# FIRST OMNIBUS AMENDMENT

# TO

# CREDIT AGREEMENT AND
SECURITY AGREEMENT

This
First Omnibus Amendment to Credit Agreement and Security Agreement (herein, the
Amendment) is entered into as of July 2, 2003, among Rent-Way,
Inc., a Pennsylvania corporation (the Company), the direct and indirect
Subsidiaries of the Borrower (the Subsidiaries), the Lenders party
hereto, and Harris Trust and Savings Bank, as administrative agent for the Lenders (the
Agent).

# PRELIMINARY STATEMENTS

A.       
          The Company, the Subsidiaries, the Lenders, and the Agent are parties to that
          certain Credit Agreement dated as of June 2, 2003 (the Credit
          Agreement). All capitalized terms used herein without definition shall
          have the same meanings herein as such terms have in the Credit Agreement.

B.       
          The Company, the Subsidiaries, and the Agent are parties to that certain
          Security Agreement dated as of June 2, 2003 (the Security
          Agreement).

C.       
          The Company, the Subsidiaries and the Lenders have agreed to make certain
          amendments to the Credit Agreement, in each case under the terms and conditions
          set forth in this Amendment.

D.       
          The Company, the Subsidiaries and the Agent have agreed to make certain
          amendments to the Security Agreement, in each case under the terms and
          conditions set forth in this Amendment.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

SECTION 1. AMENDMENTS TO
THE CREDIT AGREEMENT.

Subject
to the satisfaction of the conditions precedent set forth in Section 3 hereof, the
Credit Agreement shall be and hereby is amended as follows:

1.1.       
          The third sentence of Section 1.1 of the Credit Agreement shall be amended by
          deleting the reference to Section 1.4(a) therein and replacing such
          reference with the reference to Section 1.5(a) in lieu thereof.

1.2.       
          The first sentence of Section 1.4 of the Credit Agreement shall be amended
          and restated in its entirety to read as follows:

| | Each
Borrowing of Base Rate Loans advanced under the Revolving Credit shall be in an amount not
less than $1,000,000.
| | ---------------------------------------------------------------------------------------------------------------------

1.3.       
          All references to Preferred Shares in (i) the definitions of
          EBITDA and Indebtedness for Borrowed Money in Section 5 of the Credit Agreement,
          (ii) Section 8.7(h) of the Credit Agreement and (iii) Exhibit E to the Credit
          Agreement, shall be deleted and replaced with the reference to
          Preferred Stock in lieu thereof.

1.4.       
          The definition of L/C Issuer in Section 5 of the Credit Agreement shall be
          amended and restated in its entirety to read as follows:

| | L/C
Issuer means (i) with respect to each Letter of Credit other than the Letters of
Credit identified on Schedule 1.2 hereto, Harris Trust and Savings Bank and (ii) with
respect to each Letter of Credit identified on Schedule 1.2 hereto, National City Bank of
Pennsylvania.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.5.       
          Subsection (g) of the definition of Permitted Acquisition in Section 5 of
          the Credit Agreement shall be amended and restated in its entirety to read as
          follows:

|(g) | after giving effect to the Acquisition, no Default or Event of Default shall
          exist, including with respect to the covenants contained in Sections 8.22,
          8.23, 8.24, 8.25, 8.26 and 8.27 on a pro forma basis;
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.6.       
          Subsection (b) of Section 8.7 of the Credit Agreement shall be amended and
          restated in its entirety to read as follows:

|(b) | purchase money indebtedness and Capitalized Lease Obligations of the Borrower
          and its Subsidiaries in an amount not to exceed $20,000,000 in the aggregate at
          any one time outstanding; provided, however, that purchase money
          indebtedness secured by Rental Merchandise shall not at any time exceed
          $1,000,000;
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.7.       
          Subsection (f) of Section 8.9 of the Credit Agreement shall be amended and
          restated in its entirety to read as follows:

|(f) | the Borrowers investments from time to time in its Subsidiaries, and
          investments made from time to time by a Subsidiary in one or more of its
          Subsidiaries in the ordinary course of business;
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.8.       
          Section 8.21(a) of the Credit Agreement shall be amended by inserting a period
          at the end thereof.

1.9.       
          All references to Capitalized Leases in (i) Section 8.23 of
          the Credit Agreement and (ii) Exhibit E to the Credit Agreement, shall be
          deleted and replaced with the reference to Capital Leases in
          lieu thereof.

1.10.       
          The Credit Agreement shall be amended by inserting a new Section 8.29 in the
          appropriate numerical order to read as follows:

| | Section
8.29. First Lien Credit Facility Refinancing or Replacement. Borrower shall not
designate any refinancing or replacement of the Revolving Loan Facility (as
such term is defined in the Senior Note Indenture) as a first lien credit facility
refinancing or replacement under such definition unless the proceeds thereof prepay the
Obligations hereunder in full, the Commitments are terminated, the Hedging Liabilities are
fully paid and satisfied and the Funds Transfer and Deposit Account Liabilities are fully
paid and satisfied.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.11.       
          Section 9.1(b) of the Credit Agreement shall be amended and restated in its
          entirety to read as follows:

|(b) | default in the observance or performance of any covenant set forth in
          Sections 8.1, 8.5, 8.7, 8.8, 8.9, 8.10, 8.11, 8.12, 8.17, 8.18, 8.21, 8.22,
          8.23, 8.24, 8.25, 8.26, 8.27, 8.28, and 8.29 hereof or of any provision in any
          Loan Document dealing with the use, disposition or remittance of the proceeds of
          Collateral or requiring the maintenance of insurance thereon;
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

1.12.       
          Section 11.10 of the Credit Agreement shall be amended deleting the reference to
          Section 12.13 in clause (a) thereof and replacing such reference
          with the reference to Section 13.13 in lieu thereof.

1.13.       
          The first sentence of Section13.12(a) of the Credit Agreement shall be amended
          by inserting the following phrase (which consent of the Administrative
          Agent shall not be unreasonably withheld) immediately after the
          introductory phrase Each Lender shall have the right at any time, with the
          prior consent of the Administrative Agent.

1.14.       
          The Credit Agreement shall be amended by (i) amending the title page by
          inserting the phrase GENERAL ELECTRIC CAPITAL CORPORATION, as
          Documentation Agent, immediately after the phrase NATIONAL CITY BANK
          OF PENNSYLVANIA, as Syndication Agent, on such page, (ii) inserting a new
          definition in Section 5 in the appropriate alphabetical order to read as
          follows: Documentation Agent shall have the meaning set forth
          in the introductory paragraph hereto., (iii) amending Section 11.11 of the
          Credit Agreement by inserting a new subparagraph (c) thereto in the
          appropriate alphabetical order to read as follows:

|(c) | In acting under or by virtue of this Agreement, the Documentation Agent shall
          be entitled to all the rights, authority, privileges and immunities provided to
          Administrative Agent in this Section 11, all of which such provisions are
          incorporated by reference herein with the same force and effect as if set forth
          herein. The Documentation Agent hereby disclaims any representation or warranty
          to the Lenders concerning the perfection of the security interest granted
          hereunder or the value of the Collateral.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

and (iv) amending and restating the
introductory paragraph to read as follows:

| | This
Credit Agreement is entered into as of June 2, 2003, by and among RENT-WAY, INC., a
Pennsylvania corporation (the Borrower), the direct and indirect
Subsidiaries of the Borrower from time to time party to this Agreement, as Guarantors, the
several financial institutions from time to time party to this Agreement, as Lenders,
National City Bank of Pennsylvania, as syndication agent (the Syndication
Agent), General Electric Capital Corporation, as documentation agent (the
Documentation Agent), and Harris Trust and Savings Bank, as
Administrative Agent as provided herein and BMO Nesbitt Burns as Lead Arranger as provided
herein (the Lead Arranger). All capitalized terms used herein without
definition shall have the same meanings herein as such terms are defined in
Section 5.1 hereof.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SECTION 2. AMENDMENTS TO
THE SECURITY AGREEMENT.

Subject
to the satisfaction of the conditions precedent set forth in Section 3 hereof, the
Security Agreement shall be and hereby is amended as follows:

2.1.       
          The third sentence of Section 8(j) of the Security Agreement shall be
          amended and restated in its entirety to read as follows:

| | Except
as provided in Section 4.1(i)(x) of the Credit Agreement, with respect to any Deposit
Account maintained by a depository institution other than the Agent, and as a condition to
the establishment and maintenance of any such Deposit Account, such Debtor, the depository
institution, and the Agent shall execute and deliver an account control agreement in form
and substance satisfactory to the Agent which provides, among other things, for the
depository institutions agreement that it will comply with instructions originated
by the Agent directing the disposition of the funds in the Deposit Account without further
consent by such Debtor.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SECTION 3. CONDITIONS
PRECEDENT.

The
effectiveness of this Amendment is subject to the satisfaction of all of the following
conditions precedent:

| | 3.1.       
               The Company, the Subsidiaries, the Agent, and the Lenders shall have executed
               and delivered this Amendment.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2.       
               The Agent shall have received copies (executed or certified, as may be
               appropriate) of all legal documents or proceedings taken in connection with the
               execution and delivery of this Amendment to the extent the Agent or its counsel
               may reasonably request.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.3.       
               Legal matters incident to the execution and delivery of this Amendment shall be
               satisfactory to the Agent and its counsel.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.4.       
               The Subsidiaries shall have executed and delivered to the Agent their consent to
               this Amendment in the form set forth below.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

SECTION 4.
REPRESENTATIONS.

In
order to induce the Lenders to execute and deliver this Amendment, the Company hereby
represents to the Lenders that as of the date hereof, and after giving effect to the
amendments called for hereby, the representations and warranties set forth in
Section 6 of the Credit Agreement are and shall be and remain true and correct
(except that for purposes of this paragraph the representations contained in
Section 6.5 shall be deemed to refer to the most recent financial statements of the
Company delivered to the Lenders) and the Company is in compliance with all of the terms
and conditions of the Credit Agreement and no Default or Event of Default exists under the
Credit Agreement or shall result after giving effect to this Amendment.

SECTION 5. MISCELLANEOUS.

5.1.       
          The Company and the Subsidiaries heretofore executed and delivered to the Agent
          and the Lenders the Collateral Documents to which it is a party. The Company and
          the Subsidiaries hereby acknowledge and agree that the Liens created and
          provided for by the Collateral Documents to which it is a party continue to
          secure, among other things, the Obligations arising under the Credit Agreement
          as amended hereby; and the Collateral Documents to which it is a party and the
          rights and remedies of the Lenders thereunder, the obligations of the Company
          and the Subsidiaries thereunder, and the Liens created and provided for
          thereunder remain in full force and effect and shall not be affected, impaired
          or discharged hereby. Nothing herein contained shall in any manner affect or
          impair the priority of the liens and security interests created and provided for
          by the Collateral Documents to which it is a party as to the indebtedness which
          would be secured thereby prior to giving effect to this Amendment.

5.2.       
          Except as specifically amended herein or waived hereby, the Credit Agreement
          shall continue in full force and effect in accordance with its original terms.
          Reference to this specific Amendment need not be made in the Credit Agreement,
          the Notes, or any other instrument or document executed in connection therewith,
          or in any certificate, letter or communication issued or made pursuant to or
          with respect to the Credit Agreement, any reference in any of such items to the
          Credit Agreement being sufficient to refer to the Credit Agreement as amended
          hereby.

5.3.       
          This Amendment may be executed in any number of counterparts, and by the
          different parties on different counterpart signature pages, all of which taken
          together shall constitute one and the same agreement. Any of the parties hereto
          may execute this Amendment by signing any such counterpart and each of such
          counterparts shall for all purposes be deemed to be an original. This Amendment
          shall be governed by the internal laws of the State of Illinois.

5.4.       
          The Company agrees to pay all reasonable out-of-pocket costs and expenses
          incurred by the Agent in connection with the credit facilities and the
          preparation, execution and delivery of this Amendment, and the documents and
          transactions contemplated hereby, including the reasonable fees and expenses of
          counsel for the Agent with respect to the foregoing.

---

This
First Ominbus Amendment to Credit Agreement and Security Agreement is entered into as of
the date and year first above written.

| | RENT-WAY,
INC.
| | --------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
                                                          RENT-WAY OF TOMORROW, INC.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
                                                          RENT-WAY OF MICHIGAN, INC.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
                                                          ACTION RENT-TO-OWN HOLDINGS OF
SOUTH CAROLINA, INC.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
                                                          RENT-WAY DEVELOPMENTS, INC.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
                                                          RENT-WAY OF TTIG, L.P.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                   Title_________________________________________________
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 
| | 

Accepted
and agreed to as of the date and year last above written.

| | 
| | 

| | HARRIS TRUST AND SAVINGS BANK, AS AGENT
                                                          By
                                                            Name_______________________________________________
                                                                  Title_________________________________________________                                                         BANK
OF MONTREAL
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                            Name________________________________________________
                                                                  Title_________________________________________________                                                          NATIONAL
CITY BANK OF PENNSYLVANIA
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                            Name________________________________________________
                                                                  Title_________________________________________________
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# GUARANTORS
ACKNOWLEDGEMENT AND CONSENT

Each
of the undersigned heretofore executed and delivered to the Agent one or more Guaranties
and Collateral Documents. Each of the undersigned hereby consents to the Amendment as set
forth above and agrees to the terms set forth therein and confirms that the Loan Documents
executed and delivered by it and all of such undersigneds obligations thereunder
remain in full force and effect. Each of the undersigned further agrees that the consent
of such undersigned to any further amendments to the Credit Agreement or to the Security
Agreement shall not be required as a result of this consent having been obtained. Each of
the undersigned acknowledges that the Lenders are relying on this acknowledgement and
consents in entering into the Amendment set forth above.

| | RENT-WAY
OF TOMORROW, INC.
| | --------------------------

| | By
                                                             Name__________________________________________________
                                                                    Title_________________________________________________                                                          RENT-WAY
OF MICHIGAN, INC.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                    Title_________________________________________________                                                          ACTION
RENT-TO-OWN HOLDINGS OF SOUTH CAROLINA, INC.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                    Title_________________________________________________                                                          RENT-WAY
DEVELOPMENTS, INC.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                    Title_________________________________________________                                                          RENT-WAY
OF TTIG, L.P.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | By
                                                             Name__________________________________________________
                                                                    Title_________________________________________________
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------