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MBIA INSURANCE CORPORATION (MBIA), for consideration received, hereby unconditionally, absolutely and irrevocably and without the assertion of any defenses to payment, including fraud in the inducement or fact or any other circumstances (other than payment in full) that would have the effect of discharging a surety in law or in equity guarantees to the Subordination Agent, subject only to the terms of this Policy (the Policy), payment of the Insured Obligation. MBIA agrees to pay to the Subordination Agent, in respect of each Distribution Date, an amount equal to (each a Deficiency Amount):

(i) with respect to any Regular Distribution Date other than the Final Legal Distribution Date, any shortfall in amounts available to the Subordination Agent (or, in the case of Escrow Receipts, the Paying Agent (as defined in the Escrow and Paying Agent Agreement for the Class G-1 Trust)), after giving effect to the subordination provisions of the Agreement and the application of any amounts available to the Paying Agent in the Class G-1 Paying Agent Account in respect of accrued interest at the Stated Interest Rate on the Class G-1 Deposits, any drawing paid under the Class G-1 Primary Liquidity Facility in respect of interest due on the Class G-1 Certificates on such Distribution Date and any withdrawal from the Class G-1 Primary Cash Collateral Account and the Class G-1 Above-Cap Account in respect of interest due on the Class G-1 Certificates on such Distribution Date in accordance with the Agreement, for the payment of accrued and unpaid interest on the Class G-1 Certificates and, without duplication, accrued and unpaid interest on any Deposit relating to the Escrow Receipts (as defined in and issued under the Escrow and Paying Agent Agreement for the Class G-1 Trust), in each case at the Stated Interest Rate for the Class G-1 Certificates on the Pool Balance of the Class G-1 Certificates on such Distribution Date;

(ii) with respect to any Special Distribution Date (other than an Election Distribution Date or a Special Distribution Date established pursuant to the succeeding clause (iv) below) established by reason of receipt of a Special Payment (other than a Special Payment arising from the purchase of any Series G-1 Equipment Notes by any or all of the Class C Certificateholders pursuant to Section 2.7 of the Agreement) constituting the proceeds of any Series G-1 Equipment Notes (as to which there has been a default in the payment of principal thereof or that has been accelerated) or the related Collateral, as the case may be, any shortfall in the amounts available to the Subordination Agent after giving effect to the subordination provisions of the Agreement, the application of any amounts available to the Paying Agent in the Class G-1 Paying Agent Account in respect of accrued interest at the Stated Interest Rate on the Class G-1 Deposits and, if such Special Payment is received prior to a Policy Provider Election with respect to such Series G-1 Equipment Note, any drawing paid under the Class G-1 Primary Liquidity Facility in respect of interest due on the Class G-1 Certificates on such Distribution Date and any withdrawal from the Class G-1 Primary Cash Collateral Account and the Class G-1 Above-Cap Account in respect of interest due on the Class G-1 Certificates on such Distribution Date in accordance with the Agreement, required to reduce the Pool Balance of the Class G-1 Certificates by an amount equal to the outstanding principal amount of such Series G-1 Equipment Note (determined immediately prior to the receipt of such proceeds and less the amount of any drawings previously paid by MBIA in respect of principal on such Series G-1 Equipment Note) plus accrued and unpaid interest on the amount of such reduction at the Stated Interest Rate for the Class G-1 Certificates for the period from the immediately preceding Regular Distribution Date to such Special Distribution Date; provided, however, that, notwithstanding anything to the contrary herein, the purchase of any Series G-1 Equipment Notes by any or all of the Class C Certificateholders pursuant to Section 2.7 of the Agreement shall not result in a Deficiency Amount under this clause (ii) that is payable by MBIA under this paragraph regardless of whether or not the proceeds of such purchase, together with any other available funds, are sufficient to reduce the Pool Balance of the Class G-1 Certificates by an amount equal to the outstanding principal amount of such Series G-1 Equipment Notes (determined immediately prior to the receipt of such proceeds and less the amount of any drawings previously paid by MBIA in respect of principal on such Series G-1 Equipment Notes) plus accrued and unpaid interest on the amount of such reduction at the Stated Interest Rate for the Class G-1 Certificates from the period from the immediately preceding Regular Distribution Date to such Special Distribution Date;

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Re:	JetBlue Airways Pass Through Trust 2004-2G-1 (the Class G-1 Trust) $176,753,000 Floating Rate JetBlue Airways Pass Through Certificates, Series 2004-2G-1 (the Class G-1 Certificates)

Insured Obligation:	Payment of interest at the Stated Interest Rate for the Class G-1 Certificates and, without duplication, any Deposit relating to the Escrow Receipts referred to below and principal on the Class G-1 Certificates.

Beneficiary:	Wilmington Trust Company, as subordination agent (together with any successor subordination agent duly appointed and qualified under the Agreement (as defined below), the Subordination Agent)