Document:

Exhibit 10.1

                                                                  EXECUTION COPY

                        SIXTH AMENDMENT dated as of October 15, 2002 (this
                  "Amendment"), to the Credit Agreement dated as of February 26,
                  1999, as amended by the Amendment dated as of January 10,
                  2000, the Second Amendment dated as of January 31, 2000, the
                  Third Amendment dated as of June 9, 2000, the Fourth Amendment
                  dated as of June 1, 2001, and the Fifth Amendment dated as of
                  April 12, 2002 (the "Credit Agreement"), among PLAYBOY
                  ENTERPRISES, INC., a Delaware corporation (the "Company"), PEI
                  HOLDINGS, INC., a Delaware corporation and wholly owned
                  subsidiary of the Company ("PHI"), the financial institutions
                  from time to time party thereto (the "Lenders") and CREDIT
                  SUISSE FIRST BOSTON, a bank organized under the laws of
                  Switzerland, acting through its New York branch, as
                  administrative agent (in such capacity, the "Administrative
                  Agent"), as collateral agent and as issuing bank.

            A. The parties hereto have entered into the Credit Agreement,
pursuant to which the Lenders have agreed to extend credit to the Borrower (as
defined in the Credit Agreement) on the terms and subject to the conditions set
forth therein.

            B. The Company and PHI have requested that the Lenders agree to
amend certain provisions of the Credit Agreement, and the Lenders are willing,
on the terms and subject to the conditions set forth below, to amend the Credit
Agreement as provided herein.

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

            Accordingly, in consideration of the mutual agreements herein
contained and other good and valuable consideration, the sufficiency and receipt
of which are hereby acknowledged, the parties hereto hereby agree as follows:

            SECTION 1. Amendment of Credit Agreement. The Credit Agreement is
hereby amended as follows:

            (a) The following new definitions are inserted into Section 1.01 in
their proper alphabetical position:

                  "Existing Playboy TV International Agreements" shall mean the
            agreements listed on Schedule 1.01(b) hereto, in the forms delivered
            to the Lenders pursuant to Section 5.03(h)."

                  "Playboy TV International Amendments" shall mean the
            amendments to the Existing Playboy TV International Agreements
            implementing the Playboy TV International Restructuring."

                  "Playboy TV International Restructuring" shall mean a series
            of transactions more fully described in the PTVI Deal Outline
            attached as Schedule 1.01(d) hereto pursuant to which (a) Playboy
            Entertainment Group, Inc., a wholly owned subsidiary of the Borrower
            ("PEGI"), will own all the Equity Interests in Playboy TV
            International not currently owned by it, (b) PEGI will retain its
            19% Equity Interest in Playboy TV-Latin America, LLC, (c) Claxson
            Interactive Group Inc. and its Affiliates ("Claxson") will transfer
            to the Company the Equity Interests owned by it in Playboy Online
            and (d) the Latin American internet joint venture between Playboy
            Online and Claxson will be canceled, all as described in the PTVI
            Deal Outline attached as Schedule 1.01(d) hereto."

<PAGE>
                                                                               2

            (b) The definitions of "Playboy International, Playboy International
Capital Contributions, Playboy International Initial Fee and Playboy
International Rights Acquisition Fee in Section 1.01 are amended to read as
follows:

                  "Playboy TV International" shall mean Playboy TV
            International, LLC, a Delaware limited liability company that,
            pursuant to the Playboy TV International Amendments, will become a
            Wholly Owned Subsidiary.

                  "Playboy TV International Capital Contributions" shall mean
            the capital contributions made by Playboy Entertainment Group, Inc.
            to Playboy TV International pursuant to the Existing Playboy TV
            International Agreements.

                  "Playboy TV International Initial Fee" shall mean the initial
            fee paid under the Existing Playboy TV International Agreements at
            the time of the initial closing of the transactions provided for
            therein.

                  "Playboy TV International Rights Acquisition Fee" shall mean
            the fees payable under Section 7.1 of the Operating Agreement for
            Playboy TV International, LLC included in the Existing Playboy TV
            International Agreements.

            (c) The definition of "Playboy TV International Agreements in
Section 1.01 is amended to read as follows:

                  "Playboy TV International Agreements" shall mean, initially,
            the Existing Playboy TV International Agreements, and after the
            effectiveness of the Playboy TV International Amendments, the
            Existing Playboy TV International Agreements as amended by such
            Playboy TV International Amendments, in each case as the same may be
            further amended from time to time in accordance with Section 6.09.

            (d) Section 5.03 is amended by relettering paragraphs (i) and (j) as
paragraphs (j) and (k) respectively and by inserting after paragraph (h) the
following new paragraph (i):

                  "(i) promptly following their execution and delivery, copies
            certified by a Responsible Officer of the Borrower of the Playboy TV
            International Amendments;".

            (e) The following new sentence is inserted at the end of Section
            5.09(a):

            "Without limiting the foregoing, (i) promptly, and in any event
            within 10 Business Days after the acquisition thereof, cause all
            Equity Interests acquired by it pursuant to the Playboy TV
            International Restructuring to be pledged to the Collateral Agent
            under the Pledge Agreement and (ii) promptly, and in any event
            within 10 Business Days after Playboy TV International shall become
            a Subsidiary pursuant to the Playboy TV International Restructuring,
            cause Playboy TV International and each of its subsidiaries (other
            than any Foreign Subsidiary) to become a party to the Subsidiary
            Guarantee Agreement and the applicable Security Documents and to
            deliver to the Collateral Agent for filing or recordation all such
            instruments as shall be necessary in order for the Collateral
            Requirement and the Guarantee Requirement to be satisfied with
            respect to such corporations."

            (f) Section 6.04(h) is amended to read as follows:

                  "(h) investments made pursuant to the Playboy TV International
            Agreements;".

<PAGE>
                                                                               3

            (g) Section 6.09 is amended to read as follows:

                        "SECTION 6.09. Amendment of Material Agreements. Amend,
                  modify or waive in any material respect the Playboy TV
                  International Agreements (other than by execution of the
                  Playboy TV International Amendments) or any agreement
                  governing Material Indebtedness if any such amendment,
                  modification or waiver, taken together with any related
                  amendments, modifications or waivers, would be materially
                  likely to result in a Material Adverse Effect or to be
                  materially adverse to the rights or interests of the Lenders
                  (including by materially reducing the amount of any prepayment
                  required to be made hereunder), or permit the Playboy TV
                  International Amendments to contain any terms not described in
                  Schedule 1.01(d) hereto that would be materially likely to
                  result in a Material Adverse Effect or to be materially
                  adverse to the rights or interests of the Lenders.

            (h) Paragraph (f)(i) of Article VII is amended by deleting the
reference therein to "Bloomfield Mercantile Inc. or its successors or assigns,
or any of their respective Affiliates" and replacing it with the words "any
party to the Playboy TV International Agreements other than the Company and the
Subsidiaries".

            (i) Schedules 1.01(b) and 1.01(d) to this Amendment are hereby
appended to the Credit Agreement as Schedules 1.01(b) and 1.01(d) thereto.

            (j) The words "Playboy International" are replaced with the words
"Playboy TV International" wherever they exist in the Credit Agreement and the
other Loan Documents.

            SECTION 2. Representations and Warranties. Each of the Company and
PHI represents and warrants to and covenants with each Lender as follows:

                  (a) on and as of the date hereof, and after giving effect to
            the amendments provided for in Section 1 of this Amendment:

                        (i) The representations and warranties set forth in
                  Article III of the Credit Agreement are true and correct in
                  all material respects with the same effect as if made on and
                  as of the date hereof, except to the extent such
                  representations and warranties expressly relate to an earlier
                  date; and

                        (ii) No Event of Default or Default has occurred and is
                  continuing.

                  (b) The consideration given by the Company and the
            Subsidiaries in connection with the Playboy TV International
            Restructuring will consist solely of the termination or modification
            of rights of the Company and the Subsidiaries under the Existing
            Playboy TV International Agreements and not of any cash, cash
            equivalents or Indebtedness. The Playboy TV International
            Restructuring and the Playboy TV International Amendments will not
            include any terms not described in Schedule 1.01(d) hereto that
            would be materially likely to be materially adverse to the Company
            and the Subsidiaries, taken as a whole, or to the rights or
            interests of the Lenders.

            The representations and warranties and the covenants contained in
this Section 2 shall for all purposes of the Credit Agreement be deemed to be
set forth in Articles III and VI thereof, respectively.

            SECTION 3. Effectiveness. This Amendment shall become effective upon
the execution of counterparts of the signature pages hereto by the Company, PHI,
the Administrative Agent and Lenders constituting the Required Lenders;
provided, that the amendments set forth in

<PAGE>
                                                                               4

Section 1 shall not become effective until each of the following conditions
precedent shall have been satisfied:

            (a) The Borrower shall have paid to the Administrative Agent, for
      the account of each Lender that shall have executed this Amendment at or
      prior to 5:00 p.m., New York City time, on October 18, 2002, in
      immediately available funds, an amendment fee equal to 0.125% of the
      aggregate outstanding Term Loans, Revolving Credit Exposure and unused
      Revolving Credit Commitment of such Lender on the date hereof (determined
      after giving effect to any prepayments and Commitment reductions prior to
      the date of this Amendment).

            (b) The Administrative Agent shall have received such evidence as
      the Administrative Agent or Cravath, Swaine & Moore, counsel to the
      Administrative Agent, shall reasonably have requested as to the corporate
      power and authority of the Company and PHI to enter into and perform their
      obligations under this Amendment reasonably satisfactory in form and
      substance to the Administrative Agent and to Cravath, Swaine & Moore.

The Administrative Agent shall notify the Lenders of the satisfaction of the
foregoing conditions, and such notice shall, in the absence of manifest error,
conclusively evidence the satisfaction of such conditions.

            SECTION 4. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

            SECTION 5. Expenses. The Borrower shall pay all reasonable
out-of-pocket fees and expenses incurred by the Administrative Agent in
connection with the preparation, negotiation, execution and delivery of this
Amendment, including, but not limited to, the reasonable fees, disbursements and
other charges of Cravath, Swaine & Moore, counsel to the Administrative Agent.

            SECTION 6. Counterparts. This Amendment may be executed in any
number of counterparts, each of which shall be an original but all of which,
when taken together, shall constitute but one instrument. Delivery of an
executed counterpart of a signature page of this Amendment by facsimile
transmission shall be as effective as delivery of a manually executed
counterpart of this Amendment.

            SECTION 7. Headings. Section headings used herein are for
convenience of reference only, are not part of this Amendment and are not to
affect the construction of, or to be taken into consideration in interpreting,
this Amendment.

            SECTION 8. Effect of Amendment. Except as specifically stated
herein, the Credit Agreement shall continue in full force and effect in
accordance with the provisions thereof. As used therein, the terms "Agreement",
"herein", "hereunder", "hereinafter", "hereto", "hereof" and words of similar
import shall, unless the context otherwise requires, refer to the Credit
Agreement as modified hereby.

<PAGE>
                                                                               5

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the date first
above written.

                                   PLAYBOY ENTERPRISES, INC,

                                        by

                                            /s/ Robert D. Campbell
                                            ------------------------------------
                                            Name:  Robert D. Campbell
                                            Title: SVP, Treasurer

                                   PEI HOLDINGS, INC.,

                                        by

                                            /s/ Robert D. Campbell
                                              ----------------------------------
                                            Name:  Robert D. Campbell
                                            Title: Treasurer

                                   CREDIT SUISSE FIRST BOSTON,  individually and
                                   as Administrative Agent, Collateral Agent and
                                   Issuing Bank,

                                        by

                                            /s/ Bill O'Daly
                                            ------------------------------------
                                            Name:  Bill O'Daly
                                            Title: Director

                                        by

                                            /s/ Jay Chall
                                            ------------------------------------
                                            Name:  Jay Chall
                                            Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                      NAME OF INSTITUTION: ING CAPITAL LLC
                                           ---------------------------

                                        by  /s/ William James
                                           ---------------------------
                                           Name:  William James
                                           Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                 NAME OF INSTITUTION: FIRST DOMINION FUNDING II
                                      -------------------------------

                                  by  /s/ Andrew H. Marshak
                                      -------------------------------
                                      Name:    Andrew H. Marshak
                                      Title:   Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                 NAME OF INSTITUTION: FIRST DOMINION FUNDING III
                                      -------------------------------

                                  by  /s/ Andrew H. Marshak
                                      -------------------------------
                                      Name:  Andrew H. Marshak
                                      Title: Authorized Signatory

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                   NAME OF INSTITUTION: BANK OF AMERICA, N.A.
                                        ----------------------------

                                   by  /s/ Ronald Prince
                                       -----------------------------
                                       Name:  Ronald Prince
                                       Title: Senior Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

               NAME OF INSTITUTION: FRANKLIN FLOATING RATE TRUST
                                    ---------------------------------

                                by  /s/ Richard Hsu
                                    ---------------------------------
                                    Name:  Richard Hsu
                                    Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

               NAME OF INSTITUTION: HARRIS TRUST AND SAVINGS BANK
                                    ----------------------------------

                                by  /s/ Ronald V. Redd
                                    ----------------------------------
                                    Name:  Ronald V. Redd
                                    Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                       NAME OF INSTITUTION: KZH SOLEIL LLC
                                            --------------------------

                                        by  /s/ Susan Lee
                                            --------------------------
                                            Name:  Susan Lee
                                            Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                      NAME OF INSTITUTION: KZH SOLEIL-2 LLC
                                           ------------------------------

                                       by  /s/ Susan Lee
                                           ------------------------------
                                           Name:  Susan Lee
                                           Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

               NAME OF INSTITUTION: GALAXY CLO 1999-1 LTD.
                                    ----------------------------

                                 by /s/ Scott H. Richland
                                    ----------------------------
                                    Name:  Scott H. Richland
                                    Title: Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                     NAME OF INSTITUTION: LASALLE BANK, N.A.
                                         ---------------------------

                                     by  /s/ Kyle Freimuth
                                         ---------------------------
                                         Name:  Kyle Freimuth
                                         Title: Vice President

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                       NAME OF INSTITUTION: KZH ING-2 LLC
                                            ---------------------------

                                        by  /s/ Susan Lee
                                            ---------------------------
                                            Name:  Susan Lee
                                            Title: Authorized Agent

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                NAME OF INSTITUTION: MOUNTAIN CAPITAL CLO 1 LTD.
                                     -------------------------------

                                 by  /s/ Darren P. Riley
                                     ---------------------------
                                     Name:  Darren P. Riley
                                     Title: Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

          NAME OF INSTITUTION: PPM AMERICA, INC., as Attorney-in-fact,
                                on behalf of JACKSON NATIONAL LIFE
                                INSURANCE COMPANY
                               -----------------------------------------

                           by  /s/ David C. Wagner
                               -----------------------------------------
                               Name:  David C. Wagner
                               Title: Managing Director

<PAGE>

                                                               SIGNATURE PAGE TO
                                                                 SIXTH AMENDMENT
                                                                     DATED AS OF
                                                                OCTOBER 15, 2002
                                                                  TO THE PLAYBOY
                                                               ENTERPRISES, INC.
                                                                CREDIT AGREEMENT
                                                                     DATED AS OF
                                                               FEBRUARY 26, 1999

                           To Approve This Amendment:

                 NAME OF INSTITUTION: PPM SPYGLASS FUNDING TRUST
                                      -------------------------------

                                  by  /s/ Diana L. Mushill
                                      -------------------------------
                                      Name:  Diana L. Mushill
                                      Title: Authorized AgentExhibit 10.2

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
NOR UNDER ANY STATE SECURITIES LAW AND MAY NOT BE PLEDGED, SOLD, ASSIGNED OR
TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT WITH RESPECT THERETO IS
EFFECTIVE UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE
SECURITIES LAW REQUIREMENTS HAVE BEEN MET OR (II) EXEMPTIONS FROM THE
REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE
REGISTRATION OR QUALIFICATION REQUIREMENTS OF APPLICABLE STATE SECURITIES LAWS
ARE AVAILABLE.

                                                                  $12,235,490.69

                        PLAYBOY.COM, INC. PROMISSORY NOTE

                                                              September 27, 2002

WHEREAS, on September 27, 2000, Playboy.com, a Delaware corporation (the
"Company") issued a promissory note (the "First Note"), pursuant to which it
promised to pay to the order of Hugh M. Hefner, an individual (the "Holder"),
the principal amount of five million dollars ($5,000,000), together with
interest incurred thereon, as therein provided;

WHEREAS, on December 29, 2000, Playboy.com, a Delaware corporation (the
"Company") issued a promissory note, pursuant to which it promised to pay to the
order of Hugh M. Hefner, an individual (the "Holder"), the principal amount of
five million dollars ($5,000,000), together with interest incurred thereon, as
therein provided;

WHEREAS, on February 15, 2001, March 7, 2001 and May 7, 2001, the Company and
the Holder entered into Amendments No. 1, No. 2 and No. 3, respectively, to the
December 29, 2000 note (such note, as so amended, is referred to herein as the
"Second Note"), in order to, among other things, modify the repayment provisions
of the Note; and

WHEREAS, the Company and the Holder have determined that it is advisable and in
their best interests to enter into a new note in satisfaction of the First and
Second Notes.

                                       1
<PAGE>

NOW, THEREFORE, in consideration of the foregoing and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, and
intending to be legally bound hereby, the Company and the Holder hereby agree as
follows:

FOR VALUE RECEIVED, the Company, whose principal place of business is located at
730 Fifth Avenue, New York, NY 10019, promises to pay to the order of Holder,
whose principal residence is located at Playboy Mansion West, 10236 Charing
Cross Road, Holmby Hills, CA 90024 (the "Holder"), the principal amount of
twelve million two hundred thirty-five thousand four hundred ninety and
69/100ths dollars ($12,235,490.69), together with interest incurred thereon, all
as hereinafter provided. Any payments of amounts due hereunder shall be in such
currency of the United States at the time of payment as shall be legal tender
for the payment of public or private debts.

1.    INTEREST. Prior to the dates upon which this Note becomes due and payable
      as described herein, the unpaid balance of the principal amount shall
      accrue interest at a rate equal to eight percent (8%). Interest shall be
      paid monthly in arrears on the unpaid principal and shall be computed on
      the basis of actual number of days/360-day year. All payments received by
      the Holder hereunder will be applied first to costs of collection and
      fees, if any, then to interest, and the balance to principal.

2.    REPAYMENT. Except as otherwise provided herein, all principal and interest
      unpaid hereunder shall become due as follows: (a) five hundred thousand
      dollars ($500,000) on March 26, 2003 and (b) eleven million seven hundred
      thirty-five thousand four hundred ninety and 69/100ths dollars
      ($11,735,490.69) on September 26, 2003 (which dates are hereinafter
      collectively referred to as the "Maturity Dates"), and shall be payable
      respectively by the Company to the Holder in full on the Maturity Dates;
      provided that, this Note may be repaid in whole or in part by the Company
      without penalty or premium at any time and from time to time prior to the
      Maturity Date. This Note shall be paid without deduction by reason of any
      set-off, defense or counterclaim of the Company. If any payment due
      hereunder shall become due on a Saturday, Sunday or legal holiday under
      the laws of the State of New York,

                                       2
<PAGE>

      such payment shall be made on the next succeeding business day in New
      York.

3.    EVENTS OF DEFAULT. If any of the following conditions, events or acts
      shall occur: (a) the dissolution of the Company or any vote in favor
      thereof by the Board of Directors and shareholders of the Company; or (b)
      the Company's insolvency, assignment for the benefit of creditors,
      application for or appointment of a receiver, filing of a voluntary or
      involuntary petition under any provision of the United States Bankruptcy
      Code or amendments hereto or any other United States federal or state
      statute affording relief to debtors; or there shall be commenced against
      the Company any such proceeding or filed against the Company any such
      application or petition which proceeding, application or petition is not
      dismissed or withdrawn within sixty (60) days of commencement or filing as
      the case may be; or (c) the failure of the Company to pay the amount of
      principal on and interest accrued under this Note in accordance with the
      terms hereof, when the same shall become due and payable; or (d) the
      default in the due observance or performance of any material covenant,
      condition or agreement on the part of the Company to be observed or
      performed pursuant to the terms hereof and such default shall continue
      uncured for fifteen (15) days after written notice thereof, specifying
      such default, shall have been given to the Company by the Holder of this
      Note, then, in any such event and at any time thereafter while such event
      is continuing, the Holder shall have the right to declare an event of
      default hereunder ("Event of default"); provided that upon the occurrence
      of an event described in subsection (a) or (b) above such event shall be
      deemed an Event of Default hereunder whether or not the Holder makes such
      a declaration (an "Automatic Event of default"), and the indebtedness
      evidenced by this Note shall immediately upon such declaration or
      Automatic Event of Default become due and payable, both as to principal
      and interest, without presentment, demand, protest or other notice of any
      kind, all of which are hereby expressly waived (pursuant to Section 9.
      hereof), notwithstanding anything contained herein to the contrary.

      No course of dealing or delay or failure on the part of the Holder to
      exercise any rights under this Section 3. shall

                                       3
<PAGE>

      operate as a waiver of such rights or otherwise prejudice such Holder's
      rights, powers and remedies. The Company will pay or reimburse the Holder,
      to the extent permitted by law, for all costs and expenses, including, but
      not limited to, reasonable attorneys' fees, incurred by it in collecting
      any sums due on this Note or in otherwise enforcing any of its rights.

4.    ASSIGNMENT. This Note may not be assigned, transferred or otherwise
      negotiated by the Holder without the prior written consent of the Company.

5.    SEVERABILITY. In the event any one or more of the provisions of this Note
      shall for any reason be held to be invalid, illegal or unenforceable, in
      whole or in part or in any respect, or in the event that anyone or more of
      the provisions of this Note operate or would prospectively operate to
      invalidate this Note, then and in any such event, such provision(s) only
      shall be deemed null and void and shall not affect any other provision of
      this Note and the remaining provisions of this Note shall remain operative
      and in full force and effect and in no way shall be affected, prejudiced
      or disturbed thereby.

6.    SUCCESSORS AND ASSIGNS. All covenants, agreements and undertakings in this
      Note by or on behalf of any of the parties shall bind and inure to the
      benefit of the respective successors and permitted assigns of the parties
      whether so expressed or not.

7.    FIRST AND SECOND NOTES. As of the date hereof, the First and Second Notes
      are hereby canceled and are of no force or effect.

8.    NOTICES. Any and all notices, requests, consents and demands required or
      permitted to be given hereunder shall be in writing, delivered to the
      addresses stated above. Either party may change by notice the address to
      which notices to it are to be addressed.

9.    WAIVER OF PRESENTMENT. The Company and all endorsers and guarantors of
      this Note herein, if any, waive presentment for payment, demand, protest,
      notice of protest for nonpayment and notice of dishonor of this Note;
      waive

                                       4
<PAGE>

      all other demands and notices in connection with the delivery, acceptance,
      performance and enforcement of this Note; and consent to any extension or
      postponement of the time of payment or any other indulgence.

10.   GOVERNING LAW. This Note shall be construed and enforced in accordance
      with, and the rights of the parties shall be governed by, the laws of the
      State of New York, without giving effect to the conflict of law provisions
      thereof.

11.   EXPENSES. The Company hereby agrees to pay to Holder all expenses incurred
      by the Holder, including reasonable attorneys' fees, in enforcing and
      collecting amounts due hereunder.

12.   ENTIRE AGREEMENT. This Note contains the entire agreement between the
      Company and the Holder with respect to the subject matter hereof, and
      supersedes every course of dealing, other conduct or oral agreement or
      representation previously made by the Holder. No change in this Note shall
      be effective unless made in a writing duly executed by the Holder and the
      Company.

IN WITNESS WHEREOF, the Company has caused this Note to be signed on the date
first set forth above.

                                PLAYBOY.COM, INC.

                                By /s/ Linda Havard
                                   --------------------------------
                                   Linda Havard, Vice President

                                /s/ Hugh M. Hefner
                                -----------------------------------
                                    Hugh M. Hefner

                           SOLELY WITH RESPECT TO THE
                        PROVISIONS OF SECTIONS 2. AND 7.

                                       5

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