Document:

AGREEMENT

THIS AGREEMENT, made and executed this 15th day of June, 1999, between RESORT
CLUB, INC. a Delaware corporation ("Resort") with its principal offices at Route
94, Vernon, New Jersey and the RESORT CLUBINVENTORY. TRUST ("Trust") with its
principal place of business at 2 Craig Road, Vernon, New Jersey.

                                   WITNESSETH

         WHERAS, the Resort has have been engaged in the business of selling and
renting time share units with its operations based in the State of New Jersey;
and

         WHERAS, the Trust was established to hold legal title to the time share
units both owned and rented by Resort as set forth in the Exhibits attached to
the Trust; and

         WHERAS, Resort holds by contract certain rights to amenities consisting
of (i) the rights to certain passes for access to Great Action Park and (ii) to
the Campground site all as set forth in the agreements ("Agreements") relating
thereto originally dated October 15, 1997 which are incorporated hereunder as if
set forth at length; and

         WHERAS, the parties have determined that it is in their best interests
to ensure that the rights set forth under said Agreements ensure to the
beneficiaries of the Trust in accordance with the terms of the Agreements
subject to the obligation of Resort to perform the obligations required under
said Agreements.

                                  NOW THEREFORE

         In consideration of the premises, the mutual covenants herein
contained, and for good and valuable consideration, the receipt and sufficiency
of which by each of the parties hereto is hereby acknowledged, each of the
parties does for itself, its successors and assigns, agree as follows:

1.       EFFECTIVE DATE. The term of this agreement shall be effective as of
         June 15, 1999.

2.       SCOPE OF AGREEMENT. As of the Effective Date the Resort shall hold all
         rights granted to it under the terms of said Agreements for the sole
         and exclusive benefit of the beneficiaries to the Trust for the term of
         the Trust and/or the Agreements.

3.       PERFORMANCE REQUIREMENTS. Anything to the contrary notwithstanding
         Resort shall be obligated to and shall perform all requirements and
         obligations impose upon it under the terms of the Agreements.

4.       PROHIBITION AS TO TRANSFER. During the term hereof Resort shall not
         undertake or enter into any agreement to or transfer, convey, sell,
         hypothecate assign or in any other way dispose of the rights under the
         terms of said Agreements unless with the consent of the Trust to be
         executed in writing.

<PAGE>

5.       ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
         between the parties hereto. No amendment or modification hereof shall
         have any force or effect unless in writing and executed by all parties.

6.       BINDING AFFECT. This Agreement shall be binding upon and inure to the
         benefit of the parties hereto, their respective legal representatives,
         their heirs, executors, administrators, successors and assigns.

7.       GOVERNING LAW. This Agreement shall be construed in accordance with the
         laws of the State of New Jersey.

8.       HEADINGS. The article headings contained in this Agreement are for
         reference only for the convenience of the parties. They shall not be
         deemed to constitute a part of this Agreement nor shall they alter or
         supersede the contents of the paragraphs themselves.

9.       COUNTERPARTS. This Agreement will be signed in any number of
         counterparts with the same effect as if the signatures thereto and
         hereto where upon the same instrument.

WITNESS/ATTEST:                                             RESORT CLUB, INC.

-----------------------------                          By:/s/ Christina M. Riker
                                                           ---------------------
                                                                  President

WITNESS/ATTEST:                                      RESORT CLUB INVENTORY TRUST

-----------------------------                            By:/s/ John Davey
                                                           -------------------
                                                                TrusteeEXHIBIT 10(M)

                         CAMPGROUND AND AMENITIES TRUST

         THIS TRUST DECLARATION is made effective as of June 15, 1999 between
the Resort Club Inventory Trust ("Trust") and Resort Club, Inc. ("Resort") a
corporation of the State of Delaware.

         WHEREAS, on or about October 15, 1997 Resort acquired certain rights as
a tenant from Angel Projects LLC ("Angel") granting to Resort a 25 year lease
for restricted use of the Evergreen Campground Site ("Campground") all as more
particularly set forth in said lease a copy of which is attached hereto as
Exhibit "A"; and

         WHEREAS, on or about October 15, 1997 Resort acquired certain rights
relating to the purchase and use of Excess Passes ("Passes") at the Ski area and
the Great Action Park from Angel all as more particularly set forth in said
agreement a copy of which is attached hereto as Exhibit "B"; and

         WHEREAS, Exhibits "A" and "B" were intended to benefit the members of
Resort as set forth more particularly under the terms of each said Exhbit; and

         WHEREAS, on or about June 15, 1999 Resort transferred all of its legal
and/or equitable rights to the time share units used by the aforesaid members as
more particularly set forth in the Resort Club Inventory Trust ("Trust") all as
more particularly set forth in said Trust attached hereto as Exhibit "C"); and

         WHEREAS, the parties are desirous of setting forth the irrevocable
rights of the members, by and through the Trust, relating to the rights granted
to Resort under Exhibits "A" & ""B".

                                  NOW THEREFORE

         In consideration of the premises, the mutual covenants herein
contained, and for good and valuable consideration, the receipt and sufficiency
of which by each of the parties hereto is hereby acknowledged, each of the
parties does for itself, its successors and assigns, agree as follows:

         1. For and until the end of the term of the Campground lease, as
defined under the Exhibit "A" Resort shall hold exclusively for the use and
benefit of the Members ( as defined under the Resort Agreements) all rights it
possess as tenant under the terms of the aforesaid Campground Lease.

a.       Anything to the contrary notwithstanding this agreement shall not
         constitute and assignment or transfer of the legal or equitable title
         to the Campground Lease. Notwithstanding Resort shall at all times
         remain liable and responsible for the performance of all duties,
         obligations and liabilities under the terms of Exhibit "A".

<PAGE>

b.       Notwithstanding the terms of this Agreement the Trust shall have no
         responsibilities or liabilities to any party relative to the Campground
         Lease and shall have no rights to seek enforcement of its terms or
         rights against the Landlord or any other party except to require Resort
         to perform the terms of this agreement.

2.       For and until the end of the term of the Passes agreement
         ("Exhibit"B"), Resort shall hold exclusively for the use and benefit of
         the Members ( as defined under the Resort Agreements) all rights it
         possess under the terms of the aforesaid Passes agreement.

         a.   Anything to the contrary notwithstanding this agreement shall not
              constitute and assignment or transfer of the legal or equitable
              title to the Passes rights granted under Exhibit "B".
              Notwithstanding Resort shall at all time s remain liable and
              responsible for the performance of all duties, obligations and
              liabilities under the terms of Exhibit "B".

         b.   Notwithstanding the terms of this Agreement the Trust shall have
              no responsibilities or liabilities to any party relative to the
              Passes agreement and shall have no rights to seek enforcement of
              its terms or rights against Angel or any other party except to
              require Resort to perform the terms of this agreement.

3. Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto. No amendment or modification hereof shall have any force or
effect unless in writing and executed by all parties.

4. Binding Affect. This Agreement shall be binding upon and inure to the benefit
of the parties hereto, their respective legal representatives, their heirs,
executors, administrators, successors and assigns.

5. Governing Law. This Agreement shall be construed in accordance with the laws
of the State of New Jersey.

6. Headings. The article headings contained in this Agreement are for reference
only for the convenience of the parties. They shall not be deemed to constitute
a part of this Agreement nor shall they alter or supersede the contents of the
paragraphs themselves.

7. Counterparts. This Agreement will be signed in any number of counterparts
with

                                       2

<PAGE>

the same effect as if the signatures thereto and hereto were upon the same
instrument.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized persons or officers duly authorized as of the
date specified thereon.

RESORT CLUB INVENTORY TRUST            RESORT CLUB, INC

By:  /s/John Davey                     By:  /s/Christina Riker, President
     -----------------------                ------------------------------------
     Trustee                                Title

                                       3EXECUTION COPY

                  FIFTH AMENDMENT dated as of April 12, 2002 (this "Amendment"),
            to the Credit Agreement dated as of February 26, 1999, among PLAYBOY
            ENTERPRISES, INC. (formerly known as New Playboy, Inc.), a Delaware
            corporation (the "Company"), PEI HOLDINGS, INC., a Delaware
            corporation and wholly owned subsidiary of the Company ("PHI"), the
            Lenders (as defined in Article I thereof), and CREDIT SUISSE FIRST
            BOSTON, a bank organized under the laws of Switzerland, acting
            through its New York Branch ("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").

      A. The Company and PHI have requested that the Lenders enter into this
Amendment to amend certain provisions of the Credit Agreement. The Lenders are
willing to enter into this Amendment, subject to the terms and conditions of
this Amendment.

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

      Accordingly, in consideration of the agreements, provisions and consents
herein contained, the parties hereto hereby agree as follows:

      SECTION 1. Amendment to Section 1.01 of the Credit Agreement. Section 1.01
of the Credit Agreement is hereby amended as follows:

      (a) The definition of "Consolidated Fixed Charge Coverage Ratio" is hereby
amended by adding the words "(other than any interest expense imputed to any
payment of the Califa Purchase Price pursuant to GAAP)" at the end of clause
(b)(i) thereof.

      (b) The definition of "Consolidated Interest Expense Coverage Ratio" is
hereby amended by adding the words "(other than any interest expense imputed to
any payment of the Califa Purchase Price pursuant to GAAP)" at the end of clause
(b) thereof.

      SECTION 2. Representations and Warranties. Each of the Company and PHI
hereby represents and warrants to each Lender, on and as of the Fifth Amendment
Effective Date (as such term is defined below), that:

      (a) This Amendment has been duly authorized, executed and delivered by
each of the Company and PHI, and each of this Amendment and the Credit Agreement
as amended by this Amendment constitutes a legal, valid and binding obligation
of each of the Company and PHI, enforceable in accordance with its terms.

      (b) After giving effect to this Amendment, no Event of Default or Default
will have occurred and be continuing.

<PAGE>

                                                                               2

      SECTION 3. Conditions to Effectiveness. This Amendment shall become
effective when the following conditions are satisfied (the "Fifth Amendment
Effective Date"):

      (a) The Administrative Agent shall have received counterparts hereof
executed by the Company, PHI and the Required Lenders.

      (b) The Administrative Agent shall have received a certificate, dated the
Fifth Amendment Effective Date and signed by a Financial Officer of the Company,
confirming that after giving effect to 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 though made on and as
of the Fifth Amendment Effective Date, except to the extent that such
representations and warranties expressly relate to an earlier date, and (ii) no
Default or Event of Default has occurred and is continuing.

      SECTION 4. Applicable Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

      SECTION 5. Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original but all of which when
taken together shall constitute but one contract.

<PAGE>

                                                                               3

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

                                    PLAYBOY ENTERPRISES, INC. (formerly
                                    known as New Playboy, 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: SVP, Treasurer

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

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

                                    by /s/ Kristin Lepri
                                    ----------------------------------------
                                    Name: Kristin Lepri
                                    Title: Assistant Vice President

                                    ING (U.S.) CAPITAL LLC, individually and
                                    as Syndication Agent,

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

<PAGE>

                                                                               4

                                    LASALLE BANK NATIONAL ASSOCIATION,

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

                                    BANK OF AMERICA NATIONAL TRUST
                                    AND SAVINGS ASSOCIATION,

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

                                    HARRIS TRUST AND SAVINGS BANK,

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

                                    JACKSON NATIONAL LIFE
                                    INSURANCE COMPANY,

                                    By: PPM America, Inc., as Attorney in fact,
                                    on behalf of Jackson National Life Insurance
                                    Company,

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

                                    FRANKLIN FLOATING RATE TRUST,

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

<PAGE>

                                                                               5

                                    KZH SOLEIL-2 LLC,

                                    by /s/ Anthony Iarrobino
                                    ----------------------------------------
                                    Name: Anthony Iarrobino
                                    Title: Authorized Agent

                                    KZH SOLEIL LLC,

                                    by /s/ Anthony Iarrobino
                                    ----------------------------------------
                                    Name: Anthony Iarrobino
                                    Title: Authorized Agent

                                    KZH ING-2 LLC,

                                    by /s/ Anthony Iarrobino
                                    ----------------------------------------
                                    Name: Anthony Iarrobino
                                    Title: Authorized Agent

                                    KZH ING-3 LLC,

                                    by /s/ Anthony Iarrobino
                                    ----------------------------------------
                                    Name: Anthony Iarrobino
                                    Title: Authorized Agent

                                    FIRST DOMINION FUNDING II,

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

                                    FIRST DOMINION FUNDING III,

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

<PAGE>

                                                                               6

                                    GALAXY CLO-1999-1 LTD., as issuer,

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

                                    MOUNTAIN CAPITAL CLO I LTD.,

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

                                    PPM SPYGLASS FUNDING TRUST,

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

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