Exhibit 10.1

Execution Copy
Barnes & Noble Education, Inc.
120 Mountain View Boulevard
Basking Ridge, NJ 07920

March 2, 2020

Administrative Agent and Lenders under
that certain Credit Agreement described below
c/o: Bank of America, N.A.,
as Administrative Agent
100 Federal Street
Boston, Massachusetts 02110

Re:
Limited Waiver of FILO Loan EBITDA Condition

Ladies and Gentlemen:
Reference is made to that certain Credit Agreement, dated as of August 3, 2015
(as amended by that certain First Amendment, dated as of February 27, 2017, and
by that certain Second Amendment, Waiver and Consent to Credit Agreement, dated
as of March 1, 2019, and as otherwise amended, restated, supplemented or
modified from time to time, the “Credit Agreement”; capitalized terms used
herein but not defined herein shall have the meanings specified in the Credit
Agreement), by and among Barnes & Noble Education, Inc., a Delaware corporation
(the “Lead Borrower”), the other Persons party thereto as borrowers
(collectively with the Lead Borrower, the “Borrowers”), Bank of America, N.A.,
as administrative agent (in such capacity, the “Administrative Agent”),
Collateral Agent and Swing Line Lender, and each of the financial institutions
party thereto from time to time as Lenders (collectively, the “Lenders”) and/or
agents.

Section 2.18(c)(v) of the Credit Agreement provides that it is a condition
precedent to each Committed Borrowing of a FILO Loan that “Consolidated EBITDA
(adjusted to give pro forma effect to the First Amendment Acquisition in
accordance with Section 1.07) minus Restricted Payments (excluding (x)
Restricted Payments made by the Lead Borrower or the Acquired Companies prior to
the First Amendment Effective Date and (y) Specified Tax Payments) shall have
equaled at least the Applicable FILO Availability Threshold for the Measurement
Period ended on the last day of the calendar month that most recently ended at
least sixty (60) days prior to the first day of the applicable FILO Draw Period”
(the “FILO Loan EBITDA Condition” and the Consolidated EBITDA determined as of
the Measurement Period ending January 25, 2020 and otherwise in accordance with
Section 2.18(c)(v) of the Credit Agreement, the “FILO Adjusted EBITDA (2020)”).
The Lead Borrower hereby requests on behalf of the Borrowers that the
Administrative Agent and the Required Lenders waive compliance with the FILO
Loan EBITDA Condition solely with respect to the proposed initial Committed
Borrowing of FILO Loans on or about April 1, 2020 (the “Initial 2020 FILO Loan
Borrowing”).

By executing and delivering this waiver letter, the Administrative Agent and
each undersigned Lender, constituting at least the Required Lenders, hereby
agrees that, subject to satisfaction of all the conditions set forth below and
effective upon the occurrence of the Waiver Effective Date (as defined below),
the undersigned Required Lenders hereby waive compliance with the FILO Loan
EBITDA Condition solely as a condition precedent to the Initial 2020 FILO Loan
Borrowing (the “Limited Waiver”). The foregoing waiver is strictly limited to
the specified matters and does not constitute, nor should it be deemed to be, a
waiver of (x) any other condition precedent to the making of the Initial 2020
FILO Loan Borrowing or (y)

--------------------------------------------------------------------------------

any condition to any Committed Borrowing under the Credit Agreement other than
the Initial 2020 FILO Loan Borrowing.

Except as expressly provided in the preceding paragraph with respect to the
Limited Waiver, all of the other terms, provisions and conditions of the Credit
Agreement and the other Loan Documents shall remain and continue in full force
and effect. Except as expressly provided above, nothing contained in this waiver
letter or any other communication between Administrative Agent and/or any of the
other Secured Parties, on the one hand, and all or any of the Loan Parties, on
the other hand, shall constitute a waiver of any past, present or future
violation, Default or Event of Default under the Credit Agreement or any other
Loan Documents. Similarly, each of the Administrative Agent and the Secured
Parties hereby expressly reserves any rights, privileges, and remedies under the
Credit Agreement and each other Loan Document that the Administrative Agent or
the Secured Parties may have with respect to each violation, Default or Event of
Default. The granting of the Limited Waiver as set forth herein shall not
directly or indirectly in any way whatsoever either (i) impair, prejudice or
otherwise adversely affect the rights of the Administrative Agent or the
Lenders, except as expressly set forth herein with respect to the Limited
Waiver, at any time to exercise any right, privilege or remedy in connection
with the Credit Agreement or any other Loan Documents, or (ii) constitute (x) a
permanent waiver of any terms or conditions under the Loan Documents (except
solely with respect to the Limited Waiver with respect to the Initial 2020 FILO
Loan Borrowing) or (y) any course of dealing or other basis for altering any
obligation of the Loan Parties (except for the Limited Waiver) or any rights,
privilege or remedy of the Administrative Agent or any other Secured Parties
under the Credit Agreement or any other Loan Documents.

Please acknowledge your consent to the Limited Waiver upon the terms and
conditions upon the terms and conditions set forth herein and otherwise in
accordance with the Credit Agreement by executing and returning this waiver
letter at your earliest convenience. The Limited Waiver and the 2020 FILO Margin
Amendment (defined below) shall become effective on the date (the “Waiver
Effective Date”) that the following conditions have been satisfied: (a) the
Administrative Agent shall have received executed signature pages hereto from
the Loan Parties, the Administrative Agent and the Required Lenders, and (b) the
Lead Borrower shall have certified in writing to the Administrative Agent, for
the benefit of the Secured Parties, that (i) as of the Measurement Period ended
January 25, 2020, FILO Adjusted EBITDA (2020) shall equal at least $75,000,000
and (ii) both immediately before and after giving effect to the Limited Waiver
and the 2020 FILO Margin Amendment, no Default or Event of Default shall be
continuing.

The Borrowers and Lenders party hereto hereby further agree that, in
consideration of the Limited Waiver set forth herein, and notwithstanding
anything set forth herein, in the definition of “Applicable Margin” in the
Credit Agreement or in any other provision of the Credit Agreement or any other
Loan Document to the contrary, solely with respect to Credit Extensions under
the FILO Facility made during 2020 after the occurrence of the Waiver Effective
Date (collectively, “2020 FILO Credit Extensions”), the Applicable Margin for
all such 2020 FILO Credit Extensions shall mean (a) with respect to a LIBO Rate
Loan, 3.25% per annum, and (b) with respect to a Base Rate Loan, 2.250% per
annum (the “2020 FILO Margin Amendment”). For the avoidance of doubt, any Credit
Extensions under the FILO Facility made in 2021 or thereafter in accordance with
the Credit Agreement shall not be subject to the foregoing increase in the
Applicable Margin, which only shall apply to 2020 FILO Credit Extensions.
Except as expressly provided with respect to Limited Waiver and 2020 FILO Margin
Amendment set forth herein, the Credit Agreement and each of the Schedules and
Exhibits and other Loan Documents related thereto shall remain in full force and
effect and the Credit Agreement and each of the other Loan Documents are hereby
ratified and confirmed in all respects. No delay or omission by the
Administrative Agent or Lenders in exercising any power, right or remedy shall
impair such power, right or remedy or be construed

--------------------------------------------------------------------------------

as a waiver thereof or any acquiescence therein, and no single, periodic or
partial exercise of any such power, right or remedy shall preclude other or
further exercise thereof or the exercise of any other power, right or remedy
under the Credit Agreement, the other Loan Documents or otherwise.
Upon the Waiver Effective Date, this waiver letter shall constitute a Loan
Document under and as defined in the Credit Agreement and the 2020 FILO Margin
Amendment immediately shall take effect without any further action by the
parties to the Credit Agreement. This waiver letter may be executed in
counterparts which, taken together, shall constitute an original. Delivery of an
executed counterpart of this consent letter by email, PDF copy, facsimile or
other electronic means shall be effective as delivery of a manually executed
counterpart thereof.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK, WHETHER IN CONTRACT, IN TORT OR BY STATUTE OR
REGULATION. SECTIONS 10.14 AND 10.15 OF THE CREDIT AGREEMENT SHALL APPLY TO THIS
WAIVER LETTER AS THOUGH SET FORTH IN THEIR ENTIRETY HEREIN, MUTATIS MUTANDIS.

[Signature pages follow]

--------------------------------------------------------------------------------

LEAD BORROWER:

BARNES & NOBLE EDUCATION, INC., a Delaware corporation
By:
/s/ Thomas D. Donohue            

Name: Thomas D. Donohue
Title: Executive Vice President, Chief Financial Officer

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

BORROWERS:

B&N EDUCATION, LLC, a Delaware limited liability company
BARNES & NOBLE COLLEGE BOOKSELLERS, LLC, a Delaware limited liability company
BNED DIGITAL HOLDINGS, LLC, a Delaware limited liability company
BNED LOUDCLOUD, LLC, a Delaware limited liability company
BNED MBS HOLDINGS, LLC, a Delaware limited liability company
PROMOVERSITY LLC, a Delaware limited liability company
MBS AUTOMATION LLC, a Delaware limited liability company
MBS DIRECT, LLC, a Delaware limited liability company
MBS INTERNET, LLC, a Delaware limited liability company
MBS SERVICE COMPANY LLC, a Delaware limited liability company
MBS TEXTBOOK EXCHANGE, LLC, a Delaware limited liability company
TEXTBOOKCENTER LLC, a Delaware limited liability company
TXTB.COM, LLC, a Delaware limited liability company
STUDENT BRANDS, LLC, a Delaware limited liability company

By:
/s/ Thomas D. Donohue                

Name: Thomas D. Donohue
Title: Executive Vice President, Chief Financial Officer

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

BORROWERS (CONT’D):

CRAM LLC, a Delaware limited liability company
EDUCATE AHORA LLC, a Delaware limited liability company
ETUDIER FACILE LLC, a Delaware limited liability company
STUDY MODE LLC, a California limited liability company
TRABALHOS FEITOS, LLC, a Delaware limited liability company
WORLDWIDE KNOWLEDGE LLC, a Delaware limited liability company
By:
STUDENT BRANDS, LLC, a Delaware

limited liability company
By:    /s/ Thomas D. Donohue            
Name: Thomas D. Donohue
Title: Executive Vice President, Chief Financial Officer

PAPERRATER, LLC, a Delaware limited liability company
By:
/s/ Thomas D. Donohue                

Name: Thomas D. Donohue
Title: Executive Vice President, Chief Financial Officer

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:
BANK OF AMERICA, N.A.,
as Administrative Agent and as Collateral Agent
By:    /s/ Andrew Cerussi                
Name:    Andrew Cerussi                    
Title:    Sr. Vice President                

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:
BANK OF AMERICA, N.A.,
as a Lender, LC Issuer and Swing Line Lender
By:    /s/ Andrew Cerussi                
Name:    Andrew Cerussi                    
Title:    Sr. Vice President                

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

JPMORGAN CHASE BANK, N.A.,
as a Lender
By:    /s/ Hai Nguyen                    
Name:    Hai Nguyen                    
Title:    Authorized Officer                

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as a Lender
By:    /s/ Lauren Murphy                
Name:    Lauren Murphy                    
Title:    Director                    

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

TRUIST BANK, as successor by merger to SUNTRUST BANK
By:    /s/ JC Fanning                    
Name:    JC Fanning                    
Title:    Vice President                    

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

CAPITAL ONE, NATIONAL ASSOCIATION, as
successor to CAPITAL ONE BUSINESS CREDIT CORP.,
as a Lender
By:    /s/ Julianne Low                
Name:    Julianne Low                    
Title:    Senior Director                    

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

CITIZENS BUSINESS CAPITAL,
A DIVISION OF CITIZENS ASSET FINANCE INC.,
as a Lender
By:    /s/ William Boyle                
Name:    William Boyle                    
Title:    AVP                        

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

REGIONS BANK,
as a Lender
By:    /s/ Kevin R. Rogers                
Name:    Kevin R. Rogers                
Title:    Managing Director                

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

PNC BANK, NATIONAL ASSOCIATION
as a Lender
By:    /s/ Michael Etienne                
Name:    Michael Etienne                
Title:    Senior Vice President                

BNED Waiver Letter
Signature Page

--------------------------------------------------------------------------------

ACKNOWLEDGED AND AGREED:

HSBC BANK USA, NATIONAL ASSOCIATION,
as a Lender
By:    /s/ Stephen R. Santini                
Name:    Stephen R. Santini                
Title:    Vice President                    

BNED Waiver Letter
Signature Page