Exhibit 10.1

CONSENT AND SECOND AMENDMENT TO ELEVENTH AMENDED AND RESTATED CREDIT AGREEMENT

This Consent and Second Amendment to Eleventh Amended and Restated Credit
Agreement (this “Amendment”) dated as of November 23, 2018 is entered into
among:

RESTORATION HARDWARE, INC., a Delaware corporation, as a Domestic Borrower and
the Lead Borrower;

the OTHER DOMESTIC BORROWERS party hereto;

RESTORATION HARDWARE CANADA, INC., a British Columbia company, as the Canadian
Borrower;

the GUARANTORS party hereto;

the LENDERS party hereto, and

BANK OF AMERICA, N.A., as Administrative Agent and Collateral Agent;

in consideration of the mutual covenants herein contained and benefits to be
derived herefrom.

WITNESSETH:

WHEREAS, reference is made to that certain Eleventh Amended and Restated Credit
Agreement dated as of June 28, 2017 (as heretofore or hereafter amended,
restated, supplemented or otherwise modified and in effect from time to time,
the “Credit Agreement”) by, among others, the Lead Borrower, the Other Domestic
Borrowers, the Canadian Borrower, the Guarantors, the Lenders party thereto, and
the Agent;

WHEREAS, the Borrowers have requested that the Agent and the Lenders agree to
consent to the receipt by the Loan Parties of certain insurance proceeds and
amend the Credit Agreement, in each case, in the manner specified herein; and

WHEREAS, the Agent and the Lenders party hereto (which constitute Required
Lenders) are willing to agree to provide such consent and to agree to so amend,
subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and
benefits to be derived herefrom, the parties hereto agree as follows:

 

1.

Definitions. Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to such terms in the Credit Agreement.

 

2.

Amendments to Article I of Credit Agreement. The provisions of Section 1.01 of
the Credit Agreement are hereby amended as follows:

 

  a.

by deleting the definition of “Prepayment Event” in its entirety and
substituting the following in its stead:

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“Prepayment Event” means:

(a)    Any Disposition (including pursuant to a sale and leaseback transaction)
of any property or asset of a Loan Party (other than any Permitted Disposition
described in clauses (a) or (f) of the definition thereof); or

(b)    Any casualty or other insured damage to, or any taking under power of
eminent domain or by condemnation or similar proceeding of (and payments in lieu
thereof), any property or asset of a Loan Party of a type included in the
Domestic Revolving Borrowing Base or the Canadian Borrowing Base, unless (i) the
proceeds therefrom are required to be paid to the holder of a Lien on such
property or asset having priority over the Lien of the Agent or (ii) prior to
the occurrence of a Cash Dominion Event, the proceeds therefrom are utilized for
purposes of replacing or repairing the assets in respect of which such proceeds,
awards or payments were received within 180 days of the occurrence of the damage
to or loss of the assets being repaired or replaced.

 

  b.

by deleting the definition of “Senior Notes” in its entirety and substituting
the following in its stead:

“Senior Notes” means, collectively, (i) the 0.00% convertible senior notes due
2019 issued by Holdings in the principal amount of $350,000,000, (ii) the 0.00%
convertible senior notes due 2020 issued by Holdings in the principal amount of
$300,000,000, and (iii) the 0.00% convertible senior notes due 2023 issued by
Holdings in the principal amount of $335,000,000.

 

3.

Amendment to Article II of Credit Agreement. The provisions of Section 2.05 of
the Credit Agreement are hereby amended as follows:

 

  a.

by deleting Section 2.05(e) in its entirety and substituting the following in
its stead:

(e)    The Borrowers shall prepay the Loans (if any) and Cash Collateralize the
L/C Obligations, in an amount equal to the Net Proceeds received by a Loan Party
on account of a Prepayment Event; provided that, so long as no Event of Default
has occurred and is continuing, the Agent may, in its sole discretion, determine
that no prepayment shall be required pursuant to clause (b) of the definition of
“Prepayment Event”.

 

4.

Amendment to Article VII of Credit Agreement. The provisions of Section 7.06 of
the Credit Agreement are hereby amended as follows:

 

  a.

by deleting the text “and” immediately following Section 7.06(f).

 

  b.

by deleting Section 7.06(g) in its entirety and substituting the following
Sections in its stead:

(g)    the Lead Borrower may make Restricted Payments to Holdings (or on behalf
of Holdings) to pay obligations of Holdings incurred in the ordinary course of
business in an amount not to exceed $3,000,000 in any Fiscal Year; and

 

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(h)    if the RP Conditions are satisfied, the Loan Parties may make other
Restricted Payments.

 

5.

Consent. Notwithstanding anything to the contrary in Section 2.05(e) of the
Credit Agreement, in clause (b) of the definition of “Prepayment Event”, or in
any policy or endorsement provided by Affiliated FM Insurance Company, the Agent
and the Lenders hereby consent to the direct receipt by any of the Loan Parties
of all insurance proceeds related to the casualty events which occurred prior to
the Second Amendment Effective Date (as defined below) in certain of the Loan
Parties’ Seattle, WA and New York, NY Stores, and such insurance proceeds shall
not be required to be deposited into a segregated account, utilized for purposes
of replacing or repairing any assets, or applied to prepay the Loans or Cash
Collateralize the L/C Obligations.

 

6.

Representations and Warranties.

 

  a.

Each Loan Party hereby represents and warrants to the Agents and the Lenders
that (a) all representations and warranties of the Loan Parties contained in the
Credit Agreement and other Loan Documents are true and correct in all material
respects on and as of the Second Amendment Effective Date, except (i) to the
extent that such representations and warranties specifically refer to an earlier
date, in which case they are true and correct as of such earlier date, and
(ii) in the case of any representation and warranty qualified by materiality,
they are true and correct in all respects, and (b) no Default or Event of
Default has occurred and is continuing or would result from the effectiveness of
this Amendment.

 

  b.

The transactions contemplated hereby are within each Loan Party’s corporate or
other organizational powers and have been duly authorized by all necessary
corporate, membership or other necessary action of such Loan Party. The Credit
Agreement and each other Loan Document to which any Loan Party is a party, in
each case as amended hereby, (i) has been duly executed and delivered by each
Loan Party, and (ii) constitutes a legal, valid and binding obligation of such
Loan Party, enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law.

 

7.

Conditions to Effectiveness. This Amendment shall become effective on the date
(the “Second Amendment Effective Date”) on which the Agent shall have received
counterparts of this Amendment duly executed and delivered by each of the
parties hereto.

 

8.

Miscellaneous.

 

  a.

Except as modified hereby, all terms and conditions of the Credit Agreement and
the other Loan Documents remain in full force and effect. Without limiting the
foregoing, the Loan Parties hereby acknowledge, confirm and agree that the
Security Documents and any and all Collateral pledged pursuant thereto to the
Administrative Agent, for the benefit of the Credit Parties, shall continue to
secure all applicable Obligations at any time and from time to time outstanding
under the Credit Agreement and the other Loan Documents, as such Obligations
have been modified pursuant to this Amendment.

 

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  b.

This Amendment may be executed in counterparts (and by different parties hereto
in different counterparts), each of which shall constitute an original, but all
of which when taken together shall constitute a single contract. This Amendment
constitutes the entire contract among the parties relating to the subject matter
of this Amendment and supersedes any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Delivery
of an executed counterpart of a signature page of this Amendment by telecopy,
pdf or other electronic transmission shall be as effective as delivery of a
manually executed counterpart of this Amendment.

 

  c.

THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

[SIGNATURE PAGES FOLLOW]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
as of the date first above written.

 

DOMESTIC BORROWERS: RESTORATION HARDWARE, INC., as Lead Borrower and as a
Domestic Borrower By:   /s/ Ryno Blignaut Name:   Ryno Blignaut Title:  
President, Chief Financial and Administrative Officer, Treasurer and Secretary
RH US, LLC, as a Domestic Borrower By:   /s/ Ryno Blignaut Name:   Ryno Blignaut
Title:   President, Chief Financial and Administrative Officer, Treasurer and
Secretary WATERWORKS OPERATING CO., LLC, as a Domestic Borrower By:   /s/ Ryno
Blignaut Name:   Ryno Blignaut Title:   President, Treasurer and Secretary
WATERWORKS IP CO., LLC, as a Domestic Borrower By:   /s/ Ryno Blignaut Name:  
Ryno Blignaut Title:   President, Treasurer and Secretary CANADIAN BORROWER:
RESTORATION HARDWARE CANADA, INC., as Canadian Borrower By:   /s/ Ryno Blignaut
Name:   Ryno Blignaut Title:   President, Chief Financial and Administrative
Officer, Treasurer and Secretary

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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GUARANTORS: RH YOUNTVILLE, INC., as a Guarantor By:   /s/ Ryno Blignaut Name:  
Ryno Blignaut Title:   President and Treasurer RHM, LLC, as a Guarantor By:  
/s/ Ryno Blignaut Name:   Ryno Blignaut Title:   President, Chief Financial and
Administrative Officer, Treasurer and Secretary

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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BANK OF AMERICA, N.A., as Agent, a Domestic Revolving Lender, Term Lender, L/C
Issuer and Swing Line Lender By:   /s/ Stephen Garvin Name:   Stephen Garvin
Title:   Managing Director

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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BANK OF AMERICA, N.A. (ACTING THROUGH ITS CANADA BRANCH), as a Canadian Lender
and L/C Issuer By:   /s/ Medina Sales de Andrade Name:   Medina Sales de Andrade
Title:   Vice President

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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JPMorgan Chase, NA, as a Domestic Revolving Lender and Term Lender By:   /s/
Lynn Braun Name:   Lynn Braun Title:   Executive Director

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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Wells Fargo Bank, National Association, as a Lender By:   /s/ Brent E. Shay
Name:   Brent E. Shay Title:   Director

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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BMO Harris Bank, N.A., as a Domestic Revolving Lender By:   /s/ Kara Goodwin
Name:   Kara Goodwin Title:   Managing Director

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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Fifth Third Bank, as a Domestic Revolving Lender By:   /s/ Mira Gohil Name:  
Mira Gohil Title:   Vice President

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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TD BANK, N.A., as a Domestic Revolving Lender By:   /s/ Nick Malatestinic Name:
  Nick Malatestinic Title:   SVP Team Leader

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]

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U.S. BANK NATIONAL ASSOCIATION, as a Lender By:   /s/ Carol Anderson Name:  
Carol Anderson Title:   Vice President

 

[Signature Page to Consent and Second Amendment to Eleventh Amended and Restated
Credit Agreement]