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                                                     EXHIBIT 10(o)

                          REINSURANCE AGREEMENT

                                 BETWEEN

                 GOLDEN AMERICAN LIFE INSURANCE COMPANY

                       WEST CHESTER, PENNSYLVANIA

                   REFERRED TO AS THE "CEDING COMPANY"

                                   AND

                EQUITABLE LIFE INSURANCE COMPANY OF IOWA

                            DES MOINES, IOWA

                     REFERRED TO AS THE "REINSURER"

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                            TABLE OF CONTENTS
                            -----------------

                                                                     PAGE
                                                                     ----

ARTICLE I      GENERAL PROVISIONS                                      3

ARTICLE II     REINSURANCE PREMIUMS                                    6

ARTICLE III    COMMISSIONS AND ALLOWANCES                              7

ARTICLE IV     FEE PAYMENTS                                            8

ARTICLE V      BENEFIT PAYMENTS                                        9

ARTICLE VI     RESERVE ADJUSTMENTS                                    11

ARTICLE VII    ADJUSTMENT FOR TRANFERS INVOLVING THE FIXED ACCOUNT    12

ARTICLE VIII   ACCOUNTING AND SETTLEMENTS                             13

ARTICLE IX     DURATION AND RECAPTURE                                 15

ARTICLE X      TERMINAL ACCOUNTING AND SETTLEMENT                     17

ARTICLE XI     ARBITRATION                                            18

ARTICLE XII    INSOLVENCY                                             19

ARTICLE XIII   EXECUTION AND EFFECTIVE DATE                           20

SCHEDULE A     ANNUITIES AND RISKS  REINSURED                         21

SCHEDULE B     QUARTERLY REPORT OF ACTIVITY AND SETTLEMENTS           22

SCHEDULE C     MODIFIED COINSURANCE RESERVE INVESTMENT CREDIT         25

SCHEDULE D     MINIMUM GUARANTEED DEATH BENEFIT (MGDB) RISK CHARGES   26

                                    1

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                          REINSURANCE AGREEMENT
                          ---------------------

This Agreement is made and entered into by and between Golden American
Life Insurance Company (hereinafter referred to as the "Ceding Company")
and Equitable Life Insurance Company of Iowa (hereinafter referred to as
the "Reinsurer").

The Ceding Company and the Reinsurer mutually agree to reinsure on the
terms and conditions stated herein. This Agreement is an indemnity
reinsurance agreement solely between the Ceding Company and the
Reinsurer, and performance of the obligations of each party under this
Agreement will be rendered solely to the other party. In no instance will
anyone other than the Ceding Company or the Reinsurer have any rights
under this Agreement, and the Ceding Company will be and remains the only
party hereunder that is liable to any insured, policy owner or
beneficiary under any annuity reinsured hereunder.

                                    2

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                                ARTICLE I
                           GENERAL PROVISIONS
                           ------------------

  1) Annuities and Risks Reinsured.  The Reinsurer agrees to indemnify
     -----------------------------
     the Ceding Company for, and the Ceding Company agrees to reinsure with
     the Reinsurer, according to the terms and conditions hereof, the portion
     of the risks under the annuities described in Schedule A attached hereto.

  2) Coverages and Exclusions. Only the variable annuities described in
     ------------------------
     Schedule A are reinsured under this Agreement, as that schedule may from
     time to time be amended.

  3) Plan of Reinsurance. This indemnity reinsurance will be on a
     -------------------
     modified-coinsurance basis. The Ceding Company will retain, control and
     own all assets held in relation to the Modified Coinsurance Reserve.

  4) Expenses. The Reinsurer will bear no part of the expenses incurred
     --------
     in connection with the annuities reinsured hereunder, except as otherwise
     provided herein.

  5) Annuity Changes. The Ceding Company must provide written
     ---------------
     notification to the Reinsurer of any change which affects the original
     terms or conditions of any annuity which results in a change in the
     Ceding Company's liability corresponding to any annuity reinsured
     hereunder not later than ninety (90) days after the change takes effect.
     The Reinsurer will (a) assume that portion of any increase in the Ceding
     Company's liability, resulting from the change, which corresponds to the
     portion of the annuities reinsured hereunder, and (b) receive credit for
     that portion of any decrease in the Ceding Company's liability, resulting
     from the change, which corresponds to the portion of the annuities
     reinsured hereunder.

  6) No Extracontractual Damages. The Reinsurer does not indemnify the
     ---------------------------
     Ceding Company for, and will not be liable for, any extracontractual
     damages or extracontractual liability of any kind whatsoever resulting
     from fraud, oppression, bad faith, strict liability, or negligent,
     reckless or intentional wrongs on the part of the Ceding Company or its
     directors, officers, employees and agents. The following types of damages
     are examples of damages that would be excluded under this Agreement for
     the conduct described above: actual damages, damages for emotional
     distress, and punitive or exemplary damages.

  7) Annuity Administration. The Ceding Company will administer the
     ----------------------
     annuities reinsured, however, the Reinsurer reserves the right to
     participate in claims administration. The Ceding Company retains final
     authority relating to claims administration issues.

                                    3

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  8) Inspection. At any reasonable time, the Reinsurer or its
     ----------
     representatives may inspect, with proper notice, during normal
     business hours, at the principal office of the Ceding Company, the
     original papers and any and all other books or documents relating to
     or affecting reinsurance under this Agreement. The Reinsurer or its
     representatives will not use any information obtained through any
     inspection pursuant to this Paragraph for any purpose not relating
     to reinsurance hereunder.

  9) Taxes. The allowance for any premium taxes paid in connection with
     -----
     the annuities reinsured hereunder is included in the Commissions and
     Allowances, described in Article III. The Reinsurer will not reimburse
     the Ceding Company for any other taxes paid by the Ceding Company in
     connection with the annuities reinsured hereunder.

  10)Proxy Tax Reimbursement. Pursuant to Internal Revenue Code of 1986
     -----------------------
     as amended ("The Code") Section 848, insurance companies are required to
     capitalize and amortize specified policy acquisition expenses. The amount
     capitalized is determined by proxy based on a percentage of "reinsurance
     premiums" as defined in regulations relating to The Code Section 848. The
     Reinsurer and the Ceding Company agree that any costs which would result
     from The Code Section 848 are not subject to reimbursement hereunder.

  11)Election to Determine Specified Policy Acquisition Expenses. The
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     Ceding Company and the Reinsurer agree that the party with net positive
     consideration for any tax year under this Agreement will capitalize
     specified policy acquisition expenses with respect to annuities reinsured
     under this Agreement without regard to the general deductions limitation
     of Section 848(c)(l) of The Code. The Ceding Company and the Reinsurer
     will exchange information pertaining to the amount of net consideration
     under this Agreement each year to ensure consistency. The Ceding Company
     will submit a schedule to the Reinsurer by May 1 of each year presenting
     its calculation of the net consideration for the preceding taxable year.
     The Reinsurer may contest the calculation in writing within thirty (30)
     days of receipt of the Ceding Company's schedule. Any differences will be
     resolved between the parties so that consistent amounts are reported on
     the respective tax returns for the preceding taxable year. This election
     to capitalize specified policy acquisition expenses without regard to the
     general deductions limitation is effective for all taxable years during
     which this Agreement remains in effect.

  12)Condition. The reinsurance hereunder is subject to the same
     ---------
     limitations and conditions as the annuities issued by the Ceding Company
     which are reinsured hereunder, except as otherwise provided in this
     Agreement.

  13)Misunderstandings and Oversights. If any failure to pay amounts due
     --------------------------------
     or to perform any other act required by this Agreement is unintentional
     and caused by misunderstanding or oversight, the Ceding Company and the
     Reinsurer will adjust the situation to what it would have been had the
     misunderstanding or oversight not occurred.

                                    4

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  14)Adjustments. If the Ceding Company's liability under any of the
     -----------
     annuities reinsured hereunder is changed because of a misstatement
     of age, sex or any other material fact, the Reinsurer will (a)
     assume that portion of any increase in the Ceding Company's
     liability, resulting from the change, which corresponds to the
     portion of the annuities reinsured hereunder, and (b) receive credit
     for that portion of any decrease in the Ceding Company's liability,
     resulting from the change, which corresponds to the portion of the
     annuities reinsured hereunder.

  15)Reinstatements. If an annuity reinsured hereunder is surrendered or
     --------------
     annuitized, and is subsequently reinstated while this Agreement is in
     force, the reinsurance for such annuity will be reinstated automatically.
     The Ceding Company will pay the Reinsurer the Reinsurer's proportionate
     share of all amounts received by the Ceding Company in connection with
     the reinstatement of the annuity, plus any amounts previously refunded to
     the Ceding Company by the Reinsurer in connection with the lapse of the
     annuity, less any amount previously paid by Ceding Company to the
     Reinsurer in connection with the lapse of the annuity.

  16)Assignment. The Ceding Company may not assign any of its rights,
     ----------
     duties or obligations under this Agreement without prior written consent
     of the Reinsurer, unless such assignment is between the Ceding Company
     and its affiliates. The Reinsurer may not assign any of its rights,
     duties, or obligations under this Agreement without prior written consent
     of the Ceding Company, unless such assignment is between the Reinsurer
     and its affiliates.

  17)Amendments and Waiver. Any change or modification to this Agreement
     ---------------------
     will be null and void unless made by amendment to the Agreement and
     signed by both parties. Any waiver will constitute a waiver only in the
     circumstances for which it was given and will not be a waiver of any
     future circumstances.

  18)Entire Agreement. The terms expressed herein constitute the entire
     ----------------
     agreement between the parties with respect to the annuities reinsured
     hereunder. There are no understandings between the parties with respect
     to the annuities reinsured hereunder other than as expressed in this
     Agreement.

  19)Current Practices. The Ceding Company will not materially change,
     -----------------
     alter or otherwise compromise its claims paying or administrative
     practices with respect to the annuities reinsured hereunder without prior
     written consent of the Reinsurer.

  20)Confidentiality. All parties agree to keep confidential the
     ---------------
     specifications and details of this agreement except for required
     disclosure to regulatory authorities or by subpoena or court order.

                                    5

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                               ARTICLE II
                               ----------
                          REINSURANCE PREMIUMS
                          --------------------

Reinsurance Premiums. The Ceding Company will pay the Reinsurer
--------------------
Reinsurance Premiums on all annuities reinsured under this Agreement in
an amount equal to a quota share, as defined in Schedule A, of the gross
premiums collected and deposited into the Variable Separate Accounts
during the Accounting Period by the Ceding Company. The Reinsurance
Premiums paid to the Reinsurer by the Ceding Company will be remitted to
the Reinsurer at the end of the Accounting Period during which the gross
premiums were collected by the Ceding Company and the Reinsurer will
treat any such Reinsurance Premiums as paid premium for annual statement
purposes, regardless of the mode of collection by the Ceding Company on
the annuities reinsured hereunder.

                                    6

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                               ARTICLE III

                       COMMISSIONS AND ALLOWANCES
                       --------------------------

  1) Premium Tax. The Reinsurer shall reimburse the Ceding Company for
     -----------
     all premium taxes incurred on the Reinsurance Premiums.

  2) Commissions. The Reinsurer shall reimburse the Ceding Company for
     -----------
     all commissions incurred and costs of special promotions incurred on the
     Reinsurance Premiums and on that portion of the Account Value in the
     Variable Separate Accounts of the annuities reinsured hereunder which
     correspond to the portion of the annuities reinsured hereunder as of the
     end of the current Accounting Period.  Commissions will be net of a quota
     share of commission chargebacks on policies reinsured hereunder. Should
     any new commission schedules become effective while this Agreement is in
     effect, such schedules shall be incorporated by reference and shall be
     payable by the Reinsurer concurrently with the obligation of the Ceding
     Company.

  3) Allowance for Expenses. The Reinsurer will pay the Ceding Company an
     ----------------------
     Allowance for Expenses for each Accounting Period equal to the sum of a)
     plus b) plus c) plus d) plus e) plus f), where:

     a)  equals the product of i) times ii), where:
         i)  equals $12.50 times the quota share percentage of the annuities
             reinsured hereunder, as described in Schedule A; and
         ii) equals the number of annuities reinsured hereunder and described
             inSchedule A, that are inforce at the end of the current
             Accounting Period;
     b)  equals the product of i) times ii), where:
         i)  equals $75.00 times the quota share percentage of the annuities
             reinsured hereunder, as described in Schedule A; and
         ii) equals the number of annuities reinsured hereunder and described
             in Schedule A, that were issued during the current Accounting
             Period;
     c)  equals the product of i) times ii), where:
         i)  equals 0.0030; and
         ii) equals that amount of the Reinsurance Premiums received on
             non-qualified policies received during the current Accounting
             Period;
     d)  equals the product of i) times ii), where:
         i)  equals 0.0180; and
         ii) equals the amount of the Reinsurance Premiums received during
             the current Accounting Period;
     e)  equals the product of i) times ii), where:
         i)  risks charges from Schedule D for the cost of Minimum Guaranteed
             Death Benefits (MGDB) in excess of the policyholders' account
             values; and
         ii) equals the quota share of the average Account Value in the
             Variable Separate Accounts of annuities reinsured hereunder.
             Average Account Value is equal to one-half the sum of the Account
             Value reinsured hereunder at the beginning of the current
             Accounting Period and the Account Value reinsured hereunder at
             the end of the current Accounting Period;
     f)  equals a quota share of any rider charges deducted during the
         current accounting period for any VAGLB Riders attached to annuities
         reinsured hereunder. See Schedule A, below, for information on VAGLB
         and Living Benefits.
     g)  amounts in a) i) and b) i) above will be adjusted annually on
         January 1, for inflation at the change in the Consumer Price Index
         (CPI-U as determined by Department of Labor and published in the
         Wall Street Journal).

                                    7

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                               ARTICLE IV

                              FEE  PAYMENTS
                              -------------

  Fee Payments by Ceding Company to Reinsurer.
  -------------------------------------------

  The Ceding Company will pay to the Reinsurer the product of 1) times
  2), where:
     1)   equals 0.000375; and
     2)   equals the quota share of the average Account Value in the Variable
          Separate Accounts of annuities reinsured hereunder. Average Account
          Value is equal to one-half the sum of the Account Value reinsured
          hereunder at the beginning of the current Accounting Period and the
          Account Value reinsured hereunder at the end of the current
          Accounting Period;

                                    8

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                                ARTICLE V

                            BENEFIT PAYMENTS
                            ----------------

  1) Benefit Payments. Benefit Payments, referred to in this Agreement,
     means the Reinsurer's quota share of:
       a)   Claims, as described in Paragraph 2 below,
       b)   Cash Surrenders, as described in Paragraph 3 below,
       c)   Partial Withdrawals, as described in Paragraph 4 below, and
       d)   Annuity Benefits, as described in Paragraph 5 below.

  2) Claims. The Reinsurer will pay the Ceding Company Claims. The term
     ------
     "Claims," as used in this Agreement, means that portion of the death
     benefits paid by the Ceding Company on annuities reinsured hereunder
     which is equal to the Reinsurer's quota share of the death benefits
     payable on those annuities less any amounts recovered from other
     reinsurers.  Claims do not include any minimum guaranteed death benefits
     nor guaranteed living benefits paid under guaranteed living benefit
     riders beyond the policyholder's account value.

  3) Cash Surrenders. The Reinsurer will pay the Ceding Company that
     ---------------
     portion of the Cash Surrenders paid by the Ceding Company on annuities
     reinsured hereunder which corresponds to the portion of the annuities
     reinsured hereunder.

  4) Partial Withdrawals. The Reinsurer will pay the Ceding Company that
     -------------------
     portion of Partial Withdrawals paid by the Ceding Company on annuities
     reinsured hereunder which corresponds to the portion of the annuities
     reinsured hereunder.

  5) Annuity Benefits. The Reinsurer's obligation for Annuity Benefits
     ----------------
     paid by the Ceding Company on annuities reinsured hereunder will be
     satisfied in full by the payment to the Ceding Company of that portion of
     the Account Value, as of the date of annuitization, which corresponds to
     the portion of the annuities reinsured hereunder.

  6) Notice. The Ceding Company will notify the Reinsurer at the end of
     ------
     each Accounting Period regarding Benefit Payments on annuities reinsured
     hereunder. The reinsurance claim and copies of notification, claim
     papers, and proofs will be furnished to the Reinsurer upon request.

  7) Liability and Payment. The Reinsurer will accept the decision of the
     ---------------------
     Ceding Company with respect to Benefit Payments on annuities reinsured
     hereunder. The Reinsurer will pay its proportionate share of Benefit
     Payments in a lump sum to the Ceding Company without regard to the form
     of settlement by the Ceding Company.

                                    9

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  8) Contested Claims. The Ceding Company will advise the Reinsurer of its
     ----------------
     intention to contest, compromise or litigate Benefit Payments involving
     annuities reinsured hereunder. The Reinsurer will pay its share of the
     expenses of such contests, in addition to its share of Benefit Payments,
     or it may choose not to participate. If the Reinsurer chooses not to
     participate, it will discharge its liability by payment to the Ceding
     Company of the full amount of its liability, prior to any contests, on
     the annuity reinsured hereunder.

                                    10

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                               ARTICLE VI

                           RESERVE ADJUSTMENTS
                           -------------------

  1)   Modified Coinsurance Reserve Adjustment.
       ---------------------------------------
       a)   The Modified Coinsurance Reserve Adjustment will be computed each
            Accounting Period equal to the result of i) minus ii) plus
            iii) minus iv) minus v) minus vi), where:
            i)   equals the Modified Coinsurance Reserve, determined in
                 accordance with Paragraph 2 below, at the end of the
                 current Accounting Period;
            ii)  equals a quota share of the amount transferred from the fixed
                 account to the Variable Separate Accounts for the annuities
                 reinsured hereunder during the current Accounting Period;
            iii) equals a quota share of the amount transferred from the
                 Variable Separate Accounts to the fixed account for the
                 annuities reinsured hereunder during the current Accounting
                 Period;
            iv)  equals the Modified Coinsurance Reserve, determined in
                 accordance with Paragraph 2 below, at the end of the
                 preceding Accounting Period;
            v)   equals the Modified coinsurance Reserve Investment Credit, as
                 described in Schedule C.
            vi)  equals a quota share of the Living Benefits allocated to the
                 Separate Account during the current Accounting Period for
                 annuities reinsured hereunder that are inforce at the end
                 of the Accounting Period. For the purposes of this adjustment,
                 Living Benefits paid for annuities that are terminated during
                 the Accounting Period are excluded.
       b)   For any Accounting Period in which the amount computed in a) above
            is positive, the Reinsurer will pay the Ceding Company such amount.
            For any Accounting Period in which the amount computed in a) above
            is negative, the Ceding Company will pay the Reinsurer the absolute
            value of such amount.

  2)   Modified Coinsurance Reserve. The term "Modified Coinsurance
       ----------------------------
       Reserve," as used in this Agreement, means a quota share of the statutory
       reserve excluding any additional reserves held for minimum guaranteed
       death benefits or held for VAGLB Riders that the Ceding Company holds
       with respect to that portion of the annuities reinsured hereunder. The
       statutory reserve will be determined by the Commissioners Annuity Reserve
       Valuation Method, or as required by law.

                                    11

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                               ARTICLE VII

          ADJUSTMENT FOR TRANSFERS INVOLVING THE FIXED ACCOUNT
          ----------------------------------------------------

  1)   The Ceding Company will pay the Reinsurer an amount equal to the
       product of a) times b) where:

       a)   equals a quota share of the net amount transferred from Variable
            Separate Accounts to fixed accounts with an interest rate
            guaranteed by the Ceding Company grouped by policy duration,
            for the annuities reinsured hereunder during the current
            Accounting Period; and
       b)   equals the applicable exchange factor for each policy duration
            described in Paragraph 3 below.

  2)   The Reinsurer will pay the Ceding Company an amount equal to the
       product of a) times b) where:

       a)   equals a quota share of the net amount transferred from fixed
            accounts with an interest rate guaranteed by the Ceding Company
            to Variable Separate Accounts grouped by policy duration, for
            the annuities reinsured hereunder during the current Accounting
            Period; and
       b)   equals the applicable exchange factor for each policy duration
            described in Paragraph 3 below.

  3)   The exchange factors for each policy duration are shown below:

          POLICY DURATION (YEARS)          EXCHANGE FACTOR
                   1                           0.0775
                   2                           0.0625
                   3                           0.0500
                   4                           0.0400
                   5                           0.0300
                   6+                          0.0200

                                    12

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                              ARTICLE VIII

                       ACCOUNTING AND SETTLEMENTS
                       --------------------------

  1)   Quarterly Accounting Period. Each Accounting Period under this
       ---------------------------
       Agreement will be a calendar quarter, except that:

       a)   the initial Accounting Period runs from the Effective Date of this
            Agreement through the last day of the calendar quarter during which
            the Effective Date of this Agreement falls, and
       b)   the final Accounting Period runs from the end of the preceding
            Accounting Period until the terminal accounting date of this
            Agreement as described in Article X, Paragraph 2). The amounts
            in Article III, Paragraphs 3) a) i), 3) e) i) and Article IV
            Paragraph 1) will be adjusted on a pro-rata basis for time
            periods less than a calendar quarter.

  2) Quarterly Accounting Reports. Quarterly accounting reports in the
     ----------------------------
     form of Schedule B will be submitted to the Reinsurer by the Ceding
     Company for each Accounting Period not later than forty-five (45) days
     after the end of each Accounting Period. Such reports will include
     information on the amount of Reinsurance Premiums, Allowance for
     Commissions and Expenses, Benefit Payments, Modified Coinsurance Reserve,
     Modified Coinsurance Reserve Adjustment, and the increase in the CARVM
     Allowance for the Reinsured Policies.

  3) CARVM Allowance. CARVM Allowance for purposes of this treaty is
     ---------------
     defined to be the difference between the ceded Policies Account Value and
     the base CARVM Reserves.  The base CARVM reserve is the CARVM reserve
     calculated not considering the Minimum Guaranteed Death Benefit and any
     Guaranteed Living Benefit provision.

  4) Quarterly Settlements.
     ---------------------

     a)  Within sixty (60) days after the end of each Accounting Period, the
         Ceding Company will pay the Reinsurer the sum of:
         i)   Reinsurance Premiums, determined in accordance with Article II,
              plus
         ii)  the Fee Payments, determined in accordance with Article IV, plus
         iii) any Modified Coinsurance Reserve Adjustment payable to the
              Reinsurer, determined in accordance with Article VI,
              Paragraph 1), plus
         iv)  any adjustments to the Reinsurer for Transfers Involving the Fixed
              Account determined in accordance with Article VII Paragraph 1).
     b)  Simultaneously, the Reinsurer will pay the Ceding Company the sum
         of:
         i)   the amount of Benefit Payments, as described in Article V, plus
         ii)  the Allowance for Commissions and Expenses, determined in
              accordance with Article III, plus
         iii) any Modified Coinsurance Reserve Adjustment payable to the Ceding
              Company, determined in accordance with Article VI, Paragraph 1),
              plus
         iv)  any adjustments to the Ceding Company for Transfers Involving the
              Fixed Account, determined in accordance with Article VII
              Paragraph 2).
     c)  Simultaneously, the Ceding Company will transfer the increase in the
         CARVM Allowance of the Reinsured Policies to the Reinsurer.  The
         Reinsurer will transfer an equal amount of mutually acceptable assets
         to the Ceding Company.

                                    13

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  5) Amounts Due Quarterly. Except as otherwise specifically provided in
     ---------------------
     this Agreement, all amounts due to be paid to either the Ceding
     Company or the Reinsurer under this Agreement will be determined on
     a net basis as of the last day of each Accounting Period and will be
     due as of such date and payable within sixty (60) days after the end
     of the Accounting Period.

  6) Annual Accounting Period. The Ceding Company will provide the
     ------------------------
     Reinsurer with annual accounting reports within forty-five (45) days
     after the end of the calendar year for which such reports are prepared.
     These reports will contain sufficient information about the annuities
     reinsured hereunder to enable the Reinsurer to prepare its annual
     financial reports and to verify the information reported in Schedule B,
     and will include Page 7, Page 26 and Schedule S of the Annual Statement.

  7) Estimations. If the amounts, as described in Paragraph 3 above,
     -----------
     cannot be determined by the dates described in Paragraph 4 above, on an
     exact basis, such payments will be paid in accordance with a mutually
     agreed upon formula which will approximate the actual payments.
     Adjustments will then be made to reflect actual amounts when they become
     available.

  8) Delayed Payments. For purposes of Paragraph 4 above, if there is a
     ----------------
     delayed settlement of a payment due, there will be an interest penalty,
     at the appropriate London Interbank Offering Rate (LIBOR) plus 0.5%. For
     purposes of this Paragraph, a payment will be considered overdue sixty
     (60) days after the date such payment is due. The interest penalty will
     be applied for the number of days such payment is made in excess of such
     date which is sixty (60) days past the payment due date.

  9) Offset of Payments. All monies due either the Ceding Company or the
     ------------------
     Reinsurer under this Agreement will be offset against each other, dollar
     for dollar, regardless of any insolvency of either party.

                                    14

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                               ARTICLE IX

                   DURATION, RECAPTURE AND TERMINATION
                   -----------------------------------

  1) Duration. Except as otherwise provided herein, this Agreement is
     --------
     unlimited in duration.

  2) Reinsurer's Liability. The liability of the Reinsurer with respect
     ---------------------
     to any annuity reinsured hereunder will begin simultaneously with that of
     the Ceding Company, but not prior to the Effective Date of this
     Agreement. The Reinsurer's liability with respect to any annuity
     reinsured hereunder will terminate on the earliest of: (i) the date such
     annuity is recaptured in accordance with paragraph 4 below, (ii) the date
     the Ceding Company's liability on such annuity is terminated; or (iii)
     the date this Agreement is terminated under paragraph 3 below.
     Termination of the Reinsurer's liability is subject to payments in
     respect of such liability in accordance with the provisions of Article X
     of this Agreement. In no event should the interpretation of this
     Paragraph imply a unilateral right of the Reinsurer to terminate this
     Agreement for any annuity reinsured hereunder. However, the Reinsurer
     and/or the Ceding Company may, upon ninety (90) days prior written notice
     to the other party, terminate this Agreement as to annuities not yet
     written by the Ceding Company as of the effective date of such
     termination.

     For any annuity reinsured hereunder with a VAGLB Rider, the
     Reinsurer's liability will terminate on the earliest date, if any,
     that the annuity's accumulation value becomes or equals zero, not
     withstanding the above conditions.

  3) Termination for Nonpayment of Reinsurance Premiums or Other Amounts Due.
     -----------------------------------------------------------------------
     If the Ceding Company fails to pay the Reinsurance Premiums or any
     other amounts due to the Reinsurer pursuant to this Agreement within
     ninety (90) days after the end of any Accounting Period, the Reinsurer
     may terminate this Agreement, subject to thirty (30) days prior written
     notice to the Ceding Company. If the Reinsurer fails to pay any amounts
     due to the Ceding Company pursuant to this Agreement within ninety (90)
     days after the end of any Accounting Period, the Ceding Company may
     terminate this Agreement, subject to thirty (30) days prior written
     notice to the Reinsurer.

  4) Recapture. Any group of annuities reinsured hereunder will be
     ---------
     eligible for recapture on any date which is mutually agreed upon in
     writing by the Reinsurer and the Ceding Company, with the approval of the
     Insurance Department of the domestic state regulating the Reinsurer.

  5) Termination.  All business written prior to termination of this
     -----------
     agreement is vested ("Vested Business") for purposes of payment due under
     this agreement.  As such, payment shall continue to be made on all Vested
     Business after termination of this agreement in accordance with the terms
     of same.  Any new business written subsequent to the termination of this
     agreement shall not be subject of any payments under this agreement.

                                    15

<PAGE>
<PAGE>

  6) Notice of Termination.  This agreement may be terminated without cause by
     ---------------------
     other party by giving written notice of termination to the other party
     via certified mail return receipt requested at the following addresses:

     If to Equitable Life Insurance Company of Iowa:
          909 Locust Street, P.O. Box 1635, Des Moines, IA 50306

     If to Golden American Life Insurance Company:
          1475 Dunwoody Drive, West Chester, PA  19380

  7) Internal Replacements. For the purpose of this Agreement, Internal
     ---------------------
     Replacement shall mean any instance in which an annuity or any portion of
     the cash value of an annuity reinsured under this agreement is used to
     acquire via an exchange a new annuity written by the Ceding Company, its
     affiliates, successors or assigns resulting from a formal program
     directly soliciting existing policyowners to participate in such
     exchange.

     If an Internal Replacement results in a new annuity covered by this
     Agreement, the Reinsurer will participate on  quota share basis in
     any expenses and any waiver or reduction of policy charges, fees, or
     loads associated with that program. In addition, no replacement
     adjustment will be made.

     If an Internal Replacement results in a new annuity contract which
     is not covered this Agreement, the Reinsurer will not participate in
     any expenses or any waiver or reduction of policy charges, fees, or
     loads associated with that program. In addition, a replacement
     adjustment will be paid by the Ceding Company to the Reinsurer equal
     to the product of a) times b), where:

     a)   equals the amount internally replaced by annuities that are not
          covered by this Agreement, during the current Accounting Period;
          and
     b)   equals 0.015.

                                    16

<PAGE>
<PAGE>

                                ARTICLE X

                   TERMINAL ACCOUNTING AND SETTLEMENT
                   ----------------------------------

 1)  Terminal Accounting. In the event that this Agreement is terminated
     -------------------
     in accordance with Article IX, Paragraphs 3 or 4, or Article XII,
     a Terminal Accounting and Settlement will take place.

  2) Date. The terminal accounting date will be the earliest of:
     ----
     a)   the effective date of recapture pursuant to any notice of
          recapture given under this Agreement,
     b)   the effective date of termination pursuant to any notice of
          termination given under this Agreement, or
     c)   any other date mutually agreed to in writing.

  3) Settlement.  The Terminal Accounting and Settlement will consist of:
     ----------
     a)   The quarterly settlement as provided in Article VIII, Paragraph 3,
          computed as of the terminal accounting date as if the Agreement
          were still in effect; and
     b)   Payment by the Ceding Company to the Reinsurer of a Terminal Reserve
          equal to the Modified Coinsurance Reserve on the annuities reinsured
          hereunder as of the terminal account date; and
     c)   Payment by the Reinsurer to the Ceding Company of a Terminal Reserve
          Adjustment equal to the Modified Coinsurance Reserve on the annuities
          reinsured hereunder as of the terminal accounting date; and

     If the calculation of the Terminal Accounting and Settlement
     produces an amount owing to the Ceding Company, such amount will be
     paid by the Reinsurer to the Ceding Company. If the calculation of
     the Terminal Accounting and Settlement produces an amount owing to
     the Reinsurer, such amount will be paid by the Ceding Company to the
     Reinsurer.

  4) Terminal CARVM Allowance. At Terminal Settlement, the Reinsurer will
     ------------------------
     transfer the Terminal CARVM Allowance on the annuities reinsured as of
     the terminal account date. Simultaneously, the Ceding Company will
     transfer an equal amount of mutually acceptable assets to the Reinsurer.

  5) Supplementary Accounting and Settlement. In the event that,
     ---------------------------------------
     subsequent to the Terminal Accounting and Settlement as provided above,
     a change is made with respect to any amounts due, a supplementary
     accounting will take place pursuant to Paragraph 3 above. Any amount owed
     to the Ceding Company or to the Reinsurer by reason of such supplementary
     accounting will be paid promptly upon the completion thereof.

                                    17

<PAGE>
<PAGE>

                               ARTICLE XI

                               ARBITRATION
                               -----------

  1) General. All disputes and differences between the Ceding Company and
     -------
     the Reinsurer on which an agreement cannot be reached will be decided by
     arbitration. The arbitrators will construe this Agreement from the
     standpoint of practical business and equitable principles and the customs
     and practices of the insurance and reinsurance business, rather than from
     the standpoint of strict law. The parties intend that the arbitrators
     will make their decision with a view to effecting the intent of this
     Agreement.

  2) Method. Three arbitrators will decide any differences. They must be
     ------
     impartial and present or former officers of life insurance companies
     other than the parties to this Agreement or any company owned by, or
     affiliated with, either party. One of the arbitrators will be appointed
     by the Reinsurer, another by the Ceding Company, and the two arbitrators
     thus selected will select a third arbitrator before arbitration begins.
     Should one of the parties decline to select an arbitrator within thirty
     (30) days after the date of a written request to do so, or should the two
     arbitrators selected by the parties not be able to agree upon the choice
     of a third, the appointment(s) will be left to the President of the
     American Arbitration Association or its successor. The arbitrators will
     decide by a majority of votes and their decision will be final and
     binding upon the parties. The costs of arbitration, including the fees of
     the arbitrators, will be shared equally by the parties unless the
     arbitrators decide otherwise. Any counsel fees incurred by a party in the
     conduct of arbitration will be paid by the party incurring the fees.

  3) Arbitration Site. In event of arbitration, the arbitration hearing
     ----------------
     shall take place in Atlanta, Georgia, unless otherwise agreed to in
     writing by both the Ceding Company and the Reinsurer.

                                    18

<PAGE>
<PAGE>

                               ARTICLE XII

                               INSOLVENCY
                               ----------

Insolvency. In the event of the Ceding Company's insolvency, any payments
----------
due to the Ceding Company from the Reinsurer pursuant to the terms of
this Agreement will be made directly to the Ceding Company or its
conservator, liquidator, receiver or statutory successor. Such payments
will be made by the Reinsurer on the basis of the liability of the Ceding
Company under the annuities reinsured without diminution because of the
insolvency of the Ceding Company. The conservator, liquidator, receiver
or statutory successor of the Ceding Company will give the Reinsurer
written notice of the pendency of a claim against the Ceding Company on
any annuity reinsured within a reasonable time after such claim is filed
in the insolvency proceeding. During the pendency of any such claim, the
Reinsurer may investigate such claim and interpose in the Ceding
Company's name (or in the name of the Ceding Company's conservator,
liquidator, receiver or statutory successor), in the proceeding where
such claim is to be adjudicated, any defense or defenses which the
Reinsurer may deem available to the Ceding Company or its conservator,
liquidator, receiver or statutory successor. The expense thus incurred by
the Reinsurer will be chargeable, subject to court approval, against the
Ceding Company as a part of the expense of liquidation to the extent of a
proportionate share of the benefit which may accrue to the Ceding Company
solely as a result of the defense undertaken by the Reinsurer.

In the event of the Reinsurer's insolvency, this treaty will terminate,
and the terminal accounting and settlement described in Article X will
occur. Any payments due the Reinsurer from the Ceding Company pursuant to
the terms of this Agreement will be made directly to the Reinsurer or its
conservator, liquidator, receiver or statutory successor. Any amounts
owed by the Reinsurer to the Ceding Company will be payable without
diminution because of the insolvency of the Reinsurer. The conservator,
liquidator, receiver or statutory successor of the Reinsurer will give
the Ceding Company written notice of the pendency of a claim against the
Reinsurer on any annuity reinsured within a reasonable time after such
claim is filed in the insolvency proceeding.

                                    19

<PAGE>
<PAGE>

                              ARTICLE XIII

                      EXECUTION AND EFFECTIVE DATE
                      ----------------------------

In witness of the above, this Agreement is executed in duplicate on the
dates indicated below with an Effective Date of January 1, 2000.

GOLDEN AMERICAN LIFE               EQUITABLE LIFE INSURANCE
INSURANCE COMPANY                  COMPANY OF IOWA
("Ceding Company")                 ("Reinsurer")
on June 30, 2000                   on June 30, 2000

By: /s/ David L. Jacobson      By: /s/ Randy Von Fumetti
   ----------------------         ----------------------

Title: Senior Vice President   Title: Senior Vice President
      ----------------------         ----------------------

                                    20

<PAGE>
<PAGE>

                               SCHEDULE A

                ANNUITIES AND RISKS REINSURED OR EXCLUDED
                -----------------------------------------

Annuities and Risks Reinsured. The amount of reinsurance under this
-----------------------------
Agreement will be a mutually determined  quota share percentage for
specified contracts of the Ceding Company's net liability with respect to
the Variable Separate Accounts.

Annuities and Risks Excluded. Variable Separate Accounts are defined to
----------------------------
exclude amounts in the fixed or separate accounts with an interest rate
guaranteed by the Ceding Company. "VAGLB" (Variable Annuity Guaranteed
Living Benefits) as used in this agreement, refers to certain optional
riders attached to annuities reinsured hereunder. A listing of the
applicable form numbers is shown below. "Living Benefits" as used in this
agreement, refers to benefits paid under such riders.

     VALGB Rider Form #       Description
     ------------------       -----------
     GA-RA-1047               Minimum Guaranteed Income Benefit Rider
     GA-RA-1045               Minimum Guaranteed Accumulation Benefit Rider
     GA-RA-1048               Minimum Guaranteed Withdrawal Benefit Rider

"Net liability," as used in this Agreement, means the Ceding Company's
liability on the annuities reinsured hereunder, excluding any liability
resulting from any Guaranteed Living Benefit riders attached to such
annuities, less amounts recovered from other reinsurance, including the
pre-existing Paine Webber Coinsurance Treaty.

                                    21

<PAGE>
<PAGE>

                               SCHEDULE B

              QUARTERLY REPORT OF ACTIVITY AND SETTLEMENTS
              --------------------------------------------

               FROM CEDING COMPANY TO REINSURER
               Accounting Period:            ___________
               Calendar Year:                ___________
               Date Report Completed:        ___________

  1) Reinsurance Premiums (Article II)

  2) Benefit Payments (Article V)

     a)   Claims
     b)   Amounts Recovered from other reinsurers
     c)   Cash Surrender Values
     d)   Annuity Benefits

          Benefit Payments = a) - b) + c) + d)

  3) Modified Coinsurance Reserve Adjustment (Article VI)

     a)   Modified Coinsurance Reserve (end of current Accounting Period)
     b)   Quota share of transfers from Fixed Account to Variable Separate
          Accounts during the current Accounting Period
     c)   Quota share of transfers from Variable Separate Accounts to Fixed
          Account during the current Accounting Period
     d)   Modified Coinsurance Reserve (end of preceding Accounting Period)
     e)   Equals a) - b) + c) - d)
     f)   Modified Coinsurance Reserve Investment Credit (Schedule C)

          Modified Coinsurance Reserve Adjustment = e) - f)

  4) Commissions and Allowances (Article III)

  5) Fee Payments (Article IV)

  6) Adjustment for Transfers Involving the Fixed Account (Article VII)

     a)   Adjustment to Reinsurer for transfers out of the Fixed Account
     b)   Adjustment to Ceding Company for transfers into the Fixed Account

     Adjustment for Transfers Involving the Fixed Account = a) - b)

  7) Cash Settlement = l) - 2) - 3) - 4) + 5) - 6)

  8) Transfer for increase in CARVM Allowance

                                    22

<PAGE>
<PAGE>

SUPPLEMENTAL INFORMATION

              Number of   Account                 Premium Received During Period
              Annuities   Value       Reserve
              Reinsured   Reinsured   Reinsured   Qualified Non-Qualified
              ---------   ---------   ---------   --------- -------------
Beginning
 of Period

+ New Issues

- Terminations

End of Period

ALLOWANCE FOR COMMISSION AND EXPENSE (ARTICLE III)

  a.   quota share of premium taxes paid on annuities reinsured hereunder
  b.   quota share of commissions paid on annuities reinsured hereunder
  c.   $12.50 x CPI factor x quota share of annuities reinsured hereunder
  d.   Number of annuities reinsured hereunder
  e.   $75 x CPI factor x quota share of annuities reinsured hereunder
  f.   Number of reinsured annuities issued during the current Accounting
       Period
  g.   0.0030 (from Article III, paragraph 3) c) i))
  h.   Quota share of Reinsurance Premiums received on non-qualified
       contracts during the current Accounting period
  i.   0.018 (from Article III, paragraph 3) d) i))
  j.   Reinsurance Premiums received during the current Accounting Period
  k.   MGDB risk charges (from Article III, paragraph 3) e))
  l.   quota share of the Average Account Value on annuities reinsured
       hereunder
  m.   quota share of the any rider charges (from Article III, paragraph
       3) f))
  n.   Commission and Expense Allowance
       = a+b+(c*d)+(e*f)+(g*h)+(i*j)+(k*l)+m

FEE PAYMENTS (ARTICLE IV)

  a   0.000375 (from Article IV, Paragraph 1))
  b.   quota share of the Average Account Value on annuities reinsured
       hereunder
  c.   Fee Payments
       = a*b

                                    23

<PAGE>
<PAGE>

DATA FOR CALCULATING PAYMENT FOR TRANSFERS INVOLVING THE FIXED ACCOUNT

                    Transfers           Transfers
                    to Fixed            from Fixed
     Duration       Account             Account
        1
        2
        3
        4
        5
        6+
     Total

SUPPLEMENTAL DATA PROVIDED BY THE CEDING COMPANY

  1)   Reinsurer's portion of M & E charges collected during the current
       Accounting Period on the policies reinsured hereunder.
  2)   Reinsurer's portion of Administrative Charges collected during the
       current Accounting Period on the policies reinsured hereunder.
  3)   Reinsurer's portion of Surrender Charges collected during the
       current Accounting Period on the policies reinsured hereunder.
  4)   Reinsurer's portion of Deferred Loads collected during the current
       Accounting Period on the policies reinsured hereunder.
  5)   Reinsurer's portion of First Year Commissions paid during the
       current Accounting Period on the policies reinsured hereunder.
  6)   Reinsurer's portion of Renewal Commissions paid during the current
       Accounting Period on the policies reinsured hereunder.
  7)   Miscellaneous inforce information required by the Reinsurer to
       develop GAAP Amortization Schedules for the policies reinsured
       hereunder.

                                    24

<PAGE>
<PAGE>

                               SCHEDULE C

             MODIFIED COINSURANCE RESERVE INVESTMENT CREDIT
             ----------------------------------------------

Modified Coinsurance Reserve Investment Credit. The Modified Coinsurance
----------------------------------------------
Reserve Investment Credit is equal to the portion of the sum of all
accrued investment income and capital gains and losses, realized and
unrealized, on the Ceding Company's Variable Separate Accounts for the
current Accounting Period which corresponds to the portion of the
variable annuities reinsured hereunder.

For the annuities reinsured hereunder, the Modified Coinsurance Reserve
Investment Credit will be adjusted for income taxes or changes in any
provision for taxes, and investment management fees or any other fund
level charges. It will not be reduced for mortality and expense risk
charges or administrative charges as defined in the annuity contracts.

                                    25

<PAGE>
<PAGE>

                               SCHEDULE D

          MINIMUM GUARANTEED DEATH BENEFIT (MGDB) RISK CHARGES
          ----------------------------------------------------

For annuities under this agreement, Option 1 shall mean annuities issued
with a "7% Solution" enhanced death benefit, Option 2 shall mean
annuities issued with an "Annual Ratchet" or "5.5% Solution" enhanced
death benefit, Option 3 shall mean annuities issued with a "Standard"
death benefit, Option 4 shall mean annuities issued with a "Max 7"
enhanced death benefit, and Option 5 shall mean annuities issued with a
Max 5.5" enhanced death benefit, as described in the prospectus and the
contract.

               Type of Death Benefit         MGDB Risk Charge
               ---------------------         ----------------
               Option 1                      0.1250%
               Option 2                      0.0500%
               Option 3                      0.0375%
               Option 4                      0.1375%
               Option 5                      0.0625%

                                    26

<PAGE>
<PAGE><PAGE>
<PAGE>
                                                    EXHIBIT 10(p)

                               SINGLE PAYMENT NOTE

$75,000,000.00                                                     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

                  SEVENTY FIVE MILLION DOLLARS ($75,000,000.00)

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 $75,000,000 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   ("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"), Equitable American Insurance Company
("Equitable American"),  Locust Street Securities, Inc. ("Locust Street"), First
Golden American Life Insurance Company of New York ("First  Golden"),  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; LICG and
United Life are executing a separate  note to the Bank in the maximum  principal
amount of  $75,000,000;  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,  First Golden 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.

<PAGE>
<PAGE>

     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.

<PAGE>
<PAGE>

     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)
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) Equitable of Iowa 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 Golden American Life Insurance  Company.  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

                                          GOLDEN AMERICAN LIFE INSURANCE COMPANY

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

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]