PARTICIPATION AGREEMENT

                                  BY AND AMONG

                       AIM VARIABLE INSURANCE FUNDS, INC.,

                           --------------------------,
                             ON BEHALF OF ITSELF AND
                             ITS SEPARATE ACCOUNTS,

                                       AND

                           ING AMERICA EQUITIES, INC.


<PAGE>


PA-GOLDENAM.AGR
082001 (1) rgr


                                TABLE OF CONTENTS

DESCRIPTION                                                          PAGE
-----------                                                          ----
Section 1.  Available Funds.............................................2
         1.1      Availability..........................................2
         1.2      Addition, Deletion or Modification of Funds...........2
         1.3      No Sales to the General Public........................2

Section 2.  Processing Transactions.....................................2
         2.1      Timely Pricing and Orders.............................2
         2.2      Timely Payments.......................................3
         2.3      Applicable Price......................................3
         2.4      Dividends and Distributions...........................4
         2.5      Book Entry............................................4

Section 3.  Costs and Expenses..........................................4
         3.1      General...............................................4
         3.2      Registration..........................................4
         3.3      Other (Non-Sales-Related).............................5
         3.4      Other (Sales-Related).................................5
         3.5      Parties To Cooperate..................................5

Section 4.  Legal Compliance............................................5
         4.1      Tax Laws..............................................5
         4.2      Insurance and Certain Other Laws......................8
         4.3      Securities Laws.......................................8
         4.4      Notice of Certain Proceedings and
                    Other Circumstances.................................9
         4.5      LIFE COMPANY To Provide Documents;
                    Information About AVIF.............................10
         4.6      AVIF To Provide Documents; Information
                    About LIFE COMPANY.................................11

Section 5.  Mixed and Shared Funding...................................12
         5.1      General..............................................12
         5.2      Disinterested Directors..............................13
         5.3      Monitoring for Material Irreconcilable Conflicts.....13
         5.4      Conflict Remedies....................................14
         5.5      Notice to LIFE COMPANY ..............................15
         5.6      Information Requested by Board of Directors..........15
         5.7      Compliance with SEC Rules............................15
         5.8      Other Requirements...................................16

Section 6.  Termination................................................16

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         6.1      Events of Termination................................16
         6.2      Notice Requirement for Termination...................17
         6.3      Funds To Remain Available............................17
         6.4      Survival of Warranties and Indemnifications..........18
         6.5      Continuance of Agreement for Certain Purposes........18

Section 7.  Parties To Cooperate Respecting Termination................18

Section 8.  Assignment.................................................18

Section 9.  Notices....................................................18

Section 10.  Voting Procedures.........................................19

Section 11.  Foreign Tax Credits.......................................20

Section 12.  Indemnification...........................................20
         12.1     Of AVIF by LIFE COMPANY and ING......................20
         12.2     Of LIFE COMPANY and ING by AVIF......................22
         12.3     Effect of Notice.....................................25
         12.4     Successors...........................................25

Section 13.  Applicable Law............................................25

Section 14.  Execution in Counterparts.................................25

Section 15.  Severability..............................................25

Section 16.  Rights Cumulative.........................................25

Section 17.  Headings..................................................25

Section 18.  Confidentiality...........................................26

Section 19.  Trademarks and Fund Names.................................26

Section 20.  Parties to Cooperate......................................27

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                             PARTICIPATION AGREEMENT

         THIS AGREEMENT, made and entered into as of the 3rd day of December,
1997 ("Agreement"), by and among AIM Variable Insurance Funds, Inc., a Maryland
corporation ("AVIF"); LIFE COMPANY of Denver, a Colorado life insurance company
("LIFE COMPANY"), on behalf of itself and each of its segregated asset accounts
listed in Schedule A hereto, as the parties hereto may amend from time to time
(each, an "Account," and collectively, the "Accounts"); and ING America
Equities, Inc., an affiliate of LIFE COMPANY and the principal underwriter of
the Contracts ("ING") (collectively, the "Parties").

                                WITNESSETH THAT:

         WHEREAS, AVIF is registered with the Securities and Exchange Commission
("SEC") as an open-end management investment company under the Investment
Company Act of 1940, as amended (the "1940 Act"); and

         WHEREAS, AVIF currently consists of nine separate series ("Series"),
shares ("Shares") of each of which are registered under the Securities Act of
1933, as amended (the "1933 Act") and are currently sold to one or more separate
accounts of life insurance companies to fund benefits under variable annuity
contracts and variable life insurance contracts; and

         WHEREAS, AVIF will make Shares of each Series listed on Schedule A
hereto as the Parties hereto may amend from time to time (each a "Fund";
reference herein to "AVIF" includes reference to each Fund, to the extent the
context requires) available for purchase by the Accounts; and

         WHEREAS, LIFE COMPANY will be the issuer of certain variable annuity
contracts and variable life insurance contracts ("Contracts") as set forth on
Schedule A hereto, as the Parties hereto may amend from time to time, which
Contracts (hereinafter collectively, the "Contracts"), if required by applicable
law, will be registered under the 1933 Act; and

         WHEREAS, LIFE COMPANY will fund the Contracts through the Accounts,
each of which may be divided into two or more subaccounts ("Subaccounts";
reference herein to an "Account" includes reference to each Subaccount thereof
to the extent the context requires); and

         WHEREAS, LIFE COMPANY will serve as the depositor of the Accounts, each
of which is registered as a unit investment trust investment company under the
1940 Act (or exempt therefrom), and the security interests deemed to be issued
by the Accounts under the Contracts will be registered as securities under the
1933 Act (or exempt therefrom); and

         WHEREAS, to the extent permitted by applicable insurance laws and
regulations, LIFE COMPANY intends to purchase Shares in one or more of the Funds
on behalf of the Accounts to fund the Contracts; and

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         WHEREAS, ING is a broker-dealer registered with the SEC under the
Securities Exchange Act of 1934 ("1934 Act") and a member in good standing
of the National Association of Securities Dealers, Inc. ("NASD");

         NOW, THEREFORE, in consideration of the mutual benefits and promises
contained herein, the Parties hereto agree as follows:

                           SECTION 1. AVAILABLE FUNDS
                           --------------------------

         1.1      AVAILABILITY.
         ----------------------

         AVIF will make Shares of each Fund available to LIFE COMPANY for
purchase and redemption at net asset value and with no sales charges, subject to
the terms and conditions of this Agreement. The Board of Directors of AVIF may
refuse to sell Shares of any Fund to any person, or suspend or terminate the
offering of Shares of any Fund if such action is required by law or by
regulatory authorities having jurisdiction or if, in the sole discretion of the
Directors acting in good faith and in light of their fiduciary duties under
federal and any applicable state laws, such action is deemed in the best
interests of the shareholders of such Fund.

         1.2      ADDITION, DELETION OR MODIFICATION OF FUNDS.
         -----------------------------------------------------

         The Parties hereto may agree, from time to time, to add other Funds to
provide additional funding media for the Contracts, or to delete, combine, or
modify existing Funds, by amending Schedule A hereto. Upon such amendment to
Schedule A, any applicable reference to a Fund, AVIF, or its Shares herein shall
include a reference to any such additional Fund. Schedule A, as amended from
time to time, is incorporated herein by reference and is a part hereof.

         1.3      NO SALES TO THE GENERAL PUBLIC.
         ----------------------------------------

         AVIF represents and warrants that no Shares of any Fund have been or
will be sold to the general public.


                       SECTION 2. PROCESSING TRANSACTIONS
                       ----------------------------------

         2.1      TIMELY PRICING AND ORDERS.
         -----------------------------------

         (a) AVIF or its designated agent will use its best efforts to provide
LIFE COMPANY with the net asset value per Share for each Fund by 5:30 p.m.
Central Time on each Business Day. As used herein, "Business Day" shall mean any
day on which (i) the New York Stock Exchange is open for regular trading, (ii)
AVIF calculates the Fund's net asset value, and (iii) LIFE COMPANY is open for
business.

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         (b) LIFE COMPANY will use the data provided by AVIF each Business Day
pursuant to paragraph (a) immediately above to calculate Account unit values and
to process transactions that receive that same Business Day's Account unit
values. LIFE COMPANY will perform such Account processing the same Business Day,
and will place corresponding orders to purchase or redeem Shares with AVIF by
9:00 a.m. Central Time the following Business Day; provided, however, that AVIF
shall provide additional time to LIFE COMPANY in the event that AVIF is unable
to meet the 5:30 p.m. time stated in paragraph (a) immediately above. Such
additional time shall be equal to the additional time that AVIF takes to make
the net asset values available to LIFE COMPANY.

         (c) With respect to payment of the purchase price by LIFE COMPANY and
of redemption proceeds by AVIF, LIFE COMPANY and AVIF shall net purchase and
redemption orders with respect to each Fund and shall transmit one net payment
per Fund in accordance with Section 2.2, below.

         (d) If AVIF provides materially incorrect Share net asset value
information (as determined under SEC guidelines), LIFE COMPANY shall be entitled
to an adjustment to the number of Shares purchased or redeemed to reflect the
correct net asset value per Share. Any material error in the calculation or
reporting of net asset value per Share, dividend or capital gain information
shall be reported promptly upon discovery to LIFE COMPANY.

         2.2      TIMELY PAYMENTS.
         -------------------------

         LIFE COMPANY will wire payment for net purchases to a custodial account
designated by AVIF by 1:00 p.m. Central Time on the same day as the order for
Shares is placed, to the extent practicable. AVIF will wire payment for net
redemptions to an account designated by LIFE COMPANY by 1:00 p.m. Central Time
on the same day as the Order is placed, to the extent practicable, but in any
event within five (5) calendar days after the date the order is placed in order
to enable LIFE COMPANY to pay redemption proceeds within the time specified in
Section 22(e) of the 1940 Act or such shorter period of time as may be required
by law.

         2.3      APPLICABLE PRICE.
         --------------------------

         (a) Share purchase payments and redemption orders that result from
purchase payments, premium payments, surrenders and other transactions under
Contracts (collectively, "Contract transactions") and that LIFE COMPANY receives
prior to the close of regular trading on the New York Stock Exchange on a
Business Day will be executed at the net asset values of the appropriate Funds
next computed after receipt by AVIF or its designated agent of the orders. For
purposes of this Section 2.3(a), LIFE COMPANY shall be the designated agent of
AVIF for receipt of orders relating to Contract transactions on each Business
Day and receipt by such designated agent shall constitute receipt by AVIF;
provided that AVIF receives notice of such orders by 9:00 a.m. Central Time on
the next following Business Day or such later time as computed in accordance
with Section 2.1(b) hereof.

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             (b) All other Share purchases and redemptions by LIFE COMPANY will
be effected at the net asset values of the appropriate Funds next computed after
receipt by AVIF or its designated agent of the order therefor, and such orders
will be irrevocable.

         2.4      DIVIDENDS AND DISTRIBUTIONS.
         -------------------------------------

         AVIF will furnish notice by wire or telephone (followed by written
confirmation) on or prior to the payment date to LIFE COMPANY of any income
dividends or capital gain distributions payable on the Shares of any Fund. LIFE
COMPANY hereby elects to reinvest all dividends and capital gains distributions
in additional Shares of the corresponding Fund at the ex-dividend date net asset
values until LIFE COMPANY otherwise notifies AVIF in writing, it being agreed by
the Parties that the ex-dividend date and the payment date with respect to any
dividend or distribution will be the same Business Day. LIFE COMPANY reserves
the right to revoke this election and to receive all such income dividends and
capital gain distributions in cash.

         2.5      BOOK ENTRY.
         --------------------

         Issuance and transfer of AVIF Shares will be by book entry only. Stock
certificates will not be issued to LIFE COMPANY. Shares ordered from AVIF will
be recorded in an appropriate title for LIFE COMPANY, on behalf of its Account.


                          SECTION 3. COSTS AND EXPENSES
                          -----------------------------

         3.1      GENERAL.
         -----------------

         Except as otherwise specifically provided herein, each Party will bear
all expenses incident to its performance under this Agreement.

         3.2      REGISTRATION.
         ----------------------

         (a) AVIF will bear the cost of its registering as a management
investment company under the 1940 Act and registering its Shares under the 1933
Act, and keeping such registrations current and effective; including, without
limitation, the preparation of and filing with the SEC of Forms N-SAR and Rule
24f-2 Notices with respect to AVIF and its Shares and payment of all applicable
registration or filing fees with respect to any of the foregoing.

         (b) LIFE COMPANY will bear the cost of registering, to the extent
required, each Account as a unit investment trust under the 1940 Act and
registering units of interest under the Contracts under the 1933 Act and keeping
such registrations current and effective; including, without limitation, the
preparation and filing with the SEC of Forms N-SAR and Rule 24f-2 Notices with
respect to each Account and its units of interest and payment of all applicable
registration or filing fees with respect to any of the foregoing.

         3.3      OTHER (NON-SALES-RELATED).
         -----------------------------------

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         (a) AVIF will bear, or arrange for others to bear, the costs of
preparing, filing with the SEC and setting for printing AVIF's prospectus,
statement of additional information and any amendments or supplements thereto
(collectively, the "AVIF Prospectus"), periodic reports to shareholders, AVIF
proxy material and other shareholder communications.

         (b) LIFE COMPANY will bear the costs of preparing, filing with the SEC
and setting for printing each Account's prospectus, statement of additional
information and any amendments or supplements thereto (collectively, the
"Account Prospectus"), any periodic reports to Contract owners, annuitants,
insureds or participants (as appropriate) under the Contracts (collectively,
"Participants"), voting instruction solicitation material, and other Participant
communications.

         (c) LIFE COMPANY will print in quantity and deliver to existing
Participants the documents described in Section 3.3(b) above and the prospectus
provided by AVIF in camera ready form. AVIF will print the AVIF statement of
additional information, proxy materials relating to AVIF and periodic reports of
AVIF.

         3.4      OTHER (SALES-RELATED).
         -------------------------------

         LIFE COMPANY will bear the expenses of distribution. These expenses
would include by way of illustration, but are not limited to, the costs of
distributing to Participants the following documents, whether they relate to the
Account or AVIF: prospectuses, statements of additional information, proxy
materials and periodic reports. These costs would also include the costs of
preparing, printing, and distributing sales literature and advertising relating
to the Funds, as well as filing such materials with, and obtaining approval
from, the SEC, the NASD, any state insurance regulatory authority, and any other
appropriate regulatory authority, to the extent required.

         3.5      PARTIES TO COOPERATE.
         ------------------------------

         Each Party agrees to cooperate with the others, as applicable, in
arranging to print, mail and/or deliver, in a timely manner, combined or
coordinated prospectuses or other materials of AVIF and the Accounts.


                           SECTION 4. LEGAL COMPLIANCE
                           ---------------------------

         4.1      TAX LAWS.
         ------------------

         (a) AVIF represents and warrants that each Fund is currently qualified
as a regulated investment company ("RIC") under Subchapter M of the Internal
Revenue Code of 1986, as amended (the "Code"), and represents that it will use
its best efforts to qualify and to maintain qualification of each Fund as a RIC.
AVIF will notify LIFE COMPANY immediately upon having a reasonable basis for
believing that a Fund has ceased to so qualify or that it might not so qualify
in the future.

         (b) AVIF represents that it will use its best efforts to comply and to
maintain each Fund's compliance with the diversification requirements set forth
in Section 817(h) of the Code and Section 1.817-5(b) of the regulations under
the Code. AVIF will notify LIFE COMPANY immediately

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upon having a reasonable basis for believing that a Fund has ceased to so comply
or that a Fund might not so comply in the future. In the event of a breach of
this Section 4.1(b) by AVIF, it will take all reasonable steps to adequately
diversify the Fund so as to achieve compliance within the grace period afforded
by Section 1.817-5 of the regulations under the Code.

         (c) LIFE COMPANY agrees that if the Internal Revenue Service ("IRS")
asserts in writing in connection with any governmental audit or review of LIFE
COMPANY or, to LIFE COMPANY's knowledge, of any Participant, that any Fund has
failed to comply with the diversification requirements of Section 817(h) of the
Code or LIFE COMPANY otherwise becomes aware of any facts that could give rise
to any claim against AVIF or its affiliates as a result of such a failure or
alleged failure:

               (i)  LIFE COMPANY shall promptly notify AVIF of such assertion or
                    potential claim (subject to the Confidentiality provisions
                    of Section 18 as to any Participant);

               (ii) LIFE COMPANY shall consult with AVIF as to how to minimize
                    any liability that may arise as a result of such failure or
                    alleged failure;

               (iii) LIFE COMPANY shall use its best efforts to minimize any
                    liability of AVIF or its affiliates resulting from such
                    failure, including, without limitation, demonstrating,
                    pursuant to Treasury Regulations Section 1.817-5(a)(2), to
                    the Commissioner of the IRS that such failure was
                    inadvertent;

               (iv) LIFE COMPANY shall permit AVIF, its affiliates and their
                    legal and accounting advisors to participate in any
                    conferences, settlement discussions or other administrative
                    or judicial proceeding or contests (including judicial
                    appeals thereof) with the IRS, any Participant or any other
                    claimant regarding any claims that could give rise to
                    liability to AVIF or its affiliates as a result of such a
                    failure or alleged failure; provided, however, that LIFE
                    COMPANY will retain control of the conduct of such
                    conferences discussions, proceedings, contests or appeals;

               (v)  any written materials to be submitted by LIFE COMPANY to the
                    IRS, any Participant or any other claimant in connection
                    with any of the foregoing proceedings or contests
                    (including, without limitation, any such materials to be
                    submitted to the IRS pursuant to Treasury Regulations
                    Section 1.817-5(a)(2)), (a) shall be provided by LIFE
                    COMPANY to AVIF (together with any supporting information or
                    analysis); subject to the confidentiality provisions of
                    Section 18, at least ten (10) business days or such shorter
                    period to which the Parties hereto agree prior to the day on
                    which such proposed materials are to be submitted, and (b)
                    shall not be submitted by LIFE COMPANY to any such person
                    without the express written consent of AVIF which shall not
                    be unreasonably withheld;

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               (vi) LIFE COMPANY shall provide AVIF or its affiliates and their
                    accounting and legal advisors with such cooperation as AVIF
                    shall reasonably request (including, without limitation, by
                    permitting AVIF and its accounting and legal advisors to
                    review the relevant books and records of LIFE COMPANY) in
                    order to facilitate review by AVIF or its advisors of any
                    written submissions provided to it pursuant to the preceding
                    clause or its assessment of the validity or amount of any
                    claim against its arising from such a failure or alleged
                    failure;

               (vii) LIFE COMPANY shall not with respect to any claim of the IRS
                    or any Participant that would give rise to a claim against
                    AVIF or its affiliates (a) compromise or settle any claim,
                    (b) accept any adjustment on audit, or (c) forego any
                    allowable administrative or judicial appeals, without the
                    express written consent of AVIF or its affiliates, which
                    shall not be unreasonably withheld, provided that LIFE
                    COMPANY shall not be required, after exhausting all
                    administrative penalties, to appeal any adverse judicial
                    decision unless AVIF or its affiliates shall have provided
                    an opinion of independent counsel to the effect that a
                    reasonable basis exists for taking such appeal; and provided
                    further that the costs of any such appeal shall be borne
                    equally by the Parties hereto; and

               (viii) AVIF and its affiliates shall have no liability as a
                    result of such failure or alleged failure if LIFE COMPANY
                    fails to comply with any of the foregoing clauses (i)
                    through (vii), and such failure could be shown to have
                    materially contributed to the liability.

         Should AVIF or any of its affiliates refuse to give its written consent
to any compromise or settlement of any claim or liability hereunder, LIFE
COMPANY may, in its discretion, authorize AVIF or its affiliates to act in the
name of LIFE COMPANY in, and to control the conduct of, such conferences,
discussions, proceedings, contests or appeals and all administrative or judicial
appeals thereof, and in that event AVIF or its affiliates shall bear the fees
and expenses associated with the conduct of the proceedings that it is so
authorized to control; provided, that in no event shall LIFE COMPANY have any
liability resulting from AVIF's refusal to accept the proposed settlement or
compromise with respect to any failure caused by AVIF. As used in this
Agreement, the term "affiliates" shall have the same meaning as "affiliated
person" as defined in Section 2(a)(3) of the 1940 Act.

         (d) LIFE COMPANY represents and warrants that the Contracts currently
are and will be treated as annuity contracts or life insurance contracts under
applicable provisions of the Code and that it will use its best efforts to
maintain such treatment; LIFE COMPANY will notify AVIF immediately upon having a
reasonable basis for believing that any of the Contracts have ceased to be so
treated or that they might not be so treated in the future.

         (e) LIFE COMPANY represents and warrants that each Account is a
"segregated asset account" and that interests in each Account are offered
exclusively through the purchase of or transfer into a "variable contract,"
within the meaning of such terms under Section 817 of the Code

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and the
regulations thereunder. LIFE COMPANY will use its best efforts to continue to
meet such definitional requirements, and it will notify AVIF immediately upon
having a reasonable basis for believing that such requirements have ceased to be
met or that they might not be met in the future.

         4.2      INSURANCE AND CERTAIN OTHER LAWS.
         ------------------------------------------

         (a) AVIF will use its best efforts to comply with any applicable state
insurance laws or regulations, to the extent specifically requested in writing
by LIFE COMPANY, including, the furnishing of information not otherwise
available to LIFE COMPANY which is required by state insurance law to enable
LIFE COMPANY to obtain the authority needed to issue the Contracts in any
applicable state.

         (b) LIFE COMPANY represents and warrants that (i) it is an insurance
company duly organized, validly existing and in good standing under the laws of
the State of Colorado and has full corporate power, authority and legal right to
execute, deliver and perform its duties and comply with its obligations under
this Agreement, (ii) it has legally and validly established and maintains each
Account as a segregated asset account under Section 10-7-402 of the Colorado
Insurance Law and the regulations thereunder, and (iii) the Contracts comply in
all material respects with all other applicable federal and state laws and
regulations.

         (c) AVIF represents and warrants that it is a corporation duly
organized, validly existing, and in good standing under the laws of the State of
Maryland and has full power, authority, and legal right to execute, deliver, and
perform its duties and comply with its obligations under this Agreement.

         4.3      SECURITIES LAWS.
         -------------------------

         (a) LIFE COMPANY represents and warrants that (i) interests in each
Account pursuant to the Contracts are or will be registered under the 1933 Act
to the extent required by the 1933 Act, (ii) the Contracts will be duly
authorized for issuance and sold in compliance with all applicable federal and
state laws, including, without limitation, the 1933 Act, the 1934 Act, the 1940
Act and Colorado law, (iii) each Account is and will remain registered under the
1940 Act, to the extent required by the 1940 Act, (iv) each Account does and
will comply in all material respects with the requirements of the 1940 Act and
the rules thereunder, to the extent required, (v) each Account's 1933 Act
registration statement relating to the Contracts, together with any amendments
thereto, will at all times comply in all material respects with the requirements
of the 1933 Act and the rules thereunder, (vi) LIFE COMPANY will amend the
registration statement for its Contracts under the 1933 Act and for its Accounts
under the 1940 Act from time to time as required in order to effect the
continuous offering of its Contracts or as may otherwise be required by
applicable law, and (vii) each Account Prospectus will at all times comply in
all material respects with the requirements of the 1933 Act and the rules
thereunder.

         (b) AVIF represents and warrants that (i) Shares sold pursuant to this
Agreement will be registered under the 1933 Act to the extent required by the
1933 Act and duly authorized for issuance and sold in compliance with Maryland
law, (ii) AVIF is and will remain registered under the 1940

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Act to the extent required by the 1940 Act, (iii) AVIF will amend the
registration statement for its Shares under the 1933 Act and itself under the
1940 Act from time to time as required in order to effect the continuous
offering of its Shares, (iv) AVIF does and will comply in all material respects
with the requirements of the 1940 Act and the rules thereunder, (v) AVIF's 1933
Act registration statement, together with any amendments thereto, will at all
times comply in all material respects with the requirements of the 1933 Act and
rules thereunder, and (vi) AVIF's Prospectus will at all times comply in all
material respects with the requirements of the 1933 Act and the rules
thereunder.

         (c) AVIF will at its expense register and qualify its Shares for sale
in accordance with the laws of any state or other jurisdiction if and to the
extent reasonably deemed advisable by AVIF.

         (d) AVIF currently does not intend to make any payments to finance
distribution expenses pursuant to Rule 12b-1 under the 1940 Act or otherwise,
although it reserves the right to make such payments in the future. To the
extent that it decides to finance distribution expenses pursuant to Rule 12b-1,
AVIF undertakes to have its Board of Directors, a majority of whom are not
"interested" persons of the Fund, formulate and approve any plan under Rule
12b-1 to finance distribution expenses.

         (e) AVIF represents and warrants that all of its trustees, officers,
employees, investment advisers, and other individuals/entities having access to
the funds and/or securities of the Fund are and continue to be at all times
covered by a blanket fidelity bond or similar coverage for the benefit of the
Fund in an amount not less than the minimal coverage as required currently by
Rule 17g-(1) of the 1940 Act or related provisions as may be promulgated from
time to time. The aforesaid bond includes coverage for larceny and embezzlement
and is issued by a reputable bonding company.

         4.4      NOTICE OF CERTAIN PROCEEDINGS AND OTHER CIRCUMSTANCES.
         ---------------------------------------------------------------

         (a) AVIF will immediately notify LIFE COMPANY of (i) the issuance by
any court or regulatory body of any stop order, cease and desist order, or other
similar order with respect to AVIF's registration statement under the 1933 Act
or AVIF Prospectus, (ii) any request by the SEC for any amendment to such
registration statement or AVIF Prospectus that may affect the offering of Shares
of AVIF, (iii) the initiation of any proceedings for that purpose or for any
other purpose relating to the registration or offering of AVIF's Shares, or (iv)
any other action or circumstances that may prevent the lawful offer or sale of
Shares of any Fund in any state or jurisdiction, including, without limitation,
any circumstances in which (a) such Shares are not registered and, in all
material respects, issued and sold in accordance with applicable state and
federal law, or (b) such law precludes the use of such Shares as an underlying
investment medium of the Contracts issued or to be issued by LIFE COMPANY. AVIF
will make every reasonable effort to prevent the issuance, with respect to any
Fund, of any such stop order, cease and desist order or similar order and, if
any such order is issued, to obtain the lifting thereof at the earliest possible
time.

         (b) LIFE COMPANY will immediately notify AVIF of (i) the issuance by
any court or regulatory body of any stop order, cease and desist order, or other
similar order with respect to each Account's registration statement under the
1933 Act relating to the Contracts or each Account Prospectus, (ii) any request
by the SEC for any amendment to such registration statement or Account

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Prospectus that may affect the offering of Shares of AVIF, (iii) the initiation
of any proceedings for that purpose or for any other purpose relating to the
registration or offering of each Account's interests pursuant to the Contracts,
or (iv) any other action or circumstances that may prevent the lawful offer or
sale of said interests in any state or jurisdiction, including, without
limitation, any circumstances in which said interests are not registered and, in
all material respects, issued and sold in accordance with applicable state and
federal law. LIFE COMPANY will make every reasonable effort to prevent the
issuance of any such stop order, cease and desist order or similar order and, if
any such order is issued, to obtain the lifting thereof at the earliest possible
time.

         4.5      LIFE COMPANY TO PROVIDE DOCUMENTS; INFORMATION ABOUT AVIF.
         -------------------------------------------------------------------

         (a) LIFE COMPANY will provide to AVIF or its designated agent at least
one (1) complete copy of all SEC registration statements, Account Prospectuses,
reports, any preliminary and final voting instruction solicitation material,
applications for exemptions, requests for no-action letters, and all amendments
to any of the above, that relate to each Account or the Contracts,
contemporaneously with the filing of such document with the SEC or other
regulatory authorities.

         (b) LIFE COMPANY will provide to AVIF or its designated agent at least
one (1) complete copy of each piece of sales literature or other promotional
material in which AVIF or any of its affiliates is named, at least five (5)
Business Days prior to its use or such shorter period as the Parties hereto may,
from time to time, agree upon. No such material shall be used if AVIF or its
designated agent objects to such use within five (5) Business Days after receipt
of such material or such shorter period as the Parties hereto may, from time to
time, agree upon. AVIF hereby designates A I M as the entity to receive such
sales literature, until such time as AVIF appoints another designated agent by
giving notice to LIFE COMPANY in the manner required by Section 9 hereof.

         (c) Neither LIFE COMPANY nor any of its affiliates, will give any
information or make any representations or statements on behalf of or concerning
AVIF or its affiliates in connection with the sale of the Contracts other than
(i) the information or representations contained in the registration statement,
including the AVIF Prospectus contained therein, relating to Shares, as such
registration statement and AVIF Prospectus may be amended from time to time; or
(ii) in reports or proxy materials for AVIF; or (iii) in published reports for
AVIF that are in the public domain and approved by AVIF for distribution; or
(iv) in sales literature or other promotional material approved by AVIF, except
with the express written permission of AVIF.

         (d) LIFE COMPANY shall adopt and implement procedures reasonably
designed to ensure that information concerning AVIF and its affiliates that is
intended for use only by brokers or agents selling the Contracts (i.e.,
information that is not intended for distribution to Participants) ("broker only
materials") is so used, and neither AVIF nor any of its affiliates shall be
liable for any losses, damages or expenses relating to the improper use of such
broker only materials.

         (e) For the purposes of this Section 4.5, the phrase "sales literature
or other promotional material" includes, but is not limited to, advertisements
(such as material published, or designed for use in, a newspaper, magazine, or
other periodical, radio, television, telephone or tape recording, videotape
display, signs or billboards, motion pictures, or other public media, (e.g.,
on-line networks

PA-GOLDENAM.AGR
082001 (1) rgr                         10

<PAGE>


such as the Internet or other electronic messages), sales literature (i.e., any
written communication distributed or made generally available to customers or
the public, including brochures, circulars, research reports, market letters,
form letters, seminar texts, reprints or excerpts of any other advertisement,
sales literature, or published article), educational or training materials or
other communications distributed or made generally available to some or all
agents or employees, registration statements, prospectuses, statements of
additional information, shareholder reports, and proxy materials and any other
material constituting sales literature or advertising under the NASD rules, the
1933 Act or the 1940 Act.

         4.6      AVIF TO PROVIDE DOCUMENTS; INFORMATION ABOUT LIFE COMPANY.
         -------------------------------------------------------------------

         (a) AVIF will provide to LIFE COMPANY at least one (1) complete copy of
all SEC registration statements, AVIF Prospectuses, reports, any preliminary and
final proxy material, applications for exemptions, requests for no-action
letters, and all amendments to any of the above, that relate to AVIF or the
Shares of a Fund, contemporaneously with the filing of such document with the
SEC or other regulatory authorities.

         (b) AVIF will provide to LIFE COMPANY camera ready or computer diskette
copies of all AVIF prospectuses and printed copies, in an amount specified by
LIFE COMPANY, of AVIF statements of additional information, proxy materials,
periodic reports to shareholders and other materials required by law to be sent
to Participants who have allocated any Contract value to a Fund. AVIF will
provide such copies to LIFE COMPANY in a timely manner so as to enable LIFE
COMPANY, as the case may be, to print and distribute such materials within the
time required by law to be furnished to Participants.

         (c) AVIF will provide to LIFE COMPANY or its designated agent at least
one (1) complete copy of each piece of sales literature or other promotional
material in which LIFE COMPANY, or any of its respective affiliates is named, or
that refers to the Contracts, at least five (5) Business Days prior to its use
or such shorter period as the Parties hereto may, from time to time, agree upon.
No such material shall be used if LIFE COMPANY or its designated agent objects
to such use within five (5) Business Days after receipt of such material or such
shorter period as the Parties hereto may, from time to time, agree upon. LIFE
COMPANY shall receive all such sales literature until such time as it appoints a
designated agent by giving notice to AVIF in the manner required by Section 9
hereof.

         (d) Neither AVIF nor any of its affiliates will give any information or
make any representations or statements on behalf of or concerning LIFE COMPANY,
each Account, or the Contracts other than (i) the information or representations
contained in the registration statement, including each Account Prospectus
contained therein, relating to the Contracts, as such registration statement and
Account Prospectus may be amended from time to time; or (ii) in published
reports for the Account or the Contracts that are in the public domain and
approved by LIFE COMPANY for distribution; or (iii) in sales literature or other
promotional material approved by LIFE COMPANY or its affiliates, except with the
express written permission of LIFE COMPANY.

         (e) AVIF shall cause its principal underwriter to adopt and implement
procedures reasonably designed to ensure that information concerning LIFE
COMPANY, and its respective

PA-GOLDENAM.AGR
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<PAGE>


affiliates that is intended for use only by brokers or agents selling the
Contracts (i.e., information that is not intended for distribution to
Participants) ("broker only materials") is so used, and neither LIFE COMPANY,
nor any of its respective affiliates shall be liable for any losses, damages or
expenses relating to the improper use of such broker only materials.

          (f) For purposes of this Section 4.6, the phrase "sales literature or
other promotional material" includes, but is not limited to, advertisements
(such as material published, or designed for use in, a newspaper, magazine, or
other periodical, radio, television, telephone or tape recording, videotape
display, signs or billboards, motion pictures, or other public media, (e.g.,
on-line networks such as the Internet or other electronic messages), sales
literature (i.e., any written communication distributed or made generally
available to customers or the public, including brochures, circulars, research
reports, market letters, form letters, seminar texts, reprints or excerpts of
any other advertisement, sales literature, or published article), educational or
training materials or other communications distributed or made generally
available to some or all agents or employees, registration statements,
prospectuses, statements of additional information, shareholder reports, and
proxy materials and any other material constituting sales literature or
advertising under the NASD rules, the 1933 Act or the 1940 Act.


                       SECTION 5. MIXED AND SHARED FUNDING
                       -----------------------------------

         5.1      GENERAL.
         -----------------

         The SEC has granted an order to AVIF exempting it from certain
provisions of the 1940 Act and rules thereunder so that AVIF may be available
for investment by certain other entities, including, without limitation,
separate accounts funding variable annuity contracts or variable life insurance
contracts, separate accounts of insurance companies unaffiliated with LIFE
COMPANY, and trustees of qualified pension and retirement plans (collectively,
"Mixed and Shared Funding"). The Parties recognize that the SEC has imposed
terms and conditions for such orders that are substantially identical to many of
the provisions of this Section 5. Sections 5.2 through 5.8 below shall apply
pursuant to such an exemptive order granted to AVIF. AVIF hereby notifies LIFE
COMPANY that, in the event that AVIF implements Mixed and Shared Funding, it may
be appropriate to include in the prospectus pursuant to which a Contract is
offered disclosure regarding the potential risks of Mixed and Shared Funding.

         5.2      DISINTERESTED DIRECTORS.
         ---------------------------------

         AVIF agrees that its Board of Directors shall at all times consist of
directors a majority of whom (the "Disinterested Directors") are not interested
persons of AVIF within the meaning of Section 2(a)(19) of the 1940 Act and the
Rules thereunder and as modified by any applicable orders of the SEC, except
that if this condition is not met by reason of the death, disqualification, or
bona fide resignation of any director, then the operation of this condition
shall be suspended (a) for a period of forty-five (45) days if the vacancy or
vacancies may be filled by the Board; (b) for a period of sixty (60) days if a
vote of shareholders is required to fill the vacancy or vacancies; or (c) for
such longer period as the SEC may prescribe by order upon application.

PA-GOLDENAM.AGR
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<PAGE>


         5.3      MONITORING FOR MATERIAL IRRECONCILABLE CONFLICTS.
         ----------------------------------------------------------

         AVIF agrees that its Board of Directors will monitor for the existence
of any material irreconcilable conflict between the interests of the
Participants in all separate accounts of life insurance companies utilizing AVIF
("Participating Insurance Companies"), including each Account, and participants
in all qualified retirement and pension plans investing in AVIF ("Participating
Plans"). LIFE COMPANY agrees to inform the Board of Directors of AVIF of the
existence of or any potential for any such material irreconcilable conflict of
which it is aware. The concept of a "material irreconcilable conflict" is not
defined by the 1940 Act or the rules thereunder, but the Parties recognize that
such a conflict may arise for a variety of reasons, including, without
limitation:

               (a)  an action by any state insurance or other regulatory
                    authority;

               (b)  a change in applicable federal or state insurance, tax or
                    securities laws or regulations, or a public ruling, private
                    letter ruling, no-action or interpretative letter, or any
                    similar action by insurance, tax or securities regulatory
                    authorities;

               (c)  an administrative or judicial decision in any relevant
                    proceeding;

               (d)  the manner in which the investments of any Fund are being
                    managed;

               (e)  a difference in voting instructions given by variable
                    annuity contract and variable life insurance contract
                    Participants or by Participants of different Participating
                    Insurance Companies;

               (f)  a decision by a Participating Insurance Company to disregard
                    the voting instructions of Participants; or

               (g)  a decision by a Participating Plan to disregard the voting
                    instructions of Plan participants.

         Consistent with the SEC's requirements in connection with exemptive
orders of the type referred to in Section 5.1 hereof, LIFE COMPANY will assist
the Board of Directors in carrying out its responsibilities by providing the
Board of Directors with all information reasonably necessary for the Board of
Directors to consider any issue raised, including information as to a decision
by LIFE COMPANY to disregard voting instructions of Participants.

         5.4      CONFLICT REMEDIES.
         ---------------------------

         (a) It is agreed that if it is determined by a majority of the members
of the Board of Directors or a majority of the Disinterested Directors that a
material irreconcilable conflict exists, LIFE COMPANY will, if it is a
Participating Insurance Company for which a material irreconcilable conflict is
relevant, at its own expense and to the extent reasonably practicable (as
determined by a majority of the Disinterested Directors), take whatever steps
are necessary to remedy or eliminate the material irreconcilable conflict, which
steps may include, but are not limited to:

               (i)      withdrawing the assets allocable to some or all of the
                        Accounts from AVIF or any Fund and reinvesting such
                        assets in a different investment medium, including

PA-GOLDENAM.AGR
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<PAGE>


                        another Fund of AVIF, or submitting the question whether
                        such segregation should be implemented to a vote of all
                        affected Participants and, as appropriate, segregating
                        the assets of any particular group (e.g., annuity
                        Participants, life insurance Participants or all
                        Participants) that votes in favor of such segregation,
                        or offering to the affected Participants the option of
                        making such a change; and

               (ii)     establishing a new registered investment company of the
                        type defined as a "management company" in Section 4(3)
                        of the 1940 Act or a new separate account that is
                        operated as a management company.

         (b) If the material irreconcilable conflict arises because of LIFE
COMPANY's decision to disregard Participant voting instructions and that
decision represents a minority position or would preclude a majority vote, LIFE
COMPANY may be required, at AVIF's election, to withdraw each Account's
investment in AVIF or any Fund. No charge or penalty will be imposed as a result
of such withdrawal. Any such withdrawal must take place within six (6) months
after AVIF gives notice to LIFE COMPANY that this provision is being
implemented, and until such withdrawal AVIF shall continue to accept and
implement orders by LIFE COMPANY for the purchase and redemption of Shares of
AVIF.

         (c) If a material irreconcilable conflict arises because a particular
state insurance regulator's decision applicable to LIFE COMPANY conflicts with
the majority of other state regulators, then LIFE COMPANY will withdraw each
Account's investment in AVIF within six (6) months after AVIF's Board of
Directors informs LIFE COMPANY that it has determined that such decision has
created a material irreconcilable conflict, and until such withdrawal AVIF shall
continue to accept and implement orders by LIFE COMPANY for the purchase and
redemption of Shares of AVIF. No charge or penalty will be imposed as a result
of such withdrawal.

         (d) LIFE COMPANY agrees that any remedial action taken by it in
resolving any material irreconcilable conflict will be carried out at its
expense and with a view only to the interests of Participants.

         (e) For purposes hereof, a majority of the Disinterested Directors will
determine whether or not any proposed action adequately remedies any material
irreconcilable conflict. In no event, however, will AVIF or any of its
affiliates be required to establish a new funding medium for any Contracts. LIFE
COMPANY will not be required by the terms hereof to establish a new funding
medium for any Contracts if an offer to do so has been declined by vote of a
majority of Participants materially adversely affected by the material
irreconcilable conflict.

         5.5      NOTICE TO LIFE COMPANY .
         ---------------------------------

         AVIF will promptly make known in writing to LIFE COMPANY the Board of
Directors' determination of the existence of a material irreconcilable conflict,
a description of the facts that give rise to such conflict and the implications
of such conflict.

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<PAGE>


         5.6      INFORMATION REQUESTED BY BOARD OF DIRECTORS.
         -----------------------------------------------------

         LIFE COMPANY and AVIF (or its investment adviser) will at least
annually submit to the Board of Directors of AVIF such reports, materials or
data as the Board of Directors may reasonably request so that the Board of
Directors may fully carry out the obligations imposed upon it by the provisions
hereof or any exemptive order granted by the SEC to permit Mixed and Shared
Funding, and said reports, materials and data will be submitted at any
reasonable time deemed appropriate by the Board of Directors. All reports
received by the Board of Directors of potential or existing conflicts, and all
Board of Directors actions with regard to determining the existence of a
conflict, notifying Participating Insurance Companies and Participating Plans of
a conflict, and determining whether any proposed action adequately remedies a
conflict, will be properly recorded in the minutes of the Board of Directors or
other appropriate records, and such minutes or other records will be made
available to the SEC upon request.

         5.7      COMPLIANCE WITH SEC RULES.
         -----------------------------------

         If, at any time during which AVIF is serving as an investment medium
for variable life insurance Contracts, 1940 Act Rules 6e-3(T) or, if applicable,
6e-2 are amended or Rule 6e-3 is adopted to provide exemptive relief with
respect to Mixed and Shared Funding, AVIF agrees that it will comply with the
terms and conditions thereof and that the terms of this Section 5 shall be
deemed modified if and only to the extent required in order also to comply with
the terms and conditions of such exemptive relief that is afforded by any of
said rules that are applicable.

         5.8      OTHER REQUIREMENTS.
         ----------------------------

         AVIF will require that each Participating Insurance Company and
Participating Plan enter into an agreement with AVIF that contains in substance
the same provisions as are set forth in Sections 4.1(b), 4.1(d), 4.3(a), 4.4(b),
4.5(a), 5, and 10 of this Agreement.


                             SECTION 6. TERMINATION
                             ----------------------

         6.1      EVENTS OF TERMINATION.
         -------------------------------

         Subject to Section 6.4 below, this Agreement will terminate as to a
Fund:

         (a) at the option of any party, with or without cause with respect to
the Fund, upon six (6) months advance written notice to the other parties, or,
if later, upon receipt of any required exemptive relief from the SEC, unless
otherwise agreed to in writing by the parties; or

         (b) at the option of AVIF upon institution of formal proceedings
against LIFE COMPANY or its affiliates by the NASD, the SEC, any state insurance
regulator or any other regulatory body regarding LIFE COMPANY's obligations
under this Agreement or related to the sale of the Contracts, the operation of
each Account, or the purchase of Shares, if, in each case, AVIF reasonably
determines that such proceedings, or the facts on which such proceedings would
be

PA-GOLDENAM.AGR
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<PAGE>


based, have a material likelihood of imposing material adverse consequences
on the Fund with respect to which the Agreement is to be terminated; or

         (c) at the option of LIFE COMPANY upon institution of formal
proceedings against AVIF, its principal underwriter, or its investment adviser
by the NASD, the SEC, or any state insurance regulator or any other regulatory
body regarding AVIF's obligations under this Agreement or related to the
operation or management of AVIF or the purchase of AVIF Shares, if, in each
case, LIFE COMPANY reasonably determines that such proceedings, or the facts on
which such proceedings would be based, have a material likelihood of imposing
material adverse consequences on LIFE COMPANY, or the Subaccount corresponding
to the Fund with respect to which the Agreement is to be terminated; or

         (d) at the option of any Party in the event that (i) the Fund's Shares
are not registered and, in all material respects, issued and sold in accordance
with any applicable federal or state law, or (ii) such law precludes the use of
such Shares as an underlying investment medium of the Contracts issued or to be
issued by LIFE COMPANY; or

         (e) upon termination of the corresponding Subaccount's investment in
the Fund pursuant to Section 5 hereof; or

         (f) at the option of LIFE COMPANY if the Fund ceases to qualify as a
RIC under Subchapter M of the Code or under successor or similar provisions, or
if LIFE COMPANY reasonably believes that the Fund may fail to so qualify; or

         (g) at the option of LIFE COMPANY if the Fund fails to comply with
Section 817(h) of the Code or with successor or similar provisions, or if LIFE
COMPANY reasonably believes that the Fund may fail to so comply; or

         (h) at the option of AVIF if the Contracts issued by LIFE COMPANY cease
to qualify as annuity contracts or life insurance contracts under the Code
(other than by reason of the Fund's noncompliance with Section 817(h) or
Subchapter M of the Code) or if interests in an Account under the Contracts are
not registered, where required, and, in all material respects, are not issued or
sold in accordance with any applicable federal or state law; or

         (i) upon another Party's material breach of any provision of this
Agreement.

         6.2      NOTICE REQUIREMENT FOR TERMINATION.
         --------------------------------------------

         No termination of this Agreement will be effective unless and until the
Party terminating this Agreement gives prior written notice to the other Party
to this Agreement of its intent to terminate, and such notice shall set forth
the basis for such termination. Furthermore:

         (a) in the event that any termination is based upon the provisions of
Sections 6.1(a) or 6.1(e) hereof, such prior written notice shall be given at
least six (6) months in advance of the effective date of termination unless a
shorter time is agreed to by the Parties hereto;

PA-GOLDENAM.AGR
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<PAGE>


         (b) in the event that any termination is based upon the provisions of
Sections 6.1(b) or 6.1(c) hereof, such prior written notice shall be given at
least ninety (90) days in advance of the effective date of termination unless a
shorter time is agreed to by the Parties hereto; and

         (c) in the event that any termination is based upon the provisions of
Sections 6.1(d), 6.1(f), 6.1(g), 6.1(h) or 6.1(i) hereof, such prior written
notice shall be given as soon as possible within twenty-four (24) hours after
the terminating Party learns of the event causing termination to be required.

         6.3      FUNDS TO REMAIN AVAILABLE.
         -----------------------------------

         Notwithstanding any termination of this Agreement, AVIF will, at the
option of LIFE COMPANY, continue to make available additional shares of the Fund
pursuant to the terms and conditions of this Agreement, for all Contracts in
effect on the effective date of termination of this Agreement (hereinafter
referred to as "Existing Contracts."). Specifically, without limitation, the
owners of the Existing Contracts will be permitted to reallocate investments in
the Fund (as in effect on such date), redeem investments in the Fund and/or
invest in the Fund upon the making of additional purchase payments under the
Existing Contracts. The parties agree that this Section 6.3 will not apply to
any terminations under Section 5 and the effect of such terminations will be
governed by Section 5 of this Agreement.

         6.4      SURVIVAL OF WARRANTIES AND INDEMNIFICATIONS.
         -----------------------------------------------------

         All warranties and indemnifications will survive the termination of
this Agreement.

         6.5      CONTINUANCE OF AGREEMENT FOR CERTAIN PURPOSES.
         -------------------------------------------------------

         If any Party terminates this Agreement with respect to any Fund
pursuant to Sections 6.1(b), 6.1(c), 6.1(d), 6.1(f), 6.1(g), 6.1(h) or 6.1(i)
hereof, this Agreement shall nevertheless continue in effect as to any Shares of
that Fund that are outstanding as of the date of such termination (the "Initial
Termination Date"). This continuation shall extend to the earlier of the date as
of which an Account owns no Shares of the affected Fund or a date (the "Final
Termination Date") six (6) months following the Initial Termination Date, except
that LIFE COMPANY may, by written notice shorten said six (6) month period in
the case of a termination pursuant to Sections 6.1(d), 6.1(f), 6.1(g), 6.1(h) or
6.1(i).


             SECTION 7. PARTIES TO COOPERATE RESPECTING TERMINATION
             ------------------------------------------------------

         The Parties hereto agree to cooperate and give reasonable assistance to
one another in taking all necessary and appropriate steps for the purpose of
ensuring that an Account owns no Shares of a Fund after the Final Termination
Date with respect thereto, or, in the case of a termination pursuant to Section
6.1(a), the termination date specified in the notice of termination. Such steps
may include combining the affected Account with another Account, substituting
other mutual fund shares for those of the affected Fund, or otherwise
terminating participation by the Contracts in such Fund.

PA-GOLDENAM.AGR
082001 (1) rgr                         17

<PAGE>


                              SECTION 8. ASSIGNMENT
                              ---------------------

         This Agreement may not be assigned by any Party, except with the
written consent of each other Party.

                               SECTION 9. NOTICES
                               ------------------


<PAGE>


         Notices and communications required or permitted by Section 9 hereof
will be given by means mutually acceptable to the Parties concerned. Each other
notice or communication required or permitted by this Agreement will be given to
the following persons at the following addresses and facsimile numbers, or such
other persons, addresses or facsimile numbers as the Party receiving such
notices or communications may subsequently direct in writing:

                  AIM VARIABLE INSURANCE FUNDS
                  11 Greenway Plaza, Suite 100
                  Houston, Texas   77046
                  Facsimile:  (713) 993-9185

                  Attn:    Nancy L. Martin, Esq.


                  LIFE COMPANY

                  Facsimile:

                  Attn:




                  ING AMERICA EQUITIES, INC.

                  1290 Broadway
                  Denver, CO 80203
                  Facsimile: (303) 860-2134

                  Attn: Anna M. Kautzman,
                           Assistant General Counsel


                          SECTION 10. VOTING PROCEDURES
                          -----------------------------

         Subject to the cost allocation procedures set forth in Section 3
hereof, LIFE COMPANY will distribute all proxy material furnished by AVIF to
Participants to whom pass-through voting

PA-GOLDENAM.AGR
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<PAGE>


privileges are required to be extended and will solicit voting instructions from
Participants. LIFE COMPANY will vote Shares in accordance with timely
instructions received from Participants. LIFE COMPANY will vote Shares that are
(a) not attributable to Participants to whom pass-through voting privileges are
extended, or (b) attributable to Participants, but for which no timely
instructions have been received, in the same proportion as Shares for which said
instructions have been received from Participants, so long as and to the extent
that the SEC continues to interpret the 1940 Act to require pass through voting
privileges for Participants. Neither LIFE COMPANY nor any of its affiliates will
in any way recommend action in connection with or oppose or interfere with the
solicitation of proxies for the Shares held for such Participants. LIFE COMPANY
reserves the right to vote shares held in any Account in its own right, to the
extent permitted by law. LIFE COMPANY shall be responsible for assuring that
each of its Accounts holding Shares calculates voting privileges in a manner
consistent with that of other Participating Insurance Companies or in the manner
required by the Mixed and Shared Funding exemptive order obtained by AVIF. AVIF
will notify LIFE COMPANY of any changes of interpretations or amendments to
Mixed and Shared Funding exemptive order it has obtained. AVIF will comply with
all provisions of the 1940 Act requiring voting by shareholders, and in
particular, AVIF either will provide for annual meetings (except insofar as the
SEC may interpret Section 16 of the 1940 Act not to require such meetings) or
will comply with Section 16(c) of the 1940 Act (although AVIF is not one of the
trusts described in Section 16(c) of that Act) as well as with Sections 16(a)
and, if and when applicable, 16(b). Further, AVIF will act in accordance with
the SEC's interpretation of the requirements of Section 16(a) with respect to
periodic elections of directors and with whatever rules the SEC may promulgate
with respect thereto.


                         SECTION 11. FOREIGN TAX CREDITS
                         -------------------------------

         AVIF agrees to consult in advance with LIFE COMPANY concerning any
decision to elect or not to elect pursuant to Section 853 of the Code to pass
through the benefit of any foreign tax credits to its shareholders.


                           SECTION 12. INDEMNIFICATION
                           ---------------------------

         12.1     OF AVIF BY LIFE COMPANY AND ING.
         -----------------------------------------

         (a) Except to the extent provided in Sections 12.1(b) and 12.1(c),
below, LIFE COMPANY and ING agree to indemnify and hold harmless AVIF, its
affiliates, and each person, if any, who controls AVIF or its affiliates within
the meaning of Section 15 of the 1933 Act and each of their respective directors
and officers, (collectively, the "Indemnified Parties" for purposes of this
Section 12.1) against any and all losses, claims, damages, liabilities
(including amounts paid in settlement with the written consent of LIFE COMPANY
and ING) or actions in respect thereof (including, to the extent reasonable,
legal and other expenses), to which the Indemnified Parties may become subject
under any statute, regulation, at common law or otherwise; provided, the Account
owns shares of the Fund and insofar as such losses, claims, damages, liabilities
or actions:

PA-GOLDENAM.AGR
082001 (1) rgr                         19

<PAGE>


               (i)  arise out of or are based upon any untrue statement or
                    alleged untrue statement of any material fact contained in
                    any Account's 1933 Act registration statement, any Account
                    Prospectus, the Contracts, or sales literature or
                    advertising for the Contracts (or any amendment or
                    supplement to any of the foregoing), or arise out of or are
                    based upon the omission or the alleged omission to state
                    therein a material fact required to be stated therein or
                    necessary to make the statements therein not misleading;
                    provided, that this agreement to indemnify shall not apply
                    as to any Indemnified Party if such statement or omission or
                    such alleged statement or omission was made in reliance upon
                    and in conformity with information furnished to LIFE COMPANY
                    or ING by or on behalf of AVIF for use in any Account's 1933
                    Act registration statement, any Account Prospectus, the
                    Contracts, or sales literature or advertising or otherwise
                    for use in connection with the sale of Contracts or Shares
                    (or any amendment or supplement to any of the foregoing); or

               (ii) arise out of or as a result of any other statements or
                    representations (other than statements or representations
                    contained in AVIF's 1933 Act registration statement, AVIF
                    Prospectus, sales literature or advertising of AVIF, or any
                    amendment or supplement to any of the foregoing, not
                    supplied for use therein by or on behalf of LIFE COMPANY,
                    ING or their respective affiliates and on which such persons
                    have reasonably relied) or the negligent, illegal or
                    fraudulent conduct of LIFE COMPANY, ING or their respective
                    affiliates or persons under their control (including,
                    without limitation, their employees and "Associated
                    Persons," as that term is defined in paragraph (m) of
                    Article I of the NASD's By-Laws), in connection with the
                    sale or distribution of the Contracts or Shares; or

               (iii) arise out of or are based upon any untrue statement or
                    alleged untrue statement of any material fact contained in
                    AVIF's 1933 Act registration statement, AVIF Prospectus,
                    sales literature or advertising of AVIF, or any amendment or
                    supplement to any of the foregoing, or the omission or
                    alleged omission to state therein a material fact required
                    to be stated therein or necessary to make the statements
                    therein not misleading if such a statement or omission was
                    made in reliance upon and in conformity with information
                    furnished to AVIF or its affiliates by or on behalf of LIFE
                    COMPANY, ING or their respective affiliates for use in
                    AVIF's 1933 Act registration statement, AVIF Prospectus,
                    sales literature or advertising of AVIF, or any amendment or
                    supplement to any of the foregoing; or

               (iv) arise as a result of any failure by LIFE COMPANY or ING to
                    perform the obligations, provide the services and furnish
                    the materials required of them under the terms of this
                    Agreement, or any material breach of any representation
                    and/or warranty made by LIFE COMPANY or ING in this
                    Agreement or arise out of or result from any other material
                    breach of this Agreement by LIFE COMPANY or ING; or

PA-GOLDENAM.AGR
082001 (1) rgr                         20

<PAGE>


               (v)  arise as a result of failure by the Contracts issued by LIFE
                    COMPANY to qualify as annuity contracts or life insurance
                    contracts under the Code, otherwise than by reason of any
                    Fund's failure to comply with Subchapter M or Section 817(h)
                    of the Code.

         (b) Neither LIFE COMPANY nor ING shall be liable under this Section
12.1 with respect to any losses, claims, damages, liabilities or actions to
which an Indemnified Party would otherwise be subject by reason of willful
misfeasance, bad faith, or gross negligence in the performance by that
Indemnified Party of its duties or by reason of that Indemnified Party's
reckless disregard of obligations or duties (i) under this Agreement, or (ii) to
AVIF.

         (c) Neither LIFE COMPANY nor ING shall be liable under this Section
12.1 with respect to any action against an Indemnified Party unless AVIF shall
have notified LIFE COMPANY and ING in writing within a reasonable time after the
summons or other first legal process giving information of the nature of the
action shall have been served upon such Indemnified Party (or after such
Indemnified Party shall have received notice of such service on any designated
agent), but failure to notify LIFE COMPANY and ING of any such action shall not
relieve LIFE COMPANY and ING from any liability which they may have to the
Indemnified Party against whom such action is brought otherwise than on account
of this Section 12.1. Except as otherwise provided herein, in case any such
action is brought against an Indemnified Party, LIFE COMPANY and ING shall be
entitled to participate, at their own expense, in the defense of such action and
also shall be entitled to assume the defense thereof, with counsel approved by
the Indemnified Party named in the action, which approval shall not be
unreasonably withheld. After notice from LIFE COMPANY or ING to such Indemnified
Party of LIFE COMPANY's or ING's election to assume the defense thereof, the
Indemnified Party will cooperate fully with LIFE COMPANY and ING and shall bear
the fees and expenses of any additional counsel retained by it, and neither LIFE
COMPANY nor ING will be liable to such Indemnified Party under this Agreement
for any legal or other expenses subsequently incurred by such Indemnified Party
independently in connection with the defense thereof, other than reasonable
costs of investigation.

         12.2     OF LIFE COMPANY AND ING BY AVIF.
         -----------------------------------------

         (a) Except to the extent provided in Sections 12.2(c), 12.2(d) and
12.2(e), below, AVIF agrees to indemnify and hold harmless LIFE COMPANY, ING,
their respective affiliates, and each person, if any, who controls LIFE COMPANY,
ING or their respective affiliates within the meaning of Section 15 of the 1933
Act and each of their respective directors and officers, (collectively, the
"Indemnified Parties" for purposes of this Section 12.2) against any and all
losses, claims, damages, liabilities (including amounts paid in settlement with
the written consent of AVIF ) or actions in respect thereof (including, to the
extent reasonable, legal and other expenses), to which the Indemnified Parties
may become subject under any statute, regulation, at common law, or otherwise;
provided, the Account owns shares of the Fund and insofar as such losses,
claims, damages, liabilities or actions:

               (i)  arise out of or are based upon any untrue statement or
                    alleged untrue statement of any material fact contained in
                    AVIF's 1933 Act registration statement, AVIF Prospectus or
                    sales literature or advertising of AVIF (or any amendment or

PA-GOLDENAM.AGR
082001 (1) rgr                         21

<PAGE>


                    supplement to any of the foregoing), or arise out of or are
                    based upon the omission or the alleged omission to state
                    therein a material fact required to be stated therein or
                    necessary to make the statements therein not misleading;
                    provided, that this agreement to indemnify shall not apply
                    as to any Indemnified Party if such statement or omission or
                    such alleged statement or omission was made in reliance upon
                    and in conformity with information furnished to AVIF or its
                    affiliates by or on behalf of LIFE COMPANY, ING or their
                    respective affiliates for use in AVIF's 1933 Act
                    registration statement, AVIF Prospectus, or in sales
                    literature or advertising or otherwise for use in connection
                    with the sale of Contracts or Shares (or any amendment or
                    supplement to any of the foregoing); or

               (ii) arise out of or as a result of any other statements or
                    representations (other than statements or representations
                    contained in any Account's 1933 Act registration statement,
                    any Account Prospectus, sales literature or advertising for
                    the Contracts, or any amendment or supplement to any of the
                    foregoing, not supplied for use therein by or on behalf of
                    AVIF or its affiliates and on which such persons have
                    reasonably relied) or the negligent, illegal or fraudulent
                    conduct of AVIF or its affiliates or persons under its
                    control (including, without limitation, their employees and
                    "Associated Persons" as that Term is defined in Section (n)
                    of Article 1 of the NASD By-Laws), in connection with the
                    sale or distribution of AVIF Shares; or

               (iii) arise out of or are based upon any untrue statement or
                    alleged untrue statement of any material fact contained in
                    any Account's 1933 Act registration statement, any Account
                    Prospectus, sales literature or advertising covering the
                    Contracts, or any amendment or supplement to any of the
                    foregoing, or the omission or alleged omission to state
                    therein a material fact required to be stated therein or
                    necessary to make the statements therein not misleading, if
                    such statement or omission was made in reliance upon and in
                    conformity with information furnished to LIFE COMPANY, ING
                    or their respective affiliates by or on behalf of AVIF for
                    use in any Account's 1933 Act registration statement, any
                    Account Prospectus, sales literature or advertising covering
                    the Contracts, or any amendment or supplement to any of the
                    foregoing; or

               (iv) arise as a result of any failure by AVIF to perform the
                    obligations, provide the services and furnish the materials
                    required of it under the terms of this Agreement, or any
                    material breach of any representation and/or warranty made
                    by AVIF in this Agreement or arise out of or result from any
                    other material breach of this Agreement by AVIF.

         (b) Except to the extent provided in Sections 12.2(c), 12.2(d) and
12.2(e) hereof, AVIF agrees to indemnify and hold harmless the Indemnified
Parties from and against any and all losses, claims, damages, liabilities
(including amounts paid in settlement thereof with, the written consent of AVIF)
or actions in respect thereof (including, to the extent reasonable, legal and
other expenses) to which the Indemnified Parties may become subject directly or
indirectly under any statute, at

PA-GOLDENAM.AGR
082001 (1) rgr                         22

<PAGE>


common law or otherwise, insofar as such losses, claims, damages, liabilities or
actions directly or indirectly result from or arise out of the failure of any
Fund to operate as a regulated investment company in compliance with (i)
Subchapter M of the Code and regulations thereunder, or (ii) Section 817(h) of
the Code and regulations thereunder, including, without limitation, any income
taxes and related penalties, rescission charges, liability under state law to
Participants asserting liability against LIFE COMPANY pursuant to the Contracts,
the costs of any ruling and closing agreement or other settlement with the IRS,
and the cost of any substitution by LIFE COMPANY of Shares of another investment
company or portfolio for those of any adversely affected Fund as a funding
medium for each Account that LIFE COMPANY reasonably deems necessary or
appropriate as a result of the noncompliance.

         (c) AVIF shall not be liable under this Section 12.2 with respect to
any losses, claims, damages, liabilities or actions to which an Indemnified
Party would otherwise be subject by reason of willful misfeasance, bad faith, or
gross negligence in the performance by that Indemnified Party of its duties or
by reason of such Indemnified Party's reckless disregard of its obligations and
duties (i) under this Agreement, or (ii) to LIFE COMPANY, ING, each Account or
Participants.

         (d) AVIF shall not be liable under this Section 12.2 with respect to
any action against an Indemnified Party unless the Indemnified Party shall have
notified AVIF in writing within a reasonable time after the summons or other
first legal process giving information of the nature of the action shall have
been served upon such Indemnified Party (or after such Indemnified Party shall
have received notice of such service on any designated agent), but failure to
notify AVIF of any such action shall not relieve AVIF from any liability which
it may have to the Indemnified Party against whom such action is brought
otherwise than on account of this Section 12.2. Except as otherwise provided
herein, in case any such action is brought against an Indemnified Party, AVIF
will be entitled to participate, at its own expense, in the defense of such
action and also shall be entitled to assume the defense thereof (which shall
include, without limitation, the conduct of any ruling request and closing
agreement or other settlement proceeding with the IRS), with counsel approved by
the Indemnified Party named in the action, which approval shall not be
unreasonably withheld. After notice from AVIF to such Indemnified Party of
AVIF's election to assume the defense thereof, the Indemnified Party will
cooperate fully with AVIF and shall bear the fees and expenses of any additional
counsel retained by it, and AVIF will not be liable to such Indemnified Party
under this Agreement for any legal or other expenses subsequently incurred by
such Indemnified Party independently in connection with the defense thereof,
other than reasonable costs of investigation.

         (e) In no event shall AVIF be liable under the indemnification
provisions contained in this Agreement to any individual or entity, including,
without limitation, LIFE COMPANY, ING or any other Participating Insurance
Company or any Participant, with respect to any losses, claims, damages,
liabilities or expenses that arise out of or result from (i) a breach of any
representation, warranty, and/or covenant made by LIFE COMPANY or ING hereunder
or by any Participating Insurance Company under an agreement containing
substantially similar representations, warranties and covenants; (ii) the
failure by LIFE COMPANY or any Participating Insurance Company to maintain its
segregated asset account (which invests in any Fund) as a legally and validly
established segregated asset account under applicable state law and as a duly
registered unit investment trust under the provisions of the 1940 Act (unless
exempt therefrom); or (iii) the failure by LIFE COMPANY or any Participating
Insurance Company to maintain its variable annuity or life

PA-GOLDENAM.AGR
082001 (1) rgr                         23

<PAGE>


insurance contracts (with respect to which any Fund serves as an underlying
funding vehicle) as annuity contracts or life insurance contracts under
applicable provisions of the Code.

         12.3     EFFECT OF NOTICE.
         --------------------------

         Any notice given by the indemnifying Party to an Indemnified Party
referred to in Sections 12.1(c) or 12.2(d) above of participation in or control
of any action by the indemnifying Party will in no event be deemed to be an
admission by the indemnifying Party of liability, culpability or responsibility,
and the indemnifying Party will remain free to contest liability with respect to
the claim among the Parties or otherwise.

         12.4     SUCCESSORS.
         --------------------

         A successor by law of any Party shall be entitled to the benefits of
the indemnification contained in this Section 12.


                           SECTION 13. APPLICABLE LAW
                           --------------------------

         This Agreement will be construed and the provisions hereof interpreted
under and in accordance with Maryland law, without regard for that state's
principles of conflict of laws.


                      SECTION 14. EXECUTION IN COUNTERPARTS
                      -------------------------------------

         This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together will constitute one and the same
instrument.


                            SECTION 15. SEVERABILITY
                            ------------------------

         If any provision of this Agreement is held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement will not
be affected thereby.


                          SECTION 16. RIGHTS CUMULATIVE
                          -----------------------------

         The rights, remedies and obligations contained in this Agreement are
cumulative and are in addition to any and all rights, remedies and obligations,
at law or in equity, that the Parties are entitled to under federal and state
laws.


                              SECTION 17. HEADINGS
                              --------------------

         The Table of Contents and headings used in this Agreement are for
purposes of reference only and shall not limit or define the meaning of the
provisions of this Agreement.

PA-GOLDENAM.AGR
082001 (1) rgr                         24

<PAGE>


                           SECTION 18. CONFIDENTIALITY
                           ---------------------------

         AVIF acknowledges that the identities of the customers of LIFE COMPANY
or any of its affiliates (collectively, the "LIFE COMPANY Protected Parties" for
purposes of this Section 18), information maintained regarding those customers,
and all computer programs and procedures or other information developed by the
LIFE COMPANY Protected Parties or any of their employees or agents in connection
with LIFE COMPANY's performance of its duties under this Agreement are the
valuable property of the LIFE COMPANY Protected Parties. AVIF agrees that if it
comes into possession of any list or compilation of the identities of or other
information about the LIFE COMPANY Protected Parties' customers, or any other
information or property of the LIFE COMPANY Protected Parties, other than such
information as may be independently developed or compiled by AVIF from
information supplied to it by the LIFE COMPANY Protected Parties' customers who
also maintain accounts directly with AVIF, AVIF will hold such information or
property in confidence and refrain from using, disclosing or distributing any of
such information or other property except: (a) with LIFE COMPANY's prior written
consent; or (b) as required by law or judicial process. LIFE COMPANY
acknowledges that the identities of the customers of AVIF or any of its
affiliates (collectively the "AVIF Protected Parties" for purposes of this
Section 18), information maintained regarding those customers, and all computer
programs and procedures or other information developed by the AVIF Protected
Parties or any of their employees or agents in connection with AVIF's
performance of its duties under this Agreement are the valuable property of the
AVIF Protected Parties. LIFE COMPANY agrees that if it comes into possession of
any list or compilation of the identities of or other information about the AVIF
Protected Parties' customers or any other information or property of the AVIF
Protected Parties, other than such information as may be independently developed
or compiled by LIFE COMPANY from information supplied to it by the AVIF
Protected Parties' customers who also maintain accounts directly with LIFE
COMPANY, LIFE COMPANY will hold such information or property in confidence and
refrain from using, disclosing or distributing any of such information or other
property except: (a) with AVIF's prior written consent; or (b) as required by
law or judicial process. Each party acknowledges that any breach of the
agreements in this Section 18 would result in immediate and irreparable harm to
the other parties for which there would be no adequate remedy at law and agree
that in the event of such a breach, the other parties will be entitled to
equitable relief by way of temporary and permanent injunctions, as well as such
other relief as any court of competent jurisdiction deems appropriate.


                      SECTION 19. TRADEMARKS AND FUND NAMES
                      -------------------------------------

         (a) A I M Management Group Inc. ("AIM" or "licensor"), an affiliate of
AVIF, owns all right, title and interest in and to the name, trademark and
service mark "AIM" and such other tradenames, trademarks and service marks as
may be set forth on Schedule B, as amended from time to time by written notice
from AIM to LIFE COMPANY (the "AIM licensed marks" or the "licensor's licensed
marks") and is authorized to use and to license other persons to use such marks.
LIFE COMPANY and its affiliates are hereby granted a non-exclusive license to
use the

PA-GOLDENAM.AGR
082001 (1) rgr                         25

<PAGE>


AIM licensed marks in connection with LIFE COMPANY's performance of the
services contemplated under this Agreement, subject to the terms and conditions
set forth in this Section 19.

         (b) The grant of license to LIFE COMPANY and its affiliates ( the
"licensee") shall terminate automatically upon termination of this Agreement.
Upon automatic termination, the licensee shall cease to use the licensor's
licensed marks, except that LIFE COMPANY shall have the right to continue to
service any outstanding Contracts bearing any of the AIM licensed marks. Upon
AIM's elective termination of this license, LIFE COMPANY and its affiliates
shall immediately cease to issue any new annuity or life insurance contracts
bearing any of the AIM licensed marks and shall likewise cease any activity
which suggests that it has any right under any of the AIM licensed marks or that
it has any association with AIM, except that LIFE COMPANY shall have the right
to continue to service outstanding Contracts bearing any of the AIM licensed
marks.

         (c) The licensee shall obtain the prior written approval of the
licensor for the public release by such licensee of any materials bearing the
licensor's licensed marks. The licensor's approvals shall not be unreasonably
withheld.

         (d) During the term of this grant of license, a licensor may request
that a licensee submit samples of any materials bearing any of the licensor's
licensed marks which were previously approved by the licensor but, due to
changed circumstances, the licensor may wish to reconsider. If, on
reconsideration, or on initial review, respectively, any such samples fail to
meet with the written approval of the licensor, then the licensee shall
immediately cease distributing such disapproved materials. The licensor's
approval shall not be unreasonably withheld, and the licensor, when requesting
reconsideration of a prior approval, shall assume the reasonable expenses of
withdrawing and replacing such disapproved materials. The licensee shall obtain
the prior written approval of the licensor for the use of any new materials
developed to replace the disapproved materials, in the manner set forth above.

         (e) The licensee hereunder: (i) acknowledges and stipulates that, to
the best of the knowledge of the licensee, the licensor's licensed marks are
valid and enforceable trademarks and/or service marks and that such licensee
does not own the licensor's licensed marks and claims no rights therein other
than as a licensee under this Agreement; (ii) agrees never to contend otherwise
in legal proceedings or in other circumstances; and (iii) acknowledges and
agrees that the use of the licensor's licensed marks pursuant to this grant of
license shall inure to the benefit of the licensor.


                        SECTION 20. PARTIES TO COOPERATE
                        --------------------------------

         Each party to this Agreement will cooperate with each other party and
all appropriate governmental authorities (including, without limitation, the
SEC, the NASD and state insurance regulators) and will permit each other and
such authorities reasonable access to its books and records (including copies
thereof) in connection with any investigation or inquiry relating to this
Agreement or the transactions contemplated hereby.

PA-GOLDENAM.AGR
082001 (1) rgr                         26

<PAGE>


         IN WITNESS WHEREOF, the Parties have caused this Agreement to be
executed in their names and on their behalf by and through their duly authorized
officers signing below.

                                         AIM VARIABLE INSURANCE FUNDS, INC.

Attest: /s/Nancy L. Martin               By:     /s/Robert H. Graham
        --------------------                     -----------------------
Name:   Nancy L. Martin                  Name:   Robert H. Graham
Title:  Assistant Secretary              Title:  President



                                         GOLDEN AMERICAN LIFE INSURANCE COMPANY,
                                         on behalf of itself and its separate
                                         accounts

Attest: /s/Linda E. Senker               By:     /s/David L. Jacobson
        --------------------                     -----------------------
Name:   Linda E. Senker                  Name:   David L. Jacobson
Title:  Vice President and               Title:  Senior Vice President
        Associate General Counsel


                                         DIRECTED SERVICES, INC.

Attest: /s/Linda E. Senker               By:     /s/David L. Jacobson
        --------------------                     -----------------------
Name:   Linda E. Senker                  Name:   David L. Jacobson
Title:  Vice President and               Title:  Senior Vice President
        Associate General Counsel


PA-GOLDENAM.AGR
082001 (1) rgr                         28

<PAGE>


                                   SCHEDULE A

FUNDS AVAILABLE UNDER THE CONTRACTS
-----------------------------------
o   AIM VARIABLE INSURANCE FUNDS



SEPARATE ACCOUNTS UTILIZING THE FUNDS
-------------------------------------
o   GOLDEN AMERICAN SEPARATE ACCOUNT B



CONTRACTS FUNDED BY THE SEPARATE ACCOUNTS
-----------------------------------------
o   SMARTDESIGN VARIABLE ANNUITY
o   SMARTDESIGN ADVANTAGE






PA-GOLDENAM.AGR
082001 (1) rgr                         29

<PAGE>


                                   SCHEDULE B

o   AIM VARIABLE INSURANCE FUNDS



o   AIM and Logo

PA-GOLDENAM.AGR
082001 (1) rgr                         30