|EXHIBIT 10(d)
      
      
      
      **NASD**
      **SUBORDINATED
      AGREEMENT**
      **AMENDMENT EXTENDING MATURITY
      DATE**
      ****
      **SL-A**
      ****
      **AGREEMENT
BETWEEN:**
      ****
      **Lender:  SunAmerica
      Inc.**
      1 SunAmerica Center, 1999
      Avenue of the Stars, 38th Floor(Street
      Address)
      
      Los Angeles
                 California
                   
       90067-6002(City)                 
        
      (State)              
               (Zip)
      
      AND
      
      **Broker-Dealer: SunAmerica Capital
      Services, Inc.**
      733 Third Avenue, 3rd
      Floor(Street Address)
      
      NewYork                  
       New
      York                   
       
      10017(City)             
            
      (State)                   
       (Zip)
      NASD ID Number: 13158DATE FILED: May 30,
      2000
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|**SUBORDINATED LOAN
      AGREEMENT**
      **AMENDMENT EXTENDING THE MATURITY
      DATE**
      Amendment dated as of May 22, 2000 between SunAmerica Inc. (the "Lender")
      and SunAmerica Capital Services, Inc. (the "Broker-Dealer").
      In consideration of the sum of **$3,500,000** (the unpaid
      principal amount) and subject to the terms and conditions set forth in the
      Subordination Agreement approved by the National Association of Securities
      Dealers, Inc., scheduled to mature on July 30,2001 bearing **Loan
      Number 10-E-SLA-10761**, the Broker-Dealer and the Lender agree to
      extend the maturity date until **July 30, 2002**. This
      Amendment shall not become effective unless and until the NASD has found
      the Amendment acceptable.
      The interest rate on this Subordination Agreement is changed from 8.5% to
      9.5% percent per annum, effective as of the date of this Agreement.
      
      
      Signature page
  follows
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|IN WITNESS WHEREOF the parties have set their hands and
      seal this 22nd day of May, 2000.
      
      **BROKER-DEALER:        
         
                                               
         
      SUNAMERICA CAPITAL SERVICES. INC.**
      [Seal]                 
                                          
  
                                
      By: /s/ Debbie Potash
      Turner                                       
                                          
                 
      Name: Debbie Potash
      Turner                                       
                                          
                 
      Title: Chief Financial Officer
      
      **LENDER:                                     
                                    
              SUNAMERICA
      INC.**
      
      [Seal]                                       
          
                              
                   
      By: /s/ James R.
      Belardi                                       
                                          
                                   
              Name: James R. Belardi
                             
                    
                                               
                
        Title: Executive Vice President
      FOR NASD USE ONLY
      ACCEPTED BY:      /s/ Gerald
      Dougherty
      (Name)
      
      **Assistant Director**
      (Titled)
      
      
      EFFECTIVE DATE:  JUN 30, 2001LOAN
      NUMBER:  10-E-SLA-10749
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



-2-






|**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 a copy of Appendix
      D of 17 CFR 240.15c3-l, 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 an   intermediate
      holding company of Broker-Dealer and continuously monitors
      fiscal status 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: 
      ______________________                                                                                                                                                                                       
| |  |    |                                                                                                                                                                                                                                        



-3-




|Dated: May
      22, 2000                                        
                                          **SUNAMERICA
      INC. (Lender)**
      
      By: /s/ James R.
      Belardi                                        
                                          
                               
         Name: James R.
      Belardi                                        
                                               
                                          
                              
        Title: Executive Vice President
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------







**OFFICER'S
      CERTIFICATE**
      I, James R.
      Belardi, Executive Vice President of SunAmerica Inc., a Delaware
      corporation (this "Corporation"), do hereby certify that the $3,500,000
      subordinated loan made by this Corporation to SunAmerica Capital Services,
      Inc., amended to mature on July 30, 2002, does not cause the aggregate
      principal amount of all outstanding loans made by this Corporation to its
      broker-dealer subsidiaries to exceed $75 million.
      
      
      Dated: May
      22, 2000                                        
                                       
         /s/ James R.
      Belardi    
                                          
                                          
                           
        James R. Belardi, Executive Vice President









|**SUNAMERICA
      INC.**
      **CERTIFICATE OF
      SECRETARY**
      I,
      the undersigned, the duly elected, qualified and acting Assistant
      Secretary of SunAmerica Inc., a Delaware corporation (the "Corporation"),
      do hereby certify that the following resolutions were adopted by unanimous
      written consent by the Executive Committee of the Board of Directors of
      the Corporation on the 16th day of March 2000, and that said resolutions
      are in full force and effect as of the date hereof:
      **Blanket Authorization
      of Subordinated Loan Agreements for Equity
      Capital**
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|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
      for such subordinated loan transactions, which authorization shall
      supercede any prior authorization;
      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 Seventy-five Million Dollars
      ($75,000,000), and such authority shall supercede any prior authorization;
      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-id 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 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, the undersigned has executed this
      Certificate and affixed the seal of the Corporation this the 23rd day
      of May, 2000.
      /s/ Lawrence M.
      GoldmanLawrence M. GoldmanAssistant
      Secretary
      
      [CORPORATE SEAL]
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