|Exhibit 10(a)
      
      NASD
      SUBORDINATED LOAN AGREEMENT
      FOR EQUITY CAPITAL
      SL-5
      AGREEMENT BETWEEN:
      
      Lender    SunAmerica
      Inc.


                                 (Name)



      1 SunAmerica
      Center
      1999 Avenue of
      the Stars, 38th
      Floor


                                         (Street
Address)

      
      Los
      Angeles        
                     
      California             
                     
      90067- 6002  
      (City)               
                 
             
      (State)              
                   
               (Zip)
      AND
      
      Broker-Dealer      Royal Alliance Associates,
      Inc
                                          
       (Name)



    733 Third
      Avenue


                                         (Street
Address)
      
      
      New
      York              
                
               New
      York       
                    
             10017  
      (City)                   
               
             
      (State)                
                   
        (Zip)
      
      NASD ID No: 
      023131
      Date Filed: August 18, 1999  
                     
      NASD

      NASD FORM SL-5
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1




|SUBORDINATED LOAN AGREEMENT
      FOR EQUITY CAPITAL
      
      AGREEMENT dated August 4, 1999 to be effective August 23,
      1999 between SunAmerica Inc. (the "Lender")and Royal
      Alliance Associates, Inc. (the "Broker-Dealer").
      In consideration of the sum of
      $4,500,000.00 and subject to the terms and conditions hereinafter set
      forth, the Broker-Dealer promises to pay to the Lender or assigns on
      Sept. 23, 2002 (the "Scheduled Maturity Date") (the last day of the
      month at least three years from the effective date of this Agreement) at
      the principal office of the Broker-Dealer the aforedescribed sum and
      Interest theron payable at the rate of 8.0*    % per annum from the
      effective date of this Agreement, which date shall be the date so agreed
      upon by the Lender and the Broker-Dealer unless otherwise determined by
      the National Association of Securities Dealers, Inc. (the "NASD"). 
      This Agreement shall not be considered a satisfactory subordination
      agreement pursuant to the provisions of 17 CFR 240.15c3-d unless and until
      the NASD has found the Agreement acceptable and such Agreement has become
      effective in the form found acceptable.
      The cash proceeds covered by this Agreement shall be used and dealt with
      by the Broker-Dealer as part of its capital and shall be subject to the
      risks of the business. The Broker-Dealer shall have the right to deposit
      any cash proceeds of the Subordinated Loan Agreement in an account or
      accounts in its own name in any bank or trust company.
      The Lender irrevocably agrees that the obligations of the Broker-Dealer
      under this Agreement with respect to the payment of principal and interest
      shall be and are subordinate in right of payment and subject to the prior
      payment or provision for payment in full of all claims of all other
      present and future creditors of the Broker-Dealer arising out of any
      matter occurring prior to the date on which the related Payment Obligation
      (as defined herein) matures consistent with the provisions of 17 CFR
      240.15c3-1 and 240.15c3-d, except for claims which are the subject of
      subordination agreements which rank on the same priority as or are junior
      to the claim of the Lender under such subordination agreements.
      I.               
      PERMISSIVE PREPAYMENTS
      (OPTIONAL)
      At the option of the Broker-Dealer, but not at the option of the Lender,
      payment of all or any part of the "Payment Obligation" amount hereof prior
      to the maturity date
      
      NASD FORM SL-5
      *Interest to be paid quarterly from and after the
      effective date of this Agreement.
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2


|may be made by the Broker-Dealer only upon receipt of the prior written
      approval of the NASD, but in no event may any prepayment be made before
      the expiration of one year from the date this Agreement became
      effective.  No prepayment shall be made if, after given effect
      thereto (and to all payments of Payment Obligations under any other
      subordination agreements than outstanding, the maturity of which are
      scheduled to fall due either within six months after the date such
      prepayment is to occur or on or prior to the date on which the Payment
      Obligation hereof is scheduled to mature, whichever date is earlier),
      without reference to any projected profit or loss of the Broker-Dealer,
      either aggregate indebtedness of the Broker-Dealer would exceed 1000
      percent of its net capital or such lesser percent as may be made
      applicable to the Broker-Dealer from time to time by the NASD, or a
      governmental agency or self-regulatory body having time to time by the
      NASD, or a governmental agency or self-regulatory body having appropriate
      authority, or if the Broker-Dealer is operating pursuant to paragraph
      (a)(1)(ii)of 17 CFR 240.15c3-1, its net capital would be less than five
      percent of aggregate debit items computed in accordance with 17 CFR
      240.15c3-3a, or if registered as a futures commission merchant, 7 percent
      of the funds required to be segregated pursuant to the Commodity Exchange
      Act and the regulations thereunder, (less the market value of commodity
      options purchased by option customers on or subject to the rules of a
      contract market, provided, however, the deduction for each option customer
      shall be limited to the amount of customer funds in such option customer's
      account,) if greater, or its net capital would be less than 120 percent of
      the minimum dollar amount required by 17 CFR 15c3-1 including paragraph
      (a)(1)(ii), if applicable, or such greater dollar amount as may be made
      applicable to the Broker-Dealer by the NASD, or a governmental agency or
      self-regulatory body having appropriate authority.
      II.               
      SUSPENDED REPAYMENTS
      (a)               
      The Payment Obligation of the Broker-Dealer shall be suspended and shall
      not mature if after giving effect to such payment (together with the
      payment of any Payment Obligation of the Broker-Dealer under any other
      subordination agreement scheduled to mature on or before such Payment
      Obligation) the aggregate indebtedness of the Broker-Dealer would exceed
      1200 percent of its net capital or such lesser percent as may be made
      applicable to the Broker-Dealer from time to time by the NASD, or a
      governmental agency or self-regulatory body having appropriate authority,
      or if the Broker-Dealer is operating pursuant to paragraph (a)(1)(ii) of
      17 CFR 240.15c3-1, its net capital would be less than 5 percent of
      aggregate debit items computed in accordance with 17 CFR 240.15c3-3a, or
      if registered as a futures commission merchant, 6 percent of the funds
      required to be segregated pursuant to the Commodity Exchange Act and the
      regulations thereunder, (less the market value of commodity options
      purchased by option customers on or subject to the rules of a contract
      market, provided, however, the deduction for each option customer shall be
      limited to the amount of customer funds in such option customer's
      account), if greater, or its net capital would be less than 120 percent of
      the minimum dollar amount required by 17 CFR 240.15c3-1 including
      paragraph (a)(1)(ii), if applicable, or such greater dollar amount as may
      be made applicable to the Broke-Dealer by the NASD, or a governmental
      agency or self-regulatory body having appropriate
  authority.
      NASD FORM SL-5
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3




|III.          
      NOTICE OF MATURITY
      The Broker-Dealer shall immediately notify the NASD if, after giving
      affect to all payments of Payment Obligations under subordination
      agreements then outstanding which are then due or mature within six months
      without reference to any projected profit or loss of the Broker-Dealer,
      either the aggregate indebtedness of the Broker-Dealer would exceed 1200
      percent of its net capital, or in the case of a Broker-Dealer operating
      pursuant to paragraph (a)(1)(ii) of 17 CFR 240.15c3-1, its net capital
      would be less than 5 percent of aggregate debit items computed in
      accordance with 17 CFR 240.15c3-3a, or if registered as a futures
      commission merchant, 6 percent of the funds required to be segregated
      pursuant to the Commodity Exchange Act and the regulations thereunder,
      (less the market value of commodity options purchased by option customers
      on or subject to the rules of a contract market, provided, however, the
      deduction for each option customer shall be limited to the amount of
      customer funds in such option customer' s account, if greater, and in
      either case, if its net capital would be less than 120 percent of the
      minimum dollar amount required by 17 CFR 240.15c3-1 including paragraph
      (a)(1)(ii), if applicable, or such greater dollar amount as may be made
      applicable to the Broker-Dealer by the NASD, or a governmental agency or
      self-regulatory body having appropriate authority.
      IV.               
      BROKER DEALERS CARRYING THE ACCOUNTS OF SPECIALISTS
      ANDMARKET MAKERS IN LISTED OPTIONS
      A Broker-Dealer who guarantees, endorses, carries or clears specialist or
      market-maker transactions in options listed on a national securities
      exchange or facility of a national securities association shall not permit
      a reduction, prepayment, or repayment of the unpaid principal amount if
      the effect would cause the equity required in such specialist or
      market-maker accounts to exceed 1000 percent of the Broker-Dealer's net
      capital or such percent as may be made applicable to the
      Broker-Dealer from time to time by the NASD or a governmental agency or
      self-regulatory body having appropriate
authority.
      NASD FORM SL-5
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4


|V.               
      LIMITATION ON WITHDRAWAL OF EQUITY CAPITAL
      The proceeds covered by this Agreement shall in all respects be subject to
      the provisions of paragraph (a) of 17 CFR. 15c3-1.  Pursuant thereto
      no equity capital of the Broker-Dealer or a subsidiary or affiliate
      consolidated pursuant to 17 CFR 240.15c3-1, whether in the form of
      capital contributions by partners, par or stated value of capital stock,
      paid-in capital in excess of par, retained earnings or other capital
      accounts, may be withdrawn by action of a stockholder or partner, or by
      redemption or repurchase of shares of stock by any of the consolidated
      entities or through the payment of dividends or any similar distribution,
      nor may any unsecured advance or loan be made to a stockholder, partner,
      sole proprietor, or employee if, after giving effect thereto and to any
      other such withdrawals, advances or loans and any payments of Payment
      Obligations under withdrawal, advances or loan, either aggregate
      indebtedness of any of the consolidated satisfactory subordination
      agreements which are scheduled to occur within six months following such
      withdrawal, advances or loan, either aggregate indebtedness of any of the
      consolidated entities exceed 1000 percent of its net capital, or in the
      case of a Broker-Dealer operating pursuant to paragraph (a)(1)(ii) of 17
      CFR 240.15c3-1, its net capital would be less than 5 percent of aggregate
      debit items computed in accordance with 17 CFR 240.15c3-3a, or if
      registered as a futures commission merchant, 7 percent of the funds
      required to be segregated pursuant to the Commodity Exchange Act, and the
      regulations thereunder, (less the market value of commodity options
      purchased by option customers on or subject to the rules of a contract
      market, provided, however, the deduction for each option customer shall be
      limited to the amount of customer funds in such option customer's
      account,) if greater, and in either case, if is net capital would be less
      than 120 percent of the minimum dollar amount required by 17 CFR
      240.15c3-1 including paragraph (a)(1)(ii), if applicable, or such greater
      dollar amount as may be made applicable to the Broker-Dealer by the NASD,
      or a governmental agency or self-regulatory body having appropriate
      authority; or should the Broker-Dealer be included within such
      consolidation, if the total outstanding principal amounts of satisfactory
      subordination agreements of the Broker-Dealer (other than such agreements
      which qualify as equity under paragraph (a) of 17 CFR 240.15c3-1) would
      exceed 70 percent of its debt/equity total, as this term is defined in
      paragraph (d) of 17 CFR 240.15c3-1, for a period in excess of 90 days, or
      for such longer period which the Commission may upon application of the
      Broker-Dealer grant in the public interest or for the protection of
      investors.
      VI.               
      BROKER DEALERS REGISTERED WITH CFTC
      If the Broker-Dealer is a futures commission merchant or introductory
      broker as that term is defined in the Commodity Exchange Act, the
      Organization agrees, consistent with the requirements of Section 1.17(h)
      of the regulations of the CFTC (17 CFR 1.17(h)),
that
      NASD FORM SL-5
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5




|(a)               
      Whenever prior written notice by the Broker-Dealer to the NASD is required
      pursuant to the provisions of this Agreement, the same prior written
      notice shall be given by the Broker-Dealer to (i) the CFTC at its
      principal office in Washington, D.C. attention Chief Account of Division
      of Trading and Markets, and/or (ii) the commodity exchange of which the
      Organization is a member and which is then designated by the CFTC as the
      Organization's designated self-regulatory organization (the DSRO);
      (b)               
      Whenever prior written consent, permission or approval of the NASD is
      required pursuant to the provisions of this Agreement, the Broker-Dealer
      shall also obtain the prior written consent, permission or approval of the
      CFTC and/or of the DSRO; and,
      (c)               
      Whenever the Broker-Dealer receives written notice of acceleration of
      maturity pursuant to the provisions of this Agreement, the Broker-Dealer
      shall promptly give written notice thereof to the CFTC at the address
      above stated and/or to the DSRO.
      VIII.               
      GENERAL
      In the event of the appointment of a receiver or trustee of the
      Broker-Dealer or in the event of its insolvency, liquidation pursuant to
      the Securities Investor Protection Act of 1970 or otherwise, bankruptcy,
      assignment for the benefit of creditors, reorganizations whether or not
      pursuant to bankruptcy laws, or any other marshaling of the assets and
      liabilities of the Broker-Dealer, the Payment Obligation of the
      Broker-Dealer shall mature, and the holder hereof shall not be entitled to
      participate or share, ratably or otherwise in the distribution of the
      assets of the Broker-Dealer until all claims of all other present and
      future creditors of the Broker-Dealer, whose claims are senior hereto,
      have been fully satisfied.
      This Agreement shall not be subject to cancellation by either the Lender
      of the Broker-Dealer, and no payment shall be made, nor the Agreement
      terminated, rescinded or modified by mutual consent or otherwise if the
      effect thereof would be insistent with the requirements of 17 CFR
      240.15c3-1 and 240.15c3-d.
      NASD FORM SL-5
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6  This Agreement may not be transferred, sold, assigned, pledged, or
      otherwise encumbered or otherwise disposed of, and no lien, charge or
      other encumbrance may be created or permitted to be created thereof
      without the prior written consent of the NASD.
      The Lender irrevocably agrees that the loan evidenced hereby is not being
      made in reliance upon the standing of the Broker-Dealer as a member
      organization of the NASD or upon the NASD surveillance of the
      Broker-Dealer's financial position or its compliance with the By-laws,
      rules and practices of the NASD.  The Lender has made such
      investigation of the Broker-Dealer and its partners, officers, directors,
      and stockholders as the Lender deems necessary and appropriate under the
      circumstances.
      The Lender is not relying upon the NASD to provide any information
      concerning or relating to the Broker-Dealer and agrees that the NASD has
      no responsibility to disclose to the Lender any information concerning or
      relating to the Broker-Dealer which it may now, or at any future time,
      have.
      The term "Broker-Dealer", as used in this Agreement, shall include the
      broker-dealer, its heirs, executors, administrators, successors and
      assigns.
      The term "Payment Obligation" shall mean the obligation of the
      Broker-Dealer to repay cash loaned to it pursuant to this Subordinated
      Loan Agreement.
      The provisions of this Agreement shall be binding upon the Broker-Dealer
      and the Lender, and their respective heirs, executors, administrators,
      successors, and assigns.
      Any controversy arising out of or relating to this Agreement may be
      submitted to and settled by arbitration pursuant to the By-Laws and rules
      of the NASD.  The Broker-Dealer and the Lender shall be conclusively
      bound by such arbitration.
      This instrument embodies the entire agreement between the Broker-Dealer
      and the Lender and no other evidence of such agreement has been or will be
      executed without prior written consent of the NASD.
      This Agreement shall be deemed to have been made under, and shall be
      governed by, the laws of the State of California in all
      respects.
      NASD FORM SL-5


7




|IN WITNESS WHEREOF the parties have set their hands and seal this
      4th day of August 1999
      
      Royal Alliance Associates,
      Inc.
      (Name or Broker-Dealer)
      
      By        Bettyann
      Sullivan        
      8/4/99L.S.
      (Authorized Person)
      Chief Financial Officer
      
      SunAmerica,
      Inc.L.S.
      (Lender)
      
      By ___James R.
      Belardi  L.S.
      Executive Vice President
      
      FOR NASD USE ONLY
      
      ACCEPTED BY:  Gerald
      Dougherty
      (Name)
      
      Assistant Director
      (Title)
      
      EFFECTIVE DATE:  8/23/99
      LOAN NUMBER:  10-E-SLA-11033
      NASD FORM SL-5
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8




SUBORDINATED LOAN AGREEMENT
      LENDER'S ATTESTATION
      
      
      It is recommended that you discuss the merits of this investment with an
      attorney, accountant or some other person who has knowledge and experience
      in financial and business matters prior to executing this
      Agreement. 1.
    I have received and reviewed NASD Form SLD,
      which is a reprint of   Appendix D of 17 CFR 240.15c3-1, and am
      familiar with its provisions.2.
    I am aware that the funds or securities subject
      to this Agreement are not  covered by the Securities Investor
      Protection Act of 1970.3.
    I understand that I will be furnished financial
      statements pursuant to SEC Rule 17a-5(c).4.
    On the date this Agreement was entered into,
      the broker-dealer carried funds  or securities for my account. (State
      Yes or No) ____No__________.5.
    Lender's business relationship to the
      broker-dealer is:  Lender is
      anintermediate
      holding company of Broker-Dealer and continuously monitors
      fiscalstatus and reports of
  Broker-Dealer.6.
    If the partner or stockholder is not actively
      engaged in the business of the broker-dealer, acknowledge receipt of
      the following:  a.
    Certified audit and accountant's certificate dated
      ___________b.
    Disclosure of financial and/or operational problems since
      the last  certified audit which required reporting pursuant to
      SEC Rule 17a-11.  ( If no such reporting was required, state "none")
    _______________________c.
    Balance sheet and statement of ownership equity dated
      _____________d.
    Most recent computation of net capital and aggregate
      indebtedness or  
                     
                     
      aggregate debit items dated ______________ reflecting a net capital of
                    
                     
                     
      $___________ and a ratio of ___________.e.
    Debt/equity ratio as of _____________ of
  ____________.f.
    Other disclosures:  ______________________  Dated:  August 4,
      1999    
      James R.
      BelardiL.S.                               
                                     
                    (Lender)
      NASD FORM SL-5


9




SUNAMERICA INC.
      CERTIFICATE OF SECRETARY
      
      I, Susan
      L. Harris, the duly appointed, qualified and acting Secretary of
      SunAmerica Inc., a Delaware corporation (the "Corporation"), do hereby
      certify that the following is a true and correct copy of the resolutions
      duly adopted by the Executive Committee of the Board of Directors of the
      Corporation, effective as of March 10, 1999, and that such resolutions are
      in full force and effect as of the date
hereof:




|WHEREAS, this Corporation, from time to time, reviews the
      net capital infusion needs of its wholly-owned broker-dealer subsidiaries,
      registered with the Securities and Exchange Commission and members of the
      National Association of Securities Dealers, Inc., which include, but not
      limited to, SunAmerica Capital Services, Inc., Advantage Capital
      Corporation, SunAmerica Securities, Inc., Royal Alliance Associates, Inc.,
      Sentra Securities Corporation, Spelman & Co., Inc. and FSC Securities
      Corporation, and in conjunction with such review intends to provide
      subordinated loans to such subsidiaries pursuant to Subordinated Loan
      Agreements for Equity Capital;
      WHEREAS, it is in the best interests of this Corporation to provide
      blanket authorization fur such subordinated loan transactions;
      NOW, THEREFORE, BE IT RESOLVED that the Chairman, any Vice Chairman,
      any Executive Vice President, or the Treasurer (the "Designated
      Officers"), acting alone, be, and each hereby is authorized to effect
      subordinated loans to the wholly-owned broker-dealer subsidiaries of the
      Corporation, in an aggregate principal amount not to exceed Fifty Million
      Dollars ($50,000,000), and to make, execute and deliver such loan
      agreements and other documents evidencing such loans, including any
      Subordinated Loan Agreement for Equity Capital, as deemed necessary or
      appropriate;
      RESOLVED FURTHER that each of the Designated Officers are hereby
      authorized to make such changes in the terms and conditions of such
      Subordinated Loan Agreements as may be necessary to conform to the
      requirements of Title 17 CFR §240.15c 3-ld and the rules of the National
      Association of Securities Dealers; and
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RESOLVED FURTHER that the Executive Committee hereby ratifies any and
      all action that may have been taken by the officers of this Corporation in
      connection with the foregoing resolutions and authorizes the officers of
      this Corporation to take any and all such further actions as may be deemed
      appropriate to reflect these resolutions and to carry out their tenor,
      effect and intent.
      IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
      the Corporation this 12th day of August 1999.
      
      /s/ Susan L.
      Harris                                        
                                          
     
           Secretary
      
      (SEAL)









OFFICER'S CERTIFICATE
      I, James Belardi, Executive Vice President of SunAmerica Inc., a
      Delaware corporation (this "Corporation"), do hereby certify that the
      execution of the Subordinated Loan Agreement for Equity Capital entered
      into by and between this Corporation and its broker-dealer subsidiary
      Royal Alliance Associates, Inc., dated August 4, 1999, does not cause the
      aggregate principal amount of all outstanding loans made by this
      Corporation to its broker-dealer subsidiaries to exceed $50
      million.


      
      


      /s/ James Belardi                                        
                                          
     
           James Belardi, Executive Vice President