On June 28, 2017, Autobytel Inc., a Delaware corporation (“Autobytel” or “Company”), entered into a Fifth Amendment to Loan Agreement (“Credit Facility 5th Amendment”) with MUFG Union Bank, N.A., formerly Union Bank, N.A. (“Union Bank”), amending the Company’s existing Loan Agreement with Union Bank initially entered into on February 26, 2013, as amended on September 10, 2013, January 13, 2014, May 20, 2015 and June 1, 2016 (the existing Loan Agreement, as amended to date, is referred to herein collectively as the “Credit Facility Agreement”). The Credit Facility 5th Amendment amends (i) Section 1.1.1 of the Credit Facility Agreement to extend the maturity date of the Revolving Loan under the Credit Facility Agreement from April 30, 2018 to January 5, 2021; and (ii) Section 1.1.1.1 of the Credit Facility Agreement to extend the maturity date of the Standby L/C Sublimit under the Revolving Loan from April 30, 2019 to January 5, 2022. The Revolving Loan is evidenced by a Commercial Promissory Note dated as of June 28, 2017 (“Revolving Loan Note”).

Borrowings under the Revolving Loan will bear interest at either: (i) the LIBOR plus 2.5%; or (ii) the bank’s Reference Rate (prime rate) minus 0.5%, at the option of the Company. Interest under the Revolving Loan adjusts: (i) at the end of each LIBOR rate period (1, 2, 3, 6 or 12 months terms) selected by the Company, if the LIBOR rate is selected; or (ii) with changes in Union Bank’s Reference Rate, if the Reference Rate is selected. Borrowings under the Revolving Loan are secured by a first priority security interest on all of the Company’s personal property (including, but not limited to, accounts receivable) and proceeds thereof. Borrowings under the Revolving Loan may be used as a source to finance working capital, capital expenditures, acquisitions and stock buybacks and for other general corporate purposes. As of June 1, 2017, there was $8.0 million in borrowings outstanding under the Revolving Loan.

The foregoing description of the Credit Facility Agreement, Credit Facility 5th Amendment, Revolving Loan Note and related documents is not complete and is qualified in its entirety by reference to (i) Loan Agreement dated as of February 26, 2013 by and between Autobytel Inc., a Delaware corporation, and Union Bank, N.A., a national banking association, as amended by First Amendment to Loan Agreement dated as of September 10, 2013, Second Amendment to Loan Agreement dated as of January 13, 2014, Security Agreement dated January 13, 2014, Commercial Promissory Note dated January 13, 2014 ($9,000,000 Term Loan), and Commercial Promissory Note dated January 13, 2014 ($8,000,000 Revolving Loan), which are incorporated herein by reference to Exhibit 10.4 to the Current Report on Form 8-K as filed with the SEC on January 17, 2014 (SEC File No. 001-34761);(ii) the Third Amendment to the Credit Facility Agreement, the Commercial Promissory Note dated May 20, 2015 ($15,000,000 Term Loan) and the Commercial Promissory Note dated May 20, 2015 ($8,000,000 Revolving Loan), which is incorporated herein by reference to Exhibits 10.1, 10.2 and 10.3 to the Current Report on Form 8-K filed with the SEC on May 27, 2015 (SEC File No. 001-34761); (iii) the Fourth Amendment to the Credit Facility Agreement dated June 1, 2016 ($8,000,000 Revolving Loan), which is incorporated herein by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q filed with the SEC on August 4, 2016 (SEC File No. 001-34761); and (iv) the Fifth Amendment to Credit Facility Agreement and the Revolving Loan Note, copies of which are filed as exhibits to this Current Report on Form 8-K.

AUTOBYTEL INC Exhibit
EX-10.2 2 ex_10-2.htm EXHIBIT 10.2 10-2    Exhibit 10.2 FIFTH AMENDMENT TO LOAN AGREEMENT            THIS FIFTH AMENDMENT TO LOAN AGREEMENT (“Fifth Amendment”),…
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About Autobytel Inc. (NASDAQ:ABTL)

Autobytel Inc. is an automotive marketing services company that assists automotive retail dealers and automotive manufacturers market and sell new and used vehicles to consumers through the programs for online lead referrals, dealer marketing products and services, and online advertising programs and mobile products. The Company operates through providing automotive marketing services segment. Its consumer-facing automotive Websites, including Website Autobytel.com, provide consumers with information and tools to aid them with the automotive purchase decisions and ability to submit inquiries requesting dealers to contact the consumers regarding purchasing or leasing vehicles. Its AutoWeb pay-per-click advertising marketplace program uses technology to refer consumer traffic to dealers and manufacturer Websites. For consumers who may not be able to secure loans through conventional lending sources, the Websites provide these consumers the ability to submit inquiries requesting dealers.