Document:

<PAGE>

                                                                    EXHIBIT 10.9

                         INVESTMENT MANAGEMENT AGREEMENT

                  INVESTMENT MANAGEMENT AGREEMENT (this "Agreement"), dated as
of April 30, 2002, between MONY Holdings, LLC, a limited liability company
organized under the laws of Delaware (the "Company"), and MONY Capital
Management, Inc., a Delaware corporation that is an affiliate of the Company
(the "Investment Manager").

                  WHEREAS, the Company desires to obtain the services of the
Investment Manager who will provide investment management advice and services in
connection with the investment of certain moneys pursuant to, and in accordance
with, the terms and conditions of this Agreement; and

                  WHEREAS, such moneys constitute the assets (the "Assets") held
in the Debt Service Coverage Account ("DSCA") as described in the Indenture (the
"Indenture"), dated as of April 30, 2002, by and among the Company, Ambac
Assurance Corporation (the "Insurer"), The MONY Group, Inc. (solely for the
limited purposes set forth in the Indenture) and Bank One Trust Company, N.A.
(the "Trustee"); and

                  WHEREAS, the Investment Manager is willing to provide
investment management advice and services related to the Assets to the Company
pursuant to, and in accordance with, the terms and conditions of this Agreement.

                  NOW, THEREFORE, in consideration of the premises and of the
mutual agreements herein contained, the parties agree as follows:

               1. Appointment of Investment Manager. Subject to the terms and
conditions of this Agreement, the Company hereby appoints the Investment Manager
to act as an investment manager to the Company as of the date hereof, and to
provide certain investment advice and services to the Company. Except as
otherwise required by applicable law, the Company and the Investment Manager
each agree to maintain the confidentiality of all advice and information
provided to the Company by the Investment Manager.

               2. Services to Be Provided by Investment Manager. The Investment
Manager shall provide the following advice and services to the Company regarding
investment strategies and specific transactions with respect to the investment
of the Assets:

                  (a) Subject to the Investment Policy (as defined below) and
the requirements of applicable law, the Investment Manager, consistent with
sound business judgment, shall maintain a continuous investment program for the
Assets and shall invest and reinvest the Assets in the name of the Trustee from
time to time in accordance with the Investment Policy; provided, however, that
the Investment Manager cannot and does not ensure any increase in the value of
the Assets, which may in actuality decrease.

<PAGE>

                  (b) In rendering its services hereunder, the Investment
Manager shall have full power and authority, subject to the terms of this
Agreement and the requirements of applicable law: (i) to purchase or sell
securities, directly from or to a broker, dealer or other person selected by the
Investment Manager in its discretion; (ii) to exercise or abstain from
exercising any option, privilege or right (including voting rights) acquired in
connection with an investment and (iii) to withdraw Assets from the DSCA solely
for investment management purposes and cash solely on a cash against delivery
basis.

                  (c) The Investment Manager shall render to the Company such
periodic and special reports as the Company may reasonably request from time to
time.

               3. Status of Investment Manager. The Investment Manager shall for
all purposes be an independent contractor and not an agent or employee of the
Company. The Investment Manager shall have no authority to act for, represent,
bind or obligate the Company except as specifically provided herein.

               4. Investment Strategies. All investment strategies and advice
provided to the Company shall at all times conform to and be in accordance with
the requirements imposed by the Investment Policy Statement with respect to the
Assets attached hereto as Annex A (the "Investment Policy"), and with the
requirements imposed by applicable law.

               5. Fees and Expenses. The fees and expenses to be paid to the
Investment Manager pursuant to this Agreement shall be as set forth on the
schedule attached hereto as Annex B. Such fees and expenses shall be paid by the
Company to the Investment Manager in immediately available funds and shall be in
compensation for all of the Investment Manager's services, costs and expenses
incurred in the performance of its duties pursuant to this Agreement. To the
extent that the Investment Manager shall render services to the Company at the
Company's specific request other than those services required to be rendered
pursuant to the provisions of this Agreement, such additional services shall be
compensated separately on terms to be agreed upon in writing between the
Investment Manager and the Company from time to time.

               6. Computation of Fees and Expenses.

                  The Investment Manager shall be responsible for computing the
fees and expenses payable by the Company pursuant to the provisions of this
Agreement. The Investment Manager shall submit each expense report to the
Company on or before the fifteenth day of the month prior to the month in which
reimbursement is to be paid. The Company shall have the right to review the
Investment Manager's computation of all fees and expenses payable pursuant to
this Agreement. If there is any disagreement regarding such computation, the
dispute shall be submitted to an independent accounting firm mutually acceptable
to the Company and the Investment Manager whose determination shall be
conclusive and binding upon both parties. The fees of such independent
accounting firm shall be paid 50 percent by the Company and 50 percent by the
Investment Manager.

                                       2

<PAGE>

               7. Operating Expenses of the Company. The Company shall be
responsible for all of its operating and other expenses, including, without
limitation: investment expenses, legal expenses, professional fees, accounting
expenses, auditing and tax preparation expenses, organizational expenses and
other similar expenses related to the Company. The Company will not rely on the
Investment Manager for legal, accounting or tax advice.

               8. Indemnification.

                  (a) None of the Investment Manager or any of its affiliates,
partners, officers, directors, members, employees, agents or representatives or,
in the circumstances described in the last sentence of Section 13(d) hereto, the
Insurer (each, an "Indemnified Person"), shall be liable to the Company: (i) for
mistakes of judgment or for action or inaction or for losses due to such
mistakes, action or inaction so long as said person acted honestly and in good
faith and reasonably believed that his, her or its conduct was in the best
interests of the Company; or (ii) for losses due to the negligence, dishonesty
or bad faith of any broker or agent selected, engaged or retained by an
Indemnified Person, provided that said person exercised reasonable care in
selecting, engaging or retaining such broker or agent.

                  (b) To the fullest extent permitted by applicable law, the
Indemnified Person shall be indemnified and held harmless by the Company against
losses and expenses resulting from its acts or omissions in its capacity as
Investment Manager, except for those finally judicially determined to have
resulted from its willful malfeasance, bad faith or gross negligence.

                  (c) The Company shall advance to an Indemnified Person (to the
extent that it has available assets and need not borrow to do so) reasonable
attorneys' fees and other costs and expenses incurred in connection with the
defense of any action or proceeding arising out of such performance or
non-performance. The Investment Manager agrees, and each other Indemnified
Person will agree as a condition to any such advance, that in the event that it
receives any such advance, it shall reimburse the Company for such fees, costs
and expenses to the extent that it shall be finally judicially determined that
it was not entitled to indemnification under this Agreement.

               9. Activities of the Investment Manager and Others. The
Investment Manager and the partners, members, directors, employees, officers and
affiliates of the Investment Manager, who may or may not also be directors,
employees or officers of the Company, may engage, simultaneously with their
investment management activities on behalf of the Company, in other businesses,
and may render services similar to those described in this Agreement for other
individuals, companies, trusts or persons, and shall not by reason of engaging
in such other businesses or rendering such other services be deemed to be acting
in conflict with the interests of the Company. Notwithstanding the foregoing,
the Investment Manager shall devote sufficient time to providing services to the
Company as the Investment Manager determines to be reasonably necessary. The
partners, members, directors, employees or officers of the Investment Manager or
its affiliates, in their individual capacities, may engage in securities
transactions which may

                                      3

<PAGE>

be different from, and contrary to, transactions engaged in, or recommended, by
the Investment Manager on behalf of the Company.

               10. Representations and Warranties. Each party represents and
warrants to the other that: (i) it is duly authorized to enter into this
Agreement and the transactions contemplated hereby; (ii) this Agreement has been
duly executed and delivered by it and constitutes its legal, valid and binding
obligation enforceable against it in accordance with its terms, subject to
bankruptcy, insolvency and other similar laws affecting creditors' rights
generally, and subject further, as to enforceability, to general principles of
equity; and (iii) its execution, delivery and performance of this Agreement does
not and will not result in a breach or violation of, or cause a default under,
its limited liability company agreement or articles of incorporation, as
applicable, or any provision of any law, regulation, order, license, decree,
judgment or agreement applicable to or binding upon it or its assets.

               11. Termination. This Agreement shall remain in effect until
terminated by the Company or the Investment Manager at any time upon 30 days'
prior written notice to the other party.

               12. Bankruptcy or Insolvency of the Company. As long as no
Insurer Default (as defined in the Indenture) has occurred and is continuing,
except as may be
agreed to in writing by the Insurer, the Investment Manager shall not seek or
initiate bankruptcy or insolvency proceedings with respect to the Company.

               13. Miscellaneous.

                   (a) Notices. Any notice, consent or other communication made
or given in connection with this Agreement shall be in writing and shall be
deemed to have been duly given when delivered by hand, or five days after having
been mailed by certified mail, return receipt requested, as follows:

                   If to the Company:

                   MONY Holdings, LLC
                   1740 Broadway
                   New York, New York 10019
                   Attention:  President

                   If to the Investment Manager:

                   MONY Capital Management, Inc.
                   1740 Broadway
                   New York, New York 10019
                   Attention: President

                                       4

<PAGE>

              (b) Entire Agreement. This Agreement contains all of the terms
agreed upon or made by the parties relating to the subject matter of this
Agreement and supersedes all prior and contemporaneous agreements, negotiations,
correspondence, undertakings and communications of the parties, oral or written,
respecting such subject matter.

              (c) Amendments and Waivers. No provision of this Agreement may be
amended, modified, waived or discharged except as agreed to in writing by the
parties hereto. The failure of a party to insist upon strict adherence to any
term of this Agreement on any occasion shall not be considered a waiver thereof
or deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this Agreement.

              (d) Binding Effect: Assignment. This Agreement shall be binding
upon and inure to the benefit of the Company, the Investment Manager, each
Indemnified Person and their respective successors and permitted assigns. The
Company may assign or delegate all or a portion of its rights, obligations or
liabilities under this Agreement to The MONY Group Inc. The Investment Manager
may not assign or delegate, by operation of law or otherwise, all or any portion
of its rights, obligations or liabilities under this Agreement without the prior
written consent of the Company. Notwithstanding the foregoing, in the event that
the Insurer is exercising its rights pursuant to Section 4.09 of the Indenture
to direct investments of the Assets, the Insurer shall be entitled to the
benefits of Section 8 hereof as an Indemnified Person.

              (e) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, REGARDLESS OF
THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF
LAWS THEREOF.

              (f) Headings. The headings contained in this Agreement are
intended solely for convenience and shall not affect the rights of the parties
to this Agreement.

              (g) Counterparts. This Agreement may be signed in any number of
counterparts with the same effect as if the signatures to each counterpart were
upon a single instrument, and all such counterparts together shall be deemed an
original of this Agreement.

              (h) Survival. The provisions of Sections 7 and 8 hereof shall
survive the termination of this Agreement.

                                       5

<PAGE>

         IN WITNESS WHEREOF the parties hereto have caused this Investment
Management Agreement to be executed as of the date first written above.

                                            MONY HOLDINGS, LLC

                                            By: /s/ Richard Daddario
                                               ---------------------------------
                                               Name: Richard Daddario
                                               Title:  Chief Financial Officer

                                            MONY CAPITAL MANAGEMENT, INC.

                                            By: /s/ William D. Goodwin
                                               ---------------------------------
                                               Name:
                                               Title:

                                       6

<PAGE>

                                      Annex A to Investment Management Agreement

        Investment Policy Statement for the Debt Service Coverage Account

Investment Policy for the Debt Service Coverage Account of MONY Holdings

         Investments of the assets in the Debt Service Coverage Account will be
undertaken pursuant to the following policy provisions. The goal of these policy
provisions is to obtain reasonable income while providing liquidity and a high
level of safety of capital. To accomplish these objectives the policy provisions
provide for investing in investment grade, fixed income securities. Investment
restrictions will apply at the time of purchase of assets and will be calculated
on a GAAP book value basis. The determination of the GAAP book value basis will
be based on the immediately preceding month-end portfolio balance. The
investment policy statement for the assets in the Debt Service Coverage Account
may be amended from time to time with the consent of Ambac, but without the
consent of the noteholders.

Permissible Investments

         Permissible investments include the asset types listed below.

Investment Grade Securities

         The Debt Service Coverage Account may purchase public fixed income
securities with a rating at the time of purchase of at least A2 by Moody's and A
by Standard and Poor's (hereinafter called the Minimum Credit Quality Limit) or,
if a rating is unavailable from one of these agencies, an equivalent rating from
an NRSRO. In addition, the account may purchase:

                  (i)   fixed income securities with a maturity of one year or
                        less if they have a rating of at least A-1 or P-1; and

                  (ii)  shares of open-end funds that:

                         .  invest primarily in short-term debt instruments,

                         .  meet the conditions of paragraphs (c)(2), (c)(3) and
                            (c)(4) of Rule 2a-7 under the Investment Company
                            Act, and

                         .  are issued by an investment company registered under
                            the Investment Company Act or by an exempt issuer.

Securities Rated Below the Minimum Credit Quality Limit

         Securities that do not satisfy the Minimum Credit Quality Limit at the
time of purchase may not be purchased by the Debt Service Coverage Account.
However, the Debt Service Coverage Account may hold securities below the Minimum
Credit Quality Limit as a result of downgrades that may occur from time to time.
If those securities are downgraded below A3 by Moody's or A- by Standard &
Poor's, then we must divest the downgraded securities within six months from the
initial date of downgrade. We may hold such downgraded securities for longer
than six months with the consent of Ambac.

Maximum Maturity

         The Debt Service Coverage Account may not purchase securities with a
remaining maturity in excess of five years from the date of purchase. The
maturity profile of invested assets will take into account anticipated
withdrawals from the Debt Service Coverage Account.

<PAGE>

Single Issuer Limits

         The Debt Service Coverage Account may invest without limitation in debt
obligations issued or guaranteed by the U.S. Government and U.S.
Government-related entities. Maximum permitted debt exposure to any other single
issuer may not exceed 3% of the amount of the Debt Service Coverage Account.

Separate Accounts

         No transactions may be effected with separate accounts sponsored by
MONY Life or MONY Group or any of its affiliates.

Transactions With Affiliates

         All transactions related to investment management or asset sales and
purchases between MONY Life, MONY Holdings or MONY Group and their affiliates,
for the purposes of this document, shall be on an arms-length basis.

Asset Manager Selection

         Assets will be managed by one or more affiliates of MONY Group or third
party investment managers for a negotiated, market-based fee at the discretion
of the Company.

                                      A-2

<PAGE>

                                                           Annex B to Investment
                                                            Management Agreement

                           Investment Expense Schedule

 (Applicable to Closed Block Assets, Surplus and Related Assets and Debt Service
                  Coverage Account Assets on an annual basis)

--------------------------------------------------------------------------------
Cash and Short Term                        10 bps
--------------------------------------------------------------------------------
Investment Grade Publics                   15 bps
--------------------------------------------------------------------------------
Investment Grade Privates                  25 bps
--------------------------------------------------------------------------------
Below Investment Grade Publics             25 bps
--------------------------------------------------------------------------------
Below Investment Grade Privates            45 bps
--------------------------------------------------------------------------------
Real Estate Mortgages                      35 bps
--------------------------------------------------------------------------------
Agricultural Mortgages                     45 bps
--------------------------------------------------------------------------------
Bank Loans                                 50 bps
--------------------------------------------------------------------------------
Construction Loans                         50 bps plus origination fees up to 1%
--------------------------------------------------------------------------------
Mezzanine Loans                            100 bps plus 5% of earnings above 10%
--------------------------------------------------------------------------------
Real Estate Equities                       60 bps
--------------------------------------------------------------------------------
Venture Capital                            100 bps plus 5% of earnings above 10%
--------------------------------------------------------------------------------
Common Stock                               100 bps
--------------------------------------------------------------------------------<PAGE>

                                                                   Exhibit 10.10

                                                                       Exhibit D

         Investment Policy for the Surplus and Related Assets Portfolio
         --------------------------------------------------------------

         Investments of the Surplus and Related Assets (and the Additional
Reserve Account) will be undertaken pursuant to the following policy provisions.
The goal of the following policy provisions is to obtain a high level of income
while providing reasonable safety of capital. Except as noted below, investment
restrictions will apply at the time of purchase of assets and will be calculated
on a statutory book value basis. The statutory book value basis will be
determined based on the immediately preceding month-end invested asset balance.
The investment policy for the Surplus and Related Assets may be amended from
time to time with the consent of Ambac, but without the consent of the
noteholders.

Permitted Investments

         The Surplus and Related Assets may be invested in:

         (i) public or private fixed income investments including, but not
limited to, fixed and floating rate investments, commercial and agricultural
mortgages (including those below investment grade mortgage assets classified
within MONY Life as "mezzanine lending"), bank loans, derivatives, and
short-term debt instruments with a remaining maturity of one year or less, and
shares of certain open-ended funds that:

              . invest primarily in short-term debt instruments,

              . meet the conditions of paragraphs (c)(2), (c)(3) and (c)(4) of
                Rule 2a-7 under the Investment Company Act, and

              . are issued by an investment company registered under the
                Investment Company Act or by an exempt issuer; and

         (ii) equities, including private equity investments, venture capital
investments, equity-linked securities, real estate equities and funds which
invest in the same.

Portfolio Quality

         At least 85% of invested assets of the Surplus and Related Assets
portfolio will be investment grade assets (which we refer to as Investment Grade
Assets). For this purpose, assets with two ratings from nationally recognized
statistical rating organizations (which we refer to as an NRSRO) which are split
between investment grade and below investment grade will be evenly divided, with
one-half being included in the investment grade category and one-half in the
below-investment grade category. The remainder of the Surplus and Related Assets
portfolio, up to a limit of 15%, may be invested in other assets (which we refer
to as Other Assets), a category which includes fixed income investments with
minimum ratings of Bl or B+, commercial mortgages with minimum MONY Life
internal ratings of 3, agricultural mortgages with MONY Life internal minimum
ratings of 3, mezzanine loans and equities. Mezzanine loans and equities will
each be further limited to 5% of invested assets. If the Surplus and Related
Assets portfolio holdings of Other Assets, mezzanine loans or equities exceed
these limits, MONY Life will cease acquiring additional Other Assets, mezzanine
loans or equities within the Surplus and Related Assets portfolio and attempt to
return to this limit. MONY Life may, however, hold Other Assets, mezzanine loans
or equities in excess of this limit until valuation and opportunities for sale
provide good value.

         Ratings compliance will be determined by reference to an NRSRO,
Dominion Bond Rating Service or Canadian Bond Rating Service ratings in the case
of public bonds and by such ratings for private placements where available. If
such ratings are not available, ratings compliance will be determined by
reference to internal MONY

<PAGE>

Life ratings, unless the designation assigned by the Securities Valuation Office
of the NAIC implies a lower rating, in which case the NAIC ratings will be used.
For commercial and agricultural mortgages, internal MONY Life ratings will be
used.

Diversification

         The Surplus and Related Assets may be invested without limit in debt
obligations issued or guaranteed by the U.S. Government and U.S.
Government-related entities. Investments in a single issuer, other than U.S.
Government and government-related issuers, are limited to the lesser of (i) 4%
of invested assets of the Surplus and Related Assets portfolio or (ii) $40
million, except with respect to Other Assets, for which the limit will be 1.5%
for any single issuer.

         The fixed income assets rated by the NAIC of the Surplus and Related
Assets portfolio shall also be limited to the following securities industry
category limits as further defmed herein by MONY Holdings in Appendix A to this
document:

                        US Government                  Unlimited

                        Asset Backed                   15.0%

                        Communications                 10.0%

                        Finance                        20.0%

                        Manufacturing                  35.0%

                        Mining                         5.0%

                        Miscellaneous                  15.0%

                        Mortgage Backed                20.0%

                        Oil and Gas                    10.0%

                        Retail and Wholesale Trade     10.0%

                        Services                       10.0%

                        Transportation                 15.0%

                        Utilities                      15.0%

         The Manufacturing category will be managed to include diversification
across the industries which comprise the category.

Liquidity

         The Surplus and Related Assets portfolio may use borrowing to enhance
liquidity, for purposes including, but not limited to, allowing cash to be
raised without selling assets at a disadvantageous time. Borrowing (excluding
securities lending and dollar roll activity) is limited to no more than 10% of
the portfolio, with a maximum maturity of one year. Investments in commercial
and agricultural mortgages are limited to no more than 20% of invested assets of
the Surplus and Related Assets portfolio. Non-public fixed income investments
are limited to no more than 60% of invested assets of the portfolio.

Foreign Securities

         The Surplus and Related Assets portfolio may purchase foreign
 securities; provided that they are payable in U.S. dollars or substantially
 hedged to the U.S. dollar. Foreign securities payable in a currency other than
 U.S. dollars are limited to no more than 10% of invested assets of the
 portfolio. If any country's foreign currency debt ratings are lower than Aa by
 Moody's or AA- by Standard and Poor's, then such securities of such country
 shall be included as Other Assets, regardless of the ratings of the securities.

                                      D-2

<PAGE>

Derivatives

         The Surplus and Related Assets portfolio may purchase derivatives
(including foreign exchange contracts, forward contracts, futures contracts,
hedge agreements and interest rate, credit and other over-the-counter swaps)
pursuant to MONY Life's Derivative Use Plan as filed with the New York State
Insurance Department. The fair market value of net exposure from derivatives
will not exceed 5% of invested assets. If the Surplus and Related Assets
portfolio holdings of derivatives exceeds this limit, MONY Life will cease
adding additional derivatives to the Surplus and Related Assets portfolio and
attempt to return to this limit, but may hold derivatives in excess of this
limit until valuation and opportunities for sale provide good value.

Transactions With Affiliates

         All transactions related to investment management or asset sales and
purchases between MONY Life, MONY Holdings or MONY Group and their affiliates,
for the purposes of this document, shall be on an arms-length basis.

Securities Lending and Other Activities

         Dollar rolls, repurchase agreements and securities lending activities
are permitted in the Surplus and Related Assets portfolio; provided that the
maximum term does not exceed one year and that such activities are only
transacted with counterparties whose senior unsecured securities are rated equal
to or higher than A 1 from Moody's and A+ from Standard and Poor's. Cash
proceeds of securities lending are to be reinvested in either a Rule 2a-7 money
market fund as defined below or any pooled or cash accounts along with the rest
of MOM Life's securities lending proceeds.

         MONY Life will notify Ambac of changes in the investment policy
relating to securities lending activity and seek Ambac's consent, which consent
shall not be unreasonably withheld. In the event that Ambac does not consent to
any such changes, the proceeds of securities lending activity will be reinvested
in compbance with any existing policy or in a Rule 2a-7 money market fund under
the Investment Company Act of 1940, as amended (which we refer to as the
Investment Company Act). A Rule 2a-7 money market fund is an open-end fund that:

                  (i)   invests primarily in short-term instruments,

                  (ii)  meets the conditions of paragraphs (c)(2), (c)(3) and
                        (c)(4) of Rule 2a-7 under the Investment Company Act,
                        and

                  (iii) the shares of which are issued by an investment company
                        registered under the Investment Company Act in
                        compliance with any existing policy or by an exempt
                        issuer.

Other Investments

         The Surplus and Related Assets portfolio is permitted to invest in
equities and mezzanine loans; provided that the total value of equities and
mezzanine loans each shall not initially exceed 5% of invested assets of the
Surplus and Related Asset portfolio. If the value exceeds 5%, the portfolio will
dispose of any such mezzanine loan or equity when valuation and opportunities
for sale provide good value. In addition, without regard to these limits, the
Surplus and Related Assets portfolio will be permitted to (1) accept common
stock, convertible bonds, real estate equities and other equity interests as
part of restructurings and (2) convert warrants into common stock. If, however,
such acquisition either occurs when equities exceed 5% of invested assets or
otherwise causes equities to exceed 5% of invested assets, then the portfolio
will dispose of any such equity interests when valuation and opportunities for
sale provide good value.

         Other than as specifically stated herein, the Surplus and Related
Assets portfolio will not invest in separate accounts, MONY Life subsidiaries or
affiliates.

Duration

         The target duration for the Surplus and Related Assets portfolio
initially is 5 years and may be modified by MONY Life from time to time as the
duration of the liabilities supported by the portfolio changes. Any

                                       D-3

<PAGE>

modifications to the target duration will take into account any scheduled
interest and principal due and any swap payments associated with the notes. The
portfolio's actual duration will remain within plus or minus 2 years of the
target duration set by MONY Life. MONY Life will notify the trustee and Ambac on
behalf of the noteholders of any subsequent changes in the target duration of
the portfolio and seek Ambac's consent, which consent shall not be unreasonably
withheld.

Asset Manager Selection

         Assets will be managed by one or more affiliates of MONY Group or third
party investment managers for a negotiated, market-based fee at the discretion
of MONY Life.

                                      D-4

<PAGE>

Appendix A- Security Industry Category Definitions

         Security industry categories shall be defined by MONY Holdings as
follows.

US GOVERNMENT
        GOVERNMENT & STATE AGENCY
        US GOVERNMENT AGENCY ISSUED/GUARANTEED
        US GOVERNMENT DIRECT OBLIGATIONS
ASSET-BACKED SECURITIES
        ASSET BACKED AUTO
        ASSET BACKED CBO/CLO
        ASSET BACKED CREDIT CARDS
        ASSET BACKED COMMERCIAL MBS
        ASSET BACKED FRANCHISEE RECEIVABLES
        ASSET BACKED HOME EQUITY
        ASSET BACKED MANUFACTURED HOUSING
        ASSET BACKED MANUFACTURED HOUSING
        ASSET BACKED MISCELLANEOUS
        ASSET BACKED RATE REDUCTION
        ASSET BACKED STUDENT LOANS
COMMUNICATIONS
        BROADCASTING
        CABLE TELEVISION
        TELEPHONE & TELEGRAPH
FINANCE
        BANKS
        BANK HOLDING COMPANIES
        BROKERAGE/MERCHANT BANKING
        FINANCE COMPANIES
        INSURANCE LIFE & HEALTH
        LEASING
        MISCELLANEOUS FINANCE
        REAL ESTATE
MANUFACTURING
        AEROSPACE & MILITARY TECHNOLOGY
        AUTO
        BREWING & DISTILLING
        BUILDING MATERIALS & COMPONENTS
        CHEMICALS
        COMPUTERS, ELECTRONICS & OFFICE PRODUCTS
        CONTAINERS & PACKAGING
        DRUGS AND COSMETICS
        FOOD & FOOD PROCESSING
        HOUSEHOLD PRODUCTS
        LUMBER & WOOD PRODUCTS
        MACHINERY & EQUIPMENT
        MISCELLANEOUS MANUFACTURING
        NEWSPAPERS & MAGAZINES
        PAPER
        PRINTING
        PUBLISHING

                                       D-5

<PAGE>

        STEEL AND IRON
        TEXTILES & APPAREL
        TRANSPORTATION EQUIPMENT
MINING
        METALS - NONFERROUS
MISCELLANEOUS
        CANADIAN GOVERNMENT AGENCY ISSUED/GUAR
        CANADIAN GOVERNMENT PROVINCIAL
        FOREIGN GOVERNMENT STATES/TERR/POSSESS
        HOUSING
        INTERNATIONAL BANK FOR RECONST & DEVELOP
        OTHER
MORTGAGE-BACKED SECURITIES
        MBS- FED HOME LN MTG CORP CM0
        MBS- FED NATL MTG ASSOC CM0
        MBS- GOVT NATL MTG ASSOC CM0
        MBS CM0 NON AGENCY
        MBS- FED HOME LN MTG CORP PASS THRU
        MBS- FED NATL MTG ASSOC PASS THRU
        MBS- GOVT NATL MTG ASSOC PASS THRU
OIL & GAS
        CONTRACT DRILLING
        COAL
        INTEGRATED PETROLEUM
        OIL & GAS PRODUCTION
        OTHER ENERGY
        PIPELINES (NON-GAS)
        REFINING & MARKETING
RETAIL & WHOLESALE TRADE
        DISTRIBUTION
        LPG DISTRIBUTION
        RETAIL TRADE
        RESTAURANTS
SERVICES
        HEALTH SERVICES
        LEISURE TIME
        LODGING
        SERVICE COMPANIES
TRANSPORTATION
        AIR TRANSPORTATION
        RAILROADS
        SHIPPING
        TRUCKING
UTILITIES
        ELECTRIC LIGHT & POWER HOLDING CO
        ELECTIC LIGHT & POWER
        GAS TRANSMISSION AND DISTRIBUTION
        INDEPENDENT POWER

If any additional assets are purchased in accordance with the Investment Policy
for the Surplus and Related Assets Portfolio, then such asset will be classified
in one of the categories listed above. If such security can not be

                                       D-6

<PAGE>

classified by any of the categories above, then the security will be classified
in the Miscellaneous category as Other. To the extent that the Miscellaneous
category reaches its limit of 15% then at that time a new category shall be
defined, with the consent of Ambac.

                                      D-7

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