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Joinder To Security Agreement

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Exhibit 10.9(c)-1


Reference is made to that certain Credit Agreement among PEI Holdings, Inc., a Delaware corporation ("Borrower"), the various financial institutions as are, or may from time to time become, parties thereto ("Lenders"), and Bank of America, N.A., as administrative agent for the Lenders ("Agent"), dated as of March 11, 2003 (as such document is amended, modified or supplemented from time to time, the "Credit Agreement").

In order to induce Agent and the other Lenders to continue to make advances to Borrower under the Credit Agreement and in accordance with Section 6.10 of the Credit Agreement, the undersigned hereby agrees to become a party to that certain Security Agreement, dated as of March 11, 2003 (as amended, modified or supplemented from time to time, the "Security Agreement"; capitalized terms not otherwise defined herein shall have the meanings stated in the Security Agreement), among Playboy Enterprises, Inc., certain direct and indirect subsidiaries of Borrower and Agent, by executing this Joinder to Security Agreement ("Joinder"), and further agrees that, in accordance with the Security Agreement on and after the date set forth below, the undersigned is a "Debtor" thereunder and shall be bound by all the terms and provisions of the Security Agreement.

The undersigned hereby agrees that it makes each of the representations set forth in the Security Agreement as of the date set forth below. For purposes of determining the undersigned's compliance with such representations and warranties pursuant to this paragraph, references to Schedules shall be deemed to include the disclosures made on the correspondingly numbered Schedules attached hereto.

The undersigned hereby agrees that the Schedules to the Security Agreement are each hereby supplemented as set forth on the correspondingly numbered Schedules attached hereto.

To secure the payment and performance of the Obligations and each Debtor's obligations under this Agreement and the Guaranty, the undersigned hereby grants to Agent, for its benefit and the benefit of Lenders, and for the benefit of each Affiliate of Agent and each Lender, a lien on, security interest in and right of set-off against any and all right, title and interest in and to any and all property and interests in property of the undersigned, whether now owned or existing or hereafter created, acquired or arising, including all of the following properties and interests in properties, whether now owned or hereafter created, acquired or arising (all being collectively referred to herein as the "Collateral"):

(i) Accounts;

(ii) Chattel Paper;

(iii) Commercial Tort Claims specifically identified on Schedule III hereto;

(iv) Deposit Accounts, all cash, and other property deposited therein or otherwise credited thereto from time to time and other monies and
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