Document:

EXECUTION COPY

                               PURCHASE AGREEMENT

                                  dated as of

                                 March 15, 2000

                                    between

                        MORGAN STANLEY AIRCRAFT FINANCE

                                      and

                               MS FINANCING INC.

                       relating to the purchase and sale

                                       of

                  100% of the beneficial interest in each of:

                                     MSA II
                                    MSA III
                                     MSA IV
                                     MSA V
                                     MSA VI
                                      and
                                    MSA VII

<PAGE>

                               TABLE OF CONTENTS

                             ----------------------

                                                                           PAGE
                                                                           ----
                                   ARTICLE 1
                                  DEFINITIONS

SECTION 1.01.  Definitions...................................................1

                                   ARTICLE 2
                               PURCHASE AND SALE

SECTION 2.01.  Purchase and Sale.............................................2
SECTION 2.02.  Closing.......................................................2

                                   ARTICLE 3
                    REPRESENTATIONS AND WARRANTIES OF SELLER

SECTION 3.01.  Existence and Power...........................................3
SECTION 3.02.  Corporate Authorization.......................................3
SECTION 3.03.  Governmental Authorization....................................3
SECTION 3.04.  Noncontravention..............................................3
SECTION 3.05.  Ownership of Beneficial Interest..............................3
SECTION 3.06.  No Undisclosed Material Liabilities...........................4

                                   ARTICLE 4
                    REPRESENTATIONS AND WARRANTIES OF BUYER

SECTION 4.01.  Existence and Power...........................................4
SECTION 4.02.  Authorization.................................................4
SECTION 4.03.  Governmental Authorization....................................4
SECTION 4.04.  Noncontravention..............................................4

                                   ARTICLE 5
                             CONDITIONS TO CLOSING

SECTION 5.01.  Conditions to Obligations of Buyer and Seller.................5
SECTION 5.02.  Conditions to Obligation of Buyer.............................5
SECTION 5.03.  Conditions to Obligation of Seller............................5

<PAGE>

                                                                           PAGE
                                                                           ----

                                   ARTICLE 6
                                INDEMNIFICATION

SECTION 6.01.  Indemnification...............................................5
SECTION 6.02.  Procedures....................................................6

                                   ARTICLE 7
                                  TERMINATION

SECTION 7.01.  Grounds for Termination.......................................6
SECTION 7.02.  Effect of Termination.........................................6

                                   ARTICLE 8
                                 MISCELLANEOUS

SECTION 8.01.  Notices.......................................................6
SECTION 8.02.  Amendments and Waivers........................................7
SECTION 8.03.  Expenses......................................................8
SECTION 8.04.  Successors and Assigns........................................8
SECTION 8.05.  Governing Law.................................................8
SECTION 8.06.  Jurisdiction..................................................8
SECTION 8.07.  WAIVER OF JURY TRIAL..........................................8
SECTION 8.08.  Counterparts; Third Party Beneficiaries.......................9
SECTION 8.09.  Entire Agreement..............................................9
SECTION 8.10.  Captions......................................................9

                                      ii

<PAGE>

                               PURCHASE AGREEMENT

     AGREEMENT dated as of March 15, 2000 between Morgan Stanley Aircraft
Finance, a Delaware business trust, ("Buyer"), and MS Financing Inc., a
Delaware corporation ("Seller").

                             W I T N E S S E T H :

     WHEREAS, Seller is the owner of 100% of the beneficial interest (the
"Beneficial Interest") in each of MSA II, MSA III, MSA IV, MSA V, MSA VI and
MSA VI (collectively the "Trusts") and desires to sell the Beneficial Interest
in each of the Trusts to Buyer, and Buyer desires to purchase the Beneficial
Interest in each of the Trusts from Seller, upon the terms and subject to the
conditions hereinafter set forth;

     The parties hereto agree as follows:

                                   ARTICLE 1
                                  DEFINITIONS

     SECTION 1.01. Definitions. (a) The following terms, as used herein, have
the following meanings:

     "Affiliate" means, with respect to any Person, any other Person directly
or indirectly controlling, controlled by, or under common control with such
Person.

     "Closing Date" means March 15, 2000.

     "Lien" means, with respect to any property or asset, any mortgage, lien,
pledge, charge, security interest, encumbrance or other adverse claim of any
kind in respect of such property or asset. For the purposes of this Agreement,
a Person shall be deemed to own subject to a Lien any property or asset which
it has acquired or holds subject to the interest of a vendor or lessor under
any conditional sale agreement, capital lease or other title retention
agreement relating to such property or asset.

     "MSAF Trust Agreement" means the fourth amended and restated trust
agreement of Morgan Stanley Aircraft Finance dated as of March 15, 2000.

<PAGE>

     (b) Each of the following terms is defined in the Section set forth
opposite such term:

          Term                                      Section

          Closing                                     2.02
          Damages                                     6.01
          Indemnified Party                           6.02
          Indemnifying Party                          6.02
          Purchase Price                              2.01

                                   ARTICLE 2
                               PURCHASE AND SALE

     SECTION 2.01. Purchase and Sale. Upon the terms and subject to the
conditions of this Agreement, Seller agrees to sell to Buyer, and Buyer agrees
to purchase from Seller, the Beneficial Interest in each of the Trusts at the
Closing. The purchase price for the Beneficial Interest in each of the Trusts
(the "Purchase Price") is $12,458,173 in cash. The Purchase Price shall be paid
as provided in Section 2.02.

     SECTION 2.02. Closing. The closing (the "Closing") of the purchase and
sale of the Beneficial Interests in each of the Trusts hereunder shall take
place at the offices of Shearman & Sterling, 599 Lexington Avenue, New York,
New York 10022, on the Closing Date, simultaneous with satisfaction of the
conditions set forth in Article 5. At the Closing:

          (a) Buyer shall deliver to Seller:

               (i) the Purchase Price in immediately available funds by wire
          transfer to an account of Seller with a bank in New York City
          designated by Seller, by notice to Buyer, not later than two business
          days prior to the Closing Date (or if not so designated, then by
          certified or official bank check payable in immediately available
          funds to the order of Seller in such amount) and

               (b) Seller shall deliver to Buyer an amended and restated trust
          agreement for each of the Trusts evidencing the transfer of the
          Beneficial Interests in each of the Trusts.

                                       2

<PAGE>

                                   ARTICLE 3
                    REPRESENTATIONS AND WARRANTIES OF SELLER

     Seller represents and warrants to Buyer as of the date hereof and as of
the Closing Date that:

     SECTION 3.01. Existence and Power. Seller is a corporation duly
incorporated, validly existing and in good standing under the laws of its
jurisdiction of incorporation and has all corporate powers and all material
governmental licenses, authorizations, permits, consents and approvals required
to carry on its business as now conducted. Each Trust is a statutory business
trust duly formed, validly existing and in good standing under the laws of
Delaware and has all necessary powers and all material governmental licenses,
authorizations, permits, consents and approvals required to carry on its
activities as now conducted.

     SECTION 3.02. Corporate Authorization. The execution, delivery and
performance by Seller of this Agreement and the consummation of the
transactions contemplated hereby are within Seller's corporate powers and have
been duly authorized by all necessary corporate action on the part of Seller.
This Agreement constitutes a valid and binding agreement of Seller.

     SECTION 3.03. Governmental Authorization. The execution, delivery and
performance by Seller of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or
filing with, any governmental body, agency or official.

     SECTION 3.04. Noncontravention. The execution, delivery and performance by
Seller of this Agreement and the consummation of the transactions contemplated
hereby do not and will not (i) violate the certificate of incorporation or
bylaws of Seller, (ii) assuming compliance with the matters referred to in
Section 3.03, violate any applicable law, rule, regulation, judgment,
injunction, order or decree, (iii) require any consent or other action by any
Person under, constitute a default under, or give rise to any right of
termination, cancellation or acceleration of any right or obligation of Seller
or to a loss of any benefit to which Seller is entitled under any provision of
any agreement or other instrument binding upon Seller or (iv) result in the
creation or imposition of any Lien on any asset of the Seller.

     SECTION 3.05. Ownership of Beneficial Interest. Seller is the record and
beneficial owner of the Beneficial Interest in each of the Trusts, free and
clear of any Lien and any other limitation or restriction, and will transfer
and deliver to

                                       3

<PAGE>

Buyer at the Closing valid title to the Beneficial Interest in each of the
Trusts free and clear of any Lien and any such limitation or restriction.

     SECTION 3.06. No Undisclosed Material Liabilities. There are no
liabilities of the Trusts of any kind, other than intercompany loans in an
aggregate amount of $936,773,444 made by the Seller to the Trusts.

                                   ARTICLE 4
                    REPRESENTATIONS AND WARRANTIES OF BUYER

     Buyer represents and warrants to Seller as of the date hereof and as of
the Closing Date that:

     SECTION 4.01. Existence and Power. Buyer is a statutory business trust
duly formed, validly existing and in good standing under the laws of Delaware
and has all corporate powers and all material governmental licenses,
authorizations, permits, consents and approvals required to carry on its
business as now conducted.

     SECTION 4.02. Authorization. The execution, delivery and performance by
Buyer of this Agreement and the consummation of the transactions contemplated
hereby are within the corporate powers of Buyer have been duly authorized by
all necessary corporate action on the part of Buyer. This Agreement constitutes
a valid and binding agreement of Buyer.

     SECTION 4.03. Governmental Authorization. The execution, delivery and
performance by Buyer of this Agreement and the consummation of the transactions
contemplated hereby require no material action by or in respect of, or material
filing with, any governmental body, agency or official other than actions or
filings that have already been taken or made or will be taken or made by such
Buyer.

     SECTION 4.04. Noncontravention. The execution, delivery and performance by
Buyer of this Agreement and the consummation of the transactions contemplated
hereby do not and will not (i) violate the MSAF Trust Agreement or (ii)
assuming compliance with the matters referred to in Section 4.03, violate any
applicable material law, rule, regulation, judgment, injunction, order or
decree.

                                       4

<PAGE>

                                   ARTICLE 5
                             CONDITIONS TO CLOSING

     SECTION 5.01. Conditions to Obligations of Buyer and Seller. The
obligations of Buyer and Seller to consummate the Closing are subject to the
satisfaction of the following condition:

               (a) No provision of any applicable law or regulation and no
          judgment, injunction, order or decree shall prohibit the consummation
          of the Closing.

     SECTION 5.02. Conditions to Obligation of Buyer. The obligation of Buyer
to consummate the Closing is subject to the satisfaction of the following
further conditions:

               (a) (i) Seller shall have performed in all material respects all
          of its obligations hereunder required to be performed by it on or
          prior to the Closing Date, (ii) the representations and warranties of
          Seller contained in this Agreement and in any certificate or other
          writing delivered by Seller pursuant hereto and (iii) Buyer shall
          have consummated its offering of six subclasses of notes.

     SECTION 5.03. Conditions to Obligation of Seller. The obligation of Seller
to consummate the Closing is subject to the satisfaction of the following
further conditions:

               (a) (i) Buyer shall have performed in all material respects all
          of its obligations hereunder required to be performed by it at or
          prior to the Closing Date and (ii) the representations and warranties
          of Buyer contained in this Agreement and in any certificate or other
          writing delivered by Buyer pursuant hereto shall be true in all
          material respects at and as of the Closing Date, as if made at and as
          of such date.

                                   ARTICLE 6
                                INDEMNIFICATION

     SECTION 6.01. Indemnification. (a) Seller hereby indemnifies Buyer and its
Affiliates against and agrees to hold each of them harmless from any and all
damage, loss, liability and expense (including, without limitation, reasonable
expenses of investigation and reasonable attorneys' fees and expenses in
connection with any action, suit or proceeding) ("Damages") incurred or
suffered by Buyer or any Affiliate of Buyer arising out of any
misrepresentation or breach

                                       5

<PAGE>

of warranty, covenant or agreement made or to be performed by Seller pursuant to
this Agreement.

     (b) Buyer hereby indemnifies Seller and its Affiliates against and agrees
to hold each of them harmless from any and all Damages incurred or suffered by
Seller or any of its Affiliates arising out of any misrepresentation or breach
of warranty, covenant or agreement made or to be performed by Buyer pursuant to
this Agreement.

     SECTION 6.02. Procedures. party seeking indemnification under Section 6.01
(the "Indemnified Party") agrees to give prompt notice to the party against
whom indemnity is sought (the "Indemnifying Party") of the assertion of any
claim, or the commencement of any suit, action or proceeding in respect of
which indemnity may be sought under such Section. The Indemnifying Party may at
the request of the Indemnified Party participate in and control the defense of
any such suit, action or proceeding at its own expense. The Indemnifying Party
shall not be liable under Section 6.01 for any settlement effected without its
consent of any claim, litigation or proceeding in respect of which indemnity
may be sought hereunder.

                                   ARTICLE 7
                                  TERMINATION

     SECTION 7.01. Grounds for Termination. This Agreement may be terminated at
any time prior to the Closing by Buyer or Seller. The party desiring to
terminate this Agreement pursuant to this Section shall give notice of such
termination to the other party.

     SECTION 7.02. Effect of Termination. If this Agreement is terminated as
permitted by Section 7.01, such termination shall be without liability of
either party (or any stockholder, director, officer, employee, agent,
consultant or representative of such party) to the other party to this
Agreement. The provisions of Sections 8.03, 8.05, 8.06 and 8.07 shall survive
any termination hereof pursuant to Section 7.01.

                                       6

<PAGE>

                                   ARTICLE 8
                                 MISCELLANEOUS

     SECTION 8.01. Notices. All notices, requests and other communications to
any party hereunder shall be in writing (including facsimile transmission) and
shall be given,

     if to Buyer, to:

          Morgan Stanley Aircraft Finance
          c/o Cabot Aircraft Services Limited
          Regus House
          Harcourt Centre
          Harcourt Road
          Dublin 2
          Ireland
          Attention: Mr. Kieran O'Keefe
          Fax: + 353 1 402 9496

          with a copy to:

          Davis Polk & Wardwell
          99 Gresham Street
          London EC2V 7NG
          Attention: Keith Kearney
          Fax: + 44 171 418 1400

     if to Seller, to:

          MS Financing Inc.
          c/o Morgan Stanley & Co. Incorporated
          1585 Broadway
          New York, NY 10036
          Attention: Ms. Debra Aaron
          Fax: +1 212 762 6912

All such notices, requests and other communications shall be deemed received on
the date of receipt by the recipient thereof if received prior to 5 p.m. in the
place of receipt and such day is a business day in the place of receipt.
Otherwise, any such notice, request or communication shall be deemed not to
have been received until the next succeeding business day in the place of
receipt.

                                       7

<PAGE>

     SECTION 8.02. Amendments and Waivers. (a) Any provision of this Agreement
may be amended or waived if, but only if, such amendment or waiver is in
writing and is signed, in the case of an amendment, by each party to this
Agreement, or in the case of a waiver, by the party against whom the waiver is
to be effective.

     (b) No failure or delay by any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein
provided shall be cumulative and not exclusive of any rights or remedies
provided by law.

     SECTION 8.03. Expenses. All costs and expenses incurred in connection with
this Agreement shall be paid by the party incurring such cost or expense.

     SECTION 8.04. Successors and Assigns. The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns; provided that no party may assign, delegate
or otherwise transfer any of its rights or obligations under this Agreement
without the consent of each other party hereto, except that Buyer may transfer
or assign, in whole or from time to time in part, to one or more of its
Affiliates, the right to purchase all or a portion of the Beneficial Interest
in any of the Trusts but no such transfer or assignment will relieve Buyer of
its obligations hereunder.

     SECTION 8.05. Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the State of New York , without regard
to the conflicts of law rules of such state.

     SECTION 8.06. Jurisdiction. Except as otherwise expressly provided in this
Agreement, the parties hereto agree that any suit, action or proceeding seeking
to enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby may be
brought in the United States District Court for the Southern District of New
York or any other New York State court sitting in New York City, and each of
the parties hereby consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be
served on any party anywhere in the world, whether within or without the
jurisdiction of any such court. Without limiting the foregoing, each

                                       8

<PAGE>

party agrees that service of process on such party as provided in Section 8.01
shall be deemed effective service of process on such party.

     SECTION 8.07. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

     SECTION 8.08. Counterparts; Third Party Beneficiaries. 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. This Agreement shall become effective when each party hereto shall
have received a counterpart hereof signed by the other party hereto. No
provision of this Agreement is intended to confer upon any Person other than
the parties hereto any rights or remedies hereunder.

     SECTION 8.09. Entire Agreement. This Agreement constitutes the entire
agreement between the parties with respect to the subject matter of this
Agreement and supersedes all prior agreements and understandings, both oral and
written, between the parties with respect to the subject matter of this
Agreement.

     SECTION 8.10. Captions. The captions herein are included for convenience
of reference only and shall be ignored in the construction or interpretation
hereof.

                                       9

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed by their respective authorized officers as of the day and year
first above written.

                                   MORGAN STANLEY AIRCRAFT FINANCE

                                   By: /s/ Brian J. Gill
                                      --------------------------------------
                                      Name:
                                      Title:

                                   MS FINANCING INC.

                                   By: /s/ Debra Aaron
                                      --------------------------------------
                                      Name:  Debra Aaron
                                      Title: Vice President

                                      10<PAGE>

                                                                     EXHIBIT 4.1

                       Form of Subscription Certificate

_______________
CUSIP Number

_______________________________
Subscription Certificate Number

____________________________
Number of Rights Represented

Subscription Price:  $5.20 per Share

[Name of Rights holder]
[Address Line 1]
[Address Line 2]
[Address Line 3]

                          MIDWAY AIRLINES CORPORATION
       SUBSCRIPTION CERTIFICATE TO SUBSCRIBE FOR SHARES OF COMMON STOCK
                   FOR HOLDERS OF RECORD ON __________, 2000

                           _____________________

EXERCISABLE ON OR BEFORE 5:00 P.M., NEW YORK CITY TIME, ON ________, 2000,
                        UNLESS EXTENDED BY THE COMPANY.

          Midway Airlines Corporation, a Delaware corporation (the "Company"),
is conducting a rights offering (the "Rights Offering") which entitles the
holders of the Company's common stock, $0.01 par value per share (the "Common
Stock"), as of the close of business on __________, 2000 (the "Record Date"), to
receive one (1) subscription right (each, a "Right") for each share of Common
Stock held of record on the Record Date.  Each Right entitles the holder thereof
to subscribe for and purchase one (1) share of Common Stock (the "Basic
Subscription Privilege") at a subscription price of $5.20 per share (the
"Subscription Price").  The Company will issue up to 8,613,595 shares of Common
Stock pursuant to the Rights Offering.

          If any shares of Common Stock are not purchased by the Rights holders
pursuant to such Rights holders' Basic Subscription Privileges (the "Excess
Shares"), any Rights holder fully exercising such Rights holder's Basic
Subscription Privilege may purchase an additional number of the Excess Shares
(the "Over-Subscription Privilege"), subject to the limit on the number of
Excess Shares that may be purchased described under the heading "The Rights
Offering--Over-Subscription Privilege" in the prospectus (the "Prospectus")
dated __________, 2000, if so specified by such Rights holder on Form 1 or on
separate instructions accompanying this Subscription Certificate delivered to
the Subscription Agent pursuant to the terms and conditions
<PAGE>

of the Rights Offering (or if the aggregate Subscription Price delivered or
transmitted by such Rights holder exceeds the aggregate Subscription Price for
all shares for which such Rights holder would be entitled to subscribe pursuant
to such Rights holder's Basic Subscription Privilege).

          Set forth above is the number of Rights evidenced by this Subscription
Certificate that the Rights holder is entitled to exercise pursuant to such
Rights holder's Basic Subscription Privilege.

                                             MIDWAY AIRLINES CORPORATION

                                             By:________________________________
                                                 Robert F. Ferguson, III
                                                 Chairman of the Board

____________________________________
Secretary

Countersigned:

First Union National Bank

By:____________________________
      Authorized Signature

          For a more complete description of the terms and conditions of the
Rights Offering, please refer to the Prospectus, which is incorporated herein by
reference.  Copies of the Prospectus are available upon request from Steven
Westberg, Executive Vice President and General Manager of the Company, at (919)
595-6000.  Capitalized terms used but not defined herein shall have the meanings
given to such terms in the Prospectus.

          This Subscription Certificate must be received by the Subscription
Agent, First Union National Bank, or the guaranteed delivery requirements
described under the heading "The Rights Offering--Guaranteed Delivery
Procedures" must be complied with, with payment in full by 5:00 p.m., New York
City time, on __________, 2000, unless extended in the sole discretion of the
Company (as it may be extended, the "Expiration Date").  Any Rights not
exercised prior to the Expiration Date will expire and no longer be exercisable.
Any subscription for shares of Common Stock in the Rights Offering made hereby
is irrevocable, except as described in the Prospectus.  The Subscription Agent
will issue certificates representing shares of Common Stock purchased pursuant
to the Rights Offering as soon as practicable following the Expiration Date.

          Some or all of the Rights represented by this Subscription Certificate
may be exercised by

                                       2
<PAGE>

duly completing Form 1. Rights holders are advised to review the Prospectus and
instructions, copies of which are available from Steven Westberg, Executive Vice
President and General Manager of the Company, at (919) 595-6000, before
exercising their Rights.

          The registered owner whose name is inscribed hereon is entitled to
subscribe for shares of Common Stock upon the terms and subject to the
conditions set forth in the Prospectus and instructions relating to the use
hereof.

          Rights holders should be aware that if they initially choose to
exercise less than all of their Rights, they may not receive a new Subscription
Certificate in sufficient time to exercise the remaining Rights evidenced
thereby.

          This Subscription Certificate is not assignable or transferable.

                                       3
<PAGE>

                                    FORM 1

     EXERCISE AND SUBSCRIPTION: The undersigned hereby irrevocably exercises one
or more Rights to subscribe for shares of Common Stock as indicated below, on
the terms and subject to the conditions specified in the Prospectus, receipt of
which is hereby acknowledged.*

(a)  Number of shares subscribed for pursuant to the Basic Subscription
     Privilege

     ____ X $5.20 = $_____ payment. (One Right needed to subscribe for one
     share.)

(b)  Number of shares subscribed for pursuant to the Over-Subscription Privilege

     ____ X $5.20 = $_____ payment.

     By exercising this Over-Subscription Privilege, the undersigned Rights
     holder hereby represents and certifies that the undersigned has fully
     exercised its Basic Subscription Privilege received in respect of shares of
     Common Stock held in the capacity described on the face of the Subscription
     Certificate.

(c)  Total Subscription (total number of shares on lines (a) and (b) multiplied
     by the Subscription Price) = $_________ payment.

     METHOD OF PAYMENT (CHECK AND COMPLETE APPROPRIATE BOX(ES)):

     [_]  Check, bank draft, or money order payable to "First Union National
          Bank, as Subscription Agent"; or

     [_]  Wire transfer of immediately available funds directed to_______
          ABA No.:_______________________________________________________
          Account No.:___________________________________________________
          (marked: Midway Airlines Corporation Subscription).

(d)  If the Rights being exercised pursuant to the Basic Subscription Privilege
     do not account for all of the Rights represented by the Subscription
     Certificate (check only one):

     [_]  Deliver to the undersigned a new Subscription Certificate evidencing
          the remaining unexercised Rights to which the undersigned is entitled.

     [_]  Do not deliver a new Subscription Certificate to the undersigned.

                                       4
<PAGE>

     (e)  If Notice of Guaranteed Delivery procedures are being utilized:

          [_]    Check here if Rights are being exercised pursuant to the Notice
                 of Guaranteed Delivery delivered to the Subscription Agent
                 prior to the date hereof and complete the following:

                 Name(s) of Registered Holder(s)
                 __________________________________________________

                 Window Ticket Number (if any)
                 __________________________________________________

                 Date of Execution of Notice of Guaranteed Delivery
                 __________________________________________________

                 Name of Institution which Guaranteed Delivery
                 __________________________________________________

     * If the aggregate Subscription Price enclosed or transmitted is
     insufficient to purchase the total number of shares of Common Stock
     included in lines (a) and (b), or if the number of shares being subscribed
     for is not specified, the Rights holder exercising this Subscription
     Certificate shall be deemed to have subscribed for the maximum number of
     shares of Common Stock that could be subscribed for with the aggregate
     Subscription Price received. If the number of shares of Common Stock to be
     subscribed for pursuant to the Over-Subscription Privilege is not specified
     and the amount enclosed or transmitted exceeds the aggregate Subscription
     Price for all shares which may be purchased pursuant to the Basic
     Subscription Privilege represented by this Subscription Certificate (the
     "Subscription Excess"), the Rights holder exercising this Subscription
     Certificate shall be deemed to have exercised the Over-Subscription
     Privilege to purchase, to the extent available, that number of shares of
     Common Stock equal to the quotient obtained by dividing the Subscription
     Excess by the Subscription Price (rounded down to the nearest whole
     number), subject to the limit on the number of shares a Rights holder may
     purchase pursuant to the Over-Subscription Privilege. To the extent any
     portion of the aggregate Subscription Price enclosed or transmitted remains
     after the foregoing procedures, such funds shall be mailed to the Rights
     holder without interest or deduction as soon as practicable after the
     Expiration Date.

     Rights holder's Signature(s)     ____________________________

     Rights holder's Signature(s)     ____________________________
                                              (If held jointly)

     Telephone No. (___) ___-____

                                       5
<PAGE>

                                    FORM 2

DELIVERY INSTRUCTIONS:  Address for mailing of Common Stock certificate in
accordance with the Prospectus if other than shown on the first page hereof:

Name: __________________________________________________________________________
Address: _______________________________________________________________________
Rights holder's Signature(s): __________________________________________________
Rights holder's Signature(s): __________________________________________________
                                 (If held jointly)
Signatures Guaranteed by: ______________________________________________________
                                 Eligible Institution

If the addressee above is not an Eligible Institution (as defined in the
"Instructions For Use of Midway Airlines Corporation Subscription Certificates")
or the Rights holder named on this Subscription Certificate, then the Rights
holder completing this Form 2 must have an Eligible Institution guarantee such
Rights holder's signature.

                                       6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00010-of-00352.parquet"}]]