<PAGE>
 
                                                                EXHIBIT 10.21(d)

               PLEDGE AGREEMENT (together with instruments executed and
          delivered pursuant to Section 23, this "Agreement") dated as of March
          15, 1999, among PLAYBOY ENTERPRISES, INC. (f/k/a New Playboy, Inc.), a
          Delaware corporation (the "Company"), PEI HOLDINGS, INC., a Delaware
          corporation and wholly owned subsidiary of the Company ("PHI"), each
          other subsidiary of the Company listed on Schedule I hereto (the
          "Subsidiary Pledgors"; the Company, PHI and the Subsidiary Pledgors
          are referred to collectively as the "Pledgors") and CREDIT SUISSE
          FIRST BOSTON, a bank organized under the laws of Switzerland, acting
          through its New York Branch ("CSFB"), as collateral agent (in such
          capacity, the "Collateral Agent") for the Secured Parties (as defined
          in the Credit Agreement referred to below).

     Reference is made to (a) the Credit Agreement dated as of February 26,
1999, (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among the Company, PHI, the Lenders (as defined in Article I
thereof), and CSFB as administrative agent (in such capacity, the
"Administrative Agent"), as collateral agent (in such capacity, the "Collateral
Agent") and as issuing bank (in such capacity, the "Issuing Bank") for the
Lenders and (b) the Subsidiary Guarantee Agreement dated as of March 15, 1999
(as amended, supplemented or otherwise modified from time to time, the
"Subsidiary Guarantee Agreement"), among the Subsidiary Guarantors and the
Collateral Agent. Capitalized terms used and not defined herein (including,
without limitation, the term "Obligations", as used in the next paragraph and
elsewhere herein) are used with the meanings assigned to such terms in the
Credit Agreement.

     The Lenders have agreed to make Loans to the Borrower and the Issuing Bank
has agreed to issue Letters of Credit for the account of the Borrower, in each
case pursuant to, and upon the terms and subject to the conditions specified in,
the Credit Agreement. The Guarantors have agreed to guarantee, among other
things, all the obligations of the Borrower under the Credit Agreement. The
obligations of the Lenders to make Loans and of the Issuing Bank to issue
Letters of Credit are conditioned upon, among other things, the execution and
delivery by the Pledgors of a Pledge Agreement in the form hereof to secure the
Obligations.
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                                                                               2

     Accordingly, the Pledgors and the Collateral Agent, on behalf of itself and
each Secured Party (and each of their respective successors or assigns), hereby
agree as follows:

     SECTION 1. Pledge. As security for the payment and performance, as the case
may be, in full of the Obligations, each Pledgor hereby transfers, grants,
bargains, sells, conveys, hypothecates, pledges, sets over, assigns as security
and delivers unto the Collateral Agent, its successors and assigns, and hereby
grants to the Collateral Agent, its successors and assigns, for the ratable
benefit of the Secured Parties, a security interest in all of such Pledgor's
right, title and interest in, to and under (a) the shares of capital stock and
other Equity Interests and Rights owned by it and listed on Schedule II hereto
and any shares of capital stock and other Equity Interests and Rights of any
Restricted Subsidiary or any other person obtained in the future by such Pledgor
and any and all certificates representing the foregoing (collectively, the
"Pledged Stock"); provided that the Pledged Stock shall not include (i) more
than 65% of the issued and outstanding shares of voting capital stock of any
Foreign Subsidiary or (ii) to the extent that applicable law requires that a
Subsidiary of the Pledgor issue directors' qualifying shares, such qualifying
shares and (iii) any such capital stock, Equity Interests and Rights set forth
on Schedule III, not evidenced by a certificate and subject to a perfected
security interest under the Security Agreement; (b)(i) the debt securities
listed opposite the name of such Pledgor on Schedule II hereto, (ii) any debt
securities of any other Pledgor or any Restricted Subsidiary in the future
issued to or held by such Pledgor and (iii) the promissory notes and any other
instruments evidencing such debt securities (the "Pledged Debt Securities"); (c)
all other property that may be delivered to and held by the Collateral Agent
pursuant to the terms hereof; (d) subject to Section 5, all payments of
principal or interest, dividends, cash, instruments and other property from time
to time received, receivable or otherwise distributed, in respect of, in
exchange for or upon the conversion of the securities referred to in clauses (a)
and (b) above; (e) subject to Section 5, all rights and privileges of such
Pledgor with respect to the securities, interests and other property referred to
in clauses (a), (b), (c) and (d) above; and (f) all proceeds of any of the
foregoing (the items referred to in clauses (a) through (f) above being 
collectively referred to as the "Collateral"). Upon delivery to the Collateral
Agent, (a) any certificates, notes or other securities (including the Pledged
Debt Securities) now or hereafter included in the Collateral (the "Pledged
Securities") shall be accompanied by undated stock or bond powers duly executed
in blank or other instruments of transfer satisfactory to the Collateral Agent
and by such other indorsements, instruments and documents as the Collateral
Agent may reasonably request and (b) all other property comprising part of the
Collateral shall be accompanied by proper instruments of assignment duly
executed by each Pledgor and such other indorsements, instruments or documents
as the Collateral Agent may reasonably request. Each delivery of Pledged
Securities shall be accompanied by a schedule describing the securities
theretofore and then being pledged hereunder, which schedule shall be attached
hereto as Schedule II and made a part hereof. Each delivery of Pledged Stock
shall be accompanied by a schedule

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                                                                               3

describing any capital stock, Equity Interests and Rights theretofore and then
being pledged hereunder which are in uncertificated form, which schedule shall
be attached hereto as Schedule III and made a part hereof. Each schedule so
delivered shall supersede any prior schedules so delivered.

     TO HAVE AND TO HOLD the Collateral, together with all right, title,
interest, powers, privileges and preferences pertaining or incidental thereto,
unto the Collateral Agent, its successors and assigns, for the ratable benefit
of the Secured Parties, forever; subject, however, to the terms, covenants and
conditions hereinafter set forth.

     SECTION 2. Delivery of the Collateral. (a) Each Pledgor agrees promptly to
deliver or cause to be delivered to the Collateral Agent any and all Pledged
Securities, and any and all certificates or other instruments or documents
representing the Collateral.

     (b)  Each Pledgor will cause any Indebtedness for borrowed money in excess
of $2,000,000 owed to such Pledgor by any Foreign Subsidiary, Unrestricted
Subsidiary or non-Wholly Owned Subsidiary to be evidenced by a duly executed
promissory note that is pledged and delivered to the Collateral Agent pursuant
to the terms hereof.

     SECTION 3. Representations, Warranties and Covenants. Each Pledgor hereby
represents, warrants and covenants, as to itself and the Collateral pledged by
it hereunder, to and with the Collateral Agent that:

          (a)  the Pledged Stock represents the percentages set forth on
     Schedule II of the issued and outstanding shares of each class of the
     capital stock or other Equity Interests of the respective issuers of such
     Pledged Stock;

          (b)  except for the security interest granted hereunder, such Pledgor
     (i) is and will at all times continue to be the direct owner, beneficially
     and of record, of the Pledged Securities indicated on Schedule II, (ii)
     holds the same free and clear of all Liens, (iii) will make no assignment,
     pledge, hypothecation or transfer of, or create or permit to exist any
     security interest in or other Lien on, the Collateral, other than pursuant
     hereto, and (iv) subject to Section 5, will cause any and all Collateral,
     whether for value paid by the Pledgor or otherwise, to be forthwith
     deposited with the Collateral Agent and pledged or assigned hereunder;

          (c)  such Pledgor (i) has the power and authority to pledge the
     Collateral in the manner hereby done or contemplated and (ii) will defend
     its title or interest thereto or therein against any and all Liens (other
     than the Lien created by this Agreement), however arising, of all persons
     whomsoever;

          (d)  no consent of any other person (including stockholders or
     creditors of such Pledgor) and no consent or approval of any Governmental
     Authority or any

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     securities exchange was or is necessary to the validity of the pledge
     effected hereby;

          (e)  by virtue of the execution and delivery by the Pledgors of this
     Agreement, when the Pledged Securities, certificates or other documents
     representing or evidencing the Collateral are delivered to the Collateral
     Agent in accordance with this Agreement or, if a security interest in any
     of such Collateral may not under applicable law be perfected by possession,
     then upon the filing of appropriate financing statements, the Collateral
     Agent will obtain a valid and perfected first lien upon and security
     interest in such Pledged Securities as security for the payment and
     performance of the Obligations;

          (f)  the pledge effected hereby is effective to vest in the Collateral
     Agent, on behalf of the Secured Parties, the rights of the Collateral Agent
     in the Collateral as set forth herein;

          (g)  all of the Pledged Stock has been duly authorized and validly
     issued, is fully paid and nonassessable and is in certificated form;

          (h)  all information set forth herein relating to the Pledged Stock is
     accurate and complete in all material respects as of the date hereof;

          (i)  the pledge of the Pledged Stock pursuant to this Agreement does
     not violate Regulation U or X of the Federal Reserve Board or any successor
     thereto as of the date hereof; and

          (j)  the Collateral shall not be represented by any certificates,
     notes, securities, documents or other instruments other than those
     delivered hereunder.

     SECTION 4. Registration in Nominee Name; Denominations. The Collateral
Agent, on behalf of the Secured Parties, shall have the right (in its sole and
absolute discretion), upon the occurrence and during the continuance of a
Default or an Event of Default, to hold the Pledged Securities in its own name
as pledgee, the name of its nominee (as pledgee or as sub-agent) or the name of
the Pledgors, endorsed or assigned in blank or in favor of the Collateral Agent.
If a Default or an Event of Default shall have occurred and be continuing, each
Pledgor will promptly give to the Collateral Agent copies of any notices or
other communications received by it at any time during the continuance of such
Default or Event of Default with respect to Pledged Securities registered in the
name of such Pledgor. The Collateral Agent shall at all times have the right to
exchange the certificates representing Pledged Securities for certificates of
smaller or larger denominations for any purpose consistent with this Agreement.

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     SECTION 5. Voting Rights; Dividends and Interest, etc. (a) Unless and until
an Event of Default shall have occurred and be continuing and the Collateral
Agent shall have given the Pledgors notice of its intent to exercise its rights
under this Agreement:

          (i)   Each Pledgor shall be entitled to exercise any and all voting
     and/or other consensual rights and powers inuring to an owner of Pledged
     Securities or any part thereof for any purpose not inconsistent with the
     terms of this Agreement, the Credit Agreement and the other Loan Documents;
     provided, however, that such Pledgor will not be entitled to exercise any
     such right if the result thereof could materially and adversely affect the
     rights inuring to a holder of the Pledged Securities or the rights and
     remedies of any of the Secured Parties under this Agreement or the Credit
     Agreement or any other Loan Document or the ability of the Secured Parties
     to exercise the same.

          (ii)  Each Pledgor shall be entitled to receive and retain any and all
     cash dividends, distributions, interest and principal paid on the Pledged
     Securities to the extent and only to the extent that such cash dividends,
     distributions, interest and principal are permitted by, and otherwise paid
     in accordance with, the terms and conditions of the Credit Agreement, the
     other Loan Documents and applicable laws. All noncash dividends,
     distributions, interest and principal, and all dividends, distributions,
     interest and principal paid or payable in cash or otherwise in connection
     with a partial or total liquidation or dissolution, return of capital,
     capital surplus or paid-in surplus, and all other distributions (other than
     distributions referred to in the preceding sentence) made on or in respect
     of the Pledged Securities, whether paid or payable in cash or otherwise,
     whether resulting from a subdivision, combination or reclassification of
     the outstanding capital stock of the issuer of any Pledged Securities or
     received in exchange for Pledged Securities or any part thereof, or in
     redemption thereof, or as a result of any merger, consolidation,
     acquisition or other exchange of assets to which such issuer may be a party
     or otherwise, shall be and become part of the Collateral, and, if received
     by any Pledgor, shall not be commingled by such Pledgor with any of its
     other funds or property but shall be held separate and apart therefrom,
     shall be held in trust for the benefit of the Collateral Agent and shall be
     forthwith delivered to the Collateral Agent in the same form as so received
     (with any necessary endorsement). This paragraph (ii) shall not apply to
     distributions of property subject to a perfected security interest under
     the Security Agreement; provided that the Company notifies the Collateral
     Agent in writing, specifically referring to this Section 5, at the time of
     such distribution and takes any actions the Collateral Agent reasonably
     specifies to ensure the continuance of its perfected security interest in
     such property under the Security Agreement.

          (iii) The Collateral Agent shall execute and deliver to each Pledgor,
     or cause to be executed and delivered to each Pledgor, all such proxies,
     powers of

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                                                                               6

     attorney and other indorsements or instruments as such Pledgor may
     reasonably request for the purpose of enabling such Pledgor to exercise the
     voting and/or consensual rights and powers it is entitled to exercise
     pursuant to subparagraphs (i) and (ii) above.

     (b)  Upon the occurrence and during the continuance of an Event of Default
and the giving by the Collateral Agent of a notice of its intention to exercise
its remedies, all rights of any Pledgor to dividends, distributions, interest or
principal that such Pledgor is authorized to receive pursuant to paragraph
(a)(ii) above shall cease, and all such rights shall thereupon become vested in
the Collateral Agent, which shall have the sole and exclusive right and
authority to receive and retain such dividends, distributions, interest or
principal. All dividends, distributions, interest or principal received by any
Pledgor contrary to the provisions of this Section 5 shall be held in trust for
the benefit of the Collateral Agent, shall be segregated from other property or
funds of such Pledgor and shall be forthwith delivered to the Collateral Agent
upon demand in the same form as so received (with any necessary endorsement).
Any and all money and other property paid over to or received by the Collateral
Agent pursuant to the provisions of this paragraph (b) shall be retained by the
Collateral Agent in an account to be established by the Collateral Agent upon
receipt of such money or other property and shall be applied in accordance with
the provisions of Section 7. After all Events of Default have been cured or
waived, the Collateral Agent shall, within five Business Days after all such
Events of Default have been cured or waived, repay to each Pledgor all cash
dividends, distributions, interest or principal (without interest), that such
Pledgor would otherwise be permitted to retain pursuant to the terms of
paragraph (a)(ii) above and which remain in such account.

     (c)  Upon the occurrence and during the continuance of an Event of Default
and the giving by the Collateral Agent of a notice of its intention to exercise
its remedies, all rights of any Pledgor to exercise the voting and consensual
rights and powers it is entitled to exercise pursuant to paragraph (a) of this
Section 5, and the obligations of the Collateral Agent under paragraph (a)(iii)
of this Section 5, shall cease, and all such rights shall thereupon become
vested in the Collateral Agent, which shall have the sole and exclusive right
and authority to exercise such voting and consensual rights and powers, provided
that, unless otherwise directed by the Required Lenders, the Collateral Agent
shall have the right from time to time following and during the continuance of
an Event of Default to permit such Pledgor to exercise such rights. After all
Events of Default have been cured or waived, such Pledgor will have the right to
exercise the voting and consensual rights and powers that it would otherwise be
entitled to exercise pursuant to the terms of paragraph (a)(i) above.

     SECTION 6. Remedies upon Default. Upon the occurrence and during the
continuance of an Event of Default, subject to applicable regulatory and legal
requirements, the Collateral Agent may sell the Collateral, or any part thereof,
at public or private sale or at any broker's board or on any securities
exchange, for cash, upon

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credit or for future delivery as the Collateral Agent shall deem appropriate.
The Collateral Agent shall be authorized at any such sale (if it deems it
advisable to do so) to restrict the prospective bidders or purchasers to persons
who will represent and agree that they are purchasing the Collateral for their
own account for investment and not with a view to the distribution or sale
thereof or to impose other restrictions necessary in its judgment to ensure
compliance with applicable securities laws, as more fully set forth in Section
11, and upon consummation of any such sale the Collateral Agent shall have the
right to assign, transfer and deliver to the purchaser or purchasers thereof the
Collateral so sold. Each such purchaser at any such sale shall hold the property
sold absolutely free from any claim or right on the part of any Pledgor, and, to
the extent permitted by applicable law, each Pledgor hereby waives all rights of
redemption, stay, valuation and appraisal such Pledgor now has or may at any
time in the future have under any rule of law or statute now existing or
hereafter enacted.

     The Collateral Agent shall give a Pledgor 10 days' prior written notice
(which each Pledgor agrees is reasonable notice within the meaning of Section 
9-504(3) of the Uniform Commercial Code as in effect in the State of New York or
its equivalent in other jurisdictions or successor versions of such Uniform
Commercial Code) of the Collateral Agent's intention to make any sale of such
Pledgor's Collateral. Such notice, in the case of a public sale, shall state the
time and place for such sale and, in the case of a sale at a broker's board or
on a securities exchange, shall state the board or exchange at which such sale
is to be made and the day on which the Collateral, or portion thereof, will
first be offered for sale at such board or exchange. Any such public sale shall
be held at such time or times within ordinary business hours and at such place
or places as the Collateral Agent may fix and state in the notice of such sale.
At any such sale, the Collateral, or portion thereof, to be sold may be sold in
one lot as an entirety or in separate parcels, as the Collateral Agent may (in
its sole and absolute discretion) determine. The Collateral Agent shall not be
obligated to make any sale of any Collateral if it shall determine not to do so,
regardless of the fact that notice of sale of such Collateral shall have been
given. The Collateral Agent may, without notice or publication, adjourn any
public or private sale or cause the same to be adjourned from time to time by
announcement at the time and place fixed for sale, and such sale may, without
further notice, be made at the time and place to which the same was so
adjourned. In case any sale of all or any part of the Collateral is made on
credit or for future delivery, the Collateral so sold may be retained by the
Collateral Agent until the sale price is paid in full by the purchaser or
purchasers thereof, but the Collateral Agent shall not incur any liability in
case any such purchaser or purchasers shall fail to take up and pay for the
Collateral so sold and, in case of any such failure, such Collateral may be sold
again upon like notice. At any public (or, to the extent permitted by applicable
law, private) sale made pursuant to this Section 6, any Secured Party may bid
for or purchase, free from any right of redemption, stay or apprai sal on the
part of any Pledgor (all said rights being also hereby waived and released), the
Collateral or any part thereof offered for sale and may make payment on account
thereof by using any claim then due and payable to it from such Pledgor as a
credit against the
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                                                                               8

purchase price, and it may, upon compliance with the terms of sale, hold, retain
and dispose of such property without further accountability to such Pledgor
therefor. For pur poses hereof, (a) a written agreement to purchase the
Collateral or any portion thereof shall be treated as a sale thereof, (b) the
Collateral Agent shall be free to carry out such sale pursuant to such agreement
and (c) such Pledgor shall not be entitled to the return of the Collateral or
any portion thereof subject thereto, notwithstanding the fact that after the
Collateral Agent shall have entered into such an agreement all Events of Default
shall have been remedied and the Obligations paid in full. As an alternative to
exercising the power of sale herein conferred upon it, the Collateral Agent may
proceed by a suit or suits at law or in equity to foreclose upon the Collateral
and to sell the Collateral or any portion thereof pursuant to a judgment or
decree of a court or courts having competent jurisdiction or pursuant to a
proceeding by a court-appointed receiver. Any sale pursuant to the provisions of
this Section 6 shall be deemed to conform to the commercially reasonable
standards as provided in Section 9-504(3) of the Uniform Commercial Code as in
effect in the State of New York or its equivalent in other jurisdictions or
successor versions of such Uniform Commercial Code.

     SECTION 7. Application of Proceeds of Sale. The proceeds of any sale,
foreclosure or other realization upon any Collateral pursuant to Section 6, as
well as any Collateral consisting of cash, shall be applied by the Collateral
Agent as follows:

          FIRST, to the payment of all costs and expenses incurred by the
     Collateral Agent in connection with such sale, foreclosure or realization
     or otherwise in connection with this Agreement, any other Loan Document or
     any of the Obliga tions, including all court costs and the reasonable fees
     and expenses of its agents and legal counsel, the repayment of all advances
     made by the Collateral Agent hereunder or under any other Loan Document on
     behalf of any Pledgor and any other costs or expenses incurred in
     connection with the exercise of any right or remedy hereunder or under any
     other Loan Document;

          SECOND, to the payment in full of the Obligations (the amounts so
     applied to be distributed among the Secured Parties pro rata in accordance
     with the amounts of the Obligations owed to them on the date of any such
     distribution); and

          THIRD, to the Pledgor, its successors or assigns, or as a court of
     competent jurisdiction may otherwise direct.

     The Collateral Agent shall have absolute discretion as to the time of
application of any such proceeds, moneys or balances in accordance with this
Agreement. Upon any sale of the Collateral by the Collateral Agent (including
pursuant to a power of sale granted by statute or under a judicial proceeding),
the receipt of the purchase money by the Collateral Agent or of the officer
making the sale shall be a sufficient discharge to the

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purchaser or purchasers of the Collateral so sold and such purchaser or
purchasers shall not be obligated to see to the application of any part of the
purchase money paid over to the Collateral Agent or such officer or be
answerable in any way for the misapplication thereof.

     SECTION 8. Reimbursement of Collateral Agent. (a) Each Pledgor agrees to
pay upon demand to the Collateral Agent the amount of any and all reasonable
expenses, including the reasonable fees, other charges and disbursements of its
counsel and of any experts or agents, that the Collateral Agent may incur in
connection with (i) the administration of this Agreement, (ii) the custody or
preservation of, or the sale of, collection from, or other realization upon, any
of the Collateral, (iii) the exercise or enforcement of any of the rights of the
Collateral Agent hereunder or (iv) the failure by any Pledgor to perform or
observe any of the provisions hereof.

     (b)  Without limitation of its indemnification obligations under the other
Loan Documents, each Pledgor agrees to indemnify the Collateral Agent and the
Indemnitees against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses, including reasonable counsel
fees, other charges and disbursements, incurred by or asserted against any
Indemnitee arising out of, in any way connected with, or as a result of (i) the
execution or delivery of this Agreement or any other Loan Document or any
agreement or instrument contemplated hereby or thereby, the performance by the
parties hereto of their respective obligations thereunder or the consummation of
the Transactions and the other transactions contemplated thereby or (ii) any
claim, litigation, investigation or proceeding relating to any of the foregoing,
whether or not any Indemnitee is a party thereto, provided that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses have resulted from the gross
negligence or wilful misconduct of any Indemnitee.

     (c)  Any amounts payable as provided hereunder shall be additional
Obligations secured hereby and by the other Security Documents. The provisions
of this Section 8 shall remain operative and in full force and effect regardless
of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of
the Obligations, the invalidity or unenforceability of any term or provision of
this Agreement or any other Loan Document or any investigation made by or on
behalf of the Collateral Agent or any other Secured Party. All amounts due under
this Section 8 shall be payable on written demand therefor and shall bear
interest at the rate specified in Section 2.06 of the Credit Agreement.

     SECTION 9. Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby
appoints the Collateral Agent the attorney-in-fact of such Pledgor for the
purpose of carrying out the provisions of this Agreement and taking any action
and executing any instrument that the Collateral Agent may deem necessary or
advisable to accomplish the

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                                                                              10

purposes hereof, which appointment is irrevocable and coupled with an interest.
Without limiting the generality of the foregoing, the Collateral Agent shall
have the right, upon the occurrence and during the continuance of an Event of
Default, with full power of substitution either in the Collateral Agent's name
or in the name of such Pledgor, to ask for, demand, sue for, collect, receive
and give acquittance for any and all moneys due or to become due under and by
virtue of any Collateral, to endorse checks, drafts, orders and other
instruments for the payment of money payable to such Pledgor representing any
interest or dividend or other distribution payable in respect of the Collateral
or any part thereof or on account thereof and to give full discharge for the
same, to settle, compromise, prosecute or defend any action, claim or proceeding
with respect thereto, and to sell, assign, endorse, pledge, transfer and to make
any agreement respecting, or otherwise deal with, the same; provided that
nothing herein contained shall be construed as requiring or obligating the
Collateral Agent to make any commitment or to make any inquiry as to the nature
or sufficiency of any payment received by the Collateral Agent, or to present or
file any claim or notice, or to take any action with respect to the Collateral
or any part thereof or the moneys due or to become due in respect thereof or any
property covered thereby. The Collateral Agent and the other Secured Parties
shall be accountable only for amounts actually received as a result of the
exercise of the powers granted to them herein, and neither they nor their
officers, directors, employees or agents shall be responsible to any Pledgor for
any act or failure to act hereunder, except for their own gross negligence or
wilful misconduct. The Collateral Agent agrees not to exercise the power of
attorney provided for in this Section 9 unless a Default or Event of Default
shall have occurred and be continuing.

     SECTION 10. Waivers; Amendment. (a) No failure or delay of the Collateral
Agent or any of the Pledgors in exercising any power or right hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps to enforce
such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Collateral
Agent and the Pledgors hereunder and of the other Secured Parties under the
other Loan Documents are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provisions of this
Agreement or consent to any departure by any Pledgor therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) below,
and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. No notice or demand on any Pledgor in any
case shall entitle such Pledgor to any other or further notice or demand in
similar or other circumstances.

     (b)  Neither this Agreement nor any provision hereof may be waived, amended
or modified except pursuant to a written agreement entered into by the Pledgor
or Pledgors with respect to which such waiver, amendment or modification is to
apply, and by the Collateral Agent with any consent required under the Credit
Agreement.

<PAGE>
 
                                                                              11

     SECTION 11. Securities Act, etc. In view of the position of the Pledgors in
relation to the Pledged Securities, or because of other current or future
circumstances, a question may arise under the Securities Act of 1933, as now or
hereafter in effect, or any similar statute hereafter enacted analogous in
purpose or effect (such Act and any such similar statute as from time to time in
effect being called the "Federal Securities Laws") with respect to any
disposition of the Pledged Securities permitted hereunder. Each Pledgor
understands that compliance with the Federal Securities Laws might very strictly
limit the course of conduct of the Collateral Agent if the Collateral Agent were
to attempt to dispose of all or any part of the Pledged Securities, and might
also limit the extent to which or the manner in which any subsequent transferee
of any Pledged Securities could dispose of the same. Similarly, there may be
other legal restrictions or limitations affecting the Collateral Agent in any
attempt to dispose of all or part of the Pledged Securities under applicable
Blue Sky or other state securities laws or similar laws analogous in purpose or
effect. Each Pledgor recognizes that in light of such restrictions and
limitations the Collateral Agent may, with respect to any sale of the Pledged
Securities, limit the purchasers to those who will agree, among other things, to
acquire such Pledged Securities for their own account, for investment, and not
with a view to the distribution or resale thereof. Each Pledgor acknowledges and
agrees that in light of such restrictions and limitations, the Collateral Agent,
in its sole and absolute discretion, (a) may proceed to make such a sale whether
or not a registration statement for the purpose of registering such Pledged
Securities or part thereof shall have been filed under the Federal Securities
Laws and (b) may approach and negotiate with a single potential purchaser to
effect such sale. Each Pledgor acknowledges and agrees that any such sale might
result in prices and other terms less favorable to the seller than if such sale
were a public sale without such restrictions. In the event of any such sale, the
Collateral Agent shall incur no responsibility or liability for selling all or
any part of the Pledged Securities at a price that the Collateral Agent, in its
sole and absolute discretion, may in good faith deem reasonable under the
circumstances, notwithstanding the possibility that a substantially higher price
might have been realized if the sale were deferred until after registration as
aforesaid or if more than a single purchaser were approached. The provi sions of
this Section 11 will apply notwithstanding the existence of a public or private
market upon which the quotations or sales prices may exceed substantially the
price at which the Collateral Agent sells.

     SECTION 12. Security Interest Absolute. All rights of the Collateral Agent
hereunder, the grant of a security interest in the Collateral and all
obligations of each Pledgor hereunder, shall be absolute and unconditional
irrespective of (a) any lack of validity or enforceability of the Credit
Agreement, any other Loan Document, any agreement with respect to any of the
Obligations or any other agreement or instrument relating to any of the
foregoing, (b) any change in the time, manner or place of payment of, or in any
other term of, all or any of the Obligations, or any other amendment or waiver
of or any consent to any departure from the Credit Agreement, any other Loan
Document or any other agreement or instrument relating to any of the foregoing,
(c) any

<PAGE>
 
                                                                              12

exchange, release or nonperfection of any other collateral, or any release or
amendment or waiver of or consent to or departure from any guaranty, for all or
any of the Obligations or (d) any other circumstance that might otherwise
constitute a defense available to, or a discharge of, any Pledgor in respect of
the Obligations or in respect of this Agreement (other than the indefeasible
payment in full of all the Obligations).

     SECTION 13. Termination or Release. (a) This Agreement and the security
interests granted hereby shall terminate when (i) the principal of and premium,
if any, and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding) on all Loans, (ii) each payment
required to be made under the Credit Agreement in respect of any Letter of
Credit, and (iii) all other obligations then due and owing, have in each case
been indefeasibly paid in full and the Lenders have no further commitment to
lend under the Credit Agreement, the L/C Exposure has been reduced to zero and
the Issuing Bank has no further obligation to issue Letters of Credit under the
Credit Agreement.

     (b)  Upon the effectiveness of any written consent to the release of the
security interest granted hereby in any Collateral pursuant to Section 10.08(b)
of the Credit Agreement, the security interest in such Collateral shall be
automatically released.

     (c)  In connection with any termination or release pursuant to paragraph
(a) or (b) above, the Collateral Agent shall execute and deliver to any Pledgor,
at such Pledgor's expense, all documents that such Pledgor shall reasonably
request to evidence such termination or release. Any execution and delivery of
documents pursuant to this Section 13 shall be without recourse to or warranty
by the Collateral Agent.

     SECTION 14. Notices. All communications and notices hereunder shall be in
writing and given as provided in Section 10.01 of the Credit Agreement. All
communications and notices hereunder to any Subsidiary Pledgor shall be given to
it at the address for notices set forth in Schedule I.

     SECTION 15. Further Assurances. Each Pledgor agrees to do such further acts
and things, and to execute and deliver such additional conveyances, assignments,
agreements, indorsement and instruments, as the Collateral Agent may at any time
reasonably request in connection with the administration and enforcement of this
Agreement or with respect to the Collateral or any part thereof or in order
better to assure and confirm unto the Collateral Agent its rights and remedies
hereunder, including taking any actions the Collateral Agent reasonably requests
to ensure that any capital stock, Equity Interests and Rights set forth on
Schedule III are validly pledged hereunder in the event that certificates
representing any such capital stock, Equity Interests or Rights are issued.

     SECTION 16. Binding Effect; Several Agreement; Assignments. Whenever in
this Agreement any of the parties hereto is referred to, such reference shall be
deemed to include the successors and assigns of such party; and all covenants,
promises and agreements by or on behalf of any Pledgor that are contained in
this Agreement shall bind and inure to the benefit of its successors and
assigns. This Agreement shall become effective as to any Pledgor when a
counterpart hereof (or a Supplement referred to in Section 23) executed on
behalf of such Pledgor shall have been delivered to the Collateral Agent and a
counterpart hereof (or a Supplement referred to in Section 23) shall have been
executed on behalf of the Collateral Agent, and thereafter shall be binding upon
such Pledgor and the Collateral Agent, and their respective successors and
assigns, enforceable by such Pledgor against the Collateral Agent and by the
Collateral Agent against such Pledgor, and their respective successors and
assigns, and shall inure to the benefit of such Pledgor, the Collateral Agent
and the other Secured Parties, and their respective successors and assigns,
except that no Pledgor shall have the right to assign its rights hereunder or
any interest herein or in the Collateral (and any such attempted assignment
shall be void), except as expressly contemplated by this Agreement or the other
Loan Documents. This Agreement shall be construed as a separate agreement with
respect to each Pledgor and may be amended, modified, supplemented, waived or
released with respect to any Pledgor without the approval of any other Pledgor
and without affecting the obligations of any other Pledgor hereunder.

     SECTION 17. Survival of Agreement; Severability. (a) All covenants,
agreements, representations and warranties made by each Pledgor herein and in
the certificates or other instruments prepared or delivered in connection with
or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the Collateral Agent and the other Secured Parties,
shall survive the making by the Lenders of the Loans and the issuance of the
Letters of Credit by the Issuing Bank, regardless of any investigation made by
the Secured Parties or on their behalf, and shall continue in full force and
effect until terminated in accordance with Section 14.

     (b)  In the event any one or more of the provisions contained in this
Agreement should be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired thereby (it being understood
that the invalidity of a particular provision in a particular jurisdiction shall
not in and of itself affect the validity of such provision in any other
jurisdiction). The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the
economic effect of which comes as close as possible to that of the invalid,
illegal or unenforceable provisions.

     SECTION 18. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

<PAGE>

                                                                              13

     SECTION 19. Counterparts. This Agreement may be executed in two or more
counterparts, each of which shall constitute an original, but all of which, when
taken together, shall constitute a single contract, and shall become effective
as provided in Section 17. Delivery of an executed counterpart of a signature
page to this Agreement by facsimile transmission shall be as effective as
delivery of a manually executed counterpart of this Agreement.

     SECTION 20. Rules of Interpretation. The rules of interpretation specified
in Section 1.02 of the Credit Agreement shall be applicable to this Agreement.
Section headings used herein are for convenience of reference only, are not part
of this Agreement and are not to affect the construction of, or to be taken into
consideration in interpreting this Agreement.

     SECTION 21. Jurisdiction; Consent to Service of Process. (a) Each Pledgor
hereby irrevocably and unconditionally submits, for itself and its property, to
the nonexclusive jurisdiction of any New York State court or Federal court of
the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this
Agreement or the other Loan Documents, or for recognition or enforcement of any
judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that, to the extent permitted by applicable law, all claims in respect of
any such action or proceeding may be heard and determined in such New York State
court or, to the extent permitted by law, in such Federal court. Each of the
parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall
affect any right that the Collateral Agent or any other Secured Party may
otherwise have to bring any action or proceeding relating to this Agreement or
the other Loan Documents against the Pledgor or its properties in the courts of
any jurisdiction.

     (b)  Each Pledgor hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection that it may
now or hereafter have to the laying of venue of any suit, action or proceeding
arising out of or relating to this Agreement or the other Loan Documents in any
New York State or Federal court. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court.

     (c)  Each party to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 14. Nothing in this
Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by law.

     SECTION 22. Waiver Of Jury Trial. EACH PARTY HERETO HEREBY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY
JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER
OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

     SECTION 23. Additional Pledgors. Pursuant to Section 5.09 of the Credit
Agreement, each Domestic Restricted Subsidiary that was not in existence or not
a Restricted Subsidiary on the date of the Credit Agreement is required to enter
into this Agreement as a Subsidiary Pledgor upon becoming a Restricted
Subsidiary if such Subsidiary owns or possesses property of a type that would be
considered Collateral hereunder. Upon execution and delivery by the Collateral
Agent and a Subsidiary of a Supplement in the form of Annex 1, such Subsidiary
shall become a Subsidiary Pledgor hereunder with the same force and effect as if
originally named as a Subsidiary Pledgor herein. The execution and delivery of
such Supplement shall not require the consent of any Pledgor hereunder. The
rights and obligations of each Pledgor hereunder shall remain in full force and
effect notwithstanding the addition of any new Subsidiary Pledgor as a party to
this Agreement.
<PAGE>
 
                                                                              14


IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of
the day and year first above written.


                             PLAYBOY ENTERPRISES, INC. (f/k/a New
                             Playboy, Inc.),

                             by
                               ------------------------------------
                               Name:
                               Title:

   
                             PEI HOLDINGS, INC.,

                             by
                               ------------------------------------
                               Name:
                               Title:

  
                             EACH OF THE SUBSIDIARIES LISTED ON
                             SCHEDULE I HERETO,

                             by
                               ------------------------------------
                               Name:
                               Title:


                             CREDIT SUISSE FIRST BOSTON, as
                             Collateral Agent,

                             by
                               ------------------------------------
                               Name:
                               Title:


                             by
                               ------------------------------------
                               Name:
                               Title:

<PAGE>
 
                              Schedule I to the
                               Pledge Agreement


<TABLE> 
<CAPTION> 

   Subsidiary Guarantor                                   Address
   --------------------                                   -------
<S>                                                <C> 
AdulTVision Communications, Inc.                   c/o Playboy Enterprises, Inc.
                                                   680 North Lake Shore Drive
After Dark Video, Inc.                             Chicago, IL 60611
                                                   Fax: (312) 751 8000
Alta Loma Entertainment, Inc.                      Attn: General Counsel
                                                   Attn: Chief Financial Officer
Alta Loma Distribution, Inc.
                                                   with a copy to:
Cameo Films, Inc.                                  Paul, Weiss, Rifkind,
                                                    Wharton & Garrison
Critics' Choice Video, Inc.                        1285 Avenue of the Americas
                                                   New York, NY 10019
Impulse Productions, Inc.                          Fax: (212) 757-3990
                                                   Attn: James M. Dubin
Lake Shore Press, Inc.

Lifestyle Brands, Ltd.

Mystique Films, Inc.

PEI Holdings, Inc.

Playboy Club of Hollywood, Inc.

Playboy Club of New York, Inc.

Playboy Clubs International, Inc.

Playboy Enterprises, Inc. to be renamed Playboy Enterprises International, Inc.

Playboy Entertainment Group, Inc.

Playboy Gaming International, Ltd.

Playboy Gaming Nevada, Inc.

Playboy Models, Inc.

Playboy of Lyons, Inc.

Playboy of Sussex, Inc.

Playboy Preferred, Inc.

Playboy Properties, Inc.

Playboy Shows, Inc.

Precious Films, Inc.

Special Editions, Ltd.

</TABLE> 
<PAGE>
 
                                                                               2


Steelton, Inc.

Telecom International, Inc.

Women Productions, Inc.

CPV Productions, Inc.

Cyberspice, Inc.

MH Pictures, Inc.

Spice Entertainment Companies, Inc.

Spice Direct, Inc.

Spice International, Inc.

Spice Networks, Inc.

Spice Productions, Inc.
<PAGE>
 
                                                              Schedule II to the
                                                                Pledge Agreement

                             EQUITY INTERESTS

<TABLE> 
<CAPTION> 
                           Number of   Registered   Number and        Percentage
Pledgor      Issuer       Certificate     Owner     Class of Shares    of Shares
-------      ------       -----------     -----     ---------------    ---------
<S>          <C>          <C>          <C>          <C>               <C> 
</TABLE> 

                                DEBT SECURITIES

<TABLE> 
<CAPTION> 
                               Principal
Pledgor      Issuer             Amount          Date of Note      Maturity Date
-------      ------             ------          ------------      -------------
<S>          <C>               <C>              <C>               <C> 
</TABLE> 

                                                                  Annex 1 to the
                                                                Pledge Agreement

               SUPPLEMENT NO. (this "Supplement") dated as of to the PLEDGE
          AGREEMENT dated as of March 15, 1999 (the "Pledge Agreement"), among
          PLAYBOY ENTERPRISES, INC. (f/k/a New Playboy, Inc.), a Delaware
          corporation (the "Company"), PEI HOLDINGS, INC., a Delaware
          corporation and wholly owned subsidiary of the Company ("PHI"), each
          other subsidiary of the Company listed on Schedule I thereto (together
          with PHI, the "Subsidiary Pledgors"; the Company and the Subsidiary
          Pledgors are referred to collectively as the "Pledgors") and CREDIT
          SUISSE FIRST BOSTON, a bank organized under the laws of Switzerland,
          acting through its New York Branch ("CSFB"), as collateral agent (in
          such capacity, the "Collateral Agent") for the Secured Parties (as
          defined in the Credit Agreement referred to below).

     A.   Reference is made to (a) the Credit Agreement dated as of February 26,
1999, (as amended, supplemented or otherwise modified from time to time, the
"Credit Agreement") among the Company, PHI, the Lenders (as defined in Article I
thereof), and CSFB as administrative agent (in such capacity, the
"Administrative Agent"), as collateral agent (in such capacity, the "Collateral
Agent") and as issuing bank (in such capacity, the "Issuing Bank") for the
Lenders and (b) the Subsidiary Guarantee Agreement dated as of March 15, 1999
(as amended, supplemented or otherwise modified from time to time, the
"Subsidiary Guarantee Agreement"), among the Subsidiary Guarantors and the
Collateral Agent.

     B.   Capitalized terms used herein and not otherwise defined herein are
used with the meanings assigned to such terms in the Credit Agreement and the
Pledge Agreement.

     C.   The Pledgors have entered into the Pledge Agreement in order to induce
the Lenders to make Loans and the Issuing Bank to issue Letters of Credit.
Pursuant to Section 5.09 of the Credit Agreement, each Domestic Restricted
Subsidiary that was not in existence or not a Restricted Subsidiary on the date
of the Credit Agreement is required to enter into the Pledge Agreement as a
Subsidiary Pledgor upon becoming a Domestic Restricted Subsidiary if such
Subsidiary owns or possesses property of a type that would be considered
Collateral under the Pledge Agreement. Section 23 of the Pledge Agreement
provides that such Subsidiaries may become Subsidiary Pledgors under the Pledge
Agreement by execution and delivery of an instrument in the form of this
Supplement. The undersigned Subsidiary (the "New Pledgor") is executing this
Supplement in accordance with the requirements of the Credit Agreement to become
a Subsidiary Pledgor under the Pledge Agreement in order to induce the Lenders
to make additional Loans and the Issuing Bank to issue additional Letters of
Credit and as consideration for Loans previously made and Letters of Credit
previously issued.


<PAGE>
 
 
                                                                               2

     Accordingly, the Collateral Agent and the New Pledgor agree as follows:

     SECTION 1. In accordance with Section 23 of the Pledge Agreement, the New
Pledgor by its signature below becomes a Pledgor under the Pledge Agreement with
the same force and effect as if originally named therein as a Pledgor and the
New Pledgor hereby agrees (a) to all the terms and provisions of the Pledge
Agreement applicable to it as a Pledgor thereunder and (b) represents and
warrants that the representations and warranties made by it as a Pledgor
thereunder are true and correct on and as of the date hereof. In furtherance of
the foregoing, the New Pledgor, as security for the payment and performance in
full of the Obligations, does hereby create and grant to the Collateral Agent,
its successors and assigns, for the benefit of the Secured Parties, their
successors and assigns, a security interest in and lien on all of the New
Pledgor's right, title and interest in and to the Collateral of the New Pledgor.
Each reference to a "Subsidiary Pledgor" or a "Pledgor" in the Pledge Agreement
shall be deemed to include the New Pledgor.

     SECTION 2. The New Pledgor represents and warrants to the Collateral Agent
and the other Secured Parties that this Supplement has been duly authorized,
executed and delivered by it and constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms.

     SECTION 3. This Supplement may be executed in counterparts, each of which
shall constitute an original, but all of which when taken together shall
constitute a single contract. This Supplement shall become effective when the
Collateral Agent shall have received counterparts of this Supplement that, when
taken together, bear the signatures of the New Pledgor and the Collateral Agent.
Delivery of an executed signature page to this Supplement by facsimile
transmission shall be as effective as delivery of a manually signed counterpart
of this Supplement.

     SECTION 4. The New Pledgor hereby represents and warrants that set forth on
Schedule I attached hereto is a true and correct schedule of all its Pledged
Securities. Schedule II to the Pledge Agreement is hereby supplemented to add
thereto the Pledged Securities set forth in Schedule I hereto.

     SECTION 5. Except as expressly supplemented hereby, the Pledge Agreement
shall remain in full force and effect.

     SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

     SECTION 7. In case any one or more of the provisions contained in this
Supplement should be held invalid, illegal or unenforceable in any respect,
neither party

<PAGE>


                                                                               3


hereto shall be required to comply with such provision for so long as such
provision is held to be invalid, illegal or unenforceable, but the validity,
legality and enforceability of the remaining provisions contained herein and in
the Pledge Agreement shall not in any way be affected or impaired. The parties
hereto shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable
provisions.

  SECTION 8. All communications and notices hereunder shall be in writing
and given as provided in Section 14 of the Pledge Agreement. All communications
and notices hereunder to the New Pledgor shall be given to it at the address set
forth under its signature hereto.

  SECTION 9. The New Pledgor agrees to reimburse the Collateral Agent for
its reasonable out-of-pocket expenses in connection with this Supplement,
including the reasonable fees, other charges and disbursements of counsel for
the Collateral Agent.

  IN WITNESS WHEREOF, the New Pledgor and the Collateral Agent have duly
executed this Supplement to the Pledge Agreement as of the day and year first
above written.

                                [Name of New Pledgor],

                                   by
                                      -------------------------------------
                                      Name:
                                      Title:
                                      Address:


                                CREDIT SUISSE FIRST BOSTON, as
                                Collateral Agent,

                                   by
                                      -------------------------------------
                                      Name:
                                      Title:


<PAGE>

                                                                               4


                                   by
                                      -------------------------------------
                                      Name:
                                      Title:


                                                              Schedule I to
                                                             Supplement No.
                                                    to the Pledge Agreement

                     Pledged Securities of the New Pledgor

<TABLE>
<CAPTION> 
                                EQUITY INTERESTS
 
              Number of        Registered     Number and         Percentage
Issuer        Certificate      Owner          Class of Shares    Shares
------        -----------      ----------     ---------------    ----------
<S>           <C>              <C>            <C>                <C>
</TABLE>

                                 DEBT SECURITIES

<TABLE> 
<CAPTION> 
                Principal
Issuer           Amount            Date of Note           Maturity Date
------           ------            ------------           -------------
<S>             <C>                <C>                    <C>

                                                         Schedule II to
                                                         Supplement No.
                                                to the Pledge Agreement

</TABLE>