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EXHIBIT 10.14

February 27, 2004

LaSalle Business Credit, LLC, as Agent
135 South LaSalle Street
Chicago, Illinois 60603

Ladies and Gentlemen:

        Reference is made to (i) the Receivables Purchase Agreement dated as of
March 21, 2003 (the "RPA") among AAR Receivables Corporation II, an Illinois
corporation (the "ARC II"), AAR CORP., a Delaware corporation, as initial
servicer, ("AAR"), and LaSalle Business Credit, LLC, a Delaware limited
liability company, as agent (the "Agent") and (ii) the Purchase and Sale
Agreement dated as of March 21, 2003 (the "PSA") among AAR Distribution, Inc.,
an Illinois corporation ("Distribution"), AAR Parts Trading, Inc., an Illinois
corporation ("Parts"), AAR Manufacturing, Inc., an Illinois corporation
("Manufacturing"), AAR Engine Services, Inc., an Illinois corporation ("Engine")
and AAR Allen Services, Inc., an Illinois corporation ("Allen", and together
with Distribution, Parts, Manufacturing and Engine, being hereinafter referred
to, individually as a "Originator, and collectively, as the "Originators"),
ARC II and AAR. Capitalized terms used herein and not otherwise defined have the
meaning given in RPA.

        Upon the acceptance hereof by the Agent, ARC II, AAR, the Agent and the
Originators agree as follows:

        1.     Effective on February 27, 2004 and until five (5) Business Days
after ARC II, AAR and the Originators give the Agent the notice described in
Section 2 of this letter, the Purchase Limit shall be reduced to zero.
Concurrently therewith (and as a condition thereto), ARC II shall pay to Agent,
in immediately available funds by wire transfer as provided in the RPA, the
aggregate outstanding Capital of the Purchased Interests, together with all
accrued and unpaid Discount thereon and any unpaid expenses through such date.
The parties hereto agree that such reduction to the Purchase Limit shall be
effective notwithstanding the provisions of Section 1.1(b) of the RPA.

        2.     Effective five (5) Business Days after ARC II, AAR and the
Originators provide notice to the Agent of the restoration of the Purchase Limit
pursuant to this Section 2 and subject to (i) the other terms and conditions
herein or in the RPA, the PSA and/or the other Transaction Documents and (ii) no
Termination Event or Unmatured Termination Date shall have occurred, be
continuing or would result therefrom, the Purchase Limit shall be restored to an
amount not less than the amount of the Purchase Limit as in effect on
February 27, 2004. No restoration pursuant to this Section 2 shall be effective
if it were to occur after the Termination Day.

        3.     Until such time as the Purchase Limit has been restored pursuant
to Section 2 of this letter (the "Restoration Date"), no Receivables created by
any Originator from and including February 27, 2004 to and including the
Restoration Date (the "Interim Liquidation Period"), nor any other Purchased
Assets related thereto, shall be sold by any Originator to ARC II pursuant to
Section 1.1(b) of the PSA (such Receivables are herein called the "Interim
Receivables"). Effective upon the Restoration Date, each Originator agrees that
all of such Originator's right, title and interest in each Interim Receivable
then existing and owing to such Originator or thereafter arising (until the
Termination Day), and all other Purchased Assets related thereto, shall
thereupon commence being sold to and purchased by ARC II pursuant to and in
accordance with the terms of the PSA. During the Interim Liquidation Period,
ARC II shall continue to be the owner of all Purchased Assets acquired prior to
February 27, 2004, and any purchases to be made by ARC II on or subsequent to
the Restoration Date shall be made pursuant to true sales for good and
equivalent consideration. Agent shall have the right, as a condition to the
Restoration Date, to review the purchase and reinstatement procedures relating
to the restoration of the Purchase Limit and the resumption of purchases under
the RPA and the PSA and, to the extent Agent determines they are inconsistent
with those procedures and limitations described in the opinion of counsel
relating to "true sale" and "non-consolidation" matters delivered at the time of
closing of the RPA, to require an updated opinion of counsel relating to such
matters, in form and substance and from such counsel as shall be satisfactory to
it.

        4.     Notwithstanding anything contained in the Transaction Documents
to the contrary, the reduction of the Purchase Limit and the other transactions
contemplated hereunder shall not constitute a Termination Event. Except as
otherwise set forth herein, the RPA, the PSA and the other Transaction Documents
shall remain in full force and effect and are hereby ratified and confirmed by
each of the Originators, the Servicer and ARC II, including, without limitation,
the obligation of ARC II to pay to the Agent the Unused Line Fee in accordance

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with the terms of the RPA and to maintain its corporate existence. ARC II agrees
to maintain sufficient net worth to continue to pay its obligations as they
become due.

      Very truly yours,
 
 
 
AAR DISTRIBUTION, INC.
AAR PARTS TRADING INC.
AAR MANUFACTURING, NC.
AAR ALLEN SERVICES, INC.
AAR ENGINE SERVICES, INC.
 
 
 
By:
 
/s/  TIMOTHY J. ROMENESKO      

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Timothy J. Romenesko
Vice President
 
 
 
AAR RECEIVABLES CORPORATION II
 
 
 
By:
 
/s/  TIMOTHY J. ROMENESKO      

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Timothy J. Romenesko
Vice President
 
 
 
AAR CORP.
 
 
 
By:
 
/s/  TIMOTHY J. ROMENESKO      

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Timothy J. Romenesko
Vice President
Accepted and Agreed:
 
 
 
LASALLE BUSINESS CREDIT, LLC,
as Agent
 
 
 
By:
 
/s/  JOHN MOSTOFI      

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John Mostofi
Senior Vice President
 
 
 

2

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November 30, 2004

AAR Receivables Corporation II and AAR Corp.
1100 North Wood Dale Road
Wood Dale, IL. 60191

Gentlemen:

        AAR Receivables Corporation II, an Illinois corporation ("Seller"),
AAR CORP., a Delaware corporation, individually ("AAR") and as initial servicer
(in such capacity, together with its successors and permitted assigns in such
capacity, the "Servicer"), LaSalle Business Credit, LLC, a Delaware limited
liability company ("LaSalle"), as agent for itself and the Purchasers referred
to below (in such capacity, together with its successors and assigns in such
capacity, the "Agent"), and The Financial Institutions From Time to Time Parties
Thereto as "Purchasers" have entered into that certain Receivables Purchase
Agreement dated as of March 21, 2003 (the "Purchase Agreement"; capitalized
terms used and not otherwise defined herein shall have the meanings ascribed to
them in the Purchase Agreement). The Seller, the Servicer and the Agent now
desire to further amend the Agreement as provided herein, subject to the terms
and conditions hereinafter set forth.

        In addition, AAR executed and delivered a certain Performance Guaranty
dated as of March 21, 2003 (the "Performance Guaranty"), which the Agent and
Purchasers require to be reaffirmed as a condition to the effectiveness hereof.

        NOW, THEREFORE, in consideration of the foregoing recitals, the mutual
covenants and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

        1.     The Agreement hereby is amended as follows:

(a)Exhibit 1 of the Purchase Agreement is hereby amended by amending and
restating the existing definition of "Facility Termination Date" in its entirety
to read as follows:

        "'Facility Termination Date' means the earlier to occur of:
(a) November 29, 2004 (b) the date determined pursuant to Section 2.2 of the
Agreement, and (c) the date the Purchase Limit reduces to zero pursuant to
Section 1.1(b) of the Agreement."

        2.     AAR expressly reaffirms, ratifies and assumes all of its
obligations and liabilities to the Agent as set forth in the Performance
Guaranty. AAR further agrees to be bound by and abide by and operate and perform
under and pursuant to and comply fully with all of the terms, conditions,
provisions, agreements, representations, undertakings, warranties, obligations
and covenants contained in the Performance Guaranty, in so far as such
obligations and liabilities may be modified by this Amendment, as though such
Performance Guaranty were being re-executed on the date hereof, except to
the.extent that such terms expressly relate to an earlier date.

        3.     Except as expressly amended hereby and by any other supplemental
documents or instruments executed by either party hereto in order to effectuate
the transactions contemplated hereby, the Agreement, the Exhibits thereto and
other Transaction Documents are hereby reaffirmed, ratified and confirmed by the
parties hereto and remain in full force and effect in accordance with the terms
thereof. The Seller and the Servicer expressly ratify, confirm and reaffirm
without condition, all liens and security interests granted to the Agent
pursuant to the Purchase Agreement and the other Transaction Documents and to
all extensions, renewals, refinancings, amendments or modifications of any of
the foregoing.

        4.     This Amendment shall not become effective until fully executed by
all parties hereto.

        5.     This Amendment may be executed in one or more counterparts, each
of which shall constitute an original, but all of which taken together shall be
one and the same instrument. This Amendment may also be executed by facsimile
and each facsimile signature hereto shall be deemed for all purposes to be an
original signatory page.

        6.     This Amendment shall be construed in accordance with and governed
by the internal laws (as distinguished from the conflicts of law provisions) of
the State of Illinois.

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        7.     The Seller and the Servicer agree to reimburse the Agent for all
of its out-of-pocket legal fees and expenses incurred in the preparation and
documentation of this Amendment and related documents.

      LASALLE BUSINESS CREDIT, LLC, as agent as sole Purchaser and as Agent
 
 
 
By:
 
/s/  JOHN MOSTOFI      

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John Mostofi
Senior Vice President
ACKNOWLEDGED AND AGREED TO THIS 30TH DAY OF NOVEMBER, 2003:
 
 
 
AAR RECEIVABLES CORPORATION II, as seller
 
 
 
By:
 
/s/  TIMOTHY J. ROMENESKO      

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Timothy J. Romenesko
Vice President
 
 
 
Consented and agreed to by the
Following guarantor of the
Obligations of AAR Receivables Corporation II to
LaSalle Business Credit, LLC
 
 
 
AAR CORP., as Servicer and Performance Guarantor
 
 
 
By:
 
/s/  TIMOTHY J. ROMENESKO      

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Timothy J. Romenesko
Vice President
Date: November 30, 2003
 
 
 

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EXHIBIT 10.14