AT REASONABLE TIMES, UPON REASONABLE ADVANCE NOTICE TO THE BORROWER AND
DURING NORMAL BUSINESS HOURS.
SECTION 8.4.
INSURANCE.
MAINTAIN IN ADDITION TO
INSURANCE REQUIRED TO BE MAINTAINED UNDER ANY OTHER SECTION OF THIS AGREEMENT,
SUCH INSURANCE AS MAY BE REQUIRED BY LAW OR BY THE COLLATERAL DOCUMENTS.
SECTION 8.5.
TAXES AND LIABILITIES.
PROMPTLY
PAY, WHEN DUE, ALL TAXES, DUTIES ASSESSMENTS AND OTHER LIABILITIES, EXCEPT SUCH
TAXES, DUTIES, ASSESSMENTS AND OTHER LIABILITIES AS THE BORROWER IS DILIGENTLY
CONTESTING IN GOOD FAITH AND BY APPROPRIATE PROCEEDINGS; PROVIDED THAT THE
BORROWER HAS ESTABLISHED AND IS MAINTAINING ADEQUATE RESERVES WITH RESPECT
THERETO IN ACCORDANCE WITH GAAP.
SECTION 8.6.
LIMITS ON COMMITMENTS.
NOT PERMIT
THE AGGREGATE OUTSTANDING PRINCIPAL AMOUNT OF ANY LOAN TO EXCEED THE LIMITS
APPLICABLE TO IT AS SET FORTH IN ARTICLE II.
SECTION 8.7.
OWNERSHIP OF STOCK OF BORROWER.
NOT
PERMIT, WITHOUT THE PRIOR WRITTEN CONSENT OF THE BANK, WHICH CONSENT SHALL NOT
BE UNREASONABLY WITHHELD OR DELAYED, THE MAJORITY OF THE ISSUED AND OUTSTANDING
STOCK OR OTHER EQUITY INTERESTS OF THE BORROWER, OR ANY WARRANTS OR RIGHTS
CONVERTIBLE, WITH OR WITHOUT THE PAYMENT OF MONEY, INTO STOCK OR OTHER EQUITY
INTERESTS OF THE BORROWER, TO BE OWNED BY ANY PERSONS OTHER THAN AN ENTITY
WHOLLY-OWNED DIRECTLY OR INDIRECTLY BY AAR.
BORROWER SHALL PROVIDE PRIOR
WRITTEN NOTICE TO THE BANK OF ANY PROPOSED CORPORATE REORGANIZATION THAT RESULTS
IN THE TRANSFER OF SUBSTANTIALLY ALL OF THE ASSETS OF BORROWER TO THE GUARANTOR
OR ANY SUBSIDIARY OF THE GUARANTOR.
SECTION 8.8.
LIENS.
NOT CREATE OR PERMIT TO
EXIST ANY LIEN WITH RESPECT TO ANY COLLATERAL NOW OWNED OR HEREAFTER ACQUIRED,
EXCEPT THE FOLLOWING LIENS (HEREIN COLLECTIVELY CALLED THE "PERMITTED LIENS"):
(A) LIENS FOR CURRENT TAXES AND DUTIES NOT DELINQUENT OR FOR TAXES BEING
CONTESTED IN GOOD FAITH, BY APPROPRIATE PROCEEDINGS WHICH DO NOT INVOLVE, IN THE
GOOD FAITH DETERMINATION OF THE BANK, ANY MATERIAL DANGER OF THE SALE OR LOSS OF
ANY OF THE COLLATERAL AND WITH RESPECT TO WHICH THE BORROWER HAS PROVIDED FOR
AND IS MAINTAINING ADEQUATE RESERVES IN ACCORDANCE WITH GAAP, (B) LIENS IN FAVOR
OF THE BANK, (C) LIENS OF MECHANICS, MATERIALMEN, CARRIERS, WAREHOUSEMEN OR
OTHER LIKE STATUTORY OR COMMON LAW LIENS SECURING OBLIGATIONS INCURRED IN GOOD
FAITH IN THE ORDINARY COURSE OF BUSINESS THAT ARE NOT YET DELINQUENT IN
ACCORDANCE WITH ITS TERMS OR ARE NOT YET DUE AND PAYABLE, (D) LIENS IN THE
NATURE OF LICENSES THAT ARISE IN THE ORDINARY COURSE OF BUSINESS AND CONSISTENT
WITH PAST PRACTICE; (E) LEASES AND SUBLEASES NOT PROHIBITED HEREUNDER GRANTED TO
OTHERS NOT INTERFERING IN ANY MATERIAL RESPECT IN THE BUSINESS OF BORROWER OR
ANY SUBSIDIARY, OR (F) ATTACHMENTS OR JUDGMENT LIENS, WHERE THE ATTACHMENT OR
JUDGMENT WHICH GAVE RISE TO SUCH LIENS DOES NOT CONSTITUTE AN EVENT OF DEFAULT
HEREUNDER.
SECTION 8.9.
CHANGE IN NATURE OF BUSINESS.
NOT
WITHOUT THE PRIOR WRITTEN CONSENT OF THE BANK, WHICH CONSENT SHALL NOT BE
UNREASONABLY WITHHELD OR DELAYED CARRY ON ANY BUSINESS OTHER THAN A BUSINESS
WHICH IS THE SAME IN ALL MATERIAL