|Exhibit 10(e)
      
      **NASD**
      **SUBORDINATED
      AGREEMENT**
      **AMENDMENT EXTENDING MATURITY
      DATE**
      ****
      **SL-A**
      ****
      **AGREEMENT
BETWEEN:**
      ****
      **Lender: SunAmerica
      Inc.**
      
      1 SunAmerica Center. 1999
      Avenue of the Stars, 38thFloor(Street Address)
      
      Los
      Angeles               
                
           
      California     
              
                90067-6002(City)     
                     
                     
          
      (State)               
                     
      (Zip)
      
      **Broker-Dealer: SunAmerica Capital
      Services, Inc.**
      733 Third Avenue, 3rd F1oor(Street
      Address)
      
      New
      York                                       
   
      New
      York            
                                     10017    
      (City)                               
                   
      (State)                                        
     
      (Zip)
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





|NASD ID Number 13158
      DATE FILED: September
30, 2000
|---------------------------------------------------------








|**SUBORDINATED LOAN
      AGREEMENT**
      **AMENDMENT EXTENDING THE MATURITY
      DATE**
      
      Amendment dated as of September 30, 2000, between SunAmerica Inc. (the
      "Lender") and SunAmerica Capital Services, Inc. (the
      "Broker-Dealer").
      In consideration of the sum of **$3,000,000** (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 October 31, 2001 bearing
      **Loan Number 10-E-SLA-10810**, the Broker-Dealer and the
      Lender agree to extend the maturity date until **October
      31, 2004**. This Amendment shall notbecome effective unless
      and until the NASD has found the Amendment acceptable.
      Effective November l, 2001, the interest rate on this Subordination
      Agreement will change from 8.5%to 9.5% percent per
      annum.
      
      
      
      Signature page
  follows
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------






IN WITNESS WHEREOF the parties have set their hands and seal
      this 22nd day of September, 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: October 30, 2001
      LOAD
      NUMBER:  10-E-SLA-10810
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

-3-




|**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 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: 
      ______________________                                                                                                                                                                                        
| |  |    |                                                                                                                                                                                                                                         



-4-




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

-5-






|**OFFICER'S
      CERTIFICATE**
      I, James R. Belardi, Executive Vice President of SunAmerica
      Inc., a Delaware corporation (this "Corporation"), do hereby certify that
      the $3,000,000 subordinated loan made by this Corporation to SunAmerica
      Capital Services, Inc., amended to mature on October 31, 2004, 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:    September 22, 2000
      
      By: /s/ 
      James R. Belardi
                                          
                                          
                                          
       
      James R. Belardi, Executive Vice
President
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|
|



|**SUNAMERICA INC.**
      **CERTIFICATE OF ASSISTANT
      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, Spelmmn & 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 necessity 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.lSc 3-id and the rules of the National Association of Securities
      Dealers;
  and
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|
|



|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, 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]
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|
|