Document:

EX-10.6

 Exhibit 10.6 

*Portions of this exhibit have been excluded because it both (i) is not material and (ii) would be competitively harmful if publicly
disclosed. 
 THIRD AMENDMENT 

TO 
 LOAN AND SECURITY
AGREEMENT 
 This Third Amendment to Loan and Security Agreement (the “Amendment”) is made and entered into as of
September 25, 2014 by and between SQUARE I BANK (“Bank”) and THE REALREAL, INC. (“Borrower”). 

RECITALS 
 Borrower and Bank are
parties to that certain Loan and Security Agreement, dated as of September 19, 2013 (the “Agreement”). The parties desire to amend the Agreement in accordance with the terms of this Amendment. 

NOW, THEREFORE, the parties agree as follows: 
  

	1)	 Bank and Borrower hereby agree that, effective as of the date of this Amendment, any cash secured credit cards
issued by Bank for the benefit of Borrower shall be transferred to the Credit Card Services Non-Formula Revolving Line (as set forth in Section 2.l(d) of the Agreement as in effect immediately following
the date of this Amendment). 

  

	2)	 As of the date hereof, Borrower has not yet delivered its audited consolidated and consolidating fiscal year-end financial statements for the 2013 fiscal year (the “2013 Audited Financials”) to Bank as required pursuant to Section 6.2(a)(ii) of the Agreement, resulting in a violation of
the Agreement (the “2013 Financials Violation”). In the Second Amendment to the Agreement, Bank extended the due date for Borrower to provide the 2013 Audited Financials to September 1, 2014. Bank hereby: (i) waives
the 2013 Financials Violation; and (ii) further extends the due date for Borrower to provide Bank the 2013 Audited Financials until November I, 2014. 

  

	3)	 Section 2.1(b)(ii) of the Agreement is hereby amended and restated, as follows: 

(ii) Interest shall accrue from the date of each Term Loan at the rate specified in Section 2.3(a), and prior to the Interest Only
End Date for the applicable Term Loan shall be payable monthly beginning on the 13th day of the month next following such Term Loan, and continuing on the same day of each month thereafter. Any
Term Loans that are outstanding on the Interest Only End Date shall be payable in equal monthly installments of principal, plus all accrued interest, beginning on the date that is one month immediately following the Interest Only End Date, and
continuing on the same day of each month thereafter through the Term Loan Maturity Date, at which time all amounts due in connection with the Term Loans and any other amounts due under this Agreement shall be immediately due and payable. Term Loans,
once repaid, may not be reborrowed. Borrower may prepay any Term Loan without penalty or premium. 

	4)	 A new Section 2.1(d) is hereby added to the Agreement, as follows: 

(d) Usage of Credit Card Services Under the Credit Card Services Non-Formula Revolving Line.

 (i) Usage Period. Subject to and upon the terms and conditions of this Agreement, at any time from the Third Amendment
Effective Date through the Credit Card Services Non-Formula Revolving Maturity Date, Borrower may use Credit Card Services (as defined below). 

(ii) Credit Card Services. Subject to and upon the terms and conditions of this Agreement, Borrower may request corporate credit
card services (collectively, the “Credit Card Services”) from Bank. The aggregate amount of Credit Card Services outstanding at any time shall not exceed the Credit Card Services Non-Formula
Revolving Line. The terms and conditions (including repayment and fees) of such Credit Card Services shall be subject to the terms and conditions of the Bank’s standard forms of applications and agreements for the Credit Card Service provided,
each of which Borrower hereby agrees to execute. 
 (iii) Collateralization of Obligations Extending Beyond Maturity. If
Borrower has not cash secured its obligations with respect to any Credit Card Services by the Credit Card Services Non-Formula Revolving Maturity Date, then, effective as of such date, the balance in any
deposit accounts held by Bank and the certificates of deposit or time deposit accounts issued by Bank in Borrower’s name (and any interest paid thereon or proceeds thereof, including any amounts payable upon the maturity or liquidation of such
certificates or accounts), shall automatically secure such obligations to the extent of the then continuing or outstanding Credit Card Services. Borrower authorizes Bank to hold such balances in pledge and to decline to honor any drafts thereon or
any requests by Borrower or any other Person to pay or otherwise transfer any part of such balances for so long as the applicable Credit Card Services are outstanding or continue. 

 

	5)	 The following new defined terms are hereby added to Exhibit A to the Agreement, as follows:

 “Credit Card Services Non-Formula Revolving Line”
means a Credit Extension of up to $250,000. 
 “Credit Card Services Non-Formula
Revolving Maturity Date” means September 25, 2015. 
 “Series D Financing Milestone” means
Borrower’s receipt, after the Third Amendment Effective Date but on or before March 31, 2015, of at least $20,000,000 in net Cash proceeds from the sale or issuance of Borrower’s Series D equity securities to investors acceptable to
Bank. 
 “Third Amendment Effective Date” means September 25, 2014. 

  
 2 

	6)	 The following defined terms in Exhibit A to the Agreement are hereby amended and restated, as follows:

 “Credit Extension” means each Term Loan, Term Loan B, Credit Card Services provided under the
Credit Card Services Non-Formula Revolving Line, or any other extension of credit, by Bank to or for the benefit of Borrower hereunder. 

“Interest Only End Date” means the earlier to occur of: (i) March 31, 2015, or (ii) the date
upon which Borrower achieves the Series D Financing Milestone. 
 “Term Loan Maturity Date” means
September 30, 2017. 
 “Term Loan B Maturity Date” means September 30, 2017. 

 

	7)	 Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the
Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery,
and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness
of all agreements entered into in connection with the Agreement. 

  

	8)	 Borrower represents and warrants that the representations and warranties contained in the Agreement are true
and correct as of the elate of this Amendment. 

  

	9)	 This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one instrument. 

  

	10)	 As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance
satisfactory to Bank, the following: 

  

	 	(a)	 this Amendment, duly executed by Borrower; 

 

	 	(b)	 an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution
and delivery of this Amendment; 

  

	 	(c)	 a Third Warrant to Purchase Stock, duly executed by Borrower; 

 

	 	(d)	 payment of a $[***] facility fee, which may be debited from any of borrower’s accounts;

  

	 	(e)	 payment for all Bank Expenses, including Bank’s expenses in the documentation of this Amendment and any
related documents, and any UCC, good standing or intellectual property search or filing fees, which may be debited from any of Borrower’s accounts; and 

  

	 	(f)	 such other documents and completion of such other matters, as Bank may reasonably deem necessary or
appropriate. 

 Signature Page Follows 

  
 3 

 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above written. 

 

							
	THE REALREAL, INC.	 	SQUARE 1 BANK
				
	By:	 	 /s/ Matt Gustke
	 	By:	 	 /s/ Lan Zhu

	Name:	 	Matt Gustke	 	Name:	 	Lan Zhu
	Title:	 	CFO	 	Title:	 	Client Manager

 Signature Page to Third Amendment to Loan and Security AgreementEX-10.7

 Exhibit 10.7 

*Portions of this exhibit have been excluded because it both (i) is not material and (ii) would be competitively harmful if
publicly disclosed. 
 FOURTH AMENDMENT 

TO 
 LOAN AND SECURITY AGREEMENT

 This Fourth Amendment to Loan and Security Agreement (the “Amendment”) is made and entered into as of December 28, 2015
by and between PACIFIC WESTERN BANK, a California state chartered bank (“Bank”), and THE REALREAL. INC. (“Borrower”). 

RECITALS 
 Borrower and Bank (as
successor in interest by merger to Square I Bank) are parties to that certain Loan and Security Agreement dated as of September 19, 2013 (the “Agreement”). The parties desire to amend the Agreement in accordance with the
terms of this Amendment. 
 NOW, THEREFORE, the parties agree as follows: 
  

	1)	 Bank and Borrower hereby agree that within [***] of the date of this Amendment Borrower shall deliver to Bank
fully executed bailee agreements for each of Borrower’s leased premises or locations for which Borrower maintains or stores Inventory and/or Equipment. Borrower’s failure to deliver such executed bailee agreements as required pursuant to
this Paragraph I shall constitute an immediate Event of Default. 

  

	2)	 Section 2.1(b) of the Agreement is hereby amended and restated, as follows: 

(b) Term Loan. 

(i) Subject to and upon the terms and conditions of this Agreement, Bank agrees to make one (1) or more term loans to
Borrower in an aggregate principal amount not to exceed Ten Million Dollars (S10.000.000) (each a “Term Loan” and collectively the “Term Loans”). Borrower may request Term Loans at any time from the date hereof through the
Availability End Date. The proceeds of the Term Loans shall be used (A) first, to refinance all outstanding Term Loans (as such term is defined immediately prior to the fourth Amendment Effective Date) (the “Term Loan Refinance
Amount”), and all accrued interest thereon on or about the Fourth Amendment Effective Date, and (B) second, for general corporate purposes and working capital expenditures. 

(ii) Interest shall accrue from the date of each Term Loan at the rate specified in Section 2.3(a), and prior to the
Availability End Date for the applicable Term Loan, shall be payable month beginning on the first day of the month next following such Term Loan, and continuing on the same day of each month thereafter. Any Term Loans that are outstanding on the
Availability End Date shall be payable in 24 equal monthly installments of principal, plus all accrued interest, beginning on the date that is one month immediately following the Availability End Date, and continuing on the same day of each month
thereafter through the Term Loan Maturity Date, at which time all amounts due in connection with the Term Loans and any other amounts due under this Agreement shall be immediately due and payable. Term Loans, once repaid, may not he reborrowed.
Borrower may prepay any Term Loan without penalty or premium. 

 (iii) Borrower hereby requests that Bank make a Term Loan in an amount equal
to the Term Loan Refinance Amount on the Fourth Amendment Effective Date or as soon as practicable thereafter. To document this request, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later
than 3:30 p.m. Eastern time on the day on which such Term Loan is to he made. Such notice shall be substantially in the form of Exhibit C. The notice shall he signed by an Authorized Officer. When Borrower desires to obtain any subsequent
Term Loan, Borrower shall notify Bank (which notice shall be irrevocable) by facsimile transmission to be received no later than 3:30 p.m. Eastern time on the day on which such Term Loan is to be made. Such notice shall be substantially in the
form of Exhibit C. The notice shall be signed by an Authorized Officer 
  

	3)	 Section 2.1(c) and Section 2.1(d) of the Agreement are hereby deleted in their entirety.

  

	4)	 Section 2.3(a)(i) of the Agreement is hereby amended and restated, as follows: 

(i) Term Loans. Except as set forth in Section 2.3(b), the Term Loans shall bear interest, on the outstanding daily
balance thereof, at a variable annual rate equal to the greater of: (A) 1.50% above the Prime Rate then in effect, provided that such variable annual rate may not exceed 4.50%: or (B) 4.50%. 

5) Section 6.7(a) of the Agreement is hereby amended and restated, as follows: 

(a) Minimum Gross Revenue. Borrower’s quarterly Gross Revenue, measured as of the last day of each calendar quarter
on a non-cumulative basis, shall be not less than the levels set forth in the table immediately below. Bank and Borrower hereby agree that, on or before February 15 of each year during the term of this
Agreement, Borrower shall provide Bank with a board-approved budget for such year containing a forecast of Gross Revenue for each calendar quarter during such year, and, unless such budget is unsatisfactory to Bank, the minimum quarterly
Gross Revenue for a particular quarter during such year shall be 80% of the forecasted Gross Revenue for such quarter. If such budget is unsatisfactory to Bank, then Bank and Borrower agree to discuss alternate levels. It shall be a violation by
Borrower or this Section 6.7(a) if, following a reasonable period of discussion, Bank and Borrower fail to agree to minimum quarterly Gross Revenue covenant levels for such year. Both parties shall act in a commercially reasonable manner in the
process of establishing and discussing the setting of covenant levels. Once agreed, the minimum quarterly Gross Revenue levels shall be incorporated into this Agreement through an amendment, which Bank and Borrower agree to execute promptly. 

 

					
	 Reporting Period Ending
	  	Minimum Gross Revenue	 
	 March 31, 2016
	  	$	[***	] 
		  	  
	  
	 
	 June 30, 2016
	  	$	[***	] 
		  	  
	  
	 
	 September 30, 2016
	  	$	[***	] 
		  	  
	  
	 
	 December 31, 2016
	  	$	[***	] 
		  	  
	  
	 

  
 2 

 6) The following new defined term is hereby added to Exhibit A to the Agreement, as follows:

 “Fourth Amendment Effective Date” means December 28, 2015. 

“Gross Revenue” means gross revenue recognized in accordance with GAAP. 

7) The following defined terms in Exhibit A to the Agreement are hereby amended and restated, as follows: 

“Availability End Date” means December 1, 2016. 

“Credit Extension” means each Term Loan, or any other extension of credit, by Bank to or for the benefit of Borrower
hereunder. 
 “Term Loan Maturity Date” means January 1, 2019. 

 

	8)	 The defined terms “Credit Card Services Non-Formula Revolving
Line”, “Credit Card Services Non-Formula Revolving Maturity Date”, “Series D Financing Milestone” and “Interest Only End Date” and “Term Loan B Maturity Date”
and their corresponding definitions set forth in Exhibit A to the Agreement are hereby deleted in their entirety. 

  

	9)	 Unless otherwise defined, all initially capitalized terms in this Amendment shall be as defined in the
Agreement. The Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery,
and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of Bank under the Agreement, as in effect prior to the date hereof. Borrower ratifies and reaffirms the continuing effectiveness
of all agreements entered into in connection with the Agreement. 

  

	10)	 Borrower represents and warrants that the representations and warranties contained in the Agreement are true
and correct as of the date of this Amendment. 

  

	11)	 This Amendment may be executed in two or more counterparts, each or which shall be deemed an original, but all
of which together shall constitute one instrument. 

  

	12)	 As a condition to the effectiveness of this Amendment, Bank shall have received, in form and substance
satisfactory to Bank, the following: 

 a) this Amendment, duly executed by Borrower: 

b) an officer’s certificate of Borrower with respect to incumbency and resolutions authorizing the execution and delivery
or this Amendment: 
 c) a Fourth Warrant to Purchase Stock, duly executed by Borrower: 

d) payment for all Bank Expenses, including Bank’s expenses in the documentation of this Amendment and any related
documents, and any UCC, good standing or intellectual property search or filing fees, which may be debited from any of Borrower’s accounts: and 

e) such other documents and completion of such other matters, as Bank may reasonably deem necessary or appropriate. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Amendment as or the first date above written. 

 

									
	THE REALREAL, INC.	 		 	PACIFIC WESTERN BANK
	By:	 	 /s/ Julie Wainwright
	 	            	 	By:	 	 /s/ Tim McDonough

	Name:	 	Julie Wainwright	 		 	Name:	 	Tim McDonough
	Title:	 	CEO	 		 	Title:	 	VP Technology

 Signature Page to Fourth Amendment to Loan and Security Agreement

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