ReferenceNumber:

Exhibit 4.18

Reference Number:

Ladies and Gentlemen:

The purpose of this letter agreement (this “Confirmation”) is to confirm the terms and conditions of the Interest Rate Cap Transaction entered into on the Trade Date referred to in Paragraph 2 below (the “Transaction”) between Citibank, N.A. (“Party A”) and Wilmington Trust Company in its capacity as Subordination Agent on behalf of the Trustee under the Pass Through Trust Agreement dated as of the date hereof between Wilmington Trust Company and JetBlue Airways Corporation, with respect to the JetBlue Airways Pass Through Trust, Series 2004–2G–1–O (“Party B”). This letter agreement constitutes a “Confirmation” as referred to in the ISDA Master Agreement specified below.

1.                                       The definitions and provisions contained in the 2000 ISDA Definitions and Annex to the 2000 ISDA Definitions (June 2000 Version) as published by the International Swaps and Derivatives Association, Inc. (as so supplemented, the “Definitions”) are incorporated into this Confirmation.  In the event of any inconsistency between the Definitions and this Confirmation, this Confirmation will govern.  References herein to a “Transaction” shall be deemed to be references to a “Swap Transaction” for the purposes of the Definitions.

This Confirmation supplements, forms a part of, and is subject to the 1992 ISDA Master Agreement (Multicurrency – Cross Border) including the Schedule thereto, dated as of November 15, 2004 as amended and supplemented from time to time (collectively, the “Agreement”), between us.  All provisions contained in the Agreement govern this Confirmation except as modified below.  In the event of any inconsistency between the Agreement and this Confirmation, this Confirmation will govern.  Capitalized terms not otherwise defined in the Agreement or this Confirmation shall have the meanings ascribed to them in the Intercreditor Agreement dated as of November 15, 2004 among Wilmington Trust Company, as Trustee under the JetBlue Airways Pass Through Trust 2004–2G–1, JetBlue Airways Pass Through Trust 2004–2G–2 and JetBlue Airways Pass Through Trust 2004–2C, Landesbank Baden-Württemberg, as Class G–1 Primary Liquidity Provider, Class G–2 Primary Liquidity Provider and Class C Primary Liquidity Provider, Citibank, N.A. as Class G–1 Above-Cap Liquidity Provider, Class G–2 Above-Cap Liquidity Provider and Class C Above-Cap Liquidity Provider, MBIA Insurance Corporation, as Policy Provider, and Wilmington Trust Company, as Subordination Agent (the “Intercreditor Agreement”). The Agreement and each Confirmation will be governed by and construed in accordance with the laws of the State of New York.

Each of Party A and Party B represents to the other that it has entered into this Transaction in reliance upon such independent accounting, regulatory, legal, tax and financial advice as it deems necessary and not upon any view expressed by the other.

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2.                                       Party A and Party B by this Confirmation are entering into a Transaction (the “Above Cap Liquidity Facility”) that provides an irrevocable interest rate cap.  The terms of the Above Cap Liquidity Facility are as follows:

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3.                                       Role of Party A; Role of Calculation Agent

(i)                                     Party B acknowledges that: (a) in connection with this Transaction and this Agreement, Party A has acted in the capacity of an arm’s-length contractual counterparty and not as its financial advisor or fiduciary; and (b) in exercising its rights or performing any of its duties under this Agreement, Party A will act as principal and not as a fiduciary of Party B.

(ii)                                  Whenever the Calculation Agent is required to act or exercise judgment in any way, it will do so in good faith and in a commercially reasonable manner.  The calculations and determinations of the Calculation Agent shall be made in accordance with terms of this Confirmation having regard in each case to the criteria stipulated herein.

4.                                       Additional Termination Event/Replacement of Above-Cap Liquidity Provider

It will be an Additional Termination Event with respect to Party A if the relevant credit rating of Citibank, N.A or any assignee issued by any Rating Agency at any time is lower than the applicable Threshold Rating (“Credit Downgrade”).  Party A shall be the sole Affected Party with respect to such Additional Termination Event.

In the event of a Credit Downgrade, Party A may, within ten days, at its own expense, arrange for one or more Replacement Above-Cap Liquidity Providers to enter into and deliver to Party B a Replacement Above-Cap Liquidity Facility for the Above-Cap Liquidity Facility. If Party A does not arrange for such replacement and if this Above-Cap Liquidity Facility has not otherwise been replaced by JetBlue Airways Corporation (at the expense of JetBlue Airways Corporation) in accordance with the terms of Section 3.6(c)(ii) of the Intercreditor Agreement, such 10^th day (or if such 10^th day is not a Business Day, the next succeeding Business Day) shall be deemed to be an “Early Termination Date” and Party A shall make a termination payment to Party B in accordance with Part 1(j) of the Schedule to the Agreement.

5.                                       Additional Definitions

“Drawing Event” shall mean an event on any Distribution Date where Party B, after giving effect to the subordination provisions of the Intercreditor Agreement and any Election Interest Payments made by the Policy Provider (but without regard to drawings under a Primary Liquidity Facility or withdrawals from the Cash Collateral Account or Above-Cap Account), shall not have sufficient funds for the payment of accrued interest due and owing on the Class G–1 Certificates other than any amount of interest due and payable on the Class G–1 Certificates on such Distribution Date that remains unpaid due to the failure of the Depositary to pay any amount of accrued interest on the Deposits on such Distribution Date.

“Threshold Rating” shall mean, for purposes of this Agreement, the short-term unsecured debt rating of P-1 by Moody’s and short-term issuer credit rating of A-1 by Standard & Poor’s.

6.                                       Payments

Party A hereby irrevocably instructs Party B to make any payment due to Party A directly to the account specified below in the name of Party A. Party B hereby irrevocably instructs Party A to make any payments of Floating Amounts and any Termination Amount due to Party B directly to the account(s) specified below in the name of Party B.  All payments by Party A of Floating Amounts and any Termination Amount due to Party B shall be made prior to 4:00 p.m. (New York City time) on the date such payment is due without setoff, deduction, withholding, netting, or any other reduction.

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7.                                       Account Details

Payments to Party A:          CITIBANK, N.A., NEW YORK

ABA: 021-000-089

BIC: CITIUS33

A/C #: 00167679

A/C NAME: FINANCIAL FUTURES

Payments to Party B:                                 Wilmington Trust Company

ABA#: 031 1000 92

Account#:

Reference: JetBlue 2004-2 G-1

8.                                       Offices

The Office of Party A for the Transaction is its office at the address specified for notices to it in the Schedule to the Agreement.  The Office of Party B for the Transaction is its office at the address specified for notices to it in the Schedule to the Agreement.

9.                                       Counterparts

This Confirmation may be executed in any number of counterparts and by each party hereto on separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same Confirmation.

[Signatures follow on separate page]

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Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us.

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