Document:

Exhibit
      10(b)

       

      SECOND AMENDMENT TO SUBORDINATED LOAN AGREEMENT 

      FOR EQUITY CAPITAL

       

                 This SECOND AMENDMENT TO SUBORDINATED LOAN AGREEMENT FOR EQUITY CAPITAL
      (this "Amendment") is entered into and effective as of September 13, 1999,
      (the "Effective Date"), by and between Sun America Inc. ("Lender") and Sun
      America Asset Management Corporation, Inc. ("Borrower"), with reference to
      the following recitals:

      RECITALS.

               
      A.     Effective September 13, 1993, Lender and
      Borrower entered into a Subordinated Loan Agreement for Equity Capital
      (the "Agreement"), pursuant to the terms of which Lender loaned to
      Borrower the sum of $14,000,000.00 (the "Principle Amount") and upon which
      interest was to be paid quarterly at the rate of seven percent (7%) per
      annum from the effective date of that Agreement (the "Loan").

               
      B.    The Loan was scheduled to mature on September 13,
      1996. However, pursuant to a Subordinated Loan Agreement Amendment
      Extending the Maturity Date dated September 3. 1996 (the "September 1996
      Amendment"), the parties agreed to extend the maturity date of the Loan to
      September 13, 1999 and to change the interest payable thereon from seven
      percent (7%) to nine percent (9%) per annum.

               
      C.    On the Effective Date, Borrower has paid to Lender
      the sum of $7,000,000.00, constituting partial repayment of the Principle
      Amount, leaving an unpaid principle balance of $7,000,000.00 (the "Unpaid
      Principle Amount") plus interest payable thereon as calculated in
      accordance with this Amendment.

               
      D.    In accordance with the terms and conditions of this
      Amendment, Lender and Borrower desire to amend the Agreement to extend the
      maturity date with respect to the Unpaid Principle Amount and to amend the
      interest rate payable thereon.

                NOW, THEREFORE,
      in consideration of the mutual promises and covenants contained in this
      Amendment and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree to
      amend the Agreement as follows:

                Section 1.
      Amendment to the Agreement.

               The second paragraph
      on the first page of the Agreement is amended to read in full as
      follows:

 

	"In consideration of the sum of $7,000,000.00
      and subject to the terms and conditions hereinafter set forth, the
      Borrower promises to pay to the Lender or assigns on September 13, 2002
      (the "Scheduled Maturity Date") (the last day of the month at least three
      years from the effective date of this Agreement) at the principal office
      of the Lender the above-mentioned sum and interest thereon payable at the
      rate of eight percent (8%) per annum (interest to be paid quarterly) from
      the effective date of this Agreement, which date shall be the date so
      agreed upon by the Lender and Borrower." 

 

	
                 Section
      3.      Conflicts. Except as specifically
      amended by this Amendment, the provisions of the September 1996 Amendment
      shall be superseded by this Amendment and the Agreement shall continue in
      effect and shall bind the parties hereto. In the event there is a conflict
      between the provisions of the Agreement and this Amendment, the provisions
      of this Amendment shall in all respects control. 

                 Section
      4.      Counterparts. This Amendment may
      be signed in any number of counterparts, each of which shall be an
      original and all of which, taken together, shall constitute one and the
      same agreement.

       

      (The signature page follows)

       

       

       

                IN
      WITNESS WHEREOF, the parties hereto have executed this Amendment effective
      as of the Effective
Date.

               
 

	-2-
      

    

	 LENDER:                                      
                                          
      
                 	           SUNAMERICA INC
	 	          
      By:    /s/James R. Belardi
	 	
                
      Name:   James R.
      Belardi
          
      Title:   Executive Vice President

 

	 BORROWER:                                     
                                         
                          
      	          
      SUNAMERICA ASSET MANAGEMENT CORPORATION, INC.
	 	          
       By:    /s/Debbie Potash-Turner
	 	           
      Name:   Debbie
      Potash-Turner                           
           
      Title:     Chief Financial
Officer

 

	-3-EXHIBIT 10(c)

       

      NASD
SUBORDINATED AGREEMENT
AMENDMENT EXTENDING
      MATURITY DATE

       

      SL-A

       

      AGREEMENT
BETWEEN:

      Lender: SunAmerica
      Inc.

      1 SunAmerica Center, 1999
      Avenue of the Stars, 38th
      Floor
(Street Address)

      
Los Angeles
                   
         California
                 
         90067-6002
(City)             
                
      (State)          
                 (Zip)

      AND

      Broker-Dealer: SunAmerica Capital
      Services, Inc.

      
733 Third Avenue, 3rd
      Floor
(Street Address)

      
New
      York               
       New
      York                   
      10017
(City)       
                 
      (State)           
                (Zip)

       

      NASD ID Number: 13158
DATE FILED:
      May 30, 2000

	
      

      

	
      

      SUBORDINATED LOAN
      AGREEMENT
AMENDMENT EXTENDING THE MATURITY
      DATE

                
      Amendment dated as of May 22, 2000 between SunAmerica Inc. (the "Lender")
      and SunAmerica Capital Services, Inc. (the "Broker-Dealer').

                 
      In consideration of the sum of $3,500,000 (the unpaid
      principal amount) and subject to the terms and conditions set forth in the
      Subordination Agreement approved by the National Association of Securities
      Dealers, Inc., scheduled to mature on June 27, 2001 bearing Loan
      Number 10-E-SLA-10749, the Broker-Dealer and the Lender agree to
      extend the maturity date until June 30, 2002.  This
      Amendment shall not become effective unless and until the NASD has found
      the Amendment acceptable.

                  
      The interest rate on this Subordination Agreement is changed from 8.5% to
      9.5% percent -per annum, effective as of the date of this
      Agreement

       

       

      Signature page follows

       

 

	 
      

    

 

	
      

                IN WITNESS
      WHEREOF the parties have set their hands and seal this 22nd day of May,
      2000.

      

	
      BROKER-DEALER:        
         
                                               
                                   
       SUNAMERICA CAPITAL SERVICES. INC.

      

      [Seal]                                        
                           
      

                                             
                                          
                             
      

                                        
                                          
                                          
 
      By: /s/ Debbie Potash
      Turner
                                       
                                          
                                          
  
      Name: Debbie Potash
      Turner
                                       
                                          
                                          
  

      Title: Chief Financial Officer

       

        

      LENDER:       
                                               
                                          
      
                  SUNAMERICA
      INC.

      [Seal]                                        
                                          
                                     
      

                                 
             
                                          
                                          
                           
        By: /s/ James R.
      Belardi
                                       
                                          
                                          
  
       Name: James R.
      Belardi
                                       
                                          
                                          
 
        Title: Executive Vice President

                                               
                                          
           
      FOR NASD USE ONLY 

                                               
                                          
         
      
                                        
                                          
           
      ACCEPTED BY:      /s/ Gerald
      Dougherty
                                      
                                          
                                          
                   
      (Name)

                                               
                                          
                                          
  
      Assistant
      Director
                                     
                                          
                                          
                   
       (Titled)

       

                             
                 
                                               
              
         EFFECTIVE DATE:  JUN 27 2001

       

                             
                 
                                               
                
       LOAN NUMBER: 
10-E-SLA-10749

	-2-
      

      

 

	
      

      SUBORDINATED LOAN
      AGREEMENT
LENDER'S ATTESTATION

       

                   
      It is recommended that you discuss the merits of this investment with an
      attorney, accountant or some other person who has knowledge and experience
      in financial and business matters prior to executing this
      Agreement

       

	
       
	
      1.  
	
      I have received and reviewed a copy of Appendix
      D of 17 CFR 240.15c3-l, and am familiar with its
  provisions.

	
       
	
      2.
	
      I am aware that the funds or securities subject
      to this Agreement are not covered by the Securities Investor Protection
      Act of 1970.

	
       
	
      3.
	
      I understand that I will be furnished financial
      statements pursuant to SEC Rule 17a-5(c).

	
       
	
      4.
	
      On the date this Agreement was entered into,
      the broker-dealer carried funds or securities for my account. (State Yes
      or No): No.

	
       
	
      5.
	
      Lender's business relationship to the
      broker-dealer is: Lender is an intermediate holding company of
      Broker-Dealer and continuously monitors fiscal status and reports of
      Broker-Dealer.

	
       
	
      6.
	If the partner or stockholder is not actively
      engaged in the business of the broker-dealer, acknowledge receipt of the
      following:

	
       
	
       
	
      a.
	
      Certified audit and accountant's certificate
      dated ___________

	
       
	
       
	
      b. 
	
      Disclosure of financial and/or operational
      problems since the last  certified audit which required
      reporting pursuant to SEC Rule 17a-11.  ( If no such reporting
      was required, state "none") _______________________

	
       
	
       
	
      c.
	
      Balance sheet and statement of ownership equity
      dated _____________

	
       
	
       
	
      d. 
	
      Most recent computation of net capital and
      aggregate indebtedness or aggregate debit items dated ______________
      reflecting a net capital of  $___________ and a ratio of
      ___________.

	
       
	
       
	
      e. 
	
      Debt/equity ratio as of _____________ of
      ____________.

	
        
	
       
	
      f. 
	Other disclosures: 
      ______________________ 
       

	
       
	 	
       
	 

	-3-
      

    

	
      Dated: May
      22,2000          
                                               
                                 
           SUNAMERICA INC. 
      (Lender)

                                        
                                               
                                      
                 By:
      /s/ James R.
      Belardi                                       
                                   
                                          
                                          
                                       
        Name: James R.
      Belardi
                                       
                                          
                                          
  
      Title: Executive Vice President

 

	-4-
      

    

	
      OFFICER'S
      CERTIFICATE

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

       

      Dated: May 22,2000
               
                                               
                                  
           /s/ James R.
      Belardi
                                       
                                          
                                       
            James R. Belardi.
      
                                        
                                          
                                         
         Executive Vice President

      
 

 

	 
      

    

 

	
      

      SUNAMERICA INC.

      CERTIFICATE OF
      SECRETARY 

           I, the undersigned, the duly
      elected, qualified and acting Assistant Secretary of SunAmerica Inc., a
      Delaware corporation (the "Corporation"), do hereby certify that the
      following resolutions were adopted by unanimous written consent by the
      Executive Committee of the Board of Directors of the Corporation on the
      16th day of March 2000, and that said resolutions are in full force and
      effect as of the date hereof: 

      Blanket Authorization of
      Subordinated Loan Agreements for Equity
  Capital

	
       

               
      WHEREAS, this Corporation, from time to time, reviews the net capital
      infusion needs of its wholly-owned broker-dealer subsidiaries, registered
      with the Securities and Exchange Commission and members of the National
      Association of Securities Dealers, Inc., which include, but not limited
      to, SunAmerica Capital Services, Inc., Advantage Capital Corporation,
      SunAmerica Securities, Inc., Royal Alliance Associates, Inc., Sentra
      Securities Corporation, Spelman & Co., Inc. and FSC Securities
      Corporation, and in conjunction with such review intends to provide
      subordinated loans to such subsidiaries pursuant to Subordinated Loan
      Agreements for Equity Capital; 

               
      WHEREAS, it is in the best interests of this Corporation to provide
      blanket authorization for such subordinated loan transactions, which
      authorization shall supercede any prior authorization; 

               
      NOW, THEREFORE, BE IT RESOLVED that the Chairman, any Vice Chairman, any
      Executive Vice President, or the Treasurer (the "Designated Officers"),
      acting alone, be, and each hereby is authorized to effect subordinated
      loans to the wholly-owned broker-dealer subsidiaries of the Corporation,
      in an aggregate principal amount not to exceed Seventy-five Million
      Dollars ($75,000,000), and such authority shall supercede any prior
      authorization; and to make, execute and deliver such loan agreements and
      other documents evidencing such loans, including any Subordinated Loan
      Agreement for Equity Capital, as deemed necessary or
      appropriate; 

               
      RESOLVED FURTHER that each of the Designated Officers are hereby
      authorized to make such changes in the terms and conditions of such
      Subordinated Loan Agreements as may be necessary to conform to the
      requirements of Title 17 CFR §240.15c 3-id and the rules of the National
      Association of Securities Dealers;
and 

 

	
      

      

 

	
               
      RESOLVED FURTHER that the Executive Committee hereby ratifies any and all
      action that may have been taken by the officers of this Corporation in
      connection with the foregoing resolutions and authorizes the officers of
      this Corporation to take any and all such further actions as may be deemed
      appropriate to reflect these resolutions and to carry out their tenor,
      effect and intent. 

      IN WITNESS WHEREOF, the undersigned has executed this
      Certificate and affixed the seal of the Corporation this the 23rd day
      of May, 2000. 

                                                                     
                                        
            /s/ Lawrence M.
      Goldman
                                        
                                          
                           
      Lawrence M. Goldman
                                        
                                          
                            Assistant
      Secretary

       

      [CORPORATE SEAL]

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