Exhibit 10(p)
                               SINGLE PAYMENT NOTE

$10,000,000.00                                                     July 31, 2000

     For value  received,  the Obligor  promises to pay to the order of SunTrust
Bank f/k/a SunTrust Bank,  Atlanta (the "Bank"),  on the  Termination  Date, the
principal sum of

                      TEN MILLION DOLLARS ($10,000,000.00)

or such  lesser  amount of loans as may from time to time,  at the  Bank's  sole
discretion,  be advanced or, upon  repayment,  readvanced by the Bank  hereunder
together with interest from the date hereof on the unpaid  principal  balance at
such  annual  rate or  rates  of  interest  as  shall  be  computed  and paid in
accordance  with the terms and conditions  hereinafter  set forth.  "Termination
Date"  shall mean the  earlier  of: (a) July 30,  2001 or such later date as the
then  existing  Termination  Date  may be  extended  by  the  bank  in its  sole
discretion by notice to the Obligor;  PROVIDED,  that the failure of the Bank to
give such notice shall be deemed to mean that the then existing Termination Date
has not been so extended.
     This note evidences the obligation of the Obligor to repay,  with interest,
any and all present and future indebtedness of the Obligor for loans at any time
hereafter made or extended by the Bank  hereunder up to the aggregate  principal
amount of $10,000,000 at any time  outstanding.  The payment of any indebtedness
evidenced  by this note shall not affect the  enforceability  of this note as to
any future, different or other indebtedness evidenced hereby.
     The Obligor  acknowledges and agrees that Southland Life Insurance  Company
("Southland"),  Life  Insurance  Company of Georgia  ("LICG"),  ING America Life
Corporation  ("America  Life"),   Security  Life  of  Denver  Insurance  Company
("Security   Life"),   First  Columbine  Life  Insurance  Company   (hereinafter
"Columbine"), Midwestern United Life Insurance Company ("Midwestern"), First ING
Life Insurance Company of New York ("First ING New York"), United Life & Annuity
Insurance   Company   ("United   Life"),   Ameribest  Life  Insurance   Company,
("Ameribest"),  Equitable Life Insurance Company of Iowa ("Equitable Life"), USG
Annuity and Life  Insurance  Company  ("USG"),  Golden  American Life  Insurance
Company ("Golden  American"),  Equitable American Insurance Company  ("Equitable
American"),  Locust Street Securities, Inc. ("Locust Street"), Equitable of Iowa
Companies,  Inc.  ("Equitable  of  Iowa"),  and the  Obligor  are all  direct or
indirect  subsidiaries  of  ING  America  Insurance  Holdings,   Inc.  ("America
Holdings") or ING Insurance  International  B.V. ("ING  International").  On the
date that this note is being executed,  Columbine,  Security Life, America Life,
Southland,  Equitable  Life,  USG, and America  Holdings are executing  separate
notes to the Bank in the maximum  principal amount of $100,000,000  each; Golden
American,  LICG and United Life are executing  separate notes to the Bank in the
maximum principal amount of $75,000,000  each;  Equitable of Iowa is executing a
separate note to the Bank in the maximum principal amount of $50,000,000;  First
ING New York,  Locust Street and Ameribest are executing  separate  notes to the
Bank  in the  maximum  principal  amount  of  $10,000,000  each;  Midwestern  is
executing  a  separate  note to the  Bank in the  maximum  principal  amount  of
$30,000,000;  and Equitable American is executing a separate note to the Bank in
the  maximum   principal  amount  of  $25,000,000,   each  of  which  notes  are
substantially similar to this note (the "Affiliate Notes").  Obligor agrees that
the aggregate  unpaid  principal  balance from time to time  outstanding on this
note plus the aggregate unpaid  principal  balance from time to time outstanding
on the  Affiliate  Notes will at no time exceed  $150,000,000.  Obligor will not
request  any   disbursement   of  principal  under  this  note  if,  after  such
disbursement,  the  unpaid  principal  balance  of this note plus the  aggregate
unpaid principal of the Affiliate Notes will exceed $150,000,000.
     If the Obligor desires a disbursement of principal hereunder (an "Advance")
the Obligor  shall give the Bank written or  telephonic  notice of the amount of
such  Advance  and the period of time from one (1) day to thirty  (30) days that
such Advance shall be outstanding (the "Interest  Period"),  provided,  however,
(a) if any Interest  Period would  otherwise  end on a day which is not a day on
which the Bank and commercial banks in New York, New York, are open for business
(a "Business  Day"),  that  Interest  Period shall be extended  through the next
succeeding day which is a Business Day, and (b) no Interest  Period shall extend
beyond the Termination Date of this note. Such written or telephonic notice with
respect to the amount of an Advance  and the  Interest  Period to be  applicable
thereto  shall be  given to the Bank by the  Obligor  before  one  o'clock  p.m.
Atlanta time, on the first Business Day of the applicable  Interest Period.  All
telephonic notices shall be promptly confirmed in writing.


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     The  Obligor  shall  pay  interest  upon  each  Advance  from  the  date of
disbursement  through the last day of the applicable  Interest Period (including
the date of  disbursement  but  excluding  the date of  repayment) at a rate per
annum,  calculated  on the basis of a 360-day year and upon the actual number of
days elapsed,  equal to either of the following rates of interest as selected by
the  Obligor:  (1) the per annum rate of interest  equal to the cost of funds of
Bank  for  the  Interest   Period   applicable   to  such  Advance  for  amounts
substantially  similar  to  the  amount  of  such  Advance  PLUS  0.225%  all as
determined by Bank in accordance  with its usual  practices in  determining  its
cost of funds  (the "Cost of Funds  Rate") or (2) a per annum  rate of  interest
that would be applicable  to the requested  Advance as quoted by the Bank to the
Obligor (the "Quoted Rate").  Unpaid  interest  accruing at either of such rates
will be due and  payable on the last  Business  Day of the  applicable  Interest
Period.  The Bank will  advise  the  Obligor  of the Cost of Funds  Rate and the
Quoted  Rate that will be  applicable  to a requested  Advance  before 1:30 p.m.
Atlanta time on the Business Day that the Bank receives a request for an Advance
from the Obligor. The Obligor will advise the Bank as to whether the Obligor has
selected the Cost of Funds Rate or the Quoted Rate before 2:00 p.m. Atlanta time
on the  Business  Day that the Bank  receives a request for an Advance  from the
Obligor. Any telephonic selection of interest rates by the Obligor will promptly
be  confirmed  in  writing.  The Bank will  promptly  disburse  the amount of an
Advance to the Obligor upon  receiving  notice of the  Obligor's  interest  rate
selection.  Unpaid  interest  accruing  at such  interest  rate  will be due and
payable on the last Business Day of the applicable Interest Period.
     The Obligor shall repay the entire  outstanding  principal  balance of each
Advance on the last Business Day of the Interest Period applicable thereto.
     The Obligor may on any  Business Day renew an  outstanding  Advance into an
Advance with the same or different Interest Period,  provided that the Bank must
be advised of the  Obligor's  election  to renew the  Advance  and the  Interest
Period  applicable to such renewal  before one o'clock p.m. on the last Business
Day of the then current Interest  Period.  The interest rate to be applicable to
the  renewal  of any  Advance  shall be  selected  in the same  manner  that the
interest rate is selected at the time an Advance is made. If no Interest  Period
has been  elected  for any  Advance  or for any  principal  balance  outstanding
hereunder,  or if such election  shall not be timely,  then the Interest  Period
with respect  thereto shall be deemed to be one day and the applicable  interest
rate shall be the Cost of Funds Rate.  Notwithstanding  the foregoing,  any such
renewal shall be at the Bank's sole discretion.
     No  prepayment  of any Advance  shall be  permissible  during the  Interest
Period applicable thereto.
     Should  the  Obligor  fail for any  reason  to pay this note in full on the
Termination Date or on the date of acceleration of payment,  the Obligor further
promises to pay  interest on the unpaid  amount from such date until the date of
final  payment at a Default  Rate equal to the Prime Rate plus 4%.  Should legal
action or an attorney  at law be  utilized to collect any amount due  hereunder,
the Obligor  further  promises to pay all costs of collection,  plus  reasonable
attorney's  fees.  All amounts due  hereunder may be paid at any office of Bank.
The principal balance of this note shall conclusively be deemed to be the unpaid
principal  balance  appearing  on the Bank's  records  unless  such  records are
manifestly in error.
     As security for the payment of this and any other  liability of the Obligor
to the  holder,  direct  or  contingent,  irrespective  of the  nature  of  such
liability or the time it arises,  the Obligor hereby grants a security  interest
to the holder in all  property of the Obligor in or coming into the  possession,
control  or  custody of the  holder,  or in which the  holder  has or  hereafter
acquires a lien,  security interest,  or other right. Upon default,  holder may,
without  notice,  immediately  take  possession  of and then  sell or  otherwise
dispose of the collateral, signing any necessary documents as Obligor's attorney
in fact, and apply the proceeds against any liability of Obligor to holder. Upon
demand,  the Obligor will furnish such  additional  collateral,  and execute any
appropriate  documents  related thereto,  deemed necessary by the holder for its
security.  The Obligor further authorizes the holder, without notice, to set-off
any deposit or account and apply any  indebtedness due or to become due from the
holder  to the  Obligor  in  satisfaction  of any  liability  described  in this
paragraph,  whether or not matured. The holder may, without notice,  transfer or
register  any  property  constituting  security  for this  note  into its or its
nominee name with or without any indication of its security interest therein.
     This note shall  immediately  mature and  become due and  payable,  without
notice or demand, upon the appointment of a receiver for the Obligor or upon the
filing of any petition or the  commencement of any proceeding by the Obligor for
relief  under any  bankruptcy  or  insolvency  laws,  or any law relating to the
relief of debtors,  readjustment  of  indebtedness,  debtor  reorganization,  or
composition or extension of debt. Furthermore, this note shall, at the option of
the holder,  immediately  mature and become due and payable,  without  notice or
demand,  upon the  happening  of any one or more of the  following  events;  (1)


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nonpayment  on the due date of any  amount  due  hereunder;  (2)  failure of the
Obligor to perform  any other  material  obligation  to the  holder;  (3) if the
Obligor  shall fail to make any payment as and when such payment is due upon any
obligation for borrowed  money other than the obligation  owing pursuant to this
Note,  and by reason  thereof  such  obligation  becomes due prior to its stated
maturity or prior to its regularly scheduled dates of payment;  (4) a reasonable
belief  on the  part  of the  holder  that  the  Obligor  is  unable  to pay its
obligations when due or is otherwise  insolvent;  (5) the filing of any petition
or the  commencement  of any  proceeding  against the  Obligor for relief  under
bankruptcy  or  insolvency  laws,  or any law relating to the relief of debtors,
readjustment of indebtedness, debtor reorganization, or composition or extension
of debt,  which  petition or proceeding  is not dismissed  within 60 days of the
date of filing  thereof;  (6) the  suspension  of the  transaction  of the usual
business of the Obligor, or the dissolution,  liquidation or transfer to another
party of a significant  portion of the assets of the Obligor and any such action
shall have a material  adverse effect on the ability of the Obligor to repay the
unpaid  principal  balance  hereof;  (7) a reasonable  belief on the part of the
holder that the Obligor has made a representation or warranty in connection with
any loan by or other  transaction  with the  holder and such  representation  or
warranty  was false in any material  respect;  (8) the issuance or filing of any
levy, attachment, garnishment, or lien against the property of the Obligor which
shall remain  unpaid or  undischarged  for a period of thirty (30) days and such
failure  to pay shall  have a  material  adverse  effect on the  ability  of the
Obligor to repay the unpaid  principal  balance  hereof;  (9) the failure of the
Obligor  to  satisfy  any  judgment,  penalty  or fine  imposed  by a  court  or
administrative  agency of any  government and such  judgment,  penalty,  or fine
shall remain  unpaid,  unstayed on appeal,  undischarged  or  undismissed  for a
period of thirty  (30) days;  (10)  failure of the  Obligor,  after  demand,  to
furnish  financial  information or to permit  inspection of any books or records
during Obligor's normal business hours; (11) Golden American shall no longer own
100% of the outstanding  voting stock of the Obligor;  or (12) the Obligor shall
fail to maintain the minimum level of Company Action Level Risk Based Capital as
established by applicable state law or regulation.
     The failure or forbearance  of the holder to exercise any right  hereunder,
or otherwise  granted by law or another  agreement,  shall not affect or release
the  liability of the Obligor,  and shall not  constitute a waiver of such right
unless so stated by the holder in writing.  The  Obligor  agrees that the holder
shall have no  responsibility  for the  collection or protection of any property
securing  this note,  and  expressly  consents  that the holder may from time to
time,  without  notice,  extend the time for  payment of this note,  or any part
thereof,  waive its rights with respect to any property or indebtedness  without
releasing the Obligor from any liability to the holder. This note is governed by
Georgia law.
     The term "Obligor"  means First Golden  American Life Insurance  Company of
New  York.  The term  "Prime  Rate",  if used  herein,  shall  mean that rate of
interest  designated by Bank from time to time as its "Prime Rate" which rate is
not  necessarily  the Bank's  best rate.  The term  "holder"  means Bank and any
subsequent transferee or endorsee hereof.

             PRESENTMENT AND NOTICE OF DISHONOR ARE HEREBY WAIVED BY THE OBLIGOR

                        FIRST GOLDEN AMERICAN LIFE INSURANCE COMPANY OF NEW YORK


                                         By:/S/ David S. Pendergrass
                                            -----------------------------------
                                            Name: David S. Pendergrass
                                            Title: Vice President and Treasurer


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