exceed, together with the
certificateholder's other miscellaneous itemized deductions, 2% of the certificateholder's adjusted gross income. In addition, in the case of individuals, certain otherwise allowable itemized
deductions will be subject generally to additional limitations on itemized deductions under applicable provisions of the Code. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
an equipment note held by a pass through trust is prepaid for an amount that differs from a certificateholder's aggregate adjusted basis in the equipment note, the certificateholder
will be considered to have sold his pro rata share of that equipment note, and will recognize any gain or loss equal to the difference between the certificateholder's adjusted basis and the amount
realized from the prepayment. However, any amount realized from prepayment which is attributable to accrued interest would be taxable as ordinary interest income if not previously included in income.
A certificateholder's adjusted basis is determined by allocating the purchase price for the pass through certificate among the equipment notes and other property in the pass through trust in
proportion to their fair market values at the time of purchase of the pass through certificate. Any gain or loss will be long-term capital gain or loss if the equipment note has been held
for more than one year. Net capital gains of individuals are, in general, taxed at lower rates than items of ordinary income. </FONT></P>


<P><FONT SIZE=2><B>Sales or Other Taxable Disposition of Pass Through Certificates  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A certificateholder who sells or otherwise disposes of a pass through certificate in a taxable transaction will recognize capital gain or loss, equal to the
difference between the amount realized on the sale or disposition, except for amounts representing accrued interest taxable as ordinary interest income, if not previously included in income, and the
certificateholder's adjusted tax basis in the pass through certificate. In general, a certificateholder's adjusted tax basis in a certificate will equal the purchase price for the certificate. Gain or
loss will be long-term capital gain or loss if the pass
through certificate was held for more than one year, except for amounts attributable to property held by pass through trust for one year or less. Any long-term capital gains are taxable to
corporate taxpayers at ordinary income tax rates. Any long-term capital gains are taxable to individual taxpayers at a maximum rate of 15% for taxable years ending on or after
May&nbsp;6, 2003 and beginning before January&nbsp;1, 2009, and at a maximum rate of 20% thereafter. Corporate taxpayers may deduct capital losses only to the extent of capital gains. Individual
taxpayers may deduct capital losses only to the extent of capital gains plus $3,000 of other income. </FONT></P>

<P><FONT SIZE=2><B>Bond Premium  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A certificateholder generally will be considered to have acquired an interest in an equipment note at a bond premium to the extent the certificateholder's tax
basis allocable to the equipment note exceeds the remaining principal amount of the equipment note allocable to the certificateholder's pass through certificate. A certificateholder may be able to
amortize the bond premium, generally on a constant yield basis, as an offset to interest income with corresponding reductions in the certificateholder's tax basis in the equipment note and any other
property held in the pass through trust. You should consult your own tax advisors regarding the advisability and consequences of an election to amortize any bond premium on the equipment notes. </FONT></P>

<P><FONT SIZE=2><B>Original Issue Discount  </B></FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless specified in the applicable prospectus supplement, the equipment notes will not be issued with original issue discount unless the aggregation rules
contained in the Treasury regulations apply. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>36</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_da8338_1_37"> </A>
<BR>

<P><FONT SIZE=2>Under
those rules, if one investor purchases pass through certificates issued by more than one pass through trust, some of the certificateholder's interests in the equipment notes in those pass
through trusts must be treated together as a single debt instrument, which, for purposes of calculating and amortizing any original issue discount, has a single issue price, maturity date, stated
redemption price at maturity and yield to maturity. If the aggregation rules apply to a certificateholder, the equipment notes could be treated as having been issued with original issue discount to
that certificateholder. Generally, a holder of a debt instrument issued with more than a </FONT><FONT SIZE=2><I>de minimis</I></FONT><FONT SIZE=2> amount of original issue discount must include the
original issue discount in income for United States federal income tax purposes as it accrues, in advance of the receipt of the cash, under a method that takes into account the compounding of
interest. You should consult your own tax advisors regarding the aggregation and original issue discount rules. </FONT></P>


<P><FONT SIZE=2><B>Backup Withholding  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, payments made on pass through certificates will be subject to information reporting requirements. Payments made on pass through certificates, and
proceeds from the sale of pass through certificates to or through brokers, may be subject to "backup" withholding unless the certificateholder complies with reporting procedures specified in Treasury
regulations or is exempt from these requirements. Any withheld amounts will be allowed as a credit against the certificateholder's United States federal income tax and may entitle the
certificateholder to a refund if the required information is furnished to the Internal Revenue Service. The Internal Revenue Service may impose penalties on a certificateholder who is required to
supply information but does not do so in the proper manner. You should consult your own tax advisors about your eligibility for, and the procedure for obtaining, exemption from backup withholding. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="da8338_erisa_considerations"> </A>
<A NAME="toc_da8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>ERISA CONSIDERATIONS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in the applicable prospectus supplement, an employee benefit plan subject to Title I of the Employee Retirement Income Security Act of
1974 or an individual retirement account or an employee benefit plan subject to section&nbsp;4975 of the Internal Revenue Code may, subject to legal restrictions, purchase and hold pass through
certificates. A fiduciary of an employee benefit plan must determine that the purchase and holding of a pass through certificate is consistent with its fiduciary duties under ERISA and does not result
in a non-exempt prohibited transaction as defined in Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Internal Revenue Code. Employee benefit plans which are governmental plans
(as defined in Section&nbsp;3(32) of ERISA) and certain church plans (as defined in Section&nbsp;3(33) of ERISA) are not subject to the fiduciary responsibility provisions of ERISA. The pass
through certificates may, subject to legal restrictions, be purchased and held by such plans. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>37</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc8338_plan_of_distribution"> </A>
<A NAME="toc_dc8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>PLAN OF DISTRIBUTION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pass through certificates may be sold through agents, to or through underwriters or directly to other purchasers. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
may effect the distribution of the pass through certificates from time to time in one or more transactions at a fixed price or prices, which may be changed, or at market prices
prevailing at the time of sale, at prices related to the prevailing market prices or at negotiated prices. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agents
designated by us from time to time may solicit offers to purchase pass through certificates. The applicable prospectus supplement will name any agent involved in the offer or sale
of the pass through certificates and specify any commissions payable by us to that agent. Unless otherwise indicated in a prospectus supplement, any agent will act on a best efforts basis for the
period of its appointment. The Securities Act may deem an agent to be an underwriter of the pass through certificates so offered and sold. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
pass through certificates are sold by means of an underwritten offering, we will execute an underwriting agreement with an underwriter or underwriters at the time an agreement for
that sale is reached. The prospectus supplement that the underwriters will use to resell the pass through certificates to the public will specify the managing underwriter or underwriters, as well as
any other underwriters, and the terms of the transaction, including any commissions, discounts and any other compensation of the underwriters and dealers. If underwriters are utilized in the sale of
the pass through certificates, the underwriters will acquire the pass through certificates for their own account and they may resell the pass through certificates from time to time in one or more
transactions, including negotiated transactions, at fixed public offering prices or at varying prices determined by the underwriters at the time of sale. Pass through certificates may be offered to
the public either through underwriting syndicates represented by managing underwriters or directly by the managing underwriters. If underwriters are utilized in the sale of the pass through
certificates, unless otherwise indicated in the prospectus supplement, the underwriting agreement will provide that the obligations of the underwriters are subject to specified conditions precedent
and that the underwriters with respect to a sale of pass through certificates must purchase all of the pass through certificates if any are purchased. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a dealer is utilized in the sale of the pass through certificates, the pass through certificates will be sold by the pass through trustee to the dealer as principal. The dealer may
then resell the pass through
certificates to the public at varying prices to be determined by the dealer at the time of resale. The Securities Act may deem a dealer to be an underwriter of the pass through certificates so offered
and sold. The applicable prospectus supplement will name the dealer and describe the terms of the transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offers
to purchase pass through certificates may be solicited directly and the sale of the pass through certificates may be made directly to institutional investors or others, who may be
deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the pass through certificates. The prospectus supplement will describe the terms of any sales. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
agreements which may be entered into by us, underwriters and agents who participate in the distribution of pass through certificates may be entitled to indemnification by us
against specified liabilities, including liabilities under the Securities Act. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise provided in a prospectus supplement, we do not intend to apply for the listing of any series of pass through certificates on a national securities exchange. If the pass
through certificates of any series are sold to or through underwriters, the underwriters may make a market in the pass through certificates, as permitted by applicable laws and regulations. No
underwriter would be obligated, however, to make a market in the pass through certificates. The underwriters, in their sole discretion could discontinue any market making at any time. Accordingly, we
can give no assurance as </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>38</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc8338_1_39"> </A>
<BR>

<P><FONT SIZE=2>to
the liquidity of, or trading markets for, the pass through certificates of any series. We will describe the nature of any material relationship in any prospectus supplement naming such underwriter
or agent. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
underwriters or agents and their associates may be customers of ours, engage in transactions with us, and perform services for us in the ordinary course of business. </FONT></P>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
so indicated in the applicable prospectus supplement, agents, underwriters or dealers may be authorized to solicit offers by some institutions to purchase pass through certificates at
the public offering prices set forth in the applicable prospectus supplement under delayed delivery contracts providing for payment and delivery on a specified date or dates. The applicable prospectus
supplement will indicate the commission that will be paid to agents, underwriters and dealers soliciting purchases of pass through certificates under delayed delivery contracts accepted by us. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc8338_legal_matters"> </A>
<A NAME="toc_dc8338_2"> </A>
<BR></FONT><FONT SIZE=2><B>LEGAL MATTERS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated in a prospectus supplement, the validity of the pass through certificates to be offered by this prospectus and certain federal income
tax matters with respect to the pass through certificates will be passed upon for us by Vedder, Price, Kaufman&nbsp;&amp; Kammholz, P.C., New York, New York and for any agents, underwriters or dealers
by Shearman&nbsp;&amp; Sterling LLP, New York, New York. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc8338_experts"> </A>
<A NAME="toc_dc8338_3"> </A>
<BR></FONT><FONT SIZE=2><B>EXPERTS    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and schedule of JetBlue Airways Corporation appearing in JetBlue Airways Corporation's Annual Report on
Form&nbsp;10-K for the year ended December&nbsp;31, 2003, have been audited by Ernst&nbsp;&amp; Young LLP, independent auditors, as set forth in their reports thereon included therein
and incorporated herein by reference. Such consolidated financial statements and schedule are incorporated herein by reference in reliance upon such reports given on the authority of such firm as
experts in accounting and auditing. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="dc8338_where_you_can_find_more_information"> </A>
<A NAME="toc_dc8338_4"> </A>
<BR></FONT><FONT SIZE=2><B>WHERE YOU CAN FIND MORE INFORMATION    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. You may read and copy any document we
file at the SEC's Public Reference Room located at 450 Fifth Street, N.W., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at
1-800-SEC-0330. Our SEC filings also are available from the SEC's Internet site at </FONT><FONT SIZE=2><I>http://www.sec.gov</I></FONT><FONT SIZE=2>, which
contains reports, proxy and information statements, and other information regarding issuers that file electronically. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
SEC allows us to "incorporate by reference" into this prospectus the information we file with them, which means that we can disclose important information to you by referring you to
those documents. Any statement contained or incorporated by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement
contained herein, or in any subsequently filed document which also is incorporated by reference herein, modifies or supersedes such earlier statement. Any statement so modified or superseded shall not
be deemed, except as so modified or superseded, to constitute a part of this prospectus. We incorporate by reference the documents listed below: </FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2003, filed on February&nbsp;11, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form&nbsp;8-K, filed on March&nbsp;31, 2004.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form&nbsp;10-Q for the quarter ended March&nbsp;31, 2004, filed on <BR>
April&nbsp;26, 2004. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>39</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_dc8338_1_40"> </A>
<UL>
<UL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form&nbsp;10-Q for the quarter ended June&nbsp;30, 2004, filed on July&nbsp;27, 2004.


<BR><BR></FONT></DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form&nbsp;8-K, filed on October&nbsp;8, 2004.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Current Report on Form&nbsp;8-K/A, filed on October&nbsp;8, 2004.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>&#149;</FONT></DT><DD><FONT SIZE=2>our
Quarterly Report on Form&nbsp;10-Q for the quarter ended September&nbsp;30, 2004, filed on November&nbsp;1, 2004.

 </FONT></DD>

</DL>
</UL>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
documents we file pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before all of the pass through certificates offered
by this prospectus are sold are incorporated by reference in this prospectus from the date of filing of the documents, except for information furnished under Item 2.02 and Item 7.01 of
Form&nbsp;8-K, which is not deemed filed and not incorporated by reference herein. Information that we file with the SEC will automatically update and may replace information in this
prospectus and information previously filed with the SEC. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
may obtain any of these incorporated documents from us without charge, excluding any exhibits to these documents unless the exhibit is specifically incorporated by reference in such
document, by requesting them from us in writing or by telephone at the following address: </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>JetBlue
Airways Corporation<BR>
118-29 Queens Boulevard<BR>
Forest Hills, New York 11375<BR>
Attention: Legal Department<BR>
(718)&nbsp;709-3026 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
may also be available on our website at </FONT><FONT SIZE=2><I>http://investor.jetblue.com.</I></FONT><FONT SIZE=2> Information contained on our website is not a prospectus
and does not constitute part of this prospectus. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>40</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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NAME="page_ja8338_1_1"> </A> </FONT></P>

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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ja8338_part_ii_information_not_required_in_prospectus"> </A>
<A NAME="toc_ja8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>PART II<BR>  INFORMATION NOT REQUIRED IN PROSPECTUS    <BR>    </B></FONT></P>

<P><FONT SIZE=2><B>Item 14.&nbsp;&nbsp;&nbsp;&nbsp;Other Expenses of Issuance and Distribution.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the various expenses payable by the Registrant in connection with the distribution of the securities being registered. All of the
amounts shown are estimated except the Securities and Exchange Commission registration fee. </FONT></P>

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<DIV ALIGN="CENTER"><TABLE WIDTH="80%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>SEC registration fee</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>86,284</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Printing and engraving expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Blue sky fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>10,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Legal fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>200,000</FONT></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Accounting fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>15,000</FONT></TD>
</TR>
<TR BGCOLOR="White" VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>Miscellaneous fees and expenses</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>50,000</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE></TD>
</TR>
<TR BGCOLOR="#CCEEFF" VALIGN="TOP">
<TD WIDTH="3%"><FONT SIZE=0>&nbsp;</FONT></TD>
<TD WIDTH="77%"><FONT SIZE=2>Total</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>$</FONT></TD>
<TD WIDTH="14%" ALIGN="RIGHT"><FONT SIZE=2>411,284</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD COLSPAN=2><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=2 ALIGN="RIGHT"><HR NOSHADE SIZE=4></TD>
</TR>
</TABLE></DIV>
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<P><FONT SIZE=2><B>Item 15.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification of Directors and Officers.  </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law authorizes a court to award or a corporation's board of directors to grant indemnification to directors
and officers in terms sufficiently broad to permit such indemnification under certain circumstances for liabilities (including reimbursement for expenses incurred) arising under the Securities Act of
1933, as amended (the "Securities Act"). Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. Article&nbsp;VIII, Section&nbsp;6, of the Registrant's Bylaws provides for mandatory indemnification of its directors and officers and permissible
indemnification of employees and other agents to the maximum extent permitted by the Delaware General Corporation Law. The Registrant's Amended and Restated Certificate of Incorporation (the
"Certificate of Incorporation") provides that, pursuant to Delaware law, its directors shall not be liable for monetary damages for breach of the directors' fiduciary duty as directors to the Company
or its stockholders. This provision in the Certificate of Incorporation does not eliminate the directors' fiduciary duty, and in appropriate circumstances equitable remedies such as injunctive or
other forms of non-monetary relief will remain available under Delaware law. In addition, each director will continue to be subject to liability for breach of the director's duty of
loyalty to the Company for acts or omissions not in good faith or involving intentional misconduct, for knowing violations of law, for actions leading to improper personal benefit to the director, and
for payment of dividends or approval of stock repurchases or redemptions that are unlawful under Delaware law. The provision also does not affect a director's responsibilities under any other law,
such as the federal securities laws or state or federal environmental laws. The Registrant has entered into Indemnification Agreements with its officers and directors, a form of which is attached as
Exhibit&nbsp;10.20 to its Registration Statement on Form&nbsp;S-1, filed on February&nbsp;12, 2002. The Indemnification Agreements provide the Registrant's officers and directors
with further indemnification to the maximum extent permitted by the Delaware General Corporation Law. The Registrant maintains directors and officers liability insurance. </FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2>II-1</FONT></P>

<HR NOSHADE>
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<A NAME="page_ja8338_1_2"> </A>

<P><FONT SIZE=2><B>Item 16.&nbsp;&nbsp;&nbsp;&nbsp;Exhibits and Financial Statement Schedules.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>Exhibits. </FONT></DD></DL>
</UL>
<BR>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following exhibits are filed herewith or incorporated by reference. </FONT></P>




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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="12%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="85%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Underwriting Agreement for Common Stock or Preferred Stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Underwriting Agreement for Debt Securities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Underwriting Agreement Relating to Pass Through Certificates.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Indenture Relating to Debt Securities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Debt Security.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Pass Through Trust Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Pass Through Trust Certificate (included in Exhibit 4.3).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Preferred Stock Certificate.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Form of Common Stock Certificate.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, by and among JetBlue Airways Corporation and the Stockholders named therein.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Amendment No. 1, dated as of June 30, 2003, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, by and among JetBlue Airways Corporation and the Stockholders named therein.(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Amendment No. 2, dated as of October 6, 2003, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, as amended June&nbsp;30, 2003, by and among JetBlue Airways Corporation and the Stockholders named therein.(4)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Amendment No. 3, dated as of October&nbsp;4, 2004, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, as amended June&nbsp;30, 2003 and October 6, 2003, by and among JetBlue Airways Corporation and the Stockholders
named therein.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Stockholder Rights Agreement.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Summary of Stockholder Rights Agreement.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Indenture, dated as of July 15, 2003, between JetBlue Airways Corporation and Wilmington Trust Company, as Trustee, relating to the Company's 3<SUP>1</SUP>/<SMALL>2</SMALL>% Convertible Notes due 2033.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Registration Rights Agreement, dated as of July 15, 2003, among JetBlue Airways Corporation and Morgan Stanley &amp; Co. Incorporated, Raymond James &amp; Associates, Inc. and Blaylock &amp; Partners, L.P.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Opinion of Nixon Peabody LLP relating to Debt Securities, Preferred Stock and Common Stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Opinion of Vedder, Price, Kaufman &amp; Kammholz, P.C. relating to Pass Through Certificates.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>

<!-- insert table folio -->
<P ALIGN="CENTER"><FONT SIZE=2>II-2</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ja8338_1_3"> </A>
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<TABLE WIDTH="76%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Tax Opinion of Vedder, Price, Kaufman &amp; Kammholz, P.C. relating to Pass Through Certificates (included in Exhibit 5.2).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Computation of Ratio of Earnings to Fixed Charges.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Nixon Peabody LLP (included in Exhibit 5.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Vedder, Price, Kaufman &amp; Kammholz, P.C. (included in Exhibit 5.2).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Consent of Ernst &amp; Young LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Powers of Attorney (previously filed).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form T-1, as Trustee under the Indenture for Debt Securities.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="12%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="85%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form T-1, as Pass Through Trustee under the Pass Through Trust Agreement.</FONT></TD>
</TR>
</TABLE>


<!-- end of user-specified TAGGED TABLE -->

<HR NOSHADE ALIGN="LEFT" WIDTH="120">
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment or as an exhibit to a report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act and incorporated herein by reference.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-1, filed on February&nbsp;12, 2002,
as amended March&nbsp;19, 2002, April&nbsp;1, 2002 and April&nbsp;10, 2002, File No.&nbsp;333-82576.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-3, filed on July&nbsp;3, 2003, as
amended July&nbsp;10, 2003, File No.&nbsp;333-106781.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-3, filed on October&nbsp;7, 2003, as
amended March&nbsp;2, 2004, File No.&nbsp;33-109546.

<BR><BR></FONT></DD>

<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated by reference from our Current Report on Form&nbsp;8-K/A filed on October&nbsp;8, 2004.



<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2002, filed on February&nbsp;18, 2003.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
June&nbsp;30, 2003.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from (i)&nbsp;Exhibit&nbsp;12.1 to our Annual Report on Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2003, filed on February&nbsp;11, 2004, and (ii)&nbsp;Exhibit&nbsp;12.1 to our Quarterly Report on Form&nbsp;10-Q for the quarterly period
ended September&nbsp;30, 2004, filed on November&nbsp;1, 2004.

 </FONT></DD>

</DL>

<P><FONT SIZE=2><B>Item 17.&nbsp;&nbsp;&nbsp;&nbsp;Undertakings.  </B></FONT></P>

<UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(a)</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
<BR><BR></FONT>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(i)</FONT></DT><DD><FONT SIZE=2>To
include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act of 1933;
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(ii)</FONT></DT><DD><FONT SIZE=2>To
reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or </FONT></DD></DL>
</DD></DL>
</DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-3</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<A NAME="page_ja8338_1_4"> </A>
<UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>decrease
in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b) if, in the aggregate, the changes in volume and price represent no more than a 20%
change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(iii)</FONT></DT><DD><FONT SIZE=2>To
include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such
information in the registration statement; </FONT></DD></DL>
</UL>
</UL>
</UL>
<UL>
<UL>
<UL>

<P><FONT SIZE=2>provided,
however, that paragraphs (a)(1)(i)&nbsp;and (a)(1)(ii)&nbsp;do not apply if the registration statement is on Form&nbsp;S-3, Form&nbsp;S-8 or
Form&nbsp;F-3, and the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the registrant pursuant
to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement. </FONT></P>

</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>That,
for the purposes of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>To
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
<BR><BR></FONT></DD></DL>
</UL>
<DL compact>
<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(b)</FONT></DT><DD><FONT SIZE=2>The
undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section&nbsp;13(a) or Section&nbsp;15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section&nbsp;15(d)
of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(c)</FONT></DT><DD><FONT SIZE=2>Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such
indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
<BR><BR></FONT></DD><DT style='margin-bottom:-11pt;'><FONT SIZE=2>(d)</FONT></DT><DD><FONT SIZE=2>The
undersigned Registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection (a)&nbsp;of
Section&nbsp;310 of the Trust Indenture Act of 1939 in accordance with the rules and regulation prescribed by the Securities and Exchange Commission under Section&nbsp;305(b)(2) of the Securities
Trust Indenture Act of 1939. </FONT></DD></DL>
</UL>
<P ALIGN="CENTER"><FONT SIZE=2>II-4</FONT></P>

<HR NOSHADE>
<P style='page-break-before:always'></p>
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<UL>
<UL>
</UL>
</UL>
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<!-- TOC_END -->
<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="jc8338_signatures"> </A>
<A NAME="toc_jc8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>SIGNATURES    <BR>    </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New
York, State of New York, on November&nbsp;2, 2004.

 </FONT>

</P>

<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="78%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD COLSPAN=3><FONT SIZE=2><B>JETBLUE AIRWAYS CORPORATION</B></FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>By:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="47%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="5%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="44%"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN OWEN</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John Owen<BR>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<!-- end of user-specified TAGGED TABLE -->


<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the
dates indicated.

 </FONT>

</P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="30%" ALIGN="CENTER"><FONT SIZE=1><B>Name</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="43%" ALIGN="CENTER"><FONT SIZE=1><B>Title</B></FONT><HR NOSHADE></TH>
<TH WIDTH="2%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="23%" ALIGN="CENTER"><FONT SIZE=1><B>Date</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><BR><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%" ALIGN="CENTER"><FONT SIZE=2>/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID NEELEMAN*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> David Neeleman</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2>Chief Executive Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2>November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOHN OWEN*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> John Owen</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
Chief Financial Officer<BR>
(Principal Financial Officer)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="30%" ALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HOLLY NELSON*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Holly Nelson</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER"><FONT SIZE=2><BR>
Vice President and Controller<BR>
(Principal Accounting Officer)</FONT></TD>
<TD WIDTH="2%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID BARGER*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> David Barger</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>DAVID CHECKETTS*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> David Checketts</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>KIM CLARK*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Kim Clark</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOY COVEY*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Joy Covey</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>MICHAEL LAZARUS*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Michael Lazarus</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="43%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="23%" VALIGN="TOP"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>


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<!-- ZEQ.=1,SEQ=89,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="1",CHK=526973,FOLIO='blank',FILE='DISK006:[04NYC8.04NYC8338]JC8338A.;17',USER='DSLOAN',CD=';2-NOV-2004;02:10' -->
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<TABLE WIDTH="81%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>NEAL MOSZKOWSKI*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Neal Moszkowski</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>JOEL PETERSON*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Joel Peterson</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>ANN RHOADES*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Ann Rhoades</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
<TR VALIGN="BOTTOM">
<TD WIDTH="30%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>FRANK SICA*</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Frank Sica</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="43%" ALIGN="CENTER" VALIGN="TOP"><FONT SIZE=2><BR>
Director</FONT></TD>
<TD WIDTH="2%" VALIGN="TOP"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="23%" ALIGN="RIGHT" VALIGN="TOP"><FONT SIZE=2><BR>
November 2, 2004</FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH="100%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="5%"><FONT SIZE=2><BR>
*By:</FONT></TD>
<TD WIDTH="1%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="34%" ALIGN="CENTER" VALIGN="CENTER"><FONT SIZE=2><BR>
/s/&nbsp;&nbsp;</FONT><FONT SIZE=2>HOLLY NELSON</FONT><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Holly Nelson<BR></FONT> <FONT SIZE=2><I>Attorney-in-fact</I></FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="36%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="CENTER"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="18%" VALIGN="CENTER"><FONT SIZE=2><BR>
&nbsp;</FONT></TD>
</TR>
</TABLE>

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<HR NOSHADE>
<P style='page-break-before:always'></p>
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<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="je8338_exhibit_index"> </A>
<A NAME="toc_je8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>EXHIBIT INDEX    <BR>    </B></FONT></P>




<!-- User-specified TAGGED TABLE -->
<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="BOTTOM">
<TH WIDTH="10%" ALIGN="LEFT"><FONT SIZE=1><B>Exhibit<BR>
Number<BR> </B></FONT><HR NOSHADE></TH>
<TH WIDTH="3%"><FONT SIZE=1>&nbsp;</FONT></TH>
<TH WIDTH="88%" ALIGN="CENTER"><FONT SIZE=1><B>Exhibit Description</B></FONT><HR NOSHADE></TH>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Underwriting Agreement for Common Stock or Preferred Stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Underwriting Agreement for Debt Securities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
1.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Underwriting Agreement Relating to Pass Through Certificates.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Indenture Relating to Debt Securities.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Debt Security.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Pass Through Trust Agreement.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.4</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Pass Through Trust Certificate (included in Exhibit 4.3).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.5</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Preferred Stock Certificate.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.6</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Form of Common Stock Certificate.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.7</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, by and among JetBlue Airways Corporation and the Stockholders named therein.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.8</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amendment No. 1, dated as of June 30, 2003, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, by and among JetBlue Airways Corporation and the Stockholders named therein.(3)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.9</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amendment No. 2, dated as of October 6, 2003, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, as amended June&nbsp;30, 2003, by and among JetBlue Airways Corporation and the Stockholders named therein.(4)
</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.10</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Amendment No. 3, dated as of October&nbsp;4, 2004, to Amended and Restated Registration Rights Agreement, dated as of August 10, 2000, as amended June&nbsp;30, 2003 and October 6, 2003, by and among JetBlue Airways Corporation and the Stockholders
named therein.(5)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.11</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Stockholder Rights Agreement.(6)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.12</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Summary of Stockholder Rights Agreement.(2)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.13</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Indenture, dated as of July 15, 2003, between JetBlue Airways Corporation and Wilmington Trust Company, as Trustee, relating to the Company's 3<SUP>1</SUP>/<SMALL>2</SMALL>% Convertible Notes due 2033.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
4.14</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Registration Rights Agreement, dated as of July 15, 2003, among JetBlue Airways Corporation and Morgan Stanley &amp; Co. Incorporated, Raymond James &amp; Associates, Inc. and Blaylock &amp; Partners, L.P.(7)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Opinion of Nixon Peabody LLP relating to Debt Securities, Preferred Stock and Common Stock.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
5.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Opinion of Vedder, Price, Kaufman &amp; Kammholz, P.C. relating to Pass Through Certificates.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
8.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Tax Opinion of Vedder, Price, Kaufman &amp; Kammholz, P.C. relating to Pass Through Certificates (included in Exhibit 5.2).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
12.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Computation of Ratio of Earnings to Fixed Charges.(8)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Nixon Peabody LLP (included in Exhibit 5.1).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Vedder, Price, Kaufman &amp; Kammholz, P.C. (included in Exhibit 5.2).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
23.3</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Consent of Ernst &amp; Young LLP.</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
24.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Powers of Attorney (previously filed).</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2>&nbsp;</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH="79%" BORDER=0 CELLSPACING=0 CELLPADDING=0>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.1</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form T-1, as Trustee under the Indenture for Debt Securities.(1)</FONT></TD>
</TR>
<TR VALIGN="TOP">
<TD WIDTH="10%" ALIGN="RIGHT"><FONT SIZE=2><BR>
25.2</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
<TD WIDTH="88%"><FONT SIZE=2><BR>
Statement of Eligibility of Trustee on Form T-1, as Pass Through Trustee under the Pass Through Trust Agreement.</FONT></TD>
</TR>
</TABLE>


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<HR NOSHADE ALIGN="LEFT" WIDTH="120">

<DL compact>

<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(1)</FONT></DT><DD><FONT SIZE=2>To
be filed by amendment or as an exhibit to a report pursuant to Section&nbsp;13(a) or 15(d) of the Exchange Act and incorporated herein by reference.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(2)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-1, filed on February&nbsp;12, 2002,
as amended March&nbsp;19, 2002, April&nbsp;1, 2002 and April&nbsp;10, 2002, File No.&nbsp;333-82576.



<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(3)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-3, filed on July&nbsp;3, 2003, as
amended July&nbsp;10, 2003, File No.&nbsp;333-106781.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(4)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Registration Statement on Form&nbsp;S-3, filed on October&nbsp;7, 2003, as
amended March&nbsp;2, 2004, File No.&nbsp;33-109546.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(5)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated by reference from our Current Report on Form&nbsp;8-K/A filed on October&nbsp;8, 2004.



<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(6)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Annual Report on Form&nbsp;10-K for the fiscal year ended
December&nbsp;31, 2002, filed on February&nbsp;18, 2003.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(7)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from our Quarterly Report on Form&nbsp;10-Q for the quarterly period ended
June&nbsp;30, 2003.


<BR><BR></FONT></DD>



<DT style='margin-bottom:-11pt;'><FONT SIZE=2>(8)</FONT></DT><DD><FONT SIZE=2>Previously
filed with the SEC as an exhibit to and incorporated herein by reference from (i)&nbsp;Exhibit&nbsp;12.1 to our Annual Report on Form&nbsp;10-K for the
fiscal year ended December&nbsp;31, 2003, filed on February&nbsp;11, 2004, and (ii)&nbsp;Exhibit&nbsp;12.1 to our Quarterly Report on Form&nbsp;10-Q for the quarterly period
ended September&nbsp;30, 2004, filed on November&nbsp;1, 2004.

 </FONT></DD>

</DL>
<HR NOSHADE>
<P style='page-break-before:always'></p>
<!-- ZEQ.=2,SEQ=92,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="1",CHK=530837,FOLIO='blank',FILE='DISK006:[04NYC8.04NYC8338]JE8338A.;12',USER='DSLOAN',CD=';2-NOV-2004;02:10' -->
<!-- THIS IS THE END OF A COMPOSITION COMPONENT -->
<BR>
<P><br><A NAME="04NYC8338_1">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bb8338_1">EXPLANATORY NOTE</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_bg8338_1">TABLE OF CONTENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg8338_2">IMPORTANT NOTICE TO READERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_bg8338_3">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ca8338_1">PROSPECTUS SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cc8338_1">RISK FACTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ce8338_1">USE OF PROCEEDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce8338_2">DIVIDEND POLICY</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce8338_3">RATIO OF EARNINGS TO FIXED CHARGES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ce8338_4">DESCRIPTION OF COMMON AND PREFERRED STOCK</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cg8338_1">DESCRIPTION OF DEBT SECURITIES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ck8338_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ck8338_2">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ck8338_3">EXPERTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_ck8338_4">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_co8338_1">TABLE OF CONTENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_co8338_2">IMPORTANT NOTICE TO READERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_co8338_3">SPECIAL NOTE ABOUT FORWARD-LOOKING STATEMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_co8338_4">REPORTS TO PASS THROUGH CERTIFICATEHOLDERS</A></FONT><BR>

<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cq8338_1">PROSPECTUS SUMMARY</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cs8338_1">RISK FACTORS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cu8338_1">USE OF PROCEEDS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cu8338_2">RATIO OF EARNINGS TO FIXED CHARGES</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cu8338_3">OUTLINE OF PASS THROUGH TRUST STRUCTURE</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cu8338_4">FLOW OF PAYMENTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_cu8338_5">DESCRIPTION OF THE CERTIFICATES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_cy8338_1">DESCRIPTION OF THE EQUIPMENT NOTES</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_da8338_1">UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_da8338_2">ERISA CONSIDERATIONS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_dc8338_1">PLAN OF DISTRIBUTION</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc8338_2">LEGAL MATTERS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc8338_3">EXPERTS</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_dc8338_4">WHERE YOU CAN FIND MORE INFORMATION</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_ja8338_1">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></FONT><BR>
<!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_jc8338_1">SIGNATURES</A></FONT><BR>
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<FONT SIZE=2><A HREF="#toc_je8338_1">EXHIBIT INDEX</A></FONT><BR>
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<DESCRIPTION>EXHIBIT 1.1
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 1.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM OF UNDERWRITING AGREEMENT FOR SHARES</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">JETBLUE AIRWAYS CORPORATION<br>
(a Delaware corporation)<br>
<br>&#160;[COMMON STOCK, PAR VALUE $0.01 PER
SHARE] [TITLE OF PREFERRED STOCK]</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">UNDERWRITING AGREEMENT</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;</font></p>

<p align="right" style="line-height:12.0pt;margin:0in 0in 24.0pt;text-align:right;text-indent:3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[DATE]</font></p>

<p style="line-height:12.0pt;margin:0in 0in 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[NAMES OF REPRESENTATIVES]<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for themselves and as
Representatives<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for the Underwriters named
in Schedule I, <br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; hereto (the &#147;<b><font style="font-weight:bold;">Representatives</font></b>&#148;)</font></p>

<p style="line-height:12.0pt;margin:0in 0in 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ADDRESS OF REPRESENTATIVES]</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JETBLUE AIRWAYS CORPORATION, a Delaware corporation
(the &#147;<b><font style="font-weight:bold;">Company&#148;</font></b>), proposes to issue
and sell to the several underwriters named in Schedule I hereto (the &#147;<b><font style="font-weight:bold;">Underwriters</font></b>&#148;), subject to the terms and
conditions set forth herein, an aggregate of [&#160;&#160; ] shares (the &#147;Firm Shares&#148;) of its [common stock, par value
$.01 per share (the &#147;<b><font style="font-weight:bold;">Common Stock</font></b>&#148;)]
[FULL TITLE OF PREFERRED STOCK (par value $[&#160;&#160;
] per share) (the &#147;<b><font style="font-weight:bold;">Preferred Stock</font></b>&#148;)].&#160; The Company also proposes to issue and sell
to the several Underwriters not more than an additional [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] shares of its [Common Stock]
[Preferred Stock] (the &quot;<b><font style="font-weight:bold;">Additional
Shares</font></b>&quot;) if and to the extent that you, as Representatives,
shall have determined to exercise, on behalf of the Underwriters, the right to
purchase such shares of [Common Stock]&#160;
[Preferred Stock]granted to the Underwriters in Section 2 hereof.&#160; The Firm Shares and the Additional Shares
are hereinafter collectively referred to as the &quot;<b><font style="font-weight:bold;">Shares</font></b>.&quot;&#160; Subject to the terms and conditions set forth herein, the
Underwriters agree to purchase from the Company, severally and not jointly, the
respective number of shares of [Common Stock] [Preferred Stock] set forth in
Schedule I (collectively, the &#147;<b><font style="font-weight:bold;">Shares</font></b>&#148;)
opposite their respective names at the purchase price set forth herein. </font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has filed with the Securities and Exchange
Commission (the &#147;<b><font style="font-weight:bold;">Commission</font></b>&#148;) two
shelf registration statements on Form S-3: (i) Registration Statement No.
333-109546 (the &#147;<b><font style="font-weight:bold;">First Registration Statement</font></b>&#148;)
and (ii) Registration Statement No. 333-119549 (the &#147;<b><font style="font-weight:bold;">Second Registration Statement</font></b>&#148;) constituting a post-effective
amendment no. 1</font></p>


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<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to the First Registration Statement, each relating to
certain classes of securities (such registration statements, including the
exhibits thereto and the documents filed by the Company with the Commission
pursuant to the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission thereunder (collectively, the &#147;<b><font style="font-weight:bold;">Exchange Act</font></b>&#148;) that are incorporated by
reference therein, as amended at the date hereof, being herein referred to as
the &#147;<b><font style="font-weight:bold;">Registration Statements</font></b>&#148;) and
the offering thereof from time to time in accordance with Rule 415 of the
Securities Act of 1933, as amended, and the rules and regulations of the
Commission thereunder (collectively, the &#147;<b><font style="font-weight:bold;">Securities
Act</font></b>&#148;). The term &#147;<b><font style="font-weight:bold;">Basic Prospectus&#148;</font></b>
means the prospectus relating to common stock and preferred stock included in
the Registration Statements.&#160; The term &#147;<b><font style="font-weight:bold;">Prospectus&#148;</font></b> means the Basic Prospectus
together with the Prospectus Supplement.&#160;
The term &#147;<b><font style="font-weight:bold;">preliminary prospectus&#148;</font></b>
means a preliminary prospectus supplement specifically relating to the Shares,
together with the Basic Prospectus.&#160; As
used herein, the terms &#147;<b><font style="font-weight:bold;">Basic Prospectus</font></b>&#148;,
&#147;<b><font style="font-weight:bold;">Prospectus</font></b>&#148; and &#147;<b><font style="font-weight:bold;">preliminary prospectus</font></b>&#148; shall include in
each case the documents incorporated by reference therein.&#160; The terms &#147;<b><font style="font-weight:bold;">supplement</font></b>,&#148;
&#147;<b><font style="font-weight:bold;">amendment&#148;</font></b> and &#147;<b><font style="font-weight:bold;">amend&#148;</font></b> as used herein shall include all
documents deemed to be incorporated by reference in the Prospectus that are
filed subsequent to the date of the Basic Prospectus by the Company with the
Commission pursuant to the Securities Exchange Act of 1934, as amended (the &#147;<b><font style="font-weight:bold;">Exchange Act&#148;</font></b>).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Representations
and Warranties.</font></i> &#160;&#160;&#160; The Company
represents and warrants to and agrees with each of the Underwriters that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Registration
Statements have become effective; no stop order suspending the effectiveness
one or both of the Registration Statements is in effect, and no proceedings for
such purpose are pending before or, to the knowledge of the Company, threatened
by the Commission.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i) Each document,
if any, filed or to be filed pursuant to the Exchange Act, and incorporated by
reference in the Prospectus complied or will comply when so filed in all
material respects with the Exchange Act and the applicable rules and
regulations of the Commission thereunder; (ii) each Registration Statement,
when it became effective, did not contain and, as amended or supplemented, if
applicable, will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; (iii) the Registration Statements and the
Prospectus comply and, as amended or supplemented, if applicable, will comply
in all material respects with the Securities Act and the applicable rules and
regulations of the Commission thereunder; and (iv) the Prospectus does not
contain and, as amended or supplemented, if applicable, will not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply (A) to statements or omissions in the
Registration Statements or the Prospectus based upon information relating to
any Underwriter furnished to the Company in writing by such Underwriter through
you expressly for use therein or (B) to that part of the Registration
Statements that constitutes the Statement of Eligibility of any trustee under
the Trust Indenture Act of 1939, as amended (the &#147;<b><font style="font-weight:bold;">Trust Indenture Act&#148;</font></b>), on Form T-1.</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company has been duly incorporated, is validly existing as a corporation in
good standing under the laws of the jurisdiction of its incorporation, has the
corporate power and authority to own its property and to conduct its business
as described in the Prospectus and is duly qualified to transact business and
is in good standing in each jurisdiction in which the conduct of its business
or its ownership or leasing of property requires such qualification, except to
the extent that the failure to be so qualified or be in good standing would not
have a material adverse effect on the Company and its subsidiaries, taken as a
whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
of the Company&#146;s subsidiaries has been duly organized, is validly existing as a
corporation or limited liability company, as the case may be, in good standing
under the laws of the jurisdiction of its incorporation or organization, has
the power and authority to own its property and to conduct its business as
described in the Prospectus and is duly qualified to transact business and is
in good standing in each jurisdiction in which the conduct of its business or
its ownership or leasing of property requires such qualification, except to the
extent that the failure to be so qualified or be in good standing would not
have a material adverse effect on the Company and its subsidiaries, taken as a
whole; all of the issued shares of capital stock or membership interests, as
the case may be, of the Company&#146;s subsidiaries have been duly and validly
authorized and issued, are fully paid and non-assessable and are owned directly
or indirectly by the Company, free and clear of all liens, encumbrances,
equities or claims.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This
Agreement has been duly authorized, executed and delivered by the Company.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company has an authorized capitalization as set forth in the Prospectus and all
of the issued and outstanding shares of capital stock of the Company have been
duly and validly authorized and issued, are fully paid and non-assessable and
conform in all material respects to the description thereof contained in the
Prospectus under the caption &quot;Description of Capital Stock.&quot;</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Shares to be sold by the Company have been duly authorized and, when issued and
delivered in accordance with the terms of this Agreement, will be validly
issued, fully paid and non-assessable, and the issuance of such Shares will not
be subject to any preemptive or similar rights.&#160; [The shares of Common Stock issuable upon conversion of the
Shares (the &#147;</font><b><font style="font-weight:bold;">Underlying Shares</font></b>&#148;)
have been duly authorized and reserved and, when issued upon conversion of the
Shares in accordance with the terms of the Shares, will be validly issued,
fully paid and non-assessable, and the issuance of the Underlying Shares
will not be subject to any preemptive or similar rights.]</h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
execution and delivery by the Company of, and the performance by the Company of
its obligations under, this Agreement will not contravene any provision of
applicable law or the certificate of incorporation or by-laws of the Company or
any agreement or other instrument binding upon the Company or any of its
subsidiaries that is material to the Company and its subsidiaries, taken as a
whole, or any judgment, order or decree of any governmental body, agency or
court having jurisdiction over the Company or any of its subsidiaries, and no
consent, approval, authorization or order of, or</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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</font></div>

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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">qualification
with, any governmental body or agency is required for the performance by the
Company of its obligations under this Agreement, except such as may be required
by the securities or Blue Sky laws of the various states in connection with the
offer and sale of the Shares.&#160;&#160;&#160;&#160;&#160; </font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
has not occurred any material adverse change, or any development reasonably
likely to involve a material adverse change, in the condition, financial or
otherwise, or in the earnings, business or operations of the Company and its
subsidiaries, taken as a whole, from that set forth in the Prospectus
(exclusive of any amendments or supplements thereto subsequent to the date of
this Agreement).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
are no legal or governmental proceedings pending or, to the knowledge of the
Company, threatened to which the Company or any of its subsidiaries is a party
or to which any of the properties of the Company or any of its subsidiaries is
subject that are required to be described in the Registration Statements or the
Prospectus and are not so described or any statutes, regulations, contracts or
other documents that are required to be described in the Registration
Statements or the Prospectus or to be filed as exhibits to the Registration
Statements that are not described or filed as required.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
preliminary prospectus filed as part of the registration statements as
originally filed or as part of any amendment thereto, or filed pursuant to Rule
424 under the Securities Act, complied when so filed in all material respects
with the Securities Act and the applicable rules and regulations of the
Commission thereunder.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company is not and, after giving effect to the offering and sale of the Shares
and the application of the proceeds thereof as described in the Prospectus,
will not be required to register as an &#147;investment company&#148; as such term is
defined in the Investment Company Act of 1940, as amended.</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and its subsidiaries (i) are in compliance with any and all applicable
foreign, federal, state and local laws and regulations relating to the protection
of human health and safety, the environment or hazardous or toxic substances or
wastes, pollutants or contaminants (&#147;</font><b><font style="font-weight:bold;">Environmental
Laws</font></b>&#148;), (ii) have received all permits, licenses or other approvals
required of them under applicable Environmental Laws to conduct their
businesses, and (iii) are in compliance with all terms and conditions of any
such permit, license or approval, except where any such noncompliance with
Environmental Laws, failure to receive required permits, licenses or other approvals
or failure to comply with the terms and conditions of such permits, licenses or
approvals would not, singly or in the aggregate, have a material adverse effect
on the Company and its subsidiaries, taken as a whole.</h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
the knowledge of the Company, there are no costs or liabilities associated with
Environmental Laws (including, without limitation, any capital or operating
expenditures required for clean-up, closure of properties or compliance with
Environmental Laws or any permit, license or approval, any related constraints
on operating activities and any potential liabilities to third parties) which
would, singly or in</font></h2>

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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the aggregate,
have a material adverse effect on the Company and its subsidiaries, taken as a
whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
are no contracts, agreements or understandings between the Company and any
person granting such person the right to require the Company to file a
registration statement under the Securities Act with respect to any securities of
the Company (except as otherwise disclosed in the Registration Statements) or
to require the Company to include such securities with the Shares registered
pursuant to the Registration Statements (except those rights that have been
waived).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subsequent
to the date of the Prospectus, (i) neither the Company nor any of its
subsidiaries has incurred any material liability or obligation, direct or
contingent, or entered into any material transaction, in each case, not in the
ordinary course of business or as described in or as contemplated by the
Prospectus (including, without limitation, aircraft acquisitions or financing
so described in or contemplated by the Prospectus); (ii) the Company has not
purchased any of its outstanding capital stock, nor declared, paid or otherwise
made any dividend or distribution of any kind on its capital stock (other than
repurchases of unvested shares of the Company&#146;s capital stock pursuant to its
equity incentive plans); (iii) there has not been any material change in the capital
stock, short-term debt or long-term debt of the Company except in each case as
described in or contemplated by the Prospectus (including, without limitation,
aircraft financing and equity incentive plan grants so described in or
contemplated by the Prospectus); and (iv) there has been no prohibition or
suspension of the operation of the Company&#146;s aircraft, including as a result of
action taken by the Federal Aviation Administration or the Department of
Transportation.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
of the Company and its subsidiaries has good and marketable title in fee simple
to all real property and good and marketable title to all personal property
owned by it which is material to the business of the Company and its
subsidiaries, in each case free and clear of all liens, encumbrances and
defects except liens and encumbrances on aircraft of the Company and such other
liens, encumbrances and defects as are described in or contemplated by the
Prospectus or such as do not materially affect the value of such property or do
not interfere with the use made and proposed to be made of such property by the
Company or its subsidiaries; and any real property and buildings held under
lease by the Company or any of its subsidiaries are held by it under valid,
subsisting and enforceable leases with such exceptions as are not material and
do not interfere with the use made and proposed to be made of such property and
buildings by the Company or its subsidiaries, in each case except as described
in or contemplated by the Prospectus.</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (i)
Each of the Company and its subsidiaries possesses such permits, licenses,
approvals, consents and other authorizations (collectively &#147;</font><b><font style="font-weight:bold;">Government Licenses</font></b>&#148;) issued by the appropriate federal,
state, local or foreign regulatory agencies or bodies, including the Department
of Transportation, the Federal Aviation Administration or the Federal
Communications Commission necessary to conduct the business now operated by it;
(ii) each of the Company and its subsidiaries is in compliance with the terms
and conditions of all such Governmental Licenses, except where the failure so
to</h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=662040,FOLIO='5',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">comply would
not, singly or in the aggregate, have a material adverse effect on the Company
and its subsidiaries, taken as a whole; (iii) all of the Government Licenses
are valid and in full force, except when the invalidity of such Governmental
Licenses or the failure of such Governmental Licenses to be in full force and
effect would not have a material adverse effect on the Company and its
subsidiaries, taken as a whole; and (iv) the Company has not received any
notice of proceedings relating to the revocation or modification of any such
Governmental Licenses which, singly or in the aggregate, is reasonably likely
to have a material adverse effect on the Company and its subsidiaries, taken as
a whole.</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as described in or contemplated by the Prospectus, no material labor dispute
with the employees of the Company or its subsidiaries exists or, to the
knowledge of the Company, is imminent; and the Company is not aware, but
without any independent investigation or inquiry, of any existing</font>,
threatened or imminent labor disturbance by the employees of any of its
principal suppliers, manufacturers or contractors that could result in any
material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of the Company and its subsidiaries, taken as
a whole.</h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company is insured by insurers of recognized financial responsibility against
such losses and risks and in such amounts as are customary in the businesses in
which it is engaged; the Company has not been refused any insurance coverage
sought or applied other than in connection with instances where the Company was
seeking to obtain insurance coverage at more attractive rates; and the Company
has no reason to believe that it will not be able to renew its existing
insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at
a cost that would not have a material adverse effect on the&#160; Company and its subsidiaries, taken as a
whole, except as described in or contemplated by the Prospectus.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company maintains a system of internal accounting controls sufficient to
provide reasonable assurance that (i) transactions are executed in accordance
with management&#146;s general or specific authorizations in all material respects
and (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with generally accepted accounting principles and to
maintain asset accountability.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company (i) is an &#147;air carrier&#148; within the meaning of 49 U.S.C. Section
40102(a); (ii) holds an air carrier operating certificate issued by the
Secretary of Transportation pursuant to Chapter 447 of Title 49 of the United
States Code for aircraft capable of carrying 10 or more individuals or 6,000
pounds or more of cargo; and (iii) is a &#147;citizen of the United States&#148; as
defined in 49 U.S.C. Section 401102.&#160;&#160;&#160; </font></h2>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Agreements
to Sell and Purchase.</font></i>&#160;&#160; The
Company hereby agrees to sell to the several Underwriters, and each
Underwriter, upon the basis of the representations and warranties herein
contained, but subject to the conditions hereinafter stated, agrees, severally
and not jointly, to purchase from the Company the respective numbers of Shares
set forth in Schedule</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=1043174,FOLIO='6',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I hereto opposite its name at $[&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] a share (the &#147;<b><font style="font-weight:bold;">Purchase Price</font></b>&#148;) plus accrued dividends, if
any, to the Closing Date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On the basis of the representations and warranties
contained in this Agreement, and subject to its terms and conditions, the
Company agrees to sell to the Underwriters the Additional Shares, and the
Underwriters shall have a one-time right to purchase, severally and not
jointly, up to [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ]
Additional Shares at the Purchase Price.&#160;
If you, on behalf of the Underwriters, elect to exercise such option,
you shall so notify the Company in writing not later than 30 days after the
date of this Agreement, which notice shall specify the number of Additional
Shares to be purchased by the Underwriters and the date on which such shares
are to be purchased.&#160; Such purchase date
may be the same as the Closing Date (as defined below) but not earlier than the
Closing Date nor later than ten business days after the date of such
notice.&#160; Additional Shares may be
purchased as provided in Section 4 hereof solely for the purpose of covering
over-allotments made in connection with the offering of the Firm Shares.&#160; If any Additional Shares are to be
purchased, each Underwriter agrees, severally and not jointly, to purchase the
number of Additional Shares (subject to such adjustments to eliminate
fractional shares as you may determine) that bears the same proportion to the
total number of Additional Shares to be purchased as the number of Firm Shares
set forth in Schedule I hereto opposite the name of such Underwriter bears to
the total number of Firm Shares.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">To induce the
Underwriters that may participate in the Public Offering (as defined below) to
continue their efforts in connection with the Public Offering, the Company
hereby agrees that, without your prior written consent on behalf of the
Underwriters, it will not, during the period ending [&#160;&#160;&#160; ] days after the date of the Prospectus relating to the Public
Offering, (1) offer, pledge, sell, contract to sell, sell any option or
contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, lend, or otherwise transfer or dispose
of, directly or indirectly, any shares of&#160;
[Common Stock] [Preferred Stock] or any securities convertible into or
exercisable or exchangeable for&#160; [Common
Stock] [Preferred Stock]; (2) file any registration statement with the
Securities and Exchange Commission relating to the offering of any shares
of&#160; [Common Stock] [Preferred Stock] or
any securities convertible into or exercisable or exchangeable for&#160; [Common Stock] [Preferred Stock] or (3)
enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of the&#160; [Common Stock] [Preferred Stock], whether
any such transaction described in clause (1), (2) or (3) above is to be settled
by delivery of&#160; [Common Stock]
[Preferred Stock] or such other securities, in cash or otherwise. The foregoing
sentence shall not apply to (a) the sale of any Shares to the Underwriters
pursuant to this Agreement, (b) transactions relating to shares of &#160;[Common Stock] [Preferred Stock] or other
securities acquired in open market transactions after the completion of the
Public Offering, (c) the issuance by the Company of shares of [Common Stock]
[Preferred Stock] upon the exercise of an option or warrant or the conversion
of a security outstanding on the date hereof, including, without limitation,
upon conversion of the Company&#146;s 3&#189;% Convertible Notes due 2033 (the
&#147;Convertible Notes&#148;), and as described in the Prospectus, (d) the filing by the
Company of any post-effective amendments to its registration statement on Form
S-3 or any supplements to the prospectus included therein relating to the
Convertible Notes and the shares of Common Stock issuable upon conversion
thereof (Registration Statement No. 333-108616);&#160; (e) the issuance by the Company of any shares of Common Stock or
options or other rights to employees of the Company on or after the date hereof
pursuant to the Company&#146;s equity incentive plans as </font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=82975,FOLIO='7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">described in the Prospectus and the issuance by the
Company of shares of Common Stock upon the exercise of any such options or the
vesting of any such other rights,&#160; or
(f) any securities issued or issuable in connection with the Company&#146;s
stockholders rights plan.&#160;&#160; <font style="letter-spacing:-.15pt;">Notwithstanding the foregoing, if (1) during the
last 17 days of the [&#160;&#160; ]-day restricted
period [(x) the Company issues an earnings release or (y) a material event
relating to the Company occurs (including the publication of material news relating
to the Company)<b><font style="font-weight:bold;">  </font></b>that shall have
been reasonably identified as a material event for purposes of this section<b><font style="font-weight:bold;">  </font></b>in a written notice delivered to the
Company by [the Representatives] within three days of such event] (each, a &#147;<b><font style="font-weight:bold;">Material Event</font></b>&#148;), or (2) prior to the
expiration of the [&#160;&#160;&#160; ]-day restricted
period, the Company announces that it will release earnings results during the
16-day period beginning on the last day of the [&#160;&#160; ]-day period, the restrictions imposed by this Section 2 shall
continue to apply until the expiration of the 18-day period beginning on the
issuance of the earnings release or the occurrence of the Material Event.</font></font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Terms of Public Offering</font></i>.&#160;&#160; The Company is advised by you that the
Underwriters propose to make a public offering of their respective portions of
the Shares, as soon after the Registration Statements and this Agreement become
effective as in your judgment is advisable (the &#147;</font><b><font style="font-weight:bold;">Public Offering</font></b>&#148;).&#160;
The Company is further advised by you that the Shares are to be offered
to the public initially at $[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ]
a share (the &#147;<b><font style="font-weight:bold;">Public Offering Price</font></b>&#148;) plus
accrued dividends, if any, to the Closing Date and to certain dealers selected
by you at a price that represents a concession not in excess of $[&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] a share under the Public Offering
Price, and that any Underwriter may allow, and such dealers may reallow, a
concession, not in excess of $[&#160;&#160;&#160;&#160;&#160;&#160; ]
a share, to any Underwriter or to certain other dealers.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payment
and Delivery.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Payment for the Firm
Shares shall be made to the Company in Federal or other funds immediately
available in New York City against delivery of such Shares for the respective
accounts of the several Underwriters at 10:00 a.m., New York City time, on
[DATE], or at such other time on the same or such other date, not later than
[DATE], as shall be designated in writing by you.&#160; The time and date of such payment are hereinafter referred to as
the &#147;</font><b><font style="font-weight:bold;">Closing Date</font></b>.&#148;</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment for any Additional Shares shall be made to the
Company in Federal or other funds immediately available in New York City
against delivery of such Additional Shares for the respective accounts of the
several Underwriters at 10:00 a.m., New York City time, on the date specified
in the notice described in Section 2 or at such other time on the same or on
such other date, in any event not later than [DATE], as shall be designated in
writing by you.&#160; The time and date of
such payment are hereinafter referred to as the &quot;<b><font style="font-weight:bold;">Option Closing Date</font></b>.&quot;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates for the Firm Shares and Additional Shares
shall be in definitive form and registered in such names and in such
denominations as you shall request in writing not later than one full business
day prior to the Closing Date or the Option Closing Date, as the case may
be.&#160; The certificates evidencing the
Firm Shares and Additional Shares shall be delivered to you on the Closing Date
or the Option Closing Date, as the case may be, for the respective accounts of
the several Underwriters, with any transfer taxes payable in connection with
the transfer of the Shares to the Underwriters duly paid, against payment of
the Purchase Price therefor.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions to the Underwriters&#146; Obligations.</font></i>&#160; The obligations of the Company to sell the
Shares to the Underwriters and the several obligations of the Underwriters to
purchase</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=951343,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and pay for the Shares on the
Closing Date are subject to the condition that the Registration Statements
shall have become effective not later than [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ] (New York City time) on the date hereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The several obligations of the Underwriters are
subject to the following further conditions:</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Subsequent
to the execution and delivery of this Agreement and prior to the Closing Date:</font></h2>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there
shall not have occurred any downgrading, nor shall any notice have been given
of any intended or potential downgrading or of any review for a possible change
that does not indicate the direction of the possible change, in the rating
accorded any of the Company&#146;s securities by any &#147;nationally recognized statistical
rating organization,&#148; as such term is defined for purposes of Rule 436(g)(2)
under the Securities Act; and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there
shall not have occurred any change, or any development reasonably likely to
involve a change, in the condition, financial or otherwise, or in the earnings,
business or operations of the Company and its subsidiaries, taken as a whole,
from that set forth in the Prospectus (exclusive of any amendments or
supplements thereto subsequent to the date of this Agreement) that, in your
judgment, is material and adverse and that makes it, in your judgment,
impracticable to market&#160; the Shares on
the terms and in the manner contemplated in the Prospectus.</font></h4>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriters shall have received on the Closing Date a certificate, dated the
Closing Date and signed, on behalf of the Company, by an executive officer of
the Company, to the effect set forth in Section 5(a)(i) above and to the effect
that the representations and warranties of the Company contained in this
Agreement are true and correct as of the Closing Date and that the Company has
complied in all material respects with all of the agreements and satisfied in
all material respects all of the conditions on its part to be performed or
satisfied hereunder on or before the Closing Date.&#160; The officer signing and delivering such certificate may rely upon
the best of his or her knowledge as to proceedings threatened.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriters shall have received on the Closing Date an opinion of Nixon
Peabody LLP, outside counsel for the Company, dated the Closing Date, to the
effect that:</font></h2>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company has been duly incorporated, is validly existing as a corporation in
good standing under the laws of the jurisdiction of its incorporation, has the
corporate power and authority to own its property and to conduct its business
as described in the Prospectus and (based solely on an examination of
certificates of government officials and agencies) is duly qualified to
transact business and is in good standing in each jurisdiction set forth in
Schedule I to such opinion, except where the failure to be so qualified or be
in</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


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<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=702426,FOLIO='9',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">good standing
would not have a material adverse effect on the Company and its subsidiaries,
taken as whole;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
subsidiary of the Company has been duly incorporated or organized, as the case
may be, is validly existing as a corporation or limited liability company in
good standing under the laws of the jurisdiction of its incorporation or
organization, has the power and authority to own its property and to conduct
its business as described in the Prospectus, and (based solely on an
examination of certificates of government officials and agencies) is duly
qualified to transact business and is in good standing in each jurisdiction set
forth in Schedule I to such opinion, except where the failure to be so
qualified or be in good standing would not have a material adverse effect on
the Company and its subsidiaries, taken as whole;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
authorized capital stock of the Company conforms as to legal matters in all
material respects to the description thereof contained in the Prospectus;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
shares of capital stock outstanding prior to the issuance of the Shares have
been duly authorized and are validly issued, and to the knowledge of such
counsel, fully paid and non-assessable;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all
of the issued shares of capital stock or membership interests, as the case may
be, of each subsidiary of the Company have been duly and validly authorized and
issued, and to the knowledge of such counsel, are fully paid and non-assessable
and are owned directly or indirectly by the Company, free and clear of any
security interest or adverse claim (as defined in Article 8 of the Uniform
Commercial Code) other than transfer restrictions in organizational documents
of such subsidiary and foreign ownership restrictions under applicable law,
rules and regulations;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Shares have been duly authorized and, when issued and delivered in accordance
with the terms of this Agreement, will be validly issued, fully paid and
non-assessable, and the issuance of such Shares will not be subject to any
preemptive or similar rights that have not been waived;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this
Agreement has been duly authorized, executed and delivered by the Company;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; except
for such conflicts or violations, when considered alone or taken together with
all other conflicts or violations, would not have a material adverse effect on
the Company and its subsidiaries, taken as a whole, the execution and delivery
by the Company of this Agreement does not, and the performance by the Company
of its obligations under this Agreement will not, conflict with or violate any
provision of the certificate of incorporation or by-laws of the Company, any
agreement or other instrument set forth in Schedule II to such opinion, or, to
the knowledge of such counsel, any judgment, order or decree </font></h4>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


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<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=751320,FOLIO='10',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of any
governmental body, agency or court having jurisdiction over the Company or any
of its subsidiaries and applicable to the Company, its subsidiaries or their
properties, or any law which in such counsel&#146;s experience is normally
applicable to transactions of the type contemplated&#160; by this Agreement; and, except for those which have been obtained
under the Securities Act and the Exchange Act and such as may be required by
applicable state and local securities laws, no consent, approval, authorization
or order of, or qualification with, any governmental body or agency is required
for the performance by the Company of its obligations under this Agreement;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements (A)&nbsp;in the Prospectus under the captions [&#147;Description of
Capital Stock&#148;] and [&#147;Underwriting&#148;] (except for matters relating to price
stabilization, short positions and passive market making activities, as to
which such counsel need not express any opinion) and (B)&nbsp;in the
Registration Statements in Item 15, in each case insofar as such statements
constitute summaries of the legal matters, documents or proceedings referred to
therein, fairly present, in all material respects, the information called for
with respect to such legal matters, documents and proceedings and fairly
summarize the matters referred to therein;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company is not and, after giving effect to the offering and sale of the Shares
and the application of the proceeds thereof as described in the Prospectus,
will not be required to register as an &#147;investment company&#148; as such term is
defined in the Investment Company Act of 1940, as amended;</font></h4>

<h4 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Registration Statements and Prospectus, except for financial statements, notes
thereto and schedules and other financial, numerical, statistical and
accounting information and data included or incorporated by reference therein,
and that part of the Registration Statements that constitutes the Form T-1
heretofore referred to (collectively, &#147;</font><b><font style="font-weight:bold;">Excluded Information</font></b>&#148;), as to which such counsel need not
express any opinion, comply as to form in all material respects with the
requirements of the Securities Act and the applicable rules and regulations of
the Commission thereunder; and</h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
document filed pursuant to the Exchange Act and incorporated by reference in
the Registration Statements and the Prospectus (except for Excluded
Information, as to which such counsel need not express any opinion), on the
date such document was filed with the Commission, complied as to form in all
material respects with the requirements of the Exchange Act and the applicable
rules and regulations of the Commission thereunder.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, such counsel shall state that,
although such counsel has not undertaken to determine independently, and
therefore, except for the opinions set forth in Section 5(c)(iii), (ix), (xi)
and (xii), does not assume any responsibility, explicitly or implicitly, for,
the accuracy, completeness or fairness of the statements contained or
incorporated by reference in the Registration Statements and Prospectus, such
counsel has participated in the preparation of the </font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=973600,FOLIO='11',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration
Statements and Prospectus, including review and discussion of the contents
thereof, and that, based upon and subject to the foregoing and the other
qualifications and limitations set forth in such counsel&#146;s opinion, nothing has
come to the attention of such counsel that causes such counsel to believe that
(i) the Registration Statements and the Prospectus included therein at the time
the Registration Statements became effective (except for Excluded Information,
as to which such counsel need not express any belief) contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(ii) the Prospectus (except for Excluded Information, as to which such counsel
need not express any belief) as of its date or as of the Closing Date contained
or contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.</font></h4>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In giving such opinion and belief, counsel for the
Company may (i) as to matters of fact, rely on certificates of the Company or
officers of the Company and other information from governmental officials, (ii)
state that it is opining only as to matters of federal and New York law and,
with respect to the Company and its corporate subsidiary, the General
Corporation Law of the State of Delaware, and, with respect to the Company&#146;s
limited liability company subsidiary, the Limited Liability Company Law of the
State of Delaware, and (iii) state that its opinion and belief are based upon
its participation in the preparation of the Registration Statements and
Prospectus and review and discussion of the contents thereof, but are without
independent check or verification, except as specified.</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriters shall have received on the Closing Date an opinion of James G.
Hnat, general counsel for the Company, dated the Closing Date, to the effect
that:</font></h2>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
counsel does not know of any legal or governmental proceedings pending or
threatened to which the Company is a party or to which any of the properties of
the Company is subject that are required to be described in the Registration
Statements or the Prospectus and are not so described or of any statutes,
regulations, contracts or other documents that are required to be described in
the Registration Statements or the Prospectus or to be filed as exhibits to the
Registration Statements that are not described or filed as required;</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to
such counsel&#146;s knowledge, the Company possesses the Government Licenses
necessary to conduct its commercial airline operations as described in the
Prospectus and the Company is in compliance with the terms and conditions of
all such Government Licenses, except where the failure to so comply would not,
singly or in the aggregate, have a material adverse effect on the Company, and
all of the Government Licenses are valid and in full force and effect, except
where the invalidity of such Government Licenses or the failure of such
Governmental Licenses to be in full force and effect would not have a material
adverse effect on the Company;</font></h4>

<h4 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h4>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=587808,FOLIO='12',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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</font>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements in the Prospectus under the caption &#147;Business -- Government
Regulation,&#148; insofar as such statements constitute summaries of legal or
regulatory matters, documents or proceedings referred to therein are accurate
in all material respects and fairly summarize the matters referred to therein;
and</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Company is an &#147;air carrier&#148; and a &#147;citizen of the United States&#148; within the
meaning of that portion of the United States Code comprising those provisions
formerly referred to as the Federal Aviation Act of 1958, and now primarily
codified in Title 49 of the United States Code, as amended, and holds an &#147;air
carrier operating certificate issued by the Secretary of Transportation&#148; within
the meaning of 11 U.S.C. &#167; 1110.&#160; The
statements in the Prospectus as to the routes relating to its services which the
Company presently operates or is authorized to operate are correct in all
material respects and such routes presently operated are being operated
pursuant to valid certificates or authorizations issued by the Federal Aviation
Authority.</font></h4>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In giving such opinion, such counsel may (i) as to
matters of fact, rely on certificates of the Company or officers of the Company
and other information from governmental officials, and (ii) state that it is
opining only as to matters of federal and New York law and, with respect to the
Company and its corporate subsidiary, the General Corporation Law of the State
of Delaware, and, with respect to the Company&#146;s limited liability company
subsidiary, the Limited Liability Company Law of the State of Delaware.</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriters shall have received on the Closing Date an opinion of Shearman
&amp; Sterling LLP, counsel for the Underwriters, dated the Closing Date, (or a
letter in the case of the penultimate paragraph of Section 5(c)) covering the
matters referred to in Sections 5(c)(i) (but only as to the Company&#146;s
jurisdiction of incorporation) 5(c)(vi), 5(c)(vii), 5(c)(ix), (but only as to
the statements in the Prospectus under &#147;Description of Capital Stock&#148; and
&#147;Underwriting&#148;) and the penultimate paragraph of Section 5(c).</font></h2>

<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Underwriters shall have received, on each of the date hereof and the Closing
Date, a letter dated the date hereof or the Closing Date, as the case may be,
in form and substance reasonably satisfactory to the Underwriters, from Ernst
&amp; Young LLP, independent public accountants, containing statements and
information of the type ordinarily included in accountants&#146; &#147;comfort letters&#148;
to underwriters with respect to the financial statements for the years ended
[December 31, 2003, 2002 and 2001] and the <br>
[[ &#160;&#160;&#160;]-month periods ended [&#160;&#160; ], 2004 and 2003] and certain financial
information contained in the Registration Statements and the Prospectus; </font><i><font style="font-style:italic;">provided</font></i> that the letter delivered on the Closing Date shall
use a &#147;cut-off date&#148; not earlier than the date hereof.</h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [The
&#147;lock-up&#148; agreements, each substantially in the form of Exhibit A hereto,
between you and the stockholders, officers and directors of the Company listed
in Schedule II hereto relating to sales and certain other dispositions of
shares of Common Stock or certain other securities, delivered to you on or
before the date hereof, shall be in full force and effect on the Closing Date.]</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


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<hr size="2" width="100%" noshade color="gray" align="center">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=825627,FOLIO='13',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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</font>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; The Underwriters shall have received on the
Closing Date such documents as you may reasonably request with respect to the
good standing of the Company, the due authorization and issuance of the Shares
and other matters related to the issuance of the Shares.</font></h2>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The several obligations of the Underwriters to
purchase Additional Shares hereunder are subject to the delivery to you on the
Option Closing Date of each of the documents referred to above dated as of the
Option Closing Date (except that insofar as any documents relate to Shares,
they may be limited to covering only Additional Shares).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Covenants of the Company.</font></i>&#160;&#160;&#160;&#160;&#160; In further consideration of the agreements
of the Underwriters herein contained, the Company covenants with each
Underwriter as follows:</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
furnish to you, without charge, five signed copies of the Registration
Statements (including exhibits thereto) and for delivery to each other
Underwriter a conformed copy of the Registration Statements (without exhibits
thereto) and to furnish to you in New York City, without charge, prior to 10:00
a.m. New York City time on the business day next succeeding the date of this
Agreement and during the period mentioned in Section 6(c) below, as many copies
of the Prospectus and any supplements and amendments thereto or to the
Registration Statements as you may reasonably request.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Before
amending or supplementing the Registration Statements or the Prospectus with
respect to the Shares, to furnish to you a copy of each such proposed amendment
or supplement and not to file any such proposed amendment or supplement to which
you reasonably object, and to file with the Commission within the applicable
period specified in Rule 424(b) under the Securities Act any prospectus
required to be filed pursuant to such Rule.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If,
during such period after the first date of the public offering of the Shares as
in the reasonable opinion of counsel for the Underwriters the Prospectus is
required by law to be delivered in connection with sales by an Underwriter or
dealer, any event shall occur or condition exist as a result of which it is
necessary to amend or supplement the Prospectus in order to make the statements
therein, in the light of the circumstances when the Prospectus is delivered to
a purchaser, not misleading, or if, in the reasonable opinion of counsel for
the Underwriters, it is necessary to amend or supplement the Prospectus to
comply with applicable law, forthwith to prepare, file with the Commission and
furnish, at its own expense, to the Underwriters and to the dealers (whose
names and addresses you will furnish to the Company) to which Shares may have
been sold by you on behalf of the Underwriters and to any other dealers upon
request, either amendments or supplements to the Prospectus so that the
statements in the Prospectus as so amended or supplemented will not, in the
light of the circumstances when the Prospectus is delivered to a purchaser, be
misleading or so that the Prospectus, as amended or supplemented, will comply
with law.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
endeavor to qualify the Shares for offer and sale under the securities or Blue Sky
laws of such jurisdictions as you shall reasonably request; provided, however,
the Company shall not be obligated to qualify as a foreign corporation or file
any general</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


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<!-- ZEQ.=1,SEQ=14,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=494817,FOLIO='14',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">consent to
service of process under the laws of any such jurisdiction or subject itself to
taxation as doing business in any such jurisdiction.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
make generally available to the Company&#146;s security holders and to you as soon
as practicable an earning statement covering a twelve month period beginning on
the first day of the first full fiscal quarter after the date of this Agreement
that shall satisfy the provisions of Section 11(a) of the Securities Act and
the rules and regulations of the Commission thereunder.&#160; If such fiscal quarter is the last fiscal
quarter of the Company&#146;s fiscal year, such earning statement shall be made
available not later than 90 days after the close of the period covered thereby
and in all other cases shall be made available not later than 45 days after the
close of the period covered thereby.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whether
or not the transactions contemplated in this Agreement are consummated or this
Agreement is terminated, to pay or cause to be paid all expenses incident to
the performance of its obligations under this Agreement, including: [(i) the
fees, disbursements and expenses of the Company&#146;s counsel and the Company&#146;s
accountants in connection with the registration and delivery of the Shares
under the Securities Act and all other fees or expenses in connection with the
preparation and filing of the Registration Statements, any preliminary
prospectus, the Prospectus and amendments and supplements to any of the
foregoing, including all printing costs associated therewith, and the mailing
and delivering of copies thereof to the Underwriters and dealers, in the
quantities herein above specified, (ii) all costs and expenses related to the
transfer and delivery of the Shares to the Underwriters, including any transfer
or other taxes payable thereon, (iii) the cost of printing or producing any
Blue Sky or legal investment memorandum in connection with the offer and sale
of the Shares under state law and all expenses in connection with the
qualification of the Shares for offer and sale under state law as provided in
Section 6(d) hereof, including filing fees and the reasonable fees and
disbursements of counsel for the Underwriters in connection with such
qualification and in connection with the Blue Sky or legal investment
memorandum, (iv)&nbsp;all filing fees and the reasonable fees and disbursements
of counsel to the Underwriters incurred in connection with the review and
qualification of the offering of the Shares by the National Association of
Securities Dealers, Inc., (v) all fees and expenses in connection with the
preparation and filing of the registration statement on Form 8-A relating to
any shares of Preferred Stock and all costs and expenses incident to listing
the Shares on [any national securities exchanges and foreign stock exchanges],
(vi) the cost of printing certificates representing the Shares, (vii) the costs
or charges of any transfer agent, registrar or depositary, (viii) the costs and
expenses of the Company relating to investor presentations on any &#147;road show&#148;
undertaken in connection with the marketing of the offering of the Shares,
including, without limitation, expenses associated with the production of road
show slides and graphics, fees and expenses of any consultants engaged in
connection with the road show presentations with the prior approval of the
Company, travel and lodging expenses of the representatives and officers of the
Company and any such consultants, and such proportion of the cost of any
aircraft chartered in connection with the road show as shall be agreed upon
separately by the Company and the Representatives (it being understood that the
Underwriters shall be responsible for paying travel and lodging expenses of the
Representatives and such proportion of the cost of any aircraft chartered in
connection with the road show and any</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=490565,FOLIO='15',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ground
transportation used by the Representatives in connection with the road show as
shall be so separately agreed upon),</font><b><font style="font-weight:bold;">  </font></b>and
(ix) all other costs and expenses incident to the performance of the
obligations of the Company hereunder for which provision is not otherwise made
in this Section.&#160; It is understood,
however, that except as provided in this Section, Section 7 entitled &#147;Indemnity
and Contribution&#148;, and the last paragraph of Section 9 below, the Underwriters
will pay all of their costs and expenses, including fees and disbursements of
their counsel, stock transfer taxes payable on resale of any of the Shares and
any advertising expenses connected with any offers they may make.]</h2>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Indemnity and Contribution.</font></i>&#160; (a)&nbsp; The Company agrees to indemnify
and hold harmless each Underwriter, each person, if any, who controls any
Underwriter within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, and each affiliate of any Underwriter within
the meaning of Rule 405 under the Securities Act, from and against any and all
losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred in connection with defending or
investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in the Registration
Statements or any amendment thereof, any preliminary prospectus or the
Prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
relating to any Underwriter furnished to the Company in writing by such
Underwriter through you expressly for use therein; <font style="letter-spacing:-.15pt;">provided, however, that the foregoing indemnity agreement with respect
to any preliminary prospectus shall not inure to the benefit of any Underwriter
from whom the person asserting any such losses, claims, damages or liabilities
purchased Shares, or any person controlling such Underwriter, if a copy of the
Prospectus (as then amended or supplemented if the Company shall have furnished
any amendments or supplements thereto) was not sent or given by or on behalf of
such Underwriter to such person, if required by law so to have been delivered,
at or prior to the written confirmation of the sale of the Shares to such
person, and if the Prospectus (as so amended or supplemented) would have cured
the defect giving rise to such losses, claims, damages or liabilities, unless
such failure is the result of noncompliance by the Company with Section 6(a)
hereof.</font> </font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each
Underwriter agrees, severally and not jointly, to indemnify and hold harmless
the Company, its directors, its officers who sign the Registration Statements
and each person, if any, who controls the Company within the meaning of either
Section 15 of the Securities Act or Section 20 of the Exchange Act to the same
extent as the foregoing indemnity from the Company to such Underwriter, but only
with reference to information relating to such Underwriter furnished to the
Company in writing by such Underwriter through you expressly for use in the
Registration Statements, any preliminary prospectus, the Prospectus or any
amendments or supplements thereto.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
case any proceeding (including any governmental investigation) shall be
instituted involving any person in respect of which indemnity may be sought
pursuant</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


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<!-- ZEQ.=1,SEQ=16,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=340439,FOLIO='16',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<h2 style="font-size:10.0pt;font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to either
Section 7(a) or 7(b), such person (the &#147;</font><b><font style="font-weight:bold;">indemnified party</font></b>&#148;) shall promptly notify the person against
whom such indemnity may be sought (the &#147;<b><font style="font-weight:bold;">indemnifying party</font></b>&#148;)
in writing and the indemnifying party, upon request of the indemnified party,
shall retain counsel reasonably satisfactory to the indemnified party to
represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such
counsel related to such proceeding.&#160; In
any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of
both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them.&#160;
It is understood that the indemnifying party shall not, in respect of
the legal expenses of any indemnified party in connection with any proceeding
or related proceedings in the same jurisdiction, be liable for the fees and
expenses of more than one separate firm (in addition to any local counsel) for
all such indemnified parties and that all such fees and expenses shall be
reimbursed as they are incurred.&#160; Such
firm shall be designated in writing by you, in the case of parties indemnified
pursuant to Section 7(a) above, and by the Company, in the case of parties
indemnified pursuant to Section 7(b) above.&#160;
The indemnifying party shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such
consent or if there be a final judgment for the plaintiff, the indemnifying
party agrees to indemnify the indemnified party from and against any loss or
liability by reason of such settlement or judgment.&#160; Notwithstanding the foregoing sentence, if at any time an
indemnified party shall have requested an indemnifying party to reimburse the
indemnified party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the indemnifying party agrees
that it shall be liable for any settlement of any proceeding effected without
its written consent if (i) such settlement is entered into more than 30 days
after receipt by such indemnifying party of the aforesaid request and (ii) such
indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement.&#160; No indemnifying party shall, without the
prior written consent of the indemnified party, effect any settlement of any
pending or threatened proceeding in respect of which any indemnified party is
or could have been a party and indemnity could have been sought hereunder by
such indemnified party, unless such settlement includes an unconditional
release of such indemnified party from all liability on claims that are the
subject matter of such proceeding.</h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To
the extent the indemnification provided for in Section 7(a) or 7(b) is
unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each indemnifying
party under such paragraph, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (i) in such
proportion as is appropriate to reflect the relative benefits received by the
Company on the one hand and the Underwriters on the other hand from the
offering of the Shares or (ii) if the allocation provided by clause 7(d)(i)
above is not permitted by applicable law, in such proportion as is appropriate
to reflect</font></h2>

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=703480,FOLIO='17',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">not only the
relative benefits referred to in clause 7(d)(i) above but also the relative
fault of the Company on the one hand and of the Underwriters on the other hand
in connection with the statements or omissions that resulted in such losses,
claims, damages or liabilities, as well as any other relevant equitable
considerations.&#160; The relative benefits
received by the Company on the one hand and the Underwriters on the other hand
in connection with the offering of the Shares shall be deemed to be in the same
respective proportions as the net proceeds from the offering of the Shares
(before deducting expenses) received by the Company and the total underwriting
discounts and commissions received by the Underwriters, in each case as set
forth in the table on the cover of the Prospectus, bear to the aggregate Public
Offering Price of the Shares.&#160; The
relative fault of the Company on the one hand and the Underwriters on the other
hand shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Company or by the Underwriters and the parties&#146; relative intent, knowledge,
access to information and opportunity to correct or prevent such statement or
omission.&#160; The Underwriters&#146; respective
obligations to contribute pursuant to this Section 7 are several in proportion
to the respective number of Shares they have purchased hereunder, and not
joint.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company and the Underwriters agree that it would not be just or equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
(even if the Underwriters were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in Section 7(d).&#160;
The amount paid or payable by an indemnified party as a result of the
losses, claims, damages and liabilities referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any legal or other expenses reasonably incurred by such
indemnified party in connection with investigating or defending any such action
or claim.&#160; Notwithstanding the
provisions of this Section 7, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Shares
underwritten by it and distributed to the public were offered to the public
exceeds the amount of any damages that such Underwriter has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission
or alleged omission.&#160; No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.&#160;
The remedies provided for in this Section 7 are not exclusive and shall
not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The indemnity and
contribution provisions contained in this Section 7 and the representations,
warranties and other statements of the Company contained in this Agreement
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
any Underwriter, any person controlling any Underwriter or any affiliate of any
Underwriter or by or on behalf of the Company, its officers or directors or any
person controlling the Company and (iii) acceptance of and payment for any of
the Shares.</font></h2>

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<!-- ZEQ.=1,SEQ=18,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=1021610,FOLIO='18',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Termination.</font></i>&#160; The Underwriters may terminate this Agreement by notice given by
you to the Company, if after the execution and delivery of this Agreement and
prior to the Closing Date (i) trading generally shall have been suspended or
materially limited on, or by, as the case may be, any of the New York Stock
Exchange, the American Stock Exchange or The Nasdaq National Market, (ii)
trading of any securities of the Company shall have been suspended on any
exchange or in any over-the-counter market, (iii) a material disruption in
securities settlement, payment or clearance services in the United States shall
have occurred, (iv) any moratorium on commercial banking activities shall have
been declared by either Federal or New York State authorities or (v) there
shall have occurred any outbreak or escalation of hostilities or any change in
financial markets or any calamity or crisis that, in your judgment, is material
and adverse and which singly or together with any other such event specified in
this clause (v), makes it, in your judgment, impracticable to proceed with the
offer, sale or delivery of the Shares on the terms and in the manner
contemplated in the Prospectus.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Effectiveness; Defaulting Underwriters</font></i>.&#160; This Agreement shall become effective upon
the execution and delivery hereof by the parties hereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, on the Closing Date or the Option Closing Date, as
the case may be, any one or more of the Underwriters shall fail or refuse to
purchase Shares that it has or they have agreed to purchase hereunder on such
date, and the aggregate number of Shares which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase is not more than
one-tenth of the aggregate number of the Shares to be purchased on such date,
the other Underwriters shall be obligated severally in the proportions that the
number of Firm Shares set forth opposite their respective names in Schedule I
hereto bears to the aggregate number of Firm Shares set forth opposite the
names of all such non-defaulting Underwriters, or in such other proportions as
you may specify, to purchase the Shares which such defaulting Underwriter or
Underwriters agreed but failed or refused to purchase on such date; <i><font style="font-style:italic;">provided</font></i> that in no event shall the number
of Shares that any Underwriter has agreed to purchase pursuant to this
Agreement be increased pursuant to this Section 9 by an amount in excess of
one-ninth of such number of Shares without the written consent of such
Underwriter.&#160; If, on the Closing Date,
any Underwriter or Underwriters shall fail or refuse to purchase Firm Shares
and the aggregate number of Firm Shares with respect to which such default
occurs is more than one-tenth of the aggregate number of Firm Shares to be
purchased, and arrangements satisfactory to you and the Company for the
purchase of such Firm Shares are not made within 36 hours after such default,
this Agreement shall terminate without liability on the part of any
non-defaulting Underwriter or the Company.&#160;
In any such case either you or the Company shall have the right to
postpone the Closing Date, but in no event for longer than seven days, in order
that the required changes, if any, in the Registration Statements and in the
Prospectus or in any other documents or arrangements may be effected.&#160; If, on the Option Closing Date, any
Underwriter or Underwriters shall fail or refuse to purchase Additional Shares
and the aggregate number of Additional Shares with respect to which such
default occurs is more than one-tenth of the aggregate number of Additional
Shares to be purchased, the non-defaulting Underwriters shall have the option
to (i) terminate their obligation hereunder to purchase Additional Shares or
(ii) purchase not less than the number of Additional Shares that such non-defaulting
Underwriters would have been obligated to purchase in the absence of such
default.&#160; Any action taken under this
paragraph shall not relieve any defaulting Underwriter from liability in
respect of any default of such Underwriter under this Agreement.</font></p>

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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=992404,FOLIO='19',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Agreement shall be terminated by the
Underwriters, or any of them, because of any failure or refusal on the part of
the Company to comply with the terms or to fulfill any of the conditions of this
Agreement, or if for any reason the Company shall be unable to perform its
obligations under this Agreement, the Company will reimburse the Underwriters
or such Underwriters as have so terminated this Agreement with respect to
themselves, severally, for all out-of-pocket expenses (including the reasonable
fees and disbursements of their counsel) reasonably incurred by such
Underwriters in connection with this Agreement or the offering contemplated
hereunder.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Counterparts</font></i>.&#160; This Agreement may be signed in any number of counterparts, each
of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Applicable Law.</font></i>&#160; This Agreement shall be governed by and construed in accordance
with the internal laws of the State of New York.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Headings.</font></i>&#160;
The headings of the sections of this Agreement have been inserted for
convenience of reference only and shall not be deemed a part of this Agreement.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=549596,FOLIO='20',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p style="font-size:12.0pt;margin:0in 0in 12.0pt .5in;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:3.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="16" style="height:11.9pt;">
  <td width="53%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:53.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="2" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:46.16%;">
  <p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="53%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:53.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="2" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:46.16%;">
  <p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JETBLUE AIRWAYS
  CORPORATION</font></p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="53%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:53.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:3.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" height="16" valign="top" style="border:none;border-bottom:solid windowtext .5pt;height:11.9pt;padding:0in .7pt 0in .7pt;width:42.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="53%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:53.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:3.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:42.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="53%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:53.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:3.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:42.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 276.75pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted as of the date
hereof</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REPRESENTATIVES]</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acting severally on behalf</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of themselves and the</font></p>

<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">several Underwriters named</font></p>

<p style="margin:0in 0in 12.0pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in Schedule I hereto.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="16" style="height:11.9pt;">
  <td width="4%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" height="16" valign="top" style="border:none;border-bottom:solid windowtext .5pt;height:11.9pt;padding:0in .7pt 0in .7pt;width:36.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:59.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="4%" height="16" valign="bottom" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="margin:12.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="36%" height="16" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;height:11.9pt;padding:0in .7pt 0in .7pt;width:36.4%;">
  <p style="font-size:1.0pt;margin:12.0pt 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="59%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:59.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="4%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" height="16" valign="top" style="border:none;height:11.9pt;padding:0in .7pt 0in .7pt;width:36.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="59%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:59.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="16" style="height:11.9pt;">
  <td width="4%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:4.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="36%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:36.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="59%" height="16" valign="top" style="height:11.9pt;padding:0in .7pt 0in .7pt;width:59.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in 6.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=520603,FOLIO='21',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .5in;text-align:center;">&nbsp;</p>

<p align="right" style="margin:0in 0in .5in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE
I</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Number of</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Firm Shares</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="9%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:9.74%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriter</font></b></p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">To Be Purchased</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="margin:6.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[UNDERWRITERS]</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="86%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:86.42%;">
  <p style="margin:12.0pt 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="13%" valign="top" style="border:none;border-bottom:double windowtext 1.5pt;padding:0in .7pt 0in .7pt;width:13.58%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="61" style="border:none;"></td>
  <td width="480" style="border:none;"></td>
  <td width="85" style="border:none;"></td>
 </tr>
</table>

<p align="right" style="margin:0in 0in 12.0pt;text-align:right;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=816448,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="right" style="margin:0in 0in 12.0pt;text-align:right;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE
II</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">List of Persons subject to
the Lockup Agreements</font></b></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[To be completed]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=367617,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">EXHIBIT A</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;letter-spacing:-.15pt;">FORM OF LOCK-UP AGREEMENT</font></b></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; [DATE]</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">[REPRESENTATIVES]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for
themselves and as Representatives<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for the Underwriters named
in Schedule I, <br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; hereto (the
&#147;Representatives&#148;)</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">[REPRESENTATIVES&#146; ADDRESS]</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Dear Sirs and Mesdames:</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned understands that [REPRESENTATIVES] (the
&#147;Representatives&#148;) propose to enter into an Underwriting Agreement (the &#147;<b><font style="font-weight:bold;">Underwriting
Agreement</font></b>&#148;) with JetBlue Airways Corporation, a Delaware corporation
(the &#147;<b><font style="font-weight:bold;">Company</font></b>&#148;),
providing for the public offering (the &#147;<b><font style="font-weight:bold;">Public Offering</font></b>&#148;) by the several
Underwriters, including the Representatives (the &#147;<b><font style="font-weight:bold;">Underwriters</font></b>&#148;), of shares of
the [common stock] [preferred stock that is convertible into the common stock]
of the Company (the &#147;<b><font style="font-weight:bold;">Common</font></b>  <b><font style="font-weight:bold;">Stock</font></b>&#148;).&#160;
</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; To induce the Underwriters that may
participate in the Public Offering to continue their efforts in connection with
the Public Offering, the undersigned hereby agrees that, without the prior
written consent of Morgan Stanley on behalf of the Underwriters, it will not,
during the period commencing on the date hereof and ending [&#160;&#160;&#160; ] days after the date of the final
prospectus relating to the Public Offering (the &#147;<b><font style="font-weight:bold;">Prospectus</font></b>&#148;), subject to the
following paragraph, (1) offer, pledge, sell, contract to sell, sell any option
or contract to purchase, purchase any option or contract to sell, grant any
option, right or warrant to purchase, lend, or otherwise transfer or dispose
of, directly or indirectly, any shares</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">A-1</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=135847,FOLIO='A-1',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;letter-spacing:-.15pt;">of Common
Stock or any securities convertible into or exercisable or exchangeable for
Common Stock beneficially owned by the undersigned or (2) enter into any swap
or other arrangement that transfers to another, in whole or in part, any of the
economic consequences of ownership of Common Stock beneficially owned by the
undersigned, whether any such transaction described in clause (1) or (2) above
is to be settled by delivery of Common Stock or such other securities, in cash
or otherwise. </font>&#160;<font style="letter-spacing:-.15pt;">In addition, the undersigned agrees that, without
the prior written consent of Morgan Stanley on behalf of the Underwriters, it
will not, during the period commencing on the date hereof and ending [&#160;&#160;&#160; ] days after the date of the Prospectus,
make any demand for or exercise any right with respect to, the registration of
any shares of Common Stock or any security convertible into or exercisable or
exchangeable for Common Stock.&#160; The
undersigned also agrees and consents to the entry of stop transfer instructions
with the Company&#146;s transfer agent and registrar against the transfer of the
undersigned&#146;s shares of Common Stock except in compliance with the foregoing
restrictions or pursuant to a transaction described in the following paragraph.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing paragraph
shall not apply to <font style="letter-spacing:-.15pt;">(a) transactions relating
to shares of Common Stock or other securities acquired in open market
transactions after the completion of the Public Offering, (b) transfers of </font>shares
of Common Stock or any securities convertible into or exercisable or
exchangeable for Common Stock to a member of the undersigned&#146;s immediate family
or to a trust of which the undersigned or such a family member is the
beneficiary, (c) distributions or transfers of shares of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock to
partners, members or controlled affiliates of the undersigned, (d) transfers as
a <i><font style="font-style:italic;">bona
fide</font></i> gift or gifts, (e) the sale of any shares of Common Stock
pursuant to any securities trading program designed to comply with Rule 10b5-1
under the Securities Exchange Act of 1934, as such program is in effect on the
date hereof, or (f) transfers effected by the undersigned or the undersigned&#146;s
personal representatives in the event the undersigned dies or becomes
permanently disabled; <i><font style="font-style:italic;">provided</font></i> that in the case of any transfer
or distribution pursuant to clause (b), (c) or (d), (1) each transferee,
distributee or donee shall execute and deliver to the Representatives a lock-up
letter substantially in the form of this letter and (2) no filing by any party
(whether transferor, transferee, distributor, distributee, donor or donee)
under Section 16(a) of the Securities Exchange Act of 1934 shall be required or
made voluntarily, reporting a reduction in beneficial ownership of shares of
Common Stock during the restricted period referred to in the foregoing
paragraph (other than such filings made after the expiration of the [&#160;&#160; ]-day period referred to above).&#160; For purposes of this Lock-Up Agreement,
&#147;immediate family&#148; shall mean any relationship by blood, marriage or adoption,
not more remote than first cousin.</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding the foregoing, if:</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">(1) during the last 17 days of the [&#160;&#160;&#160; ]-day restricted period (x) the Company
issues an earnings release or (y) a material event relating to the Company occurs
(including the publication of material news relating to the Company)<b><font style="font-weight:bold;">  </font></b>that shall have been reasonably identified
as a material event for purposes of this section<b><font style="font-weight:bold;">  </font></b>in a written notice delivered to the Company by [the
Representatives] within three days of such event (each, a &#147;<b><font style="font-weight:bold;">Material Event</font></b>&#148;) relating to the Company
occurs; or </font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;page-break-after:avoid;text-indent:-.5in;"><font size="1" face="Times New Roman" style="font-size:3.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="letter-spacing:-.15pt;">(2) prior to the expiration of the [&#160;&#160;&#160; ]-day restricted period, the Company
announces that it will release earnings results during the 16-day period
beginning on the last day of the [&#160;&#160;&#160;&#160;
]-day period,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">the restrictions imposed by this letter shall
continue to apply until the expiration of the 18-day period beginning on the
issuance of the earnings release or the occurrence of the Material Event.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The undersigned understands that the Company and the Underwriters are
relying upon this Lock-Up Agreement in proceeding toward consummation of the
Public Offering.&#160; The undersigned
further understands that this Lock-Up Agreement is irrevocable and shall be
binding upon the undersigned&#146;s heirs, legal representatives, successors and
assigns.&#160; </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whether or not the Public Offering actually occurs depends on a number
of factors, including market conditions.&#160;
Any Public Offering will only be made pursuant to an Underwriting
Agreement, the terms of which are subject to negotiation between the Company
and the Underwriters.&#160; </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
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  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
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  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Name)</font></p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="67%" valign="top" style="padding:0in .7pt 0in .7pt;width:67.26%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="32%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:32.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">(Address)</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-align:justify;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.15pt;">A-2</font></p>


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<!-- ZEQ.=1,SEQ=25,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="2",CHK=377120,FOLIO='A-2',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-1_8345.CHC",USER="JGUERRE",CD='Nov  1 17:44 2004' -->
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<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>a2145815zex-1_2.htm
<DESCRIPTION>EXHIBIT 1.2
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 1.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORM
OF UNDERWRITING AGREEMENT FOR DEBT SECURITIES</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">JETBLUE AIRWAYS CORPORATION<br>
(a Delaware corporation)<br>
<br>
$ [________] [TITLE OF DEBT SECURITIES]</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">UNDERWRITING AGREEMENT</font></b></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in 24.0pt;text-align:right;text-indent:3.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[DATE]</font></p>

<p style="margin:0in 0in 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[NAMES OF REPRESENTATIVES]<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for themselves and as
Representatives<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; for the Underwriters named
in Schedule I, <br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; hereto (the
&#147;Representatives&#148;)</font></p>

<p style="margin:0in 0in 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[ADDRESS OF REPRESENTATIVES]</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JetBlue Airways Corporation, a Delaware corporation
(the &#147;<b><font style="font-weight:bold;">Company</font></b>&#148;), proposes to issue
and sell to the several underwriters named in Schedule I hereto (the &#147;<b><font style="font-weight:bold;">Underwriters</font></b>&#148;), subject to the terms and
conditions set forth herein, an aggregate principal amount of $ [_________]
[TITLE OF DEBT SECURITIES] of the Company (the &#147;<b><font style="font-weight:bold;">Offered</font></b>  <b><font style="font-weight:bold;">Securities</font></b>&#148;)
to be issued pursuant to the provisions of an indenture dated as of [DATE] (the
&#147;<b><font style="font-weight:bold;">Indenture</font></b>&#148;) between the Company
and [Wilmington Trust Company], as trustee (the &#147;<b><font style="font-weight:bold;">Trustee</font></b>&#148;).&#160; Subject to
the terms and conditions set forth herein, the Underwriters agree to purchase
from the Company, severally and not jointly, the respective principal amount of
Offered Securities set forth in Schedule I opposite their respective names at
the purchase price set forth herein. [The Offered Securities will be
convertible into shares of common stock, par value $.01 per share, of the
Company (the &#147;<b><font style="font-weight:bold;">Underlying Securities</font></b>&#148;) in accordance with the terms of the
Securities and the Indenture.]</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company has filed with the Securities and Exchange
Commission (the &#147;<b><font style="font-weight:bold;">Commission</font></b>&#148;) two
shelf registration statements on Form S-3: (i) Registration Statement No.
333-109546 (the &#147;<b><font style="font-weight:bold;">First Registration Statement</font></b>&#148;)
and (ii) Registration Statement No. 333-119549 (the &#147;<b><font style="font-weight:bold;">Second Registration Statement</font></b>&#148;) constituting a post-effective
amendment no. 1 to the First Registration Statement, each relating to certain
classes of securities (such registration</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>


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<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">statements, including the exhibits thereto and the
documents filed by the Company with the Commission pursuant to the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the
Commission thereunder (collectively, the &#147;<b><font style="font-weight:bold;">Exchange
Act</font></b>&#148;) that are incorporated by reference therein, as amended at the
date hereof, being herein referred to as the &#147;<b><font style="font-weight:bold;">Registration
Statements</font></b>&#148;) and the offering thereof from time to time in
accordance with Rule 415 of the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder (collectively, the &#147;<b><font style="font-weight:bold;">Securities Act</font></b>&#148;).&#160; The term &#147;<b><font style="font-weight:bold;">Basic Prospectus</font></b>&#148;
means the prospectus relating to the issuance of debt securities included in
the Registration Statements. The term &#147;<b><font style="font-weight:bold;">Prospectus</font></b>&#148;
means the Basic Prospectus together with the Prospectus Supplement. The term &#147;<b><font style="font-weight:bold;">preliminary prospectus</font></b>&#148; means a preliminary
prospectus supplement specifically relating to the Offered Securities, together
with the Basic Prospectus. As used herein, the terms &#147;<b><font style="font-weight:bold;">Basic Prospectus</font></b>&#148;, &#147;<b><font style="font-weight:bold;">Prospectus</font></b>&#148; and &#147;<b><font style="font-weight:bold;">preliminary prospectus</font></b>&#148; shall include in each case the
documents, incorporated by reference therein. The terms &#147;<b><font style="font-weight:bold;">supplement</font></b>,&#148; &#147;<b><font style="font-weight:bold;">amendment</font></b>&#148; and &#147;<b><font style="font-weight:bold;">amend</font></b>&#148;
as used herein shall include all documents deemed to be incorporated by
reference in the Prospectus that are filed subsequent to the date of the Basic
Prospectus by the Company with the Commission pursuant to the Securities
Exchange Act of 1934, as amended (the &#147;<b><font style="font-weight:bold;">Exchange
Act</font></b>&#148;).</font></p>

<h1 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Representations and Warrantie</font></i></font><i><font size="2" style="font-size:10.0pt;font-style:italic;">s.</font></i><font size="2" style="font-size:10.0pt;">&#160; The Company represents and warrants to and
agrees with each of the Underwriters that:</font></h1>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; The
Registration Statements have become effective; no stop order suspending the effectiveness
one or both of the Registration Statements is in effect, and no proceedings for
such purpose are pending before or, to the knowledge of the Company, threatened
by the Commission.</font></h2>

<h2 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; (i)
Each document, if any, filed or to be filed pursuant to the Exchange Act and
incorporated by reference in the Prospectus complied or will comply when so
filed in all material respects with the Exchange Act and the applicable rules
and regulations of the Commission thereunder; (ii) each Registration Statement,
when it became effective, did not contain, and, as amended or supplemented, if
applicable, will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; (iii) the Registration Statements and the
Prospectus comply and, as amended or supplemented, if applicable, will comply
in all material respects with the Securities Act and the applicable rules and
regulations of the Commission thereunder; and (iv) the Prospectus does not
contain and, as amended or supplemented, if applicable, will not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements therein, in the light of the circumstances under which
they were made, not misleading, except that the representations and warranties
set forth in this paragraph do not apply (A) to statements or omissions in the
Registration Statements or the Prospectus based upon information relating to
any Underwriter furnished to the Company in writing by such Underwriter through
you expressly for use therein or (B) to that part of the Registration
Statements that constitutes the Statement of Eligibility of the Trustee under
the Trust Indenture Act of 1939, as amended (the </font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">&#147;Trust
Indenture Act&#148;</font></b><font size="2" style="font-size:10.0pt;">), on Form T-1.</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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</font></div>

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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Company has been duly incorporated, is
validly existing as a corporation in good standing under the laws of the
jurisdiction of its incorporation, has the corporate power and authority to own
its property and to conduct its business as described in the Prospectus and is
duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing would not have a material adverse
effect on the Company and its subsidiaries, taken as a whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; Each of the Company&#146;s subsidiaries has been
duly organized, is validly existing as a corporation or limited liability
company, as the case may be, in good standing under the laws of the
jurisdiction of its incorporation or organization, has the power and authority
to own its property and to conduct its business as described in the Prospectus
and is duly qualified to transact business and is in good standing in each
jurisdiction in which the conduct of its business or its ownership or leasing
of property requires such qualification, except to the extent that the failure
to be so qualified or be in good standing would not have a material adverse
effect on the Company and its subsidiaries, taken as a whole; all of the issued
shares of capital stock or membership interests, as the case may be, of the
Company&#146;s subsidiaries have been duly and validly authorized and issued, are
fully paid and non-assessable and are owned directly or indirectly by the
Company, free and clear of all liens, encumbrances, equities or claims.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; [The Company has an authorized capitalization
as set forth in the Prospectus and all of the issued and outstanding shares of
capital stock of the Company have been duly and validly authorized and issued,
are fully paid and non-assessable and conform in all material respects to the
description thereof contained in the Prospectus under the caption [&#147;Description
of Capital Stock.&#148;]]</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; This Agreement has been duly authorized,
executed and delivered by the Company.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; The Indenture has been duly qualified under
the Trust Indenture Act and has been duly authorized, executed and delivered by
the Company and is a valid and binding agreement of the Company, enforceable in
accordance with its terms, except as may be subject to (A) applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or
similar laws relating to or affecting creditors&#146; rights generally and (B)
general principles of equity (regardless of whether enforcement is considered
in a proceeding in equity or at law).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160;&#160; The Offered Securities have been duly
authorized and, when executed and authenticated in accordance with the
provisions of the Indenture and delivered to and paid for by the Underwriters
in accordance with the terms of this Agreement, will be valid and binding
obligations of the Company, in each case enforceable in accordance with their
respective terms,&#160; except as may be
subject to (A) applicable bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium or similar laws relating to or affecting creditors&#146;
rights generally and (B) general principles of equity (regardless of</font></h2>

<h2 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></h2>


<h2 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></h2>

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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">whether
enforcement is considered in a proceeding in equity or at law), and will be
entitled to the benefits of the Indenture.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160; [The Underlying Securities issuable upon
conversion of the Securities have been duly authorized and reserved and, when
issued upon conversion of the Securities in accordance with the terms of the
Securities, will be validly issued, fully paid and non-assessable, and
the issuance of the Underlying Securities will not be subject to any preemptive
or similar rights.]</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)&#160;&#160;&#160; The execution and delivery by the Company
of, and the performance by the Company of its obligations under, this
Agreement, the Indenture and the Offered Securities will not contravene any
provision of applicable law or the certificate of incorporation or by-laws of
the Company or any agreement or other instrument binding upon the Company or
any of its subsidiaries that is material to the Company and its subsidiaries,
taken as a whole, or any judgment, order or decree of any governmental body,
agency or court having jurisdiction over the Company or any of its
subsidiaries, and no consent, approval, authorization or order of, or
qualification with, any governmental body or agency is required for the
performance by the Company of its obligations under this Agreement, the
Indenture or the Offered Securities, except such as may be required by the
securities or Blue Sky laws of the various states in connection with the offer
and sale of the Offered Securities.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)&#160;&#160; There has not occurred any material adverse
change, or any development reasonably likely to involve a material adverse
change, in the condition, financial or otherwise, or in the earnings, business
or operations of the Company and its subsidiaries, taken as a whole, from that
set forth in the Prospectus (exclusive of any amendments or supplements thereto
subsequent to the date of this Agreement).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)&#160;&#160;&#160; There are no legal or governmental
proceedings pending or, to the knowledge of the Company, threatened to which
the Company or any of its subsidiaries is a party or to which any of the
properties of the Company or any of its subsidiaries is subject that are
required to be described in the Registration Statements or the Prospectus and
are not so described or any statutes, regulations, contracts or other documents
that are required to be described in the Registration Statements or the
Prospectus or to be filed as exhibits to the Registration Statements that are
not described or filed as required.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)&#160; Each preliminary prospectus filed as part of
the registration statements as originally filed or as part of any amendment
thereto, or filed pursuant to Rule 424 under the Securities Act, complied when
so filed in all material respects with the Securities Act and the applicable
rules and regulations of the Commission thereunder.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(n)&#160;&#160; The Company is not and, after giving effect
to the offering and sale of the Offered Securities and the application of the
proceeds thereof as described in the Prospectus, will not be required to
register as an &#147;investment company&#148; as such term is defined in the Investment
Company Act of 1940, as amended.</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


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</font></div>

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<!-- ZEQ.=1,SEQ=4,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=137308,FOLIO='4',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(o)&#160;&#160; The Company and its subsidiaries (i)&nbsp;are
in compliance with any and all applicable foreign, federal, state and local
laws and regulations relating to the protection of human health and safety, the
environment or hazardous or toxic substances or wastes, pollutants or
contaminants (&#147;<b><font style="font-weight:bold;">Environmental Laws</font></b>&#148;),
(ii)&nbsp;have received all permits, licenses or other approvals required of
them under applicable Environmental Laws to conduct their businesses, and
(iii)&nbsp;are in compliance with all terms and conditions of any such permit,
license or approval, except where such noncompliance with Environmental Laws,
failure to receive required permits, licenses or other approvals or failure to
comply with the terms and conditions of such permits, licenses or approvals
would not, singly or in the aggregate, have a material adverse effect on the
Company and its subsidiaries, taken as a whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(p)&#160;&#160; To the knowledge of the Company, there are no
costs or liabilities associated with Environmental Laws (including, without
limitation, any capital or operating expenditures required for clean-up,
closure of properties or compliance with Environmental Laws or any permit,
license or approval, any related constraints on operating activities and any
potential liabilities to third parties) which would, singly or in the aggregate,
have a material adverse effect on the Company and its subsidiaries, taken as a
whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(q)&#160;&#160; Subsequent to the date of the Prospectus,
(i)&nbsp;neither the Company nor any of its subsidiaries has incurred any
material liability or obligation, direct or contingent, or entered into any
material transaction, in each case, not in the ordinary course of business or
as described in or as contemplated by the Prospectus (including, without
limitation, aircraft acquisitions or financing so described in or contemplated
by the Prospectus); (ii)&nbsp;the Company has not purchased any of its
outstanding capital stock, nor declared, paid or otherwise made any dividend or
distribution of any kind on its capital stock (other than repurchases of
unvested shares of the Company&#146;s capital stock pursuant to its equity incentive
plans); (iii)&nbsp;there has not been any material change in the capital stock,
short-term debt or long-term debt of the Company except in each case as
described in or contemplated by the Prospectus (including, without limitation,
aircraft financing so described in or contemplated by the Prospectus); and
(iv)&nbsp;there has been no prohibition or suspension of the operation of the
Company&#146;s aircraft, including as a result of action taken by the Federal
Aviation Administration or the Department of Transportation.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(r)&#160;&#160;&#160; Each of the Company and its subsidiaries has
good and marketable title in fee simple to all real property and good and
marketable title to all personal property owned by it which is material to the
business of the Company and its subsidiaries, in each case free and clear of
all liens, encumbrances and defects except liens and encumbrances on aircraft
of the Company and such other liens, encumbrances or defects as are described
in or contemplated by the Prospectus or such as do not materially affect the
value of such property or do not interfere with the use made and proposed to be
made of such property by the Company or its subsidiaries; and any real property
and buildings held under lease by the Company or any of its subsidiaries are
held by it under valid, subsisting and enforceable leases with such exceptions
as are not material and do not interfere with the use made and proposed to be
made of such property and buildings by the Company or its subsidiaries, in each
case except as described in or contemplated by the Prospectus.</font></h2>

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</font></div>

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<h2 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(s)&#160;&#160; Each of the Company and its subsidiaries
possesses such permits, licenses, approvals, consents and other authorizations
(collectively &#147;</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Government Licenses</font></b><font size="2" style="font-size:10.0pt;">&#148;) issued by
the appropriate federal, state, local or foreign regulatory agencies or bodies,
including the Department of Transportation, the Federal Aviation Administration
or the Federal Communications Commission necessary to conduct the business now
operated by it; (ii)&nbsp;each of the Company and its subsidiaries is in
compliance with the terms and conditions of all such Governmental Licenses,
except where the failure so to comply would not, singly or in the aggregate,
have a material adverse effect on the Company and its subsidiaries, taken as a
whole; (iii)&nbsp;all of the Government Licenses are valid and in full force,
except when the invalidity of such Governmental Licenses or the failure of such
Governmental Licenses to be in full force and effect would not have a material
adverse effect on the Company and its subsidiaries, taken as a whole; and
(iv)&nbsp;the Company has not received any notice of proceedings relating to
the revocation or modification of any such Governmental Licenses which, singly or
in the aggregate, is reasonably likely to have a material adverse effect on the
Company and its subsidiaries, taken as a whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(t)&#160;&#160;&#160; Except as described in or contemplated by
the Prospectus, no material labor dispute with the employees of the Company or its
subsidiaries exists or, to the knowledge of the Company, is imminent; and the
Company is not aware, but without any independent investigation or inquiry, of
any existing, threatened or imminent labor disturbance by the employees of any
of its principal suppliers, manufacturers or contractors that could result in
any material adverse change in the condition, financial or otherwise, or in the
earnings, business or operations of the Company and its subsidiaries, taken as
a whole.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(u)&#160;&#160; The Company is insured by insurers of
recognized financial responsibility against such losses and risks and in such
amounts as are customary in the businesses in which it is engaged; the Company
has not been refused any insurance coverage sought or applied other than in
connection with instances where the Company was seeking to obtain insurance
coverage at more attractive rates; and the Company has no reason to believe
that it will not be able to renew its existing insurance coverage as and when
such coverage expires or to obtain similar coverage from similar insurers as
may be necessary to continue its business at a cost that would not have a
material adverse effect on the&#160; Company
and its subsidiaries, taken as a whole, except as described in or contemplated
by the Prospectus.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160; The Company maintains a system of internal
accounting controls sufficient to provide reasonable assurance that
(i)&nbsp;transactions are executed in accordance with management&#146;s general or
specific authorizations in all material respects and (ii)&nbsp;transactions are
recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset
accountability.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(w)&#160; The Company (i)&nbsp;is an &#147;air carrier&#148;
within the meaning of 49 U.S.C.&#160; Section
40102(a); (ii)&nbsp;holds an air carrier operating certificate issued by the
Secretary of Transportation pursuant to Chapter 447 of Title 49 of the United
States Code for aircraft</font></h2>

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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">capable
of carrying 10 or more individuals or 6,000 pounds or more of cargo; and
(iii)&nbsp;is a &#147;citizen of the United States&#148; as defined in 49 U.S.C. Section
401102.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Purchase
and Sale; Closing</font></i>.&#160; Upon the
basis of the representations, warranties and covenants contained in this
Agreement, and subject to the terms and conditions herein set forth, the
Company agrees to sell to the several Underwriters, and each Underwriter
agrees, severally and not jointly, to purchase from the Company the respective
principal amount of Offered Securities set forth in Schedule I hereto opposite
its name at a purchase price of [___]% of the principal amount thereof (the &#147;<b><font style="font-weight:bold;">Purchase Price</font></b>&#148;) plus accrued interest, if
any, to the Closing Date.</font></h1>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment for the Offered Securities shall be made to
the Company in Federal or other funds immediately available in New York City
against delivery of such Offered Securities for the respective accounts of the
several Underwriters at 10:00 a.m., New York City time, on [DATE], or at such
other time on the same or such other date, not later than [DATE], as shall be
designated in writing by you.&#160; The time
and date of such payment are hereinafter referred to as the &#147;<b><font style="font-weight:bold;">Closing Date</font></b>.&#148;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates for the Offered Securities shall be in
definitive form and registered in such names and in such denominations as you
shall request in writing not later than one full business day prior to the
Closing Date.&#160; The certificates
evidencing the Offered Securities shall be delivered to you on the Closing Date
for the respective accounts of the several Underwriters, with any transfer
taxes payable in connection with the transfer of the Offered Securities to the
Underwriters duly paid, against payment of the Purchase Price therefor.</font></p>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Terms of
Public Offering.</font></i>&#160; The Company
is advised by you that the Underwriters propose to make a public offering of
their respective principal amount of the Offered Securities on the terms to be
set forth in the Prospectus, as soon after the Registration Statements and this
Agreement become effective as in your judgment is advisable.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Conditions
to the Underwriters&#146; Obligations.</font></i>&#160;
The obligations of the Company to sell the Offered Securities to the
Underwriters and the several obligations of the Underwriters to purchase and
pay for the Offered Securities on the Closing Date are subject to the condition
that the Registration Statements shall have become effective not later than
[____] (New York City time) on the date hereof.</font></h1>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The several obligations of the Underwriters to
purchase and pay for the Offered Securities are subject to the following
further conditions:</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; Subsequent to the execution and delivery of
this Agreement and prior to the Closing Date:</font></h2>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there shall not have occurred any
downgrading, nor shall any notice have been given of any intended or potential
downgrading or of any review for a possible change that does not indicate the
direction of the possible change, in the rating accorded any of the Company&#146;s
securities by any &#147;nationally recognized statistical rating organization,&#148; as
such term is defined for purposes of Rule 436(g)(2) under the Securities Act;
and</font></h3>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=647721,FOLIO='7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; there shall not have occurred any
change, or any development reasonably likely to involve a change, in the
condition, financial or otherwise, or in the earnings, business or operations
of the Company and its subsidiaries, taken as a whole, from that set forth in
the Prospectus (exclusive of any amendments or supplements thereto subsequent
to the date of this Agreement) that, in your judgment, is material and adverse
and that makes it, in your judgment, impracticable to market the Offered
Securities on the terms and in the manner contemplated in the Prospectus.</font></h3>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; The Underwriters shall have received on the
Closing Date a certificate, dated the Closing Date and signed, on behalf of the
Company, by an executive officer of the Company, to the effect set forth in
Section 4(a)(i) above and to the effect that the representations and warranties
of the Company contained in this Agreement are true and correct as of the
Closing Date and that the Company has complied in all material respects with
all of the agreements and satisfied in all material respects all of the
conditions on its part to be performed or satisfied hereunder on or before the
Closing Date.&#160; The officer signing and
delivering such certificate may rely upon the best of his or her knowledge as
to proceedings threatened.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; The Underwriters shall have received on the
Closing Date an opinion of Nixon Peabody LLP, outside counsel for the Company,
dated the Closing Date, to the effect that:</font></h2>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Company has been duly incorporated, is validly existing as a corporation in
good standing under the laws of the jurisdiction of its incorporation, has the
corporate power and authority to own its property and to conduct its business
as described in the Prospectus and (based solely on an examination of
certificates of government officials and agencies) is duly qualified to
transact business and is in good standing in each jurisdiction set forth in
Schedule I to such opinion, except where the failure to be so qualified or be
in good standing would not have a material adverse effect on the Company and
its subsidiaries, taken as whole</font><font size="2" style="font-size:10.0pt;">;</font></h3>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">each
subsidiary of the Company has been duly incorporated or organized, as the case
may be, is validly existing as a corporation or limited liability company in
good standing under the laws of the jurisdiction of its incorporation or
organization, has the power and authority to own its property and to conduct
its business as described in the Prospectus, and (based solely on an
examination of certificates of government officials and agencies) is duly
qualified to transact business and is in good standing in each jurisdiction set
forth in Schedule I to such opinion, except where the failure to be so
qualified or be in good standing would not have a material adverse effect on
the Company and its subsidiaries, taken as whole</font><font size="2" style="font-size:10.0pt;">;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Agreement has been duly
authorized, executed and delivered by the Company;</font></h3>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=17433,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Indenture has been duly qualified
under the Trust Indenture Act and has been duly authorized, executed and
delivered by the Company and is a valid and binding agreement of the Company,
enforceable in accordance with its terms, except as such enforceability may be
limited by (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, liquidation or similar laws relating to, or affecting the
enforcement of, creditors&#146; rights and remedies, (b) the application of general
principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or law), including, without limitation, (i) the
possible unavailability of specific performance, injunctive relief or any other
equitable remedy and (ii) concepts of materiality, reasonableness, good faith
and fair dealing, and (c) public policy;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Offered Securities have been duly
authorized and, when executed and authenticated in accordance with the
provisions of the Indenture and delivered to and paid for (A) by the
Underwriters in accordance with the terms of this Agreement, will be entitled
to the benefits of the Indenture and will be valid and binding obligations of
the Company, enforceable in accordance with their terms except as such
enforceability may be limited by (a) bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, liquidation or similar laws relating to, or
affecting the enforcement of, creditors&#146; rights and remedies, (b) the
application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or law), including,
without limitation, (i) the possible unavailability of specific performance,
injunctive relief or any other equitable remedy and (ii) concepts of
materiality, reasonableness, good faith and fair dealing, and (c) public
policy;</font></h3>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">except
for such conflicts or violations, when considered alone or taken together with
all other conflicts or violations, would not have a material adverse effect on
the Company and its subsidiaries, taken as a whole, the execution and delivery
by the Company of this Agreement does not, and the performance by the Company
of its obligations under this Agreement will not, conflict with or violate any
provision of the certificate of incorporation or by-laws of the Company, any
agreement or other instrument set forth in Schedule II to such opinion, or, to
the knowledge of such counsel, any judgment, order or decree of any
governmental body, agency or court having jurisdiction over the Company or any
of its subsidiaries and applicable to the Company, its subsidiaries or their
properties, or any law which in such counsel&#146;s experience is normally
applicable to transactions of the type contemplated&#160; by this Agreement; and, </font><font size="2" style="font-size:10.0pt;">except for those which have
been obtained under the Securities Act and the Exchange Act</font><font size="2" style="font-size:10.0pt;"> and such as may be required by applicable state and local
securities laws, no consent, approval, authorization or order of, or
qualification with, any governmental body or agency is required for the
performance by the Company of its obligations under this Agreement</font><font size="2" style="font-size:10.0pt;">;</font></h3>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the statements (A) in the Prospectus
under the captions [&#147;Description of Debt Securities&#148;] and [</font><font size="2" style="font-size:10.0pt;">&#147;Underwriting&#148;] (except for matters relating to price
stabilization, short positions and passive market making</font></h3>

<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></h3>


<h3 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></h3>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=231022,FOLIO='9',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<h3 align="center" style="font-weight:normal;margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">activities,
as to which such counsel need not express any opinion) and (B) in the
Registration Statements in Item 15, in each case insofar as such statements
constitute summaries of the legal matters, documents or proceedings referred to
therein, fairly present, in all material respects, the information called for
with respect to such legal matters, documents and proceedings and fairly
summarize the matters referred to therein;</font></h3>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(viii)&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Company is not and, after giving effect to the offering and sale of the Offered
Securities and the application of the proceeds thereof as described in the
Prospectus, will not be required to register as an &#147;investment company&#148; as such
term is defined in the Investment Company Act of 1940, as amended;</font></h3>

<h3 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ix)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">the
Registration Statements and Prospectus, </font><font size="2" style="font-size:10.0pt;">except for financial
statements, notes thereto and schedules and other financial, numerical,
statistical and accounting information and data included or incorporated by
reference therein, and that part of the Registration Statements that
constitutes the Form T-1 heretofore referred to </font><font size="2" style="font-size:10.0pt;">(collectively,
&#147;</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">Excluded Information</font></b><font size="2" style="font-size:10.0pt;">&#148;), as to which such counsel need not express any opinion, comply
as to form in all material respects with the requirements of the Securities Act
and the applicable rules and regulations of the Commission thereunder; [and]</font></h3>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(x)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; each
document filed pursuant to the Exchange Act and incorporated by reference in
the Registration Statements and the Prospectus (except for Excluded
Information, as to which such counsel need not express any opinion), on the
date such document was filed with the Commission, complied as to form in all
material respects with the requirements of the Exchange Act and the applicable
rules and regulations of the Commission thereunder[.]</font></h3>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[(xi) </font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; the shares of capital stock outstanding
prior to the issuance of the Offered Securities have been duly authorized and
are validly issued, and to the knowledge of such counsel, fully paid and
non-assessable; and</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(xii)</font><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Underlying Securities reserved for
issuance upon conversion of the Offered Securities have been duly authorized
and reserved and, when issued upon conversion of the Offered Securities in
accordance with the terms of the Offered Securities, will be validly issued,
fully paid and non-assessable and the issuance of the Underlying
Securities will not be subject to any preemptive or similar rights.]</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, such counsel shall state that,
although such counsel has not undertaken to determine independently, and
therefore, except for the opinions set forth in Section 4(c)(vii), (ix) and
(x), does not assume any responsibility, explicitly or implicitly, for, the
accuracy, completeness or fairness of the statements contained or incorporated
by reference in the Registration Statements and Prospectus, such counsel has
participated in the preparation of the Registration Statements and Prospectus,
including review and discussion of the contents thereof, and that, based upon
and subject to the foregoing and the other qualifications and limitations set
forth in such counsel&#146;s opinion, nothing has</font></h4>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=338816,FOLIO='10',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">come
to the attention of such counsel that causes such counsel to believe that (i)
the Registration Statements and the Prospectus included therein at the time the
Registration Statements became effective (except for Excluded Information, as
to which such counsel need not express any belief) contained any untrue
statement of a material fact or omitted to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and
(ii) the Prospectus (except for Excluded Information, as to which such counsel
need not express any belief) as of its date or as of the Closing Date contained
or contains any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.</font></h4>

<h4 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
giving such opinion and belief, counsel for the Company may (i) as to matters
of fact, rely on certificates of the Company or officers of the Company and
other information from governmental officials, (ii) state that it is opining </font><font size="2" style="font-size:10.0pt;">only</font><font size="2" style="font-size:10.0pt;"> as to matters of federal and New York law and, with
respect to the Company and its corporate subsidiary, the General Corporation
Law of the State of Delaware, and, with respect to the Company&#146;s limited
liability company subsidiary, the Limited Liability Company Law of the State of
Delaware, and (iii) state that its opinion and belief are based upon its
participation in the preparation of the Registration Statements and Prospectus
and review and discussion of the contents thereof, but are without independent
check or verification, except as specified.</font></h4>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160; The Underwriters shall have received on
the Closing Date an opinion of James G. Hnat, general counsel for the Company,
dated the Closing Date, to the effect that:</font></h2>

<h3 style="font-weight:normal;margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
counsel does not know of any legal or governmental proceedings pending or
threatened to which the Company is a party or to which any of the properties of
the Company is subject that are required to be described in the Registration
Statements or the Prospectus and are not so described or of any statutes,
regulations, contracts or other documents that are required to be described in
the Registration Statements or the Prospectus or to be filed as exhibits to the
Registration Statements that are not described or filed as required;</font></h3>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to such
counsel&#146;s knowledge, the Company possesses the Government Licenses necessary to
conduct its commercial airline operations as described in the Prospectus and
the Company is in compliance with the terms and conditions of all such
Government Licenses, except where the failure to so comply would not, singly or
in the aggregate, have a material adverse effect on the Company, and all of the
Government Licenses are valid and in full force and effect, except where the
invalidity of such Government Licenses or the failure of such Governmental
Licenses to be in full force and effect would not have a material adverse
effect on the Company;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the statements
in the Prospectus under the caption &#147;Business&#151;Government Regulation,&#148; insofar
as such statements constitute summaries of legal or regulatory matters,
documents or proceedings referred to therein are accurate in all material
respects and fairly summarize the matters referred to therein; and</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=569461,FOLIO='11',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company is
an &#147;air carrier&#148; and a &#147;citizen of the United States&#148; within the meaning of
that portion of the United States Code comprising those provisions formerly
referred to as the Federal Aviation Act of 1958, and now primarily codified in
Title 49 of the United States Code, as amended, and holds an &#147;air carrier
operating certificate issued by the Secretary of Transportation&#148; within the
meaning of 11 U.S.C. &#167; 1110.&#160; The
statements in the Prospectus as to the routes relating to its services which
the Company presently operates or is authorized to operate are correct in all
material respects and such routes presently operated are being operated
pursuant to valid certificates or authorizations issued by the Federal Aviation
Authority.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In giving such opinion,
such counsel may (i) as to matters of fact, rely on certificates of the Company
or officers of the Company and other information from governmental officials,
and (ii) state that it is opining only as to matters of federal and New York
law and, with respect to the Company and its corporate subsidiary, the General
Corporation Law of the State of Delaware, and, with respect to the Company&#146;s
limited liability company subsidiary, the Limited Liability Company Law of the
State of Delaware.</font></p>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; The Underwriters shall have received on the
Closing Date an opinion of Shearman &amp; Sterling LLP, counsel for the
Underwriters, dated the Closing Date, (or a letter in the case of the
penultimate paragraph of Section 4(c)) covering the matters referred to in
Sections 4(c)(i) (but only as to the Company&#146;s jurisdiction of incorporation)
4(c)(vii) and 4(c)(ix), (but only as to the statements in the Prospectus under
[&#147;Description of Debt Securities&#148;] [,&nbsp;&#147;Description of Capital Stock&#148;] and
[&#147;Underwriting&#148;]) and the penultimate paragraph of Section 4(c).</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The Underwriters shall have received, on
each of the date hereof and the Closing Date, a letter dated the date hereof or
the Closing Date, as the case may be, in form and substance reasonably
satisfactory to the Underwriters, from Ernst &amp; Young LLP, independent
public accountants, containing statements and information of the type
ordinarily included in accountants&#146; &#147;comfort letters&#148; to underwriters with
respect to the financial statements for the years ended [December 31, 2003, 2002
and 2001] and the [___-month periods ended ____, 2004 and 2003] and certain
financial information contained in the Registration Statements and the
Prospectus; provided that the letter delivered on the Closing Date shall use a
&#147;cut-off date&#148; not earlier than the date hereof.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; The Underwriters shall have received on the
Closing Date such documents as you may reasonably request with respect to the
good standing of the Company, the due authorization and issuance of the Offered
Securities and other matters related to the issuance of the Offered Securities.</font></h2>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Covenants
of the Company.</font></i>&#160; In further
consideration of the agreements of the Underwriters herein contained, the
Company covenants with each Underwriter as follows:</font></h1>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&#160;&#160; To furnish to you, without charge, [___]
signed copies of the Registration Statements (including exhibits thereto) and
for delivery to each other Underwriter a conformed copy of the Registration
Statements (without exhibits thereto) and to furnish</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=789108,FOLIO='12',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to
you in New York City, without charge, prior to 10:00 a.m. New York City time on
the business day next succeeding the date of this Agreement and during the
period mentioned in Section 5(c) below, as many copies of the Prospectus and
any supplements and amendments thereto or to the Registration Statements as you
may reasonably request.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; Before amending or supplementing the
Registration Statements or the Prospectus with respect to the Offered
Securities, to furnish to you a copy of each such proposed amendment or
supplement and not to file any such proposed amendment or supplement to which
you reasonably object, and to file with the Commission within the applicable
period specified in Rule 424(b) under the Securities Act any prospectus
required to be filed pursuant to such Rule.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; If, during such period after the first date
of the public offering of the Offered Securities as in the reasonable opinion
of counsel for the Underwriters the Prospectus is required by law to be
delivered in connection with sales by an Underwriter or dealer, any event shall
occur or condition exist as a result of which it is necessary to amend or
supplement the Prospectus in order to make the statements therein, in the light
of the circumstances when the Prospectus is delivered to a purchaser, not
misleading, or if, in the reasonable opinion of counsel for the Underwriters,
it is necessary to amend or supplement the Prospectus to comply with applicable
law, forthwith to prepare, file with the Commission and furnish, at its own
expense, to the Underwriters and to the dealers (whose names and addresses you
will furnish to the Company) to which Offered Securities may have been sold by
you on behalf of the Underwriters and to any other dealers upon request, either
amendments or supplements to the Prospectus so that the statements in the
Prospectus as so amended or supplemented will not, in the light of the
circumstances when the Prospectus is delivered to a purchaser, be misleading or
so that the Prospectus, as amended or supplemented, will comply with law.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; To endeavor to qualify the Offered Securities
for offer and sale under the securities or Blue Sky laws of such jurisdictions
as you shall reasonably request; provided, however, the Company shall not be
obligated to qualify as a foreign corporation or file any general consent to
service of process under the laws of any such jurisdiction or subject itself to
taxation as doing business in any such jurisdiction.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; To make generally available to the Company&#146;s
security holders and to you as soon as practicable an earning statement
covering a twelve month period beginning on the first day of the first full
fiscal quarter after the date of this Agreement that shall satisfy the
provisions of Section 11(a) of the Securities Act and the rules and regulations
of the Commission thereunder. If such fiscal quarter is the last fiscal quarter
of the Company&#146;s fiscal year, such earning statement shall be made available
not later than 90 days after the close of the period covered thereby and in all
other cases shall be made available not later than 45 days after the close of
the period covered thereby.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; During the period beginning on the date of
this Agreement and continuing to and including the Closing Date, other than in
connection with the resale of its 3&#189;% Convertible Notes due 2033 or the sale of
its equipment notes to each of the original trusts pursuant to the Note
Purchase Agreements with the Trustees thereof as</font></h2>

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=114379,FOLIO='13',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">contemplated
by the Underwriting Agreement dated March 18, 2004 among the Company and the
underwriters party thereto relating to the Company&#146;s Pass Through Certificates,
Series 2004-1, not to offer, sell, contract to sell or otherwise dispose of any
debt securities of the Company or warrants to purchase debt securities of the
Company substantially similar to the Offered Securities (other than (i) the
Offered Securities and (ii) commercial paper issued in the ordinary course of
business), without your the prior written consent.</font></h2>

<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160;&#160; Whether or not the transactions contemplated
in this Agreement are consummated or this Agreement is terminated, to pay or
cause to be paid all expenses incident to the performance of its obligations
under this Agreement, including: [(i) the fees, disbursements and expenses of
the Company&#146;s counsel and the Company&#146;s accountants in connection with the
registration and delivery of the Offered Securities under the Securities Act
and all other fees or expenses in connection with the preparation and filing of
the Registration Statements, any preliminary prospectus, the Prospectus and
amendments and supplements to any of the foregoing, including all printing
costs associated therewith, and the mailing and delivering of copies thereof to
the Underwriters and dealers, in the quantities herein above specified, (ii)
all costs and expenses related to the transfer and delivery of the Offered
Securities to the Underwriters, including any transfer or other taxes payable
thereon, (iii) the cost of printing or producing any Blue Sky or legal
investment memorandum in connection with the offer and sale of the Offered
Securities under state law and all expenses in connection with the
qualification of the Offered Securities for offer and sale under state law as
provided in Section 5(d) hereof, including filing fees and the reasonable fees
and disbursements of counsel for the Underwriters in connection with such
qualification and in connection with the Blue Sky or legal investment
memorandum, (iv) the fees and disbursements of the Trustee and its counsel, (v)
all filing fees and the reasonable fees and disbursements of counsel to the
Underwriters incurred in connection with the review and qualification of the
offering of the Offered Securities by the National Association of Securities
Dealers, Inc., (vi) any fees charged by the rating agencies for the rating of
the Offered Securities, (vii) all fees and expenses in connection with the
preparation and filing of the registration statement on Form 8-A relating to
the Offered Securities and all costs and expenses incident to listing the
Offered Securities on [any national securities exchanges and foreign stock
exchanges], (viii) the costs and expenses of the Company relating to investor
presentations on any &#147;road show&#148; undertaken in connection with the marketing of
the offering of the Offered Securities, including, without limitation, expenses
associated with the production of road show slides and graphics, fees and
expenses of any consultants engaged in connection with the road show presentations
with the prior approval of the Company, travel and lodging expenses of the
representatives and officers of the Company and any such consultants, and such
proportion of the cost of any aircraft chartered in connection with the road
show as shall be agreed upon separately by the Company and the Representatives
(it being understood that the Underwriters shall be responsible for paying
travel and lodging expenses of the Representatives and such proportion of the
cost of any aircraft chartered in connection with the road show and any ground
transportation used by the Representatives in connection with the road show as
shall be so separately agreed upon), (ix) all other costs and expenses incident
to the performance of the obligations of the Company hereunder for which
provision is not</font></h2>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=14,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=209543,FOLIO='14',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<h2 style="font-weight:normal;margin:0in 0in 12.0pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise
made in this Section and (x) all document production charges and expenses of
counsel to the Underwriters incurred in connection with the preparation of the
Indenture.&#160; It is understood, however,
that except as provided in this Section, Section 6 entitled &#147;Indemnity and
Contribution&#148;, and the last paragraph of Section 8 below, the Underwriters will
pay all of their costs and expenses, including fees and disbursements of their
counsel, and any advertising expenses connected with any offers they may make.]</font></h2>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Indemnity
and Contribution.</font></i>&#160; (a)&#160; The Company agrees to indemnify and hold
harmless each Underwriter, each person, if any, who controls any Underwriter
within the meaning of either Section 15 of the Securities Act or Section 20 of
the Exchange Act, and each affiliate of any Underwriter within the meaning of
Rule 405 under the Securities Act from and against any and all losses, claims,
damages and liabilities (including, without limitation, any legal or other
expenses reasonably incurred in connection with defending or investigating any
such action or claim) caused by any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statements or any
amendment thereof, any preliminary prospectus or the Prospectus (as amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto), or caused by any omission or alleged omission to state therein a material
fact required to be stated therein or necessary to make the statements therein
not misleading, except insofar as such losses, claims, damages or liabilities
are caused by any such untrue statement or omission or alleged untrue statement
or omission based upon information relating to any Underwriter furnished to the
Company in writing by such Underwriter through you expressly for use therein; <u><font style="letter-spacing:-.15pt;">provided</font></u><font style="letter-spacing:-.15pt;">, <u>however</u>, that the foregoing indemnity agreement with respect
to any preliminary prospectus shall not inure to the benefit of any Underwriter
from whom the person asserting any such losses, claims, damages or liabilities
purchased Offered Securities, or any person controlling such Underwriter, if a
copy of the Prospectus (as then amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) was not sent or given by
or on behalf of such Underwriter to such person, if required by law so to have
been delivered, at or prior to the written confirmation of the sale of the Offered
Securities to such person, and if the Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such losses, claims,
damages or liabilities, unless such failure is the result of noncompliance by
the Company with Section 5(a) hereof.</font></font></h1>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160; Each Underwriter agrees, severally and not
jointly, to indemnify and hold harmless the Company, its directors, its
officers who sign the Registration Statements and each person, if any, who
controls the Company within the meaning of either Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the foregoing
indemnity from the Company to such Underwriter, but only with reference to
information relating to such Underwriter furnished to the Company in writing by
such Underwriter through you expressly for use in the Registration Statements,
any preliminary prospectus, the Prospectus or any amendments or supplements
thereto.</font></h4>

<h4 style="font-family:'Times New Roman';font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160;&#160; In case any proceeding (including any
governmental investigation) shall be instituted involving any person in respect
of which indemnity may be sought pursuant to either Section 6(a) or 6(b), such
person (the &#147;</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">indemnified party</font></b><font size="2" style="font-size:10.0pt;">&#148;) shall promptly notify the person against
whom such indemnity may be sought (the &#147;</font><b><font size="2" style="font-size:10.0pt;font-weight:bold;">indemnifying party</font></b><font size="2" style="font-size:10.0pt;">&#148;) in writing
and the indemnifying party, upon request of the indemnified party, shall retain
counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the</font></h4>

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<h4 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such
counsel related to such proceeding. In any such proceeding, any indemnified
party shall have the right to retain its own counsel, but the fees and expenses
of such counsel shall be at the expense of such indemnified party unless (i)
the indemnifying party and the indemnified party shall have mutually agreed to
the retention of such counsel or (ii) the named parties to any such proceeding
(including any impleaded parties) include both the indemnifying party and the
indemnified party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them.
It is understood that the indemnifying party shall not, in respect of the legal
expenses of any indemnified party in connection with any proceeding or related
proceedings in the same jurisdiction, be liable for the fees and expenses of
more than one separate firm (in addition to any local counsel) for all such indemnified
parties and that all such fees and expenses shall be reimbursed as they are
incurred. Such firm shall be designated in writing by you, in the case of
parties indemnified pursuant to Section 6(a) above, and by the Company, in the
case of parties indemnified pursuant to Section 6(b) above. The indemnifying
party shall not be liable for any settlement of any proceeding effected without
its written consent, but if settled with such consent or if there be a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the
indemnified party from and against any loss or liability by reason of such
settlement or judgment. Notwithstanding the foregoing sentence, if at any time
an indemnified party shall have requested an indemnifying party to reimburse
the indemnified party for fees and expenses of counsel as contemplated by the
second and third sentences of this paragraph, the indemnifying party agrees
that it shall be liable for any settlement of any proceeding effected without
its written consent if (i) such settlement is entered into more than 30 days
after receipt by such indemnifying party of the aforesaid request and (ii) such
indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. No
indemnifying party shall, without the prior written consent of the indemnified
party, effect any settlement of any pending or threatened proceeding in respect
of which any indemnified party is or could have been a party and indemnity
could have been sought hereunder by such indemnified party, unless such
settlement includes an unconditional release of such indemnified party from all
liability on claims that are the subject matter of such proceeding.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160;&#160; To the extent the indemnification provided
for in Section 6(a) or 6(b) is unavailable to an indemnified party or
insufficient in respect of any losses, claims, damages or liabilities referred
to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount
paid or payable by such indemnified party as a result of such losses, claims,
damages or liabilities (i) in such proportion as is appropriate to reflect the
relative benefits received by the Company on the one hand and the Underwriters
on the other hand from the offering of the Offered Securities or (ii) if the
allocation provided by clause 6(d)(i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause 6(d)(i) above but also the relative fault of the Company
on the one hand and of the Underwriters on the other hand in connection with
the statements or omissions that resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations. The
relative benefits received by the Company on the one hand and the Underwriters
on the other hand in connection with the offering of the Offered Securities
shall be deemed to be in the same respective proportions as the net proceeds
from the offering of such Offered Securities (before deducting expenses)
received by the Company and the total underwriting discounts and</font></h4>

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</font></h4>

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<h4 align="center" style="font-family:'Times New Roman';font-size:12.0pt;font-weight:normal;margin:0in 0in 12.0pt;text-align:center;">&nbsp;</h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">commissions received by the
Underwriters, in each case as set forth in the table on the cover of the
Prospectus Supplement, bear to the aggregate offering price of the Offered
Securities. The relative fault of the Company on the one hand and the
Underwriters on the other hand shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to
information supplied by the Company or by the Underwriters and the parties&#146;
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. The Underwriters&#146; respective obligations to
contribute pursuant to this Section 6 are several in proportion to the respective
principal amounts of Offered Securities they have purchased hereunder, and not
joint.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160;&#160; The Company and the Underwriters agree that
it would not be just or equitable if contribution pursuant to this Section 6
were determined by <i><font style="font-style:italic;">pro rata</font></i>
allocation (even if the Underwriters were treated as one entity for such
purpose) or by any other method of allocation that does not take account of the
equitable considerations referred to in Section 6(d). The amount paid or
payable by an indemnified party as a result of the losses, claims, damages and
liabilities referred to in the immediately preceding paragraph shall be deemed
to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the
provisions of this Section 6, no Underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the
Offered Securities underwritten by it and distributed to the public were
offered to the public exceeds the amount of any damages that such Underwriter
has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. The remedies provided for in this Section 6 are
not exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity.</font></h4>

<h4 style="font-weight:normal;margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160;&#160;&#160; The indemnity and contribution provisions
contained in this Section 6 and the representations, warranties and other
statements of the Company contained in this Agreement shall remain operative
and in full force and effect regardless of (i) any termination of this
Agreement, (ii) any investigation made by or on behalf of any Underwriter, any
person controlling any Underwriter or any affiliate of any Underwriter or by or
on behalf of the Company, its officers or directors or any person controlling
the Company and (iii) acceptance of and payment for any of the Offered
Securities.</font></h4>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Termination.</font></i>&#160; The Underwriters may terminate this Agreement by notice given by
you to the Company, if after the execution and delivery of this Agreement and
prior to the Closing Date (i) trading generally shall have been suspended or
materially limited on, or by, as the case may be, any of the New York Stock
Exchange, the American Stock Exchange or The Nasdaq National Market, (ii)
trading of any securities of the Company shall have been suspended on any
exchange or in any over-the-counter market, (iii) a material disruption in
securities settlement, payment or clearance services in the United States shall
have occurred, (iv) any moratorium on commercial banking activities shall have
been declared by Federal or New York State authorities or (v) there shall have
occurred any outbreak or escalation of hostilities or any change in financial
markets or any calamity or crisis that, in your judgment, is material and</font></h1>

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<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">adverse and which singly or
together with any other such event specified in this clause (v), makes it, in
your judgment, impracticable to proceed with the offer, sale or delivery of the
Offered Securities on the terms and in the manner contemplated in the
Prospectus.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Effectiveness;
Defaulting Underwriters.</font></i>&#160;
This Agreement shall become effective upon the execution and delivery
hereof by the parties hereto.</font></h1>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If, on the Closing Date, any one or more of the
Underwriters shall fail or refuse to purchase the principal amount of Offered
Securities that it has or they have agreed to purchase hereunder on such date,
and the aggregate principal amount of Offered Securities which such defaulting
Underwriter or Underwriters agreed but failed or refused to purchase is not
more than one-tenth of the aggregate principal amount of all the Offered
Securities to be purchased on such date, the other Underwriters shall be
obligated severally in the proportions that the principal amount of Offered
Securities set forth opposite their respective names in Schedule I hereto bears
to the aggregate principal amount of Offered Securities set forth opposite the
names of all such non-defaulting Underwriters, or in such other proportions as
you may specify, to purchase the principal amount of Offered Securities which
such defaulting Underwriter or Underwriters agreed but failed or refused to
purchase on such date; <i><font style="font-style:italic;">provided</font></i>
that in no event shall the principal amount of Offered Securities that any
Underwriter has agreed to purchase pursuant to this Agreement be increased
pursuant to this Section 8 by an amount in excess of one-ninth of such
principal amount of Offered Securities without the written consent of such
Underwriter. If, on the Closing Date, any Underwriter or Underwriters shall
fail or refuse to purchase the principal amount of Offered Securities that it
has or they have agreed to purchase hereunder on such date, and the aggregate
principal amount of Offered Securities with respect to which such default
occurs is more than one-tenth of the aggregate principal amount of all the
Offered Securities to be purchased, and arrangements satisfactory to you and
the Company for the purchase of such principal amount of Offered Securities are
not made within 36&nbsp;hours after such default, this Agreement shall
terminate without liability on the part of any non-defaulting Underwriter or
the Company. In any such case either you or the Company shall have the right to
postpone the Closing Date, but in no event for longer than seven days, in order
that the required changes, if any, in the Registration Statements and in the
Prospectus or in any other documents or arrangements may be effected. Any
action taken under this paragraph shall not relieve any defaulting Underwriter
from liability in respect of any default of such Underwriter under this
Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If this Agreement shall be terminated by the
Underwriters, or any of them, because of any failure or refusal on the part of
the Company to comply with the terms or to fulfill any of the conditions of
this Agreement, or if for any reason the Company shall be unable to perform its
obligations under this Agreement, the Company will reimburse the Underwriters
or such Underwriters as have so terminated this Agreement with respect to
themselves, severally, for all out-of-pocket expenses (including
the reasonable fees and disbursements of their counsel) reasonably incurred by
such Underwriters in connection with this Agreement or the offering
contemplated hereunder.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=1044822,FOLIO='18',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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</font>

<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160; <i><font style="font-style:italic;">Counterparts.</font></i>&#160; This Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.&#160;&#160; <i><font style="font-style:italic;">Applicable
Law.</font></i>&#160; This Agreement shall be
governed by and construed in accordance with the internal laws of the State of
New York.</font></h1>

<h1 style="font-weight:normal;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.&#160;&#160; <i><font style="font-style:italic;">Headings.</font></i>&#160; The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall not be
deemed a part of this Agreement.</font></h1>

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in 24.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=136656,FOLIO='19',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 24.0pt;text-align:center;">&nbsp;</p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very
  truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JETBLUE
  AIRWAYS<br>
  CORPORATION</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" valign="top" style="padding:0in 0in 0in 0in;width:25.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accepted
  as of the date hereof</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[REPRESENTATIVES]</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="16%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:16.9%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:25.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:46.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:3.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="25%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:25.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:43.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="4" valign="top" style="padding:0in 0in 0in 0in;width:43.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="53%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:53.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="font-family:'Times New Roman';">
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.2%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="0%" style="padding:0in 0in 0in 0in;width:.58%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" style="padding:0in 0in 0in 0in;width:16.9%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="9%" style="padding:0in 0in 0in 0in;width:9.08%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="16%" style="padding:0in 0in 0in 0in;width:16.72%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" style="padding:0in 0in 0in 0in;width:4.08%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="23%" style="padding:0in 0in 0in 0in;width:23.8%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25%" style="padding:0in 0in 0in 0in;width:25.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=20,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="3",CHK=210096,FOLIO='20',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX1-2_8345.CHC",USER="JGUERRE",CD='Nov  2 14:55 2004' -->
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<p align="center" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE&nbsp;I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="34%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:34.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Underwriter Name</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:62.92%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Principal Amount of<br>
  Offered Securities</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Insert
  syndicate list]</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="34%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:34.38%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="62%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:62.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>a2145815zex-4_1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT 4.1</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JETBLUE
AIRWAYS CORPORATION,<br>
as Issuer</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TRUSTEE],<br>
as Trustee</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDENTURE</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated
as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEBT
SECURITIES</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CROSS REFERENCE TABLE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reconciliation
and tie between Trust Indenture Act of 1939 and Indenture</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="73%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:73.56%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Trust Indenture Act Section</font></b></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:23.48%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Indenture Section</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  310</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">607(a)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">607(a)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">604, 608(d)(1)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  311</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101(a)(2), 604</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  312</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">701</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  313</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  313</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">702</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">601, 702</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  314</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">703</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1005</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(2)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">102</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  315</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">303, 602</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">303, 601, 602</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">303, 602</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">303, 602</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">608(d)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  316</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)
  (last sentence)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">101</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(A)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">502, 512</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(B)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">513</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">508</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">104(e)</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  317</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">503</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">504</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#167;
  318</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">111</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="65%" valign="top" style="padding:0in 0in 0in 0in;width:65.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.48%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">111</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="left">

</font></div>


<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE:</font><font size="1" face="Times New Roman" style="font-size:3.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font size="2" face="Times New Roman" style="font-size:10.0pt;">This cross-reference table shall not, for any
purpose, be deemed to be a part of the Indenture.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=428965,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;"><a href="#ex4-1_ArticleOne" title="Click to goto ARTICLE ONE">ARTICLE ONE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;"><a href="#ex4-1_DefinitionsAndOtherProvisionsOfGene" title="Click to goto DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION">DEFINITIONS
  AND OTHER PROVISIONS OF GENERAL APPLICATION</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Definitions" title="Click to goto Definitions">SECTION 101.
  Definitions</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ComplianceCertificatesAndOpinions" title="Click to goto Compliance Certificates and Opinions">SECTION 102.
  Compliance Certificates and Opinions</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_FormOfDocumentsDeliveredToTrustee" title="Click to goto Form of Documents Delivered to Trustee">SECTION 103.
  Form of Documents Delivered to Trustee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ActsOfHolders" title="Click to goto Acts of Holders">SECTION 104. Acts
  of Holders</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Notices" title="Click to goto Notices">SECTION 105. Notices, etc., to
  Trustee and Company</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_NoticeToHolders" title="Click to goto Notice to Holders">SECTION 106.
  Notice to Holders; Waiver</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_EffectOfHeadingsAndTableOfContents" title="Click to goto Effect of Headings and Table of Contents">SECTION 107.
  Effect of Headings and Table of Contents</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SuccessorsAndAssigns" title="Click to goto Successors and Assigns">SECTION
  108. Successors and Assigns</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SeparabilityClause" title="Click to goto Separability Clause">SECTION
  109. Separability Clause</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_BenefitsOfIndenture" title="Click to goto Benefits of Indenture">SECTION
  110. Benefits of Indenture</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_GoverningLaw" title="Click to goto Governing Law">SECTION 111.
  Governing Law</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_LegalHolidays" title="Click to goto Legal Holidays">SECTION 112. Legal
  Holidays</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleTwo" title="Click to goto ARTICLE TWO">ARTICLE
  TWO</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_SecuritiesForms" title="Click to goto SECURITIES FORMS">SECURITIES FORMS</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_FormsOfSecurities" title="Click to goto Forms of Securities">SECTION
  201. Forms of Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_FormOfTrusteesCertificateOfAuthent" title="Click to goto Form of Trustee&#146;s Certificate of Authentication">SECTION
  202. Form of Trustee&#146;s Certificate of Authentication</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SecuritiesIssuableInGlobalForm" title="Click to goto Securities Issuable in Global Form">SECTION 203.
  Securities Issuable in Global Form</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleThree" title="Click to goto ARTICLE THREE">ARTICLE
  THREE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_TheSecurities" title="Click to goto THE SECURITIES">THE SECURITIES</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AmountUnlimited" title="Click to goto Amount Unlimited">SECTION 301.
  Amount Unlimited; Issuable in Series</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Denominations" title="Click to goto Denominations">SECTION 302.
  Denominations</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Execution" title="Click to goto Execution">SECTION 303. Execution,
  Authentication, Delivery and Dating</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_TemporarySecurities" title="Click to goto Temporary Securities">SECTION
  304. Temporary Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Registration" title="Click to goto Registration">SECTION 305.
  Registration, Registration of Transfer and Exchange</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Mutilated" title="Click to goto Mutilated">SECTION 306. Mutilated,
  Destroyed, Lost and Stolen Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_PaymentOfInterest" title="Click to goto Payment of Interest">SECTION
  307. Payment of Interest; Interest Rights Preserved; Optional Interest Reset</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_OptionalExtensionOfMaturity" title="Click to goto Optional Extension of Maturity">SECTION 308. Optional
  Extension of Maturity</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_PersonsDeemedOwners" title="Click to goto Persons Deemed Owners">SECTION
  309. Persons Deemed Owners</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Cancellation" title="Click to goto Cancellation">SECTION 310. Cancellation</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ComputationOfInterest" title="Click to goto Computation of Interest">SECTION
  311. Computation of Interest</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CurrencyAndMannerOfPaymentsInRespe" title="Click to goto Currency and Manner of Payments in Respect of Securities">SECTION
  312. Currency and Manner of Payments in Respect of Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AppointmentAndResignationOfSuccessor" title="Click to goto Appointment and Resignation of Successor Exchange Rate Agent">SECTION
  313. Appointment and Resignation of Successor Exchange Rate Agent</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CusipNumbers" title="Click to goto CUSIP Numbers">SECTION 314. CUSIP
  Numbers</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleFour" title="Click to goto ARTICLE FOUR">ARTICLE
  FOUR</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_SatisfactionAndDischarge" title="Click to goto SATISFACTION AND DISCHARGE">SATISFACTION AND DISCHARGE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SatisfactionAndDischargeOfIndenture" title="Click to goto Satisfaction and Discharge of Indenture">SECTION 401.
  Satisfaction and Discharge of Indenture</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ApplicationOfTrustFunds" title="Click to goto Application of Trust Funds">SECTION 402. Application of
  Trust Funds</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleFive" title="Click to goto ARTICLE FIVE">ARTICLE
  FIVE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_Remedies" title="Click to goto REMEDIES">REMEDIES</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_EventsOfDefault" title="Click to goto Events of Default">SECTION 501.
  Events of Default</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AccelerationOfMaturity" title="Click to goto Acceleration of Maturity">SECTION
  502. Acceleration of Maturity; Rescission and Annulment</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CollectionOfIndebtednessAndSuitsFor" title="Click to goto Collection of Indebtedness and Suits for Enforcement by Trustee">SECTION
  503. Collection of Indebtedness and Suits for Enforcement by Trustee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_TrusteeMayFileProofsOfClaim" title="Click to goto Trustee May File Proofs of Claim">SECTION 504. Trustee
  May File Proofs of Claim</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_TrusteeMayEnforceClaimsWithoutPosse" title="Click to goto Trustee May Enforce Claims Without Possession of Securities or Coupons">SECTION
  505. Trustee May Enforce Claims Without Possession of Securities or Coupons</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ApplicationOfMoneyCollected" title="Click to goto Application of Money Collected">SECTION 506. Application
  of Money Collected</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_LimitationOnSuits" title="Click to goto Limitation on Suits">SECTION
  507. Limitation on Suits</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_UnconditionalRightOfHoldersToReceiv" title="Click to goto Unconditional Right of Holders to Receive Principal">SECTION
  508. Unconditional Right of Holders to Receive Principal, Premium and
  Interest</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_RestorationOfRightsAndRemedies" title="Click to goto Restoration of Rights and Remedies">SECTION 509. Restoration
  of Rights and Remedies</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_RightsAndRemediesCumulative" title="Click to goto Rights and Remedies Cumulative">SECTION 510. Rights and
  Remedies Cumulative</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DelayOrOmissionNotWaiver" title="Click to goto Delay or Omission Not Waiver">SECTION 511. Delay or
  Omission Not Waiver</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ControlByHoldersOfSecurities" title="Click to goto Control by Holders of Securities">SECTION 512. Control
  by Holders of Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_WaiverOfPastDefaults" title="Click to goto Waiver of Past Defaults">SECTION
  513. Waiver of Past Defaults</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_WaiverOfStayOrExtensionLaws" title="Click to goto Waiver of Stay or Extension Laws">SECTION 514. Waiver of
  Stay or Extension Laws</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleSix" title="Click to goto ARTICLE SIX">ARTICLE
  SIX</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_TheTrustee" title="Click to goto THE TRUSTEE">THE
  TRUSTEE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_NoticeOfDefaults" title="Click to goto Notice of Defaults">SECTION
  601. Notice of Defaults</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CertainRightsOfTrustee" title="Click to goto Certain Rights of Trustee">SECTION
  602. Certain Rights of Trustee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_NotResponsibleForRecitalsOrIssuance" title="Click to goto Not Responsible for Recitals or Issuance of Securities">SECTION
  603. Not Responsible for Recitals or Issuance of Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_MayHoldSecurities" title="Click to goto May Hold Securities">SECTION
  604. May Hold Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_MoneyHeldInTrust" title="Click to goto Money Held in Trust">SECTION
  605. Money Held in Trust</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CompensationAndReimbursement" title="Click to goto Compensation and Reimbursement">SECTION 606.
  Compensation and Reimbursement</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CorporateTrusteeRequired" title="Click to goto Corporate Trustee Required">SECTION 607. Corporate
  Trustee Required; Eligibility</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ResignationAndRemoval" title="Click to goto Resignation and Removal">SECTION
  608. Resignation and Removal; Appointment of Successor</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AcceptanceOfAppointmentBySuccessor" title="Click to goto Acceptance of Appointment by Successor">SECTION 609.
  Acceptance of Appointment by Successor</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Merger" title="Click to goto Merger">SECTION 610. Merger, Conversion,
  Consolidation or Succession to Business</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AppointmentOfAuthenticatingAgent" title="Click to goto Appointment of Authenticating Agent">SECTION 611.
  Appointment of Authenticating Agent</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=4,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=70491,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleSeven" title="Click to goto ARTICLE SEVEN">ARTICLE
  SEVEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_HoldersListsAndReportsByTrusteeAn" title="Click to goto HOLDERS&#146; LISTS AND REPORTS BY TRUSTEE AND COMPANY">HOLDERS&#146;
  LISTS AND REPORTS BY TRUSTEE AND COMPANY</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DisclosureOfNamesAndAddressesOfHol" title="Click to goto Disclosure of Names and Addresses of Holders">SECTION
  701. Disclosure of Names and Addresses of Holders</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ReportsByTrustee" title="Click to goto Reports by Trustee">SECTION
  702. Reports by Trustee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ReportsByCompany" title="Click to goto Reports by Company">SECTION
  703. Reports by Company</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CalculationOfOriginalIssueDiscount" title="Click to goto Calculation of Original Issue Discount">SECTION 704.
  Calculation of Original Issue Discount</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleEight" title="Click to goto ARTICLE EIGHT">ARTICLE
  EIGHT</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_Consolidation" title="Click to goto CONSOLIDATION">CONSOLIDATION,
  MERGER, CONVEYANCE OR TRANSFER</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CompanyMayConsolidate" title="Click to goto Company May Consolidate">SECTION
  801. Company May Consolidate, Etc., Only on Certain Terms</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SuccessorPersonSubstituted" title="Click to goto Successor Person Substituted">SECTION 802. Successor
  Person Substituted</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleNine" title="Click to goto ARTICLE NINE">ARTICLE
  NINE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_SupplementalIndentures" title="Click to goto SUPPLEMENTAL INDENTURES">SUPPLEMENTAL INDENTURES</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SupplementalIndenturesWithoutConsent" title="Click to goto Supplemental Indentures Without Consent of Holders">SECTION
  901. Supplemental Indentures Without Consent of Holders</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SupplementalIndenturesWithConsentOf" title="Click to goto Supplemental Indentures with Consent of Holders">SECTION
  902. Supplemental Indentures with Consent of Holders</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ExecutionOfSupplementalIndentures" title="Click to goto Execution of Supplemental Indentures">SECTION 903.
  Execution of Supplemental Indentures</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_EffectOfSupplementalIndentures" title="Click to goto Effect of Supplemental Indentures">SECTION 904. Effect
  of Supplemental Indentures</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ConformityWithTrustIndentureAct" title="Click to goto Conformity with Trust Indenture Act">SECTION 905.
  Conformity with Trust Indenture Act</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ReferenceInSecuritiesToSupplemental" title="Click to goto Reference in Securities to Supplemental Indentures">SECTION
  906. Reference in Securities to Supplemental Indentures</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleTen" title="Click to goto ARTICLE TEN">ARTICLE
  TEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_Covenants" title="Click to goto COVENANTS">COVENANTS</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_PaymentOfPrincipal" title="Click to goto Payment of Principal">SECTION
  1001. Payment of Principal, Premium and Interest</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_MaintenanceOfOfficeOrAgency" title="Click to goto Maintenance of Office or Agency">SECTION 1002.
  Maintenance of Office or Agency</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_MoneyForSecuritiesPaymentsToBeHeld" title="Click to goto Money for Securities Payments to Be Held in Trust">SECTION
  1003. Money for Securities Payments to Be Held in Trust</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_AdditionalAmounts" title="Click to goto Additional Amounts">SECTION
  1004. Additional Amounts</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_StatementAsToCompliance" title="Click to goto Statement as to Compliance">SECTION 1005. Statement as
  to Compliance</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_WaiverOfCertainCovenants" title="Click to goto Waiver of Certain Covenants">SECTION 1006. Waiver of
  Certain Covenants</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CorporateExistence" title="Click to goto Corporate Existence">SECTION
  1007. Corporate Existence</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Insurance" title="Click to goto Insurance">SECTION 1008. Insurance</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleEleven" title="Click to goto ARTICLE ELEVEN">ARTICLE ELEVEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_RedemptionOfSecurities" title="Click to goto REDEMPTION OF SECURITIES">REDEMPTION OF SECURITIES</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ApplicabilityOfArticle" title="Click to goto Applicability of Article">SECTION
  1101. Applicability of Article</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ElectionToRedeem" title="Click to goto Election to Redeem">SECTION
  1102. Election to Redeem; Notice to Trustee</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SelectionByTrusteeOfSecuritiesToBe" title="Click to goto Selection by Trustee of Securities to Be Redeemed">SECTION
  1103. Selection by Trustee of Securities to Be Redeemed</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_NoticeOfRedemption" title="Click to goto Notice of Redemption">SECTION
  1104. Notice of Redemption</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=5,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=217324,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DepositOfRedemptionPrice" title="Click to goto Deposit of Redemption Price">SECTION 1105. Deposit of
  Redemption Price</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SecuritiesPayableOnRedemptionDate" title="Click to goto Securities Payable on Redemption Date">SECTION 1106. Securities
  Payable on Redemption Date</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SecuritiesRedeemedInPart" title="Click to goto Securities Redeemed in Part">SECTION 1107. Securities
  Redeemed in Part</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleTwelve" title="Click to goto ARTICLE TWELVE">ARTICLE TWELVE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_SinkingFunds" title="Click to goto SINKING FUNDS">SINKING
  FUNDS</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ApplicabilityOf" title="Click to goto Applicability of ">SECTION 1201.
  Applicability of Article</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SatisfactionOfSinkingFundPaymentsWi" title="Click to goto Satisfaction of Sinking Fund Payments with Securities">SECTION
  1202. Satisfaction of Sinking Fund Payments with Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_RedemptionOfSecuritiesForSinkingFun" title="Click to goto Redemption of Securities for Sinking Fund">SECTION 1203.
  Redemption of Securities for Sinking Fund</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleThirteen" title="Click to goto ARTICLE THIRTEEN">ARTICLE THIRTEEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_RepaymentAtTheOptionOfHolders" title="Click to goto REPAYMENT AT THE OPTION OF HOLDERS">REPAYMENT AT THE
  OPTION OF HOLDERS</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_OfArticle" title="Click to goto of Article">SECTION 1301.
  Applicability of Article</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_RepaymentOfSecurities" title="Click to goto Repayment of Securities">SECTION
  1302. Repayment of Securities</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ExerciseOfOption" title="Click to goto Exercise of Option">SECTION
  1303. Exercise of Option</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_WhenSecuritiesPresentedForRepayment" title="Click to goto When Securities Presented for Repayment Become Due and Payable">SECTION
  1304. When Securities Presented for Repayment Become Due and Payable</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_SecuritiesRepaidInPart" title="Click to goto Securities Repaid in Part">SECTION
  1305. Securities Repaid in Part</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleFourteen" title="Click to goto ARTICLE FOURTEEN">ARTICLE FOURTEEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_DefeasanceAndCovenantDefeasance" title="Click to goto DEFEASANCE AND COVENANT DEFEASANCE">DEFEASANCE AND
  COVENANT DEFEASANCE</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CompanysOptionToEffectDefeasanceOr" title="Click to goto Company&#146;s Option to Effect Defeasance or Covenant Defeasance">SECTION
  1401. Applicability of Article; Company&#146;s Option to Effect Defeasance or
  Covenant Defeasance</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DefeasanceAndDischarge" title="Click to goto Defeasance and Discharge">SECTION
  1402. Defeasance and Discharge</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CovenantDefeasance" title="Click to goto Covenant Defeasance">SECTION
  1403. Covenant Defeasance</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ConditionsToDefeasanceOrCovenantDef" title="Click to goto Conditions to Defeasance or Covenant Defeasance">SECTION
  1404. Conditions to Defeasance or Covenant Defeasance</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DepositedMoneyAndGovernmentObligatio" title="Click to goto Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions">SECTION
  1405. Deposited Money and Government Obligations to Be Held in Trust; Other
  Miscellaneous Provisions</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Reinstatement" title="Click to goto Reinstatement">SECTION 1406.
  Reinstatement</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_ArticleFifteen" title="Click to goto ARTICLE FIFTEEN">ARTICLE FIFTEEN</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;"><a href="#ex4-1_MeetingsOfHoldersOfSecurities" title="Click to goto MEETINGS OF HOLDERS OF SECURITIES">MEETINGS OF HOLDERS
  OF SECURITIES</a></font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="1" style="font-size:1.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_PurposesForWhichMeetingsMayBeCalle" title="Click to goto Purposes for Which Meetings May Be Called">SECTION 1501.
  Purposes for Which Meetings May Be Called</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Call" title="Click to goto Call">SECTION 1502. Call, Notice and Place
  of Meetings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_PersonsEntitledToVoteAtMeetings" title="Click to goto Persons Entitled to Vote at Meetings">SECTION 1503.
  Persons Entitled to Vote at Meetings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_Quorum" title="Click to goto Quorum">SECTION 1504. Quorum; Action</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_DeterminationOfVotingRights" title="Click to goto Determination of Voting Rights">SECTION 1505.
  Determination of Voting Rights; Conduct and Adjournment of Meetings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="94%" valign="top" style="padding:0in 0in 0in 0in;width:94.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_CountingVotesAndRecordingActionOfM" title="Click to goto Counting Votes and Recording Action of Meetings">SECTION
  1506. Counting Votes and Recording Action of Meetings</a></font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.02%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iv</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=6,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=517821,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACKNOWLEDGMENTS</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;"><a href="#ex4-1_ExhibitA" title="Click to goto EXHIBIT A">EXHIBIT A - FORMS OF CERTIFICATION</a></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">v</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=357070,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">INDENTURE,
dated as of
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
between JetBlue Airways Corporation, a Delaware corporation (the &#147;<u>Company</u>&#148;),
having its principal office at 118-29 Queens Boulevard, Forest Hills, New York
11375, and [TRUSTEE], a [STATE] banking corporation (the &#147;<u>Trustee</u>&#148;),
having its Corporate Trust Office at [ADDRESS].</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">RECITALS OF THE COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its debt securities (the &#147;<u>Securities</u>&#148;),
issuable as provided in this Indenture, and all things necessary to make this
Indenture a valid agreement of the Company, in accordance with its terms, have
been done; and</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS,
this Indenture will be subject to, and governed by, the provisions of the Trust
Indenture Act of 1939, as amended, that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW,
THEREFORE, THIS INDENTURE WITNESSETH:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each
party agrees as follows for the benefit of the other party and for the equal
and ratable benefit of the Holders of the Securities and coupons:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleOne"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE ONE</font></b></a><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
<br>
<a name="ex4-1_DefinitionsAndOtherProvisionsOfGene">DEFINITIONS AND OTHER PROVISIONS OF
GENERAL APPLICATION</a></font></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 101.&nbsp; <a name="ex4-1_Definitions">Definitions</a>.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;
For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the terms defined in this Article have the meanings assigned to them in this
Article, and include the plural as well as the singular;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all other terms used herein which are defined in the Trust Indenture Act,
either directly or by reference therein, have the meanings assigned to them
therein, and the terms &#147;cash transaction&#148; and &#147;self-liquidating paper&#148;, as used
in TIA Section 311, shall have the meanings assigned to them in the rules of
the Commission adopted under the Trust Indenture Act;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the words &#147;herein&#148;, &#147;hereof&#148; and &#147;hereunder&#148; and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
certain terms, used principally in Article Three, Article Five, Article Six and
Article Ten, are defined in those Articles.</font></b></h5>

<h5 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>


<h5 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></h5>

<b><font size="2" style="font-size:10.0pt;font-weight:bold;">
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<h5 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Act</u>&#148;,
when used with respect to any Holder, has the meaning specified in Section 104.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Additional
Amounts</u>&#148; means any additional amounts which are required by a Security or
by or pursuant to a Board Resolution, under circumstances specified therein, to
be paid by the Company in respect of certain taxes imposed on certain Holders
and which are owing to such Holders.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Affiliate</u>&#148;
of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with
such specified Person.&nbsp; For the purposes of this definition, &#147;control&#148;
when used with respect to any specified Person means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms
&#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Authenticating
Agent</u>&#148; means any authenticating agent appointed by the Trustee pursuant to
Section 611.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Authorized
Newspaper</u>&#148; means a newspaper, in the English language or in an official
language of the country of publication, customarily published on each Business
Day, whether or not such newspaper is also published on Saturdays, Sundays or
holidays, and of general circulation in each place in connection with which the
term is used or in the financial community of each such place.&nbsp; Where
successive publications are required to be made in Authorized Newspapers, the
successive publications may be made in the same or in different newspapers in
the same city meeting the foregoing requirements, on any Business Day.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bankruptcy
Law</u>&#148; has the meaning specified in Section&nbsp;501.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bearer
Security</u>&#148; means any Security established pursuant to Section 201 which is
payable to bearer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Board
of Directors</u>&#148; means the board of directors of the Company, the executive
committee or any committee of that board duly authorized to act hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Board
Resolution</u>&#148; means a copy of a resolution that is delivered to the Trustee,
certified by the Secretary or an Assistant Secretary of the Company (i) to have
been duly adopted by the Board of Directors or by (a)&nbsp;any subcommittee
thereof that has, or (b)&nbsp;any one or more Officers who have, been delegated
the authority of the Board of Directors to approve the terms of the relevant
Securities, and (ii) to be in full force and effect on the date of such
certification.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business
Day</u>&#148; means, when used with respect to any Place of Payment or any other
particular location referred to in this Indenture or in the Securities, unless
otherwise specified with respect to any Securities pursuant to Section 301,
each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in that Place of Payment or particular location are
authorized or obligated by law or executive order to close.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=9,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=43143,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital
Stock</u>&#148; means, with respect to any corporation, any and all shares,
interests, rights to purchase, warrants, options, participations or other
equivalents of or interests in (however designated) stock issued by that
corporation.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Clearstream</u>&#148;
means Clearstream Banking, soci&#233;t&#233; anonyme, and any successor thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Commission</u>&#148;
means the U.S. Securities and Exchange Commission.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company</u>&#148;
means the Person named as the &#147;Company&#148; in the first paragraph of this
Indenture until a successor replaces it pursuant to the applicable provisions
of this Indenture and, thereafter, &#147;Company&#148; shall mean such successor or
successors.&nbsp; The foregoing sentence shall likewise apply to any subsequent
such successor or successors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company
Request</u>&#148; and &#147;<u>Company Order</u>&#148; means a written request or order signed
in the name of the Company by any two Officers.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Conversion
Date</u>&#148; has the meaning specified in Section 312(d).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Conversion
Event</u>&#148; means the cessation of use of a Foreign Currency both by the
government of one or more countries or by any recognized union, association or
confederation of governments that issued such currency and for the settlement
of transactions by a central bank or other public institutions of or within the
international banking community.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Corporate
Trust Office</u>&#148; means the principal office of the Trustee at which at any
time its corporate trust business shall be administered, which office at the
date hereof is located at [ADDRESS], Attention:&nbsp;
[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], or such other address as the Trustee may
designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee (or such other
address as a successor Trustee may designate from time to time by notice to the
Holders and the Company).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>corporation</u>&#148;
includes corporations, associations, companies and business trusts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>coupon</u>&#148;
means any interest coupon appertaining to a Bearer Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Currency</u>&#148;
means any currency or currencies, composite currency or currency unit or
currency units, including, without limitation, the Euro, issued by the government
of one or more countries or by any reorganized confederation or association of
such governments.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Custodian</u>&#148;
has the meaning specified in Section&nbsp;501.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Default</u>&#148;
means any event which is, or after notice or passage of time or both would be,
an Event of Default.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Defaulted
Interest</u>&#148; has the meaning specified in Section 307(a).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dollar</u>&#148;
or &#147;<u>$</u>&#148; means a dollar or other equivalent unit in such coin or currency
of the United States as at the time shall be legal tender for the payment of
public and private debts.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=10,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=810964,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Election
Date</u>&#148; has the meaning specified in Section 312(h).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Euroclear</u>&#148;
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, and any
successor thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Event
of Default</u>&#148; has the meaning specified in Article Five.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange
Rate Agent</u>&#148; means, with respect to Securities of any series, unless
otherwise specified with respect to any Securities pursuant to Section 301, a
New York clearing house bank designated pursuant to Section 301 or Section 313.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Exchange
Rate Officer&#146;s Certificate</u>&#148; means a certificate setting forth (i) the
applicable Market Exchange Rate or the applicable bid quotation and (ii) the
Dollar or Foreign Currency amounts of principal (and premium, if any) and
interest, if any (on an aggregate basis and on the basis of a Security having
the lowest denomination principal amount determined in accordance with Section
302 in the relevant currency or currency unit), payable with respect to a
Security of any series on the basis of such Market Exchange Rate or the
applicable bid quotation signed by any Officer of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Foreign
Currency</u>&#148; means any Currency, including, without limitation, the Euro,
issued by the government of one or more countries other than the United States
or by any recognized union, confederation or association of such governments.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Government
Obligations</u>&#148; means securities which are (i) direct obligations of the
United States or the government which issued the Foreign Currency in which
the&nbsp; Securities of a particular series are payable, for the payment of
which its full faith and credit is pledged, or (ii) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the
United States or such government which issued the Foreign Currency in which the
Securities of such series are payable, the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States or such
other government, which, in either case, are not callable or redeemable at the
option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such
Government Obligation or a specific payment of interest on or principal of any
such Government Obligation held by such custodian for the account of the holder
of a depository receipt; <u>provided</u> that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian
in respect of the Government Obligation or the specific payment of interest on
or principal of the Government Obligation evidenced by such depository receipt.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Holder</u>&#148;
means, in the case of a Registered Security, the Person in whose name a
Security is registered in the Security Register and, in the case of a Bearer
Security, the bearer thereof and, when used with respect to any coupon, shall
mean the bearer thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indenture</u>&#148;
means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, and shall include the terms
of particular series of Securities established as contemplated by Section 301
and the provisions of the Trust Indenture Act that are deemed to be a part
hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=11,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=925237,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indexed
Security</u>&#148; means a Security as to which all or certain interest payments
and/or the principal amount payable at Maturity are determined by reference to
prices, changes in prices, or differences between prices, of securities,
Currencies, intangibles, goods, articles or commodities or by such other
objective price, economic or other measures as are specified pursuant to
Section 301 hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>interest</u>&#148;
means, when used with respect to an Original Issue Discount Security which by
its terms bears interest only after Maturity, interest payable after Maturity,
and, when used with respect to a Security which provides for the payment of
Additional Amounts pursuant to Section 1004, includes such Additional Amounts.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest
Payment Date</u>&#148; means, when used with respect to any Security, the Stated
Maturity of an installment of interest on such Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Market
Exchange Rate</u>&#148; means, unless otherwise specified with respect to any Securities
pursuant to Section 301, (i) for any conversion involving a Currency unit on
the one hand and Dollars or any Foreign Currency on the other, the exchange
rate between the relevant Currency unit and Dollars or such Foreign Currency
calculated by the method specified pursuant to Section 301 for the Securities
of the relevant series, (ii) for any conversion of Dollars into any Foreign
Currency, the noon buying rate for such Foreign Currency for cable transfers
quoted in New York City as certified for customs purposes by the Federal
Reserve Bank of New York and (iii) for any conversion of one Foreign Currency
into Dollars or another Foreign Currency, the spot rate at noon local time in
the relevant market at which, in accordance with normal banking procedures, the
Dollars or Foreign Currency into which conversion is being made could be
purchased with the Foreign Currency from which conversion is being made from
major banks located in either New York City, London or any other principal
market for Dollars or such purchased Foreign Currency, in each case determined
by the Exchange Rate Agent.&nbsp; Unless otherwise specified with respect to
any Securities pursuant to Section 301, in the event of the unavailability of
any of the exchange rates provided for in the foregoing clauses (i), (ii) and
(iii), the Exchange Rate Agent shall use, in its sole discretion and without
liability on its part, such quotation of the Federal Reserve Bank of New York
as of the most recent available date, or quotations from one or more major
banks in New York City, London or other principal market for such currency
or&nbsp; currency unit in question, or such other quotations as the Exchange
Rate Agent shall deem appropriate.&nbsp; Unless otherwise specified by the
Exchange Rate Agent, if there is more than one market for dealing in any
Currency or Currency unit by reason of foreign exchange regulations or
otherwise, the market to be used in respect of such currency or currency unit
shall be that upon which a nonresident issuer of securities designated in such
Currency or Currency unit would purchase such Currency or Currency unit in
order to make payments in respect of such securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Maturity</u>&#148;
means, when used with respect to any Security, the date on which the principal
of such Security or an installment of principal becomes due and payable as
therein or herein provided, whether at the Stated Maturity or by declaration of
acceleration, notice of redemption, notice of option to elect repayment, notice
of exchange or conversion, or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Officer</u>&#148;
means the Chairman of the Board of Directors, the Vice Chairman of the Board of
Directors, the Chief Executive Officer, the President, any Executive Vice
President, </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=650239,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">any Senior Vice
President, any Vice President, the Treasurer or the Secretary or any Assistant
Treasurer or Assistant Secretary of the Company.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Officers&#146;
Certificate</u>&#148; means a written certificate signed in the name of the Company
by any two Officers, and delivered to the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Opinion
of Counsel</u>&#148; means a written opinion of legal counsel, who may be an
employee of, or counsel to, the Company or the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Original
Issue Discount Security</u>&#148; means any Security which provides for an amount
less than the principal amount due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 502.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outstanding</u>&#148;
means, when used with respect to Securities, as of the date of determination,
all Securities authenticated and delivered under this Indenture, except:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities cancelled by the Trustee or delivered to the Trustee for
cancellation pursuant to the terms of this Indenture;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities, or portions thereof, for whose payment or redemption or repayment
at the option of the Holder money in the necessary amount has been theretofore
deposited with the Trustee or any Paying Agent (other than the Company) in
trust or set aside and segregated in trust by the Company (if the Company shall
act as its own Paying Agent) for the Holders of such Securities and any coupons
appertaining thereto, <u>provided</u> that, if such Securities are to be
redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefore satisfactory to the Trustee has been made;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities, except to the extent provided in Sections 1402 and 1403, with
respect to which the Company has effected defeasance and/or covenant defeasance
as provided in Article Fourteen; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Securities which have been paid pursuant to Section 306, or Securities which have
been exchanged for other Securities which have been authenticated and delivered
pursuant to this Indenture, other than any such Securities in respect of which
there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a protected purchaser (as defined in the Uniform
Commercial Code) in whose hands such Securities are valid obligations of the
Company;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided</font></u><font size="2" face="Times New Roman" style="font-size:10.0pt;">,
<u>however</u>, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand,
authorization, direction, notice, consent or waiver hereunder or are present at
a meeting of Holders for quorum purposes, and for the purpose of making the
calculations required by TIA Section 313, (i) the principal amount of an
Original Issue Discount Security that may be counted in making such
determination or calculation and that shall be deemed to be Outstanding for
such purpose shall be equal to the amount of principal thereof that would be
(or shall have been declared to be) due and payable, at the time of such
determination, upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502, (ii) the principal amount of any Security denominated
in a Foreign</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=13,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=347308,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Currency that may be counted
in making such determination or calculation and that shall be deemed
Outstanding for such purpose shall be equal to the Dollar equivalent,
determined as of the date such Security is originally issued by the Company as
set forth in an Exchange Rate Officer&#146;s Certificate delivered to the Trustee,
of the principal amount (or, in the case of an Original Issue Discount Security
or Indexed Security, the Dollar equivalent as of such date of original issuance
of the amount determined as provided in clause (i) above or (iii) below,
respectively) of such Security, (iii) the principal amount of any Indexed
Security that may be counted in making such determination or calculation and
that shall be deemed outstanding for such purpose shall be equal to the principal
face amount of such Indexed Security at original issuance, unless otherwise
provided with respect to such Security pursuant to Section 301, and (iv)
Securities owned by the Company, or any other obligor upon the Securities, or
any Affiliate of the Company or of such other obligor, shall be disregarded and
deemed not to be Outstanding, except that, in determining whether the Trustee
shall be protected in making such calculation or in relying upon any such
request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so
owned shall be so disregarded.&nbsp; Securities so owned which have been
pledged in good faith may be regarded as Outstanding if the pledgee establishes
to the satisfaction of the Trustee the pledgee&#146;s right to so act with respect
to such Securities and that the pledgee is not the Company or any other obligor
upon the Securities or any Affiliate of the Company or of such other obligor.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Paying
Agent</u>&#148; means any Person authorized by the Company to pay the principal of
(or premium, if any) or interest, if any, on any Securities or coupons on
behalf of the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148;
means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated
organization or government or any agency or political subdivision thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Place
of Payment</u>&#148; means, when used with respect to the Securities of any series,
the place or places where the principal of (and premium, if any) and interest,
if any, on such Securities are payable as specified and as contemplated by or
pursuant to Sections 301 and 1002.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Predecessor
Security</u>&#148; means, when used with respect to any particular Security, every
previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 306 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security, or
a Security to which a mutilated, destroyed, lost or stolen coupon appertains,
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security or the Security to which the mutilated, destroyed, lost or stolen
coupon appertains.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Redemption
Date</u>&#148; means, when used with respect to any Security to be redeemed, in
whole or in part, the date fixed for such redemption by or pursuant to this
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Redemption
Price</u>&#148; means, when used with respect to any Security to be redeemed, the
price at which it is to be redeemed pursuant to this Indenture.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Registered
Security</u>&#148; shall mean any Security which is registered in the Security
Register.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Regular
Record Date</u>&#148; for the interest payable on any Interest Payment Date on the
Registered Securities of any series means the date specified for that purpose
as contemplated by Section 301, whether or not a Business Day.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Repayment
Date</u>&#148; means, when used with respect to any Security to be repaid at the
option of the Holder, the date fixed for such repayment by or pursuant to this
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Repayment
Price</u>&#148; means, when used with respect to any Security to be repaid at the
option of the Holder, the price at which it is to be repaid by or pursuant to
this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Responsible
Officer</u>&#148; means, when used with respect to the Trustee, any officer of the
Trustee with direct responsibility for the administration of this Indenture and
also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Security</u>&#148;
or &#147;<u>Securities</u>&#148; has the meaning stated in the recitals of this Indenture
and, more particularly, means any Security or Securities of any series
authenticated and delivered under this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Security
Register</u>&#148; and &#147;<u>Security Registrar</u>&#148; have the respective meanings
specified in Section 305.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Special
Record Date</u>&#148; for the payment of any Defaulted Interest on the Registered
Securities of any series means a date fixed by the Trustee pursuant to Section
307.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Stated
Maturity</u>&#148; means, when used with respect to any Security or any installment
of principal thereof or interest thereon, the date specified in such Security
or a coupon representing such installment of interest as the fixed date on
which the principal of such Security or such installment of principal or
interest thereon is due and payable, as such date may be extended pursuant to
the provisions of Section 308.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trust
Indenture Act</u>&#148; or &#147;<u>TIA</u>&#148; means the Trust Indenture Act of 1939 as in
force at the date as of which this Indenture was executed, except as provided
in Section 905; <u>provided</u>, <u>however</u>, that in the event the Trust
Indenture Act is amended after such date, &#147;Trust Indenture Act&#148; or &#147;TIA&#148; means,
to the extent required by any such amendment, the Trust Indenture Act of 1939
as so amended.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Trustee</u>&#148;
means the Person named as the &#147;Trustee&#148; in the first paragraph of this
Indenture until one or more successors replaces it pursuant to the applicable
provisions of this Indenture and, thereafter, shall mean each such
successor.&nbsp; The foregoing sentence shall likewise apply to any subsequent
such successor or successors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>United
States</u>&#148; means, unless otherwise specified with respect to any Securities
pursuant to Section 301, the United States of America (including the states and
the District of Columbia), its territories, its possessions and other areas
subject to its jurisdiction.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>United
States person</u>&#148; means, unless otherwise specified with respect to any
Securities pursuant to Section 301, an individual who is a citizen or resident
of the United States, a corporation, partnership or other entity created or
organized in or under the laws of the United States or an estate or trust the
income of which is subject to United States federal income taxation regardless
of its source.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Valuation
Date</u>&#148; has the meaning specified in Section 312(c).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Yield
to Maturity</u>&#148; means the yield to maturity, computed at the time of issuance
of a Security (or, if applicable, at the most recent redetermination of
interest on such Security) and as set forth in such Security in accordance with
generally accepted United States bond yield computation principles.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 102.&nbsp; <a name="ex4-1_ComplianceCertificatesAndOpinions">Compliance Certificates and Opinions</a>.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;
(a)&nbsp; Upon any application or request by the Company to the Trustee to take
any action under any provision of this Indenture, the Company shall furnish to
the Trustee an Officers&#146; Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such
counsel such action is authorized or permitted by this Indenture and that all
such conditions precedent, if any, have been complied with; and, except in the
case of any such application or request as to which the furnishing of documents
is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be
furnished.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Every certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than pursuant to Section 1005)
shall include:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a statement that each individual signing such certificate or opinion has read
such condition or covenant and the definitions herein relating thereto;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such
certificate or opinion are based;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a statement that, in the opinion of each such individual, he has made such
examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such condition or covenant has been
complied with; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a statement as to whether, in the opinion of each such individual, such
condition or covenant has been complied with.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 103.&nbsp; <a name="ex4-1_FormOfDocumentsDeliveredToTrustee">Form of Documents Delivered to Trustee</a>.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;
(a)&nbsp; In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all
such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion as to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give
an opinion as to such matters in one or several documents.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any certificate or opinion of an officer of the Company may be based, insofar
as it relates to legal matters, upon an Opinion of Counsel, or a certificate or
representations by counsel.&nbsp; Any such Opinion of Counsel or certificate or
representations may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Where any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one
instrument.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 104.&nbsp; <a name="ex4-1_ActsOfHolders">Acts of Holders</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Securities of all series or one or more series, as
the case may be, may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by agents duly
appointed in writing.&nbsp; If Securities of a series are issuable as Bearer
Securities, any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by
Holders of Securities of such series may, alternatively, be embodied in and
evidenced by the record of Holders of Securities of such series voting in favor
thereof, either in person or by proxies duly appointed in writing, at any
meeting of Holders of Securities of such series duly called and held in
accordance with the provisions of Article Fifteen, or a combination of such
instruments and any such record.&nbsp; Except as herein otherwise expressly
provided, such action shall become effective when such instrument or
instruments or record or both are delivered to the Trustee and, where it is
hereby expressly required, to the Company.&nbsp; Such instrument or instruments
and any such record (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the &#147;<u>Act</u>&#148; of the Holders signing such
instrument or instruments or so voting at any such meeting.&nbsp; Proof of
execution of any such instrument or of a writing appointing any such agent, or
of the holding by any Person of a Security, shall be sufficient for any purpose
of this Indenture and conclusive in favor of the Trustee and the Company and
any agent of the Trustee or the Company, if made in the manner provided in this
Section.&nbsp; The record of any meeting of Holders of Securities shall be
proved in the manner provided in Section 1506.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The fact and date of the execution of any such instrument or writing, or the
authority of the Person executing the same, may be proved in any manner that
the Trustee deems reasonably sufficient.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The ownership of Registered Securities shall be proved by the Security
Register.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The ownership of Bearer Securities may be proved by the production of such
Bearer Securities or by a certificate executed, as depositary, by any trust
company, bank, banker or other depositary, wherever situated, if such
certificate shall be deemed by the Trustee to be satisfactory, showing that at
the date therein mentioned such Person had on deposit with such depositary, or
exhibited to it, the Bearer Securities therein described; or such facts may be
proved by the certificate or affidavit of the Person holding such Bearer
Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory.&nbsp;
The Trustee and the Company may assume that such ownership of any Bearer
Security continues until (1) another certificate or</font></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">affidavit
bearing a later date issued in respect of the same Bearer Security is produced,
or (2) such Bearer Security is produced to the Trustee by some other Person, or
(3) such Bearer Security is surrendered in exchange for a Registered Security,
or (4) such Bearer Security is no longer Outstanding.&nbsp; The ownership of
Bearer Securities may also be proved in any other manner that the Trustee deems
sufficient.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Company shall solicit from the Holders of Registered Securities any
request, demand, authorization, direction, notice, consent, waiver or other
action or Act, the Company may, at its option, in or pursuant to a Board
Resolution, fix in advance a record date for the determination of Holders
entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other action or Act, but the Company shall have no obligation
to do so.&nbsp; Notwithstanding TIA Section 316(c), such record date shall be
the record date specified in or pursuant to such Board Resolution, which shall
be a date not earlier than the date 30 days prior to the first solicitation of
Holders generally in connection therewith and not later than the date such
solicitation is completed.&nbsp; If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other action or
Act may be given before or after such record date, but only the Holders of
record at the close of business on such record date shall be deemed to be
Holders for the purposes of determining whether Holders of the requisite
proportion of Outstanding Securities have authorized or agreed or consented to
such request, demand, authorization, direction, notice, consent, waiver or
other action or Act, and for that purpose the Outstanding Securities shall be
computed as of such record date; <u>provided</u> that no such authorization,
agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this
Indenture not later than eleven months after the record date.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any request, demand, authorization, direction, notice, consent, waiver or other
action or Act of the Holder of any Security shall bind every future Holder of
the same Security and the Holder of every Security issued upon the registration
of transfer thereof or in exchange therefor or in lieu thereof in respect of
anything done, omitted or suffered to be done by the Trustee, any Security
Registrar, any Paying Agent, any Authenticating Agent or the Company in
reliance thereon, whether or not notation of such action is made upon such
Security.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 105.&nbsp; <a name="ex4-1_Notices">Notices</a>, etc., to Trustee and Company</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Any request, demand, authorization, direction, notice, consent, waiver or Act
of Holders or other document provided or permitted by this Indenture to be made
upon, given or furnished to, or filed with:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee by any Holder or by the Company shall be sufficient for every
purpose hereunder if made, given, furnished or filed in writing to or with the
Trustee at its Corporate Trust Office; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to the Company addressed to it at the
address of its principal office specified in the first paragraph of this
Indenture or at any other address previously furnished in writing to the
Trustee by the Company.</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=18,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=246037,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 106.&nbsp; <a name="ex4-1_NoticeToHolders">Notice to Holders</a>; Waiver.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;
(a)&nbsp; Where this Indenture provides for notice of any event to Holders of
Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class postage prepaid, to each such Holder affected by such
event, at his address as it appears in the Security Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the
giving of such notice.&nbsp; In any case where notice to Holders of Registered
Securities is given by mail, neither the failure to mail such notice, nor any
defect in any notice so mailed, to any particular Holder shall affect the
sufficiency of such notice with respect to other Holders of Registered
Securities or the sufficiency of any notice to Holders of Bearer Securities
given as provided herein.&nbsp; Any notice mailed to a Holder in the manner
herein prescribed shall be conclusively deemed to have been received by such
Holder, whether or not such Holder actually receives such notice.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If by reason of the suspension of or irregularities in regular mail service or
by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification to Holders of Registered Securities as shall be
made in a manner approved by the Trustee shall constitute a sufficient
notification to such Holders for every purpose hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as otherwise expressly provided herein or otherwise specified with
respect to any Securities pursuant to Section 301, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notice
shall be sufficiently given if published in an Authorized Newspaper in The City
of New York and in such other city or cities as may be specified in such
Securities on a Business Day, such publication to be not later than the latest
date, and not earlier than the earliest date, prescribed for the giving of such
notice.&nbsp; Any such notice shall be deemed to have been given on the date of
such publication or, if published more than once, on the date of the first such
publication.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If by reason of the suspension of publication of any Authorized Newspaper or
Authorized Newspapers or by reason of any other cause it shall be impracticable
to publish any notice to Holders of Bearer Securities as provided above, then
such notification to Holders of Bearer Securities as shall be given in a manner
approved by of the Trustee, which notice shall constitute sufficient notice to
such Holders for every purpose hereunder.&nbsp; Neither the failure to give
notice by publication to Holders of Bearer Securities as provided above, nor
any defect in any notice so published, shall affect the sufficiency of such
notice with respect to other Holders of Bearer Securities or the sufficiency of
any notice to Holders of Registered Securities given as provided herein.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any request, demand, authorization, direction, notice, consent or waiver
required or permitted under this Indenture shall be in the English language,
except that any published notice may be in an official language of the country
of publication.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before
or after the event, and such waiver shall be deemed the equivalent of notice
given.&nbsp; Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such waiver.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=19,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=451861,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 107.&nbsp; <a name="ex4-1_EffectOfHeadingsAndTableOfContents">Effect of Headings and Table of
Contents</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 108.&nbsp; <a name="ex4-1_SuccessorsAndAssigns">Successors and Assigns</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
All covenants and agreements in this Indenture by the Company shall bind its
successors and assigns, whether so expressed or not.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 109.&nbsp; <a name="ex4-1_SeparabilityClause">Separability Clause</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
In case any provision in this Indenture or in any Security or coupon shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 110.&nbsp; <a name="ex4-1_BenefitsOfIndenture">Benefits of Indenture</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Nothing in this Indenture or in the Securities or coupons, express or implied,
shall give to any Person (including any Security Registrar, any Paying Agent,
any Authenticating Agent and their successors hereunder), other than the
parties hereto, any benefit or any legal or equitable right, remedy or claim
under this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 111.&nbsp; <a name="ex4-1_GoverningLaw">Governing Law</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; This Indenture
and the Securities and coupons shall be governed by and construed in accordance
with the law of the State of New York, without regard to principles of
conflicts of laws.&nbsp; This Indenture is subject to the provisions of the
Trust Indenture Act that are required to be part of this Indenture and shall,
to the extent applicable, be governed by such provisions.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 112.&nbsp; <a name="ex4-1_LegalHolidays">Legal Holidays</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; In any case
where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund
payment date, Stated Maturity or Maturity of any Security shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision
of this Indenture or any Security or coupon, other than a provision in the
Securities of any series established pursuant to Section 301 hereof which
specifically states that such provision shall apply in lieu of this Section),
payment of principal (or premium, if any) or interest, if any, need not be made
at such Place of Payment on such date, but may be made on the next succeeding
Business Day at such Place of Payment with the same force and effect as if made
on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund
payment date, or at the Stated Maturity or Maturity; <u>provided</u> that no
interest shall accrue on the amount so paid for the period from and after such
Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment
date, Stated Maturity or Maturity, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleTwo"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TWO</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_SecuritiesForms"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECURITIES FORMS</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 201.&nbsp; <a name="ex4-1_FormsOfSecurities">Forms of Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Registered Securities, if any, of each series and the Bearer Securities, if
any, of each series and the related coupons shall be in substantially the forms
as shall be established in one or more indentures supplemental hereto or
approved from time to time by or pursuant to a Board Resolution in accordance
with Section 301, shall have such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Indenture or any indenture supplemental hereto, and may have such letters,
numbers or other marks of identification or designation and such legends or
endorsements</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">placed thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of
this Indenture, or as may be required to comply with any law or with any rule
or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Securities may be listed, or to conform to usage.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified as contemplated by Section 301, Bearer Securities shall
have interest coupons attached.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
definitive Securities and coupons, if any, shall be printed, lithographed or
engraved or produced by any combination of these methods on a steel engraved
border or steel engraved borders, or may be produced in any other manner, all
as determined by the Officers executing such Securities or coupons, as
evidenced by their execution of such Securities or coupons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
form of Security approved by or pursuant to a Board Resolution must be
acceptable as to form to the Trustee, such acceptance to be evidenced by the
Trustee&#146;s authentication of Securities in that form or a certificate signed by
a Responsible Officer of the Trustee and delivered to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 202.&nbsp; <a name="ex4-1_FormOfTrusteesCertificateOfAuthent">Form of Trustee&#146;s Certificate of
Authentication</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to Section 611, the Trustee&#146;s certificate of authentication shall be in
substantially the following form:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.68%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TRUSTEE] <br>
  as Trustee</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:
  </font></p>
  </td>
  <td width="15%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:15.96%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="34%" valign="top" style="padding:0in 0in 0in 0in;width:34.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:
  </font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:39.1%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.1%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
 </tr>
 <tr>
  <td width="56%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:56.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="43%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:43.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="font-family:'Times New Roman';">
  <td width="45" style="padding:0in 0in 0in 0in;width:33.75pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="115" style="padding:0in 0in 0in 0in;width:86.25pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="246" style="padding:0in 0in 0in 0in;width:184.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33" style="padding:0in 0in 0in 0in;width:24.75pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="282" style="padding:0in 0in 0in 0in;width:211.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 203.&nbsp; <a name="ex4-1_SecuritiesIssuableInGlobalForm">Securities Issuable in Global Form</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If Securities of a series are issuable in global form, as specified and
contemplated by Section 301, then, notwithstanding clause (8) of Section 301
and the provisions of Section 302, any such Security in global form shall
represent the Outstanding Securities of such series as shall be specified in
such Security, and may provide that it shall represent the aggregate amount of
Outstanding Securities of such series from time to time endorsed thereon, and
that the aggregate amount of Outstanding Securities of such series represented
by such Security in global form may from time to time be increased or decreased
to reflect exchanges.&nbsp; Any endorsement of a Security in global form to
reflect the amount, or any increase or decrease in the amount, of Outstanding
Securities represented thereby shall be made by the Trustee in such manner and
upon instructions given by such Person or Persons as shall be specified therein
or in the Company Order to be delivered to the Trustee pursuant to Section 303
or 304.&nbsp; Subject to the provisions of Section 303 and, if</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=21,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=703659,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">applicable, Section 304,
the Trustee shall deliver and redeliver any Security in permanent global form
in the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order.&nbsp; If a Company Order pursuant
to Section 303 or 304 has been, or simultaneously is, delivered, any
instructions by the Company with respect to endorsement, delivery or redelivery
of a Security in global form shall be in writing but need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
provisions of the last sentence of Section 303 shall apply to any Security
represented by a Security in global form if such Security was never issued and
sold by the Company and the Company delivers to the Trustee the Security in
global form together with written instructions (which need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel) with regard
to the reduction in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of
Section 303.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the provisions of Section 307, unless otherwise specified as contemplated by
Section 301, payment of principal of (and premium, if any) and interest, if
any, on any Security in permanent global form shall be made to the Person or
Persons specified in such Security in global form.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the provisions of Section 309 and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company and the
Trustee shall treat as the Holder of such principal amount of Outstanding
Securities represented by a permanent global Security (i) in the case of a
permanent global Security in registered form, the Person in whose name such
Security is registered in the Security Register, or (ii) in the case of a
permanent global Security in bearer form, Euroclear or Clearstream.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleThree"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE THREE</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_TheSecurities"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE SECURITIES</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 301.&nbsp; <a name="ex4-1_AmountUnlimited">Amount Unlimited</a>; Issuable in Series</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The aggregate principal amount of Securities which may be authenticated and
delivered under this Indenture is unlimited.&nbsp; All Securities of any one
series need not be issued at the same time and, unless otherwise provided, a
series may be reopened, without the consent of the Holders, for issuances of
additional Securities of such series.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
shall be established in one or more Board Resolutions or pursuant to authority
granted by one or more Board Resolutions and, subject to Section 303, set
forth, or determined in the manner provided, in an Officers&#146; Certificate, or
established in one or more indentures supplemental hereto, prior to the
issuance of Securities of any series, any or all of the following, as
applicable (each of which, except for the matters set forth in clauses (1), (2)
and (15) below, if so provided, may be determined from time to time by the
Company with respect to unissued Securities of the series when issued from time
to time):</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the title of the Securities of the series (which shall distinguish the
Securities of such series from all other series of Securities);</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=22,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=853418,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any limit upon the aggregate principal amount of the Securities of the series
that may be authenticated and delivered under this Indenture (except for
Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Securities of the series pursuant to Section
304, 305, 306, 906, 1107 or 1305);</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the date or dates, or the method by which such date or dates will be determined
or extended, on which the principal of the Securities of the series shall be
payable;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the rate or rates at which the Securities of the series shall bear interest, if
any, or the method by which such rate or rates shall be determined, the date or
dates from which such interest shall accrue or the method by which such date or
dates shall be determined, the Interest Payment Dates on which such interest
will be payable and the Regular Record Date, if any, for the interest payable
on any Registered Security on any Interest Payment Date, or the method by which
such date shall be determined, and the basis upon which such interest shall be
calculated if other than that of a 360-day year of twelve 30-day months;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the place or places, if any, other than or in addition to New York, New York,
where the principal of (and premium, if any) and interest, if any, on
Securities of the series shall be payable, any Registered Securities of the
series may be surrendered for registration of transfer, Securities of the
series may be surrendered for exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable, and where notices or demands to or upon the Company in respect
of the Securities of the series and this Indenture may be served;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin-left:0in;margin-right:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the period or periods within which, the price or prices at which, the Currency
or Currencies in which, and other terms and conditions upon which Securities of
the series may be redeemed, in whole or in part, at the option of the Company,
if the Company is to have the option;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the obligation, if any, of the Company to redeem, repay or purchase Securities
of the series pursuant to any sinking fund or analogous provision or at the
option of a Holder thereof, and the period or periods within which or the date
or dates on which, the price or prices at which, the Currency or Currencies in
which, and other terms and conditions upon which, Securities of the series
shall be redeemed, repaid or purchased, in whole or in part, pursuant to such
obligation;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if other than denominations of $1,000 and any integral multiple thereof, the
denomination or denominations in which any Registered Securities of the series
shall be issuable and, if other than denominations of $5,000, the denomination
or denominations in which any Bearer Securities of the series shall be
issuable;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if other than the Trustee, the identity of each Security Registrar and/or
Paying Agent;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if other than the principal amount thereof, the portion of the principal amount
of Securities of the series that shall be payable upon declaration of
acceleration of</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=618448,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">the Maturity thereof pursuant
to Section 502 or the method by which such portion shall be determined;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if other than Dollar, the Currency or Currencies in which payment of the
principal of (or premium, if any) or interest, if any, on the Securities of the
series shall be made or in which the Securities of the series shall be
denominated and the particular provisions applicable thereto in accordance
with, in addition to or in lieu of any of the provisions of Section 312;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether the amount of payments of principal of (or premium, if any) or
interest, if any, on the Securities of the series may be determined with
reference to an index, formula or other method (which index, formula or method
may be based, without limitation, on one or more Currencies, commodities,
equity indices or other indices), and the manner in which such amounts shall be
determined;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether the principal of (or premium, if any) or interest, if any, on the
Securities of the series are to be payable, at the election of the Company or a
Holder thereof, in one or more Currencies, other than that in which such
Securities are denominated or stated to be payable, the period or periods
within which (including the Election Date), and the terms and conditions upon
which, such election may be made, and the time and manner of determining the
exchange rate between the Currency or Currencies in which such Securities are
denominated or stated to be payable and the Currency or Currencies in which
such Securities are to be paid, in each case in accordance with, in addition to
or in lieu of any of the provisions of Section 312;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
provisions, if any, granting special rights to the Holders of Securities of the
series upon the occurrence of such events as may be specified;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any deletions from, modifications of or additions to the Events of Default or
covenants (including any deletions from, modifications of or additions to any
of the provisions of Section 1006) of the Company with respect to Securities of
the series, whether or not such Events of Default or covenants are consistent
with the Events of Default or covenants set forth herein;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether Securities of the series are to be issuable as Registered Securities,
Bearer Securities (with or without coupons) or both, any restrictions
applicable to the offer, sale or delivery of Bearer Securities and the terms
upon which Bearer Securities of the series may be exchanged for Registered
Securities of the series and vice versa (if permitted by applicable laws and
regulations), whether any Securities of the series are to be issuable initially
in temporary global form and whether any Securities of the series are to be
issuable in permanent global form with or without coupons and, if so, whether
beneficial owners of interests in any such permanent global Security may
exchange such interests for Securities of such series in certificated form and
of like tenor of any authorized form and denomination and the circumstances
under which any such exchanges may occur, if other than in the manner provided
in Section 305, and, if Registered Securities of the series are to be issuable
as a global Security, the identity of the depository for such series;</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=878083,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the date as of which any Bearer Securities of the series and any temporary
global Security representing Outstanding Securities of the series shall be
dated if other than the date of original issuance of the first Security of the
series to be issued;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Person to whom any interest on any Registered Security of the series shall
be payable, if other than the Person in whose name such Security (or one or
more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, the manner in which, or the Person to
whom, any interest on any Bearer Security of the series shall be payable, if
otherwise than upon presentation and surrender of the coupons appertaining
thereto as they severally mature, and the extent to which, or the manner in
which, any interest payable on a temporary global Security on an Interest
Payment Date will be paid if other than in the manner provided in Section 304;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the applicability, if any, of Sections 1402 and/or 1403 to the Securities of
the series and any provisions in modification of, in addition to or in lieu of
any of the provisions of Article Fourteen;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Securities of such series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series)
only upon receipt of certain certificates or other documents or satisfaction of
other conditions, then the form and/or terms of such certificates, documents or
conditions;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether, under what circumstances and the Currency in which, the Company will
pay Additional Amounts as contemplated by Section 1004 on the Securities of the
series to any Holder who is not a United States person (including any
modification to the definition of such term) in respect of any tax, assessment
or governmental charge and, if so, whether the Company will have the option to
redeem such Securities rather than pay such Additional Amounts (and the terms of
any such option);</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the designation of the initial Exchange Rate Agent, if any;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if the Securities of the series are to be convertible into or exchangeable for
any securities of any Person (including the Company), the terms and conditions
upon which such Securities will be so convertible or exchangeable;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether Securities of the series are subject to subordination and, if so, the
terms of such subordination;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
whether Securities of the series are secured by any collateral and, if
so,&nbsp; the provisions applicable to such security; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture or the requirements of the Trust Indenture Act).</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
Securities of any one series and the coupons appertaining to any Bearer
Securities of such series shall be substantially identical except, in the case
of Registered Securities, as to denomination and except as may otherwise be
provided in or pursuant to such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=953374,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board Resolution
(subject to Section 303) and set forth in such Officers&#146; Certificate or in any
such indenture supplemental hereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 302.&nbsp; <a name="ex4-1_Denominations">Denominations</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; The Securities
of each series shall be issuable in such denominations as shall be specified as
contemplated by or pursuant to Section 301.&nbsp; With respect to Securities of
any series denominated in Dollars, in the absence of any such provisions with
respect to the Securities of any series, the Registered Securities of such series,
other than Registered Securities issued in global form (which may be of any
denomination) shall be issuable in denominations of $1,000 and any integral
multiple thereof, and the Bearer Securities of such series, other than Bearer
Securities issued in global form (which may be of any denomination), shall be
issuable in a denomination of $5,000.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 303.&nbsp; <a name="ex4-1_Execution">Execution</a>, Authentication, Delivery and Dating</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Securities and any coupons appertaining thereto shall be executed on behalf
of the Company by any Officer.&nbsp; The signature of any Officer on the
Securities and coupons may be manual or facsimile signatures of the present or
any future such authorized Officer and may be imprinted or otherwise reproduced
on the Securities.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
or coupons bearing the manual or facsimile signatures of individuals who were
at any time the proper Officers of the Company shall bind the Company,
notwithstanding that such individuals or any of them have ceased to hold such
Offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of such Securities or coupons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series, together with any
coupon appertaining thereto, executed by the Company, to the Trustee for
authentication, together with a Company Order for the authentication and
delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; <u>provided</u>, <u>however</u>,
that, in connection with its original issuance, no Bearer Security shall be
mailed or otherwise delivered to any location in the United States; and <u>provided</u>
<u>further</u> that, unless otherwise specified with respect to any series of
Securities pursuant to Section 301, a Bearer Security may be delivered in
connection with its original issuance only if the Person entitled to receive
such Bearer Security shall have furnished a certificate in the form set forth
in Exhibit A-1 to this Indenture or such other certificate as may be specified
with respect to any series of Securities pursuant to Section 301, dated no
earlier than 15 days prior to the earlier of the date on which such Bearer
Security is delivered and the date on which any temporary Security first
becomes exchangeable for such Bearer Security in accordance with the terms of
such temporary Security and this Indenture.&nbsp; If any Security shall be
represented by a permanent global Bearer Security, then, for purposes of this
Section and Section 304, the notation of a beneficial owner&#146;s interest therein
upon original issuance of such Security or upon exchange of a portion of a
temporary global Security shall be deemed to be delivery in connection with its
original issuance of such beneficial owner&#146;s interest in such permanent global
Security.&nbsp; Except as permitted by Section 306, the Trustee shall not
authenticate and deliver any Bearer Security unless all appurtenant coupons for
interest then matured have been detached and cancelled.&nbsp; If all the
Securities of any series are not to be issued at one time and if the Board
Resolution or supplemental indenture establishing such series shall so permit,
such Company Order may set</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=76929,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">forth procedures
acceptable to the Trustee for the issuance of such Securities and determining
the terms of particular Securities of such series, such as interest rate,
maturity date, date of issuance and date from which interest shall
accrue.&nbsp; In authenticating such Securities, and accepting the additional responsibilities
under this Indenture in relation to such Securities, the Trustee shall be
entitled to receive, and (subject to TIA Section 315(a) through 315(d)) shall
be fully protected in relying upon:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
an Opinion of Counsel stating:</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that the form or forms of such Securities and any coupons have been established
in conformity with the provisions of this Indenture;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that the terms of such Securities and any coupons have been established in
conformity with the provisions of this Indenture; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that such Securities, together with any coupons appertaining thereto, when
completed by appropriate insertions and executed and delivered by the Company
to the Trustee for authentication in accordance with this Indenture,
authenticated and delivered by the Trustee in accordance with this Indenture
and issued by the Company in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and binding obligations of
the Company, enforceable in accordance with their terms, except as may be
limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, liquidation or similar laws relating to, or affecting the
enforcement of, creditors&#146; rights and remedies, (ii) the application of general
principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or law), including, without limitation, (A) the
possible unavailability of specific performance, injunctive relief or any other
equitable remedy and (B) concepts of materiality, reasonableness, good faith
and fair dealing, and (iii) public policy and subject to such other
qualifications as such counsel shall conclude do not materially affect the
rights of Holders of such Securities and any coupons; and</font></p>

<p style="margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
an Officers&#146; Certificate stating, to the best of the knowledge of the signers
of such certificate, that no Event of Default with respect to any of the
Securities shall have occurred and be continuing.</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the provisions of Section 301 and of this Section 303, if all the Securities of
any series are not to be issued at one time, it shall not be necessary to
deliver an Officers&#146; Certificate otherwise required pursuant to Section 301 or
the Company Order, Opinion of Counsel or Officers&#146; Certificate otherwise
required pursuant to the preceding paragraph at the time of issuance of each
Security of such series, but such order, opinion and certificates, with
appropriate modifications to cover such future issuances, shall be delivered at
or before the time of issuance of the first Security of such series.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=999334,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the generality of the foregoing, the Trustee will not be required to
authenticate Securities denominated in a Foreign Currency if the Trustee
reasonably believes that it would be unable to perform its duties with respect
to such Securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each
Registered Security shall be dated the date of its authentication and each
Bearer Security shall be dated as of the date specified as contemplated by
Section 301.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
Security or coupon shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security or
Security to which such coupon appertains a certificate of authentication
substantially in the form provided for herein duly executed by the Trustee by
manual signature of an authorized signatory, and such certificate upon any
Security shall be conclusive evidence, and the only evidence, that such
Security has been duly authenticated and delivered hereunder and is entitled to
the benefits of this Indenture.&nbsp; Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such Security to the
Trustee for cancellation as provided in Section 310 together with a written
statement (which need not comply with Section 102 and need not be accompanied
by an Opinion of Counsel) stating that such Security has never been issued and
sold by the Company, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never
be entitled to the benefits of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 304.&nbsp; <a name="ex4-1_TemporarySecurities">Temporary Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;Pending the preparation of definitive Securities of any series,
the Company may execute, and upon Company Order the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination,
substantially of the tenor of the definitive Securities in lieu of which they
are issued, in registered form, or, if authorized, in bearer form with one or
more coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such
Securities may determine, as conclusively evidenced by their execution of such
Securities.&nbsp; In the case of Securities of any series, such temporary
Securities may be in global form.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
in the case of temporary Securities in global form (which shall be exchanged in
accordance with Section 304(b) or as otherwise provided in or pursuant to a
Board Resolution), if temporary Securities of any series are issued, the Company
will cause definitive Securities of that series to be prepared without
unreasonable delay.&nbsp; After the preparation of definitive Securities of
such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities
of such series at the office or agency of the Company in a Place of Payment for
that series, without charge to the Holder.&nbsp; Upon surrender for
cancellation of any one or more temporary Securities of any series (accompanied
by any non-matured coupons appertaining thereto), the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of the same series of authorized
denominations; <u>provided</u>, <u>however</u>, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security;
and <u>provided</u>  <u>further</u> that a definitive Bearer Security shall be
delivered in exchange for a temporary Bearer Security only in compliance with
the conditions set forth in Section 303.&nbsp; Until so exchanged, the
temporary Securities of any series shall in all respects be entitled to the
same benefits under this Indenture as definitive Securities of such series.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=291311,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise provided in or pursuant to a Board Resolution, this Section
304(b) shall govern the exchange of temporary Securities issued in global
form.&nbsp; If temporary Securities of any series are issued in global form,
any such temporary global Security shall, unless otherwise provided therein, be
delivered to the London office of a depositary or common depositary (the &#147;<u>Common
Depositary</u>&#148;), for the benefit of Euroclear and Clearstream, for credit to
the respective accounts of the beneficial owners of such Securities (or to such
other accounts as they may direct).</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Without
unnecessary delay but in any event not later than the date specified in, or
determined pursuant to the terms of, any such temporary global Security (the &#147;<u>Exchange
Date</u>&#148;), the Company shall deliver to the Trustee definitive Securities, in
aggregate principal amount equal to the principal amount of such temporary
global Security, executed by the Company.&nbsp; On or after the Exchange Date,
such temporary global Security shall be surrendered by the Common Depositary to
the Trustee, as the Company&#146;s agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge, and the
Trustee shall authenticate and deliver, in exchange for each portion of such
temporary global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such temporary global Security to be exchanged.&nbsp; The
definitive Securities to be delivered in exchange for any such temporary global
Security shall be in bearer form, registered form, permanent global bearer form
or permanent global registered form, or any combination thereof, as specified
as contemplated by Section 301, and, if any combination thereof is so
specified, as requested by the beneficial owner thereof; <u>provided</u>, <u>however</u>,
that, unless otherwise specified in such temporary global Security, upon such
presentation by the Common Depositary, such temporary global Security is accompanied
by a certificate dated the Exchange Date or a subsequent date and signed by
Euroclear as to the portion of such temporary global Security held for its
account then to be exchanged and a certificate dated the Exchange Date or a
subsequent date and signed by Clearstream as to the portion of such temporary
global Security held for its account then to be exchanged, each in the form set
forth in Exhibit A-2 to this Indenture or in such other form as may be
established pursuant to Section 301; and <u>provided</u>  <u>further</u> that
definitive Bearer Securities shall be delivered in exchange for a portion of a
temporary global Security only in compliance with the requirements of Section
303.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified in such temporary global Security, the interest of a
beneficial owner of Securities of a series in a temporary global Security shall
be exchanged for definitive Securities of the same series and of like tenor
following the Exchange Date when the account holder instructs Euroclear or
Clearstream, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or Clearstream, as the case may be, a certificate in the
form set forth in Exhibit A-1 to this Indenture (or in such other form as may
be established pursuant to Section 301), dated no earlier than 15 days prior to
the Exchange Date, copies of which certificate shall be available from the
offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent
appointed for such series of Securities and each Paying Agent.&nbsp; Unless otherwise
specified in such temporary global Security, any such exchange shall be made
free of charge to the beneficial owners of such temporary global Security,
except that a Person receiving definitive Securities must bear the cost of
insurance, postage, transportation and the like unless such Person takes
delivery of such definitive Securities in person at the offices of Euroclear or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=669251,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Clearstream.&nbsp;
Definitive Securities in bearer form to be delivered in exchange for any
portion of a temporary global Security shall be delivered only outside the
United States.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Until
exchanged in full as hereinabove provided, the temporary Securities of any
series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of the same series and of like tenor
authenticated and delivered hereunder, except that, unless otherwise specified
as contemplated by Section 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities of such series occurring prior to
the applicable Exchange Date shall be payable to Euroclear and Clearstream on
such Interest Payment Date upon delivery by Euroclear and Clearstream to the
Trustee of a certificate or certificates in the form set forth in Exhibit A-2
to this Indenture (or in such other forms as may be established pursuant to
Section 301), for credit without further interest on or after such Interest
Payment Date to the respective accounts of Persons who are the beneficial
owners of such temporary global Security on such Interest Payment Date and who
have each delivered to Euroclear or Clearstream, as the case may be, a
certificate dated no earlier than 15 days prior to the Interest Payment Date
occurring prior to such Exchange Date in the form set forth as Exhibit A-1 to
this Indenture (or in such other forms as may be established pursuant to
Section 301).&nbsp; Notwithstanding anything to the contrary herein contained,
the certifications made pursuant to this paragraph shall satisfy the
certification requirements of the preceding two paragraphs of this Section
304(b) and of the third paragraph of Section 303 of this Indenture and the
interests of the Persons who are the beneficial owners of the temporary global
Security with respect to which such certification was made will be exchanged
for definitive Securities of the same series and of like tenor on the Exchange
Date or the date of certification if such date occurs after the Exchange Date,
without further act or deed by such beneficial owners.&nbsp; Except as otherwise
provided in this paragraph, no payments of principal (or premium, if any) or
interest, if any, owing with respect to a beneficial interest in a temporary
global Security will be made unless and until such interest in such temporary
global Security shall have been exchanged for an interest in a definitive
Security.&nbsp; Any interest so received by Euroclear and Clearstream and not
paid as herein provided shall be returned to the Trustee prior to the
expiration of two years after such Interest Payment Date in order to be repaid
to the Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 305.&nbsp; <a name="ex4-1_Registration">Registration</a>, Registration of Transfer and Exchange</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company shall cause to be kept at the Corporate Trust Office of the Trustee
or in any office or agency of the Company in a Place of Payment a register for
each series of Securities (the registers maintained in such office or in any
such office or agency of the Company in a Place of Payment being herein
sometimes referred to collectively as the &#147;<u>Security Register</u>&#148;) in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Registered Securities and of transfers of
Registered Securities.&nbsp; The Security Register shall be in written form or
any other form capable of being converted into written form within a reasonable
time.&nbsp; The Trustee, at its Corporate Trust Office, is hereby initially
appointed &#147;<u>Security Registrar</u>&#148; for the purpose of registering Registered
Securities and transfers of Registered Securities on such Security Register as
herein provided.&nbsp; In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine the Security Register at all
reasonable times.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
surrender for registration of transfer of any Registered Security of any series
at any office or agency of the Company in a Place of Payment for that series,
the Company</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=30,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=636201,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal
amount, bearing a number not contemporaneously outstanding and containing
identical terms and provisions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
the option of the Holder, Registered Securities of any series may be exchanged
for other Registered Securities of the same series, of any authorized
denomination or denominations and of a like aggregate principal amount,
containing identical terms and provisions, upon surrender of the Registered
Securities to be exchanged at any such office or agency.&nbsp; Whenever any
Registered Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Registered
Securities which the Holder making the exchange is entitled to receive.&nbsp;
Unless otherwise specified with respect to any series of Securities as
contemplated by Section 301, Bearer Securities may not be issued in exchange
for Registered Securities.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
(but only if) permitted by the applicable Board Resolution and (subject to
Section 303) set forth in the applicable Officers&#146; Certificate, or in any
indenture supplemental hereto, delivered as contemplated by Section 301, at the
option of the Holder, Bearer Securities of any series may be exchanged for
Registered Securities of the same series of any authorized denominations and of
a like aggregate principal amount and tenor, upon surrender of the Bearer
Securities to be exchanged at any such office or agency, with all unmatured
coupons and all matured coupons in default thereto appertaining.&nbsp; If the
Holder of a Bearer Security is unable to produce any such unmatured coupon or
coupons or matured coupon or coupons in default, any such permitted exchange
may be effected if the Bearer Securities are accompanied by payment in funds acceptable
to the Company in an amount equal to the face amount of such missing coupon or
coupons, or the surrender of such missing coupon or coupons may be waived by
the Company and the Trustee if there is furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent
harmless.&nbsp; If thereafter the Holder of such Security shall surrender to
any Paying Agent any such missing coupon in respect of which such a payment
shall have been made, such Holder shall be entitled to receive the amount of
such payment; <u>provided</u>, <u>however</u>, that, except as otherwise
provided in Section 1002, interest represented by coupons shall be payable only
upon presentation and surrender of those coupons at an office or agency located
outside the United States.&nbsp; Notwithstanding the foregoing, in case a
Bearer Security of any series is surrendered at any such office or agency in a
permitted exchange for a Registered Security of the same series and like tenor
after the close of business at such office or agency on (i) any Regular Record
Date and before the opening of business at such office or agency on the
relevant Interest&nbsp; Payment Date, or (ii) any Special Record Date and
before the opening of business at such office or agency on the related proposed
date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the coupon relating to such Interest Payment Date or
proposed date for payment, as the case may be, and interest or Defaulted
Interest, as the case may be, will not be payable on such Interest Payment Date
or proposed date for payment, as the case may be, in respect of the Registered
Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such coupon when due in accordance with the provisions of this
Indenture.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=544088,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever
any Securities are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and deliver, the Securities which the Holder
making the exchange is entitled to receive.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, except as otherwise specified as contemplated by Section 301,
any permanent global Security shall be exchangeable only as provided in this
paragraph.&nbsp; If any beneficial owner of an interest in a permanent global
Security is entitled to exchange such interest for Securities of such series
and of like tenor and principal amount of another authorized form and
denomination, as specified as contemplated by Section 301 and provided that any
applicable notice provided in the permanent global Security shall have been
given, then without unnecessary delay but in any event not later than the
earliest date on which such interest may be so exchanged, the Company shall
deliver to the Trustee definitive Securities in aggregate principal amount
equal to the principal amount of such beneficial owner&#146;s interest in such
permanent global Security, executed by the Company.&nbsp; On or after the
earliest date on which such interests may be so exchanged, such permanent
global Security shall be surrendered by the Common Depositary or such other
depositary as shall be specified in the Company Order with respect thereto to
the Trustee, as the Company&#146;s agent for such purpose, to be exchanged, in whole
or from time to time in part, for definitive Securities without charge and the
Trustee shall authenticate and deliver, in exchange for each portion of such
permanent global Security, an equal aggregate principal amount of definitive
Securities of the same series of authorized denominations and of like tenor as
the portion of such permanent global Security to be exchanged which, unless the
Securities of the series are not issuable both as Bearer Securities and as
Registered Securities, as specified as contemplated by Section 301, shall be in
the form of Bearer&nbsp; Securities or Registered Securities, or any
combination thereof, as shall be specified by the beneficial owner thereof; <u>provided</u>,
<u>however</u>, that no such exchanges may occur during a period beginning at
the opening of business 15 days before any selection of Securities to be
redeemed and ending on the relevant Redemption Date if the Security for which
exchange is requested may be among those selected for redemption; and <u>provided</u>
<u>further</u> that no Bearer Security delivered in exchange for a portion of a
permanent global Security shall be mailed or otherwise delivered to any
location in the United States.&nbsp; If a Registered Security is issued in
exchange for any portion of a permanent global Security after the close of
business at the office or agency where such exchange occurs on (i) any Regular
Record Date and before the opening of business at such office or agency on the
relevant Interest Payment Date, or (ii) any Special Record Date and before the
opening of business at such office or agency on the related proposed date for
payment of Defaulted Interest, interest or Defaulted Interest, as the case may
be, will not be payable on such Interest Payment Date or proposed date for
payment, as the case may be, in respect of such Registered Security, but will
be payable on such Interest Payment Date or proposed date for payment, as the
case may be, only to the Person to whom interest in respect of such portion of
such permanent global Security is payable in accordance with the provisions of
this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
Securities issued upon any registration of transfer or exchange of Securities
shall be valid obligations of the Company, evidencing the same debt and
entitled to the same benefits under this Indenture, as the Securities
surrendered upon such registration of transfer or exchange.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=189873,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every
Registered Security presented or surrendered for registration of transfer or
for exchange shall (if so required by the Company or the Security Registrar) be
duly endorsed, or be accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar, duly executed by the
Holder thereof or his attorney duly authorized in writing.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No
service charge shall be made for any registration of transfer or exchange&nbsp;
of Securities, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304, 906, 1107 or 1305 not involving any transfer.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company shall not be required (i) to issue, register the transfer of or
exchange any Security if such Security may be among those selected for
redemption during a period beginning at the opening of business 15 days before
selection of the Securities to be redeemed under Section 1103 and ending at the
close of business on (A) if such Securities are issuable only as Registered
Securities, the day of the mailing of the relevant notice of redemption and (B)
if such Securities are issuable as Bearer Securities, the day of the first
publication of the relevant notice of redemption or, if such Securities are
also issuable as Registered Securities and there is no publication, the mailing
of the relevant notice of redemption, or (ii) to register the transfer of or
exchange any Registered Security so selected for redemption in whole or in
part, except, in the case of any Registered Security to be redeemed in part,
the portion thereof not to be redeemed, or (iii) to exchange any Bearer
Security so selected for redemption except that such a Bearer Security may be
exchanged for a Registered Security of that series and like tenor, <u>provided</u>
that such Registered Security shall be simultaneously surrendered for
redemption, or (iv) to issue, register the transfer of or exchange any Security
which has been surrendered for repayment at the option of the Holder, except
the portion, if any, of such Security not to be so repaid.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 306.&nbsp; <a name="ex4-1_Mutilated">Mutilated</a>, Destroyed, Lost and Stolen Securities</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If any mutilated Security or a Security with a mutilated coupon appertaining to
it is surrendered to the Trustee or the Company, together with, in proper
cases, such security or indemnity as may be required by the Company or the
Trustee to save each of them or any agent of either of them harmless, the
Company shall execute and the Trustee shall authenticate and deliver in
exchange therefor a new Security of the same series and principal amount,
containing identical terms and provisions and bearing a number not
contemporaneously outstanding, with coupons corresponding to the coupons, if
any, appertaining to the surrendered Security.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
there shall be delivered to the Company and to the Trustee (i) evidence to
their satisfaction of the destruction, loss or theft of any Security or coupon,
and (ii) such security or indemnity as may be required by them to save each of
them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security or coupon has been acquired by
a protected purchaser (as defined in the Uniform Commercial Code), the Company
shall execute and upon its request the Trustee shall authenticate and deliver,
in lieu of any such destroyed, lost or stolen Security or in exchange for
the&nbsp; Security to which a destroyed, lost or stolen coupon appertains (with
all appurtenant coupons not destroyed, lost or stolen), a new Security of the
same series and principal amount, containing identical terms and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=465155,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provisions and bearing a
number not contemporaneously outstanding, with coupons corresponding to the
coupons, if any, appertaining to such destroyed, lost or stolen Security or to
the Security to which such destroyed, lost or stolen coupon appertains.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the provisions of the previous two paragraphs, in case any such mutilated,
destroyed, lost or stolen Security or coupon has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Security, with coupons corresponding to the coupons, if any, appertaining to
such mutilated, destroyed, lost or stolen Security or to the Security to which
such mutilated, destroyed, lost or stolen coupon appertains, pay such Security
or coupon; <u>provided</u>, <u>however</u>, that payment of principal of (and
premium, if any) and interest, if any, on Bearer Securities shall, except as
otherwise provided in Section 1002, be payable only at an office or agency
located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable
only upon presentation and surrender of the coupons appertaining thereto.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
the issuance of any new Security under this Section, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) connected therewith.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Every
new Security of any series with its coupons, if any, issued pursuant to this
Section in lieu of any destroyed, lost or stolen Security, or in exchange for a
Security to which a destroyed, lost or stolen coupon appertains, shall
constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any,
or the destroyed, lost or stolen coupon shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series and their
coupons, if any, duly issued hereunder.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Securities or coupons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 307.&nbsp; <a name="ex4-1_PaymentOfInterest">Payment of Interest</a>; Interest Rights Preserved;
Optional Interest Reset</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;Except as otherwise specified with respect to a series of
Securities in accordance with the provisions of Section 301, interest, if any,
on any Registered Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest at the office or
agency of the Company maintained for such purpose pursuant to Section 1002; <u>provided</u>,
<u>however</u>, that each installment of interest, if any, on any Registered
Security may at the Company&#146;s option be paid by (i) mailing a check for such
interest, payable to or upon the written order of the Person entitled thereto
pursuant to Section 309, to the address of such Person as it appears on the
Security Register or (ii) transfer to an account maintained by the payee inside
the United States.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise provided as contemplated by Section 301 with respect to the
Securities of any series, payment of interest, if any, may be made, in the case
of a Bearer</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=48711,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Security, by transfer to
an account maintained by the payee with a bank located outside the United
States.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise provided as contemplated by Section 301, every permanent global
Security will provide that interest, if any, payable on any Interest Payment
Date will be paid to each of Euroclear and Clearstream with respect to that
portion of such permanent global Security held for its account by the Common
Depositary, for the purpose of permitting each of Euroclear and Clearstream to
credit the interest, if any, received by it in respect of such permanent global
Security to the accounts of the beneficial owners thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
case a Bearer Security of any series is surrendered in exchange for a
Registered Security of such series after the close of business (at an office or
agency in a Place of Payment for such series) on any Regular Record Date and
before the opening of business (at such office or agency) on the next
succeeding Interest Payment Date, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date and interest will not
be payable on such Interest Payment Date in respect of the Registered Security
issued in exchange for such Bearer Security, but will be payable only to the
Holder of such coupon when due in accordance with the provisions of this
Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as otherwise specified with respect to a series of Securities in accordance
with the provisions of Section 301, any interest on any Registered Security of
any series that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date (herein called &#147;<u>Defaulted Interest</u>&#148;) shall
forthwith cease to be payable to the registered Holder thereof on the relevant
Regular Record Date by virtue of having been such Holder, and such Defaulted
Interest may be paid by the Company, at its election in each case, as provided
in clause (1) or (2) below:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company may elect to make payment of any Defaulted Interest to the Persons
in whose names the Registered Securities of such series (or their respective
Predecessor Securities) are registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest, which shall be fixed in
the following manner.&nbsp; The Company shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each Registered
Security of such series and the date of the proposed payment (which shall not
be less than 20 days after such notice is received by the Trustee), and at the
same time the Company shall deposit with the Trustee an amount of money in the
Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e))
equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such
deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided.&nbsp; Thereupon the Trustee
shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 days and not less than 10 days prior to the
date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment.&nbsp; The Trustee shall promptly
notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=35,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=806360,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the proposed payment of
such Defaulted Interest and the Special Record Date therefor to be mailed,
first-class postage prepaid, to each Holder of Registered Securities of such
series at his address as it appears in the Security Register not less than 10 days
prior to such Special Record Date.&nbsp; Notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names
the Registered Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on such Special Record Date
and shall no longer be payable pursuant to the following clause (2).&nbsp; In
case a Bearer Security of any series is surrendered at the office or agency in
a Place of Payment for such series in exchange for a Registered Security of
such series after the close of business at such office or agency on any Special
Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, such Bearer Security
shall be surrendered without the coupon relating to such proposed date of
payment and Defaulted Interest will not be payable on such proposed date of
payment in respect of the Registered Security issued in exchange for such
Bearer Security, but will be payable only to the Holder of such coupon when due
in accordance with the provisions of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company may make payment of any Defaulted Interest on the Registered
Securities of any series in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given
by the Company to the Trustee of the proposed payment pursuant to this clause,
such manner of payment shall be deemed practicable by the Trustee.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The provisions of this Section 307(b) may be made applicable to any series of
Securities pursuant to Section 301 (with such modifications, additions or
substitutions as may be specified pursuant to Section 301).&nbsp; The interest
rate (or the spread or spread multiplier used to calculate such interest rate,
if applicable) on any Security of such series may be reset by the Company on
the date or dates specified on the face of such Security (each an &#147;<u>Optional
Reset Date</u>&#148;).&nbsp; The Company may exercise such option with respect to
such Security by notifying the Trustee of such exercise at least 45 but not
more than 60 days prior to an Optional Reset Date for such Security.&nbsp; Not
later than 40 days prior to each Optional Reset Date, the Trustee shall
transmit, in the manner provided for in Section 106, to the Holder of any such
Security a notice (the &#147;<u>Reset Notice</u>&#148;) indicating whether the Company
has elected to reset the interest rate (or the spread or spread multiplier used
to calculate such interest rate, if applicable), and if so (i) such new
interest rate (or such new spread or spread multiplier, if applicable) and (ii)
the provisions, if any, for redemption during the period from such Optional
Reset Date to the next Optional Reset Date or, if there is no such next
Optional Reset Date, to the Stated Maturity Date of such Security (each such
period a &#147;<u>Subsequent Interest Period</u>&#148;), including the date or dates on
which or the period or periods during which and the price or prices at which
such redemption may occur during the Subsequent Interest Period.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, not later than 20 days prior to the Optional Reset Date, the
Company may, at its option, revoke the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) provided for in
the Reset Notice and establish an interest rate (or a spread or spread
multiplier used to calculate such interest rate, if applicable)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=36,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=52061,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">that is higher than the
interest rate (or the spread or spread multiplier, if applicable) provided for
in the Reset Notice, for the Subsequent Interest Period by causing the Trustee
to transmit, in the manner provided for in Section 106, notice of such higher
interest rate (or such higher spread or spread multiplier, if applicable) to
the Holder of such Security.&nbsp; Such notice shall be irrevocable.&nbsp; All
Securities with respect to which the interest rate (or the spread or spread
multiplier used to calculate such interest rate, if applicable) is reset on an
Optional Reset Date, and with respect to which the Holders of such Securities
have not tendered such Securities for repayment (or have validly revoked any
such tender) pursuant to the next succeeding paragraph, will bear such higher
interest rate (or such higher spread or spread multiplier, if applicable).</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Holder of any such Security will have the option to elect repayment by the
Company of the principal of such Security on each Optional Reset Date at a
price equal to the principal amount thereof plus interest accrued to such
Optional Reset Date.&nbsp; In order to obtain repayment on an Optional Reset
Date, the Holder must follow the procedures set forth in Article Thirteen for
repayment at the option of&nbsp; Holders except that the period for delivery or
notification to the Trustee shall be at least 25 but not more than 35 days
prior to such Optional Reset Date and except that, if the Holder has tendered
any Security for repayment pursuant to the Reset Notice, the Holder may, by
written notice to the Trustee, revoke such tender or repayment until the close
of business on the tenth day before such Optional Reset Date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject
to the foregoing provisions of this Section and Section 305, each Security
delivered under this Indenture upon registration of transfer of or in exchange
for or in lieu of any other Security shall carry the rights to interest accrued
and unpaid, and to accrue, which were carried by such other Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 308.&nbsp; <a name="ex4-1_OptionalExtensionOfMaturity">Optional Extension of Maturity</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The provisions of this Section 308 may be made applicable to any series of
Securities pursuant to Section 301 (with such modifications, additions or
substitutions as may be specified pursuant to such Section 301).&nbsp; The
Stated Maturity of any Security of such series may be extended at the option of
the Company for the period or periods specified on the face of such Security
(each an &#147;<u>Extension Period</u>&#148;) up to but not beyond the date (the &#147;<u>Final
Maturity</u>&#148;) set forth on the face of such Security.&nbsp; The Company may
exercise such option with respect to any Security by notifying the Trustee of
such exercise at least 45 but not more than 60 days prior to the Stated
Maturity of such Security in effect prior to the exercise of such option (the &#147;<u>Original
Stated Maturity</u>&#148;).&nbsp; If the Company exercises such option, the Trustee
shall transmit, in the manner provided for in Section 106, to the Holder of
such Security not later than 40 days prior to the Original Stated Maturity a
notice (the &#147;<u>Extension Notice</u>&#148;) indicating (i) the election of the
Company to extend the Stated Maturity, (ii) the new Stated Maturity, (iii) the
interest rate, if any, applicable to the Extension Period and (iv) the
provisions, if any, for redemption during such Extension Period.&nbsp; Upon the
Trustee&#146;s transmittal of the Extension Notice, the Stated Maturity of such
Security shall be extended automatically and, except as modified by the
Extension Notice and as described in the next paragraph, such Security will
have the same terms as prior to the transmittal of such Extension Notice.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, not later than 20 days before the Original Stated Maturity of
such Security, the Company may, at its option, revoke the interest rate
provided for in the Extension Notice and establish a higher interest rate for
the Extension Period by causing</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=37,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=891111,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Trustee&nbsp; to
transmit, in the manner provided for in Section 106, notice of such higher
interest rate to the Holder of such Security.&nbsp; Such notice shall be
irrevocable.&nbsp; All Securities with respect to which the Stated Maturity is
extended will bear such higher interest rate.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
the Company extends the Stated Maturity of any Security, the Holder will have
the option to elect repayment of such Security by the Company on the Original
Stated Maturity at a price equal to the principal amount thereof, plus interest
accrued to such date.&nbsp; In order to obtain repayment on the Original Stated
Maturity once the Company has extended the Stated Maturity thereof, the Holder
must follow the procedures set forth in Article Thirteen for repayment at the
option of Holders, except that the period for delivery or notification to the
Trustee shall be at least 25 but not more than 35 days prior to the Original
Stated Maturity and except that, if the Holder has tendered any Security for
repayment pursuant to an Extension Notice, the Holder may by written notice to
the Trustee revoke such tender for repayment until the close of business on the
tenth day before the Original Stated Maturity.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 309.&nbsp; <a name="ex4-1_PersonsDeemedOwners">Persons Deemed Owners</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Prior to due presentment of a Registered Security for registration of transfer,
the Company, the Trustee and any agent of the Company or the Trustee may treat
the Person in whose name such Registered Security is registered as the owner of
such Security for the purpose of receiving payment of principal of (and
premium, if any) and (subject to Sections 305 and 307) interest, if any, on
such Registered Security and for all other purposes whatsoever, whether or not
such Registered Security be overdue, and neither the Company, the Trustee nor
any agent of the Company or the Trustee shall be affected by notice to the
contrary.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title
to any Bearer Security and any coupons appertaining thereto shall pass by
delivery.&nbsp; The Company, the Trustee and any agent of the Company or the
Trustee may treat the bearer of any Bearer Security and the bearer of any
coupon as the absolute owner of such Security or coupon for the purpose of
receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupon be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None
of the Company, the Trustee, any Paying Agent or the Security Registrar will
have any responsibility or liability for any aspect of the records relating to
or&nbsp; payments made on account of beneficial ownership interests of a
Security in global form or for maintaining, supervising or reviewing any
records relating to such beneficial ownership interests.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing, with respect to any global Security, nothing herein shall
prevent the Company, the Trustee, or any agent of the Company or the Trustee,
from giving effect to any written certification, proxy or other authorization
furnished by any depositary, as a Holder, with respect to such global Security
or impair, as between such depositary and owners of beneficial interests in
such global Security, the operation of customary practices governing the
exercise of the rights of such depositary (or its nominee) as Holder of such
global Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 310.&nbsp; <a name="ex4-1_Cancellation">Cancellation</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; All Securities
and coupons surrendered for payment, redemption, repayment at the option of the
Holder, registration of transfer or exchange or for credit against any sinking
fund payment shall, if surrendered to any Person other than the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=38,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=317284,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee, be delivered to
the Trustee, and any such Securities and coupons and Securities and coupons
surrendered directly to the Trustee for any such purpose shall be promptly
cancelled by it.&nbsp; The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder
which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the
Company has not issued and sold, and all Securities so delivered shall be
promptly cancelled by the Trustee.&nbsp; If the Company shall so acquire any of
the Securities, however, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and
until the same are surrendered to the Trustee for cancellation.&nbsp; No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section, except as expressly permitted by this Indenture.&nbsp;
Cancelled Securities and coupons held by the Trustee shall be disposed of by
the Trustee in accordance with its customary procedures and the Trustee shall
deliver a certificate of stating that such cancelled securities and coupons
have been disposed of, unless by a Company Order the Company directs their
return to it.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 311.&nbsp; <a name="ex4-1_ComputationOfInterest">Computation of Interest</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Except as otherwise specified as contemplated by Section 301 with respect to
Securities of any series, interest, if any,&nbsp; on the Securities of each
series shall be computed on the basis of a 360-day year consisting of twelve
30-day months.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 312.&nbsp; <a name="ex4-1_CurrencyAndMannerOfPaymentsInRespe">Currency and Manner of Payments in
Respect of Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;Unless otherwise specified with respect to any Securities
pursuant to Section 301, with respect to Registered Securities of any series
not permitting the election provided for in paragraph (b) below or the Holders
of which have not made the election provided for in paragraph (b) below, and
with respect to Bearer Securities of any series, except as provided in
paragraph (d) below, payment of the principal of (and premium, if any) and
interest, if any, on any Registered or Bearer Security of such series will be
made in the Currency in which such Registered Security or Bearer Security, as
the case may be, is payable.&nbsp; The provisions of this Section 312 may be
modified or superseded with respect to any Securities pursuant to Section 301.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
It may be provided pursuant to Section 301 with respect to Registered
Securities of any series that Holders shall have the option, subject to
paragraphs (d) and (e) below, to receive payments of principal of (or premium,
if any) or interest, if any, on such Registered Securities in any of the
Currencies which may be designated for such election by delivering to the
Trustee for such series of Registered Securities a written election, with
signature guarantees and in the applicable form established pursuant to Section
301, not later than the close of business on the Election Date immediately
preceding the applicable payment date.&nbsp; If a Holder so elects to receive
such payments in any such Currency, such election will remain in effect for
such Holder or any transferee of such Holder until changed by such Holder or
such transferee by written notice to the Trustee for such series of Registered
Securities (but any such change must be made not later than the close of
business on the Election Date immediately preceding the next payment date to be
effective for the payment to be made on such payment date and no such change of
election may be made with respect to payments to be made on any Registered
Security of such series with respect to which an Event of Default has occurred
or with respect to which the Company has deposited funds pursuant to Article
Four or Fourteen</font></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=39,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=894065,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">or
with respect to which a notice of redemption has been given by the Company or a
notice of option to elect repayment has been sent by such Holder or such
transferee).&nbsp; Any Holder of any such Registered Security who shall not
have delivered any such election to the Trustee of such series of Registered
Securities not later than the close of business on the applicable Election Date
will be&nbsp; paid the amount due on the applicable payment date in the
relevant Currency as provided in Section 312(a).&nbsp; The Trustee for each
such series of Registered Securities shall notify the Exchange Rate Agent as
soon as practicable after the Election Date of the aggregate principal amount
of Registered Securities for which Holders have made such written election.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise specified pursuant to Section 301, if the election referred to
in paragraph (b) above has been provided for pursuant to Section 301, then,
unless otherwise specified pursuant to Section 301, not later than the fourth
Business Day after the Election Date for each payment date for Registered
Securities of any series, the Exchange Rate Agent will deliver to the Company a
written notice specifying the Currency in which Registered Securities of such
series are payable, the respective aggregate amounts of principal of (and
premium, if any) and interest, if any, on the Registered Securities to be paid
on such payment date, specifying the amounts in such Currency so payable in
respect of the Registered Securities as to which the Holders of Registered
Securities denominated in any Currency shall have elected to be paid in another
Currency as provided in paragraph (b) above.&nbsp; If the election referred to
in paragraph (b) above has been provided for pursuant to Section 301 and if at
least one Holder has made such election, then, unless otherwise specified
pursuant to Section 301, on the second Business Day preceding such payment date
the Company will deliver to the Trustee for such series of Registered
Securities an Exchange Rate Officer&#146;s Certificate in respect of the Dollar or
Foreign Currency or Currencies payments to be made on such payment date.&nbsp;
Unless otherwise specified pursuant to Section 301, the Dollar or Foreign
Currency or Currencies amount receivable by Holders of Registered Securities
who have elected payment in a Currency as provided in paragraph (b) above shall
be determined by the Company on the basis of the applicable Market Exchange
Rate in effect on the second Business Day (the &#147;<u>Valuation Date</u>&#148;)
immediately preceding each payment date, and such determination shall be
conclusive and binding for all purposes, absent manifest error.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If a Conversion Event occurs with respect to a Foreign Currency in which any of
the Securities are denominated or payable other than pursuant to an election
provided for pursuant to paragraph (b) above, then with respect to each date
for the payment of principal of (and premium, if any) and interest, if any on
the applicable Securities denominated or payable in such Foreign Currency
occurring after the last date on which such Foreign Currency was used (the &#147;<u>Conversion
Date</u>&#148;), the Dollar shall be the currency of payment for use on each such
payment date.&nbsp; Unless otherwise specified pursuant to Section 301, the
Dollar amount to be paid by the Company to the Trustee of each such series of
Securities and by such Trustee or any Paying Agent to the Holders of such
Securities with respect to such payment date shall be, in the case of a Foreign
Currency other than a currency unit, the Dollar Equivalent of the Foreign
Currency or, in the case of a currency unit, the Dollar Equivalent of the
Currency Unit, in each case as determined by the Exchange Rate Agent in the
manner provided in paragraph (f) or (g) below.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Unless otherwise specified pursuant to Section 301, if the Holder of a
Registered Security denominated in any Currency shall have elected to be paid
in another</font></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=40,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=25026,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Currency
as provided in paragraph (b) above, and a Conversion Event occurs with respect
to such elected Currency, such Holder shall receive payment in the Currency in
which payment would have been made in the absence of such election; and if a
Conversion Event occurs with respect to the Currency in which payment would
have been made in the absence of such election, such Holder shall receive
payment in Dollars as provided in paragraph (d) of this Section 312.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;<u>Dollar Equivalent of the Foreign Currency</u>&#148; shall be determined by
the Exchange Rate Agent and shall be obtained for each subsequent payment date
by converting the specified Foreign Currency into Dollars at the Market
Exchange Rate on the Conversion Date.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The &#147;<u>Dollar Equivalent of the Currency Unit</u>&#148; shall be determined by the
Exchange Rate Agent and subject to&nbsp; the provisions of paragraph (h) below
shall be the sum of each amount obtained by converting the Specified Amount of
each Component Currency into Dollars at the Market Exchange Rate for such
Component Currency on the Valuation Date with respect to each payment.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
For purposes of this Section 312, the following terms shall have the following
meanings:</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;<u>Component Currency</u>&#148;
shall mean any Currency which, on the Conversion Date, was a component currency
of the relevant currency unit.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A &#147;<u>Specified Amount</u>&#148;
of a Component Currency shall mean the number of units of such Component
Currency or fractions thereof which were represented in the relevant currency
unit on the Conversion Date.&nbsp; If after the Conversion Date the official
unit of any Component Currency is altered by way of combination or subdivision,
the Specified Amount of such Component Currency shall be divided or multiplied
in the same proportion.&nbsp; If after the Conversion Date two or more
Component Currencies are consolidated into a single currency, the respective
Specified Amounts of such Component Currencies shall be replaced by an amount
in such single currency equal to the sum of the respective Specified Amounts of
such consolidated Component Currencies expressed in such single currency, and
such amount shall thereafter be a Specified Amount and such single currency
shall thereafter be a Component Currency.&nbsp; If after the Conversion Date
any Component Currency shall be divided into two or more currencies, the
Specified Amount of such Component Currency shall be replaced by amounts of
such two or more currencies, having an aggregate Dollar Equivalent value at the
Market Exchange Rate on the date of such replacement equal to the Dollar
Equivalent of the Specified Amount of such former Component Currency at the
Market Exchange Rate immediately before such division, and such amounts shall
thereafter be Specified Amounts and such currencies shall thereafter be
Component Currencies.&nbsp; If, after the Conversion Date of the relevant currency
unit, a Conversion Event (other than any event referred to above in this
definition of &#147;<u>Specified Amount</u>&#148;) occurs with respect to any Component
Currency of such currency unit and is continuing on the applicable Valuation
Date, the Specified Amount of such Component Currency shall, for purposes of
calculating the Dollar Equivalent of the Currency Unit, be converted into
Dollars at the Market Exchange Rate in effect on the Conversion Date of such
Component Currency.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


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</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=41,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=926636,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Election Date</u>&#148;
shall mean the Regular Record Date for the applicable series of Registered
Securities or at least 16 days prior to Maturity, as the case may be, or such
other prior date for any series of Registered Securities as specified pursuant
to clause (13) of Section 301 by which the written election referred to in
Section 312(b) may be made.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
decisions and determinations of the Exchange Rate Agent regarding the Dollar
Equivalent of the Foreign Currency, the Dollar Equivalent of the Currency Unit,
the Market Exchange Rate and changes in the Specified Amounts as specified
above shall be in its sole discretion and shall, in the absence of manifest
error, be conclusive for all purposes and irrevocably binding upon the Company,
the Trustee for the appropriate series of Securities and all Holders of such
Securities denominated or payable in the relevant Currency.&nbsp; The Exchange
Rate Agent shall promptly give written notice to the Company and the Trustee
for the appropriate series of Securities of any such decision or determination.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
the event that the Company determines in good faith that a Conversion Event has
occurred with respect to a Foreign Currency, the Company will immediately give
written notice thereof to the Trustee of the appropriate series of Securities
and to the Exchange Rate Agent (and such Trustee will promptly thereafter give
notice in the manner provided in Section 106 to the affected Holders)
specifying the Conversion Date.&nbsp; In the event the Company so determines
that a Conversion Event has occurred with respect to any currency unit in which
Securities are denominated or payable, the Company will immediately give
written notice thereof to the Trustee of the appropriate series of Securities
and to the Exchange Rate Agent (and such Trustee will promptly thereafter give
notice in the manner provided in Section 106 to the affected Holders)
specifying the Conversion Date and the Specified Amount of each Component
Currency on the Conversion Date.&nbsp; In the event the Company determines in
good faith that any subsequent change in any Component Currency as set forth in
the definition of Specified Amount above has occurred, the Company will
similarly give written notice to the Trustee of the appropriate series of
Securities and to the Exchange Rate Agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trustee of the appropriate series of Securities shall be fully justified and
protected in relying and acting upon information received by it from the
Company and the Exchange Rate Agent and shall not otherwise have any duty or
obligation to determine the accuracy or validity of such information
independent of the Company or the Exchange Rate Agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 313.&nbsp; <a name="ex4-1_AppointmentAndResignationOfSuccessor">Appointment and Resignation of
Successor Exchange Rate Agent</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;Unless otherwise specified pursuant to Section 301, if and so
long as the Securities of any series (i) are denominated in a Foreign Currency
or (ii) may be payable in a Foreign Currency, or so long as it is required
under any other provision of this Indenture, then the Company will maintain
with respect to each such series of Securities, or as so required, at least one
Exchange Rate Agent.&nbsp; The Company will cause the Exchange Rate Agent to
make the necessary foreign exchange determinations at the time and in the
manner specified pursuant to Section 301 for the purpose of determining the
applicable rate of exchange and, if applicable, for the purpose of converting
the issued Foreign Currency into the applicable payment Currency for the
payment of principal (and premium, if any) and interest, if any, pursuant to
Section 312.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=42,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=260278,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No resignation of the Exchange Rate Agent and no appointment of a successor
Exchange Rate Agent pursuant to this Section shall become effective until the
acceptance of appointment by the successor Exchange Rate Agent as evidenced by
a written instrument delivered to the Company and the Trustee of the
appropriate series of Securities accepting such appointment executed by the
successor Exchange Rate Agent.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Exchange Rate Agent shall resign, be removed or become incapable of
acting, or if a vacancy shall occur in the office of the Exchange Rate Agent
for any cause, with respect to the Securities of one or more series, the
Company, by or pursuant to a Board Resolution, shall promptly appoint a
successor Exchange Rate Agent or Exchange Rate Agents with respect to the
Securities of that or those series&nbsp; (it being understood that any such
successor Exchange Rate Agent may be appointed with respect to the Securities
of one or more or all of such series and that, unless otherwise specified pursuant
to Section 301, at any time there shall only be one Exchange Rate Agent with
respect to the Securities of any particular series that are originally issued
by the Company on the same date and that are initially denominated and/or
payable in the same Currency).</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 314.&nbsp; <a name="ex4-1_CusipNumbers">CUSIP Numbers</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; The Company in
issuing the Securities may use &#147;CUSIP&#148; numbers (if then generally in use), and,
if so, the Trustee shall indicate the &#147;CUSIP&#148; numbers of the Securities in
notices of redemption as a convenience to Holders; <u>provided</u> that any
such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice
of redemption and that reliance may be placed only on the other identification numbers
printed on the Securities, and any such redemption shall not be affected by any
defect in or omission of such numbers.&nbsp; The Company shall promptly notify
the Trustee of any change in &#147;CUSIP&#148; numbers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleFour"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FOUR</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_SatisfactionAndDischarge"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SATISFACTION AND
DISCHARGE</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 401.&nbsp; <a name="ex4-1_SatisfactionAndDischargeOfIndenture">Satisfaction and Discharge of
Indenture</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
This Indenture shall upon Company Request cease to be of further effect with
respect to any series of Securities specified in such Company Request (except
as to any surviving rights of registration of transfer or exchange of
Securities of such series expressly provided for herein or pursuant hereto and
any right to receive Additional Amounts, as provided in Section 1004), and the
Trustee, upon receipt of a Company Order, and at the expense of the Company,
shall execute proper instruments acknowledging satisfaction and discharge of
this Indenture as to such series, in addition to such other circumstances as
specified or as contemplated by Section 301 or Article 14, when:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
either:</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all Securities of such series theretofore authenticated and delivered and all
coupons, if any, appertaining thereto (other than (i) coupons appertaining to
Bearer Securities surrendered for exchange for Registered Securities and maturing
after such exchange, whose surrender is not required or has been waived as
provided in Section 305, (ii) Securities and coupons of such series which have
been destroyed, lost or stolen and which have been replaced or paid as provided
in</font></b></h6>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


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</font></div>

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<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Section 306, (iii) coupons
appertaining to Securities called for redemption and maturing after the
relevant Redemption Date, whose surrender has been waived as provided in
Section 1106, and (iv) Securities and coupons of such series for whose payment
money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for
cancellation; or</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all Securities of such series and, in the case of (i) or (ii) below, any
coupons appertaining thereto not theretofore delivered to the Trustee for
cancellation:</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
have become due and payable, or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
will become due and payable at their Stated Maturity within one year, or</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if redeemable at the option of the Company, are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the
Company,</font></p>

<p style="margin:0in 0in .0001pt 1.5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the Company, in the
case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose an amount
in the Currency in which the Securities of such series are payable, sufficient
to pay and discharge the entire indebtedness on such Securities and such
coupons not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest, if any, to the date of such
deposit (in the case of Securities which have become due and payable) or to the
Stated Maturity or Redemption Date, as the case may be;</font></p>

<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture as to such
series have been complied with.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustee and any predecessor Trustee under Section 606, the obligations of
the Company to any Authenticating Agent under Section 611 and, if money shall
have been deposited with the Trustee pursuant to subclause (B) of clause (1) of
this Section, the obligations of the Trustee under Section 402 and the last
paragraph of Section 1003 shall survive.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 402.&nbsp; <a name="ex4-1_ApplicationOfTrustFunds">Application of Trust Funds</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to the provisions of the last paragraph of Section 1003, all money
deposited with the Trustee pursuant to Section 401 shall be held in trust and
applied by it, in accordance with the provisions of the Securities, the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">coupons and this
Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest, if any, for whose payment such money has been deposited with
or received by the Trustee, but such money need not be segregated from other
funds except to the extent required by law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleFive"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FIVE</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_Remedies"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REMEDIES</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 501.&nbsp; <a name="ex4-1_EventsOfDefault">Events of Default</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; &#147;<u>Event of
Default</u>&#148;, wherever used herein with respect to any particular series of
Securities, unless otherwise specified with respect to a series of Securities
pursuant to Section 301, means any one of the following events (whatever the
reason for such Event of Default, whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default in the payment of any interest upon any Security of that series or of
any coupon appertaining thereto, when such interest or coupon becomes due and
payable, and continuance of such default for a period of 30 days; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default in the payment of the principal of (or premium, if any, on) any
Security of that series when it becomes due and payable at its Maturity; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default in the deposit of any sinking fund payment, when and as due by the
terms of any Security of that series; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default in the performance, or breach, of any covenant or agreement of the
Company in this Indenture with respect to any Security of that series (other
than a covenant or agreement a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with), and continuance of such
default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a &#147;<u>Notice
of Default</u>&#148; hereunder; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company pursuant to or within the meaning of any Bankruptcy Law:</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
commences a voluntary case,</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
consents to the entry of an order for relief against it in an involuntary case,</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
consents to the appointment of a Custodian of it or for all or substantially
all of its property, or</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
makes a general assignment for the benefit of its creditors; or</font></b></h6>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>


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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that:</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
is for relief against the Company in an involuntary case,</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
appoints a Custodian of the Company or for all or substantially all of its
property, or</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
orders the liquidation of the Company,</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and the order or decree
remains unstayed and in effect for 90 days; or</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
any other Event of Default provided with respect to Securities of that series.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term &#147;<u>Bankruptcy
Law</u>&#148; means title 11, U.S. Code or any similar Federal or State law for the
relief of debtors.&nbsp; The term &#147;<u>Custodian</u>&#148; means any receiver,
trustee, assignee, liquidator or other similar official under any Bankruptcy
Law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 502.&nbsp; <a name="ex4-1_AccelerationOfMaturity">Acceleration of Maturity</a>; Rescission and
Annulment</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; If an Event of
Default with respect to Securities of any series at the time Outstanding occurs
and is continuing, then and in every such case the Trustee or the Holders of
not less than 25% in principal amount of the Outstanding Securities of that
series may declare the principal (or, if any Securities are Original Issue
Discount Securities or Indexed Securities, such portion of the principal as may
be specified in the terms thereof) of all the Securities of that series to be
due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by the Holders), and upon any such declaration such principal
or specified portion thereof shall become immediately due and payable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At
any time after such a declaration of acceleration with respect to Securities of
any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter provided in this
Article, the Holders of a majority in principal amount of the Outstanding
Securities of that series, by written notice to the Company and the Trustee,
may rescind and annul such declaration and its consequences if:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company has paid or deposited with the Trustee a sum sufficient to pay in
the Currency in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series
and except, if applicable, as provided in Sections 312(b), 312(d) and 312(e)):</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all overdue installments of interest, if any, on all Outstanding Securities of
that series and any related coupons;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the principal of (and premium, if any, on) all Outstanding Securities of that
series which have become due otherwise than by such declaration of acceleration
and interest thereon at the rate or rates borne by or provided for in such
Securities;</font></b></h6>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(C)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to the extent that payment of such interest is lawful, interest upon overdue
installments of interest at the rate or rates borne by or provided for in such
Securities; and</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due to the Trustee under Section 606; and</font></b></h6>

<h6 style="font-weight:bold;margin:0in 0in .0001pt 1.0in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h6>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
all Events of Default with respect to Securities of that series, other than the
nonpayment of the principal of (or premium, if any) or interest on Securities
of that series which have become due solely by&nbsp; such declaration of
acceleration, have been cured or waived as provided in Section 513.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No such rescission shall
affect any subsequent default or impair any right consequent thereon.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 503.&nbsp; <a name="ex4-1_CollectionOfIndebtednessAndSuitsFor">Collection of Indebtedness and Suits
for Enforcement by Trustee</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company covenants that if:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default is made in the payment of any installment of interest on any Security
of any series and any related coupon when such interest becomes due and payable
and such default continues for a period of 30 days, or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
default is made in the payment of the principal of (or premium, if any, on) any
Security of any series at its Maturity,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then the Company will,
upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders
of Securities of such series and coupons, the whole amount then due and payable
on such Securities and coupons for principal (and premium, if any) and
interest, if any, with interest upon any overdue principal (and premium, if
any) and, to the extent that payment of such interest shall be legally
enforceable, upon any overdue installments of interest, if any, at the rate or
rates borne by or provided for in such Securities, and, in addition thereto,
such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due to
the Trustee under Section 606.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
the Company fails to pay such amounts forthwith upon such demand, the Trustee,
in its own name and as trustee of an express trust, may institute a judicial
proceeding for the collection of the sums so due and unpaid, and may prosecute
such proceeding to judgment or final decree, and may enforce the same against
the Company or any other obligor upon Securities of such series and collect the
moneys adjudged or decreed to be payable in the manner provided by law out of
the property of the Company or any other obligor upon Securities of such
series, wherever situated.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
an Event of Default with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce
its rights and the rights of the Holders of Securities of such series and any
related coupons by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid
of the exercise of any power granted herein, or to enforce any other proper
remedy.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 504.&nbsp; <a name="ex4-1_TrusteeMayFileProofsOfClaim">Trustee May File Proofs of Claim</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities
of any series shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have
made any demand on the Company for the payment of any overdue principal,
premium or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to file and prove a claim for the whole amount of principal (or in the case of
Original Issue Discount Securities or Indexed Securities, such portion of the
principal as may be provided in the terms thereof) (and premium, if any) and
interest, if any, owing and unpaid in respect of the Securities and to file
such other papers or documents as may be necessary or advisable in order to
have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due to the Trustee under Section 606) and of
the Holders allowed in such judicial proceeding, and</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same;</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and any custodian, receiver,
assignee, trustee, liquidator, sequestrator (or other similar official) in any
such judicial proceeding is hereby authorized by each Holder of Securities of
such series and coupons to make such payments to the Trustee, and in the event
that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee and any
predecessor Trustee, their agents and counsel, and any other amounts due the
Trustee or any predecessor Trustee under Section 606.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder of a Security or coupon
any plan of reorganization, arrangement, adjustment or composition affecting
the Securities or coupons or the rights of any Holder thereof, or to authorize
the Trustee to vote in respect of the claim of any Holder of a Security or
coupon in any such proceeding.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 505.&nbsp; <a name="ex4-1_TrusteeMayEnforceClaimsWithoutPosse">Trustee May Enforce Claims Without
Possession of Securities or Coupons</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
All rights of action and claims under this Indenture or any of the Securities
or coupons may be prosecuted and enforced by the Trustee without the possession
of any of the Securities or coupons or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be
for the ratable benefit of the Holders of the Securities and coupons in respect
of which such judgment has been recovered.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 506.&nbsp; <a name="ex4-1_ApplicationOfMoneyCollected">Application of Money Collected</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Any money collected by the Trustee pursuant to this Article shall be applied in
the following order, at the date or dates fixed by the Trustee and, in case of
the distribution of such money on account of principal (or premium, if any) or
interest, if any, upon presentation of the Securities or coupons, or both, as
the case may be, and the notation thereon of the payment if only partially paid
and upon surrender thereof if fully paid:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FIRST:&nbsp; To the
payment of all amounts due the Trustee and any predecessor Trustee under
Section 606;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SECOND:&nbsp; To the
payment of the amounts then due and unpaid upon the Securities and coupons for
principal (and premium, if any) and interest, if any, in respect of which or
for the benefit of which such money has been collected, ratably, without
preference or priority of any kind, according to the aggregate amounts due and
payable on such Securities and coupons for principal (and premium, if any) and
interest, if any, respectively; and</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIRD:&nbsp; To the
payment of the remainder, if any, to the Company or any other Person or Persons
entitled thereto.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 507.&nbsp; <a name="ex4-1_LimitationOnSuits">Limitation on Suits</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
No Holder of any Security of any series or any related coupon shall have any
right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a&nbsp; receiver or trustee, or for any
other remedy hereunder, unless:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Holders of not less than 25% in principal amount of the Outstanding
Securities of that series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as
Trustee hereunder;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such
request;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in principal
amount of the Outstanding Securities of that series;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">it being understood and
intended that no one or more of such Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such
Holders or to enforce any right under this Indenture, except in the manner
herein provided and for the equal and ratable benefit of all such Holders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=49,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=264073,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 508.&nbsp; <a name="ex4-1_UnconditionalRightOfHoldersToReceiv">Unconditional Right of Holders to
Receive Principal</a>, Premium and Interest</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Notwithstanding any other provision in this Indenture, the Holder of any
Security or coupon shall have the right which is absolute and unconditional to
receive payment of the principal of (and premium, if any) and (subject to
Sections 305 and 307) interest, if any, on such Security or payment of such
coupon on the respective due dates expressed in such Security or coupon (or, in
the case of redemption, on the Redemption Date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without
the consent of such Holder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 509.&nbsp; <a name="ex4-1_RestorationOfRightsAndRemedies">Restoration of Rights and Remedies</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If the Trustee or any Holder of a Security or coupon has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined
adversely to the Trustee or to such Holder, then and in every such case the
Company, the Trustee and the Holders of Securities and coupons shall, subject
to any determination in such proceeding, be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of
the Trustee and the Holders shall continue as though no such proceeding had
been instituted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 510.&nbsp; <a name="ex4-1_RightsAndRemediesCumulative">Rights and Remedies Cumulative</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Except as otherwise provided with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities or coupons in the last
paragraph of Section 306, no right or remedy herein conferred upon or reserved
to the Trustee or to the Holders of Securities or coupons is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or
otherwise.&nbsp; The assertion or employment of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any
other appropriate right or remedy.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 511.&nbsp; <a name="ex4-1_DelayOrOmissionNotWaiver">Delay or Omission Not Waiver</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
No delay or omission of the Trustee or of any Holder of any Security or coupon
to exercise any right or remedy accruing upon any Event of Default shall impair
any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein.&nbsp; Every right and remedy given by this Article or
by law to the Trustee or to the Holders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Holders of
Securities or coupons, as the case may be.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 512.&nbsp; <a name="ex4-1_ControlByHoldersOfSecurities">Control by Holders of Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Holders of a majority in principal amount of the Outstanding Securities of
any series shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee or exercising
any trust or power conferred on the Trustee with respect to the Securities of
such series, <u>provided</u> that</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
such direction shall not be in conflict with any rule of law or with this
Indenture,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee need not take any action which might involve it in personal
liability or be unjustly prejudicial to the Holders of Securities of such
series not consenting.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 513.&nbsp; <a name="ex4-1_WaiverOfPastDefaults">Waiver of Past Defaults</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to Section 502, the Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may on behalf of the Holders
of all the Securities of such series and any related coupons waive any past
default hereunder with respect to such series and its consequences, except a
default</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in the payment of the principal of (or premium, if any) or interest, if any, on
any Security of such series or any related coupons, or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding
Security of such series affected.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon
any such waiver, such default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 514.&nbsp; <a name="ex4-1_WaiverOfStayOrExtensionLaws">Waiver of Stay or Extension Laws</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company covenants (to the extent that it may lawfully do so) that it will
not at any time insist upon, or plead, or in any manner whatsoever claim or
take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law, and covenants that it will not hinder, delay or impede the execution of
any power herein granted to the Trustee, but will suffer and permit the
execution of every such power as though no such law had been enacted.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleSix"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SIX</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_TheTrustee"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE TRUSTEE</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 601.&nbsp; <a name="ex4-1_NoticeOfDefaults">Notice of Defaults</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; Within 90 days
after the occurrence of any Default hereunder with respect to the Securities of
any series, the Trustee shall transmit in the manner and to the extent provided
in TIA Section 313(c), notice of such Default hereunder known to the Trustee,
unless such Default shall have been cured or waived; <u>provided</u>, <u>however</u>,
that, except in the case of a Default in the payment of the principal of (or
premium, if any) or interest, if any, on any Security of such series, or in the
payment of any sinking or purchase fund installment with respect to the
Securities of such series, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determines that the withholding of such notice is in the interests of the
Holders of the Securities and coupons of such series; and <u>provided</u>  <u>further</u>
that in the case of any Default or breach of the character specified in Section
501(4) with respect to the Securities and coupons of such series, no such
notice to Holders shall be given until at least 60 days after the occurrence
thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 602.&nbsp; <a name="ex4-1_CertainRightsOfTrustee">Certain Rights of Trustee</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to the provisions of TIA Section 315(a) through 315(d):</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture, note, coupon or
other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order (other than delivery of any
Security, together with any coupons appertaining thereto, to the Trustee for
authentication and delivery pursuant to Section 303 which shall be sufficiently
evidenced as provided therein) and any resolution of the Board of Directors may
be sufficiently evidenced by a Board Resolution.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely
upon a Board Resolution, an Opinion of Counsel or an Officers&#146; Certificate.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee may consult with counsel and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken, suffered or omitted by it hereunder in good faith
and in reliance thereon.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the
Holders of Securities of any series or any related coupons pursuant to this
Indenture, unless such Holders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note,
coupon or other paper or document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises
of the Company, personally or by agent or attorney.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys and the
Trustee shall not be responsible for any misconduct or negligence on the part
of any agent or attorney appointed with due care by it hereunder.</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall not be liable for any action taken, suffered or omitted by it
in good faith and believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall not be charged with knowledge of any Default or Event of
Default with respect to the Securities of any series unless either (1) such Default
or Event of Default is known, or ought reasonably to have been known, by a
Responsible Officer of the Trustee or (2) written notice of such Default of
Event of Default shall have been given to the Trustee by the Company or any
other obligor on the Securities of any series or by any Holder of the
Securities of any series.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trustee shall not be required to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 603.&nbsp; <a name="ex4-1_NotResponsibleForRecitalsOrIssuance">Not Responsible for Recitals or
Issuance of Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The recitals contained herein and in the Securities, except the Trustee&#146;s
certificate of authentication, and in any coupons shall be taken as the
statements of the Company, and neither the Trustee nor any Authenticating Agent
assumes any responsibility for their correctness.&nbsp; The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities or coupons, except that the Trustee represents that it is duly
authorized to execute and deliver this Indenture, authenticate the Securities
and perform its obligations hereunder and that the statements made by it in a
Statement of Eligibility on Form T-1 supplied to the Company are true and
accurate, subject to the qualifications set forth therein.&nbsp; Neither the
Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Company of Securities or the proceeds thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 604.&nbsp; <a name="ex4-1_MayHoldSecurities">May Hold Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any
other agent of the Company, in its individual or any other capacity, may become
the owner or pledgee of Securities and coupons and, subject to TIA Sections
310(b) and 311, may otherwise deal with the Company with the same rights it
would have if it were not Trustee, Paying Agent, Security Registrar,
Authenticating Agent or such other agent.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 605.&nbsp; <a name="ex4-1_MoneyHeldInTrust">Money Held in Trust</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; Money held by
the Trustee in trust hereunder need not be segregated from other funds except
to the extent required by law.&nbsp; The Trustee shall be under no liability
for interest on any money received by it hereunder except as otherwise agreed
in writing with the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 606.&nbsp; <a name="ex4-1_CompensationAndReimbursement">Compensation and Reimbursement</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company agrees:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To pay to the Trustee from time to time such compensation for all services
rendered by it hereunder as the Company and the Trustee shall from time to time
agree in writing (which compensation shall not be limited by any provision of
law in regard to the compensation of a trustee of an express trust).</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as otherwise expressly provided herein, to reimburse the Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any provision of this Indenture
(including reasonable compensation and the expenses, advances and disbursements
of its agents and counsel), except any such expense, disbursement or advance as
may be attributable to its negligence or bad faith.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
To indemnify each of the Trustee and any predecessor Trustee for, and to hold
it harmless against, any loss, liability or expense incurred without negligence
or bad faith on its own part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the
costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
security for the performance of the obligations of the Company under this
Section, the Trustee for the Securities of any series shall have a claim prior
to the Securities of such series upon all property and funds held or collected
by the Trustee as such, except funds held in trust for the payment of principal
of (or premium, if any) or interest, if any, on Securities or any coupons of
such series.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
provisions of this Section 606 shall survive the resignation or removal of the
Trustee and the termination of this Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 607.&nbsp; <a name="ex4-1_CorporateTrusteeRequired">Corporate Trustee Required</a>; Eligibility</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
There shall at all times be a Trustee hereunder which shall be eligible to act
as Trustee under TIA Section 310(a)(1) and shall have a combined capital and
surplus of at least $50,000,000.&nbsp; If such corporation publishes reports of
condition at least annually, pursuant to law or the requirements of Federal,
State, Territorial or District of Columbia supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published.&nbsp; If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this
Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 608.&nbsp; <a name="ex4-1_ResignationAndRemoval">Resignation and Removal</a>; Appointment of
Successor</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;No resignation or removal of the Trustee and no appointment of a
successor Trustee pursuant to this Article shall become effective until the
acceptance of appointment by the successor Trustee in accordance with the
applicable requirements of Section 609.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee may resign at any time with respect to the Securities of one or
more series by giving 30 days&#146; prior written notice thereof to the Company.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee may be removed at any time with respect to the Securities of any
series by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series delivered to the Trustee and to the
Company.</font></b></h3>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>


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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If at any time:</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee shall fail to comply with the provisions of TIA Section 310(b)
after written request therefor by the Company or by any Holder of a Security
who has been a bona fide Holder of a Security for at least six months, or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee shall cease to be eligible under Section 607 and shall fail to
resign after written request therefor by the Company or by any Holder of a
Security who has been a bona fide Holder of a Security for at least six months,
or</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Trustee shall become incapable of acting or shall be adjudged a bankrupt or
insolvent or a receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation,</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">then, in any such case,
(i) the Company by or pursuant to a Board Resolution may remove the Trustee and
appoint a successor Trustee with respect to all Securities, or (ii) subject to
TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of
a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of a
successor Trustee or Trustees.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If an instrument of acceptance by a successor Trustee shall not have been
delivered to the Trustee within 30 days after the giving of a notice of
resignation or the delivery of an Act of removal, the Trustee resigning or
being removed may petition any court of competent jurisdiction for the
appointment of a successor Trustee.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause with respect to
the&nbsp; Securities of one or more series, the Company, by or pursuant to a
Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series).&nbsp; If,
within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee
with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company.&nbsp; If no successor Trustee with
respect to the Securities of any series shall have been so appointed by the
Company or the Holders of Securities and accepted appointment in the manner
hereinafter provided, any Holder of a Security who has been a bona fide Holder
of a Security of such series for at least six months may, on behalf of himself
and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to Securities of such
series.</font></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series in the manner
provided for notices to the Holders of Securities in Section 106.&nbsp; Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 609.&nbsp; <a name="ex4-1_AcceptanceOfAppointmentBySuccessor">Acceptance of Appointment by Successor</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;In case of the appointment hereunder of a successor Trustee with
respect to all Securities, every such successor Trustee shall execute,
acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee,
and shall&nbsp; duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder, subject
nevertheless to its claim, if any, provided for in Section 606.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that
nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein and each such successor
Trustee, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts and duties of the retiring Trustee with respect
to the Securities of that or those series to which the appointment of such
successor Trustee relates; but, on request of the Company or any successor
Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the
appointment of such successor Trustee relates, subject to the lien, if any,
provided by Section 606.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such
successor</font></b></h3>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=56,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=1013025,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Trustee
all such rights, powers and trusts referred to in paragraph (a) or (b) of this
Section, as the case may be.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No successor Trustee shall accept its appointment unless at the time of such
acceptance such successor Trustee shall be qualified and eligible under this
Article.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 610.&nbsp; <a name="ex4-1_Merger">Merger</a>, Conversion, Consolidation or Succession to Business</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Any corporation into which the Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder, <u>provided</u>
such corporation shall be otherwise qualified and eligible under this Article,
without the execution or filing of any paper or any further act on the part of
any of the parties hereto.&nbsp; In case any Securities or coupons shall have
been authenticated, but not delivered, by the Trustee then in office, any
successor by merger, conversion or consolidation to such authenticating Trustee
may adopt such authentication and deliver the Securities or coupons so
authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities or coupons.&nbsp; In case any Securities or
coupons shall not have been authenticated by such predecessor Trustee, any such
successor Trustee may authenticate and deliver such Securities or coupons, in
either its own name or that of its predecessor Trustee, with the full force and
effect which this Indenture provides for the certificate of authentication of
the Trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 611.&nbsp; <a name="ex4-1_AppointmentOfAuthenticatingAgent">Appointment of Authenticating Agent</a>.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;
At any time when any of the Securities remain Outstanding, the Trustee may
appoint an Authenticating Agent or Authenticating Agents with respect to one or
more series of Securities which shall be authorized to act on behalf of the
Trustee to authenticate Securities of such series issued upon exchange,
registration of transfer or partial redemption thereof, and Securities so
authenticated shall be entitled to the benefits of this Indenture and shall be
valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument
shall be promptly furnished to the Company.&nbsp; Wherever reference is made in
this Indenture to the authentication and delivery of Securities by the Trustee
or the Trustee&#146;s certificate of authentication, such reference shall be deemed
to include authentication and delivery on&nbsp; behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent.&nbsp; Each Authenticating Agent shall
be acceptable to the Company and, except as may otherwise be provided pursuant
to Section 301, shall at all times be a bank or trust company or corporation
organized and doing business and in good standing under the laws of the United
States, authorized under such laws to act as Authenticating Agent, having a
combined capital and surplus of not less than $1,500,000 and subject to
supervision or examination by Federal or State authorities.&nbsp; If such
Authenticating Agent publishes reports of condition at least annually, pursuant
to law or the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section, the combined capital and surplus of such
Authenticating Agent shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published.&nbsp; In case at
any time an Authenticating Agent shall cease to be eligible in accordance with
the provisions of this Section, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=57,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=724972,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
corporation into which an Authenticating Agent may be merged or converted or
with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Authenticating Agent shall be
a party, or any corporation succeeding to the corporate agency or corporate
trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or further act
on the part of the Trustee or the Authenticating Agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An
Authenticating Agent for any series of Securities may at any time resign by
giving written notice of resignation to the Trustee for such series and to the
Company.&nbsp; The Trustee for any series of Securities may at any time
terminate the agency of an Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company.&nbsp; Upon
receiving such a notice of resignation or upon such a termination, or in case
at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee for such series may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall give notice of such appointment to all Holders of Securities of the
series with respect to which such Authenticating Agent will serve in the manner
set forth in Section 106.&nbsp; Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like effect as if
originally named as an Authenticating Agent herein.&nbsp; No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation including reimbursement of its reasonable expenses for its
services under this Section.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
an appointment of any Authenticating Agent with respect to one or more series
is made pursuant to this Section, the Securities of such series may have
endorsed thereon, in addition to or in lieu of the Trustee&#146;s certificate of
authentication, an alternate certificate of authentication substantially in the
following form:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TRUSTEE]
  </font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Authenticating
  Agent</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="40%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:40.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="21%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:21.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="33%" valign="top" style="padding:0in 0in 0in 0in;width:33.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="29%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:29.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="59%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:59.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.7%;">
  <p style="margin:0in 0in .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authorized Signatory</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="font-family:'Times New Roman';">
  <td width="38" style="padding:0in 0in 0in 0in;width:28.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="152" style="padding:0in 0in 0in 0in;width:114.0pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="242" style="padding:0in 0in 0in 0in;width:181.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="25" style="padding:0in 0in 0in 0in;width:18.75pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="214" style="padding:0in 0in 0in 0in;width:160.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50" style="padding:0in 0in 0in 0in;width:37.5pt;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=58,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=659445,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleSeven"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE SEVEN</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_HoldersListsAndReportsByTrusteeAn"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">HOLDERS&#146; LISTS AND
REPORTS BY TRUSTEE AND COMPANY</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 701.&nbsp; <a name="ex4-1_DisclosureOfNamesAndAddressesOfHol">Disclosure of Names and Addresses of
Holders</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Every Holder of Securities or coupons, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the
Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any
information as to the names and addresses of the Holders of Securities in
accordance with TIA Section 312, regardless of the source from which such
information was&nbsp; derived, and that the Trustee shall not be held
accountable by reason of mailing any material pursuant to a request made under
TIA Section 312(b).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 702.&nbsp; <a name="ex4-1_ReportsByTrustee">Reports by Trustee</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; Within 60 days
after May 15 of each year commencing with the first May 15 after the first
issuance of Securities pursuant to this Indenture, the Trustee shall transmit
by mail to all Holders of Securities as provided in TIA Section 313(c) a brief
report dated as of such May 15 if required by TIA Section 313(a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange, if any, upon which the Securities
are listed, with the Commission and with the Company.&nbsp; The Company will
promptly notify the Trustee of the listing of the Securities on any stock
exchange.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 703.&nbsp; <a name="ex4-1_ReportsByCompany">Reports by Company</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; The Company
will:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
file with the Trustee, within 15 days after the Company is required to file the
same with the Commission, copies of the annual reports and of the information,
documents, and other reports (or copies of such portions of any of the
foregoing as the Commission may from time to time by rules and regulations
prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934;
or, if the Company is not required to file information, documents or reports
pursuant to either of such Sections, then it will file with the Trustee and the
Commission, in accordance with rules and regulations prescribed from time to
time by the Commission, such of the supplementary and periodic information,
documents and reports which may be required pursuant to Section 13 of the
Securities Exchange Act of 1934 in respect of a security listed and registered
on a national securities exchange as may be prescribed from time to time in
such rules and regulations;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such additional
information, documents and reports with respect to compliance by the Company
with the conditions and covenants of this Indenture as may be required from
time to time by such rules and regulations; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
comply with all other provisions of TIA Section 314(a).</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=59,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=1038381,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 704.&nbsp; <a name="ex4-1_CalculationOfOriginalIssueDiscount">Calculation of Original Issue Discount</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
With respect to any Original Issue Discount Security issued pursuant to Section
301, if any, upon request of the Trustee, the Company shall file with the
Trustee promptly at the end of each calendar year a written notice specifying
the amount of original issue discount (including daily rates and accrual
periods), if any, accrued on Outstanding Securities as of the end of such year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleEight"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE EIGHT</font></b></a><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
<br>
<a name="ex4-1_Consolidation">CONSOLIDATION</a>, MERGER, CONVEYANCE OR TRANSFER</font></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 801.&nbsp; <a name="ex4-1_CompanyMayConsolidate">Company May Consolidate</a>, Etc., Only on Certain
Terms</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; The Company
shall not consolidate with or merge with or into any other Person or convey or
transfer its properties and assets substantially as an entirety to any Person,
unless:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
either the Company shall be the continuing corporation, or the Person (if other
than the Company) formed by such consolidation or into which the Company is
merged or the Person which acquires by conveyance or transfer the properties
and assets of the Company substantially as an entirety shall expressly assume,
by an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal
of (and premium, if any) and interest, if any, on all the Securities and the
performance of every covenant of this Indenture on the part of the Company to
be performed or observed;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
immediately after giving effect to such transaction, no Default or Event of
Default shall have happened and be continuing; and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Company or the successor Person (if other than the Company) has delivered
to the Trustee an Officers&#146; Certificate and an Opinion of Counsel each stating
that such consolidation, merger, conveyance or transfer and such supplemental
indenture comply with this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 802.&nbsp; <a name="ex4-1_SuccessorPersonSubstituted">Successor Person Substituted</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Upon any consolidation or merger, or any conveyance or transfer of the
properties and assets of the Company substantially as an entirety in accordance
with Section 801, the successor Person formed by such consolidation or into
which the&nbsp; Company is merged or the successor Person to which such
conveyance or transfer is made shall succeed to, and be substituted for, and
may exercise every right and power of, the Company under this Indenture with
the same effect as if such successor had been named as the Company herein; and
in the event of any such conveyance or transfer, the Company shall be
discharged from all obligations and covenants under this Indenture and the
Securities and coupons and may be dissolved and liquidated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleNine"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE NINE</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_SupplementalIndentures"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUPPLEMENTAL INDENTURES</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 901.&nbsp; <a name="ex4-1_SupplementalIndenturesWithoutConsent">Supplemental Indentures Without
Consent of Holders</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Without the consent of any Holders of Securities or coupons, the Company, when
authorized by</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=60,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=336507,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">or pursuant to a Board
Resolution, and the Trustee, at any time and from time to time, may enter into
one or more indentures supplemental hereto, in form satisfactory to the
Trustee, for any of the following purposes:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to evidence the succession of another Person to the Company and the assumption
by any such successor of the covenants of the Company herein and in the
Securities contained; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to add to the covenants of the Company for the benefit of the Holders of all or
any series of Securities (and if such covenants are to be for the benefit of
less than all series of Securities, stating that such covenants are expressly
being included solely for the benefit of such series) or to surrender any right
or power herein conferred upon the Company; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to add any additional Events of Default for the benefit of the Holders of all
or any series of Securities (and if such Events of Default are to be for the
benefit of less than all series of Securities, stating that such Events of
Default are expressly being included solely for the benefit of such series); <u>provided</u>,
<u>however</u>, that in respect of any such additional Events of Default such
supplemental indenture may provide for a particular period of grace after
default (which period may be shorter or longer than that allowed in the case of
other defaults) or may provide for an immediate enforcement upon such default
or may limit the remedies available to the Trustee upon such default or may
limit the right of the Holders of a majority in aggregate principal amount of
that or those series of Securities to which such additional Events of Default
apply to waive such default; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to add to or change any of the provisions of this Indenture to provide that
Bearer Securities may be registerable as to principal, to change or eliminate
any restrictions on the payment of principal of or any premium or interest on
Bearer Securities, to permit Bearer Securities to be issued in exchange for
Registered Securities, to permit Bearer Securities to be issued in exchange for
Bearer Securities of other authorized denominations or to permit or facilitate
the issuance of Securities in uncertificated form; <u>provided</u> that any
such action shall not, as evidenced by an Opinion of Counsel delivered to the
Trustee, adversely affect the interests of the Holders of Securities of any
series or any related coupons in any material respect; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to change or eliminate any of the provisions of this Indenture; <u>provided</u>
that any such change or elimination shall become effective only when there is
no Security Outstanding of any series created prior to the execution of such
supplemental indenture which is entitled to the benefit of such provision; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to establish the form or terms of Securities of any series and any related
coupons as permitted by Sections 201 and 301, including the provisions and
procedures relating to the relative priority of the Securities or relating to
Securities convertible into or exchangeable for any securities of any Person
(including the Company); or</font></b></h5>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">54</font></p>


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</font></div>

<font size="3" style="font-size:12.0pt;">
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to cure any ambiguity, to correct or supplement any provision herein which may
be inconsistent with any other provision herein, or to make any other
provisions with respect to matters or questions arising under this
Indenture;&nbsp; <u>provided</u> that any such action shall not, as evidenced
by an Opinion of Counsel delivered to the Trustee, adversely affect the
interests of the Holders of Securities of any series or any related coupons in
any material respect; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
to supplement any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the defeasance and discharge of any series
of Securities pursuant to Sections 401, 1402 and 1403; <u>provided</u> that any
such action shall not, as evidenced by an Opinion of Counsel delivered to the
Trustee, adversely affect the interests of the Holders of Securities of such
series and any related coupons or any other series of Securities in any
material respect.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 902.&nbsp; <a name="ex4-1_SupplementalIndenturesWithConsentOf">Supplemental Indentures with Consent
of Holders</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
With the consent of the Holders of not less than a majority in principal amount
of all Outstanding Securities affected by such supplemental indenture, by Act
of said Holders delivered to the Company and the Trustee, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee may enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities and any related coupons under this Indenture; <u>provided</u>, <u>however</u>,
that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
change the Stated Maturity of the principal of (or premium, if any, on) or any
installment of principal of or interest on, any Security; or reduce the
principal amount thereof or the rate of interest thereon, or any premium
payable upon the redemption thereof, or change any obligation of the Company to
pay Additional Amounts pursuant to Section 1004 (except as contemplated by
Section 801(1) and permitted by Section 901(1)), or reduce the portion of the
principal of an Original Issue Discount Security or Indexed Security that would
be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant
to Section 504, or adversely affect any right of repayment at the option of the
Holder of any Security, or change any Place of Payment where, or the Currency
in which, any Security or any premium or interest thereon is payable, or impair
the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption or repayment at the
option of the Holder, on or after the Redemption Date or the Repayment Date, as
the case may be), or adversely affect any right to convert or exchange any
Security as may be provided pursuant to Section 301 herein; or</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver with
respect to such series (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 1504 for quorum or voting; or</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
modify any of the provisions of this Section, Section 513 or Section 1006,
except to increase any such percentage or to provide that certain other
provisions of this Indenture cannot be modified or waived without the consent
of the Holder of each Outstanding Security affected thereby.</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It
shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be
sufficient if such Act shall approve the substance thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A
supplemental indenture which changes or eliminates any covenant or other
provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the
rights of the Holders of Securities of such series with respect to such
covenant or other provision, shall be deemed not to affect the rights under
this Indenture of the Holders of Securities of any other series.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company may, but shall not be obligated to, fix a record date for the purpose
of determining the Persons entitled to consent to any indenture supplemental
hereto.&nbsp; If a record date is fixed, the Holders on such record date, or
their duly designated proxies, and only such Persons, shall be entitled to
consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; <u>provided</u> that unless such consent shall
have become effective by virtue of the requisite percentage having been
obtained prior to the date which is 90 days after such record date, any such
consent previously given shall automatically and without further action by any
Holder be cancelled and of no further effect.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 903.&nbsp; <a name="ex4-1_ExecutionOfSupplementalIndentures">Execution of Supplemental Indentures</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
In executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article or the modification thereby of the trusts
created by this Indenture, the Trustee shall be entitled to receive, in
addition to any documents required by Section 102, and shall be fully protected
in relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture.&nbsp; The
Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee&#146;s own rights, duties or immunities under this
Indenture or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 904.&nbsp; <a name="ex4-1_EffectOfSupplementalIndentures">Effect of Supplemental Indentures</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Upon the execution of any supplemental indenture under this Article, this
Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every
Holder of Securities theretofore or thereafter authenticated and delivered
hereunder and of any coupon appertaining thereto shall be bound thereby.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">56</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=460943,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 905.&nbsp; <a name="ex4-1_ConformityWithTrustIndentureAct">Conformity with Trust Indenture Act</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Every supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act as then in effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 906.&nbsp; <a name="ex4-1_ReferenceInSecuritiesToSupplemental">Reference in Securities to
Supplemental Indentures</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall, if required by
the Trustee, bear a notation in form approved by the Trustee as to any matter
provided for in such supplemental indenture.&nbsp; If the Company shall so
determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may
be prepared and executed by the Company and authenticated and delivered by the
Trustee in exchange for Outstanding Securities of such series.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleTen"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TEN</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_Covenants"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">COVENANTS</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1001.&nbsp; <a name="ex4-1_PaymentOfPrincipal">Payment of Principal</a>, Premium and Interest</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company covenants and agrees for the benefit of the Holders of each series
of Securities that it will duly and punctually pay the principal of (and
premium, if any) and interest, if any, on the Securities of that series in
accordance with the terms of such series of Securities, any coupons
appertaining thereto and this Indenture.&nbsp; Any interest due on Bearer Securities
on or before Maturity, other than Additional Amounts, if any, payable as
provided in Section 1004 in respect of principal of (or premium, if any, on)
such a Security, shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature.&nbsp; Unless otherwise specified with respect to Securities
of any series pursuant to Section 301, at the option of the Company, all
payments of principal may be paid by check to the registered Holder of the
Registered Security or other person entitled thereto against surrender of such
Security.&nbsp; Unless otherwise specified as contemplated by Section 301 with
respect to any series of Securities, any interest due on Bearer Securities on
or before Maturity shall be payable only upon presentation and surrender of the
several coupons for such interest installments as are evidenced thereby as they
severally mature.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1002.&nbsp; <a name="ex4-1_MaintenanceOfOfficeOrAgency">Maintenance of Office or Agency</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If Securities of a series are issuable only as Registered Securities, the
Company shall maintain in each Place of&nbsp; Payment for any series of
Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered
for registration of transfer or exchange, where Securities of that series that
are convertible or exchangeable may be surrendered for conversion or exchange,
as applicable, and where notices and demands to or upon the Company in respect
of the Securities of that series and this Indenture may be served.&nbsp; If
Securities of a series are issuable as Bearer Securities, the Company will
maintain (A) in the Borough of Manhattan, The City of New York, an office or
agency where any Registered Securities of that series may be presented or
surrendered for payment, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may
be surrendered for exchange, where Securities of that series that are
convertible or exchangeable may be surrendered for conversion or exchange, as
applicable, where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">57</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=64,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=815278,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">may be served and where
Bearer Securities of that series and related coupons may be presented or
surrendered for payment in the circumstances described in the following
paragraph (and not otherwise), (B) subject to any laws or regulations
applicable thereto, in a Place of Payment for that series which is located
outside the United States, an office or agency where Securities of that series
and related coupons may be presented and surrendered for payment; <u>provided</u>,
<u>however</u>, that if the Securities of that series are listed on the
Luxembourg Stock Exchange or any other stock exchange located outside the
United States and such stock exchange shall so require, the Company will
maintain a Paying Agent for the Securities of that series in Luxembourg or any
other required city located outside the United States, as the case may be, so
long as the Securities of that series are listed on such exchange, and (C)
subject to any laws or regulations applicable thereto, in a Place of Payment
for that series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of
transfer, where Securities of that series may be surrendered for exchange,
where Securities of that series that are convertible or exchangeable may be
surrendered for conversion or exchange, as applicable, and where notices and
demands to or upon the Company in respect of the Securities of that series and
this Indenture may be served.&nbsp; The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of each such
office or agency.&nbsp; If at any time the Company shall fail to maintain any
such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee, except that Bearer
Securities of that series and the related coupons may be presented and&nbsp;
surrendered for payment at the offices specified in the Security, in London,
England, and the Company hereby appoints the same as its agent to receive such
respective presentations, surrenders, notices and demands, and the Company
hereby appoints the Trustee its agent to receive all such presentations,
surrenders, notices and demands.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified with respect to any Securities pursuant to Section 301, no
payment of principal, premium or interest on Bearer Securities shall be made at
any office or agency of the Company in the United States or by check mailed to
any address in the United States or by transfer to an account maintained with a
bank located in the United States; <u>provided</u>, <u>however</u>, that, if
the Securities of a series are payable in Dollars, payment of principal of (and
premium, if any) and interest, if any, on any Bearer Security shall be made at
the office of the Company&#146;s Paying Agent in the Borough of Manhattan, The City
of New York, if (but only if) payment in Dollars of the full amount of such
principal, premium or interest, as the case may be, at all offices or agencies
outside the United States maintained for such purpose by the Company in
accordance with this Indenture, is illegal or effectively precluded by exchange
controls or other similar restrictions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company may from time to time designate one or more other offices or agencies
where the Securities of one or more series may be presented or surrendered for
any or all of such purposes, and may from time to time rescind such
designations; <u>provided</u>, <u>however</u>, that no such designation or
rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in accordance with the requirements set forth
above for Securities of any series for such purposes.&nbsp; The Company will
give prompt written notice to the Trustee of any such designation or rescission
and of any change in the location of any such other office or agency.&nbsp;
Unless otherwise specified with respect to any Securities pursuant to Section
301 with respect to a series of Securities, the Company hereby designates as
Places of Payment</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">58</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=65,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=496728,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">for each series of
Securities New York, New York and initially appoints the Trustee at its
Corporate Trust Office as Paying Agent in such city and as its agent to receive
all such presentations, surrenders, notices and demands.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified with respect to any Securities pursuant to Section 301, if
and so long as the Securities of any series (i) are denominated in a
currency&nbsp; other than Dollars or (ii) may be payable in a currency other
than Dollars, or so long as it is required under any other provision of the
Indenture, then the Company will maintain with respect to each such series of
Securities, or as so required, at least one Exchange Rate Agent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1003.&nbsp; <a name="ex4-1_MoneyForSecuritiesPaymentsToBeHeld">Money for Securities Payments to Be
Held in Trust</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If the Company shall at any time act as its own Paying Agent with respect to
any series of any Securities and any related coupons, it will, on or before
each due date of the principal of (or premium, if any) or interest, if any, on
any of the Securities of that series, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the principal
of (and premium, if any) and interest, if any, on Securities of such series so
becoming due until such sums shall be paid to such Persons or otherwise
disposed of as herein provided, and will promptly notify the Trustee of its
action or failure so to act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever
the Company shall have one or more Paying Agents for any series of Securities
and any related coupons, it will, on or before each due date of the principal
of (or premium, if any) or interest, if any, on any Securities of that series,
deposit with a Paying Agent a sum (in the Currency described in the preceding
paragraph) sufficient to pay the principal (or premium, if any) or interest, if
any, so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal, premium or interest and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the
Company or such Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such sums.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as otherwise provided in the Securities of any series, any money deposited with
the Trustee or any Paying Agent, or then held by the Company, in trust for the
payment of the principal of (or premium, if any) or interest, if any, on any
Security of any series and remaining unclaimed for two years after such
principal, premium or interest has become due and payable shall be paid to the
Company upon Company Request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter,
as an unsecured general creditor, look only to the Company for payment of such
principal, premium or interest on any Security, without interest thereon, and
all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon
cease; <u>provided</u>, <u>however</u>, that the Trustee or such Paying Agent,
before being</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">59</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=66,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=514819,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">required to make any
such repayment, may at the expense of the Company cause to be published once,
in an Authorized Newspaper, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1004.&nbsp; <a name="ex4-1_AdditionalAmounts">Additional Amounts</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If the Securities of a series provide for the payment of Additional Amounts,
the Company will pay to the Holder of a Security of such series or any coupon
appertaining thereto Additional Amounts as may be specified as contemplated by
Section 301.&nbsp; Whenever in this Indenture there is mentioned, in any
context, the payment of the principal of (or premium, if any) or interest, if
any, on any Security of any series or payment of any related coupon or the net
proceeds received on the sale or exchange of any Security of any series, such
mention shall be deemed to include mention of the payment of Additional Amounts
provided by the terms of such series established pursuant to Section 301 to the
extent that, in such context, Additional Amounts are, were or would be payable
in respect thereof pursuant to such terms and express mention of the payment of
Additional Amounts (if applicable) in any provisions hereof shall not be
construed as excluding Additional Amounts in those provisions hereof where such
express mention is not made.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as otherwise specified as contemplated by Section 301, if the Securities of a
series provide for the payment of Additional Amounts, at least 10 days prior to
the first Interest Payment Date with respect to that series of Securities (or
if the Securities of that series will not bear interest prior to Maturity, the
first day on which a payment&nbsp; of principal and any premium is made), and
at least 10 days prior to each date of payment of principal, premium or
interest if there has been any change with respect to the matters set forth in
the below-mentioned Officers&#146; Certificate, the Company will furnish the Trustee
and the Company&#146;s principal Paying Agent or Paying Agents, if other than the
Trustee, with an Officers&#146; Certificate instructing the Trustee and such Paying
Agent or Paying Agents whether such payment of principal, premium or interest
on the Securities of that series shall be made to Holders of Securities of that
series or any related coupons who are not United States persons without
withholding for or on account of any tax, assessment or other governmental
charge described in the Securities of the series.&nbsp; If any such withholding
shall be required, then such Officers&#146; Certificate shall specify by country the
amount, if any, required to be withheld on such payments to such Holders of
Securities of that series or related coupons and the Company will pay to the
Trustee or such Paying Agent the Additional Amounts required by the terms of
such Securities.&nbsp; In the event that the Trustee or any Paying Agent, as
the case may be, shall not so receive the above-mentioned certificate, then the
Trustee or such Paying Agent shall be entitled (i) to assume that no such
withholding or deduction is required with respect to any payment of principal
or interest with respect to any Securities of a series or related coupons until
it shall have received a certificate advising otherwise and (ii) to make all
payments of principal and interest with respect to the Securities of a series
or related coupons without withholding or deductions until otherwise
advised.&nbsp; The Company covenants to indemnify the Trustee and any Paying
Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out
of or in connection with actions taken or omitted by any of them in reliance on
any Officers&#146; Certificate furnished pursuant to this Section or in reliance on
the Company&#146;s not furnishing such an Officers&#146; Certificate.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">60</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1005.&nbsp; <a name="ex4-1_StatementAsToCompliance">Statement as to Compliance</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp; The Company will deliver to the Trustee, within 120 days after the
end of each fiscal year (beginning with the fiscal year ending on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;),
an Officers&#146; Certificate, stating whether or not, to the best knowledge of the
signers thereof, the Company is in default in the performance and observance of
any of the terms, provisions and conditions of this Indenture (without regard to
any period of grace or requirement of notice provided hereunder) and, if the
Company shall be in default, specifying all such defaults and the nature and
status thereof known to the Officers signing such certificate.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company will, so long as any of the Securities of any series are
Outstanding, deliver to the Trustee, as promptly as practicable upon an Officer
of the Company becoming aware of any default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without
regard to any period of grace or requirement of notice provided hereunder) or
any Event of Default, an Officers&#146; Certificate specifying such default or Event
of Default and what action the Company is taking or proposes to take with
respect thereto and the status thereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1006.&nbsp; <a name="ex4-1_WaiverOfCertainCovenants">Waiver of Certain Covenants</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company may omit in any particular instance to comply with any term,
provision or condition as specified pursuant to Section 301(15) for Securities
of any series, in any covenants of the Company added to Article Ten pursuant to
Section 301(14) or Section 301(15) in connection with Securities of a series,
if before or after the time for such compliance the Holders of at least a
majority in principal amount of the Outstanding Securities of that series, by
Act of such Holders, waive such compliance in such instance or generally waive
compliance with such term, provision or condition, but no such waiver shall
extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
term, provision or condition shall remain in full force and effect.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1007.&nbsp; <a name="ex4-1_CorporateExistence">Corporate Existence</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to Article Eight, the Company will at all times do or cause to be done
all things necessary to preserve and keep in full force and effect its
corporate existence and its rights and franchises; provided that nothing in
this Section 1007 shall prevent the abandonment or termination of any right or
franchise of the Company if, in the opinion of the Company, such abandonment or
termination is in the best interests of the Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1008.&nbsp; <a name="ex4-1_Insurance">Insurance</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company covenants and agrees that it will maintain, and cause each of its
subsidiaries to maintain, insurance with responsible and reputable insurance
companies or associations or through a program of self-insurance in such
amounts and covering such risks as, taken as a whole, are generally consistent
with sound business practice for corporations engaged in the same or a similar
business similarly situated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">61</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleEleven"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE ELEVEN</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_RedemptionOfSecurities"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">REDEMPTION OF SECURITIES</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1101.&nbsp; <a name="ex4-1_ApplicabilityOfArticle">Applicability of Article</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Securities of any series which are redeemable before their Stated Maturity
shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 301 for Securities of any series) in
accordance with this Article.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1102.&nbsp; <a name="ex4-1_ElectionToRedeem">Election to Redeem</a>; Notice to Trustee</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The election of the Company to redeem any Securities shall be evidenced by or
pursuant to a Board Resolution. &nbsp;In case of any redemption at the election
of the Company of less than all of the Securities of any series, the Company shall,
at least 60 days prior to the Redemption Date fixed by the Company (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee in
writing of such Redemption Date and of the principal amount of Securities of
such series to be redeemed.&nbsp; In the case of any redemption of Securities
prior to the expiration of any restriction on such redemption provided in the
terms of such Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers&#146; Certificate evidencing compliance with
such restriction.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1103.&nbsp; <a name="ex4-1_SelectionByTrusteeOfSecuritiesToBe">Selection by Trustee of Securities to
Be Redeemed</a>.</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp; If less than all
the Securities of any series issued on the same day with the same terms are to
be redeemed, the particular Securities to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the
Outstanding Securities of such series issued on such date with the same terms
not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of
portions (equal to the minimum authorized denomination for Securities of that
series or any integral multiple thereof) of the principal amount of Securities
of such series of a denomination larger than the minimum authorized
denomination for Securities of that series.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Trustee shall promptly notify the Company and the Security Registrar (if other
than itself) in writing of the Securities selected for redemption and, in the
case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For
all purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Securities shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the
principal amount of such Security which has been or is to be redeemed.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1104.&nbsp; <a name="ex4-1_NoticeOfRedemption">Notice of Redemption</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Notice of redemption shall be given in the manner provided in Section 106, not
less than 30 days nor more than 60 days prior to the Redemption Date, unless a
shorter period is specified by the terms of such series established pursuant to
Section 301, to each Holder of Securities to be redeemed, but failure to give such
notice in the manner herein provided to the Holder of any Security designated
for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of
any other such Security or portion thereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">62</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
notice that is mailed to the Holders of Registered Securities in the manner
herein provided shall be conclusively presumed to have been duly given, whether
or not the Holder receives the notice.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All
notices of redemption shall state:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Redemption Date,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Redemption Price and accrued interest, if any, to the Redemption Date
payable as provided in Section 1106,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if less than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount)
of the particular Security or Securities to be redeemed,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
in case any Security is to be redeemed in part only, the notice which relates
to such Security shall state that on and after the Redemption Date, upon
surrender of such Security, the Holder will receive, without a charge, a new
Security or Securities of authorized denominations for the principal amount
thereof remaining unredeemed,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that on the Redemption Date, the Redemption Price and accrued interest, if any,
to the Redemption Date payable as provided in Section 1106 will become due and
payable upon each such Security, or the portion thereof, to be redeemed and, if
applicable, that interest thereon shall cease to accrue on and after said date,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Place or Places of Payment where such Securities, together in the case of
Bearer Securities with all coupons appertaining thereto, if any, maturing after
the Redemption Date, are to be surrendered for payment of the Redemption Price
and accrued interest, if any,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that the redemption is for a sinking fund, if such is the case,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that, unless otherwise specified in such notice, Bearer Securities of any
series, if any, surrendered for redemption must be accompanied by all coupons
maturing subsequent to the date fixed for redemption or the amount of any such
missing coupon or coupons will be deducted from the Redemption Price, unless
security or indemnity satisfactory to the Company, the Trustee for such series
and any Paying Agent is furnished,</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
if Bearer Securities of any series are to be redeemed and any Registered
Securities of such series are not to be redeemed, and if such Bearer Securities
may be exchanged for Registered Securities not subject to redemption on this
Redemption Date pursuant to Section 305 or otherwise, the last date, as
determined by the Company, on which such exchanges may be made, and</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h5>

<h5 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the CUSIP number of such Security, if any.</font></b></h5>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">63</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice
of redemption of Securities to be redeemed shall be given by the Company or, at
the Company&#146;s request, by the Trustee in the name and at the expense of the
Company.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1105.&nbsp; <a name="ex4-1_DepositOfRedemptionPrice">Deposit of Redemption Price</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
On or prior to 10:00 a.m., New York City time, on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, which it may not do in the case of a
sinking fund payment under Article Twelve, segregate and hold in trust as
provided in Section 1003) an amount of money in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay on the
Redemption Date the Redemption Price of, and (except if the Redemption Date
shall be an Interest Payment Date) accrued interest on, all the Securities or
portions thereof which are to be redeemed on that date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1106.&nbsp; <a name="ex4-1_SecuritiesPayableOnRedemptionDate">Securities Payable on Redemption Date</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Notice of redemption having been given as aforesaid, the Securities so to be
redeemed shall, on the Redemption Date, become due and payable at the
Redemption Price therein specified in the Currency in which the Securities of
such series are payable (except as otherwise specified pursuant to Section 301
for the Securities of such series and except, if applicable, as provided in
Sections&nbsp; 312(b), 312(d) and 312(e)) (together with accrued interest, if
any, to the Redemption Date), and from and after such date (unless the Company
shall default in the payment of the Redemption Price and accrued interest, if
any) such Securities shall if the same were interest-bearing cease to bear
interest and the coupons for such interest appertaining to any Bearer
Securities so to be redeemed, except to the extent provided below, shall be
void.&nbsp; Upon surrender of any such Security for redemption in accordance with
said notice, together with all coupons, if any, appertaining thereto maturing
after the Redemption Date, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest, if any, to the Redemption
Date; <u>provided</u>, <u>however</u>, that installments of interest on Bearer
Securities whose Stated Maturity is on or prior to the Redemption Date shall be
payable only at an office or agency located outside the United States (except
as otherwise provided in Section 1002) and, unless otherwise specified as
contemplated by Section 301, only upon presentation and surrender of coupons
for such interest, and <u>provided</u>  <u>further</u> that installments of
interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
307.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
any Bearer Security surrendered for redemption shall not be accompanied by all
appurtenant coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face
amount of all such missing coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there be furnished to
them such security or indemnity as they may require to save each of them and
any Paying Agent harmless.&nbsp; If thereafter the Holder of such Security shall
surrender to the Trustee or any Paying Agent any such missing coupon in respect
of which a deduction shall have been made from the Redemption Price, such
Holder shall be entitled to receive the amount so deducted; <u>provided</u>, <u>however</u>,
that interest represented by coupons shall be payable only at an office or
agency located outside the United States (except as otherwise</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">provided in Section
1002) and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the Redemption Price shall, until paid, bear interest from the
Redemption Date at the rate of interest set forth in such Security or, in the
case of an Original Issue Discount Security, at the Yield to Maturity of such
Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1107.&nbsp; <a name="ex4-1_SecuritiesRedeemedInPart">Securities Redeemed in Part</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Any Registered Security which is to be redeemed only in part (pursuant to the
provisions of this Article or of Article Twelve) shall be surrendered at a
Place of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or his attorney
duly authorized in writing) and the Company shall execute and the Trustee shall
authenticate and deliver to the Holder of such Security without service charge
a new Security or Securities of the same series, of any authorized denomination
as requested by such Holder in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so
surrendered.&nbsp; However, if less than all the Securities of any series with
differing issue dates, interest rates and stated maturities are to be redeemed,
the Company in its sole discretion shall select the particular Securities to be
redeemed and shall notify the Trustee in writing thereof at least 45 days prior
to the relevant redemption date.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleTwelve"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE TWELVE</font></b></a></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_SinkingFunds"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SINKING FUNDS</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1201.&nbsp; <a name="ex4-1_ApplicabilityOf">Applicability of </a>Article</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The provisions of this Article shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as
contemplated by Section 301 for Securities of such series.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
minimum amount of any sinking fund payment provided for by the terms of
Securities of any series is herein referred to as a &#147;<u>mandatory sinking fund
payment</u>&#148;, and any payment in excess of such minimum amount provided for by
the terms of such Securities of any series is herein referred to as an &#147;<u>optional
sinking fund payment</u>&#148;.&nbsp; If provided for by the terms of any Securities
of any series, the cash amount of any mandatory sinking fund payment may be
subject to reduction as provided in Section 1202.&nbsp; Each sinking fund
payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1202.&nbsp; <a name="ex4-1_SatisfactionOfSinkingFundPaymentsWi">Satisfaction of Sinking Fund Payments
with Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Company may, in satisfaction of all or any part of any mandatory sinking
fund payment with respect to the Securities of a series, (1) deliver
Outstanding Securities of such series (other than any previously called for
redemption) together in the case of any Bearer Securities of such series with
all unmatured coupons appertaining thereto and (2) apply as a credit Securities
of such series which have been redeemed either at the election of the Company
pursuant to the terms of such Securities or&nbsp; through the application of
permitted optional sinking fund payments pursuant to the terms of such
Securities, as provided for by the terms of such Securities; <u>provided</u>
that</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">65</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such Securities so
delivered or applied as a credit have not been previously so credited.&nbsp;
Such Securities shall be received and credited for such purpose by the Trustee
at the applicable Redemption Price specified in such Securities for redemption
through operation of the sinking fund and the amount of such mandatory sinking
fund payment shall be reduced accordingly.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1203.&nbsp; <a name="ex4-1_RedemptionOfSecuritiesForSinkingFun">Redemption of Securities for Sinking
Fund</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Not less than 60 days prior to each sinking fund payment date for Securities of
any series, the Company will deliver to the Trustee an Officers&#146; Certificate
specifying the amount of the next ensuing mandatory sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any,
which is to be satisfied by payment of cash in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) and the portion thereof, if
any, which is to be satisfied by delivering and crediting Securities of that
series pursuant to Section 1202, and the optional amount, if any, to be added
in cash to the next ensuing mandatory sinking fund payment, and will also
deliver to the Trustee any Securities to be so delivered and credited.&nbsp; If
such Officers&#146; Certificate shall specify an optional amount to be added in cash
to the next ensuing mandatory sinking fund payment, the Company shall thereupon
be obligated to pay the amount therein specified.&nbsp; Not less than 30 days
before each such sinking fund payment date the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner
specified in Section 1103 and cause notice of the redemption thereof to be
given in the name of and at the expense of the Company in the manner provided
in Section 1104.&nbsp; Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleThirteen"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE THIRTEEN</font></b></a><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
<br>
<a name="ex4-1_RepaymentAtTheOptionOfHolders">REPAYMENT AT THE OPTION OF HOLDERS</a></font></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1301.&nbsp;
Applicability <a name="ex4-1_OfArticle">of Article</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; Repayment of
Securities of any series before their Stated Maturity at the option of Holders
thereof, if permitted pursuant to the terms of such Securities, shall be made
in&nbsp; accordance with the terms of such Securities and (except as otherwise
specified by the terms of such series established pursuant to Section 301) in
accordance with this Article.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1302.&nbsp; <a name="ex4-1_RepaymentOfSecurities">Repayment of Securities</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Securities of any series subject to repayment in whole or in part at the option
of the Holders thereof will, unless otherwise provided in the terms of such
Securities, be repaid at the Repayment Price thereof, together with interest,
if any, thereon accrued to the Repayment Date specified in or pursuant to the
terms of such Securities.&nbsp; The Company covenants that on or before the Repayment
Date it will deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money in the Currency in which the
Securities of such series are payable (except as otherwise specified pursuant
to Section 301 for the Securities of such series and except, if applicable, as
provided in Sections 312(b), 312(d) and 312(e)) sufficient to pay the Repayment
Price of, and (except if the Repayment Date shall be an Interest Payment Date)
accrued interest on, all the Securities or portions thereof, as the case may
be, to be repaid on such date.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">66</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1303.&nbsp; <a name="ex4-1_ExerciseOfOption">Exercise of Option</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; Securities of
any series subject to repayment at the option of the Holders thereof will
contain an &#147;<u>Option to Elect Repayment</u>&#148; form on the reverse of such
Securities.&nbsp; To be repaid at the option of the Holder, any Security so
providing for such repayment, with the &#147;<u>Option to Elect Repayment</u>&#148; form
on the reverse of such Security duly completed by the Holder (or by the
Holder&#146;s attorney duly authorized in writing), must be received by the Company
at the Place of Payment therefore specified in the terms of such Security (or
at such other place or places of which the Company shall from time to time
notify the Holders of such Securities) not earlier than 45 days nor later than
30 days prior to the Repayment Date.&nbsp; If less than the entire Repayment
Price of such Security is to be repaid in accordance with the terms of such
Security, the portion of the Repayment Price of such Security to be repaid, in
increments of the minimum denomination for Securities of such series, and the
denomination or denominations of the Security or Securities to be issued to the
Holder for the portion of such Security surrendered that is not to be repaid,
must be specified. Any Security providing for repayment at the option of the
Holder thereof may not be repaid in part if, following such repayment, the
unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to
be repaid is a part.&nbsp; Except as otherwise may be provided by the terms of
any Security providing for repayment at the option of the Holder thereof, exercise
of the repayment option by the Holder shall be irrevocable unless waived by the
Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1304.&nbsp; <a name="ex4-1_WhenSecuritiesPresentedForRepayment">When Securities Presented for
Repayment Become Due and Payable</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; If Securities of
any series providing for repayment at the option of the Holders thereof shall
have been surrendered as provided in this Article and as provided by or
pursuant to the terms of such Securities, such Securities or the portions
thereof, as the case may be, to be repaid shall become due and payable and
shall be paid by the Company on the Repayment Date therein specified, and on
and after such Repayment Date (unless the Company shall default in the payment
of such Securities on such Repayment Date) such Securities shall, if the same
were interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be repaid, except to the extent
provided below, shall be void.&nbsp; Upon surrender of any such Security for
repayment in accordance with such provisions, together with all coupons, if
any, appertaining thereto maturing after the Repayment Date, the Repayment
Price of such Security so to be repaid shall be paid by the Company, together
with accrued interest, if any, to the Repayment Date; <u>provided</u>, <u>however</u>,
that coupons whose Stated Maturity is on or prior to the Repayment Date shall
be payable only at an office or agency located outside the United States
(except as otherwise provided in Section 1002) and, unless otherwise specified
pursuant to Section 301, only upon presentation and surrender of such coupons;
and <u>provided</u>  <u>further</u> that, in the case of Registered Securities,
installments of interest, if any, whose Stated Maturity is on or prior to the
Repayment Date shall be payable (but without interest thereon, unless the
Company shall default in the payment thereof) to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the
close of business on the relevant Record Dates according to their terms and the
provisions of Section 307.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
any Bearer Security surrendered for repayment shall not be accompanied by all
appurtenant coupons maturing after the Repayment Date, such Security may be
paid after deducting from the amount payable therefor as provided in Section
1302 an amount equal to the face amount of all such missing coupons, or the
surrender of such missing coupon or coupons may be waived by the Company and
the Trustee if there be furnished to them such security or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">67</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">indemnity as they
may&nbsp; require to save each of them and any Paying Agent harmless.&nbsp; If
thereafter the Holder of such Security shall surrender to the Trustee or any
Paying Agent any such missing coupon in respect of which a deduction shall have
been made as provided in the preceding sentence, such Holder shall be entitled
to receive the amount so deducted; <u>provided</u>, <u>however</u>, that
interest represented by coupons shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section
1002) and, unless otherwise specified as contemplated by Section 301, only upon
presentation and surrender of those coupons.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If
any Security surrendered for repayment shall not be so repaid upon surrender
thereof, the Repayment Price shall, until paid, bear interest from the
Repayment Date at the rate of interest set forth in such Security or, in the
case of an Original Issue Discount Security, at the Yield to Maturity of such
Security.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1305.&nbsp; <a name="ex4-1_SecuritiesRepaidInPart">Securities Repaid in Part</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Upon surrender of any Registered Security which is to be repaid in part only,
the Company shall execute and the Trustee shall authenticate and deliver to the
Holder of such Security, without service charge and at the expense of the
Company, a new Registered Security or Securities of the same series, of any
authorized denomination specified by the Holder, in an aggregate principal
amount equal to and in exchange for the portion of the principal of such
Security so surrendered which is not to be repaid.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleFourteen"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FOURTEEN</font></b></a><font size="2" face="Times New Roman" style="font-size:10.0pt;"><br>
<br>
<a name="ex4-1_DefeasanceAndCovenantDefeasance">DEFEASANCE AND COVENANT DEFEASANCE</a></font></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1401.&nbsp; Applicability
of Article; <a name="ex4-1_CompanysOptionToEffectDefeasanceOr">Company&#146;s Option to
Effect Defeasance or Covenant Defeasance</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If pursuant to Section 301 provision is made for either or both of (a)
defeasance of the Securities of a series under Section 1402 or (b) covenant
defeasance of the Securities of a series under Section 1403, then the
provisions of such Section or Sections, as the case may be, together with the
other provisions of this Article (with such modifications thereto as may be
specified pursuant to Section 301 with respect to any Securities), shall be
applicable to such Securities and any coupons appertaining thereto, and the
Company may at its option by Board Resolution, at any time, with respect to
such Securities and any coupons appertaining thereto, elect to have Section
1402 (if applicable) or&nbsp; Section 1403 (if applicable) be applied to such
Outstanding Securities and any coupons appertaining thereto upon compliance
with the conditions set forth below in this Article.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1402.&nbsp; <a name="ex4-1_DefeasanceAndDischarge">Defeasance and Discharge</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Upon the Company&#146;s exercise of the above option applicable to this Section with
respect to any Securities of a series, the Company shall be deemed to have been
discharged from its obligations with respect to such Outstanding Securities and
any coupons appertaining thereto on the date the conditions set forth in
Section 1404 are satisfied (hereinafter, &#147;<u>defeasance</u>&#148;).&nbsp; For this
purpose, such defeasance means that the Company shall be deemed to have paid
and discharged the entire indebtedness represented by such Outstanding Securities
and any coupons appertaining thereto, which shall thereafter be deemed to be
&#147;Outstanding&#148; only for the purposes of Section 1405 and the other Sections of
this Indenture referred to in clauses (A) and (B) of this Section, and to have
satisfied all its other obligations under such Securities and any coupons
appertaining thereto and this</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">68</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=75,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=481179,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indenture insofar as
such Securities and any coupons appertaining thereto are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until
otherwise terminated or discharged hereunder:&nbsp; (A) the rights of Holders
of such Outstanding Securities and any coupons appertaining thereto to receive,
solely from the trust fund described in Section 1404 and as more fully set
forth in such Section, payments in respect of the principal of (and premium, if
any) and interest, if any, on such Securities and any coupons appertaining
thereto when such payments are due, (B) the Company&#146;s obligations with respect
to such Securities under Sections 305, 306, 1002 and 1003 and with respect to
the payment of Additional Amounts, if any, on such Securities as contemplated
by Section 1004, (C) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and (D) this Article.&nbsp; Subject to compliance with this
Article Fourteen, the Company may exercise its option under this Section
notwithstanding the prior exercise of its option under Section 1403 with
respect to such Securities and any coupons appertaining thereto.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1403.&nbsp; <a name="ex4-1_CovenantDefeasance">Covenant Defeasance</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Upon the Company&#146;s exercise of the above option applicable to this Section, the
Company shall be released from its obligations under any covenant specified
with respect to any Outstanding Securities of any series of Securities
established pursuant to Section 301 and any coupons appertaining to any such
Securities, on and after the date the conditions set forth in Section 1404 are
satisfied (hereinafter, &#147;<u>covenant defeasance</u>&#148;), and such Securities and
any coupons appertaining thereto shall thereafter be deemed to be not
&#147;Outstanding&#148; for the purposes of any direction, waiver, consent or declaration
or Act of Holders (and the consequences of any thereof) in connection with any such
covenant, but shall continue to be deemed &#147;Outstanding&#148; for all other purposes
hereunder.&nbsp; For this purpose, such covenant defeasance means that, with
respect to such Outstanding Securities and any coupons appertaining thereto,
the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such Section or such other
covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such Section or such other covenant or by reason of reference in
any such Section or such other covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an
Event of Default under Section 501(4) or 501(7) or otherwise, as the case may
be, but, except as specified above, the remainder of this Indenture and such
Securities and any coupons appertaining thereto shall be unaffected thereby.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1404.&nbsp; <a name="ex4-1_ConditionsToDefeasanceOrCovenantDef">Conditions to Defeasance or Covenant
Defeasance</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The following shall be the conditions to application of Section 1402 or Section
1403 to any Outstanding Securities of a series and any coupons appertaining
thereto:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall irrevocably have deposited or caused to be deposited with the
Trustee (or another trustee satisfying the requirements of Section 607 who
shall agree to comply with the provisions of this Article Fourteen applicable
to it) as trust funds in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities and any coupons appertaining thereto,
(1) an amount (in such Currency in which such Securities and any coupons
appertaining thereto are then specified as payable at Stated Maturity), or (2)
Government Obligations applicable to such Securities and coupons appertaining
thereto (determined on the basis of the Currency in which such Securities and
coupons appertaining thereto are then specified as payable at Stated Maturity)
which through the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=76,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=728195,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">scheduled payment of
principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment of principal
of (and premium, if any) and interest, if any, on such Securities and any
coupons appertaining thereto, money in an amount, or (3) a combination thereof
in an amount, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or other qualifying trustee) to pay and discharge, (i) the
principal of (and premium, if any) and interest, if any, on such Outstanding
Securities and any coupons appertaining thereto on the Stated Maturity of such
principal or installment of principal or interest and (ii) any mandatory
sinking fund payments or analogous payments applicable to such Outstanding
Securities and any coupons appertaining thereto on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of such
Securities and any coupons appertaining thereto.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Such defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a default under, this Indenture or any other
material agreement or instrument to which the Company is a party or by which it
is bound.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No Default or Event of Default with respect to such Securities and any coupons
appertaining thereto shall have occurred and be continuing on the date of such
deposit or, insofar as Sections 501(5) and 501(6) are concerned, at any time
during the period ending on the 91st day after the date of such deposit (it
being understood that this condition shall not be deemed satisfied until the
expiration of such period).</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of an election under Section 1402, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that (i) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling, or
(ii) since the date of execution of this Indenture, there has been a change in
the applicable Federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the Holders of such Outstanding
Securities and any coupons appertaining thereto will not recognize income, gain
or loss for Federal income tax purposes as a result of such defeasance and will
be subject to Federal income tax on the same amounts, in the same manner and at
the same times as would have been the case if such defeasance had not occurred.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the case of an election under Section 1403, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such
Outstanding Securities and any coupons appertaining thereto will not recognize
income, gain or loss for Federal income tax purposes as a result of such
covenant defeasance and will be subject to Federal income tax on the same
amounts, in the same manner and at the same times as would have been the case
if such covenant defeasance had not occurred.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company shall have delivered to the Trustee an Officers&#146; Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the
defeasance under Section 1402 or the covenant defeasance under Section 1403 (as
the case may be) have been complied with and an Opinion of Counsel to the
effect that either (i) as a result</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">70</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=77,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=1045952,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of a deposit pursuant to
subsection (a) above and the related exercise of the Company&#146;s option under
Section 1402 or Section 1403 (as the case may be), registration is not required
under the Investment Company Act of 1940, as amended, by the Company, with
respect to the trust funds representing such deposit or by the trustee for such
trust funds or (ii) all necessary registrations under said Act have been
effected.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding any other provisions of this Section, such defeasance or
covenant defeasance shall be effected in compliance with any additional or
substitute terms, conditions or limitations which may be imposed on the Company
in connection therewith pursuant to Section 301.</font></p>

<p style="margin:0in 0in .0001pt .5in;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1405.&nbsp; <a name="ex4-1_DepositedMoneyAndGovernmentObligatio">Deposited Money and Government
Obligations to Be Held in Trust; Other Miscellaneous Provisions</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
Subject to the provisions of the last paragraph of Section 1003, all money and
Government Obligations (or other property as may be provided pursuant to
Section 301) (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 1405, the &#147;<u>Trustee</u>&#148;)
pursuant to Section 1404 in respect of any Outstanding Securities of any series
and any coupons appertaining thereto shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and any coupons
appertaining thereto and this Indenture, to the payment, either directly or
through any&nbsp; Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities and any
coupons appertaining thereto of all sums due and to become due thereon in
respect of principal (and premium, if any) and interest, if any, but such money
need not be segregated from other funds except to the extent required by law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Unless
otherwise specified with respect to any Security pursuant to Section 301, if,
after a deposit referred to in Section 1404(a) has been made, (a) the Holder of
a Security in respect of which such deposit was made is entitled to, and does,
elect pursuant to Section 312(b) or the terms of such Security to receive
payment in a Currency other than that in which the deposit pursuant to Section
1404(a) has been made in respect of such Security, or (b) a Conversion Event
occurs as contemplated in Section 312(d) or 312(e) or by the terms of any
Security in respect of which the deposit pursuant to Section 1404(a) has been
made, the indebtedness represented by such Security and any coupons
appertaining thereto shall be deemed to have been, and will be, fully
discharged and satisfied through the payment of the principal of (and premium,
if any) and interest, if any, on such Security as the same becomes due out of
the proceeds yielded by converting (from time to time as specified below in the
case of any such election) the amount or other property deposited in respect of
such Security into the Currency in which such Security becomes payable as a
result of such election or Conversion Event based on the applicable Market
Exchange Rate for such Currency in effect on the second Business Day prior to
each payment date, except, with respect to a Conversion Event, for such
Currency in effect (as nearly as feasible) at the time of the Conversion Event.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 1404 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of such Outstanding Securities and any coupons
appertaining thereto.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">71</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=78,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=469502,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Anything
in this Article to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon Company Request any money or
Government Obligations (or other property and any proceeds therefrom) held by
it as provided in Section 1404 which, in the opinion of a nationally recognized
firm of independent&nbsp; public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount
thereof which would then be required to be deposited to effect a defeasance or
covenant defeasance, as applicable, in accordance with this Article.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1406.&nbsp; <a name="ex4-1_Reinstatement">Reinstatement</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;If the Trustee or Paying Agent is unable to apply any money or
Government Obligations in accordance with Section 1405 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, the
Company&#146;s obligations under this Indenture and the Securities of the applicable
series issued hereunder shall be revived and reinstated as though no deposit
has occurred pursuant to this Article Fourteen until such time as the Trustee
or Paying Agent is permitted to apply all such money or Government Obligations
in accordance with Section 1405.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Company&#146;s obligations under this Indenture and the Securities of the
applicable series issued hereunder shall be revived and reinstated in
accordance with this Section 1406, the Company shall be permitted, at its
discretion to withdraw all or a portion of the deposits made by the Company
pursuant to this Article Fourteen.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the Company elects not to withdraw any of the deposits made by the Company
pursuant to this Article Fourteen, if and when the Trustee or Paying Agent is
later permitted to apply all such money or Government Obligations in accordance
with Section 1405, the rights of the Company shall be subrogated to the rights
of the Holders of the Securities of the applicable series to receive payments
from the money or Government Obligations deposited by the Company pursuant to
Article Fourteen and held by the Trustee or Paying Agent; <u>provided</u> that
if the Company shall have made any payment of principal or interest on the
Securities of any series because of the revival and reinstatement of its
obligations, which payment is not sourced from any amounts deposited by the
Company pursuant to Article Fourteen (such amount, in the aggregate, being
referred to as the &#147;<u>Company Paid Amount</u>&#148;), the Company shall be
permitted, at its discretion, to withdraw all or a portion of the deposits made
by the Company pursuant to this Article Fourteen up to the Company Paid Amount.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ArticleFifteen"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE FIFTEEN</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_MeetingsOfHoldersOfSecurities"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">MEETINGS OF HOLDERS OF
SECURITIES</font></b></a></h1>

<h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></b></h1>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1501.&nbsp; <a name="ex4-1_PurposesForWhichMeetingsMayBeCalle">Purposes for Which Meetings May Be
Called</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
If Securities of a series are issuable as Bearer Securities, a meeting of
Holders of Securities of such series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be made, given or taken by Holders of Securities of such
series.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1502.&nbsp; <a name="ex4-1_Call">Call</a>, Notice and Place of Meetings</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
(a)&nbsp;&nbsp;The Trustee may at any time call a meeting of Holders of
Securities of any series for any purpose specified in </font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">72</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=79,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=767660,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1501, to be held
at such time and at such place in the Borough of Manhattan, The City of New
York, as the Trustee shall determine.&nbsp; Notice of every meeting of Holders
of Securities of any series, setting forth the time and the place of such
meeting and in general terms the action proposed to be taken at such meeting,
shall be given, in the manner provided in Section 106, not less than 15 nor
more than 180 days prior to the date fixed for the meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In case at any time the Company, pursuant to a Board Resolution, or the Holders
of at least 10% in principal amount of the Outstanding Securities of any series
shall have requested the Trustee to call a meeting of the Holders of Securities
of such series for any purpose specified in Section 1501, by written request
setting forth in reasonable detail the action proposed to be taken at the
meeting, and the Trustee shall not have made the first publication of the
notice of such meeting within five days after receipt of such request or shall
not thereafter proceed to cause the meeting to be held as provided herein, then
the Company or the Holders of Securities of such series in the amount above
specified, as the case may be, may determine the time and the place in the
Borough of Manhattan, The City of New York, for such meeting and may call such
meeting for such purposes by giving notice thereof as provided in subsection
(a) of this Section.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1503.&nbsp; <a name="ex4-1_PersonsEntitledToVoteAtMeetings">Persons Entitled to Vote at Meetings</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
To be entitled to vote at any meeting of Holders of Securities of any series, a
Person shall be (1) a Holder of one or more Outstanding Securities of such
series, or (2) a Person appointed by an instrument in writing as proxy for a
Holder or Holders of one or more Outstanding Securities of such series by such
Holder or Holders.&nbsp; The only Persons who shall be entitled to be present
or to speak at any meeting of Holders of Securities of any series shall be the
Persons entitled to vote at such meeting and their counsel, any representatives
of the Trustee and its counsel and any representatives of the Company and its
counsel.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1504.&nbsp; <a name="ex4-1_Quorum">Quorum</a>; Action</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The Persons entitled to vote a majority in principal amount of the Outstanding
Securities of a series shall constitute a quorum for a meeting of Holders of
Securities of such series; <u>provided</u>, <u>however</u>, that if any action
is to be taken at such meeting with respect to a consent or waiver which this
Indenture expressly provides may be given by the Holders of not less than a
specified percentage in principal amount of the Outstanding Securities of a
series, the Persons entitled to vote such specified percentage in principal
amount of the Outstanding Securities of such series shall constitute a
quorum.&nbsp; In the absence of a quorum within 30 minutes of the time
appointed for any such meeting, the meeting shall, if convened at the request
of Holders of Securities of such series, be dissolved.&nbsp; In any other case
the meeting may be adjourned for a period of not less than five days as
determined by the chairman of the meeting prior to the adjournment of such
meeting.&nbsp; In the absence of a quorum at any such adjourned meeting, such
adjourned meeting may be further adjourned for a period of not less than five
days as determined by the chairman of the meeting prior to the adjournment of
such adjourned meeting.&nbsp; Notice of the reconvening of any adjourned meeting
shall be given as provided in Section 1502(a), except that such notice need be
given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened.&nbsp; Notice of the reconvening of any adjourned
meeting shall state expressly the percentage, as provided above, of the
principal amount of the Outstanding Securities of such series which shall
constitute a quorum.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">73</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=80,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=449437,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except
as limited by the proviso to Section 902, any resolution presented to a meeting
or adjourned meeting duly reconvened at which a quorum is present as aforesaid
may be adopted by the affirmative vote of the Holders of a majority in
principal amount of the Outstanding Securities of that series; <u>provided</u>,
<u>however</u>, that, except as limited by the proviso to Section 902, any
resolution with respect to any&nbsp; request, demand, authorization, direction,
notice, consent, waiver or other action which this Indenture expressly provides
may be made, given or taken by the Holders of a specified percentage, which is
less than a majority, in principal amount of the Outstanding Securities of a
series may be adopted at a meeting or an adjourned meeting duly reconvened and
at which a quorum is present as aforesaid by the affirmative vote of the
Holders of such specified percentage in principal amount of the Outstanding
Securities of that series.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any
resolution passed or decision taken at any meeting of Holders of Securities of
any series duly held in accordance with this Section shall be binding on all
the Holders of Securities of such series and the related coupons, whether or
not present or represented at the meeting.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding
the foregoing provisions of this Section 1504, if any action is to be taken at
a meeting of Holders of Securities of any series with respect to any request,
demand, authorization, direction, notice, consent, waiver or other action that
this Indenture expressly provides may be made, given or taken by the Holders of
a specified percentage in principal amount of all Outstanding Securities
affected thereby, or of the Holders of such series and one or more additional
series:</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
there shall be no minimum quorum requirement for such meeting; and</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the principal amount of the Outstanding Securities of such series that vote in
favor of such request, demand, authorization, direction, notice, consent,
waiver or other action shall be taken into account in determining whether such
request, demand, authorization, direction, notice, consent, waiver or other
action has been made, given or taken under this Indenture.</font></b></h4>

<h4 style="font-weight:bold;margin:0in 0in .0001pt .5in;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h4>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1505.&nbsp; <a name="ex4-1_DeterminationOfVotingRights">Determination of Voting Rights</a>; Conduct
and Adjournment of Meetings</font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp; (a)&nbsp;
Notwithstanding any provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Holders of
Securities of a series in regard to proof of the holding of Securities of such
series and of the appointment of proxies and in regard to the appointment and
duties of inspectors of votes, the submission and examination of proxies, certificates
and other evidence of the right to vote, and such other matters concerning the
conduct of the meeting as it shall deem appropriate.&nbsp; Except as
otherwise&nbsp; permitted or required by any such regulations, the holding of
Securities shall be proved in the manner specified in Section 104 and the
appointment of any proxy shall be proved in the manner specified in Section 104
or by having the signature of the Person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 104 to
certify to the holding of Bearer Securities.&nbsp; Such regulations may provide
that written instruments appointing proxies, regular on their face, may be
presumed valid and genuine without the proof specified in Section 104 or other proof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">74</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Trustee shall, by an instrument in writing appoint a temporary chairman of
the meeting, unless the meeting shall have been called by the Company or by
Holders of Securities as provided in Section 1502(b), in which case the Company
or the Holders of Securities of the series calling the meeting, as the case may
be, shall in like manner appoint a temporary chairman.&nbsp; A permanent
chairman and a permanent secretary of the meeting shall be elected by vote of
the Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At any meeting each Holder of a Security of such series or proxy shall be
entitled to one vote for each $1,000 principal amount of the Outstanding
Securities of such series held or represented by him; <u>provided</u>, <u>however</u>,
that no vote shall be cast or counted at any meeting in respect of any Security
challenged as not Outstanding and ruled by the chairman of the meeting to be
not Outstanding.&nbsp; The chairman of the meeting shall have no right to vote,
except as a Holder of a Security of such series or proxy.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any meeting of Holders of Securities of any series duly called pursuant to
Section 1502 at which a quorum is present may be adjourned from time to time by
Persons entitled to vote a majority in principal amount of the Outstanding
Securities of such series represented at the meeting, and the meeting may be
held as so adjourned without further notice.</font></b></h3>

<h3 style="font-weight:bold;margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">&nbsp;</font></b></h3>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECTION 1506.&nbsp; <a name="ex4-1_CountingVotesAndRecordingActionOfM">Counting Votes and Recording Action of
Meetings</a></font></b><font size="2" face="Times New Roman" style="font-size:10.0pt;">.&nbsp;
The vote upon any resolution submitted to any meeting of Holders of Securities
of any series shall be by written ballots on which shall be subscribed the
signatures of the Holders of Securities of such series or of their
representatives by proxy and the principal amounts and serial numbers of the
Outstanding Securities of such series held or represented by them.&nbsp; The
permanent chairman of the meeting shall appoint two inspectors of votes who
shall count all votes cast at the meeting for or against any resolution
and&nbsp; who shall make and file with the secretary of the meeting their
verified written reports in duplicate of all votes cast at the meeting.&nbsp; A
record, at least in duplicate, of the proceedings of each meeting of Holders of
Securities of any Series shall be prepared by the secretary of the meeting and
there shall be attached to said record the original reports of the inspectors
of votes on any vote by ballot taken thereat and affidavits by one or more
persons having knowledge of the fact, setting forth a copy of the notice of the
meeting and showing that said notice was given as provided in Section 1502 and,
if applicable, Section 1504.&nbsp; Each copy shall be signed and verified by
the affidavits of the permanent chairman and secretary of the meeting and one
such copy shall be delivered to the Company and another to the Trustee to be
preserved by the Trustee, the latter to have attached thereto the ballots voted
at the meeting.&nbsp; Any record so signed and verified shall be conclusive
evidence of the matters therein stated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;
*&nbsp; *&nbsp; *&nbsp; *</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be&nbsp; an original, but all such counterparts
shall together constitute but one and the same Indenture.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">75</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN
WITNESS WHEREOF, the undersigned being duly authorized, have executed this
Indenture on behalf of the respective parties hereto as of the date first above
written.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:44.42%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JETBLUE AIRWAYS
  CORPORATION,<br>
  as Issuer</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="44%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:44.42%;">
  <p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[TRUSTEE],<br>
  as Trustee</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="55%" valign="top" style="padding:0in .7pt 0in .7pt;width:55.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.22%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in .7pt 0in .7pt;width:39.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">76</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=83,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=422439,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><a name="ex4-1_ExhibitA"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT
A</font></b></a></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORMS OF CERTIFICATION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT A-1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PAYABLE PRIOR TO THE EXCHANGE DATE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Insert
title or sufficient description of Securities to be delivered]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
is to certify that, as of the date hereof, and except as set forth below, the
above-captioned Securities held by you for our account (i) are owned by
person(s) that are not citizens or residents of the United States, domestic
partnerships, domestic corporations or any estate or trust the income of which
is subject to United States federal income taxation regardless of its source (&#147;<u>United
States person(s)</u>&#148;), (ii) are owned by United States person(s) that are (a)
foreign branches of United States financial institutions (financial
institutions, as defined in United States Treasury Regulations Section 1.165-12(c)(1)(v)
are herein referred to as &#147;<u>financial institutions</u>&#148;) purchasing for their
own account or for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent,
that you may advise JetBlue Airways Corporation or its agent that such
financial institution will comply with the requirements of Section
165(j)(3)(A), (B) or (C) of the United States Internal Revenue Code of 1986, as
amended, and the regulations thereunder), or (iii) are owned by United States or
foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section
1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or
foreign financial institution described in clause (iii) above (whether or not
also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale
directly or indirectly to a United States person or to a person within the
United States or its possessions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
used herein, &#147;<u>United States</u>&#148; means the United States of America
(including the States and the District of Columbia); and its &#147;<u>possessions</u>&#148;
include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island
and the Northern Mariana Islands.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
undertake to advise you promptly by tested telex on or prior to the date on
which you intend to submit your certification relating to the above-captioned
Securities held by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=84,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=373763,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">you
for our account in accordance with your Operating Procedures if any applicable
statement herein is not correct on such date, and in the absence of any such
notification it may be assumed that this certification applies as of such date.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
certificate excepts and does not relate to [U.S.$]
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
of such interest in the above-captioned Securities in respect of which we are
not able to certify and as to which we understand an exchange for an interest
in a Permanent Global Security or an exchange for and delivery of definitive
Securities (or, if relevant, collection of any interest) cannot be made until
we do so certify.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
understand that this certificate may be required in connection with certain tax
legislation in the United States.&nbsp; If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or
would be relevant, we irrevocably authorize you to produce this certificate or
a copy thereof to any interested party in such proceedings.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="top" style="padding:0in .7pt 0in .7pt;width:7.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="38%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:38.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[To
  be dated no earlier than the 15th day prior to (i) the Exchange Date or (ii)
  the relevant Interest Payment Date occurring prior to the Exchange Date, as
  applicable]</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Name
  of Person Making Certification]</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Authorized
  Signatory)</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="47%" valign="top" style="padding:0in .7pt 0in .7pt;width:47.92%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-1-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=85,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=549754,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT A-2</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CLEARSTREAM IN CONNECTION WITH THE EXCHANGE OF</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A PORTION OF A TEMPORARY GLOBAL SECURITY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OR TO OBTAIN INTEREST PAYABLE PRIOR</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TO THE EXCHANGE DATE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CERTIFICATE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Insert
title or sufficient description of Securities to be delivered]</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This
is to certify that, based solely on written certifications that we have
received in writing, by tested telex or by electronic transmission from each of
the persons appearing in our records as persons entitled to a portion of the
principal amount set forth below (our &#147;Member Organizations&#148;) substantially in
the form attached hereto, as of the date hereof, [U.S.$]
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
principal amount of the above-captioned Securities (i) is owned by person(s)
that are not citizens or residents of the United States, domestic partnerships,
domestic corporations or any estate or trust the income of which is subject to
United States Federal income taxation regardless of its source (&#147;<u>United
States person(s)</u>&#148;), (ii) is owned by United States person(s) that are (a)
foreign branches of United States financial institutions (financial
institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)
are herein referred to as &#147;<u>financial institutions</u>&#148;) purchasing for their
own account or for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and
who hold the Securities through such United States financial institutions on
the date hereof (and in either case (a) or (b), each such financial institution
has agreed, on its own behalf or through its agent, that we may advise JetBlue
Airways Corporation or its agent that such financial institution will comply
with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is
owned by United States or foreign financial institution(s) for purposes of
resale during the restricted period (as defined in United States Treasury
Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that
financial institutions described in clause (iii) above (whether or not also
described in clause (i) or (ii)) have certified that they have not acquired the
Securities for purposes of resale directly or indirectly to a United States
person or to a person within the United States or its possessions.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As
used herein, &#147;<u>United States</u>&#148; means the United States of America (including
the States and the District of Columbia); and its &#147;<u>possessions</u>&#148; include
Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the
Northern Mariana Islands.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
further certify that (i) we are not making available herewith for exchange (or,
if relevant, collection of any interest) any portion of the temporary global
Security representing the above-captioned Securities excepted in the
above-referenced certificates of Member Organizations and (ii) as of the date
hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member
Organizations </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=86,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="4",CHK=61303,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX4-1_8345.CHC",USER="JGUERRE",CD='Nov  1 15:49 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">with respect to any
portion of the part submitted herewith for exchange (or, if relevant,
collection of any interest) are no longer true and cannot be relied upon as of
the date hereof.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
understand that this certification is required in connection with certain tax
legislation in the United States.&nbsp; If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or
would be relevant, we irrevocably authorize you to produce this certificate or
a copy thereof to any interested party in such proceedings.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in 0in 0in 0in;width:5.88%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="24%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:24.38%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[To
  be dated no earlier than the Exchange<br>
  Date or the relevant Interest Payment Date<br>
  occurring prior to the Exchange Date, as<br>
  applicable]</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Euroclear
  Bank S.A./N.V.,] as</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Operator
  of the Euroclear System<br>
  [Clearstream]</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="46%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:46.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="36%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:36.86%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16%" valign="top" style="padding:0in 0in 0in 0in;width:16.58%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in 0in 0in 0in;width:4.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="42%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:42.2%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A-2-2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>5
<FILENAME>a2145815zex-4_3.htm
<DESCRIPTION>EXHIBIT 4.3
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<div style="font-family:'Times New Roman';">

<p style="font-weight:bold;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT 4.3</font></b></p>

<p style="margin:2.0in 0in 42.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">___________________________________________________________________</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">PASS THROUGH TRUST AGREEMENT</font></b></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">dated as of</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_________________________,
200__</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">between</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">JETBLUE AIRWAYS CORPORATION</font></b></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON TRUST COMPANY,</font></b></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">as Trustee</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">______________________</font></p>

<p style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JetBlue Airways Pass Through Trust, Series 2004-2____</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pass Through Certificates,
Series 2004-2____</font></p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">_________________________</font></p>

<p style="margin:42.0pt 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">__________________________________________________________________</font></p>


<div align="left" style="margin:42.0pt 0in 12.0pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:12.0pt;margin:42.0pt 0in 12.0pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reconciliation and tie between JetBlue Airways Pass
Through Trust Agreement, Series 2004-2____ dated as of __________________, and
the Trust Indenture Act of 1939.&#160; This
reconciliation does not constitute part of the Pass Through Trust Agreement.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.32%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Trust Indenture Act <br>
  of 1939 Section 310(a)(1)</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.08%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Pass
  Through Trust <br>
  Agreement Section 7.08</font></b></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">310</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.08</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.08</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">312</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.05</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">; 8.01; 8.02</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">313</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.06</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">; 8.03</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">314</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.04</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a), (c) &amp; (d)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.04</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(1)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.02</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)(2)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.02</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)(1)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">; 11.01</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)(2)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">; 11.01</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)(3)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.01</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.02</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">315</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.02</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">316</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(last sentence)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.04</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(A)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.04</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)(B)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.05</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.06</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.04</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">317</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.03</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.13</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">318</font></p>
  </td>
  <td width="27%" valign="top" style="padding:0in .7pt 0in .7pt;width:27.54%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="24%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:24.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.0</font></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>


<div style="margin:0in 0in 6.0pt;text-indent:0in;text-transform:uppercase;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

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<p align="center" style="font-size:12.0pt;margin:0in 0in 6.0pt;text-align:center;text-indent:0in;text-transform:uppercase;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;I</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compliance Certificates
  and Opinions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Documents
  Delivered to Trustee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 1.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directions of
  Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;II</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ORIGINAL ISSUANCE OF
  CERTIFICATES; ACQUISITION OF EQUIPMENT NOTES</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Issuance of Certificates;
  Acquisition of Equipment Notes</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withdrawal of Deposits</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acceptance by Trustee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation of Powers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;III</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE CERTIFICATES</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title, Form, Denomination
  and Execution of Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Restrictive Legends</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authentication of
  Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Transfer and Exchange</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.05.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Global, Book-Entry and Definitive
  Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.06.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Intentionally Omitted.]</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.07.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mutilated, Destroyed, Lost
  or Stolen Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.08.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons Deemed Owners</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.09.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cancellation</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.10.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Temporary Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.11.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation of Liability
  for Payments</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.12.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ERISA Legend</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IV</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DISTRIBUTIONS; STATEMENTS
  TO CERTIFICATEHOLDERS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificate Account and
  Special Payments Account</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Distributions from
  Certificate Account and Special Payments Account</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Statements to
  Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment of Special
  Payment Moneys</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;V</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE COMPANY</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maintenance of Corporate
  Existence</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidation, Merger, etc</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VI</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFAULT</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events of Default</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Incidents of Sale of
  Equipment Notes</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">i</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=993942,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3-A_8345.CHC",USER="JGUERRE",CD='Nov  2 12:53 2004' -->
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(continued)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Judicial Proceedings
  Instituted by Trustee; Trustee May&nbsp;Bring Suit</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Control by
  Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.05.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Past Defaults</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.06.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right of
  Certificateholders to Receive Payments Not to Be Impaired</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.07.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificateholders May Not
  Bring Suit Except Under Certain Conditions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 6.08.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Remedies Cumulative</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VII</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THE TRUSTEE</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Duties and
  Responsibilities</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice of Defaults</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain Rights of Trustee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not Responsible for
  Recitals or Issuance of Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.05.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">May&nbsp;Hold Certificates</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.06.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Money Held in Trust</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.07.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Compensation and
  Reimbursement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.08.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Corporate Trustee
  Required; Eligibility</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.09.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resignation and Removal;
  Appointment of Successor</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.10.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Acceptance of Appointment
  by Successor</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.11.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Merger, Conversion,
  Consolidation or Succession to Business</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.12.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Maintenance of Agencies</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.13.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Money for Certificate
  Payments to Be Held in Trust</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.14.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registration of Equipment
  Notes in Name of Subordination Agent</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.15.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representations and
  Warranties of Trustee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.16.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withholding Taxes
  Information Reporting</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.17.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trustee&#146;s Liens</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 7.18.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preferential Collection of
  Claims</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;VIII</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTIFICATEHOLDERS&#146; LISTS
  AND REPORTS BY TRUSTEE</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company to Furnish
  Trustee with Names and Addresses of Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preservation of
  Information Communications to Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports by Trustee</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reports by the Company</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;IX</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SUPPLEMENTAL AGREEMENTS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Agreements
  Without Consent of Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ii</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF CONTENTS</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(continued)</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Page</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Supplemental Agreements
  with Consent of Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Documents Affecting
  Immunity or Indemnity</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Execution of Supplemental
  Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.05.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Supplemental
  Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.06.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conformity with Trust
  Indenture Act</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 9.07.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reference in Certificates
  to Supplemental Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;X</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AMENDMENTS TO INDENTURES
  AND FINANCING DOCUMENTS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 10.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendments and Supplements
  to Indentures and Financing Documents</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;XI</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TERMINATION OF TRUST</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 11.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Termination of the Trust</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE&nbsp;XII</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS PROVISIONS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.01.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Limitation on Rights of
  Certificateholders</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.02.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certificates Nonassessable
  and Fully Paid</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.03.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.04.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.05.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability of Provisions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.06.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trust Indenture Act
  Controls</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.07.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Headings and
  Table of Contents</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.08.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Successors and Assigns</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.09.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Benefits of Agreement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.10.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Legal Holidays</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.11.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.12.</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intention of Parties</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="74%" valign="top" style="padding:0in .7pt 0in .7pt;width:74.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.18%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;A</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Certificate</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;B</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Assignment and
  Assumption Agreement</font></p>
  </td>
 </tr>
 <tr>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit&nbsp;C</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="68%" valign="top" style="padding:0in .7pt 0in .7pt;width:68.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form of Notice to
  Withholding Agent</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">iii</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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</div>


<!-- ZEQ.=1,SEQ=6,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=774214,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3-A_8345.CHC",USER="JGUERRE",CD='Nov  2 12:53 2004' -->

<div style="font-family:Times;">

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">PASS THROUGH TRUST AGREEMENT</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">THIS PASS THROUGH TRUST AGREEMENT</font></b>, dated as
of __________________ (the &#147;<b><font style="font-weight:bold;">Agreement</font></b>&#148;),
between <b><font style="font-weight:bold;">JETBLUE AIRWAYS CORPORATION</font></b>,
a Delaware corporation, and <b><font style="font-weight:bold;">WILMINGTON TRUST
COMPANY</font></b>, as Trustee, is made with respect to the formation of
JetBlue Airways Pass Through Trust, Series 2004-2____ and the issuance of
JetBlue Airways Pass Through Trust, Series 2004-2____ Pass Through Certificates
representing fractional undivided interests in the Trust.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><u><font size="2" face="Times" style="font-size:10.0pt;">W I T N E S S E T H</font></u>:</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Company has obtained
commitments from AVSA for the delivery of&#160;
fifteen (15) Airbus A320-232 aircraft (collectively, the &#147;<b><font style="font-weight:bold;">Aircraft</font></b>&#148;);</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Company intends to finance or
refinance the acquisition of the Aircraft through separate secured loan
transactions in which the Company will own such Aircraft;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, in the case of each Aircraft, the
Company will issue pursuant to an Indenture, on a recourse basis, three series
of Equipment Notes to finance or refinance a portion of the purchase price of
such Aircraft;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Trustee, upon execution and
delivery of this Agreement, hereby declares the creation of the Trust for the
benefit of the Certificateholders, as the grantors of the Trust, by their
respective acceptances of the Certificates, join in the creation of this Trust
with the Trustee;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, all Certificates to be issued by
the Trust will evidence Fractional Undivided Interests in the Trust and will
convey no rights, benefits or interests in respect of any property other than
the Trust Property except for those Certificates to which an Escrow Receipt has
been affixed;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Escrow Agent and the
Underwriters have contemporaneously herewith entered into an Escrow Agreement
with the Escrow Paying Agent pursuant to which the Underwriters have delivered
to the Escrow Agent the proceeds from the sale of the Certificates and have
irrevocably instructed the Escrow Agent to withdraw and pay funds from such
proceeds upon request and proper certification by the Trustee to purchase
Equipment Notes;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, the Escrow Agent on behalf of the
Certificateholders has contemporaneously herewith entered into a Deposit
Agreement with the Depositary under which the Deposits referred to therein will
be made and from which it will withdraw funds to allow the Trustee to purchase
Equipment Notes from time to time prior to the Delivery Period Termination
Date;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>, pursuant to the terms and
conditions of this Agreement and the Note Purchase Agreement, upon or following
delivery of an Aircraft, the Trustee on behalf of the Trust, using funds
withdrawn under the Escrow Agreement, may purchase an Equipment Note having the
same interest rate as, and final legal distribution date not later than the
final Regular</p>


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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=7,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=201200,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">Distribution Date of, the Certificates issued
hereunder and shall hold such Equipment Note in trust for the benefit of the
Certificateholders;</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
to facilitate the sale of Equipment Notes to, and the purchase of Equipment
Notes by, the Trustee on behalf of the Trust, the Company has duly authorized
the execution and delivery of this Agreement as the &#147;<b><font style="font-weight:bold;">issuer</font></b>&#148;, as such term is defined in and solely for purposes of
the Securities Act, of the Certificates to be issued pursuant hereto and as the
&#147;<b><font style="font-weight:bold;">obligor</font></b>&#148;, as such term is defined
in and solely for purposes of the Trust Indenture Act of 1939, as amended, with
respect to all such Certificates and is undertaking to perform certain
administrative and ministerial duties hereunder and is also undertaking to pay
the ongoing fees and expenses of the Trustee;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
all of the conditions and requirements necessary to make this Agreement, when
duly executed and delivered, a valid, binding and legal instrument, enforceable
in accordance with its terms and for the purposes herein expressed, have been
done, performed and fulfilled, and the execution and delivery of this Agreement
in the form and with the terms hereof have been in all respects duly
authorized; and</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b>,
this Agreement, as amended or supplemented from time to time, will be subject
to the provisions of the Trust Indenture Act of 1939, and shall, to the extent
applicable, be governed by such provisions;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE</font></b>, in consideration of the
mutual agreements herein contained, and of other good and valuable
consideration the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;I<br>
<br>
DEFINITIONS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 1.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Definitions</u>.&#160; For all purposes of this Agreement, except
as otherwise expressly provided or unless the context otherwise requires:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the terms used in this Agreement,
including in the recitals to this Agreement, that are defined in this Article
have the meanings assigned to them in this Article, and include the plural as
well as the singular;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all other terms used herein which are
defined in the Trust Indenture Act, either directly or by reference therein, or
by the rules promulgated under the Trust Indenture Act, have the meanings
assigned to them therein;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; all references in this Agreement to
designated &#147;Articles&#148;, &#147;Sections&#148;, &#147;Subsections&#148; and other subdivisions are to
the designated Articles, Sections, Subsections and other subdivisions of this
Agreement;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the words &#147;herein&#148;, &#147;hereof&#146; and
&#147;hereunder&#148; and other words of similar import refer to this Agreement as a
whole and not to any particular Article, Section, Subsection or other
subdivision; and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; unless the context otherwise
requires, whenever the words &#147;including&#148;, &#147;include&#148; or &#147;includes&#148; are used
herein, it shall be deemed to be followed by the phrase &#147;without limitation&#148;.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Above-Cap Liquidity Facility</font></u></b>&#148; means,
initially, the ISDA Master Agreement, dated as of the date hereof, between the
Subordination Agent, as agent and trustee for the Class&nbsp;____ Trust, and
the initial Class&nbsp;__ Above-Cap Liquidity Provider, together with the
Schedule and Confirmation attached thereto, relating to the Class&nbsp;__
Certificates, and, from and after replacement of such ISDA Master Agreement
pursuant to the Intercreditor Agreement, the Replacement Above-Cap Liquidity
Facility (as defined in the Intercreditor Agreement) therefor, if any, in each
case as amended, supplemented or otherwise modified from time to time in
accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Above-Cap Liquidity Provider</font></u></b>&#148; means
Citibank, N.A. or any Replacement Above-Cap Liquidity Provider which has issued
a Replacement Above-Cap Liquidity Facility (each as defined in the
Intercreditor Agreement) to replace the Class&nbsp;__ Above-Cap Liquidity
Facility pursuant to Section&nbsp;3.6(c)(ii) of the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Affiliate</font></u></b>&#148; means, with respect to any
specified Person, any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such Person.&#160; For the purposes of this definition, &#147;control&#148;
means the power, directly or indirectly, to direct the management and policies
of such Person, whether through the ownership of voting securities or by
contract or otherwise, and the terms &#147;controlling&#148; and &#147;controlled&#148; have
meanings correlative to the foregoing.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Agent Members</font></u></b>&#148; means members of, or
participants in, DTC.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Agreement</font></u></b>&#148; has the meaning specified in
the initial paragraph hereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Aircraft</font></u></b>&#148; has the meaning specified in
the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Aircraft Purchase Agreement</font></u></b>&#148; has the
meaning specified in the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Applicable Funding Date</font></u></b>&#148; has the
meaning specified in Section&nbsp;2.01(b).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Applicable Participation Agreement</font></u></b>&#148; has
the meaning specified in Section&nbsp;2.01(b).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Assignment and Assumption Agreement</font></u></b>&#148;
means the assignment and assumption agreement substantially in the form of
Exhibit&nbsp;B hereto to be executed and delivered in accordance with
Section&nbsp;11.01.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Authorized Agent</font></u></b>&#148; means any Paying
Agent or Registrar for the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Avoidable Tax</font></u></b>&#148; means a state or local
tax (i)&nbsp;upon (w) the Trust, (x) the Trust Property, (y) Certificateholders
or (z) the Trustee for which the Trustee is entitled to seek reimbursement from
the Trust Property, and (ii)&nbsp;which would be avoided if the Trustee were
located in another</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">state, or jurisdiction within a state, within the
United States.&#160; A tax shall not be an
Avoidable Tax if the Company shall agree to pay, and shall pay, such tax.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">AVSA</font></u></b>&#148; means AVSA S.A.R.L., an affiliate
of Airbus S.A.S.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Book-Entry Certificate</font></u></b>&#148; means, with
respect to the Global Certificate, a beneficial interest in the Global
Certificate, ownership and transfers of which shall be made through book
entries as described in Section 3.05.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Business Day</font></u></b>&#148; means any day other than
a Saturday, a Sunday or a day on which commercial banks are required or
authorized to close in Darien, Connecticut, New York, New York, Wilmington,
Delaware or, so long as any Certificate is outstanding, the city and state in
which the Trustee or any Loan Trustee maintains its Corporate Trust Office or
receives and disburses funds.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Certificate</font></u></b>&#148; means any one of the
certificates executed and authenticated by the Trustee, substantially in the
form of Exhibit&nbsp;A hereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Certificate Account</font></u></b>&#148; means the account
or accounts created and maintained pursuant to Section&nbsp;4.01(a).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Certificate Owner</font></u></b>&#148; means, with respect
to the Certificates, for purposes of Section&nbsp;3.05, a Person who owns a
Book-Entry Certificate.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Certificateholder or Holder</font></u></b>&#148; means the
Person in whose name a Certificate is registered in the Register.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Class&nbsp;C [G-1]Certificate</font></u></b>&#148; has the
meaning specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Class C [G-1] Certificateholder</font></u></b>&#148; means,
at any time, any holder of one or more pass through certificates issued by the
JetBlue Airways Pass Through Trust, Series 2004-2___.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Class G-1 [G-2] Certificate</font></u></b>&#148; has the
meaning specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Class G-1 [G-2] Certificateholder</font></u></b>&#148;
means, at any time, any holder of one or more pass through certificates issued
by the JetBlue Airways Pass Through Trust, Series 2004-2G___.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Clearing Agency</font></u></b>&#148; means an organization
registered as a &#147;clearing agency&#148; pursuant to Section&nbsp;17A of the Exchange
Act.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Clearing Agency Participant</font></u></b>&#148; means a
broker, dealer, bank, other financial institution or other Person for whom from
time to time a Clearing Agency effects, directly or indirectly, book-entry
transfers and pledges of securities deposited with the Clearing Agency.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Code</font></u></b>&#148; means the Internal Revenue Code
of 1986, as amended from time to time, and the Treasury Regulations promulgated
thereunder.</font></p>

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<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Company</font></u></b>&#148; means JetBlue Airways
Corporation, a Delaware corporation, or its successor in interest pursuant to
Section&nbsp;5.02, or (only in the context of provisions hereof, if any, where
such reference is required for purposes of compliance with the Trust Indenture
Act) any other &#147;obligor&#148; (within the meaning of the Trust Indenture Act) with
respect to the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Controlling Party</font></u></b>&#148; has the meaning
specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Corporate Trust Office</font></u></b>&#148; with respect to
the Trustee or any Loan Trustee, means the office of such trustee in the city
at which at any particular time its corporate trust business shall be
principally administered.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Cut-off Date</font></u></b>&#148; means the earlier of
(a)&nbsp;the Delivery Period Termination Date and (b)&nbsp;the date on which a
Triggering Event occurs.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Definitive Certificates</font></u></b>&#148; has the
meaning specified in Section&nbsp;3.05.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Delivery Period Termination Date</font></u></b>&#148; means
the earlier of (a)&nbsp;February&nbsp;28, 2006, or, if the Equipment Notes
relating to all of the Aircraft (or Substitute Aircraft in lieu thereof) have
not been purchased by the Trustee and the Other Trustees on or prior to such
date due to any reason beyond the control of the Company and not occasioned by
the Company&#146;s fault or negligence, May&nbsp;31, 2006 and (b)&nbsp;the date on
which Equipment Notes issued with respect to all of the Aircraft (or Substitute
Aircraft in lieu thereof) have been purchased by the Trustee and the Other
Trustees in accordance with the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Deposits</font></u></b>&#148; has the meaning specified in
the Deposit Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Deposit Agreement</font></u></b>&#148; means the Deposit
Agreement dated as of _______________ relating to the Certificates between the
Depositary and the Escrow Agent, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Depositary</font></u></b>&#148; means HSH Nordbank AG, New
York Branch.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Direction</font></u></b>&#148; has the meaning specified in
Section&nbsp;1.04(a).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Distribution Date</font></u></b>&#148; means any Regular
Distribution Date or Special Distribution Date as the context requires.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">DTC</font></u></b>&#148; means The Depository Trust
Company, its nominees and their respective successors.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Equipment Notes</font></u></b>&#148; means the equipment
notes issued under the Indentures.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">ERISA</font></u></b>&#148; means Employee Retirement Income
Security Act of 1974, as amended from time to time.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Escrow Agent</font></u></b>&#148; means, initially,
Wilmington Trust Company.</font></p>

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<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Escrow Agreement</font></u></b>&#148; means the Escrow and
Paying Agent Agreement dated as of _______________ relating to the
Certificates, among the Escrow Agent, the Escrow Paying Agent, the Trustee and
the Underwriters, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Escrow Paying Agent</font></u></b>&#148; means the Person
acting as paying agent under the Escrow Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Escrow Receipt</font></u></b>&#148; means the receipt
substantially in the form annexed to the Escrow Agreement representing a
fractional undivided interest in the funds held in escrow thereunder.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Event of Default</font></u></b>&#148; means an Indenture
Default under any Indenture pursuant to which Equipment Notes held by the Trust
were issued.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Exchange Act</font></u></b>&#148; means the United States
Securities Exchange Act of 1934, as amended from time to time, or any successor
thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Final Legal Distribution Date</font></u></b>&#148; means
__________, ____.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Final Withdrawal</font></u></b>&#148; has the meaning
specified in the Escrow Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Final Withdrawal Date</font></u></b>&#148; has the meaning
specified in the Escrow Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Final Withdrawal Notice</font></u></b>&#148; has the
meaning specified in Section&nbsp;2.02.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Financing Documents</font></u></b>&#148; with respect to
any Equipment Note, means the Indenture and the Participation Agreement
relating to such Equipment Note.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Fractional Undivided Interest</font></u></b>&#148; means
the fractional undivided interest in the Trust that is evidenced by a
Certificate relating to such Trust.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Funding Date</font></u></b>&#148; has the meaning specified
in the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Funding Notice</font></u></b>&#148; has the meaning
specified in the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Global Certificates</font></u></b>&#148; means certificates
representing the Book-Entry Certificate delivered to and held by a Clearing
Agency or its nominee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Indenture</font></u></b>&#148; means each of the separate
trust indentures and mortgages relating to the Aircraft, each as specified or
described in a Funding Notice delivered pursuant to the Note Purchase Agreement
or the related Participation Agreement, in each case as the same may be
amended, supplemented or otherwise modified from time to time in accordance
with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Indenture Default</font></u></b>&#148; with respect to any
Indenture, means any Event of Default (as such term is defined in such
Indenture).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Intercreditor Agreement</font></u></b>&#148; means the
Intercreditor Agreement dated as of _______________ among the Trustee, the
Other Trustees, the Liquidity Providers, the liquidity providers relating to
the Certificates issued under (and as defined in) the Other Pass</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">Through Trust Agreements, the Policy Provider, and
Wilmington Trust Company, as Subordination Agent and as trustee thereunder, as
amended, supplemented or otherwise modified from time to time in accordance
with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Investors</font></u></b>&#148; means the Underwriters
together with all subsequent beneficial owners of the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Issuance Date</font></u></b>&#148; means the date of the
original issuance of the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Letter of Representations</font></u></b>&#148; means, with
respect to the Certificates, an agreement between the Company, the Trustee and
the initial Clearing Agency substantially in the form attached as an exhibit
hereto, as such letter may be modified or supplemented, or any successor letter
thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Liquidity Facilities</font></u></b>&#148; means the Primary
Liquidity Facility and the Above-Cap Liquidity Facility.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Liquidity Providers</font></u></b>&#148; means the Primary
Liquidity Provider and the Above-Cap Liquidity Provider.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Loan Trustee</font></u></b>&#148; with respect to any
Equipment Note or the Indenture applicable thereto, means the bank or trust
company designated as trustee under such Indenture, together with any successor
to such trustee appointed pursuant thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Note Purchase Agreement</font></u></b>&#148; means the Note
Purchase Agreement dated as of ____________ among the Trustee, the Other
Trustee, the Company, the Escrow Agent, the Escrow Paying Agent and the
Subordination Agent, providing for, among other things, the purchase of
Equipment Notes by the Trustee on behalf of the Trust, as the same may be
amended, supplemented or otherwise modified from time to time, in accordance
with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Notice of Purchase Withdrawal</font></u></b>&#148; has the
meaning specified in the Deposit Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Officer&#146;s Certificate</font></u></b>&#148; means a
certificate signed (a)&nbsp;in the case of the Company, by any Vice President
or more senior officer of the Company or, (b)&nbsp;in the case of a Loan
Trustee, a Responsible Officer of such Loan Trustee, as the case may be.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Opinion of Counsel</font></u></b>&#148; means a written
opinion of legal counsel who (a)&nbsp;in the case of counsel for the Company
may be (i)&nbsp;the General Counsel of the Company, (ii)&nbsp;Vedder, Price,
Kaufman&nbsp;&amp; Kammholz, P.C., (iii)&nbsp;Nixon Peabody LLP or
(iv)&nbsp;such other counsel designated by the Company and reasonably
acceptable to the Trustee and (b)&nbsp;in the case of counsel for any Loan
Trustee may be such counsel as may be designated by any of them whether or not
such counsel is an employee of any of them, and who shall be reasonably
acceptable to the Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Other Pass Through Trust Agreements</font></u></b>&#148;
means the other JetBlue Airways 2004-2 Pass Through Trust Agreements relating
to the JetBlue Airways Pass Through Trust, Series&nbsp;2004-2___ and the
JetBlue Airways Pass Through Trust, Series 2004-2___, each dated the date
hereof.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


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</font></div>

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<!-- ZEQ.=1,SEQ=13,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=744823,FOLIO='7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Other Trustee</font></u></b>&#148; means each trustee under
the Other Pass Through Trust Agreements, and any successor or other trustee
appointed as provided therein.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Other Trusts</font></u></b>&#148; means the JetBlue Airways
Pass Through Trust, Series 2004-2G-___ and JetBlue Airways Pass Through Trust,
Series 2004-2___ each created on the date hereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Outstanding</font></u></b>&#148; when used with respect to
Certificates, means, as of the date of determination, all Certificates
theretofore authenticated and delivered under this Agreement, except:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates theretofore canceled by
the Registrar or delivered to the Trustee or the Registrar for cancellation;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates for which money in the
full amount required to make the final distribution with respect to such
Certificates pursuant to Section&nbsp;11.01 hereof has been theretofore
deposited with the Trustee in trust for the Holders of such Certificates as
provided in Section&nbsp;4.01 pending distribution of such money to such
Certificateholders pursuant to payment of such final distribution; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates in exchange for or in
lieu of which other Certificates have been authenticated and delivered pursuant
to this Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Participation Agreement</font></u></b>&#148; means each
Participation Agreement to be entered into by the Trustee pursuant to the Note
Purchase Agreement, as the same may be amended, supplemented or otherwise
modified in accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Paying Agent</font></u></b>&#148; means the paying agent
maintained and appointed for the Certificates pursuant to Section&nbsp;7.12.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Permitted Investments</font></u></b>&#148; means obligations
of the United States of America or agencies or instrumentalities thereof for
the payment of which the full faith and credit of the United States of America
is pledged, maturing in not more than 60 days after the date of acquisition
thereof or such lesser time as is required for the distribution of any Special
Payments on a Special Distribution Date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Person</font></u></b>&#148; means any person, including any
individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, trustee, unincorporated organization,
or government or any agency or political subdivision thereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Policy</font></u></b>&#148; has the meaning specified in
the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Policy Provider</font></u></b>&#148; has the meaning
specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Policy Provider Agreement</font></u></b>&#148; has the
meaning specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Policy Provider Amounts</font></u></b>&#148; has the
meaning specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Policy Provider Default</font></u></b>&#148; has the
meaning specified in the Intercreditor Agreement.</font></p>

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</font></div>

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<!-- ZEQ.=1,SEQ=14,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=292875,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Pool Balance</font></u></b>&#148; means, as of any date,
(i)&nbsp;the original aggregate face amount of the Certificates less
(ii)&nbsp;the aggregate amount of all payments made in respect of such
Certificates other than payments made in respect of interest, Break Amount or
premium thereon or reimbursement of any costs or expenses incurred in
connection therewith.&#160; The Pool Balance
as of any Distribution Date shall be computed after giving effect to the
payment of principal, if any, on the Equipment Notes or other Trust Property
held in such Trust and the distribution thereof to be made on such Distribution
Date and the distribution of the Final Withdrawal to be made on such
Distribution Date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Pool Factor</font></u></b>&#148; means, as of any date, the
quotient (rounded to the seventh decimal place) computed by dividing
(i)&nbsp;the Pool Balance as at such date by (ii)&nbsp;the original aggregate
face amount of the Certificates.&#160; The
Pool Factor as of any Distribution Date shall be computed after giving effect
to the payment of principal, if any, on the Equipment Notes or other Trust
Property and the distribution thereof to be made on such Distribution Date and
the distribution of the Final Withdrawal to be made on such Distribution Date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Primary Liquidity Facility</font></u></b>&#148; means,
initially, the Revolving Credit Agreement dated as of ____________ relating to
the Certificates, between the Primary Liquidity Provider and the Subordination
Agent, as agent and trustee for the Trustee, and, from and after the
replacement of such Agreement pursuant to the Intercreditor Agreement, the
Replacement Primary Liquidity Facility (as defined in the Intercreditor
Agreement) therefor, if any, in each case as amended, supplemented or otherwise
modified from time to time in accordance with their respective terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Primary Liquidity Provider</font></u></b>&#148; means,
initially, Landesbank Baden-W&#252;rttemberg or any Replacement Primary Liquidity
Provider which has issued a Replacement Primary Liquidity Facility (each as
defined in the Intercreditor Agreement) to replace the Class&nbsp;___ Primary
Liquidity Facility pursuant to Section&nbsp;2.7 or 3.6(e) of the Intercreditor
Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Prospectus</font></u></b>&#148; means the prospectus dated
November&nbsp;___, 2004, as supplemented by the prospectus supplement dated
November&nbsp;___, 2004, relating to the offer and sale of the Certificates and
the certificates issued under the Other Pass Through Trust Agreements.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">PTC Event of Default</font></u></b>&#148; means any failure
to pay within ten Business Days of the due date thereof:&#160; (i)&nbsp;the outstanding Pool Balance on the
Final Legal Distribution Date (unless the Subordination Agent shall have made a
drawing under the Policy in an aggregate amount sufficient to pay the
outstanding Pool Balance and shall have distributed such amount to the Trustee)
or (ii)&nbsp;interest due on the Certificates on any Distribution Date (unless
the Subordination Agent shall have made an Interest Drawing or Drawings (as
defined in the Intercreditor Agreement), a withdrawal or withdrawals pursuant
to Section&nbsp;3.6(f) of the Intercreditor Agreement, or a drawing under the
Policy, with respect thereto in an aggregate amount sufficient to pay such
interest and shall have distributed such amount to the Trustee).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Record Date</font></u></b>&#148; means (i)&nbsp;for
Scheduled Payments to be distributed on any Regular Distribution Date, other
than the final distribution, February 1, May 1, August 1 or November 1 (whether
or not a Business Day) immediately preceding such Regular Distribution Date,
and (ii)&nbsp;for Special Payments to be distributed on any Special
Distribution Date, other than the final</font></p>

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</font></div>

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<!-- ZEQ.=1,SEQ=15,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=553107,FOLIO='9',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">distribution, the 15th day (whether or not a Business
Day) preceding such Special Distribution Date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Register and Registrar</font></u></b>&#148; mean the
register maintained and the registrar appointed pursuant to Sections&nbsp;3.04
and 7.12.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Regular Distribution Date</font></u></b>&#148; with respect
to distributions of Scheduled Payments in respect of the Certificates, means
each date designated as a Regular Distribution Date in the Certificates issued
pursuant to this Agreement, until payment of all the Scheduled Payments to be
made under the Equipment Notes held in the Trust have been made; <u>provided</u>,
<u>however</u>, that, if any such day shall not be a Business Day, the related
distribution shall be made on the next succeeding Business Day.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Related Pass Through Trust Agreement</font></u></b>&#148;
means the Pass Through Trust Agreement relating to the JetBlue Airways Pass
Through Trust, Series 2004-2____, dated the date hereof, between the Company
and the institution acting as trustee thereunder, which agreement becomes
effective upon the execution and delivery of the Assignment and Assumption
Agreement pursuant to Section 11.01.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Related Trust</font></u></b>&#148; means the JetBlue
Airways Pass Through Trust, Series 2004-2____, formed under the Related Pass
Through Trust Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Related Trustee</font></u></b>&#148; means the trustee
under the Related Pass Through Trust Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Responsible Officer</font></u></b>&#148; with respect to
the Trustee and any Loan Trustee, means any officer in the Corporate Trust
Office of the Trustee, Loan Trustee or any other officer customarily performing
functions similar to those performed by the persons who at the time shall be
such officers, respectively, or to whom any corporate trust matter is referred
because of his knowledge of and familiarity with a particular subject.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Scheduled Payment</font></u></b>&#148; with respect to any
Equipment Note, means (i)&nbsp;any payment of principal or interest on or in
respect of such Equipment Note (other than any such payment which is not in
fact received by the Subordination Agent within ten Business Days of the date
on which such payment is scheduled to be made) due from the obligor thereon or
(ii)&nbsp;any payment of interest on the Certificates with funds drawn under
any Liquidity Facility or any payment of interest on or principal of the
Certificates with funds drawn under the Policy, which payment in any such case
represents the installment of principal at the stated maturity of such
installment of principal on such Equipment Note, the payment of regularly
scheduled interest accrued on the unpaid principal amount of such Equipment
Note, or both; <u>provided</u> that any payment of principal, premium, if any,
or interest resulting from the redemption or purchase of any Equipment Note
shall not constitute a Scheduled Payment.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">SEC</font></u></b>&#148; means the Securities and Exchange
Commission, as from time to time constituted or created under the United States
Securities Exchange Act of 1934, as amended, or, if at any time after the
execution of this instrument such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body
performing such duties on such date.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


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</font></div>

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<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Securities Act</font></u></b>&#148; means the United States
Securities Act of 1933, as amended from time to time, or any successor thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Special Distribution Date</font></u></b>&#148; means each
date on which a Special Payment is to be distributed as specified in this
Agreement; <u>provided</u>, <u>however</u>, that, if any such day shall not be
a Business Day, the related distribution shall be made on the next succeeding
Business Day.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Special Payment</font></u></b>&#148; means any payment
(other than a Scheduled Payment) in respect of, or any proceeds of, any
Equipment Note or Collateral (as defined in each Indenture) or Special
Redemption Premium.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Special Payments Account</font></u></b>&#148; means the
account or accounts created and maintained pursuant to Section&nbsp;4.01(b).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Special Redemption Premium</font></u></b>&#148; means the
premium payable by the Company in respect of the Final Withdrawal pursuant to
the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Subordination Agent</font></u></b>&#148; has the meaning
specified in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Substitute Aircraft</font></u></b>&#148; has the meaning
specified in the Note Purchase Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Tax</font></u></b>&#148; means all license, recording,
documentary, registration and other similar fees and all taxes, levies,
imposts, duties, charges, assessments or withholdings of any nature whatsoever
imposed by any Taxing Authority, together with any penalties, additions to tax,
fines or interest thereon or additions thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Taxing Authority</font></u></b>&#148; means any federal,
state or local government or other taxing authority in the United States, any
foreign government or any political subdivision or taxing authority thereof,
any international taxing authority or any territory or possession of the United
States or any taxing authority thereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Transfer Date</font></u></b>&#148; has the meaning specified
in Section&nbsp;11.01.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Triggering Event</font></u></b>&#148; has the meaning
assigned to such term in the Intercreditor Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Trust</font></u></b>&#148; means the trust created by this
Agreement, the estate of which consists of the Trust Property.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Trust Indenture Act</font></u></b>&#148; means the United
States Trust Indenture Act of 1939, as amended from time to time, or any
successor thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Trust Property</font></u></b>&#148; means (i)&nbsp;the
Equipment Notes held as the property of the Trust and, subject to the
Intercreditor Agreement, all monies at any time paid thereon and all monies due
and to become due thereunder, (ii)&nbsp;funds from time to time deposited in
the Certificate Account and the Special Payments Account and, subject to the
Intercreditor Agreement, any proceeds from the sale by the Trustee pursuant to
Article&nbsp;VI hereof of any Equipment Note and (iii)&nbsp;all rights of the
Trust and the Trustee, on behalf of the Trust, under the Intercreditor
Agreement, the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">Escrow Agreement, the Note Purchase Agreement, the
Policy and the Liquidity Facilities, including, without limitation, all rights
to receive certain payments thereunder, and all monies paid to the Trustee on
behalf of the Trust pursuant to the Intercreditor Agreement, the Policy or the
Liquidity Facilities, <u>provided</u> that rights with respect to the Deposits
or under the Escrow Agreement, except for the right to direct withdrawals for
the purchase of Equipment Notes to be held herein, will not constitute Trust
Property.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Trustee</font></u></b>&#148; means Wilmington Trust
Company, or its successor in interest, and any successor or other trustee
appointed as provided herein.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Trustee&#146;s Liens</font></u></b>&#148; has the meaning
specified in Section&nbsp;7.17.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Underwriters</font></u></b>&#148; means the several
underwriters listed as such in the Underwriting Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Underwriting Agreement</font></u></b>&#148; means the
Underwriting Agreement dated ____________ among the Underwriters and the
Company, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;<b><u><font style="font-weight:bold;">Unindemnified Tax</font></u></b>&#148; means (i)&nbsp;any
Tax imposed on the net income, net worth or capital, or any franchise Tax or
similar doing business Tax, of the Trustee, (ii)&nbsp;any withholding Tax
imposed by the United States (including, without limitation, any withholding
Tax imposed by the United States which is imposed or increased as a result of
the Trustee failing to deliver to the Company any certificate or document
necessary to establish that payments under this Agreement are exempt from
withholding Tax), and (iii)&nbsp;any Avoidable Tax.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 1.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Compliance Certificates and Opinions</u>.&#160; Upon any application or request (except with
respect to matters set forth in Article&nbsp;II) by the Company, any Loan
Trustee to the Trustee to take any action under any provision of this
Agreement, the Company, such Loan Trustee, as the case may be, shall furnish to
the Trustee (i)&nbsp;an Officer&#146;s Certificate stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Agreement
relating to the proposed action have been complied with and (ii)&nbsp;an
Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with, except that in the case
of any such application or request as to which the furnishing of such documents
is specifically required by any provision of this Agreement relating to such
particular application or request, no additional certificate or opinion need be
furnished.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Every
certificate or opinion with respect to compliance with a condition or covenant
provided for in this Agreement (other than a certificate provided pursuant to
Section&nbsp;8.04(d)) shall include:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a statement that each individual
signing such certificate or opinion has read such covenant or condition and the
definitions in this Agreement relating thereto;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a brief statement as to the nature
and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a statement that, in the opinion of
each such individual, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; a statement as to whether, in the
opinion of each such individual, such condition or covenant has been complied
with.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 1.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Form of Documents Delivered to
Trustee</u>.&#160; In any case where several
matters are required to be certified by, or covered by an opinion of, any
specified Person, it is not necessary that all such matters be certified by, or
covered by the opinion of, only one such Person, or that they be so certified
or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters and any such Person may certify or give an opinion as to such
matters in one or several documents.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Where
any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments
under this Agreement or, in respect of the Certificates, this Agreement, they
may, but need not, be consolidated and form one instrument.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 1.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Directions of Certificateholders</u>.&#160; (a) Any direction, consent, request, demand,
authorization, notice, waiver or other action provided by this Agreement to be
given or taken by Certificateholders (a &#147;<b><font style="font-weight:bold;">Direction</font></b>&#148;) may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by such
Certificateholders in person or by an agent or proxy duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required pursuant to this Agreement, to the
Company or any Loan Trustee.&#160; Proof of
execution of any such instrument or of a writing appointing any such agent or
proxy shall be sufficient for any purpose of this Agreement and conclusive in
favor of the Trustee, the Company and any Loan Trustee, if made in the manner
provided in this Section.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
fact and date of the execution by any Person of any such instrument or writing
may be proved by the certificate of any notary public or other officer of any
jurisdiction authorized to take acknowledgments of deeds or administer oaths
that the Person executing such instrument acknowledged to him the execution
thereof, or by an affidavit of a witness to such execution sworn to before any
such notary or such other officer and where such execution is by an officer of
a corporation or association or a member of a partnership, on behalf of such
corporation, association or partnership, such certificate or affidavit shall
also constitute sufficient proof of his authority.&#160; The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved
in any other reasonable manner which the Trustee deems sufficient.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
determining whether the Certificateholders of the requisite Fractional
Undivided Interests of Certificates Outstanding have given any Direction under
this Agreement, Certificates owned by the Company or any Affiliate thereof
shall be disregarded and deemed not</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">to be Outstanding for purposes of any such
determination.&#160; In determining whether
the Trustee shall be protected in relying upon any such Direction, only
Certificates which the Trustee knows to be so owned shall be so disregarded.&#160; Notwithstanding the foregoing, (i)&nbsp;if
any such Person owns 100% of the Certificates Outstanding, such Certificates
shall not be so disregarded, and (ii)&nbsp;if any amount of Certificates so
owned by any such Person have been pledged in good faith, such Certificates
shall not be disregarded if the pledgee establishes to the satisfaction of the
Trustee the pledgee&#146;s right so to act with respect to such Certificates and
that the pledgee is not the Company or any Affiliate thereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; For
all purposes of this Agreement, all Certificates shall vote and take all other
actions of Certificateholders together as one series of Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company may at its option, by delivery of an Officer&#146;s Certificate to the
Trustee, set a record date to determine the Certificateholders entitled to give
any Direction.&#160; Notwithstanding
Section&nbsp;316(c) of the Trust Indenture Act, such record date shall be the
record date specified in such Officer&#146;s Certificate, which shall be a date not
more than 30 days prior to the first solicitation of Certificateholders in
connection therewith.&#160; If such a record
date is fixed, such Direction may be given before or after such record date,
but only the Certificateholders of record at the close of business on such
record date shall be deemed to be Certificateholders for the purposes of
determining whether Certificateholders of the requisite proportion of
Outstanding Certificates have authorized or agreed or consented to such
Direction, and for that purpose the Outstanding Certificates shall be computed
as of such record date; <u>provided</u> that no such Direction by the
Certificateholders on such record date shall be deemed effective unless it
shall become effective pursuant to the provisions of this Agreement not later
than one year after such record date.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
Direction by the Holder of any Certificate shall bind the Holder of every
Certificate issued upon the transfer thereof or in exchange therefor or in lieu
thereof, whether or not notation of such Direction is made upon such
Certificate.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except
as otherwise provided in Section&nbsp;1.04(c), Certificates owned by or pledged
to any Person shall have an equal and proportionate benefit under the
provisions of this Agreement, without preference, priority or distinction as
among all of the Certificates.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;II<br>
<br>
ORIGINAL ISSUANCE OF CERTIFICATES;<br>
ACQUISITION OF EQUIPMENT NOTES</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 2.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Issuance of Certificates;
Acquisition of Equipment Notes</u>.&#160; (a)
The Trustee is hereby directed (i)&nbsp;to execute and deliver the
Intercreditor Agreement, the Escrow Agreement, the Policy Provider Agreement
and the Note Purchase Agreement on or prior to the Issuance Date, each in the
form delivered to the Trustee by the Company and (ii)&nbsp;subject to the
respective terms thereof, to perform its obligations thereunder.&#160; Upon request of the Company and the
satisfaction or waiver of the closing conditions specified in the Underwriting
Agreement, the Trustee shall execute, deliver, authenticate, issue and sell
Certificates in authorized denominations equaling in the aggregate the amount
set forth, with respect to the Trust, in</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Schedule&nbsp;II to the Underwriting Agreement
evidencing the entire ownership interest in the Trust, which amount equals the
maximum aggregate principal amount of Equipment Notes which may be purchased by
the Trustee pursuant to the Note Purchase Agreement.&#160; Except as provided in Sections&nbsp;3.04, 3.05, 3.07 and 3.10
hereof, the Trustee shall not execute, authenticate or deliver Certificates in
excess of the aggregate amount specified in this paragraph.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On
or after the Issuance Date, the Company may deliver from time to time to the
Trustee a Funding Notice relating to one or more Equipment Notes.&#160; After receipt of a Funding Notice and in any
case no later than one Business Day prior to a Funding Date as to which such
Funding Notice relates (the &#147;<b><font style="font-weight:bold;">Applicable
Funding Date</font></b>&#148;) (or, if the Issuance Date is an Applicable Funding
Date, on the Issuance Date), the Trustee shall (as and when specified in the
Funding Notice) instruct the Escrow Agent to provide a Notice of Purchase
Withdrawal to the Depositary requesting (A)&nbsp;the withdrawal of one or more
Deposits on the Applicable Funding Date in accordance with and to the extent
permitted by the terms of the Escrow Agreement and the Deposit Agreement and
(B)&nbsp;the payment of all, or a portion, of such Deposit or Deposits in an
amount equal in the aggregate to the purchase price of such Equipment Notes to
or on behalf of the Company, as the case may be, issuing such Equipment Notes,
all as shall be described in the Funding Notice; <u>provided</u> that, if the
Issuance Date is an Applicable Funding Date, such purchase price shall be paid
from a portion of the proceeds of the sale of the Certificates.&#160; The Trustee shall (as and when specified in
such Funding Notice), subject to the conditions set forth in Section&nbsp;2 of
the Note Purchase Agreement, enter into and perform its obligations under the
Participation Agreement specified in such Funding Notice (the &#147;<b><font style="font-weight:bold;">Applicable Participation Agreement</font></b>&#148;) and
cause such certificates, documents and legal opinions relating to the Trustee
to be duly delivered as required by the Applicable Participation
Agreement.&#160; If at any time prior to the
Applicable Funding Date, the Trustee receives a notice of postponement pursuant
to Section&nbsp;1(d) of the Note Purchase Agreement, then the Trustee shall
give the Depositary (with a copy to the Escrow Agent) a notice of cancellation
of such Notice of Purchase Withdrawal relating to such Deposit or Deposits on
such Applicable Funding Date.&#160; Upon
satisfaction of the conditions specified in the Note Purchase Agreement and the
Applicable Participation Agreement, the Trustee shall purchase the applicable
Equipment Notes with the proceeds of the withdrawals of one or more Deposits
made on the Applicable Funding Date in accordance with the terms of the Deposit
Agreement and the Escrow Agreement (or, if the Issuance Date is the Applicable
Funding Date with respect to such Applicable Participation Agreement, from a
portion of the proceeds of the sale of the Certificates).&#160; The purchase price of such Equipment Notes
shall equal the principal amount of such Equipment Notes.&#160; Amounts withdrawn from such Deposit or
Deposits in excess of the purchase price of the Equipment Notes or to the
extent not applied on the Applicable Funding Date to the purchase price of the
Equipment Notes, shall be re-deposited by the Trustee with the Depositary on
the Applicable Funding Date in accordance with the terms of the Deposit
Agreement.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 2.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Withdrawal of Deposits</u>.&#160; If any Deposits remain outstanding on the
Business Day next succeeding the Cut-Off Date, (i) (A)&nbsp;the Trustee shall
give the Escrow Agent notice that the Trustee&#146;s obligation to purchase
Equipment Notes under the Note Purchase Agreement has terminated and instruct
the Escrow Agent to provide a notice of Final Withdrawal to the Depositary
substantially in the form of Exhibit&nbsp;B to the Deposit Agreement (the &#147;<b><font style="font-weight:bold;">Final Withdrawal Notice</font></b>&#148;) and (B)&nbsp;the
Trustee will make a demand upon the Company under the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Note Purchase Agreement for an amount equal to the
Special Redemption Premium, if applicable, such payment to be made on the Final
Withdrawal Date.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 2.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Acceptance by Trustee</u>.&#160; The Trustee, upon the execution and delivery
of this Agreement, acknowledges its acceptance of all right, title and interest
in and to the Trust Property and declares that the Trustee holds and will hold
such right, title and interest for the benefit of all then present and future
Certificateholders, upon the trusts herein set forth.&#160; Subject to Section&nbsp;7.14, the Trustee shall take all actions
reasonably necessary to effect the registration of all such Equipment Notes in
the name of the Subordination Agent.&#160; By
its payment for and acceptance of each Certificate issued to it under this
Agreement, each Certificateholder as grantor of the Trust thereby joins in the
creation and declaration of the Trust.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 2.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Limitation of Powers</u>.&#160; The Trust is constituted solely for the
purpose of making the investment in the Equipment Notes, and, except as set
forth herein, the Trustee shall not be authorized or empowered to acquire any
other investments or engage in any other activities including without limitation
purchasing any Equipment Note issued in connection with the redemption of
outstanding Equipment Notes under any Indenture and, in particular, the Trustee
shall not be authorized or empowered to do anything that would cause such Trust
to fail to qualify as a &#147;grantor trust&#148; for federal income tax purposes
(including as subject to this restriction, acquiring any Aircraft (as defined
in the respective Indentures) by bidding such Equipment Notes or otherwise, or
taking any action with respect to any such Aircraft once acquired).</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;III<br>
<br>
THE CERTIFICATES</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Title, Form, Denomination and
Execution of Certificates</u>.&#160; (a)&#160; Each Certificate will represent a Fractional
Undivided Interest in the Trust, shall be issued in fully registered form
without coupons and shall be substantially in the form set forth as
Exhibit&nbsp;A hereto, with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this
Agreement and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply
with the rules of any securities exchange or as may, consistently herewith, be
determined by the Trustee or the officers executing such Certificates, as
evidenced by the Trustee&#146;s or officer&#146;s execution of the Certificates (provided
that such letters, numbers or other marks of identification and such legends or
endorsements are in a form acceptable to the Company).&#160; Any portion of the text of any Certificate
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Certificate.&#160; At the
Escrow Agent&#146;s request under the Escrow Agreement, the Trustee shall affix the
corresponding Escrow Receipt to each Certificate.&#160; In any event, any transfer or exchange of any Certificate shall
also effect a transfer or exchange of the related Escrow Receipt.&#160; Prior to the Final Withdrawal Date, no
transfer or exchange of any Certificate shall be permitted unless the
corresponding Escrow Receipt is attached thereto and also is so transferred or
exchanged.&#160; By acceptance of any
Certificate to which an Escrow Receipt is attached, each Holder of such a
Certificate acknowledges and accepts the restrictions on transfer of the Escrow
Receipt set forth herein and in the Escrow Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Certificates shall be issued only in fully registered form without coupons and
only in minimum denominations of $1,000 and integral multiples of $1,000 in excess
thereof, except that one Certificate may be issued in a different
denomination.&#160; Each Certificate shall be
dated the date of its authentication.&#160;
The aggregate Fractional Undivided Interest of Certificates shall not at
any time exceed $___________.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Certificates shall be in registered form and shall be typed, printed,
lithographed or engraved or produced by any combination of these methods or may
be produced in any other manner, all as determined by the officers executing
such Certificates, as evidenced by their execution of such Certificates.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Restrictive Legends</u>.&#160; Each Global Certificate shall bear the
following legend on the face thereof:</p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (&#147;DTC&#148;), TO THE TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN EXCHANGE FOR THIS
CERTIFICATE IS REGISTERED IN THE NAME OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE&nbsp;&amp; CO., HAS AN INTEREST HEREIN.</font></p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">TRANSFERS OF THIS CERTIFICATE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTION&nbsp;3.05 OF THE PASS THROUGH TRUST AGREEMENT
REFERRED TO HEREIN.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Authentication of Certificates</u>.&#160; (a) On the Issuance Date, the Trustee shall
duly execute, authenticate and deliver Certificates in authorized denominations
equaling in the aggregate the amount set forth, with respect to the Trust, in
Schedule&nbsp;II to the Underwriting Agreement, evidencing the entire ownership
of the Trust, which amount equals the maximum aggregate principal amount of
Equipment Notes which may be purchased by the Trustee pursuant to the Note
Purchase Agreement.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No
Certificate shall be entitled to any benefit under this Agreement or be valid or
obligatory for any purpose, unless there appears on such Certificate a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Certificate</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">shall be conclusive evidence, and the only evidence,
that such Certificate has been duly authenticated and delivered hereunder.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificates
bearing the manual or facsimile signature of an individual who was, at the time
when such signature was affixed, authorized to sign on behalf of the Trustee
shall be valid and binding obligations of the Trust notwithstanding that such
individual has ceased to be so authorized prior to the authentication and
delivery of such Certificates or did not hold such office on the date of such
Certificates.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Transfer and Exchange</u>.&#160; The Trustee shall cause to be kept at the
office or agency to be maintained by it in accordance with the provisions of
Section&nbsp;7.12 a register (the &#147;<b><font style="font-weight:bold;">Register</font></b>&#148;)
of the Certificates in which, subject to such reasonable regulations as it may
prescribe, the Trustee shall provide for the registration of such Certificates
and of transfers and exchanges of such Certificates as herein provided.&#160; The Trustee shall initially be the registrar
(the &#147;<b><font style="font-weight:bold;">Registrar</font></b>&#148;) for the purpose
of registering such Certificates and transfers and exchanges of such
Certificates as herein provided.&#160; The
Company, upon notice to the Trustee, may change the Registrar at any time.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">All
Certificates issued upon any registration of transfer or exchange of
Certificates shall be valid obligations of the Trust, evidencing the same
interest therein, and entitled to the same benefits under this Trust Agreement,
as the Certificates surrendered upon such registration of transfer or exchange.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">A
Certificateholder may transfer a Certificate, or request that a Certificate be
exchanged for Certificates in an aggregate Fractional Undivided Interest equal
to the Fractional Undivided Interest of such Certificate surrendered for
exchange of other authorized denominations, by surrender of such Certificate to
the Trustee with the form of transfer notice thereon duly completed and
executed, and otherwise complying with the terms of this Agreement, including
providing evidence of compliance with any restrictions on transfer, in form
satisfactory to the Trustee and the Registrar.&#160;
No such transfer shall be effected until, and such transferee shall
succeed to the rights of a Certificateholder only upon, final acceptance and
registration of the transfer by the Registrar in the Register.&#160; Prior to the registration of any transfer by
a Certificateholder as provided herein, the Trustee shall treat the person in
whose name the Certificate is registered as the owner thereof for all purposes,
and the Trustee shall not be affected by notice to the contrary.&#160; Furthermore, DTC shall, by acceptance of a
Global Certificate, agree that transfers of beneficial interests in such Global
Certificate may be effected only through a book-entry system maintained by DTC
(or its agent) and that ownership of a beneficial interest in the Certificate
shall be required to be reflected in a book entry.&#160; When Certificates are presented to the Registrar with a request
to register the transfer thereof or to exchange them for other authorized
denominations of a Certificate in a Fractional Undivided Interest equal to the
aggregate Fractional Undivided Interest of Certificates surrendered for
exchange, the Registrar shall register the transfer or make the exchange as
requested if its requirements for such transactions are met.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">To
permit registrations of transfers and exchanges in accordance with the terms,
conditions and restrictions hereof, the Trustee shall execute and authenticate
Certificates at the Registrar&#146;s request.&#160;
No service charge shall be made to a Certificateholder for any
registration of</font></p>

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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">transfer or exchange of Certificates, but the Trustee
shall require payment of a sum sufficient to cover any tax or governmental
charge that may be imposed in connection with any transfer or exchange of
Certificates.&#160; All Certificates
surrendered for registration of transfer or exchange shall be canceled and
subsequently destroyed by the Trustee.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Global, Book-Entry and Definitive
Certificates</u>.&#160; (a)&nbsp;&#160; Except for one Certificate that may be
issued in a denomination of other than an even multiple of $1,000, except as
provided in the following sentence, the Certificates may be issued at the
option of the Company in the form of one or more typewritten Global
Certificates representing the Book-Entry Certificates of such class, to be
delivered to DTC, the initial Clearing Agency, by the Trustee on behalf of the related
Trust.&#160; In the case of the issuance of
Global Certificates, such Global Certificates delivered to DTC shall initially
be registered on the Register in the name of Cede&nbsp;&amp; Co., the nominee
of the initial Clearing Agency, and no Certificate Owner will receive a
definitive certificate representing such Certificate Owner&#146;s interest in the
Certificates, except as provided in Subsection&nbsp;(d) below. As to Global
Certificates, unless and until definitive, fully registered Certificates (the &#147;<b><font style="font-weight:bold;">Definitive Certificates</font></b>&#148;) have been issued
pursuant to Subsection&nbsp;(d) below:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the provisions of this
Section&nbsp;3.05 shall be in full force and effect;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Company, the Paying Agent, the
Registrar and the Trustee&#160; may deal with
the Clearing Agency for all purposes (including the making of distributions on
the Global Certificates);</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to the extent that the provisions of
this Section&nbsp;3.05 conflict with any other provisions of this Agreement,
the provisions of this Section&nbsp;3.05 shall control;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the rights of Certificate Owners shall
be exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Certificate Owners and the
Clearing Agency and/or the Clearing Agency Participants; and until Definitive
Certificates are issued pursuant to Subsection&nbsp;(d) below, the Clearing
Agency will make book-entry transfers in respect of the Book-Entry Certificates
among the Clearing Agency Participants and receive and transmit distributions
of principal, interest and premium, if any, on the Global Certificates to such
Clearing Agency Participants;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Global Certificates may be
transferred in whole, but not in part, and in the manner provided in
Section&nbsp;3.04, by the Clearing Agency holding such&#160; Global Certificates to a nominee of such
Clearing Agency, or by such Clearing Agency to a successor Clearing Agency that
has been selected or approved by the Company or to a nominee of such successor
Clearing Agency; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; whenever this Agreement requires or
permits actions to be taken based upon instructions or directions of
Certificateholders evidencing a specified percentage of the Fractional
Undivided Interests in the Trust, the Clearing Agency shall be deemed to
represent such percentage only to the extent that it has received instructions
to such effect from Clearing Agency Participants owning or representing,
respectively,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>


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<p style="margin:0in 0in 12.0pt .5in;"><font size="2" face="Times" style="font-size:10.0pt;">such required percentage of the
Book-Entry Certificates and has delivered such instructions to the Trustee. Neither
the Company nor the Trustee shall have any obligation to determine whether the
Clearing Agency has in fact received any such instructions.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whenever
notice or other communication to the Certificateholders is required under this
Agreement, unless and until Definitive Certificates shall have been issued
pursuant to Subsection&nbsp;(d) below, the Trustee shall give all such notices
and communications specified herein to be given to Certificateholders to the
Clearing Agency.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee shall enter into the applicable Letter of Representations with respect
to the Global Certificates and fulfill its responsibilities thereunder.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
with respect to the Global Certificates (i)&nbsp;the Company advises the
Trustee in writing that the Clearing Agency that holds such Global Certificates
is no longer willing or able to discharge properly its responsibilities and the
Trustee or the Company is unable to locate a qualified successor, (ii)&nbsp;the
Company, at its option, advises the Trustee in writing that it elects to terminate
the book-entry system through the Clearing Agency or (iii)&nbsp;after the
occurrence of an Event of Default, Certificate Owners of Book-Entry
Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust, by Act of such Certificate Owners
delivered to the Company and the Trustee, advise the Company, the Trustee and
the Clearing Agency through the Clearing Agency Participants in writing that
the continuation of a book-entry system through the Clearing Agency
Participants is no longer in the best interests of the Certificate Owners, then
the Trustee shall notify all Certificate Owners, through the Clearing Agency,
of the occurrence of any such event and of the availability of Definitive
Certificates. Upon surrender to the Trustee of all the Global Certificates held
by the Clearing Agency, accompanied by registration instructions from the
Clearing Agency Participants for registration of Definitive Certificates in the
names of Certificate Owners, the Trustee shall issue and deliver the Definitive
Certificates in accordance with the instructions of the Clearing Agency.
Neither the Company, the Registrar, the Paying Agent nor the Trustee shall be
liable for any delay in delivery of such instructions and may conclusively rely
on, and shall be protected in relying on, such registration instructions. Upon
the issuance of Definitive Certificates, the Trustee shall recognize the
Persons in whose names the Definitive Certificates are registered in the
Register as Certificateholders hereunder. Neither the Company nor the Trustee
shall be liable if the Trustee or the Company is unable to locate a qualified
successor Clearing Agency.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Until
such time as no Certificates remain Outstanding, the Registrar shall retain
copies of all letters, notices and other written communications received
pursuant to this Section&nbsp;3.05.&#160; The
Trustee, if not the Registrar at such time, shall have the right to inspect and
make copies of all such letters, notices or other written communications at any
reasonable time upon the giving of reasonable written notice to the Registrar.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b>[Intentionally Omitted.]</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Mutilated, Destroyed, Lost or Stolen
Certificates</u>.&#160; If (a)&nbsp;any
mutilated Certificate is surrendered to the Registrar or the Registrar receives
evidence to its satisfaction of</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">the destruction, loss or theft of any Certificate and
(b)&nbsp;there is delivered to the Registrar and the Trustee such security,
indemnity or bond, as may be required by them to save each of them harmless,
then, in the absence of notice to the Registrar or the Trustee that such
destroyed, lost or stolen Certificate has been acquired by a protected
purchaser, and provided that the requirements of Section&nbsp;8-405 of the
Uniform Commercial Code in effect in any applicable jurisdiction are met, the
Trustee shall execute, authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Certificate, a new Certificate or
Certificates, in authorized denominations and of like Fractional Undivided
Interest and bearing a number not contemporaneously outstanding.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">In
connection with the issuance of any new Certificate under this
Section&nbsp;3.07, the Trustee may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee
and the Registrar) connected therewith.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Any
duplicate Certificate issued pursuant to this Section&nbsp;3.07 shall
constitute conclusive evidence of the appropriate Fractional Undivided Interest
in the Trust, as if originally issued, whether or not the lost, stolen or
destroyed Certificate shall be found at any time.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
provisions of this Section are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Certificates.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Persons Deemed Owners</u>.&#160; Prior to due presentment of a Certificate
for registration of transfer, the Trustee, the Registrar and any Paying Agent
may treat the Person in whose name any Certificate is registered (as of the day
of determination) as the owner of such Certificate for the purpose of receiving
distributions pursuant to Article&nbsp;IV and for all other purposes
whatsoever, and none of the Trustee, the Registrar or any Paying Agent shall be
affected by any notice to the contrary.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Cancellation</u>.&#160; All Certificates surrendered for payment or
transfer or exchange shall, if surrendered to the Trustee or any agent of the
Trustee other than the Registrar, be delivered to the Registrar for
cancellation and shall promptly be canceled by it.&#160; No Certificates shall be authenticated in lieu of or in exchange
for any Certificates canceled as provided in this Section, except as expressly
permitted by this Agreement.&#160; All
canceled Certificates held by the Registrar shall be destroyed and a
certification of their destruction delivered to the Trustee.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Temporary Certificates</u>.&#160; Until Definitive Certificates are ready for
delivery, the Trustee shall authenticate temporary Certificates.&#160; Temporary Certificates shall be
substantially in the form of Definitive Certificates but may have insertions, substitutions,
omissions and other variations determined to be appropriate by the officers
executing the temporary Certificates, as evidenced by their execution of such
temporary Certificates.&#160; If temporary
Certificates are issued, the Trustee will cause Definitive Certificates to be
prepared without unreasonable delay.&#160;
After the preparation of Definitive Certificates, the temporary
Certificates shall be exchangeable for Definitive Certificates upon surrender
of the temporary Certificates at the office or agency of the Trustee designated
for such purpose pursuant to</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=1033180,FOLIO='21',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Section&nbsp;7.12, without charge to the
Certificateholder.&#160; Upon surrender for
cancellation of any one or more temporary Certificates, the Trustee shall
execute, authenticate and deliver in exchange therefor a like face amount of
Definitive Certificates of authorized denominations.&#160; Until so exchanged, the temporary Certificates shall be entitled
to the same benefits under this Agreement as Definitive Certificates.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Limitation of Liability for Payments</u>.&#160; All payments and distributions made to
Certificateholders in respect of the Certificates shall be made only from the
Trust Property and only to the extent that the Trustee shall have sufficient
income or proceeds from the Trust Property to make such payments in accordance
with the terms of Article&nbsp;IV of this Agreement.&#160; Each Certificateholder, by its acceptance of a Certificate,
agrees that it will look solely to the income and proceeds from the Trust
Property for any payment or distribution due to such Certificateholder pursuant
to the terms of this Agreement and that it will not have any recourse to the
Company, the Trustee, the Loan Trustees, the Liquidity Providers or the Policy
Provider, except as otherwise expressly provided herein or in the Intercreditor
Agreement.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Company is a party to this Agreement solely for purposes of meeting the
requirements of the Trust Indenture Act, and therefore shall not have any
right, obligation or liability hereunder (except as otherwise expressly
provided herein).</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 3.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>ERISA Legend</u>.&#160; All Certificates issued pursuant to this
Agreement shall bear a legend to the following effect (the &#147;<b><font style="font-weight:bold;">ERISA Legend</font></b>&#148;) unless the Company and the
Trustee determine otherwise consistent with applicable law:</p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">&#147;BY ITS ACQUISITION HEREOF, THE HOLDER
REPRESENTS THAT (A)&nbsp;NO PLAN ASSETS HAVE BEEN USED TO PURCHASE THIS
CERTIFICATE OR AN INTEREST HEREIN OR (B)&nbsp;THE PURCHASE AND HOLDING OF THIS
CERTIFICATE OR AN INTEREST HEREIN IS EXEMPT FROM THE PROHIBITED TRANSACTION
RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE OR MORE PROHIBITED
TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS.&#160; THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING
THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION
OF THE FOREGOING RESTRICTIONS.&#148;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">By
acceptance of any Certificate bearing the ERISA Legend, each Holder of such a
Certificate acknowledges the restrictions on transfer of such Certificate set
forth in this Agreement and agrees that it will transfer such Certificate only
as provided in this Agreement.&#160; The
Trustee shall not register a transfer of any Certificate unless such transfer
complies with the restrictions on transfer, if any, of such Certificate set
forth in such legend.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;IV<br>
<br>
DISTRIBUTIONS; STATEMENTS TO<br>
CERTIFICATEHOLDERS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 4.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Certificate Account and Special
Payments Account</u>.&#160; (a) The Trustee
shall establish and maintain on behalf of the Certificateholders a Certificate
Account as one or more non-interest-bearing accounts.&#160; The Trustee shall hold the Certificate Account in trust for the
benefit of the Certificateholders, and shall make or permit withdrawals
therefrom only as provided in this Agreement.&#160;
On each day when a Scheduled Payment is made to the Trustee under the
Intercreditor Agreement, the Trustee upon receipt thereof shall immediately
deposit the aggregate amount of such Scheduled Payment in the Certificate
Account.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee shall establish and maintain on behalf of the Certificateholders a
Special Payments Account as one or more accounts, which shall be non-interest
bearing except as provided in Section&nbsp;4.04.&#160; The Trustee shall hold the Special Payments Account in trust for
the benefit of the Certificateholders and shall make or permit withdrawals
therefrom only as provided in this Agreement.&#160;
On each day when one or more Special Payments are made to the Trustee
under the Intercreditor Agreement and upon the payment of the Special
Redemption Premium to the Trustee under the Note Purchase Agreement, the
Trustee, upon receipt thereof, shall immediately deposit the aggregate amount
of such Special Payments in the Special Payments Account.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee shall cause the Subordination Agent to present to the related Loan
Trustee of each Equipment Note such Equipment Note on the date of its stated
final maturity or, in the case of any Equipment Note which is to be redeemed in
whole pursuant to the related Indenture, on the applicable redemption date
under such Indenture.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 4.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Distributions from Certificate
Account and Special Payments Account</u>.&#160;
(a) On each Regular Distribution Date or as soon thereafter as the
Trustee has confirmed receipt of the payment of all or any part of the
Scheduled Payments due on such date, the Trustee shall distribute out of the
Certificate Account the entire amount deposited therein pursuant to
Section&nbsp;4.01(a).&#160; There shall be so
distributed to each Certificateholder of record on the Record Date with respect
to such Regular Distribution Date (other than as provided in Section&nbsp;11.01
concerning the final distribution) by check mailed to such Certificateholder,
at the address appearing in the Register, such Certificateholder&#146;s pro rata share
(based on the Fractional Undivided Interest in the Trust held by such
Certificateholder) of the total amount in the Certificate Account, except that,
with respect to Certificates registered on the Record Date in the name of Cede
&amp; Co., as nominee for DTC, such distribution shall be made by wire transfer
in immediately available funds to the account designated by DTC.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; On
each Special Distribution Date with respect to any Special Payment or as soon
thereafter as the Trustee has confirmed receipt of any Special Payments due on
the Equipment Notes held in the related Trust or realized upon the sale of such
Equipment Notes or receipt of the Special Redemption Premium, the Trustee shall
distribute out of the Special Payments Account the entire amount of such
Special Payment deposited therein pursuant to Section&nbsp;4.01(b).&#160; There shall be so distributed to each
Certificateholder of record on the Record</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">23</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Date with respect to such Special Distribution Date (other
than as provided in Section&nbsp;11.01 concerning the final distribution) by
check mailed to such Certificateholder, at the address appearing in the
Register, such Certificateholder&#146;s pro rata share (based on the Fractional
Undivided Interest in the Trust held by such Certificateholder) of the total
amount in the Special Payments Account on account of such Special Payment,
except that, with respect to Certificates registered on the Record Date in the
name of Cede &amp; Co., as nominee for DTC, such distribution shall be made by
wire transfer in immediately available funds to the account designated by DTC.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee shall cause notice of each Special Payment to be mailed to each
Certificateholder at his address as it appears in the Register.&#160; In the event of redemption or purchase of
Equipment Notes held in the Trust, such notice shall be mailed not less than 20
days prior to the Special Distribution Date for the Special Payment resulting
from such redemption or purchase, which Special Distribution Date shall be the
date of such redemption or purchase.&#160; In
the event of the payment of a Special Redemption Premium by the Company to the
Trustee under the Note Purchase Agreement, such notice shall be mailed,
together with the notice by the Escrow Paying Agent under Section&nbsp;2.06 of
the Escrow Agreement, not less than 20 days prior to the Special Distribution
Date for such amount, which Special Distribution Date shall be the Final
Withdrawal Date.&#160; In the case of distributions
pursuant to Section&nbsp;3.7(c) or Section&nbsp;3.7(e) of the Intercreditor
Agreement, the Trustee will mail notice to the Certificateholders stating the
Special Distribution Date, the related Record Date, the amount of such
distribution and the reason for such distribution.&#160; In the case of any other Special Payments, such notice shall be
mailed as soon as practicable after the Trustee has confirmed that it has
received funds for such Special Payment, stating the Special Distribution Date
for such Special Payment which shall occur not less than 20 days after the date
of such notice and as soon as practicable thereafter.&#160; Notices mailed by the Trustee shall set forth:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Special Distribution Date and
the Record Date therefor (except as otherwise provided in Section&nbsp;11.01),</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of the Special Payment for
each $1,000 face amount Certificate and the amount thereof constituting
principal, premium, if any, and interest,</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the reason for the Special Payment,
and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; if the Special Distribution Date is
the same date as a Regular Distribution Date, the total amount to be received
on such date for each $1,000 face amount Certificate.</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">If the amount of (i)&nbsp;premium, if any,
payable upon the redemption or purchase of an Equipment Note or (ii)&nbsp;the
Special Redemption Premium, if any, has not been calculated at the time that
the Trustee mails notice of a Special Payment, it shall be sufficient if the
notice sets forth the other amounts to be distributed and states that any
premium received will also be distributed.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">If
any redemption of the Equipment Notes held in the Trust is canceled, the
Trustee, as soon as possible after learning thereof, shall cause notice thereof
to be mailed to each Certificateholder at its address as it appears on the
Register.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 4.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Statements to Certificateholders</u>.&#160; (a)&nbsp;On each Distribution Date, the
Trustee will include with each distribution to Certificateholders of a
Scheduled Payment or Special Payment, as the case may be, a statement setting
forth the information provided below (in the case of a Special Payment,
including any Special Redemption Premium, reflecting in part the information
provided by the Escrow Paying Agent under the Escrow Agreement).&#160; Such statement shall set forth (per $1,000
face amount Certificate as to (ii), (iii), (iv) and (v) below) the following
information:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the aggregate amount of funds
distributed on such Distribution Date hereunder and under the Escrow Agreement,
indicating the amount allocable to each source including any portion thereof
paid by the Liquidity Providers and/or the Policy Provider;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of such distribution
hereunder allocable to principal and the amount allocable to Break Amount (as
defined in the Intercreditor Agreement) and premium (including the Special Redemption
Premium), if any;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of such distribution
hereunder allocable to interest;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(iv)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of such distribution under
the Escrow Agreement allocable to interest;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(v)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the amount of such distribution under
the Escrow Agreement allocable to unused Deposits;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(vi)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Pool Balance and the Pool Factor;
and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(vii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Three-Month LIBOR for the current and
immediately preceding Interest Periods.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">With
respect to the Certificates registered in the name of Cede &amp; Co., as
nominee for DTC, on the Record Date prior to each Distribution Date, the
Trustee will request that DTC post on its Internet bulletin board a securities
position listing setting forth the names of all Agent Members reflected on
DTC&#146;s books as holding interests in the Certificates on such Record Date.&#160; On each Distribution Date, the Trustee shall
mail to each such Agent Members the statement described above and will make
available additional copies as requested by such Agent Members for forwarding
to holders of interests in the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Within
a reasonable period of time after the end of each calendar year but not later
than the latest date permitted by law, the Trustee shall furnish to each Person
who at any time during such calendar year was a Certificateholder of record a
statement containing the sum of the amounts determined pursuant to clauses
(a)(i), (a)(ii), (a)(iii), (a)(iv) and (a)(v) above for such calendar year or,
in the event such Person was a Certificateholder of record during a portion of
such calendar year, for such portion of such year, and such other items as are
readily available to the Trustee and which a Certificateholder shall reasonably
request as necessary for the purpose of such Certificateholder&#146;s preparation of
its federal income tax returns.&#160; Such
statement and such other items shall be prepared on the basis of information
supplied to the Trustee by the Agent Members and shall be delivered by the
Trustee to such Agent Members to be available for</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=31,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=688663,FOLIO='25',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">forwarding by such Agent Members to the holders of
interests in the Certificates in the manner described in Section&nbsp;4.03(a).</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Promptly
following (i)&nbsp;any change in the information set forth in clauses (x), (y)
and (z) below from that set forth in page&nbsp;<b><font style="font-weight:bold;">[S-39]</font></b> of the Prospectus, and (ii)&nbsp;any early
redemption or purchase of, or any default in the payment of principal or
interest in respect of, any of the Equipment Notes held in the Trust, or any
Final Withdrawal, the Trustee shall furnish to Certificateholders of record on
such date a statement setting forth (x) the expected Pool Balances for each
subsequent Regular Distribution Date following the Delivery Period Termination
Date, (y) the related Pool Factors for such Regular Distribution Dates and (z)
the expected principal distribution schedule of the Equipment Notes, in the
aggregate, held as Trust Property at the date of such notice.&#160; With respect to the Certificates registered
in the name of Cede &amp; Co., as nominee for DTC, on the Delivery Period
Termination Date, the Trustee will request that DTC post on its Internet
bulletin board a securities position listing setting forth the names of all
Agent Members reflected on DTC&#146;s books as holding interests in the Certificates
on such date.&#160; The Trustee will mail to
each such Agent Member the statement described above and will make available
additional copies as requested by such Agent Member for forwarding to holders
of interests in the Certificates.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 4.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Investment of Special Payment Moneys</u>.&#160; Any money received by the Trustee pursuant
to Section&nbsp;4.01(b) representing a Special Payment which is not distributed
on the date received shall, to the extent practicable, be invested in Permitted
Investments by the Trustee pending distribution of such Special Payment pursuant
to Section&nbsp;4.02.&#160; Any investment
made pursuant to this Section&nbsp;4.04 shall be in such Permitted Investments
having maturities not later than the date that such moneys are required to be
used to make the payment required under Section&nbsp;4.02 on the applicable
Special Distribution Date and the Trustee shall hold any such Permitted
Investments until maturity.&#160; The Trustee
shall have no liability with respect to any investment made pursuant to this
Section&nbsp;4.04, other than by reason of the willful misconduct or negligence
of the Trustee.&#160; All income and earnings
from such investments shall be distributed on such Special Distribution Date as
part of such Special Payment.</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;V<br>
<br>
THE COMPANY</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 5.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Maintenance of Corporate Existence</u>.&#160; The Company, at its own cost and expense,
will do or cause to be done all things necessary to preserve and keep in full
force and effect its corporate existence, except as permitted by
Section&nbsp;5.02.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 5.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Consolidation, Merger, etc.</u>&#160; The Company shall not consolidate with or
merge into any other Person under circumstances in which the Company is not the
surviving corporation, or convey, transfer or lease in one or more transactions
all or substantially all of its assets to any other Person, unless:</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such
Person is organized, existing and in good standing under the Laws of the United
States, any State of the United States or the District of Columbia and, upon</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=32,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=921405,FOLIO='26',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">consummation of such transaction, such Person will be
a U.S. Air Carrier (as defined in the Financing Documents); and</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Person formed by such consolidation or into which the Company is merged or the
Person which acquires by conveyance, transfer or lease substantially all of the
assets of the Company as an entirety shall execute and deliver to the Trustee a
duly authorized, valid, binding and enforceable agreement in form and substance
reasonably satisfactory to the Trustee containing an assumption by such
successor corporation or Person of the due and punctual performance and
observance of each covenant and condition of this Agreement, the Other Pass
Through Trust Agreement and each Financing Document to be performed or observed
by the Company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Upon
any consolidation or merger, or any conveyance, transfer or lease of
substantially all of the assets of the Company as an entirety in accordance
with this Section&nbsp;5.02, the successor corporation or Person formed by such
consolidation or into which the Company is merged or to which such conveyance,
transfer or lease is made shall succeed to, and be substituted for, and may
exercise every right and power of, the Company under this Agreement with the
same effect as if such successor corporation or Person had been named as the
Company herein.&#160; No such conveyance,
transfer or lease of substantially all of the assets of the Company as an
entirety shall have the effect of releasing any successor corporation or Person
which shall have become such in the manner prescribed in this Section&nbsp;5.02
from its liability in respect of this Agreement and any Financing Document to
which it is a party.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;VI<br>
<br>
DEFAULT</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Events of Default</u>.&#160; (a) <u>Exercise of Remedies</u>.&#160; Upon the occurrence and during the
continuation of any Indenture Default under any Indenture, with ten days&#146;
written notice to the Trustee and each Certificateholder, the Trustee may, to
the extent it is the Controlling Party at such time (as determined pursuant to
the Intercreditor Agreement), direct the exercise of remedies as provided in
the Intercreditor Agreement.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Purchase
Rights of Certificateholders</u>.&#160; By
acceptance of its Certificate, each Certificateholder agrees that at any time
after the occurrence and during the continuation of a Triggering Event,</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">[</font></b>each
Class C Certificateholder shall have the right to purchase all, but not less
than all, of the Certificates and the Class G-__ Certificates upon ten days&#146;
written notice to the Trustee, the Other Trustees and each other Class C
Certificateholder, <u>provided</u> that (A)&nbsp;if prior to the end of such
ten-day period any other Class C Certificateholder notifies such purchasing
Class C Certificateholder that such other Class C Certificateholder wants to
participate in such purchase, then such other Class C Certificateholder may
join with the purchasing Class C Certificateholder to purchase all, but not
less than all, of the Certificates and the Class G-__ Certificates pro rata
based on the Fractional Undivided Interest in the Class C Trust held by each
such Class C Certificateholder and (B)&nbsp;if prior to the end of such ten-day
period any other Class C</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=33,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=740664,FOLIO='27',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt .5in;"><font size="2" face="Times" style="font-size:10.0pt;">Certificateholder fails to notify the
purchasing Class C Certificateholder of such other Class C Certificateholder&#146;s
desire to participate in such a purchase, then such other Class C
Certificateholder shall lose its right to purchase the Certificates and the
Class G-_ Certificates pursuant to this Section&nbsp;6.01(b); and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; whether or not any Class C
Certificateholders exercise their right to purchase pursuant to clause (i)
above, the Policy Provider, if it is then the Controlling Party, shall have the
right to purchase all, but not less than all, of the Certificates and the Class
G-__ Certificates upon ten days&#146; written notice to the Trustee, the Other Trustee
and the Certificateholders; provided, that if any Class C Certificateholder has
previously exercised the right to purchase all of the Class G-1 and Class G-2
Certificates, such holder may refuse to sell the Class G-1 and Class G-2
Certificates to the Policy Provider if all of the holders of the Class G-1 and
Class G-2 Certificateholders release the Policy Provider from all of its
obligations under the Policies with respect to such Class G-1 and Class G-2
Certificates (and return or cause the return of such Policies to the Policy
Provider); provided, further, that such holder may not refuse such sale so long
as (x)&nbsp;all Policy Provider Amounts have not been paid in full and
(y)&nbsp;sixteen months have passed from the occurrence of the initial Triggering
Event.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
purchase price with respect to the Certificates and the Class G-__ Certificates
shall be equal to the Pool Balance of the Certificates, together with accrued
and unpaid interest thereon to the date of such purchase, plus Break Amount, if
any, and including any other amounts then due and payable to the
Certificateholders under this Agreement, the Intercreditor Agreement, the
Escrow Agreement or any Financing Document or on or in respect of the
Certificates <u>plus</u> the amount payable in connection with the purchase of
the Class G-__ Certificates pursuant to Section 6.01(b) of the Other Pass
Through Trust Agreement for the Class&nbsp;G-__ Certificates; <u>provided</u>, <u>however</u>,
that (i)&nbsp;if such purchase occurs after the record date specified in
Section&nbsp;2.03(b) of the Escrow Agreement relating to the distribution of
unused Deposits and accrued and unpaid interest thereunder, such purchase price
shall be reduced by the aggregate amount of unused Deposits and interest to be
distributed under the Escrow Agreement (which deducted amounts shall remain
distributable to, and may be retained by, the Certificateholder as of such
Record Date) and (ii)&nbsp;if such purchase occurs after a Record Date, such
purchase price shall be reduced by the amount to be distributed hereunder on the
related Distribution Date (which deducted amounts shall remain distributable
to, and may be retained by, the Certificateholder as of such Record Date); <u>provided</u>,
<u>further</u>, that no such purchase of Certificates shall be effective unless
the purchaser(s) shall certify to the Trustee that contemporaneously with such
purchase, such purchaser(s) is purchasing, pursuant to the terms of this
Agreement all of the Certificates and pursuant to the Other Pass Through Trust
Agreement relating to the Class G-__ Certificates, all of the Class G-__
Certificates.&#160; Each payment of the
purchase price of the Certificates referred to in the first sentence hereof
shall be made to an account or accounts designated by the Trustee and relevant
Other Trustee, as applicable, and each such purchase shall be subject to the
terms of this Section&nbsp;6.01(b). Each Certificateholder agrees by its
acceptance of its Certificate that it will, subject to Section&nbsp;3.04
hereof, upon payment from such Class C Certificateholder(s) or the Policy Provider,
as the case may be, of the purchase price set forth in the first sentence of
this paragraph, forthwith sell, assign, transfer and convey to the purchaser(s)
thereof (without recourse, representation or warranty of any kind except for
its own acts), all of the right, title, interest and obligation of such
Certificateholder in</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=34,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=625825,FOLIO='28',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">this Agreement, the Escrow Agreement, the Deposit
Agreement, the Intercreditor Agreement, the Liquidity Facilities, the Policy,
the Financing Documents and all Certificates and Escrow Receipts held by such
Certificateholder (excluding all right, title and interest under any of the
foregoing to the extent such right, title or interest is with respect to an
obligation not then due and payable as respects any action or inaction or state
of affairs occurring prior to such sale) and the purchaser shall assume all of
such Certificateholder&#146;s obligations under this Agreement, the Escrow
Agreement, the Deposit Agreement, the Intercreditor Agreement, the Liquidity
Facilities, the Policy, the Financing Documents and all such Certificates and
Escrow Receipts.&#160; The Certificates will
be deemed to be purchased on the date payment of the purchase price is made notwithstanding
the failure of the Certificateholders to deliver any Certificates (whether in
the form of Definitive Certificates or beneficial interests in Global
Certificates) and, upon such a purchase, (i)&nbsp;the only rights of the
Certificateholders will be to deliver the Certificates to the purchaser(s) and
receive the purchase price for such Certificates and (ii)&nbsp;if the
purchaser(s) shall so request, such Certificateholder will comply with all the
provisions of Section&nbsp;3.04 hereof to enable new Certificates to be issued
to the purchaser in such denominations as it shall request.&#160; All charges and expenses in connection with
the issuance of any such new Certificates shall be borne by the purchaser
thereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">As
used in this Section&nbsp;6.01(b), the terms &#147;<b><font style="font-weight:bold;">Class&nbsp;C
Certificate</font></b>&#148;, &#147;<b><font style="font-weight:bold;">Class&nbsp;C
Certificateholder</font></b>&#148;, &#147;<b><font style="font-weight:bold;">Class&nbsp;C
Trust</font></b>&#148;, and &#147;<b><font style="font-weight:bold;">Class&nbsp;C Trustee</font></b>&#148;
shall have the respective meanings assigned to such terms in the Intercreditor
Agreement.<b><font style="font-weight:bold;">]</font></b></font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Incidents of Sale of Equipment Notes</u>.&#160; Upon any sale of all or any part of the
Equipment Notes made either under the power of sale given under this Agreement
or otherwise for the enforcement of this Agreement, the following shall be
applicable:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Certificateholders and Trustee May
Purchase Equipment Notes</u>.&#160; Any
Certificateholder, the Trustee in its individual or any other capacity or any
other Person may bid for and purchase any of the Equipment Notes, and upon
compliance with the terms of sale, may hold, retain, possess and dispose of
such Equipment Notes in their own absolute right without further accountability.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Receipt of Trustee Shall Discharge
Purchaser</u>.&#160; The receipt of the
Trustee making such sale shall be a sufficient discharge to any purchaser for
his purchase money, and, after paying such purchase money and receiving such
receipt, such purchaser or its personal representative or assigns shall not be
obliged to see to the application of such purchase money, or be in any way
answerable for any loss, misapplication or non-application thereof.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Application of Moneys Received
upon Sale</u>.&#160; Any moneys collected by
the Trustee upon any sale made either under the power of sale given by this
Agreement or otherwise for the enforcement of this Agreement shall be applied
as provided in Section&nbsp;4.02.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Judicial Proceedings Instituted by
Trustee; Trustee May&nbsp;Bring Suit</u>.&#160;
If there shall be a failure to make payment of the principal of,
premium, if any, or interest on any Equipment Note, then the Trustee, in its
own name and as trustee of an express trust, as holder of</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">29</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=35,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=103505,FOLIO='29',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">such Equipment Notes, to the extent permitted by and
in accordance with the terms of the Intercreditor Agreement and the Financing
Documents, shall be entitled and empowered to institute any suits, actions or
proceedings at law, in equity or otherwise, for the collection of the sums so
due and unpaid on such Equipment Notes and may prosecute any such claim or
proceeding to judgment or final decree with respect to the whole amount of any
such sums so due and unpaid.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Control by Certificateholders</u>.&#160; Subject to Section&nbsp;6.03 and the
Intercreditor Agreement, the Certificateholders holding Certificates evidencing
Fractional Undivided Interests aggregating not less than a majority in interest
in the Trust shall have the right to direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee with respect
to the Trust or pursuant to the terms of the Intercreditor Agreement, or
exercising any trust or power conferred on the Trustee under this Agreement or
the Intercreditor Agreement, including any right of the Trustee as Controlling
Party under the Intercreditor Agreement or as holder of the Equipment Notes, <u>provided</u>
that:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Direction shall not be in
conflict with any rule of law or with this Agreement and would not involve the
Trustee in personal liability or expense,</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall not determine that
the action so directed would be unjustly prejudicial to the Certificateholders
not taking part in such Direction, and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee may take any other action
deemed proper by the Trustee which is not inconsistent with such Direction.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Waiver of Past Defaults</u>.&#160; Subject to the Intercreditor Agreement, the
Certificateholders holding Certificates evidencing Fractional Undivided Interests
aggregating not less than a majority in interest in the Trust (i)&nbsp;may on
behalf of all of the Certificateholders waive any past Event of Default
hereunder and its consequences or (ii)&nbsp;if the Trustee is the Controlling
Party, may direct the Trustee to instruct the applicable Loan Trustee to waive
any past Indenture Default under any Indenture and its consequences, and
thereby annul any Direction given by such Certificateholders or the Trustee to
such Loan Trustee with respect thereto, except a default:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the deposit of any Scheduled
Payment or Special Payment under Section&nbsp;4.01 or in the distribution of
any payment under Section&nbsp;4.02 on the Certificates, or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in the payment of the principal of
(premium, if any) or interest on the Equipment Notes, or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; in respect of a covenant or provision
hereof which under Article&nbsp;IX cannot be modified or amended without the
consent of each Certificateholder holding an Outstanding Certificate affected
thereby.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Upon
any such waiver, such default shall cease to exist with respect to the
Certificates and any Event of Default arising therefrom shall be deemed to have
been cured for every purpose and any direction given by the Trustee on behalf
of the Certificateholders to the relevant Loan Trustee shall be annulled with
respect thereto; but no such waiver shall extend to any subsequent</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">or other default or Event of Default or impair any
right consequent thereon.&#160; Upon any such
waiver, the Trustee shall vote the Equipment Notes issued under the relevant
Indenture to waive the corresponding Indenture Default.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Right of Certificateholders to
Receive Payments Not to Be Impaired</u>.&#160;
Anything in this Agreement to the contrary notwithstanding, including,
without limitation, Section&nbsp;6.07 hereof, but subject to the Intercreditor
Agreement, the right of any Certificateholder to receive distributions of
payments required pursuant to Section&nbsp;4.02 hereof on the Certificates when
due, or to institute suit for the enforcement of any such payment on or after
the applicable Regular Distribution Date or Special Distribution Date, shall
not be impaired or affected without the consent of such Certificateholder.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Certificateholders May Not Bring
Suit Except Under Certain Conditions</u>.&#160;
A Certificateholder shall not have the right to institute any suit,
action or proceeding at law or in equity or otherwise with respect to this
Agreement, for the appointment of a receiver or for the enforcement of any
other remedy under this Agreement, unless:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; such Certificateholder previously
shall have given written notice to the Trustee of a continuing Event of
Default;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Certificateholders holding
Certificates evidencing Fractional Undivided Interests aggregating not less
than 25% of the Trust shall have requested the Trustee in writing to institute
such action, suit or proceeding and shall have offered to the Trustee indemnity
as provided in Section&nbsp;7.03(e);</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall have refused or
neglected to institute such an action, suit or proceeding for 60 days after
receipt of such notice, request and offer of indemnity; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; no direction inconsistent with such
written request shall have been given to the Trustee during such 60-day period
by Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">It
is understood and intended that no one or more of the Certificateholders shall
have any right in any manner whatsoever hereunder or under the Certificates to
(i)&nbsp;surrender, impair, waive, affect, disturb or prejudice any property in
the Trust Property or the lien of any Indenture on any property subject
thereto, or the rights of the Certificateholders or the holders of the
Equipment Notes, (ii)&nbsp;obtain or seek to obtain priority over or preference
with respect to any other such Certificateholder or (iii)&nbsp;enforce any
right under this Agreement, except in the manner herein provided and for the
equal, ratable and common benefit of all the Certificateholders subject to the
provisions of this Agreement.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 6.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Remedies Cumulative</u>.&#160; Every remedy given hereunder to the Trustee
or to any of the Certificateholders shall not be exclusive of any other remedy
or remedies, and every such remedy shall be cumulative and in addition to every
other remedy given hereunder or now or hereafter given by statute, law, equity
or otherwise.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;VII<br>
<br>
THE TRUSTEE</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Certain Duties and Responsibilities</u>.&#160; (a) Except during the continuation of an
Event of Default, the Trustee undertakes to perform such duties as are
specifically set forth in this Agreement, and no implied covenants or
obligations shall be read into this Agreement against the Trustee.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
case an Event of Default has occurred and is continuing, the Trustee shall
exercise such of the rights and powers vested in it by this Agreement, and use
the same degree of care and skill in their exercise, as a prudent man would
exercise or use under the circumstances in the conduct of its own affairs.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; No
provision of this Agreement shall be construed to relieve the Trustee from
liability for its own negligent action, its own negligent failure to act, or
its own willful misconduct, except that</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Subsection shall not be
construed to limit the effect of Subsection (a)&nbsp;of this Section; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall not be liable for
any error of judgment made in good faith by a Responsible Officer of the
Trustee, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whether
or not herein expressly so provided, every provision of this Trust Agreement
relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Notice of Defaults</u>.&#160; As promptly as practicable after, and in any
event within 90 days after, the occurrence of any default (as such term is
defined below) hereunder, the Trustee shall transmit by mail to the Company,
the Loan Trustees and the Certificateholders in accordance with
Section&nbsp;313(c) of the Trust Indenture Act, notice of such default
hereunder known to the Trustee, unless such default shall have been cured or
waived; <u>provided</u>, <u>however</u>, that, except in the case of a default
on the payment of the principal, premium, if any, or interest on any Equipment
Note held in the Trust, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a
trust committee of directors and/or Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the best interests of
the Certificateholders.&#160; For the purpose
of this Section, the term &#147;<b><font style="font-weight:bold;">default</font></b>&#148;
means any event that is, or after notice or lapse of time or both would become,
an Event of Default.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Certain Rights of Trustee</u>.&#160; Subject to the provisions of
Section&nbsp;315 of the Trust Indenture Act:</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee may rely and shall be protected in acting or refraining from acting in
reliance upon any resolution, certificate, statement, instrument, opinion,
report, notice,</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">request, direction, consent, order, bond, debenture or
other paper or document believed by it to be genuine and to have been signed or
presented by the proper party or parties;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; any
request or direction of the Company mentioned herein shall be sufficiently
evidenced by a written description of the subject matter thereof accompanied by
an Officer&#146;s Certificate and an Opinion of Counsel as provided in
Section&nbsp;1.02 of this Agreement;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; whenever
in the administration of this Agreement the Trustee shall deem it desirable
that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically
prescribed) may, in the absence of bad faith on its part, rely upon an
Officer&#146;s Certificate of the Company or any Loan Trustee;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee may consult with counsel and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Agreement at the Direction of any of the
Certificateholders pursuant to this Agreement, unless such Certificateholders
shall have offered to the Trustee reasonable security or indemnity against the
cost, expenses and liabilities which might be incurred by it in compliance with
such Direction;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report,
notice, request, direction, consent, order, bond, debenture or other paper or
document;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee may execute any of the trusts or powers under this Agreement or perform
any duties under this Agreement either directly or by or through agents or
attorneys, and the Trustee shall not be responsible for any misconduct or
negligence on the part of any agent or attorney appointed with due care by it
under this Agreement;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(h)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the Direction of the
Certificateholders holding Certificates evidencing Fractional Undivided
Interests aggregating not less than a majority in interest in the Trust
relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Agreement; and</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee shall not be required to expend or risk its own funds in the performance
of any of its duties under this Agreement, or in the exercise of any of its
rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk is not
reasonably assured to it.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Not Responsible for Recitals or
Issuance of Certificates</u>.&#160; The
recitals contained herein and in the Certificates, except the certificates of
authentication, shall not be taken as the statements of the Trustee, and the
Trustee assumes no responsibility for their correctness.&#160; Subject to Section&nbsp;7.15, the Trustee
makes no representations as to the validity or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">sufficiency of this Agreement, any Equipment Notes,
the Intercreditor Agreement, the Deposit Agreement, the Escrow Agreement, the
Certificates or any other Financing Document, except that the Trustee hereby
represents and warrants that this Agreement has been, and the Intercreditor
Agreement, the Note Purchase Agreement, the Escrow Agreement and each
Certificate will be, executed, authenticated and delivered by one of its
officers who is duly authorized to execute, authenticate and deliver such
document on its behalf.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>May&nbsp;Hold Certificates</u>.&#160; The Trustee, any Paying Agent, Registrar or
any of their Affiliates or any other agent in their respective individual or
any other capacity may become the owner or pledgee of Certificates and, subject
to Sections&nbsp;310(b) and 311 of the Trust Indenture Act, if applicable, may
otherwise deal with the Company or the Loan Trustees with the same rights it
would have if it were not Trustee, Paying Agent, Registrar or such other agent.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Money Held in Trust</u>.&#160; Money held by the Trustee or the Paying
Agent in trust hereunder need not be segregated from other funds except to the
extent required herein or by law and neither the Trustee nor the Paying Agent
shall have any liability for interest upon any such moneys except as provided
for herein.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Compensation
and Reimbursement</u>.&#160; The Company
agrees:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to pay, or cause to be paid, to the
Trustee from time to time reasonable compensation for all services rendered by
it hereunder as set forth in a written fee letter dated the date hereof between
the Company and the Trustee, which letter is incorporated herein by reference
(which compensation shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust);</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; except as otherwise expressly
provided herein, to reimburse, or cause to be reimbursed, the Trustee upon its
request for all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Agreement (including the reasonable compensation and the expenses and disbursements
of its agents and counsel), except any such expense, disbursement or advance as
may be attributable to its undertaking its normal administrative functions, or
its negligence, willful misconduct or bad faith or as may be incurred due to
the Trustee&#146;s breach of its representations and warranties set forth in
Section&nbsp;7.15; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to indemnify, or cause to be
indemnified, the Trustee for, and to hold it harmless against, any loss,
liability, expense or Tax (other than for or with respect to any Unindemnified
Tax) incurred without gross negligence, willful misconduct or bad faith, on its
part, arising out of or in connection with the acceptance or administration of
this Trust, including the costs and expenses of defending itself against any
claim or liability in connection with the exercise or performance of any of its
powers or duties hereunder, except for any such loss, liability or expense
incurred by reason of the Trustee&#146;s breach of its covenants hereunder or under
any Financing Document to which it is a party or its representations and
warranties set forth in Section&nbsp;7.15 or in any other Financing Document,
the authorization or giving or withholding of any future amendments,
supplements, waivers or consents with respect hereto or any of the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt .5in;"><font size="2" face="Times" style="font-size:10.0pt;">Financing Documents, which
amendments, supplements, waivers or consents are not required pursuant to the
terms of the Financing Documents and not requested by the Company, any loss of
tax benefits, any Unindemnified Tax, or increase in tax liability under any tax
law whether or not the Company is required to indemnify thereof or pursuant to
this Agreement or any costs associated with overhead or normal administration
hereunder or any voluntary resignation pursuant to Section&nbsp;7.09.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">With
respect to paragraph (3) above, the Trustee shall notify the Company promptly
of any claim for which it may seek indemnity and the Company shall make payment
on any such claim within 30 days of written demand thereof (delivered together
with supporting documentation).&#160; The
Company shall defend the claim and the Trustee shall cooperate in the
defense.&#160; The Trustee may have separate
counsel with the consent of the Company and the Company will pay the reasonable
fees and expenses of such counsel.&#160; The
Company need not pay for any settlement made, in settlement or otherwise,
without its consent.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">With
respect to any Tax other than an Unindemnified Tax, the Trustee shall be
entitled to reimbursement from, and shall have a lien prior to the Certificates
upon, the Trust Property for any such Tax incurred without negligence, bad
faith or willful misconduct, on its part, arising out of or in connection with
the acceptance or administration of such Trust (other than any Tax attributable
to the Trustee&#146;s compensation for serving as such), including any costs and
expenses incurred in contesting the imposition of any such Tax.&#160; If the Trustee reimburses itself from the
Trust Property of such Trust for any such Tax, it will mail a brief report
within 30 days setting forth the circumstances thereof to all
Certificateholders as their names and addresses appear in the Register.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Corporate Trustee Required;
Eligibility</u>.&#160; There shall at all
times be a Trustee hereunder which shall be eligible to act as a trustee under
Section&nbsp;310(a) of the Trust Indenture Act and shall have a combined
capital and surplus of at least $75,000,000 (or a combined capital and surplus
in excess of $5,000,000 and the obligations of which, whether now in existence or
hereafter incurred, are fully and unconditionally guaranteed by a corporation
organized and doing business under the laws of the United States, any state or
territory thereof or of the District of Columbia and having a combined capital
and surplus of at least $75,000,000).&#160;
If such corporation publishes reports of conditions at least annually,
pursuant to law or to the requirements of federal, state, territorial or
District of Columbia supervising or examining authority, then for the purposes
of this Section&nbsp;7.08, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of conditions so published.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">In
case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section&nbsp;7.08 to act as Trustee, the Trustee shall
resign immediately as Trustee in the manner and with the effect specified in
Section&nbsp;7.09.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Resignation and Removal; Appointment
of Successor</u>.&#160; (a) No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article&nbsp;shall become effective until the acceptance of appointment by
the successor Trustee under Section&nbsp;7.10.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">35</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee may resign at any time as trustee by giving prior written notice
thereof to the Company, the Authorized Agents and the Loan Trustees.&#160; If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Company, the Authorized
Agents, the Loan Trustees and the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee may be removed at any time by Direction of the Certificateholders
holding Certificates evidencing Fractional Undivided Interests aggregating not
less than a majority in interest in the Trust delivered to the Trustee and to
the Company and the Loan Trustees.</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If at any time:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall fail to comply with
Section&nbsp;310 of the Trust Indenture Act, if applicable, after written
request therefor by the Company or by any Certificateholder who has been a bona
fide Certificateholder for at least six months; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall cease to be
eligible under Section&nbsp;7.08 and shall fail to resign after written request
therefor by the Company or by any such Certificateholder; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Trustee shall become incapable of
acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">then, in any case, (i)&nbsp;the Company may
remove the Trustee or (ii)&nbsp;any Certificateholder who has been a bona fide
Certificateholder for at least six months may, on behalf of itself and all
others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
a Responsible Officer of the Trustee shall obtain actual knowledge of an
Avoidable Tax which has been or is likely to be asserted, the Trustee shall
promptly notify the Company and shall, within 30 days of such notification,
resign hereunder unless within such 30-day period the Trustee shall have
received notice that the Company has agreed to pay such tax.&#160; The Company shall promptly appoint a
successor Trustee in a jurisdiction where there are no Avoidable Taxes.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Trustee shall resign, be removed or become incapable of acting or if a
vacancy shall occur in the office of the Trustee for any cause, the Company
shall promptly appoint a successor Trustee.&#160;
If, within one year after such resignation, removal or incapability, or
other occurrence of such vacancy, a successor Trustee shall be appointed by
Direction of the Certificateholders holding Certificates evidencing Fractional
Undivided Interests aggregating not less than a majority in interest in the
Trust delivered to the Company, the Loan Trustees and the retiring Trustee, and
the Company approves such appointment, which approval shall not be unreasonably
withheld, then the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the
successor</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Trustee appointed as provided above.&#160; If no successor Trustee shall have been so
appointed as provided above and accepted appointment in the manner hereinafter
provided, any Certificateholder who has been a bona fide Certificateholder for
at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a
successor Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
successor Trustee shall give notice of the resignation and removal of the
Trustee and appointment of the successor Trustee by mailing written notice of
such event by first-class mail, postage prepaid, to the Certificateholders as
their names and addresses appear in the Register.&#160; Each notice shall include the name of such successor Trustee and
the address of its Corporate Trust Office.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Acceptance of Appointment by
Successor</u>.&#160; Every successor Trustee
appointed hereunder shall execute and deliver to the Company, the Authorized
Agents and the Loan Trustees and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the
retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee; but, on request of the
Company or the successor Trustee, such retiring Trustee shall execute and
deliver an instrument transferring to such successor Trustee all such rights,
powers and trusts of the retiring Trustee and shall duly assign, transfer and
deliver to such successor Trustee all Trust Property held by such retiring
Trustee hereunder, subject nevertheless to its lien, if any, provided for in
Section&nbsp;7.07.&#160; Upon request of any
such successor Trustee, the Company, the retiring Trustee and such successor
Trustee shall execute and deliver any and all instruments containing such
provisions as shall be necessary or desirable to transfer and confirm to, and
for more fully and certainly vesting in, such successor Trustee all such
rights, powers and trusts.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">No
institution shall accept its appointment as a Trustee hereunder unless at the
time of such acceptance such institution shall be qualified and eligible under
this Article&nbsp;VII.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Merger, Conversion, Consolidation or
Succession to Business</u>.&#160; Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Trustee, shall be the successor of the Trustee hereunder, <u>provided</u> such
corporation shall be otherwise qualified and eligible under this
Article&nbsp;VII, without the execution or filing of any paper or any further
act on the part of any of the parties hereto.&#160;
In case any Certificates shall have been executed or authenticated, but
not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such
execution or authentication and deliver the Certificates so executed or authenticated
with the same effect as if such successor Trustee had itself executed or
authenticated such Certificates.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Maintenance of Agencies</u>.&#160; (a) There shall at all times be maintained
an office or agency in the location set forth in Section&nbsp;12.03 where
Certificates may be presented or surrendered for registration of transfer or
for exchange, and for payment thereof and where notices and demands to or upon
the Trustee in respect of such certificates or this Agreement may</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">be served; <u>provided</u>, <u>however</u>, that, if
it shall be necessary that the Trustee maintain an office or agency in another
location (<u>e.g.</u>, the Certificates shall be represented by Definitive
Certificates and shall be listed on a national securities exchange), the
Trustee will make all reasonable efforts to establish such an office or
agency.&#160; Written notice of the location
of each such other office or agency and of any change of location thereof shall
be given by the Trustee to the Company, the Loan Trustees (in the case of any
Loan Trustee, at its address specified in the Financing Documents or such other
address as may be notified to the Trustee) and the Certificateholders.&#160; In the event that no such office or agency
shall be maintained or no such notice of location or of change of location
shall be given, presentations and demands may be made and notices may be served
at the Corporate Trust Office of the Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; There
shall at all times be a Registrar and a Paying Agent hereunder with respect to
the Certificates.&#160; Each such Authorized
Agent shall be a bank or trust company, shall be a corporation organized and
doing business under the laws of the United States or any state, with a combined
capital and surplus of at least $75,000,000, or, if the Trustee shall be acting
as the Registrar or Paying Agent hereunder, a corporation having a combined
capital and surplus in excess of $5,000,000, the obligations of which are
guaranteed by a corporation organized and doing business under the laws of the
United States or any state, with a combined capital and surplus of at least
$75,000,000, and shall be authorized under such laws to exercise corporate
trust powers, subject to supervision by Federal or state authorities.&#160; The Trustee shall initially be the Paying
Agent and, as provided in Section&nbsp;3.04, Registrar hereunder with respect
to the Certificates.&#160; Each Registrar
shall furnish to the Trustee, at stated intervals of not more than six months,
and at such other times as the Trustee may request in writing, a copy of the
Register maintained by such Registrar.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
corporation into which any Authorized Agent may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
consolidation or conversion to which any Authorized Agent shall be a party, or
any corporation succeeding to the corporate trust business of any Authorized
Agent, shall be the successor of such Authorized Agent hereunder, if such
successor corporation is otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the parties
hereto or such Authorized Agent or such successor corporation.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
Authorized Agent may at any time resign by giving written notice of resignation
to the Trustee, the Company and the Loan Trustees.&#160; The Company may, and at the request of the Trustee shall, at any
time terminate the agency of any Authorized Agent by giving written notice of
termination to such Authorized Agent and to the Trustee. &#160;Upon the resignation or termination of an
Authorized Agent or in case at any time any such Authorized Agent shall cease
to be eligible under this Section&nbsp;(when, in either case, no other
Authorized Agent performing the functions of such Authorized Agent shall have
been appointed), the Company shall promptly appoint one or more qualified
successor Authorized Agents, reasonably satisfactory to the Trustee, to perform
the functions of the Authorized Agent which has resigned or whose agency has
been terminated or who shall have ceased to be eligible under this
Section.&#160; The Company shall give written
notice of any such appointment made by it to the Trustee and the Loan Trustees;
and in each case the Trustee shall mail notice of such appointment to all
Certificateholders as their names and addresses appear on the Register.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company agrees to pay, or cause to be paid, from time to time to each
Authorized Agent reasonable compensation for its services and to reimburse it
for its reasonable expenses as set forth in the letter agreement referred to in
Section&nbsp;7.07 hereof.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Money for Certificate Payments to Be
Held in Trust</u>.&#160; All moneys deposited
with any Paying Agent for the purpose of any payment on Certificates shall be
deposited and held in trust for the benefit of the Certificateholders entitled
to such payment, subject to the provisions of this Section.&#160; Moneys so deposited and held in trust shall
constitute a separate trust fund for the benefit of the Certificateholders with
respect to which such money was deposited.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Trustee may at any time, for the purpose of obtaining the satisfaction and
discharge of this Agreement or for any other purpose, direct any Paying Agent
to pay to the Trustee all sums held in trust by such Paying Agent, such sums to
be held by the Trustee upon the same trusts as those upon which such sums were
held by such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with
respect to such money.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.14.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Registration of Equipment Notes in
Name of Subordination Agent</u>.&#160; The
Trustee agrees that all Equipment Notes to be purchased by the Trust shall be
issued in the name of the Subordination Agent or its nominee and held by the
Subordination Agent in trust for the benefit of the Certificateholders, or, if
not so held, the Subordination Agent or its nominee shall be reflected as the
owner of such Equipment Notes in the register of the issuer of such Equipment
Notes.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Representations and Warranties of
Trustee</u>.&#160; The Trustee hereby
represents and warrants that:</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee is a Delaware banking corporation organized and validly existing in
good standing under the laws of the State of Delaware;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
Trustee has full power, authority and legal right to execute, deliver, and
perform this Agreement, the Intercreditor Agreement, the Escrow Agreement, the
Note Purchase Agreement and the Financing Documents to which it is a party and
has taken all necessary action to authorize the execution, delivery, and
performance by it of this Agreement, the Intercreditor Agreement, the Escrow
Agreement, the Note Purchase Agreement and the Financing Documents to which it
is a party;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
execution, delivery and performance by the Trustee of this Agreement, the
Intercreditor Agreement, the Escrow Agreement, the Note Purchase Agreement and
the Financing Documents to which it is a party (i)&nbsp;will not violate any
provision of United States federal law or the law of the State of Delaware
where it is located governing the banking and trust powers of the Trustee or
any order, writ, judgment, or decree of any court, arbitrator or governmental
authority applicable to the Trustee or any of its assets, (ii)&nbsp;will not
violate any provision of the articles of association or by-laws of the Trustee,
or (iii)&nbsp;will not violate any provision of, or constitute, with or without
notice or lapse of time, a default under, or result in the creation or imposition
of any lien on any properties included in the Trust Property pursuant to the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">provisions of any mortgage, indenture, contract,
agreement or other undertaking to which it is a party, which violation, default
or lien could reasonably be expected to have an adverse effect on the Trustee&#146;s
performance or ability to perform its duties hereunder or thereunder or on the
transactions contemplated herein or therein;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
execution, delivery and performance by the Trustee of this Agreement, the
Intercreditor Agreement, the Escrow Agreement, the Note Purchase Agreement, and
the Financing Documents to which it is a party will not require the
authorization, consent, or approval of, the giving of notice to, the filing or
registration with, or the taking of any other action in respect of, any
governmental authority or agency of the United States or the State of Delaware
regulating the banking and corporate trust activities of the Trustee;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this
Agreement, the Intercreditor Agreement, the Escrow Agreement, the Note Purchase
Agreement, and the Financing Documents to which it is a party have been duly
executed and delivered by the Trustee and constitute the legal, valid, and
binding agreements of the Trustee, enforceable against it in accordance with
their respective terms, provided that enforceability may be limited by
(i)&nbsp;applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the rights of creditors generally and (ii)&nbsp;general
principles of equity, regardless of whether applied in a proceeding in equity
or at law; and</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the
statements made by it in a Statement of Eligibility on Form&nbsp;T-1
supplied or to be supplied to the Company in connection with the registration
of any Certificates are and will be true and accurate subject to the
qualifications set forth therein; and that such statement complies and will
comply in all material respects with the requirements of the Trust Indenture
Act and the Securities Act.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Withholding Taxes Information
Reporting</u>.&#160; (a) The Trustee, as
trustee of the grantor trust created by this Agreement, shall exclude and
withhold from each distribution of principal, premium, if any, and interest and
other amounts due under this Agreement or under the Certificates any and all
withholding taxes applicable thereto as required by law.&#160; The Trustee agrees to act as such
withholding agent and, in connection therewith, whenever any present or future
taxes or similar charges are required to be withheld with respect to any
amounts payable in respect of the Certificates, to withhold such amounts and
timely pay the same to the appropriate authority in the name of and on behalf
of the Certificateholders, that it will file any necessary withholding tax
returns or statements when due, and that, as promptly as possible after the
payment thereof, it will deliver to each such Certificateholder appropriate
documentation showing the payment thereof, together with such additional
documentary evidence as such Certificateholders may reasonably request from
time to time.&#160; The Trustee agrees to
file any other information reports as it may be required to file under United
States law.</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
the event the Trust is characterized as a partnership for U.S. federal income
tax purposes, the Company shall (i)&nbsp;file, mail or deliver (or cause to be
filed, mailed or delivered) Internal Revenue Form 1065 and any other federal,
state or local income tax returns or reports required to be filed, delivered or
mailed by the Trust to any taxing authority or any person treated as a partner
and (ii)&nbsp;indemnify the Trust against any costs, expenses or penalties
imposed on the Trust arising from the classification of the Trust as a
partnership.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Trustee&#146;s Liens</u>.&#160; The Trustee in its individual capacity
agrees that it will at its own cost and expense promptly take any action as may
be necessary to duly discharge and satisfy in full any mortgage, pledge, lien,
charge, encumbrance, security interest or claim (&#147;<b><font style="font-weight:bold;">Trustee&#146;s Liens</font></b>&#148;) on or with respect to the Trust Property
which is attributable to the Trustee either (i)&nbsp;in its individual capacity
and which is unrelated to the transactions contemplated by this Agreement, the
Intercreditor Agreement, the Note Purchase Agreement or the Financing
Documents, or (ii)&nbsp;as Trustee hereunder or in its individual capacity and
which arises out of acts or omissions on the part of the Trustee which are not
contemplated by this Agreement.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 7.18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Preferential Collection of Claims</u>.&#160; The Trustee shall comply with
Section&nbsp;311(a) of the Trust Indenture Act, excluding any creditor
relationship listed in Section&nbsp;311(b) of the Trust Indenture Act.&#160; If the Trustee shall resign or be removed as
Trustee, it shall be subject to Section&nbsp;311(a) of the Trust Indenture Act
to the extent provided therein.</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;VIII<br>
<br>
CERTIFICATEHOLDERS&#146; LISTS AND REPORTS BY TRUSTEE</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 8.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>The Company to Furnish Trustee with
Names and Addresses of Certificateholders</u>.&#160;
The Company will furnish to the Trustee within 15 days after each Record
Date with respect to a Scheduled Payment, and at such other times as the
Trustee may request in writing within 30 days after receipt by the Company of
any such request, a list, in such form as the Trustee may reasonably require,
of all information in the possession or control of the Company as to the names
and addresses of the Certificateholders, in each case as of a date not more
than 15 days prior to the time such list is furnished; <u>provided</u>, <u>however</u>,
that so long as the Trustee is the sole Registrar, no such list need be
furnished; and <u>provided</u>  <u>further</u>, <u>however</u>, that no such
list need be furnished for so long as a copy of the Register is being furnished
to the Trustee pursuant to Section&nbsp;7.12.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 8.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Preservation of Information
Communications to Certificateholders</u>.&#160;
The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Certificateholders contained in the
most recent list furnished to the Trustee as provided in Section&nbsp;7.12 or
Section&nbsp;8.01, as the case may be, and the names and addresses of
Certificateholders received by the Trustee in its capacity as Registrar, if so
acting.&#160; The Trustee may destroy any list
furnished to it as provided in Section&nbsp;7.12 or Section&nbsp;8.01, as the
case may be, upon receipt of a new list so furnished.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 8.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Reports by Trustee</u>.&#160; Within 60 days after May&nbsp;15 of each
year commencing with the first full year following the issuance of the
Certificates, the Trustee shall transmit to the Certificateholders, as provided
in Section&nbsp;313(c) of the Trust Indenture Act, a brief report dated as of
such May&nbsp;15, if required by Section&nbsp;313(a) of the Trust Indenture
Act.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 8.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Reports by the
Company</u>.&#160; The Company shall:</p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; file
with the Trustee, within 30 days after the Company is required to file the same
with the SEC, copies of the annual reports and of the information, documents
and other reports (or copies of such portions of any of the foregoing as the
SEC may from time to time by</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">41</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">rules and regulations prescribe) which the Company is
required to file with the SEC pursuant to Section&nbsp;13 or Section&nbsp;15(d)
of the Securities Exchange Act of 1934, as amended; or, if the Company is not
required to file information, documents or reports pursuant to either of such
sections, then to file with the Trustee and the SEC, in accordance with rules
and regulations prescribed by the SEC, such of the supplementary and periodic
information, documents and reports which may be required pursuant to
Section&nbsp;13 of the Securities Exchange Act of 1934, as amended, in respect
of a security listed and registered on a national securities exchange as may be
prescribed in such rules and regulations;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; file
with the Trustee and the SEC, in accordance with the rules and regulations
prescribed by the SEC, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants provided
for in this Agreement, as may be required by such rules and regulations,
including, in the case of annual reports, if required by such rules and
regulations, certificates or opinions of independent public accountants,
conforming to the requirements of Section&nbsp;1.02;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; transmit
to all Certificateholders, in the manner and to the extent provided in
Section&nbsp;313(c) of the Trust Indenture Act such summaries of any
information, documents and reports required to be filed by the Company pursuant
to Subsections (a) and (b) of this Section&nbsp;8.04 as may be required by
rules and regulations prescribed by the SEC; and</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; furnish
to the Trustee, not less often than annually, a brief certificate from the
principal executive officer, principal financial officer, any Vice President
(or more senior ranking officer) or the principal accounting officer as to his
or her knowledge of the Company&#146;s compliance with all conditions and covenants
under this Agreement (it being understood that for purposes of this paragraph
(d), such compliance shall be determined without regard to any period of grace
or requirement of notice provided under this Agreement).</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;IX<br>
<br>
SUPPLEMENTAL AGREEMENTS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Supplemental Agreements Without
Consent of Certificateholders</u>.&#160;
Without the consent of the Certificateholders, the Company may (but will
not be required to), and the Trustee (subject to Section&nbsp;9.03) shall, at
the Company&#146;s request, at any time and from time to time, enter into one or
more agreements supplemental hereto or, if applicable, to the Intercreditor
Agreement, the Escrow Agreement, the Note Purchase Agreement, the Deposit
Agreement, the Policy, the Policy Provider Agreement or any Liquidity Facility
in form satisfactory to the Trustee, for any of the following purposes:</p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to evidence the succession of another
corporation to the Company and the assumption by any such successor of the
covenants of the Company herein contained or of the Company&#146;s obligations under
the Note Purchase Agreement, the Policy Provider Agreement or any Liquidity
Facility; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to add to the covenants of the
Company for the benefit of the Certificateholders, or to surrender any right or
power conferred upon the Company in this</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>


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<p style="margin:0in 0in 12.0pt .5in;"><font size="2" face="Times" style="font-size:10.0pt;">Agreement, the Note Purchase
Agreement, the Policy, the Policy Provider Agreement or any Liquidity Facility;
or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to correct or supplement any
provision in this Agreement, the Intercreditor Agreement, the Escrow Agreement,
the Deposit Agreement, the Note Purchase Agreement, the Policy, the Policy Provider
Agreement or any Liquidity Facility which may be defective or inconsistent with
any other provision herein or therein or to cure any ambiguity or correct any
mistake or to modify any other provision with respect to matters or questions
arising under this Agreement, the Escrow Agreement, the Deposit Agreement, the
Note Purchase Agreement, the Intercreditor Agreement, the Policy, the Policy
Provider Agreement or any Liquidity Facility, <u>provided</u> that any such
action shall not materially adversely affect the interests of the
Certificateholders; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to modify, eliminate or add to the
provisions of this Agreement to such extent as shall be necessary to continue
the qualification of this Agreement (including any supplemental agreement)
under the Trust Indenture Act or under any similar Federal statute hereafter
enacted, and to add to this Agreement such other provisions as may be expressly
permitted by the Trust Indenture Act, excluding, however, the provisions
referred to in Section&nbsp;316(a)(2) of the Trust Indenture Act as in effect
at the date as of which this instrument was executed or any corresponding
provision in any similar Federal statute hereafter enacted; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to evidence and provide for the
acceptance of appointment under thus Agreement by the Trustee of a successor
Trustee and to add to or change any of the provisions of this Agreement as
shall be necessary to provide for or facilitate the administration of the
Trust, pursuant to the requirements of Section&nbsp;7.10; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to provide the information required
under Section&nbsp;7.12 and Section&nbsp;12.03 as to the Trustee;</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;"><u><font size="2" face="Times" style="font-size:10.0pt;">provided</font></u>, <u>however</u>,
that no such supplemental agreement shall adversely affect the status of any
Trust as a grantor trust under Subpart&nbsp;E, Part&nbsp;I of Subchapter&nbsp;J
of Chapter&nbsp;1 of Subtitle&nbsp;A of the Internal Revenue Code of 1986, as
amended, for U.S. federal income tax purposes.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Supplemental Agreements with Consent
of Certificateholders</u>.&#160; With the
consent of the Certificateholders holding Certificates (including consents
obtained in connection with a tender offer or exchange offer for the
Certificates) evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust, by Direction of said
Certificateholders delivered to the Company and the Trustee and the consent of
the Policy Provider, the Company may, and the Trustee (subject to
Section&nbsp;9.03) shall, enter into an agreement or agreements for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement, the Intercreditor Agreement, any Liquidity
Facility, the Policy and the Policy Provider Agreement, the Escrow Agreement,
the Deposit Agreement or the Note Purchase Agreement to the extent applicable
to such Certificateholders or of modifying in any manner the rights and
obligations of such Certificateholders under this Agreement, the Intercreditor
Agreement, any Liquidity Facility, the Policy and the Policy Provider
Agreement, the Escrow Agreement, the Deposit Agreement or the</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>


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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Note Purchase Agreement; <u>provided</u>, <u>however</u>,
that no such agreement shall, without the consent of the Certificateholder of
each Outstanding Certificate affected thereby:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reduce in any manner the amount of,
or delay the timing of, any receipt by the Trustee (or, with respect to the
Deposits, the Certificateholders) of payments on the Equipment Notes or other
Trust Property held in the Trust or on the Deposits or distributions that are
required to be made herein on any Certificate, or change any date of payment on
any Certificate, or change the place of payment where, or the coin or currency
in which, any Certificate is payable, or impair the right to institute suit for
the enforcement of any such payment or distribution on or after the Regular
Distribution Date or Special Distribution Date applicable thereto; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; permit the disposition of any
Equipment Note included in the Trust Property except as permitted by this
Agreement or the Intercreditor Agreement, or otherwise deprive such
Certificateholder of the benefit of the ownership of the Equipment Notes in the
Trust; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; reduce the specified percentage of
the aggregate Fractional Undivided Interests of the Trust which is required for
any such supplemental agreement, or reduce such specified percentage required
for any waiver of compliance with certain provisions of this Agreement or
certain defaults hereunder and their consequences provided for in this
Agreement; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(4)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; waive, amend or modify
Section&nbsp;2.4, or 3.2 of the Intercreditor Agreement in a manner adverse to
the Certificateholders; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(5)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; modify any of the provisions of this
Section&nbsp;9.02 or Section&nbsp;6.05, except to increase any such percentage
or to provide that certain other provisions of this Agreement cannot be
modified or waived without the consent of the Certificateholder of each
Certificate affected thereby; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(6)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; terminate or modify the Policy; or</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(7)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; adversely affect the status of any
Trust as a grantor trust under Subpart E, Part I of Subchapter J of Chapter 1
of Subtitle A of the Internal Revenue Code of 1986, as amended, for U.S.
federal income tax purposes.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">It
shall not be necessary for any Direction of Certificateholders under this
Section to approve the particular form of any proposed supplemental agreement,
but it shall be sufficient if such Direction shall approve the substance
thereof.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Documents Affecting Immunity or
Indemnity</u>.&#160; Except for the
performance of its covenants herein, if in the opinion of the Trustee any
document required to be executed by it pursuant to the terms of
Section&nbsp;9.01 or 9.02 affects adversely any interest, right, duty, immunity
or indemnity in favor of the Trustee under this Agreement, the Trustee may in
its discretion decline to execute such document.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</font></div>

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<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Execution of Supplemental Agreements</u>.&#160; In executing, or accepting the additional
trusts created by, any agreement permitted by this Article or the modifications
thereby of the trusts created by this Agreement, the Trustee shall be entitled
to receive, and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental agreement is authorized or
permitted by this Agreement.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Effect of Supplemental Agreements</u>.&#160; Upon the execution of any agreement
supplemental to this Agreement under this Article, this Agreement shall be
modified in accordance therewith, and such supplemental agreement shall form a
part of this Agreement for all purposes; and every Holder of a Certificate
theretofore or thereafter authenticated and delivered hereunder shall be bound
thereby.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Conformity with Trust Indenture Act</u>.&#160; Every supplemental agreement executed
pursuant to this Article&nbsp;shall conform to the requirements of the Trust
Indenture Act as then in effect.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 9.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Reference in Certificates to
Supplemental Agreements</u>.&#160;
Certificates authenticated and delivered after the execution of any
supplemental agreement pursuant to this Article&nbsp;may bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental
agreement; and, in such case, suitable notation may be made upon Outstanding
Certificates after proper presentation and demand.</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;X<br>
<br>
AMENDMENTS TO INDENTURES AND FINANCING DOCUMENTS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 10.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Amendments and Supplements to
Indentures and Financing Documents</u>.&#160;
In the event that the Trustee, as holder (or beneficial owner through
the Subordination Agent) of any Equipment Note in trust for the benefit of the
Certificateholders or as Controlling Party under the Intercreditor Agreement,
receives (directly or indirectly through the Subordination Agent) a request for
a consent to any amendment, modification, waiver or supplement under any
Indenture, any other Financing Document, any Equipment Note or any other
related document, the Trustee shall forthwith send a notice of such proposed
amendment, modification, waiver or supplement to each Certificateholder
registered on the Register as of the date of such notice and the Policy
Provider.&#160; The Trustee shall request
from the Policy Provider or if a Policy Provider Default has occurred and is
continuing, Certificateholders a Direction as to (a)&nbsp;whether or not to
take or refrain from taking (or direct the Subordination Agent to take or
refrain from taking) any action which a holder of such Equipment Note or as
Controlling Party has the option to direct, (b)&nbsp;whether or not to give or
execute (or direct the Subordination Agent to give or execute) any waivers,
consents, amendments, modifications or supplements as a holder of such
Equipment Note or a Controlling Party and (c)&nbsp;how to vote (or direct the
Subordination Agent to vote) any Equipment Note if a vote has been called for
with respect thereto.&#160; Provided such a
request for Certificateholder Direction shall have been made, in directing any
action or casting any vote or giving any consent as the holder of any Equipment
Note (or in directing the Subordination Agent in any of the foregoing),
(i)&nbsp;other than as Controlling Party, the Trustee shall vote for or give
consent to any such action with respect to such Equipment Note in the same
proportion as that of (A)&nbsp;the aggregate face amounts of all Certificates
actually voted in favor of or for giving consent</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">to such action by such Direction of Certificateholders
to (B)&nbsp;the aggregate face amount of all Outstanding Certificates and
(ii)&nbsp;as Controlling Party, the Trustee shall vote jointly with the
Class&nbsp;G-2 Trustee (as defined in the Intercreditor Agreement)<b><font style="font-weight:bold;">]</font></b> as directed in such Certificateholder
Direction <b><font style="font-weight:bold;">[</font></b>by the
Certificateholders <b><font style="font-weight:bold;">[</font></b>and
Class&nbsp;G-2 Certificateholders<b><font style="font-weight:bold;">]</font></b>
evidencing a Fractional Undivided Interest <b><font style="font-weight:bold;">[</font></b>(as
defined herein and in the Class&nbsp;G-2 Trust Agreement (as defined in
the Intercreditor Agreement))<b><font style="font-weight:bold;">]</font></b>
aggregating not less than a majority in interest in the Trust <b><font style="font-weight:bold;">[</font></b>and the Class&nbsp;G-2 Trust (as
defined in the Intercreditor Agreement), voting as one class.<b><font style="font-weight:bold;">]</font></b>&#160;
For purposes of the immediately preceding sentence, a Certificate shall
have been &#147;<b><font style="font-weight:bold;">actually voted</font></b>&#148; if the
Holder of such Certificate has delivered to the Trustee an instrument
evidencing such Holder&#146;s consent to such Direction prior to two Business Days
before the Trustee directs such action or casts such vote or gives such
consent.&#160; Notwithstanding the foregoing,
but subject to Section&nbsp;6.04 and the Intercreditor Agreement, the Trustee
may, in its own discretion and at its own direction, consent and notify the
relevant Loan Trustee of such consent (or direct the Subordination Agent to
consent and notify the Loan Trustee of such consent) to any amendment,
modification, waiver or supplement under the relevant Indenture, any other
Financing Document, any Equipment Note or any other related document, if an
Event of Default hereunder shall have occurred and be continuing, or if such
amendment, modification, waiver or supplement will not materially adversely
affect the interests of the Certificateholders.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;XI<br>
<br>
TERMINATION OF TRUST</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 11.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Termination of the Trust</u>.&#160; The respective obligations and
responsibilities of the Company and the Trustee with respect to the Trust shall
terminate upon the earlier of (A)&nbsp;the completion of the assignment,
transfer and discharge described in the first sentence of the immediately following
paragraph and (B)&nbsp;distribution to all Holders of Certificates and the
Trustee of all amounts required to be distributed to them pursuant to this
Agreement and the disposition of all property held as part of the Trust
Property; <u>provided</u>, <u>however</u>, that in no event shall the Trust
continue beyond one hundred ten (110) years following the date of the earliest
execution of this Trust Agreement.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Upon
the earlier of (i)&nbsp;the first Business Day after February&nbsp;28, 2006,
or, if later, the fifth Business Day following the Delivery Period Termination
Date and (ii)&nbsp;the fifth Business Day following the date on which a
Triggering Event occurs (such date, the &#147;<b><font style="font-weight:bold;">Transfer
Date</font></b>&#148;), or, if later the date on which all of the conditions set
forth in the immediately following sentence have been satisfied, the Trustee is
hereby directed (subject only to the immediately following sentence) to, and
the Company shall direct the institution that will serve as the Related Trustee
under the Related Pass Through Trust Agreement to, execute and deliver the
Assignment and Assumption Agreement, pursuant to which the Trustee shall
assign, transfer and deliver all of the Trustee&#146;s right, title and interest to
the Trust Property to the Related Trustee under the Related Pass Through Trust
Agreement.&#160; The Trustee and the Related
Trustee shall execute and deliver the Assignment and Assumption Agreement upon
the satisfaction of the following conditions:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trustee, the Related Trustee and
each of the Rating Agencies then rating the Certificates shall have received an
Officer&#146;s Certificate and an Opinion of Counsel dated the date of the
Assignment and Assumption Agreement and each</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt .5in;"><font size="2" face="Times" style="font-size:10.0pt;">satisfying the requirements of
Section&nbsp;1.02, which Opinion of Counsel shall be substantially to the
effect set forth below and may be relied upon by the Beneficiaries (as defined
in the Assignment and Assumption Agreement):</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the execution and delivery
thereof by the parties thereto in accordance with the terms of this Agreement
and the Related Pass Through Trust Agreement, the Assignment and Assumption
Agreement will constitute the valid and binding obligation of each of the
parties thereto enforceable against each such party in accordance with its
terms;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon the execution and delivery of
the Assignment and Assumption Agreement in accordance with the terms of this
Agreement and the Related Pass Through Trust Agreement, each of the
Certificates then Outstanding will be entitled to the benefits of the Related
Pass Through Trust Agreement;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Related Trust is not required to
be registered as an investment company under the Investment Company Act of
1940, as amended;</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the Related Pass Through Trust
Agreement constitutes the valid and binding obligation of the Company
enforceable against the Company in accordance with its terms; and</font></p>

<p style="margin:0in 0in 12.0pt 1.0in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; neither the execution and delivery of
the Assignment and Assumption Agreement in accordance with the terms of this
Agreement and the Related Pass Through Trust Agreement, nor the consummation by
the parties thereto of the transactions contemplated to be consummated
thereunder on the date thereof, will violate any law or governmental rule or
regulation of the State of New York or the United States of America known to
such counsel to be applicable to the transactions contemplated by the
Assignment and Assumption Agreement.</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Trustee and the Company shall
have received (x) a copy of the articles of incorporation and bylaws of the
Related Trustee certified as of the Transfer Date by the Secretary or Assistant
Secretary of such institution and (y) a copy of the filing (including all
attachments thereto) made by the institution serving as the Related Trustee
with the Office of the Superintendent, State of New York Banking Department for
the qualification of the Related Trustee under Section&nbsp;131(3) of the New
York Banking Law.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Upon
the execution of the Assignment and Assumption Agreement by the parties
thereto, the Trust shall be terminated, the Certificateholders shall receive
beneficial interests in the Related Trust in exchange for their interests in
the Trust equal to their respective beneficial interests in the Trust, and the
Outstanding Certificates representing Fractional Undivided Interests in the
Trust shall be deemed for all purposes of this Agreement and the Related Pass
Through Trust Agreement, without further signature or action of any party or
Certificateholder, to be certificates representing the same fractional
undivided interests in the Related Trust and its trust property.&#160; By acceptance of its Certificate, each
Certificateholder consents to such</font></p>

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</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">assignment, transfer and delivery of the Trust
Property to the trustee of the Related Trust upon the execution and delivery of
the Assignment and Assumption Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">In
connection with the occurrence of the event set forth in clause (B)&nbsp;above,
notice of such termination, specifying the Distribution Date upon which the
Certificateholders may surrender their Certificates to the Trustee for payment
of the final distribution and cancellation, shall be mailed promptly by the
Trustee to Certificateholders not earlier than the 60th day and not later than
the 20th day next preceding such final Distribution Date specifying (A)&nbsp;the
Distribution Date upon which the proposed final payment of the Certificates
will be made upon presentation and surrender of Certificates at the office or
agency of the Trustee therein specified, (B)&nbsp;the amount of any such
proposed final payment, and (C)&nbsp;that the Record Date otherwise applicable
to such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Certificates at the office or agency of the
Trustee therein specified.&#160; The Trustee
shall give such notice to the Registrar at the time such notice is given to
Certificateholders.&#160; Upon presentation
and surrender of the Certificates in accordance with such notice, the Trustee
shall cause to be distributed to Certificateholders such final payments.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">In
the event that all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in the
above-mentioned written notice, the Trustee shall give a second written notice
to the remaining Certificateholders to surrender their Certificates for
cancellation and receive the final distribution with respect thereto.&#160; No additional interest shall accrue on the
Certificates after the Distribution Date specified in the first written
notice.&#160; In the event that any money
held by the Trustee for the payment of distributions on the Certificates shall
remain unclaimed for two years (or such lesser time as the Trustee shall be
satisfied, after sixty days&#146; notice from the Company, is one month prior to the
escheat period provided under applicable law) after the final distribution date
with respect thereto, the Trustee shall pay to each Loan Trustee the
appropriate amount of money relating to such Loan Trustee and shall give
written notice thereof to the Company.</font></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">ARTICLE&nbsp;XII<br>
<br>
MISCELLANEOUS PROVISIONS</font></b></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.01.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Limitation on Rights of
Certificateholders</u>.&#160; The death or
incapacity of any Certificateholder shall not operate to terminate this
Agreement or the Trust, nor entitle such Certificateholder&#146;s legal
representatives or heirs to claim an accounting or to take any action or
commence any proceeding in any court for a partition or winding up of the
Trust, nor otherwise affect the rights, obligations, and liabilities of the
parties hereto or any of them.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.02.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Certificates Nonassessable and Fully
Paid</u>.&#160; Except as set forth in the
last sentence of this Section&nbsp;12.02, Certificateholders shall not be
personally liable for obligations of the Trust, the Fractional Undivided
Interests represented by the Certificates shall be nonassessable for any losses
or expenses of the Trust or for any reason whatsoever, and Certificates, upon
authentication thereof by the Trustee pursuant to Section&nbsp;3.03, are and
shall be deemed fully paid.&#160; No
Certificateholder shall have any right (except as expressly provided herein) to
vote or in any manner otherwise control the operation and management of the
Trust Property, the Trust, or the obligations of the parties hereto, nor shall
anything set forth herein, or</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=54,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=293684,FOLIO='48',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">contained in the terms of the Certificates, be
construed so as to constitute the Certificateholders from time to time as
partners or members of an association.&#160;
Neither the existence of the Trust nor any provision herein is intended
to or shall limit the liability the Certificateholders would otherwise incur if
the Certificateholders owned Trust Property as co-owners, or incurred any
obligations of the Trust, directly rather than through the Trust.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.03.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Notices</u>.&#160; (a)&#160; Unless otherwise
specifically provided herein, all notices required under the terms and
provisions of this Agreement shall be in English and in writing, and any such
notice may be given by United States mail, courier service or telecopy, and any
such notice shall be effective when received or, if made, given, furnished or
filed by facsimile or telecommunication transmission, when received unless
received outside of business hours, in which case on the next opening of
business on a Business Day,</p>

<table border="0" cellspacing="0" cellpadding="0" width="69%" style="border-collapse:collapse;margin-left:156.7pt;width:69.52%;">
 <tr>
  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.56%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">if to the Company, to:</font></p>
  </td>
  <td width="58%" valign="top" style="padding:0in .7pt 0in .7pt;width:58.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">JetBlue
  Airways Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">118-29 Queens Blvd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Forest Hills, NY&#160; 11375</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Attention:&#160; Vice President&#151;Corporate Finance</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Facsimile:&#160; 718-709-3639</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="28%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:28.28%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">with a copy to:</font></p>
  </td>
  <td width="71%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:71.72%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">JetBlue
  Airways Corporation</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">118-29
  Queens Blvd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Forest Hills, NY 11375</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Attention:&#160; General Counsel</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Facsimile:&#160; 718-709-3631</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="41%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:41.56%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">if to the Trustee, to:</font></p>
  </td>
  <td width="58%" valign="top" style="padding:0in .7pt 0in .7pt;width:58.44%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Wilmington
  Trust Company</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Rodney
  Square North</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">1100 North
  Market Street</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Wilmington, Delaware 19890-0001</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Attention:&#160; Corporate Trust Administration</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times" style="font-size:10.0pt;">Facsimile:&#160; (302) 636-4140</font></p>
  </td>
 </tr>
 <tr>
  <td width="24%" valign="top" style="padding:0in .7pt 0in .7pt;width:24.5%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="75%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:75.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Telephone: (302) 636-6000</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="104" style="border:none;"></td>
  <td width="16" style="border:none;"></td>
  <td width="56" style="border:none;"></td>
  <td width="248" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt 2.0in;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Company or the Trustee, by notice to the other, may designate additional or
different addresses for subsequent notices or communications.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
notice or communication to Certificateholders shall be mailed by first-class
mail to the addresses for Certificateholders shown on the Register kept by the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=55,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=485259,FOLIO='49',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">Registrar.&#160;
Failure so to mail a notice or communication or any defect in such
notice or communication shall not affect its sufficiency with respect to other
Certificateholders.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
a notice or communication is mailed in the manner provided above within the
time prescribed, it is conclusively presumed to have been duly given, whether
or not the addressee receives it.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(e)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; If
the Company mails a notice or communication to the Certificateholders, it shall
mail a copy to the Trustee and to the Paying Agent at the same time.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(f)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Notwithstanding
the foregoing, all communications or notices to the Trustee shall be deemed to
be given only when received by a Responsible Officer of the Trustee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:1.0in;"><font size="2" face="Times" style="font-size:10.0pt;">(g)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
Trustee shall promptly furnish the Company with a copy of any demand, notice or
written communication received by the Trustee hereunder from any Certificateholder
or Loan Trustee.</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.04.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Governing Law</u>.&#160; THIS AGREEMENT HAS BEEN DELIVERED IN THE
STATE OF DELAWARE AND THIS AGREEMENT AND THE CERTIFICATES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.05.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Severability of Provisions</u>.&#160; If any one or more of the covenants,
agreements, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, agreements, provisions, or terms
shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or the Trust, or of
the Certificates or the rights of the Certificateholders thereof.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.06.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Trust Indenture Act Controls</u>.&#160; This Agreement is subject to the provisions
of the Trust Indenture Act and shall, to the extent applicable, be governed by
such provisions.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.07.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Effect of Headings and Table of
Contents</u>.&#160; The Article and Section
headings herein and the Table of Contents are for convenience only and shall
not affect the construction hereof.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.08.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Successors and Assigns</u>.&#160; All covenants, agreements, representations
and warranties in this Agreement by the Trustee and the Company shall bind and,
to the extent permitted hereby, shall inure to the benefit of and be
enforceable by their respective successors and assigns, whether so expressed or
not.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.09.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Benefits of Agreement</u>.&#160; Except as otherwise provided in this
Agreement, nothing in this Agreement or in the Certificates, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Certificateholders, any benefit or any legal or
equitable right, remedy or claim under this Agreement.</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=56,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=820743,FOLIO='50',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Legal Holidays</u>.&#160; In any case where any Regular Distribution
Date or Special Distribution Date relating to any Certificate shall not be a
Business Day, then (notwithstanding any other provision of this Agreement)
payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on such Regular
Distribution Date or Special Distribution Date, and no interest shall accrue
during the intervening period.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.11.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Counterparts</u>.&#160; For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">Section 12.12.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><u>Intention of
Parties</u>.&#160; The parties hereto intend
that the Trust be classified for U.S. federal income tax purposes as a grantor
trust under Subpart E, Part I of Subchapter J of the Internal Revenue Code of
1986, as amended, and not as a trust or association taxable as a corporation or
as a partnership.&#160; Each
Certificateholder and Investor, by its acceptance of its Certificate or a
beneficial interest therein, agrees to treat the Trust as a grantor trust for
all U.S. federal, state and local income tax purposes.&#160; The powers granted and obligations
undertaken pursuant to this Agreement shall be so construed so as to further
such intent.</p>

<p style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">*&#160;&#160;&#160;&#160;
*&#160;&#160;&#160;&#160; *</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=57,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=500127,FOLIO='51',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b>, the parties have caused
this Agreement to be duly executed by their respective officers thereunto duly
authorized as of the day and year first written above.</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">JETBLUE AIRWAYS
  CORPORATION</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:3.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="39%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.34%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.48%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WILMINGTON TRUST
  COMPANY</font></b>, as<br>
  Trustee</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:1.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="39%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:39.36%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.52%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="62%" colspan="6" valign="top" style="padding:0in .7pt 0in .7pt;width:62.72%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="227" style="border:none;"></td>
  <td width="22" style="border:none;"></td>
  <td width="0" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="0" style="border:none;"></td>
  <td width="240" style="border:none;"></td>
  <td width="113" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=58,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=868834,FOLIO='52',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">EXHIBIT&nbsp;A</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">FORM OF CERTIFICATE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">REGISTERED</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">No.&nbsp;__________</font></p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (&#147;<b><font style="font-weight:bold;">DTC</font></b>&#148;), TO THE
TRUSTEE OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME
OF CEDE&nbsp;&amp; CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE&nbsp;&amp; CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC),
ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE&nbsp;&amp;
CO., HAS AN INTEREST HEREIN.</font></p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">TRANSFERS OF THIS CERTIFICATE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR&#146;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTION&nbsp;3.05 OF THE PASS THROUGH TRUST AGREEMENT
REFERRED TO HEREIN.</font></p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">BY ITS ACQUISITION HEREOF, THE HOLDER
REPRESENTS THAT (A)&nbsp;NO PLAN ASSETS HAVE BEEN USED TO PURCHASE THIS
CERTIFICATE OR AN INTEREST HEREIN OR (B)&nbsp;THE PURCHASE AND HOLDING OF THIS
CERTIFICATE OR AN INTEREST HEREIN IS EXEMPT FROM THE PROHIBITED TRANSACTION
RESTRICTIONS OF ERISA AND THE CODE PURSUANT TO ONE OR MORE PROHIBITED
TRANSACTION STATUTORY OR ADMINISTRATIVE EXEMPTIONS.&#160; THE PASS THROUGH TRUST AGREEMENT CONTAINS A PROVISION REQUIRING
THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS CERTIFICATE IN VIOLATION
OF THE FOREGOING RESTRICTIONS.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 1</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=59,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=22799,FOLIO='Page 1',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;page-break-before:always;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">GLOBAL CERTIFICATE</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">JETBLUE AIRWAYS PASS THROUGH TRUST, SERIES
2004-2____</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">JetBlue Airways</font></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">Pass Through Certificate,</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">Series 2004-2____</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">Final Legal Distribution Date:&#160; ____________ ___, 20___</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">evidencing a fractional undivided interest in
a trust, the property of which includes certain equipment notes each secured by
an Aircraft owned by JetBlue Airways Corporation.</font></p>

<p style="margin:0in .5in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">having a face amount of $[__________]
representing [_____]% of the Trust per $1,000 face amount</font></p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">THIS CERTIFIES THAT</font></b> ____________________, for
value received, is the registered owner of a Fractional Undivided Interest
having a face amount of $_______________ (_______________ dollars) in the
JetBlue Airways Pass Through Trust, Series 2004-2____ (the &#147;<b><font style="font-weight:bold;">Trust</font></b>&#148;) created pursuant to a Pass Through
Trust Agreement, dated as of _________, 200___ (the &#147;<b><font style="font-weight:bold;">Agreement</font></b>&#148;), between Wilmington Trust Company (the &#147;<b><font style="font-weight:bold;">Trustee</font></b>&#148;) and JetBlue Airways Corporation,
a corporation incorporated under Delaware law (the &#147;<b><font style="font-weight:bold;">Company</font></b>&#148;), a summary of certain of the pertinent provisions of
which is set forth below.&#160; To the extent
not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Agreement.&#160;
This Certificate is one of the duly authorized Certificates designated
as JetBlue Airways Pass Through Certificates, Series 2004-2____&#148; (herein called
the &#147;<b><font style="font-weight:bold;">Certificates</font></b>&#148;).&#160; This Certificate is issued under and is
subject to the terms, provisions, and conditions of the Agreement.&#160; By virtue of its acceptance hereof the
Certificateholder of this Certificate assents to and agrees to be bound by the
provisions of the Agreement and the Intercreditor Agreement.&#160; The property of the Trust includes an
interest in certain Equipment Notes and all rights of the Trust to receive
payments under the Intercreditor Agreement, the Policy and any Liquidity
Facility (the &#147;<b><font style="font-weight:bold;">Trust Property</font></b>&#148;).&#160; Each issue of the Equipment Notes is secured
by, among other things, a security interest in the Aircraft owned by the
Company.</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Certificates represent fractional undivided interests in the Trust and the
Trust Property, and have no rights, benefits or interest in respect of any
assets or property other than the Trust Property.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Subject
to and in accordance with the terms of the Agreement and the Intercreditor
Agreement, from and to the extent of funds then available to the Trustee, there
will be distributed on each (i)&nbsp;February 15, May 15, August 15 and
November 15 and (ii) in the case of any payment of principal or interest on, or
with respect to, any Equipment Note received by the Subordination Agent after
the date on which such payment is scheduled to be made, but within ten Business
Days of such scheduled payment date, the date of receipt of such payment by the
Trustee if received by noon and if later, the next Business Day (each a &#147;<b><font style="font-weight:bold;">Regular Distribution Date</font></b>&#148;), commencing on
February 15, 2005, to the Person in whose name this Certificate is registered
at the close of business on the Record Date immediately preceding the Regular
Distribution Date, an amount in respect of the Scheduled Payments due on such
Regular</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman"><font size="2" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=60,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=475847,FOLIO='Page 2',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
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</font></font>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;text-indent:.5in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">Distribution Date on the Equipment Notes, the receipt
of which has been confirmed by the Trustee, equal to the product of the
percentage interest in the Trust evidenced by this Certificate and an amount
equal to the sum of such Scheduled Payments.&#160;
Subject to and in accordance with the terms of the Agreement and the
Intercreditor Agreement, in the event that Special Payments on the Equipment
Notes are received by the Trustee, from funds then available to the Trustee,
there shall be distributed on the applicable Special Distribution Date, to the
Person in whose name this Certificate is registered at the close of business on
the 15th day preceding the Special Distribution Date, an amount in respect of
such Special Payments on the Equipment Notes, the receipt of which has been
confirmed by the Trustee, equal to the product of the percentage interest in
the Trust evidenced by this Certificate and an amount equal to the sum of such
Special Payments so received.&#160; If a
Regular Distribution Date or Special Distribution Date is not a Business Day,
distribution shall be made on the immediately following Business Day with the
same force and effect as if made on such Regular Distribution Date or Special
Distribution Date.&#160; The Trustee shall
mail notice of each Special Payment and the Special Distribution Date therefor
to the Certificateholder of this Certificate.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Certificates do not represent a direct obligation of, or an obligation
guaranteed by, or an interest in, the Company or the Trustee or any of their
affiliates.&#160; The Certificates are
limited in right or payment, all as more specifically set forth on the face
hereof and in the Agreement.&#160; All
payments or distributions made to Certificateholders under the Agreement shall
be made only from the Trust Property and only to the extent that the Trustee
shall have sufficient income or proceeds from the Trust Property to make such
payments in accordance with the terms of the Agreement.&#160; Each Certificateholder of this Certificate,
by its acceptance hereof, agrees that it will look solely to the income and
proceeds from the Trust Property to the extent available for distribution to such
Certificateholder as provided in the Agreement.&#160; This Certificate does not purport to summarize the Agreement and
reference is made to the Agreement for information with respect to the
interests, rights, benefits, obligations, proceeds, and duties evidenced
hereby.&#160; A copy of the Agreement may be
examined during normal business hours at the principal office of the Trustee,
and at such other places, if any, designated by the Trustee, by any
Certificateholder upon request.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Agreement permits, with certain exceptions therein provided, the amendment
thereof and the modification of the rights and obligations of the Company and
the rights of the Certificateholders under the Agreement at any time by the
Company and the Trustee with the consent of the Certificateholders holding
Certificates evidencing Fractional Undivided Interests aggregating not less
than a majority in interest in the Trust.&#160;
Any such consent by the Certificateholder of this Certificate shall be
conclusive and binding on such Certificateholder and upon all future
Certificateholders of this Certificate and of any Certificate issued upon the
transfer hereof or in exchange hereof or in lieu hereof whether or not notation
of such consent is made upon this Certificate.&#160;
The Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of the Certificateholders of any of the Certificates.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">As
provided in the Agreement and subject to certain limitations therein set forth,
the transfer of this Certificate is registrable in the Register upon surrender
of this Certificate for registration of transfer at the offices or agencies
maintained by the Trustee in its capacity as Registrar, or by any successor
Registrar, in the Borough of Manhattan, the City of New York, duly endorsed or
accompanied by a written instrument of transfer in form satisfactory to the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 3</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=61,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=274689,FOLIO='Page 3',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times" style="font-size:10.0pt;">Trustee and the Registrar duly executed by the
Certificateholder hereof or such Certificateholder&#146;s attorney duly authorized
in writing, and thereupon one or more new Certificates of authorized
denominations evidencing the same aggregate Fractional Undivided Interest in
the Trust will be issued to the designated transferee or transferees.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Except
as otherwise provided in the Agreement and notwithstanding the above, the final
distribution on this Certificate will be made after notice mailed by the
Trustee of the pendency of such distribution and only upon presentation and
surrender of this Certificate at the office or agency of the Trustee specified
in such notice.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Under
certain circumstances set forth in Section&nbsp;11.01 of the Agreement, all of
the Trustee&#146;s right, title and interest to the Trust Property may be assigned,
transferred and delivered to the Related Trustee of the Related Trust pursuant to
the Assignment and Assumption Agreement.&#160;
Upon the effectiveness of such Assignment and Assumption Agreement (the
&#147;<b><font style="font-weight:bold;">Transfer</font></b>&#148;), the Trust shall be
terminated, the Certificateholders shall receive beneficial interests in the
Related Trust in exchange for their interests in the Trust equal to their
respective beneficial interests in the Trust, the Certificates representing
Fractional Undivided Interests in the Trust shall be deemed for all purposes of
the Agreement and the Related Pass Through Trust Agreement to be certificates
representing the same fractional undivided interests in the Related Trust and
its trust property.&#160; Each
Certificateholder, by its acceptance of this Certificate or a beneficial
interest herein, agrees to be bound by the Assignment and Assumption Agreement
and subject to the terms of the Related Pass Through Trust Agreement as a
certificateholder thereunder.&#160; From and
after the Transfer, unless and to the extent the context otherwise requires, references
herein to the Trust, the Agreement and the Trustee shall constitute references
to the Related Trust, the Related Pass Through Trust Agreement and trustee of
the Related Trust, respectively.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Certificates are issuable only as registered Certificates without coupons in
minimum denominations of $1,000 Fractional Undivided Interest and integral
multiples of $1,000 in excess thereof except that one Certificate may be in a
different denomination.&#160; As provided in
the Agreement and subject to certain limitations therein set forth, the
Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same aggregate Fractional Undivided Interest in the Trust, as
requested by the Certificateholder surrendering the same.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">No
service charge will be made for any such registration of transfer or exchange,
but the Trustee shall require payment by the Holder of a sum sufficient to
cover any tax or governmental charge payable in connection therewith.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
Trustee, the Registrar, and any agent of the Trustee or the Registrar may treat
the person in whose name this Certificate is registered as the owner hereof for
all purposes, and neither the Trustee, the Registrar, nor any such agent shall
be affected by any notice to the contrary.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">The
obligations and responsibilities created by the Agreement and the Trust created
thereby shall terminate upon the distribution to Certificateholders of all
amounts required to be distributed to them pursuant to the Agreement and the
disposition of all property held as part of the Trust Property.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=62,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=78701,FOLIO='Page 4',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">UNTIL
THE TRANSFER, THE AGREEMENT AND THIS CERTIFICATE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED
IN ACCORDANCE WITH SUCH LAWS, FROM AND AFTER THE TRANSFER, THE AGREEMENT AND
THIS CERTIFICATE SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times" style="font-size:10.0pt;">Unless
the certificate of authentication hereon has been executed by the Trustee, by
manual signature, this Certificate shall not be entitled to any benefit under
the Agreement or be valid for any purpose.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=63,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=484410,FOLIO='Page 5',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-size:10.0pt;margin:0in 0in 12.0pt;page-break-before:always;text-indent:.5in;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">IN WITNESS WHEREOF</font></b>,
the Trustee has caused this Certificate to be duly executed.</p>

<p style="margin:.5in 0in 12.0pt;"><font size="2" face="Times" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Dated:________________, 2004</font></p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">JETBLUE AIRWAYS
  PASS THROUGH TRUST, SERIES 2004-2____</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">By:&#160;
  <b><font style="font-weight:bold;">WILMINGTON TRUST COMPANY</font></b>,<br>
  not in its individual capacity but solely as<br>
  Trustee</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.42%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.4%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Name:</font></p>
  </td>
 </tr>
 <tr>
  <td width="53%" valign="top" style="padding:0in .7pt 0in .7pt;width:53.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="46%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:46.06%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 6</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=64,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=937881,FOLIO='Page 6',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-after:auto;page-break-before:always;text-align:center;text-transform:uppercase;"><b><font size="2" face="Times" style="font-size:10.0pt;text-transform:none;">[FORM OF THE TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION]</font></b></p>

<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">This is one of the Certificates referred</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times" style="font-size:10.0pt;">to in the within-mentioned Agreement.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="74%" style="border-collapse:collapse;margin-left:132.7pt;width:74.78%;">
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="80%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:80.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times" style="font-size:10.0pt;font-weight:bold;">WILMINGTON TRUST
  COMPANY</font></b>, not<br>
  in its individual capacity but solely as Trustee</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.32%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="80%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:80.68%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="1%" valign="top" style="padding:0in .7pt 0in .7pt;width:1.76%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:56.12%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" valign="top" style="padding:0in .7pt 0in .7pt;width:19.32%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="7%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:7.02%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="73%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:73.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times" style="font-size:10.0pt;">Authorized Officer</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT A</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=65,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=1333,FOLIO='Page 7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

</div>


<!-- ZEQ.=1,SEQ=66,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=774214,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3B_8345.CHC",USER="JGUERRE",CD='Nov  2 14:56 2004' -->

<div>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Pass
Through Trust Agreement]</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM OF TRANSFER NOTICE</font></b></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR
VALUE RECEIVED</font></b><font size="2" style="font-size:10.0pt;">
the undersigned registered holder hereby sell(s), assign(s) and transfer(s)
unto</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insert Taxpayer Identification No.</font></u></p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">please print or typewrite name and address including zip code of
  assignee</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the within Certificate and all rights thereunder, hereby irrevocably
  constituting and appointing</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="23%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:23.76%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="76%" valign="top" style="padding:0in .7pt 0in .7pt;width:76.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">attorney to transfer said Certificate on the books of the Trustee
  with full power of substitution in the premises.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';margin-left:.7pt;width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Name of Transferor]</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="3" valign="bottom" style="padding:0in .7pt 0in .7pt;width:52.06%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOTE:&nbsp;&nbsp;The signature must
  correspond with the name as written upon the face of the within-mentioned
  instrument in every particular, without alteration or any change whatsoever.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.24%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="43%" colspan="2" valign="bottom" style="padding:0in .7pt 0in .7pt;width:43.28%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.78%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="19%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:19.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Signature Guarantee:</font></p>
  </td>
  <td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:28.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="42%" valign="top" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr height="0">
  <td width="31" style="border:none;"></td>
  <td width="83" style="border:none;"></td>
  <td width="167" style="border:none;"></td>
  <td width="51" style="border:none;"></td>
  <td width="247" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;A</font></p>

<p align="center" style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Page </font><font size="2" style="font-size:10.0pt;">8</font></p>


<div align="left" style="font-weight:bold;margin:0in 0in 12.0pt;page-break-before:always;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=67,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=937738,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:6.0pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;B</font></b></p>

<p align="center" style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM OF
ASSIGNMENT AND ASSUMPTION AGREEMENT<br>
</font></b><font size="2" style="font-size:10.0pt;">JetBlue Airways
Pass Through Trust, Series 2004-2<br><br></font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNMENT
AND ASSUMPTION AGREEMENT</font></b><font size="2" style="font-size:10.0pt;">, dated ____________, (the &#147;<b><font style="font-weight:bold;">Agreement</font></b>&#148;),
between Wilmington Trust Company, a Delaware banking corporation (&#147;<b><font style="font-weight:bold;">WTC</font></b>&#148;), not in its individual capacity
except as expressly provided herein, but solely as trustee under the Pass
Through Trust Agreement dated as of ____________, 200___ (as amended, modified
or otherwise supplemented from time to time, the &#147;<b><font style="font-weight:bold;">Pass Through Trust Agreement</font></b>&#148;) in respect of the JetBlue
Airways Pass Through Trust, Series 2004-2____ (the &#147;<b><font style="font-weight:bold;">Assignor</font></b>&#148;), and Wilmington Trust Company, a Delaware banking
corporation, not in its individual capacity except as expressly provided
herein, but solely as trustee under the Pass Through Trust Agreement dated as
of ___________&nbsp;__, 200__ (the &#147;<b><font style="font-weight:bold;">New Pass
Through Trust Agreement</font></b>&#148;) in respect of the JetBlue Airways Pass
Through Trust, Series 2004-2____ (the &#147;<b><font style="font-weight:bold;">Assignee</font></b>&#148;).</font></p>

<p align="center" style="font-family:'Times New Roman';margin:6.0pt 0in .0001pt;text-align:center;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">W</font></u><font size="2" style="font-size:10.0pt;">  <u>I</u>  <u>T</u>  <u>N</u>  <u>E</u>  <u>S</u>  <u>S</u>
<u>E</u>  <u>T</u>  <u>H</u>:</font></p>

<p align="center" style="margin:6.0pt 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, the parties hereto desire to effect on the date hereof (the &#147;<b><font style="font-weight:bold;">Transfer Date</font></b>&#148;) (a)&nbsp;the transfer by
the Assignor to the Assignee of all of the right, title and interest of the
Assignor in, under and with respect to, among other things, the Trust Property
and each of the documents listed in Schedule&nbsp;I hereto (the &#147;<b><font style="font-weight:bold;">Scheduled Documents</font></b>&#148;) and (b)&nbsp;the
assumption by the Assignee of the obligations of the Assignor (i)&nbsp;under
the Scheduled Documents and (ii)&nbsp;in respect of the Certificates issued
under the Pass Through Trust Agreement; and</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, the Scheduled Documents permit such transfer upon satisfaction of
certain conditions heretofore or concurrently herewith being complied with;</font></p>

<p style="font-family:'Times New Roman';margin:0in 0in 12.0pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW,
THEREFORE</font></b><font size="2" style="font-size:10.0pt;">, in
consideration of the premises and of the mutual covenants and agreements herein
contained, the parties hereto do hereby agree as follows (capitalized terms
used herein without definition having the meaning ascribed thereto in the Pass
Through Trust Agreement):</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assignment</u>.&#160;
The Assignor does hereby sell, assign, convey, transfer and set over
unto the Assignee as of the Transfer Date all of its present and future right,
title and interest in, under and with respect to the Trust Property and the
Scheduled Documents and each other contract, agreement, document or instrument
relating to the Trust Property or the Scheduled Documents (such other
contracts, agreements, documents or instruments, together with the Scheduled
Documents, to be referred to as the &#147;<b><font style="font-weight:bold;">Assigned
Documents</font></b>&#148;), and any proceeds therefrom, together with all documents
and instruments evidencing any of such right, title and interest.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Assumption</u>.&#160;
The Assignee hereby assumes for the benefit of the Assignor and each
Certificateholder (collectively, the &#147;<b><font style="font-weight:bold;">Beneficiaries</font></b>&#148;)
all of the duties and obligations of the Assignor, whenever accrued, pursuant
to the Assigned Documents and hereby confirms that it shall be deemed a party
to each of the Assigned Documents to which the Assignor is a party and shall be
bound by all the terms thereof (including the agreements and obligations of the
Assignor set forth therein) as if therein named as the Assignor.&#160; Further, the Assignee hereby assumes for<br><br></font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;B</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page 1</font></p>


<div style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="3" style="font-size:12.0pt;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=68,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=507505,FOLIO='Page 1',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
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</font></b>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:uppercase;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the benefit of the Assignor
and the Beneficiaries all of the duties and obligations of the Assignor under
the Outstanding Certificates and hereby confirms that the Certificates
representing Fractional Undivided Interests under the Pass Through Trust
Agreement shall be deemed for all purposes of the Pass Through Trust Agreement
and the New Pass Through Trust Agreement to be certificates representing the
same fractional undivided interests under the New Pass Through Trust Agreement
equal to their respective beneficial interests in the trust created under the
Pass Through Trust Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Effectiveness</u>.&#160;
This Agreement shall be effective upon the execution and delivery hereof
by the parties hereto, and each Certificateholder, by its acceptance of its
Certificate or a beneficial interest therein, agrees to be bound by the terms
of this Agreement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Payments</u>.&#160;
The Assignor hereby covenants and agrees to pay over to the Assignee, if
and when received following the Transfer Date, any amounts (including any sums
payable as interest in respect thereof) paid to or for the benefit of the
Assignor that, under Section&nbsp;1 hereof, belong to the Assignee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Further Assurances</u>.&#160; The Assignor shall, at any time and from time to time, upon the
request of the Assignee, promptly and duly execute and deliver any and all such
further instruments and documents and take such further action as the Assignee
may reasonably request to obtain the full benefits of this Agreement and of the
right and powers herein granted.&#160; The
Assignor agrees to deliver the Global Certificates, and all Trust Property, if
any, then in the physical possession of the Assignor, to the Assignee.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Representations and Warranties</u>.&#160; (a)&#160;
The Assignee represents and warrants to the Assignor and each of the
Beneficiaries that:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; it has all requisite power and
authority and legal right to enter into and carry out the transactions
contemplated hereby and to carry out and perform the obligations of the &#147;Pass
Through Trustee&#148; under the Assigned Documents;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; on and as of the date hereof, the
representations and warranties of the Assignee set forth in Section&nbsp;7.15
of the New Pass Through Trust Agreement are true and correct.</font></p>

<p style="margin:0in 0in 12.0pt;page-break-after:avoid;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Assignor
represents and warrants to the Assignee that:</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; it is duly incorporated, validly
existing and in good standing under the laws of the State of Delaware and has
the full trust power, authority and legal right under the laws of the State of
Delaware and the United States pertaining to its trust and fiduciary powers to
execute and deliver this Agreement;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; the execution and delivery by it of
this Agreement and the performance by it of its obligations hereunder have been
duly authorized by it and will not violate its articles of association or
by-laws or the provisions of any indenture, mortgage, contract or other
agreement to which it is a party or by which it is bound; and</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;B</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page
2</font></p>


<div style="margin:0in 0in 12.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=69,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=829543,FOLIO='Page 2',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
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<p align="right" style="margin:0in 0in 12.0pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; this Agreement constitutes the legal,
valid and binding obligations of it enforceable against it in accordance with
its terms, except as the same may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and by general principles of equity, whether considered in
a proceeding at law or in equity.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>GOVERNING LAW</u>.&#160;
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAW OF THE STATE OF NEW YORK INCLUDING MATTERS OF CONSTRUCTION, VALIDITY AND
PERFORMANCE, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Counterparts</u>.&#160;
This Agreement may be executed in any number of counterparts, all of
which together shall constitute a single instrument.&#160; It shall not be necessary that any counterpart be signed by both
parties so long as each party shall sign at least one counterpart.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Third Party Beneficiaries</u>.&#160; The Assignee hereby agrees, for the benefit
of the Beneficiaries, that its representations, warranties and covenants
contained herein are also intended to be for the benefit of each Beneficiary,
and each Beneficiary shall be deemed to be an express third party beneficiary
with respect thereto, entitled to enforce directly and in its own name any
rights or claims it may have against such party as such beneficiary.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;B</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page
3</font></p>


<div align="left" style="margin:0in 0in 12.0pt;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<b><font size="3" style="font-size:12.0pt;text-transform:uppercase;">
<!-- ZEQ.=1,SEQ=70,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=595392,FOLIO='Page 3',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
<br clear="all" style="page-break-before:always;">
</font></b>

<p align="right" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:right;">&nbsp;</p>

<p align="right" style="font-family:'Times New Roman';font-size:12.0pt;margin:0in 0in 12.0pt;text-align:right;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">IN
WITNESS WHEREOF</font></b>, the parties hereto, through their respective
officers thereunto duly authorized, have duly executed this Assignment as of
the day and year first above written.</p>

<p style="margin:0in 0in 12.0pt;page-break-before:always;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="85%" style="border-collapse:collapse;font-family:'Times New Roman';width:85.42%;">
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNOR</font></b><font size="2" style="font-size:10.0pt;">:</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.1%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.1%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;<b><font style="font-weight:bold;">WILMINGTON TRUST COMPANY</font></b>, not in its
  individual capacity except as expressly provided herein, but solely as
  trustee under the Pass Through Trust Agreement in respect of the JetBlue
  Airways Pass Through Trust 2004-2<u>&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSIGNEE</font></b><font size="2" style="font-size:10.0pt;">:</font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.1%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:6.1%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.7%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON
  TRUST COMPANY</font></b><font size="2" style="font-size:10.0pt;">, not in its individual capacity except as
  expressly provided herein, but solely as trustee under the Pass Through Trust
  Agreement in respect of the JetBlue Airways Pass Through Trust 2004-2<u>&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:52.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="43%" valign="top" style="padding:0in .7pt 0in .7pt;width:43.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="56%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:56.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="213" style="border:none;"></td>
  <td width="23" style="border:none;"></td>
  <td width="8" style="border:none;"></td>
  <td width="250" style="border:none;"></td>
 </tr>
</table>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-before:always;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0in 0in 12.0pt;page-break-before:always;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">EXHIBIT&nbsp;B</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page
4</font></p>


<div align="left" style="font-weight:bold;margin:0in 0in 12.0pt;page-break-before:always;text-align:left;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="3" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=71,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=770297,FOLIO='Page 4',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:6.0pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE&nbsp;I</font></b></p>

<p align="center" style="margin:6.0pt 0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE OF ASSIGNED DOCUMENTS</font></b></p>

<p style="margin:0in 0in 12.0pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:'Times New Roman';width:100.0%;">
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intercreditor Agreement dated as of ____________,
  200___ among the Trustee, the Other Trustee, the Policy Provider, the
  Liquidity Providers, the liquidity provider, if any, relating to the
  Certificates issued under (and as defined in) the Other Pass Through Trust
  Agreements and the Subordination Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Escrow and Paying Agent Agreement (Class ____)
  dated as of ____________, 200___ among the Escrow Agent, the Underwriters,
  the Trustee and the Paying Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Note Purchase Agreement dated as of ____________,
  200___ among the Company, the Trustee, the Other Trustee, the Depositary, the
  Escrow Agent, the Paying Agent and the Subordination Agent.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposit Agreement (Class ____) dated as of
  ____________, 200___ between the Escrow Agent and the Depositary.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Policy (Class____) dated ____________, 200___,
  as defined in the Intercreditor Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Policy Provider Agreement dated ____________,
  200___, as defined in the Intercreditor Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Revolving Credit Agreement (2004-2____)
  dated as of ____________, 200___ between the Subordination Agent and the
  Primary Liquidity Provider.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Class&nbsp;___ Above-Cap Liquidity
  Facility dated ____________, 200___, as defined in the Intercreditor
  Agreement.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.02%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;text-indent:0in;">&nbsp;</p>
  </td>
  <td width="92%" valign="top" style="padding:0in .7pt 0in .7pt;width:92.4%;">
  <p style="margin:0in 0in .0001pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Operative Agreements (as defined in
  the Participation Agreement for each Aircraft) in effect as of the Transfer
  Date.</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;B</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page
5</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></b></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=72,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="5",CHK=1046291,FOLIO='Page 5',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EXH4-3C_8345.CHC",USER="JGUERRE",CD='Nov  2 13:07 2004' -->
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;C</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="font-family:'Times New Roman';margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;text-transform:uppercase;">FORM OF
NOTICE TO DESIGNATE NOMINEE AS WITHHOLDING AGENT</font></b><font size="2" style="font-size:10.0pt;"><br>
(Treas. Reg. &#167;&nbsp;1.1445-8(f); 17 C.F.R. 240.10b-17(b)(1))<br><br></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[DATE]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">National
  Association of Securities Dealers, Inc.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Market
  Operations</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">80 Merritt Blvd.</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trumbull, CT
  06611</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="92%" style="border-collapse:collapse;width:92.7%;">
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.8%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JetBlue Airways Pass
  Through Trust, Series 2004-2<u>&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
 <tr>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="top" style="padding:0in .7pt 0in .7pt;width:2.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="85%" valign="top" style="padding:0in .7pt 0in .7pt;width:85.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pass Through Certificates,
  Series 2004-2<u>&nbsp;&nbsp;&nbsp;</u></font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 6.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With respect to
distributions to be made on [INSERT DISTRIBUTION DATE] to holders of the
above-referenced Pass Through Certificates in the amount of
$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
per $1,000 principal amount of Certificate, we hereby designate the appropriate
nominees to withhold from amounts distributable to any non-U.S. Person such
amounts as required by Section&nbsp;1446 of the Internal Revenue Code of 1986,
as amended.&#160; The term &#147;non-U.S. Person&#148;
means any person or entity that, for U.S. federal income tax purposes, is not a
&#147;U.S. Person.&#148; &#147;U.S. Person&#148; for this purpose means a citizen or resident of
the United States, a corporation, partnership or other entity created or
organized under the laws of the United States or any political subdivision
thereof, or an estate or trust, the income of which is subject to U.S. federal
income taxation regardless of its source.&#160;
The date of record for determining holders of Certificates entitled to
receive the distribution on [INSERT DISTRIBUTION DATE] is [INSERT RELATED
RECORD DATE].</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div align="center" style="font-family:'Times New Roman';">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p align="center" style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;">&nbsp;</p>
  </td>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
</table>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">EXHIBIT&nbsp;C</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Page
1</font></p>


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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>6
<FILENAME>a2145815zex-5_1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY BGCOLOR="#FFFFFF" LINK=BLUE  VLINK=PURPLE>
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<div style="font-family:'Times New Roman';">

<p align="right" style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Exhibit 5.1</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">NIXON PEABODY LLP</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">437
Madison Avenue</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">New
York, New York&#160; 10022-7001</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(212)
940-3000</font></b></p>

<p style="font-weight:bold;line-height:normal;margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">Fax:&#160; (212) 940-3111</font></b></p>

<p style="margin:24.0pt 0in .5in;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">November&nbsp;2, 2004</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">JetBlue
Airways Corporation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">118-29
Queens Boulevard</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Forest Hills, NY 11375</font></p>

<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We have acted as counsel to JetBlue Airways
Corporation, a Delaware corporation (the &#147;Company&#148;), in connection with the
offer and sale from time to time on a delayed basis by the Company of up to
$681,004,000 aggregate amount of the Company&#146;s common stock, $0.01 par value
per share (the &#147;Common Stock&#148;), preferred stock, $0.01 par value per share
(&#147;Preferred Stock&#148;), and debt securities (&#147;Debt Securities,&#148; and, collectively
with the Common Stock and Preferred Stock, the &#147;Securities&#148;) pursuant to a
shelf Registration Statement on Form S-3, File No. 333-119549, as amended by
Amendment No.&nbsp;1 (the &#147;Registration Statement&#148;), filed by the Company with
the Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities
Act of 1933, as amended (the &#147;Act&#148;).&#160;
Pursuant to Rule 429 under the Act, the prospectuses contained in the
Registration Statement also relate to the remaining unsold $318,996,000
aggregate principal amount of securities previously registered by the Company
under the Act pursuant to a shelf Registration Statement on Form S-3, File No.
333-109546.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Registration Statement consists of two separate
prospectuses.&#160; One prospectus relates to
the Securities (the &#147;Debt/Equity Prospectus&#148;) and the other prospectus relates
to pass through certificates (the &#147;Pass Through Certificates&#148;) to be issued by
one or more trusts formed by the Company relating to certain equipment notes
either issued by the Company or an owner trustee (the &#147;Pass Through
Prospectus&#148;).&#160; We offer no opinion with
respect to the Pass Through Prospectus.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Securities may be issued, sold or delivered from
time to time as set forth in the Registration Statement, any amendment thereto,
the Debt/Equity Prospectus and any supplements thereto.&#160; The Debt Securities will be issued pursuant
to an indenture (the &#147;Indenture&#148;) between the Company and a trustee to be named
in such indenture.&#160; A form of this
indenture has been filed as Exhibit 4.1 to the Registration Statement.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In connection with the foregoing, we have examined the
Registration Statement, the Debt/Equity Prospectus and the form of
Indenture.&#160; We also have examined
originals or copies, certified or otherwise identified to our satisfaction, of
such corporate records, certificates and other documents and have made such investigations
of law as we have deemed necessary or appropriate as a basis for the opinions
expressed below.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As to questions of fact material to our opinions
expressed herein, we have, when relevant facts were not independently
established, relied upon certificates of, and information received from, the
Company and/or representatives of the Company.&#160;
We have made no independent investigation of the facts stated in such
certificates or as to any information received from the Company and/or
representatives of the Company and do not opine as to the accuracy of such
factual matters.&#160; We also have relied,
without investigation, upon certificates and other documents from, and
conversations with, public officials.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In rendering the following opinions, we have assumed,
without investigation, the authenticity of any document or other instrument
submitted to us as an original, the conformity to the originals of any document
or other instrument submitted to us as a copy, the genuineness of all
signatures on such originals or copies, and the legal capacity of natural
persons who executed any such document or instrument at the time of execution
thereof.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We
also have assumed that (i) the Securities will have been specifically
authorized for issuance by the Company&#146;s Board of Directors or an authorized
committee thereof, (ii) any Securities issuable upon conversion, exchange or
exercise of any Security being offered will have been duly authorized, created
and, if appropriate, reserved for issuance upon such conversion, exchange or
exercise, (iii) any Securities consisting of Common Stock or Preferred Stock,
including Common Stock or Preferred Stock issuable upon conversion, exchange or
exercise of any Security being offered, will have been duly authorized and
issued, and the certificates evidencing the same will have been duly executed
and delivered, against receipt of the consideration approved by the Company
which will be no less than the par value thereof, (iv) the Commission will have
entered an appropriate order declaring effective the Registration Statement, as
amended, (v) a prospectus supplement will have been filed with the Commission
describing the Securities offered thereby, (vi) all Securities will be issued
and sold in compliance with applicable federal and state securities laws and
solely in the manner stated in the Debt/Equity Prospectus and the applicable
prospectus supplement, (vii) a definitive purchase, underwriting or similar
agreement with respect to the Securities will have been duly authorized and
validly executed and delivered by the Company and the other parties thereto,
and (viii) the terms of the Securities will not violate any applicable law or
result in a default under or breach of any agreement or instrument binding upon
the Company and will comply with any requirement or restriction imposed by any
court or governmental body having jurisdiction over the Company.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With
respect to the issuance and sale of any Debt Securities, we have further
assumed that (i) the Indenture will have been duly executed and delivered by
the Company and the trustee named therein, and (ii) the Debt Securities, when
issued, will be executed, authenticated, issued and delivered (a) against
receipt of the consideration therefor approved by the Company and (b) as
provided in the Indenture relating thereto.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With
respect to the issuance and sale of any series of Preferred Stock, we have
assumed that an appropriate certificate of designations, setting forth the
powers, designations, preferences</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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</font></div>

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<p style="margin:0in 0in 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and
relative, participating, optional or other special rights, and the
qualifications and restrictions thereof, with respect to such series of
Preferred Stock will have been duly adopted by the Company&#146;s Board of Directors
and filed with the Secretary of State of the State of Delaware.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon and subject to the foregoing, and the other
qualifications and limitations contained herein, we are of the opinion that:</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
Securities consisting of Common Stock or Preferred Stock, when issued and sold
in the manner described in the Registration Statement and any applicable
prospectus supplement relating thereto, will be duly authorized, validly
issued, fully paid and non-assessable.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Any
Securities consisting of Debt Securities will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with
their terms except as such enforceability may be limited by (x) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance, liquidation or
similar laws relating to, or affecting the enforcement of, creditors&#146; rights
and remedies, (y) the application of general principles of equity (regardless
of whether such enforceability is considered in a proceeding in equity or law),
including, without limitation, (i) the possible unavailability of specific
performance, injunctive relief or any other equitable remedy and (ii) concepts
of materiality, reasonableness, good faith and fair dealing, and (z) public
policy, and will be entitled to the benefits of the Indenture.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of our firm involved in the preparation of
this opinion are licensed to practice law in the State of New York and we do
not purport to be experts on, or to express any opinion herein concerning, the
laws of any other jurisdiction other than the laws of the State of New York,
the federal law of the United States of America and </font><font size="2" style="font-size:10.0pt;">the
General Corporation Law of the State of Delaware.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and to the use of our name as it appears
under the caption &#147;Legal Matters&#148; in the Debt/Equity Prospectus.&#160; In giving such consent, we do not thereby
admit that we come within the category of persons whose consent is required
under Section&nbsp;7 of the Act or the rules and regulations of the Commission
thereunder.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">We further consent to the filing of this opinion as an
exhibit to applications to the securities commissioners of the various states
of the United States, to the extent so required, in connection with the
registration of the Securities.</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr height="15" style="height:11.25pt;">
  <td width="50%" height="15" valign="top" style="height:11.25pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" height="15" valign="top" style="height:11.25pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr height="15" style="height:11.25pt;">
  <td width="50%" height="15" valign="top" style="height:11.25pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="50%" height="15" valign="top" style="height:11.25pt;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ NIXON PEABODY LLP</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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</div>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>7
<FILENAME>a2145815zex-5_2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">[Letterhead of </font><font size="2" style="font-size:9.5pt;">Vedder, Price, Kaufman &amp; <font style="letter-spacing:-.05pt;">Kammholz, </font>P.C.]</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>

<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:9.5pt;font-weight:bold;letter-spacing:.2pt;">Exhibit 5.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">November&nbsp;2, 2004</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">JetBlue Airways
Corporation</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">118-29 Queens Boulevard</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.2pt;">Forest Hills, New York
11375</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.2pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Ladies and Gentlemen:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
are acting as special counsel for JetBlue Airways Corporation, a Delaware
corporation (&#147;JetBlue&#148;), in connection <font style="letter-spacing:-.15pt;">with
the offer and sale from time to time on a delayed basis by JetBlue of up to
$1,000,000,000 </font><font style="letter-spacing:.05pt;">aggregate amount of
pass </font><font style="letter-spacing:-.15pt;">through certificates (the &#147;Pass
Through Certificates&#148;) pursuant to a shelf Registration Statement on Form S-3
(the &#147;Registration Statement&#148;) as filed with the Securities and Exchange
Commission (the &#147;SEC&#148;) under the Securities Act of </font>1933, as amended (the
&#147;Securities Act&#148;). The Registration Statement consists of a prospectus
describing the pass through <font style="letter-spacing:-.15pt;">certificates
(the &#147;Pass Through Prospectus&#148;) and a separate prospectus describing JetBlue&#146;s
common stock, preferred stock </font><font style="letter-spacing:.1pt;">and debt
securities.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.1pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.2pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Each series of Pass Through Certificates will be
issued by a separate pass through trust under the provisions of a </font><font size="2" style="font-size:9.5pt;letter-spacing:-.15pt;">separate pass through trust agreement between JetBlue and the pass
through trustee (the &#147;Pass Through Trustee&#148;), the form of </font><font size="2" style="font-size:9.5pt;letter-spacing:-.1pt;">which is being filed as Exhibit 4.3 to the Registration Statement (each,
a &#147;Pass Through Agreement&#148; and collectively, the </font><font size="2" style="font-size:9.5pt;letter-spacing:-.15pt;">&#147;Pass
Through Agreements&#148;). We understand that the Pass Through Certificates will be
sold or delivered in a manner set </font><font size="2" style="font-size:9.5pt;letter-spacing:-.05pt;">forth
in the Registration Statement, any amendment thereto, the Pass Through
Prospectus and any supplements thereto (each, </font><font size="2" style="font-size:9.5pt;">a &#147;Prospectus Supplement&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In
connection with the opinions expressed below, we have examined originals, or
copies identified to our satisfaction, of <font style="letter-spacing:-.15pt;">such
agreements, documents and certificates of governmental officials and corporate
officers as we have deemed necessary </font><font style="letter-spacing:-.1pt;">or
advisable as a basis for such opinions. We have also examined </font>(i) <font style="letter-spacing:-.1pt;">the Amended and Restated Certificate of
Incorporation </font><font style="letter-spacing:-.05pt;">of JetBlue, as
currently in effect, (ii) the Amended and Restated By-laws of JetBlue, as
currently in effect and (iii) the Pass </font><font style="letter-spacing:-.1pt;">Through
Agreement in the form to be filed with the SEC. Unless otherwise defined
herein, capitalized terms used herein have the meanings assigned thereto in the
Pass Through Agreement. In such examination, we have assumed the genuineness of
all signatures and the authenticity of all documents submitted to us as
originals and the conformity with the originals of all </font><font style="letter-spacing:-.2pt;">documents submitted to us as copies. Further, we
have assumed that </font>(i) <font style="letter-spacing:-.2pt;">a Prospectus
Supplement supplementing the Pass </font><font style="letter-spacing:-.1pt;">Through
Prospectus will have been prepared and filed with the SEC describing the Pass
Through Certificates, (ii) the Pass </font><font style="letter-spacing:-.15pt;">Through
Certificates of each series will be issued and sold in compliance with
applicable federal and state securities laws and solely in the manner stated in
the Pass Through Prospectus and the appropriate Prospectus Supplement, and
(iii) a definitive </font><font style="letter-spacing:-.1pt;">purchase,
underwriting or similar agreement with respect to the Pass Through Certificates
will have been duly authorized and validly executed and delivered by JetBlue
and the other parties thereto.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.1pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">Based on the foregoing, it is
our opinion that:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">1.&nbsp;&nbsp;&nbsp;JetBlue
is validly existing as a corporation in good standing under the laws of the
State of Delaware.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.5pt;">2.&nbsp;&nbsp;&nbsp;</font><font size="2" style="font-size:9.5pt;letter-spacing:-.1pt;">JetBlue has the full corporate power and authority to execute, deliver
and perform its obligations under the Pass </font><font size="2" style="font-size:9.5pt;letter-spacing:-.05pt;">Through
Agreement.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.45pt;">3.&nbsp;&nbsp;&nbsp;</font><font size="2" style="font-size:9.5pt;letter-spacing:-.1pt;">With respect to the Pass Through Certificates of each series, when (a)
the execution and delivery of the Pass Through Agreement by JetBlue and the
Pass Through Trustee with respect to such series and the execution,
authentication, </font><font size="2" style="font-size:9.5pt;letter-spacing:-.15pt;">issuance and delivery of the
Pass Through Certificates of such series by the Pass Through Trustee shall have
been duly </font><font size="2" style="font-size:9.5pt;letter-spacing:-.25pt;">authorized by all necessary corporate action of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.15pt;">JetBlue and the Pass
Through Trustee, (b) the Pass Through Agreement with respect to such series
shall have been duly executed and delivered by JetBlue and the Pass Through
Trustee, and (c) the Pass Through Certificates of such series shall </font><font size="2" style="font-size:9.5pt;letter-spacing:-.2pt;">have been duly executed, authenticated, issued and delivered by the Pass
Through Trustee and issued, sold and paid for as </font><font size="2" style="font-size:9.5pt;letter-spacing:-.25pt;">contemplated
by each of the Registration Statement, the Pass Through Prospectus, the
Prospectus Supplement and the Pass </font><font size="2" style="font-size:9.5pt;letter-spacing:-.15pt;">Through
Agreement, assuming that the terms of the Pass Through Certificates of such
series and the Pass Through Agreement, and the issuance and sale of such Pass
Through Certificates, are in compliance with then applicable law, </font><font size="2" style="font-size:9.5pt;">(i) <font style="letter-spacing:-.15pt;">the </font><font style="letter-spacing:-.1pt;">Pass
Through Agreement related to such series will constitute a valid and binding
obligation of JetBlue, enforceable against JetBlue in accordance with its
terms, and (ii) the Pass Through Certificates of such series will be validly
issued and will be </font><font style="letter-spacing:-.15pt;">entitled to the
benefits of the related Pass Through Agreement.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.7pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 4.&nbsp;&nbsp;&nbsp;</font><font size="2" style="font-size:9.5pt;letter-spacing:-.2pt;">The
statements under the caption &#147;United States Federal Income Tax Considerations&#148;
in the Pass Through </font><font size="2" style="font-size:9.5pt;">Prospectus, insofar as they constitute statements of
law or legal conclusions, are correct in all material respects as of the date <font style="letter-spacing:.05pt;">hereof.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Insofar
as the foregoing opinions relate to the enforceability of any instrument, such
enforceability is subject to <font style="letter-spacing:-.1pt;">(a) applicable
bankruptcy, insolvency, reorganization, fraudulent conveyance, rehabilitation,
moratorium, marshaling and </font><font style="letter-spacing:-.15pt;">other
laws affecting the enforcement generally of creditors&#146; rights and remedies, and
(b) general principles of equity </font><font style="letter-spacing:-.1pt;">(regardless
of whether such enforceability is considered in a proceeding in equity or at
law), applicable law relating to fiduciary duties, and judicial imposition of
an implied covenant of good faith and fair dealing. No opinion is given herein
as </font><font style="letter-spacing:-.05pt;">to the availability of specific
performance or equitable relief of any kind.</font></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In giving the foregoing opinion, we do not purport to
be experts on, or to express any opinion herein concerning, any </font><font size="2" style="font-size:9.5pt;letter-spacing:-.2pt;">laws other than the laws of the State of New York, the corporate law of
the State of Delaware and the federal law of the United States of America, in
each case as in effect on the date hereof, except that we express no opinion
with respect to </font><font size="2" style="font-size:9.5pt;letter-spacing:-.15pt;">(i) the laws, regulations or
ordinances of any county, town or municipality or governmental subdivision or
agency thereof, </font><font size="2" style="font-size:9.5pt;letter-spacing:-.05pt;">(ii) state securities or blue
sky laws, or (iii) federal securities laws, including, without limitation, the
Securities Act.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We hereby consent to the filing of this opinion as an
exhibit to the Registration Statement and to the reference to us under the
caption &#147;Legal Matters&#148; in the Pass Through Prospectus. In giving this consent,
we do not admit that we are within </font><font size="2" style="font-size:9.5pt;letter-spacing:-.2pt;">the category
of persons whose consent is required under Section 7 of the Securities Act or
the rules and regulations </font><font size="2" style="font-size:9.5pt;letter-spacing:-.05pt;">thereunder.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.16%;">
  <p style="font-size:1.0pt;margin:0in 51.7pt .0001pt 0in;">&nbsp;</p>
  </td>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.84%;">
  <p style="margin:0in 51.7pt .0001pt 0in;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:.05pt;">Very truly yours,</font></p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.16%;">
  <p style="font-size:10.0pt;margin:0in 51.7pt .0001pt 0in;">&nbsp;</p>
  </td>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.84%;">
  <p style="font-size:10.0pt;margin:0in 51.7pt .0001pt 0in;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="54%" valign="top" style="padding:0in .7pt 0in .7pt;width:54.16%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.84%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.15pt;">/s/ Vedder, Price, Kaufman &amp; Kammholz, P.C.</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:9.5pt;letter-spacing:-.05pt;">Vedder, Price, Kaufman &amp; Kammholz, P.C.</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;letter-spacing:-.05pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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<DESCRIPTION>EXHIBIT 23.3
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<P ALIGN="RIGHT"><FONT SIZE=2><B>Exhibit&nbsp;23.3  </B></FONT></P>

<P ALIGN="CENTER"><FONT SIZE=2><A
NAME="ka8338_consent_of_independent_auditors"> </A>
<A NAME="toc_ka8338_1"> </A>
<BR></FONT><FONT SIZE=2><B>Consent of Independent Auditors    <BR>    </B></FONT></P>

<P>


<FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the reference to our firm under the caption "Experts" in Amendment&nbsp;No.1 to the Registration Statement (Form&nbsp;S-3
No.&nbsp;333-119549) and related Prospectuses of JetBlue Airways Corporation for the registration of up to $681,004,000 of debt securities, pass through certificates, preferred stock and common
stock and in the Post-Effective Amendment No.1 to the Registration Statement (Form&nbsp;S-3 No.&nbsp;333-109546) and related Prospectuses of JetBlue Airways
Corporation for the registration of up to up to $750,000,000 of debt securities, pass through certificates, preferred stock and common stock and to the incorporation by reference therein of our
reports dated January&nbsp;26, 2004, with respect to the consolidated financial statements and schedule of JetBlue Airways Corporation included in its Annual Report (Form&nbsp;10-K)
for the year ended December&nbsp;31, 2003, filed with the Securities and Exchange Commission.

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/s/ Ernst&nbsp;&amp; Young LLP</FONT></TD>
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<FONT SIZE=2>New York, New York<BR>
November&nbsp;1, 2004

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<TYPE>EX-25.2
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<DESCRIPTION>EXHIBIT 25.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
25.2</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></b></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FORM T-1</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">STATEMENT OF ELIGIBILITY UNDER</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">THE TRUST INDENTURE ACT OF 1939 OF A</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">CORPORATION DESIGNATED TO ACT AS TRUSTEE</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check if an Application
to Determine Eligibility of</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a Trustee Pursuant to
Section 305(b)(2)</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON TRUST COMPANY</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of
Trustee as specified in its charter)</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">51-0055023</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="59%" valign="top" style="padding:0in .7pt 0in .7pt;width:59.7%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction or incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="37%" valign="top" style="padding:0in .7pt 0in .7pt;width:37.72%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1100 North Market Street</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington, Delaware&#160;
19890-0001</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(302) 651-1000</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal
executive offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Cynthia L. Corliss</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Vice President and Assistant General Counsel</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington Trust Company</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1100 North Market Street</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington, Delaware&#160;
19890</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(302) 651-8516</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, address, including
zip code, and telephone number, including area code, of agent of service)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="CG Times" style="font-size:10.0pt;">JETBLUE AIRWAYS CORPORATION</font></b></h1>
  <h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="CG Times" style="font-size:10.0pt;font-weight:normal;">(Exact
  name of registrants as specified in its charter)</font></b></h1>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in .7pt 0in .7pt;width:63.82%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.62%;">
  <p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in .7pt 0in .7pt;width:63.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Delaware</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">87-0617894</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="63%" valign="top" style="padding:0in .7pt 0in .7pt;width:63.82%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or other
  jurisdiction or incorporation or organization)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.56%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.62%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I.R.S. Employer
  Identification No.)</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&#160; 118-29 Queens
Boulevard</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Forest Hills, New York 11375</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address, including zip
code, and telephone number, including area code, of registrants&#146; principal
executive offices)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name, address, including
zip code, and telephone number, including area code, of agent of service)</font></p>


<div align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="1" width="25%" noshade color="black" align="center">

</font></div>


<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pass Through Certificates</font></p>

<div style="border:none;border-bottom:solid windowtext 3.0pt;padding:0in 0in 2.0pt 0in;">

<p style="border:none;margin:0in 0in .0001pt;padding:0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=1,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=415913,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 1. &#160;&#160;&#160;&#160;&#160; GENERAL
INFORMATION.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Furnish the
following information as to the trustee:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Name and address
of each examining or supervising authority to which it is subject.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="82%" style="border-collapse:collapse;margin-left:78.7pt;width:82.8%;">
 <tr>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal Deposit Insurance Co.</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">State Bank Commissioner</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Five Penn Center</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.98%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dover, Delaware</font></p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Suite #2901</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="38%" valign="top" style="padding:0in .7pt 0in .7pt;width:38.02%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Philadelphia, PA</font></p>
  </td>
  <td width="61%" valign="top" style="padding:0in .7pt 0in .7pt;width:61.98%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-indent:78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Whether it is
authorized to exercise corporate trust powers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The trustee is
authorized to exercise corporate trust powers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 2.&#160;&#160;&#160;&#160;&#160;&#160; AFFILIATIONS
WITH THE OBLIGOR.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the obligor is
an affiliate of the trustee, describe each affiliation:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Based upon an
examination of the books and records of the trustee and upon information</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; furnished by the obligor, the obligor is not an
affiliate of the trustee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ITEM 16.&#160;&#160;&#160;&#160; LIST OF
EXHIBITS.</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">List below all
exhibits filed as part of this Statement of Eligibility and Qualification.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Copy of the Charter of Wilmington Trust
Company, which includes the certificate of authority of Wilmington Trust
Company to commence business and the authorization of Wilmington Trust Company
to exercise corporate trust powers.</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Copy of By-Laws of Wilmington Trust
Company.</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">C.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Consent of Wilmington Trust Company
required by Section 321(b) of Trust Indenture Act.</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;text-indent:-30.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">D.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font size="2" style="font-size:10.0pt;">Copy of most recent Report of Condition
of Wilmington Trust Company.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the
requirements of the Trust Indenture Act of 1939, as amended, the trustee,
Wilmington Trust Company, a corporation organized and existing under the laws
of Delaware, has duly caused this Statement of Eligibility to be signed on its
behalf by the undersigned, thereunto duly authorized, all in the City of
Wilmington and State of Delaware on the 29th day of October, 2004.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="18%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:18.46%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="34%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:34.22%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:47.32%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON
  TRUST COMPANY</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="52%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:52.68%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[SEAL]</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.54%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.78%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.94%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.54%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.78%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attest:&#160; </font></p>
  </td>
  <td width="40%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.64%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/Joann A. Rozell</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.3%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/Emmett R. Harmon</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.94%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assistant Secretary</font></p>
  </td>
  <td width="6%" valign="top" style="border:none;border-top:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:6.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emmett R. Harmon</font></p>
  </td>
 </tr>
 <tr>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.74%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:45.94%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.54%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:</font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.78%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="41" style="border:none;"></td>
  <td width="71" style="border:none;"></td>
  <td width="176" style="border:none;"></td>
  <td width="32" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="249" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=2,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=391619,FOLIO='2',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT A</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED CHARTER</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington Trust Company</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington, Delaware</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As existing on May 9, 1987</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=3,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=968467,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Amended
Charter</font></b></font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">or</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Act of Incorporation</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">of</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington Trust Company</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Wilmington Trust Company</font></b><font size="2" style="font-size:10.0pt;">, originally incorporated by an Act of
the General Assembly of the State of Delaware, entitled &#147;An Act to Incorporate
the Delaware Guarantee and Trust Company&#148;, approved March 2, A.D. 1901, and the
name of which company was changed to &#147;<b><font style="font-weight:bold;">Wilmington Trust Company</font></b>&#148; by an amendment
filed in the Office of the Secretary of State on March 18, A.D. 1903, and the
Charter or Act of Incorporation of which company has been from time to time
amended and changed by merger agreements pursuant to the corporation law for
state banks and trust companies of the State of Delaware, does hereby alter and
amend its Charter or Act of Incorporation so that the same as so altered and
amended shall in its entirety read as follows:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">First:</font></b><font size="2" style="font-size:10.0pt;"> - The name of this corporation is <b><font style="font-weight:bold;">Wilmington
Trust</font></b>  <b><font style="font-weight:bold;">Company</font></b>.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Second:</font></b><font size="2" style="font-size:10.0pt;"> - The location of its principal office
in the State of Delaware is at Rodney Square North, in the City of Wilmington,
County of New Castle; the name of its resident agent is <b><font style="font-weight:bold;">Wilmington Trust Company</font></b>
whose address is Rodney Square North, in said City.&#160; In addition to such principal office, the said corporation
maintains and operates branch offices in the City of Newark, New Castle County,
Delaware, the Town of Newport, New Castle County, Delaware, at Claymont, New
Castle County, Delaware, at Greenville, New Castle County Delaware, and at
Milford Cross Roads, New Castle County, Delaware, and shall be empowered to
open, maintain and operate branch offices at Ninth and Shipley Streets, 418
Delaware Avenue, 2120 Market Street, and 3605 Market Street, all in the City of
Wilmington, New Castle County, Delaware, and such other branch offices or
places of business as may be authorized from time to time by the agency or
agencies of the government of the State of Delaware empowered to confer such
authority.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Third:</font></b><font size="2" style="font-size:10.0pt;"> - (a) The nature of the business and the objects and
purposes proposed to be transacted, promoted or carried on by this Corporation
are to do any or all of the things herein mentioned as fully and to the same
extent as natural persons might or could do and in any part of the world, viz.:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; To sue and be sued, complain and defend in
any Court of law or equity and to make and use a common seal, and alter the
seal at pleasure, to hold, purchase, convey, mortgage or otherwise deal in real
and personal estate and property, and to appoint such officers and agents as
the business of the Corporation shall require, to make by-laws not inconsistent
with the Constitution or laws of the United States or of this State, to
discount bills, notes or other evidences of debt, to receive deposits of money,
or securities for money, to buy gold and silver bullion and foreign coins, to
buy and sell</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">bills of exchange,
and generally to use, exercise and enjoy all the powers, rights, privileges and
franchises incident to a corporation which are proper or necessary for the
transaction of the business of the Corporation hereby created.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; To insure titles to real and personal
property, or any estate or interests therein, and to guarantee the holder of
such property, real or personal, against any claim or claims, adverse to his
interest therein, and to prepare and give certificates of title for any lands
or premises in the State of Delaware, or elsewhere.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; To act as factor, agent, broker or attorney
in the receipt, collection, custody, investment and management of funds, and
the purchase, sale, management and disposal of property of all descriptions,
and to prepare and execute all papers which may be necessary or proper in such
business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; To prepare and draw agreements, contracts,
deeds, leases, conveyances, mortgages, bonds and legal papers of every description,
and to carry on the business of conveyancing in all its branches.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; To receive upon deposit for safekeeping
money, jewelry, plate, deeds, bonds and any and all other personal property of
every sort and kind, from executors, administrators, guardians, public
officers, courts, receivers, assignees, trustees, and from all fiduciaries, and
from all other persons and individuals, and from all corporations whether
state, municipal, corporate or private, and to rent boxes, safes, vaults and
other receptacles for such property.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; To act as agent or otherwise for the purpose
of registering, issuing, certificating, countersigning, transferring or
underwriting the stock, bonds or other obligations of any corporation,
association, state or municipality, and may receive and manage any sinking fund
therefor on such terms as may be agreed upon between the two parties, and in
like manner may act as Treasurer of any corporation or municipality.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; To act as Trustee under any deed of trust,
mortgage, bond or other instrument issued by any state, municipality, body
politic, corporation, association or person, either alone or in conjunction
with any other person or persons, corporation or corporations.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(8)&#160; To guarantee the validity, performance or
effect of any contract or agreement, and the fidelity of persons holding places
of responsibility or trust; to become surety for any person, or persons, for
the faithful performance of any trust, office, duty, contract or agreement,
either by itself or in conjunction with any other person, or persons,
corporation, or corporations, or in like</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">manner become
surety upon any bond, recognizance, obligation, judgment, suit, order, or
decree to be entered in any court of record within the State of Delaware or
elsewhere, or which may now or hereafter be required by any law, judge, officer
or court in the State of Delaware or elsewhere.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(9)&#160; To act by any and every method of
appointment as trustee, trustee in bankruptcy, receiver, assignee, assignee in
bankruptcy, executor, administrator, guardian, bailee, or in any other trust
capacity in the receiving, holding, managing, and disposing of any and all
estates and property, real, personal or mixed, and to be appointed as such trustee,
trustee in bankruptcy, receiver, assignee, assignee in bankruptcy, executor,
administrator, guardian or bailee by any persons, corporations, court, officer,
or authority, in the State of Delaware or elsewhere; and whenever this
Corporation is so appointed by any person, corporation, court, officer or
authority such trustee, trustee in bankruptcy, receiver, assignee, assignee in
bankruptcy, executor, administrator, guardian, bailee, or in any other trust
capacity, it shall not be required to give bond with surety, but its capital
stock shall be taken and held as security for the performance of the duties
devolving upon it by such appointment.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(10)&#160; And for its care, management and trouble,
and the exercise of any of its powers hereby given, or for the performance of
any of the duties which it may undertake or be called upon to perform, or for
the assumption of any responsibility the said Corporation may be entitled to
receive a proper compensation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(11)&#160; To purchase, receive, hold and own bonds,
mortgages, debentures, shares of capital stock, and other securities,
obligations, contracts and evidences of indebtedness, of any private, public or
municipal corporation within and without the State of Delaware, or of the
Government of the United States, or of any state, territory, colony, or
possession thereof, or of any foreign government or country; to receive,
collect, receipt for, and dispose of interest, dividends and income upon and
from any of the bonds, mortgages, debentures, notes, shares of capital stock,
securities, obligations, contracts, evidences of indebtedness and other
property held and owned by it, and to exercise in respect of all such bonds,
mortgages, debentures, notes, shares of capital stock, securities, obligations,
contracts, evidences of indebtedness and other property, any and all the
rights, powers and privileges of individual owners thereof, including the right
to vote thereon; to invest and deal in and with any of the moneys of the
Corporation upon such securities and in such manner as it may think fit and
proper, and from time to time to vary or realize such investments; to issue
bonds and secure the same by pledges or deeds of trust or mortgages of or upon
the whole or any part of the property held or owned by the Corporation, and to
sell and pledge such bonds, as and when the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Directors
shall determine, and in the promotion of its said corporate business of
investment and to the extent authorized by law, to lease, purchase, hold, sell,
assign, transfer, pledge, mortgage and convey real and personal property of any
name and nature and any estate or interest therein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; In furtherance of, and not in limitation, of
the powers conferred by the laws of the State of Delaware, it is hereby
expressly provided that the said Corporation shall also have the following
powers:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; To do any or all of the things herein set
forth, to the same extent as natural persons might or could do, and in any part
of the world.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; To acquire the good will, rights, property
and franchises and to undertake the whole or any part of&#160; the assets and liabilities of any person,
firm, association or corporation, and to pay for the same in cash, stock of
this Corporation, bonds or otherwise; to hold or in any manner to dispose of
the whole or any part of the property so purchased; to conduct in any lawful
manner the whole or any part of any business so acquired, and to exercise all
the powers necessary or convenient in and about the conduct and management of
such business.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; To take, hold, own, deal in, mortgage or
otherwise lien, and to lease, sell, exchange, transfer, or in any manner
whatever dispose of property, real, personal or mixed, wherever situated.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; To enter into, make, perform and carry out
contracts of every kind with any person, firm, association or corporation, and,
without limit as to amount, to draw, make, accept, endorse, discount,&#160; execute and issue promissory notes, drafts,
bills of exchange, warrants, bonds, debentures, and other negotiable or
transferable instruments.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; To have one or more offices, to carry on all
or any of its operations and businesses, without restriction to the same extent
as natural persons might or could do, to purchase or otherwise acquire, to hold,
own, to mortgage, sell, convey or otherwise dispose of, real and personal
property, of every class and description, in any State, District, Territory or
Colony of the United States, and in any foreign country or place.</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; It is the intention that the objects,
purposes and powers specified and clauses contained in this paragraph shall
(except where otherwise expressed in said paragraph) be nowise limited or
restricted by reference to or inference from the terms of any other clause of
this or any other paragraph in this charter, but that the objects, purposes and
powers specified in each of the clauses of this paragraph shall be regarded as
independent objects, purposes </font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and powers.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fourth:</font></b><font size="2" style="font-size:10.0pt;"> - (a)&#160;
The total number of shares of all classes of stock which the Corporation
shall have authority to issue is forty-one million (41,000,000) shares,
consisting of:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; One million (1,000,000) shares of Preferred
stock, par value $10.00 per share (hereinafter referred to as &#147;Preferred
Stock&#148;); and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; Forty million (40,000,000) shares of Common
Stock, par value $1.00 per share (hereinafter referred to as &#147;Common Stock&#148;).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; Shares of Preferred Stock may be issued from
time to time in one or more series as may from time to time be determined by
the Board of Directors each of said series to be distinctly designated.&#160; All shares of any one series of Preferred
Stock shall be alike in every particular, except that there may be different
dates from which dividends, if any, thereon shall be cumulative, if made
cumulative.&#160; The voting powers and the
preferences and relative, participating, optional and other special rights of
each such series, and the qualifications, limitations or restrictions thereof,
if any, may differ from those of any and all other series at any time
outstanding; and, subject to the provisions of subparagraph 1 of Paragraph (c)
of this Article <b><font style="font-weight:bold;">Fourth</font></b>, the Board of Directors of the Corporation is hereby
expressly granted authority to fix by resolution or resolutions adopted prior
to the issuance of any shares of a particular series of Preferred Stock, the
voting powers and the designations, preferences and relative, optional and
other special rights, and the qualifications, limitations and restrictions of
such series, including, but without limiting the generality of the foregoing,
the following:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; The distinctive designation of, and the
number of shares of Preferred Stock which shall constitute such series, which
number may be increased (except where otherwise provided by the Board of
Directors) or decreased (but not below the number of shares thereof then
outstanding) from time to time by like action of the Board of Directors;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; The rate and times at which, and the terms
and conditions on which, dividends, if any, on Preferred Stock of such series
shall be paid, the extent of the preference or relation, if any, of such
dividends to the dividends payable on any other class or classes, or series of
the same or other class of stock and whether such dividends shall be cumulative
or non-cumulative;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; The right, if any, of the holders of
Preferred Stock of such series to convert the same into or exchange the same
for, shares of any other class or classes or of any series of the same or any
other class or classes of stock of the Corporation and the terms and conditions
of such conversion or exchange;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=8,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=864469,FOLIO='5',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; Whether or not Preferred Stock of such
series shall be subject to redemption, and the redemption price or prices and
the time or times at which, and the terms and conditions on which, Preferred
Stock of such series may be redeemed.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; The rights, if any, of the holders of
Preferred Stock of such series upon the voluntary or involuntary liquidation,
merger, consolidation, distribution or sale of assets, dissolution or
winding-up, of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; The terms of the sinking fund or redemption
or purchase account, if any, to be provided for the Preferred Stock of such
series; and</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(7)&#160; The voting powers, if any, of the holders of
such series of Preferred Stock which may, without limiting the generality of
the foregoing include the right, voting as a series or by itself or together
with other series of Preferred Stock or all series of Preferred Stock as a
class, to elect one or more directors of the Corporation if there shall have
been a default in the payment of dividends on any one or more series of
Preferred Stock or under such circumstances and on such conditions as the Board
of Directors may determine.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; (1)&#160;
After the requirements with respect to preferential dividends on the
Preferred Stock (fixed in accordance with the provisions of section (b) of this
Article <b><font style="font-weight:bold;">Fourth</font></b>),
if any, shall have been met and after the Corporation shall have complied with
all the requirements, if any, with respect to the setting aside of sums as
sinking funds or redemption or purchase accounts (fixed in accordance with the
provisions of section (b) of this Article <b><font style="font-weight:bold;">Fourth</font></b>), and subject further to any conditions
which may be fixed in accordance with the provisions of section (b) of this
Article <b><font style="font-weight:bold;">Fourth</font></b>,
then and not otherwise the holders of Common Stock shall be entitled to receive
such dividends as may be declared from time to time by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; After distribution in full of the
preferential amount, if any, (fixed in accordance with the provisions of
section (b) of this Article <b><font style="font-weight:bold;">Fourth</font></b>), to be distributed to the holders
of Preferred Stock in the event of voluntary or involuntary liquidation, distribution
or sale of assets, dissolution or winding-up, of the Corporation, the holders
of the Common Stock shall be entitled to receive all of the remaining assets of
the Corporation, tangible and intangible, of whatever kind available for
distribution to stockholders ratably in proportion to the number of shares of
Common Stock held by them respectively.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; Except as may otherwise be required by law
or by the provisions of such resolution or resolutions as may be adopted by the
Board of Directors pursuant to section (b) of this Article <b><font style="font-weight:bold;">Fourth</font></b>, each holder of Common
Stock shall have</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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</font></div>

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<!-- ZEQ.=1,SEQ=9,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=443448,FOLIO='6',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">one vote in
respect of each share of Common Stock held on all matters voted upon by the
stockholders.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; No holder of any of the shares of any class
or series of stock or of options, warrants or other rights to purchase shares
of any class or series of stock or of other securities of the Corporation shall
have any preemptive right to purchase or subscribe for any unissued stock of
any class or series or any additional shares of any class or series to be
issued by reason of any increase of the authorized capital stock of the
Corporation of any class or series, or bonds, certificates of indebtedness,
debentures or other securities convertible into or exchangeable for stock of
the Corporation of any class or series, or carrying any right to purchase stock
of any class or series, but any such unissued stock, additional authorized
issue of shares of any class or series of stock or securities convertible into
or exchangeable for stock, or carrying any right to purchase stock, may be
issued and disposed of pursuant to resolution of the Board of Directors to such
persons, firms, corporations or associations, whether such holders or others,
and upon such terms as may be deemed advisable by the Board of Directors in the
exercise of its sole discretion.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; The relative powers, preferences and rights
of each series of Preferred Stock in relation to the relative powers,
preferences and rights of each other series of Preferred Stock shall, in each
case, be as fixed from time to time by the Board of Directors in the resolution
or resolutions adopted pursuant to authority granted in section (b) of this
Article <b><font style="font-weight:bold;">Fourth</font></b>
and the consent, by class or series vote or otherwise, of the holders of such
of the series of Preferred Stock as are from time to time outstanding shall not
be required for the issuance by the Board of Directors of any other series of
Preferred Stock whether or not the powers, preferences and rights of such other
series shall be fixed by the Board of Directors as senior to, or on a parity
with, the powers, preferences and rights of such outstanding series, or any of
them; provided, however, that the Board of Directors may provide in the
resolution or resolutions as to any series of Preferred Stock adopted pursuant
to section (b) of this Article <b><font style="font-weight:bold;">Fourth</font></b> that the consent of the holders of a
majority (or such greater proportion as shall be therein fixed) of the
outstanding shares of such series voting thereon shall be required for the
issuance of any or all other series of Preferred Stock.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160; Subject to the provisions of section (e),
shares of any series of Preferred Stock may be issued from time to time as the
Board of Directors of the Corporation shall determine and on such terms and for
such consideration as shall be fixed by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; Shares of Common Stock may be issued from
time to time as the Board of Directors of the Corporation shall determine and
on such terms and for such consideration as shall be fixed by the Board of
Directors.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


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</font></div>

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<!-- ZEQ.=1,SEQ=10,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=296582,FOLIO='7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)&#160; The authorized amount of shares of Common
Stock and of Preferred Stock may, without a class or series vote, be increased
or decreased from time to time by the affirmative vote of the holders of a
majority of the stock of the Corporation entitled to vote thereon.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fifth:</font></b><font size="2" style="font-size:10.0pt;"> - (a)&#160; The
business and affairs of the Corporation shall be conducted and managed by a
Board of Directors.&#160; The number of
directors constituting the entire Board shall be not less than five nor more
than twenty-five as fixed from time to time by vote of a majority of the whole
Board, provided, however, that the number of directors shall not be reduced so
as to shorten the term of any director at the time in office, and provided
further, that the number of directors constituting the whole Board shall be
twenty-four until otherwise fixed by a majority of the whole Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; The Board of Directors shall be divided into
three classes, as nearly equal in number as the then total number of directors
constituting the whole Board permits, with the term of office of one class
expiring each year.&#160; At the annual
meeting of stockholders in 1982, directors of the first class shall be elected
to hold office for a term expiring at the next succeeding annual meeting,
directors of the second class shall be elected to hold office for a term
expiring at the second succeeding annual meeting and directors of the third
class shall be elected to hold office for a term expiring at the third
succeeding annual meeting.&#160; Any
vacancies in the Board of Directors for any reason, and any newly created
directorships resulting from any increase in the directors, may be filled by
the Board of Directors, acting by a majority of the directors then in office,
although less than a quorum, and any directors so chosen shall hold office
until the next annual election of directors.&#160;
At such election, the stockholders shall elect a successor to such
director to hold office until the next election of the class for which such
director shall have been chosen and until his successor shall be elected and
qualified.&#160; No decrease in the number of
directors shall shorten the term of any incumbent director.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; Notwithstanding any other provisions of this
Charter or Act of Incorporation or the By-Laws of the Corporation (and
notwithstanding the fact that some lesser percentage may be specified by law,
this Charter or Act of Incorporation or the By-Laws of the Corporation), any
director or the entire Board of Directors of the Corporation may be removed at
any time without cause, but only by the affirmative vote of the holders of
two-thirds or more of the outstanding shares of capital stock of the Corporation
entitled to vote generally in the election of directors (considered for this
purpose as one class) cast at a meeting of the stockholders called for that
purpose.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; Nominations for the election of directors
may be made by the Board of Directors or by any stockholder entitled to vote
for the election of directors.&#160; Such
nominations shall be made by notice in writing, delivered or mailed by first
class United States mail, postage prepaid, to the Secretary of the Corporation
not less than 14 days nor</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


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</font></div>

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<!-- ZEQ.=1,SEQ=11,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=591406,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">more than 50 days
prior to any meeting of the stockholders called for the election of directors;
provided, however, that if less than 21 days&#146; notice of the meeting is given to
stockholders, such written notice shall be delivered or mailed, as prescribed,
to the Secretary of the Corporation not later than the close of the seventh day
following the day on which notice of the meeting was mailed to
stockholders.&#160; Notice of nominations
which are proposed by the Board of Directors shall be given by the Chairman on
behalf of the Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; Each notice under subsection (d) shall set
forth (i) the name, age, business address and, if known, residence address of
each nominee proposed in such notice, (ii) the principal occupation or
employment of such nominee and (iii) the number of shares of stock of the
Corporation which are beneficially owned by each such nominee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)&#160; The Chairman of the meeting may, if the
facts warrant, determine and declare to the meeting that a nomination was not
made in accordance with the foregoing procedure, and if he should so determine,
he shall so declare to the meeting and the defective nomination shall be
disregarded.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)&#160; No action required to be taken or which may
be taken at any annual or special meeting of stockholders of the Corporation
may be taken without a meeting, and the power of stockholders to consent in
writing, without a meeting, to the taking of any action is specifically denied.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sixth:</font></b><font size="2" style="font-size:10.0pt;"> - The Directors shall choose such officers, agents
and servants as may be provided in the By-Laws as they may from time to time
find necessary or proper.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Seventh:</font></b><font size="2" style="font-size:10.0pt;"> - The Corporation hereby created is
hereby given the same powers, rights and privileges as may be conferred upon
corporations organized under the Act entitled &#147;An Act Providing a General
Corporation Law&#148;, approved March 10, 1899, as from time to time amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eighth:</font></b><font size="2" style="font-size:10.0pt;"> - This Act shall be deemed and taken to
be a private Act.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Ninth:</font></b><font size="2" style="font-size:10.0pt;"> - This Corporation is to have perpetual existence.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Tenth:</font></b><font size="2" style="font-size:10.0pt;"> - The Board of Directors, by resolution passed by a
majority of the whole Board, may designate any of their number to constitute an
Executive Committee, which Committee, to the extent provided in said
resolution, or in the By-Laws of the Company, shall have and may exercise all
of the powers of the Board of Directors in the management of the business and
affairs of the Corporation, and shall have power to authorize the seal of the
Corporation to be affixed to all papers which may require it.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=12,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=170370,FOLIO='9',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Eleventh:</font></b><font size="2" style="font-size:10.0pt;"> - The private property of the
stockholders shall not be liable for the payment of corporate debts to any
extent whatever.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Twelfth:</font></b><font size="2" style="font-size:10.0pt;"> - The Corporation may transact business
in any part of the world.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Thirteenth:</font></b><font size="2" style="font-size:10.0pt;"> - The Board of Directors of the
Corporation is expressly authorized to make, alter or repeal the By-Laws of the
Corporation by a vote of the majority of the entire Board.&#160; The stockholders may make, alter or repeal
any By-Law whether or not adopted by them, provided however, that any such
additional By-Laws, alterations or repeal may be adopted only by the
affirmative vote of the holders of two-thirds or more of the outstanding shares
of capital stock of the Corporation entitled to vote generally in the election
of directors (considered for this purpose as one class).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fourteenth:</font></b><font size="2" style="font-size:10.0pt;"> - Meetings of the Directors may be held
outside of the State of Delaware at such places as may be from time to time
designated by the Board, and the Directors may keep the books of the Company
outside of the State of Delaware at such places as may be from time to time
designated by them.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fifteenth:</font></b><font size="2" style="font-size:10.0pt;"> - (a) (1)&#160; In addition to any affirmative vote required by law, and except
as otherwise expressly provided in sections (b) and (c) of this Article <b><font style="font-weight:bold;">Fifteenth:</font></b></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; any merger or consolidation of the
Corporation or any Subsidiary (as hereinafter defined) with or into (i) any
Interested Stockholder (as hereinafter defined) or (ii) any other corporation
(whether or not itself an Interested Stockholder), which, after such merger or
consolidation, would be an Affiliate (as hereinafter defined) of an Interested
Stockholder, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; any sale, lease, exchange, mortgage, pledge,
transfer or other disposition (in one transaction or a series of related
transactions) to or with any Interested Stockholder or any Affiliate of any
Interested Stockholder of any assets of the Corporation or any Subsidiary
having an aggregate fair market value of $1,000,000 or more, or</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; the issuance or transfer by the Corporation
or any Subsidiary (in one transaction or a series of related transactions) of
any securities of the Corporation or any Subsidiary to any Interested
Stockholder or any Affiliate of any Interested Stockholder in exchange for
cash, securities or other property (or a combination thereof) having an
aggregate fair market value of $1,000,000 or more, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160; the adoption of any plan or proposal for the
liquidation or dissolution of the Corporation, or</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160; any reclassification of securities
(including any reverse stock split), or recapitalization of the Corporation, or
any merger or consolidation of the Corporation with any of its Subsidiaries or
any similar transaction (whether or not with or into or otherwise involving an
Interested Stockholder) which has the effect, directly or indirectly, of
increasing the proportionate share of the outstanding shares of any class of
equity or convertible securities of the Corporation or any Subsidiary which is
directly or indirectly owned by any Interested Stockholder, or any Affiliate of
any Interested Stockholder,</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall require the
affirmative vote of the holders of at least&#160;
two-thirds of the outstanding shares of capital stock of the Corporation
entitled to vote generally in the election of directors, considered for the
purpose of this Article <b><font style="font-weight:bold;">Fifteenth</font></b> as one class (&#147;Voting
Shares&#148;).&#160; Such affirmative vote shall
be required notwithstanding the fact that no vote may be required, or that some
lesser percentage may be specified, by law or in any agreement with any
national securities exchange or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 1.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; The term &#147;business combination&#148; as used in
this Article <b><font style="font-weight:bold;">Fifteenth</font></b> shall mean any transaction which is referred to in
any one or more of clauses (A) through (E) of paragraph 1 of the section (a).</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; The provisions of section (a) of this
Article <b><font style="font-weight:bold;">Fifteenth</font></b>
shall not be applicable to any particular business combination and such
business combination shall require only such affirmative vote as is required by
law and any other provisions of the Charter or Act of Incorporation or By-Laws
if such business combination has been approved by a majority of the whole
Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&#160; For the purposes of this Article <b><font style="font-weight:bold;">Fifteenth</font></b>:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&#160; A &#147;person&#148; shall mean any individual, firm,
corporation or other entity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)&#160; &#147;Interested Stockholder&#148; shall mean, in
respect of any business combination, any person (other than the Corporation or
any Subsidiary) who or which as of the record date for the determination of
stockholders entitled to notice of and to vote on such business combination, or
immediately prior to the consummation of any such transaction:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; is the beneficial owner, directly or
indirectly, of more than 10% of the Voting Shares, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; is an Affiliate of the Corporation and at
any time within two years prior thereto was the beneficial owner, directly or
indirectly, of not less than 10% of the then outstanding voting Shares, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; is an assignee of or has otherwise succeeded
in any share of capital stock</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of the Corporation
which were at any time within two years prior thereto beneficially owned by any
Interested Stockholder, and such assignment or succession shall have occurred
in the course of a transaction or series of transactions not involving a public
offering within the meaning of the Securities Act of 1933.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)&#160; A person shall be the &#147;beneficial owner&#148; of
any Voting Shares:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; which such person or any of its Affiliates
and Associates (as hereafter defined) beneficially own, directly or indirectly,
or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160; which such person or any of its Affiliates
or Associates has (i) the right to acquire (whether such right is exercisable
immediately or only after the passage of time), pursuant to any agreement,
arrangement or understanding or upon the exercise of conversion rights,
exchange rights, warrants or options, or otherwise, or (ii) the right to vote
pursuant to any agreement, arrangement or understanding, or</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160; which are beneficially owned, directly or
indirectly, by any other person with which such first mentioned person or any
of its Affiliates or Associates has any agreement, arrangement or understanding
for the purpose of acquiring, holding, voting or disposing of any shares of
capital stock of the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)&#160; The outstanding Voting Shares shall include
shares deemed owned through application of paragraph (3) above but shall not
include any other Voting Shares which may be issuable pursuant to any
agreement, or upon exercise of conversion rights, warrants or options or
otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)&#160; &#147;Affiliate&#148; and &#147;Associate&#148; shall have the
respective meanings given those terms in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as in effect on December
31, 1981.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(6)&#160; &#147;Subsidiary&#148; shall mean any corporation of
which a majority of any class of equity security (as defined in Rule 3a11-1 of
the General Rules and Regulations under the Securities Exchange Act of 1934, as
in effect on December 31, 1981) is owned, directly or indirectly, by the
Corporation; provided, however, that for the purposes of the definition of
Investment Stockholder set forth in paragraph (2) of this section (c), the term
&#147;Subsidiary&#148; shall mean only a corporation of which a majority of each class of
equity security is owned, directly or indirectly, by the Corporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&#160; majority of the directors shall have the
power and duty to determine for the purposes of this Article <b><font style="font-weight:bold;">Fifteenth</font></b>
on the basis of information known to them, (1) the number of Voting Shares
beneficially owned by any person (2)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=15,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=633769,FOLIO='12',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">whether a person
is an Affiliate or Associate of another, (3) whether a person has an agreement,
arrangement or understanding with another as to the matters referred to in
paragraph (3) of section (c), or (4) whether the assets subject to any business
combination or the consideration received for the issuance or transfer of
securities by the Corporation, or any Subsidiary has an aggregate fair market value
of $1,000,000 or more.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)&#160; Nothing contained in this Article <b><font style="font-weight:bold;">Fifteenth</font></b>
shall be construed to relieve any Interested Stockholder from any fiduciary
obligation imposed by law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sixteenth:</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;
Notwithstanding any other provision of this Charter or Act of
Incorporation or the By-Laws of the Corporation (and in addition to any other
vote that may be required by law, this Charter or Act of Incorporation by the
By-Laws), the affirmative vote of the holders of at least two-thirds of the
outstanding shares of the capital stock of the Corporation entitled to vote
generally in the election of directors (considered for this purpose as one
class) shall be required to amend, alter or repeal any provision of Articles <b><font style="font-weight:bold;">Fifth,
Thirteenth, Fifteenth</font></b> or <b><font style="font-weight:bold;">Sixteenth</font></b> of this Charter or Act of
Incorporation.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 48.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Seventeenth:</font></b><font size="2" style="font-size:10.0pt;"> (a)&#160;
a Director of this Corporation shall not be liable to the Corporation or
its stockholders for monetary damages for breach of fiduciary duty as a
Director, except to the extent such exemption from liability or limitation
thereof is not permitted under the Delaware General Corporation Laws as the
same exists or may hereafter be amended.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 78.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&#160; Any repeal or modification of the foregoing
paragraph shall not adversely affect any right or protection of a Director of
the Corporation existing hereunder with respect to any act or omission
occurring prior to the time of such repeal or modification.&#148;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT B</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BY-LAWS</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON TRUST COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON, DELAWARE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">As existing on January 16, 2003</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=17,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=585894,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;">&nbsp;</p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BY-LAWS OF WILMINGTON TRUST COMPANY</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE I</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stockholders&#146;
Meetings</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.&#160; <u>Annual Meeting</u>.&#160; The annual meeting of stockholders shall be
held on the third Thursday in April each year at the principal office at the
Company or at such other date, time or place as may be designated by resolution
by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <u>Special Meetings</u>.&#160; Special meetings of stockholders may be
called at any time by the Board of Directors, the Chairman of the Board, the
Chief Executive Officer or the President.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <u>Notice</u>.&#160; Notice of all meetings of the stockholders
shall be given by mailing to each stockholder at least ten (10) days before
said meeting, at his last known address, a written or printed notice fixing the
time and place of such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
4.&#160; <u>Quorum</u>.&#160; A majority in the amount of the capital
stock of the Company issued and outstanding on the record date, as herein
determined, shall constitute a quorum at all meetings of stockholders for the
transaction of any business, but the holders of a smaller number of shares may
adjourn from time to time, without further notice, until a quorum is
secured.&#160; At each annual or special
meeting of stockholders, each stockholder shall be entitled to one vote, either
in person or by proxy, for each share of stock registered in the stockholder&#146;s
name on the books of the Company on the record date for any such meeting as
determined herein.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
2</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Directors</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.&#160; <u>Management</u>.&#160; The affairs and business of the Company
shall be managed by or under the direction of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 2.&#160; <u>Number</u>.&#160; The authorized number of directors that
shall constitute the Board of Directors shall be fixed from time to time by or
pursuant to a resolution passed by a majority of the Board of Directors within
the parameters set by the Charter of the Company. No more than two directors
may also be employees of the Company or any affiliate thereof.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in 12.0pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 3.&#160; <u>Qualification</u>.&#160; In addition to any other provisions of these
Bylaws, to be qualified for nomination for election or appointment to the Board
of Directors, a person must have not attained the age of sixty-nine years at
the time of such election or appointment, provided however, the Nominating and
Corporate Governance Committee may waive such qualification as to a particular
candidate otherwise qualified to serve as a director upon a good faith
determination by such committee that such a waiver is in the best interests of
the Company and its stockholders.</font></p>

<p align="center" style="margin:0in 0in 12.0pt;text-align:center;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Times New Roman" style="font-size:10.0pt;">
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<p align="center" style="font-size:10.0pt;margin:0in 0in 12.0pt;text-align:center;text-indent:0in;">&nbsp;</p>

<p style="margin:0in 0in 12.0pt;text-indent:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Chairman of the Board and the Chief Executive
Officer shall not be qualified to continue to serve as directors upon the
termination of their service in those offices for any reason.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
4.&#160; <u>Meetings</u>.&#160; The Board of Directors shall meet at the
principal office of the Company or elsewhere in its discretion at such times to
be determined by a majority of its members, or at the call of the Chairman of
the Board of Directors, the Chief Executive Officer or the President.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.&#160; <u>Special Meetings</u>.&#160; Special meetings of the Board of Directors
may be called at any time by the Chairman of the Board, the Chief Executive
Officer or the President, and shall be called upon the written request of a
majority of the directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.&#160; <u>Quorum</u>.&#160; A majority of the directors elected and
qualified shall be necessary to constitute a quorum for the transaction of
business at any meeting of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.&#160; <u>Notice</u>.&#160; Written notice shall be sent by mail to each
director of any special meeting of the Board of Directors, and of any change in
the time or place of any regular meeting, stating the time and place of such
meeting, which shall be mailed not less than two days before the time of
holding such meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
8.&#160; <u>Vacancies</u>.&#160; In the event of the death, resignation,
removal, inability to act or disqualification of any director, the Board of
Directors, although less than a quorum, shall have the right to elect the
successor who shall hold office for the remainder of the full term of the class
of directors in which the vacancy occurred, and until such director&#146;s successor
shall have been duly elected and qualified.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
9.&#160; <u>Organization Meeting</u>.&#160; The Board of Directors at its first meeting
after its election by the stockholders shall appoint an Executive Committee, an
Audit Committee, a Compensation Committee and a Nominating and Corporate
Governance Committee, and shall elect from its own members a Chairman of the
Board,&#160; a Chief Executive Officer and a
President, who may be the same person. &#160;The Board of Directors shall also elect at such meeting a
Secretary and a Chief Financial Officer, who may be the same person, and may
appoint at any time such committees as it may deem advisable.&#160; The Board of Directors may also elect at
such meeting one or more Associate Directors.&#160;
The Board of Directors, the Executive Committee or another committee
designated by the Board of Directors may elect or appoint such other officers
as they may deem advisable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.&#160; <u>Removal</u>.&#160; The Board of Directors may at any time
remove, with or without cause, any member of any committee appointed by it or
any associate director or officer elected by it and may appoint or elect his
successor.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.&#160; <u>Responsibility of Officers</u>.&#160; The Board of Directors may designate an
officer to be in charge of such departments or divisions of the Company as it
may deem advisable.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 12.&#160; <u>Participation in Meetings</u>.&#160; The Board of Directors or any committee of
the Board of Directors may participate in a meeting of the Board of Directors
or such committee, as the case may be, by conference telephone, video
facilities or other communications equipment.&#160;
Any action required or permitted to be taken at any meeting of the Board
of Directors or any committee thereof may be taken without a meeting if all of
the members of the Board of Directors or the committee, as the case may be,
consent thereto in writing, and the writing or writings are filed with the
minutes of the Board of Directors or such committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
3</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Committees
of the Board of Directors</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.&#160; <u>Executive Committee.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; &#160; The
Executive Committee shall be composed of not more than nine (9) members, who
shall be selected by the Board of Directors from its own members, and who shall
hold office at the pleasure of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160; &#160; The
Executive Committee shall have and may exercise, to the fullest extent
permitted by law, all of the powers of the Board of Directors when it is not in
session to transact all business for and on behalf of the Company that may be
brought before it.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 4.5pt 12.0pt 0in;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160; &#160; The
Executive Committee shall meet at the principal office of the Company or
elsewhere in its discretion at such times to be determined by a majority of its
members, or at the call of the Chairman of the Executive Committee, the
Chairman of the Board, the Chief Executive Officer or the President.&#160; The majority of its members shall be
necessary to constitute a quorum for the transaction of business.&#160; Special meetings of the Executive Committee
may be held at any time when a quorum is present.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)&#160; &#160;
Minutes of each meeting of the Executive Committee shall be kept and
submitted to the Board of Directors at its next meeting.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)&#160;&#160; &#160; In
the event of an emergency of sufficient severity to prevent the conduct and
management of the affairs and business of the Company by its directors and
officers as contemplated by these Bylaws, any two available members of the
Executive Committee as constituted immediately prior to such emergency shall
constitute a quorum of that Committee for the full conduct and management of
the affairs and</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>


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</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">business
of the Company in accordance with the provisions of Article 3 of these
Bylaws.&#160; In the event of the
unavailability, at such time, of a minimum of two members of the Executive
Committee, any three available directors shall constitute the Executive
Committee for the full conduct and management of the affairs and business of
the Company in accordance with the foregoing provisions of this Section.&#160; This Bylaw shall be subject to
implementation by resolutions of the Board of Directors presently existing or
hereafter passed from time to time for that purpose, and any provisions of
these Bylaws (other than this Section) and any resolutions which are contrary
to the provisions of this Section or to the provisions of any such implementing
resolutions shall be suspended during such a disaster period until it shall be
determined by any interim Executive Committee acting under this Section that it
shall be to the advantage of the Company to resume the conduct and management
of its affairs and business under all of the other provisions of these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <u>Audit Committee.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; &#160; The
Audit Committee shall be composed of not more than five (5) members, who shall
be selected by the Board of Directors from its own members, none of whom shall
be an officer or employee of the Company, and shall hold office at the pleasure
of the Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 4.5pt;text-indent:67.5pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160; &#160; The
Audit Committee shall have general supervision over the Audit Services Division
in all matters however subject to the approval of the Board of Directors; it
shall consider all matters brought to its attention by the officer in charge of
the Audit Services Division, review all reports of examination of the Company
made by any governmental agency or such independent auditor employed for that
purpose, and make such recommendations to the Board of Directors with respect
thereto or with respect to any other matters pertaining to auditing the Company
as it shall deem desirable.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)&#160;&#160; The Audit Committee shall meet whenever and
wherever its Chairperson, the Chairman of the Board, the Chief Executive
Officer, the President or a majority of the Committee&#146;s members shall deem it
to be proper for the transaction of its business.&#160; A majority of the Committee&#146;s members shall constitute a quorum
for the transaction of business. The acts of the majority at a meeting at which
a quorum is present shall constitute action by the Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <u>Compensation Committee.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; &#160; The
Compensation Committee shall be composed of not more than five (5) members, who
shall be selected by the Board of Directors from its own members, none of whom
shall be an officer or employee of the Company, and shall hold office at the
pleasure of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160; &#160; The
Compensation Committee shall in general advise upon all matters of policy
concerning compensation, including salaries and employee benefits.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (C)
The Compensation Committee shall meet whenever and wherever its Chairperson,
the Chairman of the Board, the Chief Executive Officer, the President or a
majority of the Committee&#146;s members shall deem it to be proper for the
transaction of its business.&#160; A majority
of the Committee&#146;s members shall constitute a quorum for the transaction of
business.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The acts of the majority at a meeting at which a quorum is present
shall constitute action by the Committee.</font></p>

<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>

<h1 align="left" style="margin:0in 0in .0001pt;page-break-after:avoid;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 4.&#160;
<u>Nominating and Corporate Governance Committee.</u></font></b></h1>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160;&#160; The
Nominating and Corporate Governance Committee shall be composed of not more
than five members, who shall be selected by the Board of Directors from its own
members, none of whom shall be an officer or employee of the Company, and shall
hold office at the pleasure of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="left" style="margin:0in 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160; The Nominating and Corporate Governance
Committee shall provide counsel and make recommendations to the Chairman of the
Board and the full Board with respect to the performance of the Chairman of the
Board and the Chief Executive Officer, candidates for membership on the Board
of Directors and its committees, matters of corporate governance, succession
planning for the Company&#146;s executive management and significant shareholder relations
issues.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)&#160;&#160; The
Nominating and Corporate Governance Committee shall meet whenever and wherever
its Chairperson, the Chairman of the Board, the Chief Executive Officer, the
President, or a majority of the Committee&#146;s members shall deem it to be proper
for the transaction of its business.&#160; A
majority of the Committee&#146;s members shall constitute a quorum for the
transaction of business. The acts of the majority at a meeting at which a
quorum is present shall constitute action by the Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 5.&#160; <u>Other
Committees</u>.&#160; The Company may have
such other committees with such powers as the Board may designate from time to
time by resolution or by an amendment to these Bylaws.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.&#160; <u>Associate Directors.</u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)&#160; &#160; Any
person who has served as a director may be elected by the Board of Directors as
an associate director, to serve at the pleasure of the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)&#160;&#160; &#160;
Associate directors shall be entitled to attend all meetings of
directors and participate in the discussion of all matters brought to the Board
of Directors, but will not have a right to vote.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.&#160; <u>Absence or Disqualification of
Any Member of a Committee.</u>&#160; In the
absence or disqualification of any member of any committee created under
Article III of these Bylaws, the member or members thereof present at any
meeting and not disqualified from voting, whether or not he or they constitute
a quorum, may unanimously appoint another member of the Board of Directors to
act at the meeting in the place of any such absent or disqualified member.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
4</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Officers</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.&#160; <u>Chairman of the Board</u>.&#160; The Chairman of the Board shall preside at
all meetings of the Board of Directors and shall have such further authority
and powers and shall perform such duties the Board of Directors may assign to
him from time to time.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <u>Chief Executive Officer</u>.&#160; The Chief Executive Officer shall have the
powers and duties pertaining to the office of Chief Executive Officer conferred
or imposed upon him by statute, incident to his office or as the Board of
Directors may assign to him from time to time.&#160;
In the absence of the Chairman of the Board, the Chief Executive Officer
shall have the powers and duties of the Chairman of the Board.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <u>President</u>.&#160; The President shall have the powers and
duties pertaining to the office of the President conferred or imposed upon him
by statute, incident to his office or as the Board of Directors may assign to
him from time to time.&#160; In the absence
of the Chairman of the Board and the Chief Executive Officer, the President
shall have the powers and duties of the Chairman of the Board.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
4.&#160; <u>Duties</u>.&#160; The Chairman of the Board, the Chief
Executive Officer or the President, as designated by the Board of Directors,
shall carry into effect all legal directions of the Executive Committee and of
the Board of Directors and shall at all times exercise general supervision over
the interest, affairs and operations of the Company and perform all duties incident
to his office.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
5.&#160; <u>Vice Presidents</u>.&#160; There may be one or more Vice Presidents,
however denominated by the Board of Directors, who may at any time perform all
of the duties of the Chairman of the Board, the Chief Executive Officer and/or
the President and such other powers and duties incident to their respective
offices or as the Board of Directors, the Executive Committee, the Chairman of
the Board, the Chief Executive Officer or the President or the officer in
charge of the department or division to which they are assigned may assign to
them from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
6.&#160; <u>Secretary</u>.&#160; The Secretary shall attend to the giving of
notice of meetings of the stockholders and the Board of Directors, as well as
the committees thereof, to the keeping of accurate minutes of all such
meetings, recording the same in the minute books of the Company and in general
notifying the Board of Directors of material matters affecting the Company on a
timely basis.&#160; In addition to the other
notice requirements of these Bylaws and as may be practicable under the
circumstances, all such notices shall be in writing and mailed well in advance
of the scheduled date of any such meeting.&#160;
He shall have custody of the corporate seal, affix the same to any
documents requiring such corporate seal, attest the same and perform other
duties incident to his office.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>


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<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=23,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=932968,FOLIO='6',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
7.&#160; <u>Chief Financial Officer</u>.&#160; The Chief Financial Officer shall have
general supervision over all assets and liabilities of the Company.&#160; He shall be custodian of and responsible for
all monies, funds and valuables of the Company and for the keeping of proper
records of the evidence of property or indebtedness and of all transactions of
the Company.&#160; He shall have general
supervision of the expenditures of the Company and periodically shall report to
the Board of Directors the condition of the Company, and perform such other
duties incident to his office or as the Board of Directors, the Executive
Committee, the Chairman of the Board, the Chief Executive Officer or the
President may assign to him from time to time.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
8.&#160; <u>Controller</u>.&#160; There may be a Controller who shall exercise
general supervision over the internal operations of the Company, including accounting,
and shall render to the Board of Directors or the Audit Committee at
appropriate times a report relating to the general condition and internal
operations of the Company and perform other duties incident to his office.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
may be one or more subordinate accounting or controller officers however
denominated, who may perform the duties of the Controller and such duties as
may be prescribed by the Controller.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
9.&#160; <u>Audit Officers</u>.&#160; The officer designated by the Board of
Directors to be in charge of the Audit Services Division of the Company, with
such title as the Board of Directors shall prescribe, shall report to and be
directly responsible to the Audit Committee and the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There
shall be an Auditor and there may be one or more Audit Officers, however
denominated, who may perform all the duties of the Auditor and such duties as
may be prescribed by the officer in charge of the Audit Services Division.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
10.&#160; <u>Other Officers</u>.&#160; There may be one or more officers, subordinate
in rank to all Vice Presidents with such functional titles as shall be
determined from time to time by the Board of Directors, who shall ex officio
hold the office of Assistant Secretary of the Company and who may perform such
duties as may be prescribed by the officer in charge of the department or
division to which they are assigned.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
11.&#160; <u>Powers and Duties of Other
Officers</u>.&#160; The powers and duties of
all other officers of the Company shall be those usually pertaining to their
respective offices, subject to the direction of the Board of Directors, the
Executive Committee, the Chairman of the Board, the Chief Executive Officer or
the President and the officer in charge of the department or division to which
they are assigned.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 12.&#160; <u>Number
of Offices</u>.&#160; Any one or more offices
of the Company may be held by the same person, except that (A) no individual
may hold more than one of the offices of Chief Financial Officer, Controller or
Audit Officer and (B) none of the Chairman of the Board, the Chief Executive
Officer or the President may hold any office mentioned in Section 12(A).</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=24,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=49979,FOLIO='7',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
5</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Stock
and Stock Certificates</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1.&#160; <u>Transfer</u>.&#160; Shares of stock shall be transferable on the
books of the Company and a transfer book shall be kept in which all transfers
of stock shall be recorded.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <u>Certificates</u>.&#160; Every holder of stock shall be entitled to
have a certificate signed by or in the name of the Company by the Chairman of
the Board, the Chief Executive Officer or the President or a Vice President,
and by the Secretary or an Assistant Secretary, of the Company, certifying the
number of shares owned by him in the Company.&#160;
The corporate seal affixed thereto, and any of or all the signatures on
the certificate, may be a facsimile. In case any officer, transfer agent or
registrar who has signed or whose facsimile signature has been placed upon a
certificate shall have ceased to be such officer, transfer agent or registrar
before such certificate is issued, it may be issued by the Company with the
same effect as if he were such officer, transfer agent or registrar at the date
of issue.&#160; Duplicate certificates of
stock shall be issued only upon giving such security as may be satisfactory to
the Board of Directors or the Executive Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <u>Record Date</u>.&#160; The Board of Directors is authorized to fix
in advance a record date for the determination of the stockholders entitled to
notice of, and to vote at, any meeting of stockholders and any adjournment
thereof, or entitled to receive payment of any dividend, or to any allotment of
rights, or to exercise any rights in respect of any change, conversion or
exchange of capital stock, or in connection with obtaining the consent of stockholders
for any purpose, which record date shall not be more than 60 nor less than 10
days preceding the date of any meeting of stockholders or the date for the
payment of any dividend, or the date for the allotment of rights, or the date
when any change or conversion or exchange of capital stock shall go into
effect, or a date in connection with obtaining such consent.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
6</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Seal</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
corporate seal of the Company shall be in the following form:</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 1.0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Between two concentric
circles the words &#147;Wilmington Trust Company&#148; within the inner circle the words
&#147;Wilmington, Delaware.&#148;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
7</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Fiscal
Year</font></u></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=25,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=946881,FOLIO='8',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
fiscal year of the Company shall be the calendar year.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
8</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Execution
of Instruments of the Company</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The
Chairman of the Board, the Chief Executive Officer, the President or any Vice
President, however denominated by the Board of Directors, shall have full power
and authority to enter into, make, sign, execute, acknowledge and/or deliver
and the Secretary or any Assistant Secretary shall have full power and
authority to attest and affix the corporate seal of the Company to any and all
deeds, conveyances, assignments, releases, contracts, agreements, bonds, notes,
mortgages and all other instruments incident to the business of this Company or
in acting as executor, administrator, guardian, trustee, agent or in any other
fiduciary or representative capacity by any and every method of appointment or
by whatever person, corporation, court officer or authority in the State of
Delaware, or elsewhere, without any specific authority, ratification, approval
or confirmation by the Board of Directors or the Executive Committee, and any
and all such instruments shall have the same force and validity as though expressly
authorized by the Board of Directors and/or the Executive Committee.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
9</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Compensation
of Directors and Members of Committees</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Directors
and associate directors of the Company, other than salaried officers of the
Company, shall be paid such reasonable honoraria or fees for attending meetings
of the Board of Directors as the Board of Directors may from time to time
determine.&#160; Directors and associate
directors who serve as members of committees, other than salaried employees of
the Company, shall be paid such reasonable honoraria or fees for services as
members of committees as the Board of Directors shall from time to time
determine and directors and associate directors may be authorized by the
Company to perform such special services as the Board of Directors may from
time to time determine in accordance with any guidelines the Board of Directors
may adopt for such services, and shall be paid for such special services so
performed reasonable compensation as may be determined by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
10</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Indemnification</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
1. <u>Persons Covered</u>.&#160; The Company
shall indemnify and hold harmless, to the fullest extent permitted by
applicable law as it presently exists or may hereafter be amended, any person
who was or is made or is threatened to be made a party or is otherwise involved
in any action, suit or proceeding, whether civil, criminal, administrative or
investigative (a &#147;proceeding&#148;)</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=26,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=848821,FOLIO='9',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">by reason of the fact
that he, or a person for whom he is the legal representative, is or was a
director of the Company or is or was serving at the request of the Company as a
director, officer, employee, fiduciary or agent of another corporation,
partnership, limited liability company, joint venture, trust, enterprise or
non-profit entity that is not a subsidiary or affiliate of the Company,
including service with respect to employee benefit plans, against all liability
and loss suffered and expenses reasonably incurred by such person.&#160; The Company shall be required to indemnify
such a person in connection with a proceeding initiated by such person only if
the proceeding was authorized by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company may indemnify and
hold harmless, to the fullest extent permitted by applicable law as it
presently exists or may hereafter be amended, any person who was or is made or
threatened to be made a party or is otherwise involved in any proceeding by
reason of the fact that he, or a person for whom he is the legal
representative, is or was an officer, employee or agent of the Company or a
director, officer, employee or agent of a subsidiary or affiliate of the
Company, against all liability and loss suffered and expenses reasonably
incurred by such person.&#160; The Company
may indemnify any such person in connection with a proceeding (or part thereof)
initiated by such person only if such proceeding (or part thereof) was
authorized by the Board of Directors.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
2.&#160; <u>Advance of Expenses</u>.&#160; The Company shall pay the expenses incurred
in defending any proceeding involving a person who is or may be indemnified
pursuant to Section 1 in advance of its final disposition, provided, however,
that the payment of expenses incurred by such a person in advance of the final
disposition of the proceeding shall be made only upon receipt of an undertaking
by that person to repay all amounts advanced if it should be ultimately
determined that the person is not entitled to be indemnified under this Article
10 or otherwise.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
3.&#160; <u>Certain Rights</u>.&#160; If a claim under this Article 10 for (A)
payment of expenses or (B) indemnification by a director or person who is or
was serving at the request of the Company as a director, officer, employee,
fiduciary or agent of another corporation, partnership, limited liability
company, joint venture, trust, enterprise or nonprofit entity that is not a
subsidiary or affiliate of the Company, including service with respect to
employee benefit plans, is not paid in full within sixty days after a written
claim therefor has been received by the Company, the claimant may file suit to
recover the unpaid amount of such claim and, if successful in whole or in part,
shall be entitled to be paid the expense of prosecuting such claim. In any such
action, the Company shall have the burden of proving that the claimant was not
entitled to the requested indemnification or payment of expenses under
applicable law.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section
4.&#160; <u>Non-Exclusive</u>.&#160; The rights conferred on any person by this
Article 10 shall not be exclusive of any other rights which such person may
have or hereafter acquire under any statute, provision of the Charter or Act of
Incorporation, these Bylaws, agreement, vote of stockholders or disinterested
directors or otherwise.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=27,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=883063,FOLIO='10',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
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</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 5.&#160; <u>Reduction of Amount</u>.&#160; The Company&#146;s obligation, if any, to
indemnify any person who was or is serving at its request as a director,
officer, employee or agent of another corporation, partnership, joint venture,
trust, enterprise or nonprofit entity shall be reduced by any amount such
person may collect as indemnification from such other corporation, partnership,
joint venture, trust, enterprise or nonprofit entity.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 6.&#160; <u>Effect of Modification</u>.&#160; Any amendment, repeal or modification of the
foregoing provisions of this Article 10 shall not adversely affect any right or
protection hereunder of any person in respect of any act or omission occurring
prior to the time of such amendment, repeal or modification.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
11</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Amendments
to the Bylaws</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These
Bylaws may be altered, amended or repealed, in whole or in part, and any new
Bylaw or Bylaws adopted at any regular or special meeting of the Board of
Directors by a vote of a majority of all the members of the Board of Directors
then in office.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
12</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Miscellaneous</font></u></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Whenever used in these Bylaws,
the singular shall include the plural, the plural shall include the singular
unless the context requires otherwise and the use of either gender shall
include both genders.</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>


<div style="margin:0in 0in .0001pt;"><font size="2" face="Courier New" style="font-size:10.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="2" face="Courier New" style="font-size:10.0pt;">
<!-- ZEQ.=1,SEQ=28,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=1038947,FOLIO='11',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT C</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Section 321(b) Consent</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-indent:48.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to
Section 321(b) of the Trust Indenture Act of 1939, as amended, Wilmington Trust
Company hereby consents that reports of examinations by Federal, State,
Territorial or District authorities may be furnished by such authorities to the
Securities and Exchange Commission upon requests therefor.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt 3.5in;text-indent:-3.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="47%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:47.38%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WILMINGTON
  TRUST COMPANY</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.82%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dated:</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="40%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:40.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/Emmett R. Harmon</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: </font></p>
  </td>
  <td width="40%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:40.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emmett R. Harmon</font></p>
  </td>
 </tr>
 <tr>
  <td width="52%" valign="top" style="padding:0in .7pt 0in .7pt;width:52.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="6%" valign="top" style="padding:0in .7pt 0in .7pt;width:6.56%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title:&#160; </font></p>
  </td>
  <td width="40%" valign="top" style="padding:0in .7pt 0in .7pt;width:40.82%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Vice President</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

<font size="3" face="Times New Roman" style="font-size:12.0pt;">
<!-- ZEQ.=1,SEQ=29,EFW="2145815",CP="JETBLUE AIRWAYS CORPORATION",DN="9",CHK=812273,FOLIO='',FILE="DISK009:[04NYC5.04NYC8345.EDGAR]EX25-2_8345.CHC",USER="JGUERRE",CD='Nov  1 12:38 2004' -->
<br clear="all" style="page-break-before:always;">
</font>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT D</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOTICE</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 1.0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This form is intended to
assist state nonmember banks and savings banks with state publication
requirements.&#160; It has not been approved
by any state banking authorities.&#160; Refer
to your appropriate state banking authorities for your state publication
requirements.</font></p>

<p style="margin:0in 1.0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">R
E P O R T&#160;&#160; O F&#160;&#160; C O N D I T I O N</font></b></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Consolidating domestic subsidiaries of the</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
WILMINGTON TRUST COMPANY&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u><font size="2" style="font-size:10.0pt;">&#160;of <u>&#160;&#160;&#160;&#160;WILMINGTON&#160;&#160;&#160; </u></font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Name of Bank&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;City</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in the State of <u>&#160;&#160;DELAWARE&#160; </u>, at the
close of business on June 30, 2004.</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ASSETS</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Thousands of dollars</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash and
  balances due from depository institutions:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noninterest-bearing
  balances and currency and coins</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">371,886</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest-bearing
  balances</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Held-to-maturity
  securities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,293</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Available-for-sale
  securities</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,535,318</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal funds
  sold in domestic offices</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">355,110</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities
  purchased under agreements to resell</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">64,592</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans and lease
  financing receivables:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans and leases
  held for sale</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt .65pt;text-indent:-.65pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans and
  leases, net of unearned income</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,901,882</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt .7pt;text-indent:-.7pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LESS:&#160; Allowance for loan and lease losses</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:.45pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">81,075</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.8%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loans and
  leases, net of unearned income, allowance, and reserve</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,820,807</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Assets held in
  trading accounts</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Premises and
  fixed assets (including capitalized leases)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">142,845</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other real
  estate owned</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">238</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investments in
  unconsolidated subsidiaries and associated companies</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,604</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Customers&#146;
  liability to this bank on acceptances outstanding</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Intangible
  assets:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.&#160; Goodwill</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">157</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.&#160; Other intangible assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11,692</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other assets</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">150,459</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.92%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total assets</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.64%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,458,001</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deposits:</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In domestic
  offices</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6,295,396</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Noninterest-bearing</font></p>
  </td>
  <td width="13%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:13.12%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,241,025</font></p>
  </td>
  <td width="11%" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:11.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in .7pt 0in .7pt;width:50.0%;">
  <p style="margin:0in 0in .0001pt 30.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Interest-bearing</font></p>
  </td>
  <td width="13%" valign="top" style="padding:0in .7pt 0in .7pt;width:13.12%;">
  <p align="right" style="margin:0in 0in .0001pt 10.0pt;text-align:right;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,054,371</font></p>
  </td>
  <td width="11%" valign="top" style="padding:0in .7pt 0in .7pt;width:11.84%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Federal funds
  purchased in domestic offices</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">69,339</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities sold
  under agreements to repurchase</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">198,308</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Trading
  liabilities (from Schedule RC-D)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other borrowed
  money (includes mortgage indebtedness and obligations under capitalized
  leases:</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,142,717</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bank&#146;s liability
  on acceptances executed and outstanding</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subordinated
  notes and debentures</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other
  liabilities (from Schedule RC-G)</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">94,479</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
  liabilities</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7,800,239</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EQUITY
  CAPITAL</font></b></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:right;">&nbsp;</p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Perpetual
  preferred stock and related surplus</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Common Stock</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">500</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Surplus (exclude
  all surplus related to preferred stock)</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">112,358</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">a.&#160; Retained earnings</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">576,753</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">b.&#160; Accumulated other comprehensive income</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(31,849</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">)</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total equity
  capital</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">657,762</font></p>
  </td>
  <td width="2%" valign="bottom" bgcolor="#cceeff" style="background:#CCEEFF;padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="74%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:74.96%;">
  <p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total
  liabilities, limited-life preferred stock, and equity capital</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.62%;">
  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>
  </td>
  <td width="19%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:19.94%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8,458,001</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.48%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>


<div style="margin:0in 0in .0001pt;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">

<hr size="2" width="100%" noshade color="gray" align="left">

</font></div>

</div>


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end

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</DOCUMENT>
</SUBMISSION>
