AirTran Holdings (AAI)

REVOLVING NOTE

October     , 2008

$90,000,000

FOR VALUE RECEIVED, the undersigned, AIRTRAN AIRWAYS, INC., a Delaware corporation (“Borrower”), HEREBY PROMISES TO PAY to the order of BANK OF UTAH, not in its individual capacity, but solely as Trustee, to such account as the Lender may from time to time direct, or at such other place as Lender may designate from time to time in writing, in lawful money of the United States of America and in immediately available funds, the amount of NINETY MILLION DOLLARS AND NO/100 ($90,000,000), or if less, the aggregate unpaid amount of all Revolving Loans made to the undersigned under the “Credit Agreement” (as hereinafter defined). All capitalized terms used but not otherwise defined herein have the meanings given to them in the Credit Agreement.

This Revolving Note is the Revolving Note issued pursuant to that certain AMENDED AND RESTATED REVOLVING LINE OF CREDIT AND REIMBURSEMENT AGREEMENT, dated even date herewith, among Borrower and Lender (including all annexes, exhibits and schedules thereto and as from time to time amended, restated, supplemented or otherwise modified, the “Credit Agreement”), and is entitled to the benefit and security of the Credit Documents referred to therein. Reference is hereby made to the Credit Agreement for a statement of all of the terms and conditions under which the Revolving Loans evidenced by this Revolving Note are made and are to be repaid.

The principal amount of the indebtedness evidenced hereby shall be payable in the amounts and on the dates specified in the Credit Agreement, the terms of which are hereby incorporated herein by reference. Interest thereon shall be paid until such principal amount is paid in full at such interest rates and at such times, and pursuant to such calculations, as are specified in the Credit Agreement.

If any payment on this Revolving Note becomes due and payable on a day other than a Banking Day, the maturity thereof shall be extended to the next succeeding Banking Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension.

The Lender is hereby authorized by the Borrower to record on its records with respect to the Revolving Loans and all amounts evidenced by this Revolving Note (i) the date and principal amount thereof and (ii) each repayment of principal thereof, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded; provided, however, that the failure of the Lender to make such a recordation with respect to any Revolving Loan or payment shall not limit or otherwise affect the obligations of the Borrower under the Credit Documents or this Revolving Note.

Upon and after the occurrence of any Event of Default, the principal amount of and accrued interest on this Revolving Note may be declared due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement.

Notwithstanding anything to the contrary contained in this Revolving Note, the interest paid or agreed to be paid hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Lender shall receive interest in an amount that exceeds

the Maximum Rate, the excess interest shall be applied to the principal amount of the Revolving Loans and then to the amount of the reimbursement obligations with respect to the Letters of Credit and other Credit Document Obligations or, if it exceeds such unpaid principal, reimbursement obligations and other Credit Document Obligations, refunded to the Borrower.

Time is of the essence with respect to this Revolving Note. Demand, presentment, protest and all notices of any kind whatsoever with respect to the Revolving Note are hereby waived by Borrower. No delay or omission by the holder of this Revolving Note in exercising any of its rights hereunder or otherwise shall operate as a waiver of any such right or of any other right of such holder, nor shall any waiver by such holder of any such right on one occasion be deemed a bar to or waiver of such right or any other right on any other occasion.