Boxed, Inc. entered into a second lien secured term loan facility with a lender (the ‘Lender') that provided $10 million of new funding to the Company at close. The new facility also provides for an additional $10 million in funding, subject to the completion of certain milestones in a process for the sale of the Company. Concurrently with the financing with the Lender, the Company entered into an amendment to its existing first lien debt facility with funds and accounts managed by BlackRock that, among other things, reduces the Company's minimum liquidity covenant by $5 million.