Exhibit 10.2.4

                                   JOINDER TO
                            MASTER CORPORATE GUARANTY

            Reference  is made to  that  certain  Amended  and  Restated  Credit
Agreement among PEI Holdings,  Inc., a Delaware  corporation  ("Borrower"),  the
various financial  institutions as are, or may from time to time become, parties
thereto  ("Lenders"),  and  Bank of  America,  N.A.,  as agent  for the  Lenders
("Agent"),  dated as of April 1, 2005 (as such  document is  amended,  restated,
modified or supplemented from time to time, the "Credit Agreement").

            In order to induce  Agent and the other  Lenders to continue to make
advances to Borrower under the Credit  Agreement and in accordance  with Section
6.10  of the  Credit  Agreement,  each of the  undersigned  Companies  (each,  a
"Company"),  each a newly formed direct or indirect  subsidiary or  Wholly-Owned
Restricted   Subsidiary  (as  defined  in  the  Credit   Agreement)  of  Playboy
Enterprises, Inc., a Delaware corporation ("Playboy"), hereby agrees to become a
party to that certain Master Corporate Guaranty,  dated as of March 11, 2003 (as
amended,  restated,  modified or supplemented from time to time, the "Guaranty";
capitalized terms not otherwise defined herein shall have the meanings stated in
the  Guaranty),  among  Playboy,  certain  direct and indirect  subsidiaries  of
Borrower and Agent, by executing this Joinder to Master Corporate Guaranty,  and
further  agrees that, in accordance  with the Guaranty on and after the date set
forth below, such Company is a "Guarantor"  thereunder and shall be bound by all
the terms, provisions and obligations of the Guaranty.

            Each  of the  Companies  hereby  agrees  that it  makes  each of the
representations set forth in the Guaranty as of the date set forth below.

            In all other  respects,  the Guaranty shall remain  unchanged and in
full force and effect in accordance with its original terms.

                        [Signatures follow on next page.]

<PAGE>

Dated:  May 15, 2006

                                           COMPANIES
                                           ---------

                                           PLAYBOY.COM, INC.,
                                           a Delaware corporation

                                           By Robert Campbell
                                           Its Treasurer


                                           PLAYBOY.COM INTERNET GAMING, INC.,
                                           a Delaware corporation

                                           By Robert Campbell
                                           Its  Treasurer


                                           PLAYBOY.COM RACING, INC.,
                                           a Delaware corporation

                                           By Robert Campbell
                                           Its  Treasurer


                                           SPICETV.COM, INC.,
                                           a Delaware corporation

                                           By Robert Campbell
                                           Its  Treasurer


                                           CJI HOLDINGS, INC.,
                                           a Delaware corporation

                                           By Robert Campbell
                                           Its  Treasurer
ACCEPTED:

BANK OF AMERICA, N.A.,
  as Agent


By David A. Johanson
   -----------------
Its Vice President
    --------------


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