Surplus Note Agreement between Golden American Life Insurance Company and Equitable of Iowa Companies (12/17/1996)

Summary

Golden American Life Insurance Company promises to pay Equitable of Iowa Companies $25 million plus 8.25% annual interest, with the note maturing on December 17, 2026. Payments on the note, including interest, are subordinate to other debts and require approval from the Delaware Insurance Commissioner. If approval is not granted by the maturity date, the note's maturity is automatically extended until payment is authorized. This agreement outlines the terms for repayment and the conditions under which payments can be made.

EX-10.F 12 surplusn121796.txt SURPLUS NOTE DATED 12/17/96 GOLDEN AMERICAN LIFE INSURANCE COMPANY SURPLUS NOTE Golden American Life Insurance Company agrees to pay Equitable of Iowa Companies, an Iowa corporation, the sum of $25 million ($25,000,000.00) plus interest at the rate of 8.25% per annum from the date hereof, December 17, 1996 until paid. In any event, this note will mature on December 17, 2026. This Surplus Note and accrued interest thereon shall be subordinate to payments due to policyholders, claimant and beneficiary claims, as well as debts owed to all other classes of debtors of Golden American Life Insurance Company in the event of (a) the institution of bankruptcy, reorganization, insolvency or liquidation proceedings by or against Golden American Life Insurance Company, or (b) the appointment of a Trustee, receiver or other Conservator for a substantial part of Golden American Life Insurance Company properties. Any payments made shall first apply to accrued interest, and the balance of such payment shall apply to reduce the principal of this Note. Any payment of principal and/or interest made shall be subject to the prior approval of the Delaware Insurance Commissioner. If the Commissioner has not approved payment of principal to retire the note prior to its maturity date, the maturity date will be automatically extended until such time as the Commissioner authorizes payment of the final balance of principal. Golden American Life Insurance Company hereby waives presentment and notice of dishonor. In witness whereof, Golden American Life Insurance Company has caused this Note to be executed and delivered. GOLDEN AMERICAN LIFE INSURANCE COMPANY By: /s/ Terry L. Kendall --------------------------------- Terry L. Kendall, President and CEO Attest by: /s/ Myles R. Tashman ------------------------------ Myles R. Tashman Executive Vice President and General Counsel