EXHIBIT 99.2

                              REVOLVING CREDIT NOTE


$30,000,000.00                                                    March 31, 2000


         FOR VALUE RECEIVED, the undersigned, MIDWAY AIRLINES CORPORATION (the
Maker"), hereby promises to pay to the order of Reedy Creek Investments, LLC,
having an address at P.O. Box 3557, Cary, NC 27519 (the "Lender"), the principal
sum of Thirty Million Dollars ($30,000,000.00) or, if less, the aggregate unpaid
principal amount of Loans hereunder made by the Lender to the Maker pursuant to
that certain Credit Agreement dated as of March 31, 2000, as the same may be
amended, restated, renewed, replaced, supplemented or otherwise modified from
time to time hereafter (the "Credit Agreement"), by and among the Maker and the
Lender, together with interest on any and all principal remaining unpaid
hereunder from the date hereof until payment in full, payable on the dates and
at the interest rate or rates specified in the Credit Agreement. Capitalized
terms used in this Note without definition have the meanings assigned to them in
the Credit Agreement.

         The aggregate principal amount outstanding hereunder shall be payable
as provided in the Credit Agreement. This Note may be prepaid in accordance with
the terms and provisions of the Credit Agreement without penalty or premium
(other than certain indemnification payments under SECTION 1.10 of the Credit
Agreement). This Note is also subject to mandatory prepayment in certain
circumstances as provided in the Credit Agreement.

         All principal and interest hereunder are payable in lawful money of the
United States of America to the Lender at its address specified in the Credit
Agreement in immediately available funds as provided in the Credit Agreement on
the date on which such payment shall become due.

         The Maker, for itself and its legal representatives, successors and
assigns, to the extent it may lawfully do so, hereby expressly waives
presentment, demand, protest, notice of protest, presentment for the purpose of
accelerating maturity, diligence in collection, and the benefit of any exemption
or insolvency laws, and consents that the Lender may release or surrender,
exchange or substitute any personal property or other collateral security now
held or which may hereafter be held as security for the payment of this Note,
and may extend the time for payment or otherwise modify the terms of payment of
any part or the whole of the debt evidenced hereby to the extent provided in the
Credit Agreement without in any way affecting the liability of the Maker;
provided that such modifications do not increase the obligations hereunder.

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         This Note is one of the "Notes" referred to in and is entitled to the
benefits of the Credit Agreement (including Schedules thereto) and all other
instruments and agreements evidencing and/or securing the indebtedness
hereunder, which Credit Agreement and other instruments and agreements are
hereby made part of this Note and are deemed incorporated herein in full. The
occurrence or existence of an Event of Default shall constitute a default under
this Note and shall, subject to the provisions of ARTICLE XII of the Credit
Agreement, entitle the Lender to accelerate the entire indebtedness hereunder
and to take such other action as may be provided for in the Credit Agreement or
any other instrument or agreement evidencing and/or securing this Note, all in
accordance with the terms of the Credit Agreement.

         All agreements between or among the Maker and the Lender are hereby
expressly limited so that in no continency or event whatsoever, whether by
reason of acceleration of maturity of the indebtedness or otherwise, shall the
amount paid or agreed to be paid for the use or forbearance of the indebtedness
evidenced hereby exceed the maximum amount which the Lender is permitted to
receive under applicable law. If, from any circumstances whatsoever, fulfillment
of any provision hereof or of the Credit Agreement, at the time performance of
such provision shall be due, shall involve exceeding such amount, then the
obligation to be fulfilled shall automatically be reduced to the limit of such
validity and if, from any circumstances, the Lender should ever receive as
interest an amount which would exceed such maximum amount, such amount which
would be excessive interest shall be applied to the reduction of the principal
balance evidenced hereby and not to the payment of interest. As used herein the
term "applicable law" shall mean the law in effect as of the date hereof,
provided, however, that in the event there is a change in the law which results
in a higher permissible rate of interest, then this Note shall be governed by
such new law as of its effective date. This provision shall control every other
provision of all agreements between or among the Maker and the Lender.

         This Note and all transactions hereunder and/or evidenced herein shall
be governed by, and construed and enforced in accordance with, the laws of the
State of New York.

         If this Note shall not be paid when due and shall be placed by the
holder hereof in the hands of any attorney for collection, through legal
proceedings or otherwise, the Maker will pay reasonable attorneys' fees to the
holder hereof together with reasonable costs and expenses of collection,
including without limitation, any such attorneys' fees, costs and expenses
relating to any proceedings with respect to the bankruptcy, reorganization,
insolvency, readjustment of debt, dissolution or liquidation of any of the Maker
or any party (other than the Lender) to any instrument or agreement securing
this Note.

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         IN WITNESS WHEREOF, the Maker has caused this Note to be executed under
seal by its duly authorized representative as of the date first above written.


                                                     MIDWAY AIRLINES CORPORATION



                                                     By: /s/ J. S. Waller
                                                         -----------------------
                                                         Jonathan S. Waller
                                                         Senior Vice President
                                                         General Counsel


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