Document:

EXHIBIT 10(d)

       

      

      

      NASD

      SUBORDINATED
      AGREEMENT

      AMENDMENT EXTENDING MATURITY
      DATE

       

      SL-A

       

      AGREEMENT
BETWEEN:

       

      Lender:  SunAmerica
      Inc.

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

       

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

       

       AND

        

      Broker-Dealer: SunAmerica Capital
      Services, Inc.

        733 Third Avenue, 3rd
      Floor
(Street Address)

       

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

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

	
      

      

	
      

      SUBORDINATED LOAN
      AGREEMENT

      AMENDMENT EXTENDING THE MATURITY
      DATE

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

                    
      In consideration of the sum of $3,500,000 (the unpaid
      principal amount) and subject to the terms and conditions set forth in the
      Subordination Agreement approved by the National Association of Securities
      Dealers, Inc., scheduled to mature on July 30,2001 bearing Loan
      Number 10-E-SLA-10761, the Broker-Dealer and the Lender agree to
      extend the maturity date until July 30, 2002. This
      Amendment shall not become effective unless and until the NASD has found
      the Amendment acceptable.

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

       

       

      Signature page
  follows

         

	
      

    

 

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

       

      BROKER-DEALER:        
         
                                               
         
      SUNAMERICA CAPITAL SERVICES. INC.

                            

[Seal]                 
                                          
  
                                
      By: /s/ Debbie Potash
      Turner
                                       
                                          
                 
      Name: Debbie Potash
      Turner
                                       
                                          
                 
      Title: Chief Financial Officer

       

      LENDER:                                     
                                    
              SUNAMERICA
      INC.

      

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

                                              
                       
      FOR NASD USE ONLY

                                              
                    
         ACCEPTED BY:      /s/ Gerald
      Dougherty

                             
                             
                             
                             
                 
      (Name)

       

                                              
                                          
                  
      Assistant Director

                                              
                                          
                           
      (Titled)

       

       

      EFFECTIVE DATE:  JUN 30, 2001
LOAN
      NUMBER:  10-E-SLA-10749

 

	-2-
      

    

 

	
      SUBORDINATED LOAN AGREEMENT
      

      LENDER'S
      ATTESTATION

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

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

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

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

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

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

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

	
       
	
       
	
      a.
	
      Certified audit and accountant's certificate
      dated ___________

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

	
       
	
       
	
      c.
	
      Balance sheet and statement of ownership equity
      dated _____________

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

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

	
        
	
       
	
      f. 
	Other disclosures: 
      ______________________ 
       

	
       
	 	
       
	 

 

	-3-
      

    

 

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

                                              
                        

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

 

 

	
      OFFICER'S
      CERTIFICATE

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

       

       

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

       

       

       

 

	
      

    

 

	
      SUNAMERICA
      INC. 

      CERTIFICATE OF
      SECRETARY 

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

      Blanket Authorization
      of Subordinated Loan Agreements for Equity
      Capital

 

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

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

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

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

 

	
      

      

 

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

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

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

       

      [CORPORATE SEAL]Exhibit 10(e)

       

      NASD

      SUBORDINATED
      AGREEMENT

      AMENDMENT EXTENDING MATURITY
      DATE

       

      SL-A

       

      AGREEMENT
BETWEEN:

       

      Lender: SunAmerica
      Inc.

       

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

       

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

        

      Broker-Dealer: SunAmerica Capital
      Services, Inc.

      733 Third Avenue, 3rd F1oor
(Street
      Address)

       

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

 

	
      NASD ID Number 13158

      DATE FILED: September
30, 2000

 

	 
      

    

 

	
      SUBORDINATED LOAN
      AGREEMENT

      AMENDMENT EXTENDING THE MATURITY
      DATE

       

                
      Amendment dated as of September 30, 2000, between SunAmerica Inc. (the
      "Lender") and SunAmerica Capital Services, Inc. (the
      "Broker-Dealer").

                 
      In consideration of the sum of $3,000,000 (the unpaid
      principal amount) and subject to the terms and conditions set forth in the
      Subordination Agreement approved by the National Association of Securities
      Dealers, Inc., scheduled to mature on October 31, 2001 bearing
      Loan Number 10-E-SLA-10810, the Broker-Dealer and the
      Lender agree to extend the maturity date until October
      31, 2004. This Amendment shall not become effective unless
      and until the NASD has found the Amendment acceptable.

                  
      Effective November l, 2001, the interest rate on this Subordination
      Agreement will change from 8.5% to 9.5% percent per
      annum.

       

       

       

      Signature page
  follows

             

	 
      

    

            

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

       

       

      BROKER-DEALER:
                   
                                               
          
             SUNAMERICA CAPITAL SERVICES,
      INC.

       

      [Seal]

                                     
                                     
                                             
          By: /s/  Debbie Potash Turner

                               
                                     
                                               
 
       Name: Debbie Potash Turner

                                          
                                          
                       
      Title:   Chief Financial
Officer

	
      LENDER
	
      SUNAMERICA
  INC.

	
       
	
       

	
      [Seal] 
	
      By: /s/  James R. Belardi

	
       
	
      Name: James R. Belardi

	
       
	
      Title: Executive Vice President

	
       
	
       

	
      FOR NASD USE ONLY

       

      ACCEPTED    BY:
        /S/ Gerald Dougherty

                                              
                                          
                                          
                                       
           (Name)

                                            
                                          
                                          
                                     
      Assistant Director

                                              
                                          
                                          
                                
                  
      (Titled) 

                                              
                                          
                                          
                               EFFECTIVE
      DATE: October 30, 2001

                                              
                                          
                                          
                               LOAD
      NUMBER:  10-E-SLA-10810

	-3-
      

    

	
      SUBORDINATED LOAN AGREEMENT
      

      LENDER'S
      ATTESTATION

       

       

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

	
       
	
      1.  
	
      I have received and reviewed NASD Form SLD,
      which is a reprint of   Appendix D of 17 CFR 240.15c3-1, and am
      familiar with its provisions.

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

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

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

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

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

	
       
	
       
	
      a.
	
      Certified audit and accountant's certificate
      dated ___________

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

	
       
	
       
	
      c.
	
      Balance sheet and statement of ownership equity
      dated _____________

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

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

	
        
	
       
	
      f. 
	Other disclosures: 
      ______________________ 
       

	
       
	 	
       
	 

 

	-4-
      

    

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

	
       
	
       
	
       

	
       
	
       
	
      By: /s/  James R. Belardi

	
       
	
       
	
      Name: James R. Belardi

	
       
	
       
	
      Title: Executive Vice
  President

 

	-5-
      

    

 

	
       OFFICER'S
      CERTIFICATE 

      I, James R. Belardi, Executive Vice President of SunAmerica
      Inc., a Delaware corporation (this "Corporation"), do hereby certify that
      the $3,000,000 subordinated loan made by this Corporation to SunAmerica
      Capital Services, Inc., amended to mature on October 31, 2004, does not
      cause the aggregate principal amount of all outstanding loans made by this
      Corporation to its broker-dealer subsidiaries to exceed $75
      million. 

      Dated:    September 22, 2000

       

                                     
                                     
                                     
                                
                 By: /s/ 
      James R. Belardi

                                          
                                          
                                          
       
      James R. Belardi, Executive Vice
President

 

	
      

      

 

	
      SUNAMERICA INC. 

      CERTIFICATE OF ASSISTANT
      SECRETARY 

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

       

      Blanket Authorization of Subordinated Loan
      Agreements for Equity Capital

	
      

       

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

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

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

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

 

	
      

      

 

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

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

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

       

      [CORPORATE SEAL]

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