EXHIBIT 10.5

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
THIS FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT dated June 30, 2016 (this
“Amendment”) is entered into among Aaron’s, Inc., a Georgia corporation (the
“Sponsor”), the Guarantors, the Participants party hereto and SunTrust Bank, as
Servicer. All capitalized terms used herein and not otherwise defined herein
shall have the meanings given to such terms in the Loan Facility Agreement (as
defined below).
RECITALS
WHEREAS, the Sponsor, the Participants and SunTrust Bank, as Servicer, entered
into that certain Third Amended and Restated Loan Facility Agreement dated as of
April 14, 2014 (as amended by that certain First Amendment to Loan Facility
Agreement dated as of December 9, 2014, as amended by that certain Second
Amendment to Loan Facility Agreement dated as of September 11, 2015, as amended
by that certain Third Amendment to Loan Facility Agreement dated as of December
4, 2015 and as further amended, restated, supplemented or otherwise modified
from time to time, the “Loan Facility Agreement”);
WHEREAS, the Sponsor has requested certain amendments to the Loan Facility
Agreement, in connection with a proposed amendment to the Dent-A-Med Credit
Agreement;
WHEREAS, the Participants agree to such requested amendments subject to the
terms and conditions of this Amendment;
NOW, THEREFORE, in consideration of the premises and the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:
1.    Amendments to Loan Facility Agreement. The Loan Facility Agreement is
hereby amended as follows:
(a)    The following definition is added in the appropriate alphabetical order
to Section 1.1 of the Loan Facility Agreement:
“Fourth Amendment Effective Date” means June 30, 2016.
(b)    The definition of “Dent-A-Med Credit Agreement” in Section 1.1 of the
Loan Facility Agreement is amended to read as follows:
“Dent-A-Med Credit Agreement” means that certain Loan and Security Agreement
dated as of May 18, 2011 by and among the Dent-A-Med Entities, as co-borrowers,
the lenders party thereto and Wells Fargo Bank, N.A. (as successor by merger to
Wells Fargo Preferred Capital, Inc.), as agent for the lenders thereunder as in
effect on the Fourth Amendment Effective Date.
(c)    Section 8.1(l) of the Loan Facility Agreement is amended in its entirety
to read as follows:
(l)    secured Indebtedness in an aggregate principal amount not to exceed
(including any such Indebtedness resulting from any exercise of any incremental
facility provisions) $110,000,000 under the Dent-A-Med Credit Agreement, as may
be amended and otherwise modified, so long as the terms of such facility are not
amended to be more restrictive than those in effect on the Fourth Amendment
Effective Date or in a manner materially adverse to the Participants and all
Indebtedness

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incurred thereunder remains non-recourse to the Sponsor or any of its
Subsidiaries (other than the Dent-A-Med Entities); and
2.    Conditions Precedent. This Amendment shall be effective upon satisfaction
of the following conditions precedent in each case in a manner reasonably
satisfactory to the Servicer and each Participant:
(a)    Amendment. Receipt of a counterpart of this Amendment signed by each of
the Credit Parties, the Participants and the Servicer.
(b)    Amendments to Credit Documents. The Credit Agreement and the other Credit
Documents shall have been amended in a manner reasonably satisfactory to the
Servicer.
(c)    Amendments to Note Agreements. The Note Agreements shall have been (or
shall be substantially simultaneously herewith) amended in a manner reasonably
satisfactory to the Servicer.
(d)    Representations and Warranties. At the time of and immediately after
giving effect to this Amendment on the Fourth Amendment Effective Date, all
representations and warranties of each Credit Party set forth in the Operative
Documents shall be true and correct in all material respects (other than those
representations and warranties that are expressly qualified by Material Adverse
Effect or other materiality, in which case such representations and warranties
shall be true and correct in all respects); provided, that to the extent such
representation or warranty relates to a specific prior date, such representation
or warranty shall be true and correct in all material respects (other than those
representations and warranties that are expressly qualified by Material Adverse
Effect or other materiality, in which case such representations and warranties
shall be true and correct in all respects) only as of such specific prior date.
(e)    Fees and Attorney Costs. Receipt by the Servicer of all fees and other
amounts due and payable on or prior to the Fourth Amendment Effective Date,
including reimbursement or payment of all out-of-pocket expenses (including
reasonable fees, charges and disbursements of counsel to the Servicer) required
to be reimbursed or paid by the Sponsor hereunder, under any other Operative
Document and under any agreement with the Servicer.
3.    Miscellaneous.
(a)    This Amendment shall be deemed to be, and is, an Operative Document.
(b)    Each Credit Party (i) acknowledges and consents to all of the terms and
conditions of this Amendment, (ii) agrees that this Amendment and all documents
executed in connection herewith do not operate to reduce or discharge its
obligations under the Loan Facility Agreement or the other Operative Documents
or any certificates, documents, agreements and instruments executed in
connection therewith, (iii) affirms all of its obligations under the Operative
Documents, (iv) affirms that each of the Liens granted in or pursuant to the
Operative Documents are valid and subsisting and (v) agrees that this Amendment
shall in no manner impair or otherwise adversely affect any of the Liens granted
in or pursuant to the Operative Documents.
(c)    Effective as of the Fourth Amendment Effective Date, all references to
the Loan Facility Agreement in each of the Operative Documents shall hereafter
mean the Loan Facility Agreement as amended by this Amendment.
(d)    Each of the Credit Parties hereby represents and warrants to the Servicer
and the Credit Parties as follows:

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(i)    such Credit Party has taken all necessary action to authorize the
execution, delivery and performance of this Amendment;
(ii)    this Amendment has been duly executed and delivered by such Credit Party
and constitutes such Credit Party’s legal, valid and binding obligations,
enforceable in accordance with its terms, except as such enforceability may be
subject to (A) bankruptcy, insolvency, reorganization, fraudulent conveyance or
transfer, moratorium or similar laws affecting creditors’ rights generally and
(B) general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity); and
(iii)    no consent, approval, authorization or order of, or filing,
registration or qualification with, any court or governmental authority or third
party is required in connection with the execution, delivery or performance by
any Credit Party of this Amendment.
(e)    This Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be an original, but all of which
shall constitute one and the same agreement. Delivery of an executed counterpart
of this Amendment by telecopy, pdf or other similar electronic transmission
shall be effective as an original and shall constitute a representation that an
executed original shall be delivered.
(f)    This Amendment shall be construed in accordance with and be governed by
the law (without giving effect to the conflict of law principles thereof) of the
State of Georgia.

[Signature pages follow]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
SPONSOR:
 
 
AARON’S, INC.
 
 
 
 
 
 
 
 
By:
/s/ Steven A. Michaels
 
 
 
Name:
Steven A. Michaels
 
 
 
Title:
Chief Financial Officer and
 
 
 
 
President, Strategic Operations
 
 
 
 
 
GUARANTORS:
 
 
AARON INVESTMENT COMPANY,
 
 
 
as a Guarantor
 
 
 
 
 
 
 
 
By:
/s/ Steven A. Michaels
 
 
 
Name:
Steven A. Michaels
 
 
 
Title:
Vice President and Treasurer
 
 
 
 
 
 
 
 
 
 
 
 
 
AARON’S PRODUCTION COMPANY,
 
 
 
as a Guarantor
 
 
 
 
 
 
 
 
By:
/s/ Robert W. Kamerschen
 
 
 
Name:
Robert W. Kamerschen
 
 
 
Title:
Vice President and Secretary
 
 
 
 
 
 
 
 
 
 
 
 
 
99LTO, LLC,
 
 
 
AARON’S LOGISTICS, LLC,
 
 
 
AARON’S PROCUREMENT COMPANY, LLC,
 
 
 
AARON’S STRATEGIC SERVICES, LLC,
 
 
 
each as a Guarantor
 
 
 
 
 
 
 
 
By:
AARON’S, INC., as sole Manager
 
 
 
 
 
 
 
 
By:
/s/ Steven A. Michaels
 
 
 
Name:
Steven A. Michaels
 
 
 
Title:
Chief Financial Officer and
 
 
 
 
President, Strategic Operations
 
 
 
 
 
 
 
 
 
 

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PROGRESSIVE FINANCE HOLDINGS, LLC,
 
 
 
as a Guarantor
 
 
 
 
 
 
 
 
By:
/s/ Ryan K. Woodley
 
 
 
Name:
Ryan K. Woodley
 
 
 
Title:
Chief Executive Officer
 
 
 
 
 
 
 
 
Prog Finance Arizona, LLC
 
 
 
Prog Finance California, LLC
 
 
 
Prog Finance Florida, LLC
 
 
 
Prog Finance Georgia, LLC
 
 
 
Prog Finance Illinois, LLC
 
 
 
Prog Finance Michigan, LLC
 
 
 
Prog Finance New York, LLC
 
 
 
Prog Finance Ohio, LLC
 
 
 
Prog Finance Texas, LLC
 
 
 
Prog Finance Mid-West, LLC
 
 
 
Prog Finance North-East, LLC
 
 
 
Prog Finance South-East, LLC
 
 
 
Prog Finance West, LLC
 
 
 
NPRTO Arizona, LLC
 
 
 
NPRTO California, LLC
 
 
 
NPRTO Florida, LLC
 
 
 
NPRTO Georgia, LLC
 
 
 
NPRTO Illinois, LLC
 
 
 
NPRTO Michigan, LLC
 
 
 
NPRTO New York, LLC
 
 
 
NPRTO Ohio, LLC
 
 
 
NPRTO Texas, LLC
 
 
 
NPRTO Mid-West, LLC
 
 
 
NPRTO North-East, LLC
 
 
 
NPRTO South-East, LLC
 
 
 
NPRTO West, LLC,
 
 
 
each as a Guarantor
 
 
 
 
 
 
 
 
By:
PROG LEASING, LLC, Sole Manager
 
 
 
 
 
 
 
 
 
By: PROGRESSIVE FINANCE
 
 
 
 
           HOLDINGS, LLC, Sole Manager
 
 
 
 
 
 
 
 
By:
/s/ Ryan K. Woodley
 
 
 
Name:
Ryan K. Woodley
 
 
 
Title:
Chief Executive Officer

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PANGO LLC, as a Guarantor
 
 
 
 
 
 
 
By:
PROGRESSIVE FINANCE HOLDINGS, LLC,
 
 
 
 
Sole Manager
 
 
 
 
 
 
 
 
By:
/s/ Ryan K. Woodley
 
 
 
Name:
Ryan K. Woodley
 
 
 
Title:
Chief Executive Officer
 
 
 
 
 
 
 
 
PROG LEASING, LLC, as a Guarantor
 
 
 
 
 
 
 
 
By:
PROGRESSIVE FINANCE HOLDINGS, LLC,
 
 
 
 
Sole Manager
 
 
 
 
 
 
 
 
By:
/s/ Ryan K. Woodley
 
 
 
Name:
Ryan K. Woodley
 
 
 
Title:
Chief Executive Officer
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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SERVICER:
 
 
SUNTRUST BANK,
 
 
 
as Servicer and as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Tesha Winslow
 
 
 
Name:
Tesha Winslow
 
 
 
Title:
Director

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
REGIONS BANK,
 
 
 
 
 
 
 
 
By:
/s/ J. Ryan Hammack
 
 
 
Name:
J. Ryan Hammack
 
 
 
Title:
Vice President

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
BRANCH BANKING AND TRUST
 
 
 
COMPANY
 
 
 
as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Bradley B. Sands
 
 
 
Name:
Bradley Sands
 
 
 
Title:
Assistant Vice President

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
BANK OF AMERICA, N.A.,
 
 
 
as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Ryan Maples
 
 
 
Name:
Ryan Maples
 
 
 
Title:
Senior Vice President

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
SYNOVUS BANK,
 
 
 
as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Terry Herron
 
 
 
Name:
Terry Herron
 
 
 
Title:
Senior Director, Corporate Banking

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
FIFTH THIRD BANK,
 
 
 
as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Mary Ramsey
 
 
 
Name:
Mary Ramsey
 
 
 
Title:
Vice President

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.

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PARTICIPANTS:
 
 
CITIZENS BANK, N.A.,
 
 
 
as a Participant
 
 
 
 
 
 
 
 
By:
/s/ Peter van der Horst
 
 
 
Name:
Peter van der Horst
 
 
 
Title:
Senior Vice President

FOURTH AMENDMENT TO LOAN FACILITY AGREEMENT
AARON’S, INC.