EX-10.3



 Exhibit 10.3 

THIS NOTE IS SUBORDINATED TO THE PRIOR PAYMENT AND SATISFACTION IN CASH OF ALL SENIOR INDEBTEDNESS, AS DEFINED IN THE SUBORDINATION AGREEMENT
DATED AS OF OCTOBER 2, 2015, AMONG BANK OF AMERICA, N.A., AS SENIOR AGENT, MAKER, ITS SUBSIDIARIES PARTY THERETO, PAYEE AND THE OTHER JUNIOR LENDERS (AS DEFINED THEREIN) AS THE SAME MAY BE AMENDED, MODIFIED, RESTATED OR SUPPLEMENTED FROM TIME TO
TIME (THE “SUBORDINATION AGREEMENT”), TO THE EXTENT, AND IN THE MANNER PROVIDED IN THE SUBORDINATION AGREEMENT. 
 SENIOR
SUBORDINATED NOTE 
 $1,430,000 

May 3, 2016 
 FOR VALUE
RECEIVED, AAC Holdings, Inc., a Nevada corporation (the “Maker”) hereby unconditionally promises to pay to Deerfield Partners, L. P. (the “Payee”), the principal amount of One Million Four Hundred Thirty Thousand
Dollars ($1,430,000), in lawful money of the United States of America and in immediately available funds, on the dates provided in the Facility Agreement with respect to Acquisition Loans. 

This Senior Subordinated Note (“Note”) is an “Acquisition Note” referred to in the Facility Agreement dated as of
October 2, 2015 between the Maker, the Payee and the other parties thereto (as modified and supplemented and in effect from time to time, the “Facility Agreement”), with respect to an Acquisition Loan made by the Payee
thereunder. Capitalized terms used herein and not expressly defined in this Note shall have the respective meanings assigned to them in the Facility Agreement. 

This Note shall bear interest on the principal amount hereof pursuant to the provisions of the Facility Agreement. 

The Maker shall make all payments to the Payee of interest and principal under this Note in the manner provided in and otherwise in accordance
with the Facility Agreement. 
 If an Event of Default has occurred and is continuing, this Note may in accordance with the applicable
provisions of the Facility Agreement, become immediately due and payable. 
 All payments of any kind due to the Payee from the Maker
pursuant to this Note shall be made in the full face amount thereof. Subject to the terms of the Facility Agreement, all such payments will be free and clear of, and without deduction or withholding for, any present or future taxes. 

The Maker shall pay all costs of collection, including, without limitation, all reasonable, legal expenses and attorneys’ fees, paid or
incurred by the Payee in collecting and enforcing this Note. 

  
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 Other than those notices required to be provided by Payee to Maker under the terms of the
Facility Agreement, the Maker and every endorser of this Note, or the obligations represented hereby, expressly waives presentment, protest, demand, notice of dishonor or default, and notice of any kind with respect to this Note and the Facility
Agreement or the performance of the obligations under this Note and/or the Facility Agreement. No renewal or extension of this Note or the Facility Agreement, no delay in the enforcement of payment of this Note or the Facility Agreement, and no
delay or omission in exercising any right or power under this Note or the Facility Agreement shall affect the liability of the Maker or any endorser of this Note. 

No delay or omission by the Payee in exercising any power or right hereunder shall impair such right or power or be construed to be a waiver
of any default, nor shall any single or partial exercise of any power or right hereunder preclude the full exercise thereof or the exercise of any other power or right. The provisions of this Note may be waived or amended only in a writing signed by
the Maker and the Payee. This Note may be prepaid in whole or in part at any time and from time to time, solely in accordance with the provisions of the Facility Agreement. 

This Note, and any rights of the Payee arising out of or relating to this Note, may, at the option of the Payee, be enforced by the Payee in
the courts of the state or federal courts sitting in the City of New York, borough of Manhattan or in any other courts having jurisdiction. For the benefit of the Payee, the Maker hereby irrevocably agrees that any legal action, suit or other
proceeding arising out of or relating to this Note may be brought in the state and federal courts sitting in the City of New York, borough of Manhattan, and hereby consents that personal service of summons or other legal process may be made as set
forth in Section 6.1 of the Facility Agreement, which service the Maker agrees shall be sufficient and valid. The Maker hereby waives any and all rights to demand a trial by jury in any action, suit or other proceeding arising out of or
relating to this Note or the transactions contemplated by this Note. 
 This Note shall be governed by, and construed in accordance with,
the laws of the State of New York applicable to contracts made and to be performed in such State. 
 [Signature page follows] 

  
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 IN WITNESS WHEREOF, an authorized representative of the Maker has executed this Note as of the
date first written above. 
  

			
	AAC HOLDINGS, INC.
		
	By:	 	/s/ Michael T. Cartwright
	Name:	 	Michael T. Cartwright
	Title:	 	Chairman and Chief Executive Officer