[Bankers Trust Company letterhead] June 16, 1995 Bank of America National Trust and Savings Association 555 South Flower Street 5th Floor No. 8510 Los Angeles, CA 90071 Bank of America 333 South Beaudry 25th Floor Los Angeles, CA 90017 Attn: Mary Lee Re: Indenture dated as of June 15, 1986 between Wherehouse Entertainment, Inc. ("Company") and Bank of America National Trust and Savings Association ("Trustee"), as supplemented (the "Indenture"); terms used herein without definition shall have the meanings assigned to such terms in the Indenture Dear Sir or Madam: Bankers Trust Company, as agent under that certain Credit Agreement dated as of June 11, 1992, as amended (the "Bank Credit Agreement") by and among WEI Holdings, Inc., Wherehouse Enter- tainment, Inc., the lenders party thereto, Bankers Trust Company, as agent ("Agent") and Heller Financial, Inc. as co-agent ("Co-Agent"), hereby notifies you that an Event of Default (as defined in the Bank Credit Agreement) exists and continues under the Bank Credit Agreement. A copy of a notice to Holdings and Company of that Event of Default is attached hereto. Accordingly, pursuant to Section 13.04 of the Indenture, Company may not pay principal of or interest on the Securities and may not acquire any Securities for cash or property other than Common Stock of the Company. Pursuant to Section 13.12 of the Indenture, henceforth the Trustee may not make any payments on these Securities, including (without limitation) paying any interest on the Securities or converting any Securities into cash, until and unless the Company is authorized to resume payments on the Securities pursuant to Section 13.04 of the Indenture. BANKERS TRUST COMPANY, as Agent By: /s/ Amelia Sea --------------------------- Title: Vice President cc: Wherehouse Entertainment, Inc. 19701 Hamilton Avenue Torrance, CA 90502-1311 Attn: President Hendrik de Jong, Esq. Latham & Watkins 633 West Fifth Street Suite 4000 Los Angeles, CA 90071 Andrew Brownstein, Esq. Wachtell, Lipton, Rosen & Katz 299 Park Avenue New York, NY 10171-0149 Jerry E. Goldress WEI Holdings, Inc. Wherehouse Entertainment, Inc. 19701 Hamilton Avenue Torrance, CA 90502 [Bankers Trust Company letterhead] June 16, 1995 Wherehouse Entertainment, Inc. 19701 Hamilton Avenue Torrance, Ca 90502 Attn: Jerry E. Goldress WEI Holdings, Inc. 19701 Hamilton Avenue Torrance, CA 90502 Attn: Jerry E. Goldress Re: Credit Agreement Dated as of June 11, 1992, as amended (the "Credit Agreement"), by and among WEI Holdings, Inc. ("Holdings"), Wherehouse Entertainment, Inc. ("Borrower"), the lenders party thereto ("Lenders"), Bankers Trust Company as Agent ("Agent") and Heller Financial, Inc. as Co-Agent ("Co-Agent"); capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement. As you have acknowledged, Holdings and Borrower are in default under the Credit Agreement as a result of (a) Holdings' and Borrower's failure to satisfy the requirements of Section 6.6B of the Credit Agreement for the fourth Fiscal Quarter of 1995, (b) Holdings' and Borrower's failure to satisfy the requirements of Sections 6.6A, B and C of the Credit Agreement for the first Fiscal Quarter of Fiscal Year 1996, and (c) Holdings' and Borrower's failure to satisfy the requirement of Section 5.1(iii) to deliver an unqualified audit opinion with respect to the financial statements for Fiscal Year 1995. As a result of the foregoing defaults and as you have further acknowledged, Events of Default exist and are continuing under Section 8.3 of the Credit Agreement which entitle the Lenders to declare the Obligations immediately due and payable. BANKERS TRUST COMPANY As Agent By /s/ Amelia Sea ---------------------- Title: Vice President cc: Wherehouse Entertainment, Inc. 19701 Hamilton Avenue Torrance, CA 90502 Attn: Jerry E. Goldress WEI Holdings, Inc. 19701 Hamilton Avenue Torrance, CA 90502-1311 Attn: Jerry E. Goldress Wachtell, Lipton, Rosen & Katz 299 Park Avenue New York, NY 10171-0149 Attn: Andrew Brownstein, Esq. Hendrik de Jong, Esq. Latham & Watkins 633 West Fifth Street Suite 4000 Los Angeles, CA 90071