Document:

EXHIBIT 4.1

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                            GMAC MORTGAGE CORPORATION
                                  as Servicer,

                     GMACM HOME EQUITY LOAN TRUST 2003-HE1,
                                    as Issuer

                                       and

                        WELLS FARGO BANK MINNESOTA, N.A.
                              as Indenture Trustee

                            -------------------------

                               SERVICING AGREEMENT

                           Dated as of March 26, 2003
                            -------------------------

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                               TABLE OF CONTENTS                                         PAGE

ARTICLE I         Definitions...............................................................2

<S>             <C>                                                                        <C>
        Section 1.01     Definitions........................................................2

        Section 1.02     Other Definitional Provisions......................................2

        Section 1.03     Interest Calculations..............................................2

ARTICLE II        Representations and Warranties............................................3

        Section 2.01     Representations and Warranties Regarding the Servicer..............3

        Section 2.02     Representations and Warranties of the Issuer.......................4

        Section 2.03     Enforcement of Representations and Warranties......................4

ARTICLE III       Administration and Servicing of Mortgage Loans............................5

        Section 3.01     The Servicer.......................................................5

        Section 3.02     Collection of Certain Mortgage Loan Payments.......................8

        Section 3.03     Withdrawals from the Custodial Account............................11

        Section 3.04     Maintenance of Hazard Insurance; Property Protection Expenses.....13

        Section 3.05     Modification Agreements...........................................14

        Section 3.06     Trust Estate; Related Documents...................................14

        Section 3.07     Realization Upon Defaulted Mortgage Loans.........................15

        Section 3.08     Issuer and Indenture Trustee to Cooperate.........................16

        Section 3.09     Servicing Compensation; Payment of Certain Expenses by
                         Servicer..........................................................17

        Section 3.10     Annual Statement as to Compliance.................................18

        Section 3.11     Annual Servicing Report...........................................18

        Section 3.12     Access to Certain Documentation and Information Regarding
                         the Mortgage Loans................................................18

        Section 3.13     Maintenance of Certain Servicing Insurance Policies...............19

        Section 3.14     Information Required by the Internal Revenue Service and
                         Reports of Foreclosures and Abandonments of Mortgaged
                         Property..........................................................19

        Section 3.15     Optional Repurchase or Transfer of Mortgage Loans.................19

        Section 3.16     Reserved..........................................................21

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        Section 3.17     Pre-Funding Account...............................................21

        Section 3.18     Funding Account...................................................22

        Section 3.19     Capitalized Interest Account......................................24

        Section 3.20     Reserve Sub-Account...............................................25

        Section 3.21     Enforcement of Due-on-Sale Clauses; Assumption and
                         Modification Agreements; Certain Assignments......................25

ARTICLE IV        Servicing Certificate....................................................26

        Section 4.01     Statements to Securityholders.....................................26

        Section 4.02     Tax Returns and 1934 Act Reports..................................27

ARTICLE V         Note Payment Account.....................................................29

        Section 5.01     Note Payment Account..............................................29

ARTICLE VI        The Servicer.............................................................30

        Section 6.01     Liability of the Servicer.........................................30

        Section 6.02     Merger or Consolidation of, or Assumption of the Obligations
                         of, the Servicer..................................................30

        Section 6.03     Limitation on Liability of the Servicer and Others................31

        Section 6.04     Servicer Not to Resign............................................31

        Section 6.05     Delegation of Duties..............................................32

        Section 6.06     Payment of Indenture Trustee's and Owner Trustee's Fees and
                         Expenses; Indemnification.........................................32

ARTICLE VII       Default..................................................................33

        Section 7.01     Servicing Default.................................................33

        Section 7.02     Indenture Trustee to Act; Appointment of Successor................35

        Section 7.03     Notification to Securityholders...................................37

ARTICLE VIII      Miscellaneous Provisions.................................................37

        Section 8.01     Amendment.........................................................37

        Section 8.02     GOVERNING LAW.....................................................37

        Section 8.03     Notices...........................................................37

        Section 8.04     Severability of Provisions........................................38

        Section 8.05     Third-Party Beneficiaries.........................................38

        Section 8.06     Counterparts......................................................38

        Section 8.07     Effect of Headings and Table of Contents..........................38

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        Section 8.08     Termination Upon Purchase by the Servicer or Liquidation of
                         All Mortgage Loans; Partial Redemption............................38

        Section 8.09     Certain Matters Affecting the Indenture Trustee...................39

        Section 8.10     Owner Trustee Not Liable for Related Documents....................39
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EXHIBIT A - MORTGAGE LOAN SCHEDULE          A-1

EXHIBIT B - LIMITED POWER OF ATTORNEY       B-1

EXHIBIT C - FORM OF REQUEST FOR RELEASE     C-1

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        This Servicing Agreement,  dated as of March 26, 2003 (the "Agreement"),
is among GMAC Mortgage Corporation, as servicer (the "Servicer"), the GMACM Home
Equity  Loan Trust  2003-HE1,  as issuer  (the  "Issuer"),  and Wells Fargo Bank
Minnesota, N.A., as indenture trustee (the "Indenture Trustee").

                                   WITNESSETH:

        WHEREAS,  pursuant to the terms of the  Purchase  Agreement  (as defined
herein), GMAC Mortgage Corporation, as seller (in such capacity, "GMACM") and as
servicer,  Walnut Grove Mortgage Loan Trust 2001-A,  as seller ("WG Trust 2001")
and Walnut Grove  Mortgage  Loan Trust  2003-A,  as seller ("WG Trust 2003" and,
with GMACM and WG Trust 2001, each a "Seller" and together, the "Sellers"), will
sell to Residential Asset Mortgage  Products,  Inc.  ("RAMP"),  as purchaser (in
such capacity, the "Purchaser"), the Initial Mortgage Loans on the Closing Date,
and may sell Subsequent Mortgage Loans on one or more Subsequent Transfer Dates,
together  with the  Related  Documents  on the Closing  Date and any  Subsequent
Transfer Date, and  thereafter all Additional  Balances  created on or after the
Cut-Off Date and any such Subsequent Transfer Date;

        WHEREAS,  RAMP, as depositor (in such capacity,  the "Depositor"),  will
sell the Initial  Mortgage Loans and assign all of its rights under the Purchase
Agreement  to the Issuer,  together  with the Related  Documents  on the Closing
Date,  and thereafter all Additional  Balances  relating  thereto  created on or
after the Cut-Off Date;

        WHEREAS,  pursuant to the terms of the Trust Agreement,  the Issuer will
issue the Certificates;

        WHEREAS,  pursuant to the terms of the Indenture,  the Issuer will issue
the Notes; and

        WHEREAS,  pursuant to the terms of this  Agreement,  the  Servicer  will
service the Mortgage Loans directly or through one or more Subservicers.

        NOW,  THEREFORE,   in  consideration  of  the  mutual  covenants  herein
contained, the parties hereto agree as follows:

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                                   ARTICLE I

                                   Definitions

Section  1.01  Definitions.  For all  purposes  of  this  Agreement,  except  as
otherwise  expressly  provided herein or unless the context otherwise  requires,
capitalized  terms not otherwise defined herein shall have the meanings assigned
to such terms in the Definitions  contained in Appendix A to the indenture dated
as of March 26, 2003 (the  "Indenture"),  between  the Issuer and the  Indenture
Trustee,  which is incorporated by reference herein. All other capitalized terms
used herein shall have the meanings specified herein.

Section 1.02   Other Definitional Provisions.

          (a)  All  terms  defined  in this  Agreement  shall  have the  defined
               meanings when used in any  certificate  or other document made or
               delivered pursuant hereto unless otherwise defined therein.

          (b)  As  used  in  this  Agreement  and in any  certificate  or  other
               document made or delivered pursuant hereto or thereto, accounting
               terms not defined in this Agreement or in any such certificate or
               other  document,  and  accounting  terms  partly  defined in this
               Agreement or in any such  certificate or other  document,  to the
               extent not defined,  shall have the respective  meanings given to
               them  under  generally  accepted  accounting  principles.  To the
               extent that the definitions of accounting terms in this Agreement
               or in any such  certificate  or other  document are  inconsistent
               with  the  meanings  of  such  terms  under  generally   accepted
               accounting   principles,   the  definitions   contained  in  this
               Agreement  or in any such  certificate  or other  document  shall
               control.

(c)            The words  "hereof,"  "herein,"  "hereunder" and words of similar
               import when used in this Agreement  shall refer to this Agreement
               as a whole and not to any particular provision of this Agreement;
               Section and Exhibit  references  contained in this  Agreement are
               references  to  Sections  and  Exhibits  in or to this  Agreement
               unless  otherwise  specified;  the term  "including"  shall  mean
               "including without limitation";  "or" shall include "and/or"; and
               the term "proceeds"  shall have the meaning  ascribed  thereto in
               the UCC.

(d)            The definitions contained in this Agreement are applicable to the
               singular  as well as the  plural  forms of such  terms and to the
               masculine  as well as the  feminine  and  neuter  genders of such
               terms.

(e)            Any  agreement,  instrument  or statute  defined or  referred  to
               herein  or  in  any  instrument  or   certificate   delivered  in
               connection  herewith means such agreement,  instrument or statute
               as from  time to  time  amended,  modified  or  supplemented  and
               includes (in the case of agreements or instruments) references to
               all  attachments  thereto and instruments  incorporated  therein;
               references to a Person are also to its permitted  successors  and
               assigns.

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Section 1.03 Interest Calculations.  All calculations of interest hereunder that
are made in respect of the Principal Balance of a Mortgage Loan shall be made on
a daily basis using a 365-day year.  All  calculations  of interest on the Notes
shall be made on the basis of the actual  number of days in an  Interest  Period
and a year assumed to consist of 360-days.  The calculation of the Servicing Fee
shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All dollar amounts  calculated  hereunder  shall be rounded to the nearest penny
with one-half of one penny being rounded up.

                                   ARTICLE II

                         Representations and Warranties

Section 2.01 Representations and Warranties Regarding the Servicer. The Servicer
represents  and  warrants  to the  Issuer and for the  benefit of the  Indenture
Trustee, as pledgee of the Mortgage Loans, as of the Closing Date:

          (a)  the Servicer is a corporation  duly organized,  validly  existing
               and in  good  standing  under  the  laws of the  Commonwealth  of
               Pennsylvania and has the corporate power to own its assets and to
               transact  the  business  in which it is  currently  engaged.  The
               Servicer  is  duly   qualified   to  do  business  as  a  foreign
               corporation and is in good standing in each jurisdiction in which
               the  character of the  business  transacted  by it or  properties
               owned or leased by it requires  such  qualification  and in which
               the failure to so qualify  would have a material  adverse  effect
               (not  in the  ordinary  course  of  business)  on  the  business,
               properties,  assets,  or  condition  (financial  or other) of the
               Servicer;

          (b)  the  Servicer  has the  power  and  authority  to make,  execute,
               deliver and perform this  Agreement  and all of the  transactions
               contemplated  under this  Agreement,  and has taken all necessary
               corporate  action  to  authorize  the  execution,   delivery  and
               performance of this Agreement.  When executed and delivered, this
               Servicing  Agreement will constitute the legal, valid and binding
               obligation of the Servicer  enforceable  in  accordance  with its
               terms,  except as  enforcement  of such  terms may be  limited by
               bankruptcy,  insolvency or similar laws affecting the enforcement
               of  creditors'  rights  generally  and  by  the  availability  of
               equitable remedies;

(c)            the  Servicer is not  required to obtain the consent of any other
               Person or any consent,  license,  approval or authorization from,
               or registration or declaration with, any governmental  authority,
               bureau or  agency in  connection  with the  execution,  delivery,
               performance, validity or enforceability of this Agreement, except
               for  such  consent,  license,   approval  or  authorization,   or
               registration  or  declaration,  as shall  have been  obtained  or
               filed, as the case may be;

(d)            the execution and delivery of this Agreement and the  performance
               of the transactions  contemplated hereby by the Servicer will not
               violate any material  provision of any existing law or regulation
               or any order or decree of any court applicable to the Servicer or
               any provision of the Articles of  Incorporation  or Bylaws of the
               Servicer,  or  constitute  a  material  breach  of  any  material
               mortgage,  indenture,  contract or other  agreement  to which the
               Servicer is a party or by which the Servicer may be bound;

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(e)            no  litigation  or  administrative  proceeding  of or before  any
               court,  tribunal or governmental body is currently pending, or to
               the knowledge of the Servicer threatened, against the Servicer or
               any of its  properties  or with respect to this  Agreement or the
               Securities  which in the opinion of the Servicer has a reasonable
               likelihood  of  resulting  in a  material  adverse  effect on the
               transactions contemplated by this Agreement;

(f)            the  Servicer  is a  member  of MERS in good  standing,  and will
               comply in all material  respects with the rules and procedures of
               MERS in connection  with the servicing of the Mortgage Loans that
               are registered with MERS; and

(g)            the  servicing  of the  Mortgage  Loans  has at  all  times  been
               conducted in material  compliance  with all  applicable  federal,
               state and local laws, rules and regulations and there has been no
               material violation of any such laws, rules or regulations arising
               out of the servicing of the Mortgage Loans.

        The  foregoing   representations   and  warranties   shall  survive  any
termination of the Servicer hereunder.

Section 2.02  Representations  and  Warranties of the Issuer.  The Issuer hereby
represents  and warrants to the  Servicer  and for the benefit of the  Indenture
Trustee, as pledgee of the Mortgage Loans, as of the Closing Date:

(a)            the Issuer is a statutory  trust duly formed and in good standing
               under  the laws of the  State  of  Delaware  and has full  power,
               authority  and legal right to execute and deliver this  Agreement
               and to perform  its  obligations  under this  Agreement,  and has
               taken all necessary  action to authorize the execution,  delivery
               and performance by it of this Agreement; and

          (b)  the  execution  and delivery by the Issuer of this  Agreement and
               the  performance  by the  Issuer of its  obligations  under  this
               Agreement will not violate any provision of any law or regulation
               governing  the Issuer or any order,  writ,  judgment or decree of
               any  court,   arbitrator  or  governmental  authority  or  agency
               applicable  to the Issuer or any of its assets.  Such  execution,
               delivery,  authentication  and  performance  will not require the
               authorization,  consent or approval  of, the giving of notice to,
               the  filing  or  registration  with,  or the  taking of any other
               action with  respect  to, any  governmental  authority  or agency
               regulating the activities of limited  liability  companies.  Such
               execution,  delivery,  authentication  and  performance  will not
               conflict  with,  or  result  in a breach  or  violation  of,  any
               mortgage,  deed of trust,  lease or other agreement or instrument
               to which the Issuer is bound.

Section 2.03 Enforcement of  Representations  and Warranties.  The Servicer,  on
behalf of and subject to the direction of the Indenture  Trustee,  as pledgee of
the  Mortgage  Loans,  or the  Issuer,  shall  enforce the  representations  and
warranties of the Sellers pursuant to the Purchase Agreement. Upon the discovery

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by the  Sellers,  the  Depositor,  the  Servicer,  the  Indenture  Trustee,  the
Enhancer, the Issuer, or the Custodian of a breach of any of the representations
and  warranties  made by a Seller in the Purchase  Agreement,  in respect of any
Mortgage  Loan which  materially  and  adversely  affects the  interests  of the
Securityholders  or the Enhancer,  the party  discovering such breach shall give
prompt  written  notice to the other parties (the  Custodian  being so obligated
under the Custodial  Agreement).  The Servicer shall promptly notify such Seller
of  such  breach  and  request  that,  pursuant  to the  terms  of the  Purchase
Agreement,  the Seller  either  (i) cure such  breach in all  material  respects
within 90 days from the date the  Seller  was  notified  of such  breach or (ii)
purchase  such  Mortgage Loan from the Issuer at the price and in the manner set
forth in Section  3.1(d) of the Purchase  Agreement;  provided,  that the Seller
shall,  subject to the conditions set forth in the Purchase Agreement,  have the
option to  substitute  an Eligible  Substitute  Loan or Loans for such  Mortgage
Loan.  In the event that the Seller  elects to  substitute  one or more Eligible
Substitute  Loans  pursuant to Section  3.1(e) of the  Purchase  Agreement,  the
Seller shall deliver to the Custodian or the  Servicer,  in accordance  with the
Purchase Agreement, with respect to such Eligible Substitute Loans, the original
Loan  Agreement,  the Mortgage,  and such other  documents and agreements as are
required  by the  Purchase  Agreement.  Payments  due with  respect to  Eligible
Substitute  Loans in the month of  substitution  shall not be transferred to the
Issuer and will be retained by the Servicer and remitted by the Servicer to such
Seller on the next  succeeding  Payment Date except to the extent that a payment
less than the applicable Minimum Monthly Payment has been received by the Issuer
for such month in respect of the Mortgage Loan to be removed. The Servicer shall
amend or cause to be amended the Mortgage  Loan  Schedule to reflect the removal
of such Mortgage Loan and the substitution of the Eligible  Substitute Loans and
the Servicer  shall promptly  deliver the amended  Mortgage Loan Schedule to the
Owner Trustee and Indenture Trustee.

        It is understood  and agreed that the  obligation of the Sellers to cure
such breach or purchase or substitute  for such Mortgage Loan as to which such a
breach  has  occurred  and  is  continuing  shall  constitute  the  sole  remedy
respecting  such breach  available to the Issuer and the Indenture  Trustee,  as
pledgee of the  Mortgage  Loans,  against any  Seller.  In  connection  with the
purchase of or  substitution  for any such  Mortgage  Loan by such  Seller,  the
Issuer  shall  assign to such  Seller all of its right,  title and  interest  in
respect of the Purchase Agreement applicable to such Mortgage Loan. Upon receipt
of the Repurchase Price, or upon completion of such  substitution,  the Servicer
shall notify the Custodian,  and the Custodian shall deliver the Loan Agreements
to the  Servicer,  together  with  all  relevant  endorsements  and  assignments
prepared by the Servicer that the Indenture Trustee shall execute.

                                  ARTICLE III

                 Administration and Servicing of Mortgage Loans

Section 3.01   The Servicer.

          (a)  The Servicer shall service and administer the Mortgage Loans in a
               manner  generally  consistent with the terms of the Program Guide
               and in a manner  consistent  with the terms of this Agreement and
               that shall be normal and usual in its general mortgage  servicing
               activities  and  consistent  with the manner in which it services
               all  other  Mortgage  Loans  in  its  servicing   portfolio  with
               characteristics  similar  to those  of the  Mortgage  Loans.  The
               Servicer  shall have full power and  authority,  acting  alone or
               through a  Subservicer,  to do any and all  things in  connection

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               with  such  servicing  and  administration   which  it  may  deem
               necessary or desirable,  it being understood,  however,  that the
               Servicer shall at all times remain  responsible to the Issuer and
               the Indenture Trustee,  as pledgee of the Mortgage Loans, for the
               performance of its duties and obligations hereunder in accordance
               with the terms hereof and the Program Guide. Without limiting the
               generality of the foregoing,  the Servicer shall continue, and is
               hereby  authorized  and empowered by the Issuer and the Indenture
               Trustee,  as  pledgee  of the  Mortgage  Loans,  to  execute  and
               deliver,  on behalf of itself,  the Issuer, the Indenture Trustee
               or any of  them,  any  and all  instruments  of  satisfaction  or
               cancellation,  or of partial or full release or discharge and all
               other  comparable  instruments with respect to the Mortgage Loans
               and the Mortgaged  Properties.  The Issuer, the Indenture Trustee
               and the Custodian, as applicable, shall furnish the Servicer with
               any  powers  of  attorney  and  other   documents   necessary  or
               appropriate to enable the Servicer to carry out its servicing and
               administrative duties hereunder.  In addition,  the Servicer may,
               at its own  discretion  and on behalf of the  Indenture  Trustee,
               obtain credit  information in the form of a "credit score" from a
               credit  repository.  On the Closing Date,  the Indenture  Trustee
               shall  deliver  to the  Servicer  a  limited  power  of  attorney
               substantially  in the form of Exhibit B hereto.  The  Servicer is
               further  authorized and empowered by the Issuer and the Indenture
               Trustee,  on behalf of the Noteholders and the Indenture Trustee,
               in its own  name  or in the  name of the  Subservicer,  when  the
               Servicer  or the  Subservicer,  as the case may be,  believes  it
               appropriate in its best judgment to register any Mortgage Loan on
               the MERS(R)System,  or cause the removal from the registration of
               any Mortgage Loan on the  MERS(R)System,  to execute and deliver,
               on behalf of the Indenture  Trustee and the Noteholders or any of
               them, any and all instruments of assignment and other  comparable
               instruments  with respect to such assignment or re-recording of a
               Mortgage in the name of MERS, solely as nominee for the Indenture
               Trustee and its  successors  and assigns.  The Indenture  Trustee
               shall have no ongoing  responsibility  to check the status of the
               Mortgage  Loans on the  MERS(R)System.  Any expenses  incurred in
               connection with the actions  described in the preceding  sentence
               shall be borne by the Servicer, with no right of reimbursement.

        If the Mortgage did not have a Lien senior to the related  Mortgage Loan
on the  related  Mortgaged  Property as of the related  Cut-Off  Date,  then the
Servicer,  in such capacity,  may not consent to the placing of a Lien senior to
that of the Mortgage on the related  Mortgaged  Property.  If the Mortgage had a
Lien senior to the related Mortgage Loan on the related Mortgaged Property as of
the related  Cut-Off Date, then the Servicer,  in such capacity,  may consent to
the refinancing of such prior senior Lien; provided, that (i) the resulting CLTV
of such  Mortgage  Loan is no higher  than the greater of the CLTV prior to such
refinancing or a 70% CLTV (or a 80% CLTV for those borrowers with a FICO "credit
score" of 720 or greater) and (ii) the interest rate for the loan evidencing the
refinanced  senior  Lien  is no  higher  than  the  interest  rate  on the  loan
evidencing  the  existing  senior  Lien  immediately  prior  to the date of such
refinancing  (meaning,  in the case of an adjustable  rate loan, a substantially

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similar  index and a gross  margin no higher  than that of the  existing  senior
Lien);  provided,  however, that if the loan evidencing the existing senior Lien
prior  to the  date of  refinancing  is an  adjustable  rate  loan  and the loan
evidencing  the refinanced  senior Lien is a fixed rate loan,  then the interest
rate on the loan evidencing the refinanced  senior Lien may be up to 2.0% higher
than the  then-current  mortgage rate of the loan evidencing the existing senior
Lien and (iii) the loan evidencing the refinanced  senior Lien is not subject to
negative amortization.

        In connection with servicing the Mortgage  Loans,  the Servicer may take
reasonable  actions to encourage or effect the  termination  of Loan  Agreements
that have become dormant.

        The  relationship  of the Servicer (and of any successor to the Servicer
as servicer under this Agreement) to the Issuer under this Agreement is intended
by the parties to be that of an  independent  contractor and not that of a joint
venturer, partner or agent.

          (b)  The  Servicer  may  enter  into   Subservicing   Agreements  with
               Subservicers for the servicing and  administration  of certain of
               the Mortgage  Loans.  The Servicer  shall  provide  notice to the
               Indenture  Trustee upon entering into a  Subservicing  Agreement.
               References  in this  Agreement to actions taken or to be taken by
               the Servicer in  servicing  the Mortgage  Loans  include  actions
               taken or to be taken by a  Subservicer  on behalf of the Servicer
               and any amount actually  received by such  Subservicer in respect
               of a Mortgage  Loan shall be deemed to have been  received by the
               Servicer whether or not actually  received by the Servicer.  Each
               Subservicing  Agreement will be upon such terms and conditions as
               are not inconsistent  with this Agreement and as the Servicer and
               the Subservicer have agreed. With the approval of the Servicer, a
               Subservicer may delegate its servicing obligations to third-party
               servicers,  but such Subservicers will remain obligated under the
               related Subservicing Agreements. The Servicer and the Subservicer
               may enter into amendments to the related Subservicing Agreements;
               provided,  however,  that any such amendments shall not cause the
               Mortgage  Loans  to  be  serviced  in  a  manner  that  would  be
               materially  inconsistent  with the  standards  set  forth in this
               Agreement.  The  Servicer  shall be  entitled  to  terminate  any
               Subservicing   Agreement  in   accordance   with  the  terms  and
               conditions  thereof and without any  limitation by virtue of this
               Agreement; provided, however, that in the event of termination of
               any  Subservicing  Agreement by the Servicer or the  Subservicer,
               the Servicer shall either act as servicer of the related Mortgage
               Loan or enter  into a  Subservicing  Agreement  with a  successor
               Subservicer  which  will be  bound by the  terms  of the  related
               Subservicing  Agreement.  The Servicer shall be entitled to enter
               into any agreement with a Subservicer for  indemnification of the
               Servicer and nothing  contained in this Agreement shall be deemed
               to limit or modify such indemnification.

        In the event that the rights, duties and obligations of the Servicer are
terminated hereunder,  any successor to the Servicer in its sole discretion may,
to the extent permitted by applicable law,  terminate the existing  Subservicing
Agreement with any  Subservicer  in accordance  with the terms of the applicable
Subservicing   Agreement  or  assume  the  terminated   Servicer's   rights  and
obligations under such subservicing arrangements which termination or assumption
will not violate the terms of such arrangements.

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        As part of its servicing  activities  hereunder,  the Servicer,  for the
benefit of the Indenture Trustee,  the Enhancer and the  Securityholders,  shall
use reasonable  efforts to enforce the obligations of each Subservicer under the
related  Subservicing  Agreement,  to the extent that the non-performance of any
such  obligation  would have a material  adverse effect on a Mortgage Loan. Such
enforcement,  including,  without  limitation,  the legal prosecution of claims,
termination  of  Subservicing  Agreements  and the pursuit of other  appropriate
remedies,  shall be in such form and  carried  out to such an extent and at such
time as the Servicer, in its good faith business judgment, would require were it
the owner of the related  Mortgage  Loans.  The Servicer  shall pay the costs of
such enforcement at its own expense,  and shall be reimbursed  therefor only (i)
from a general recovery  resulting from such enforcement to the extent,  if any,
that such  recovery  exceeds all amounts due in respect of the related  Mortgage
Loan or (ii) from a specific  recovery  of costs,  expenses  or  attorneys  fees
against the party against whom such enforcement is directed.

        (c) All other documents  contained in the Mortgage File and any original
documents  relating to the Mortgage  Loans not contained in the Mortgage File or
delivered to the  Custodian,  if any, or the Indenture  Trustee are and shall be
held by the  Servicer in trust as agent for the  Indenture  Trustee on behalf of
the Noteholders.

Section 3.02   Collection of Certain Mortgage Loan Payments.

          (a)  The  Servicer  shall  make  reasonable  efforts  to  collect  all
               payments  called  for  under  the  terms  and  provisions  of the
               Mortgage Loans, and shall, to the extent such procedures shall be
               consistent with this Agreement and generally  consistent with the
               Program  Guide,  follow such  collection  procedures  as shall be
               normal and usual in its general mortgage servicing activities and
               consistent with the procedures the Servicer  employs in servicing
               all  other  Mortgage  Loans  in  the  servicing   portfolio  with
               characteristics   similar  to  those  of  the   Mortgage   Loans.
               Consistent   with  the  foregoing,   and  without   limiting  the
               generality of the  foregoing,  the Servicer may in its discretion
               (i) waive any late payment charge, penalty interest or other fees
               which may be  collected  in the  ordinary  course of  servicing a
               Mortgage  Loan and (ii)  arrange  with a Mortgagor a schedule for
               the payment of principal  and interest due and unpaid;  provided,
               that such arrangement is consistent with the Servicer's  policies
               with respect to home equity mortgage loans; and provided further,
               that notwithstanding  such arrangement,  such Mortgage Loans will
               be  included in the  information  regarding  delinquent  Mortgage
               Loans set forth in the  Servicing  Certificate.  The Servicer may
               also extend the Due Date for  payment  due on a Mortgage  Loan in
               accordance with the Program Guide;  provided,  however,  that the
               Servicer shall first  determine that any such waiver or extension
               will not impair the coverage of any related  insurance  policy or
               materially  adversely  affect the Lien of the related Mortgage or
               the interests of the  Securityholders  or the  Enhancer,  and the
               Servicer  shall not grant any such waiver or extension that would
               have  any  such  effect.   Consistent  with  the  terms  of  this
               Agreement, the Servicer may also:

               (i)  waive,  modify  or  vary  any  term  of  any  Mortgage  Loan
(including reduce the Credit Limit);

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<PAGE>

               (ii) consent to the  postponement  of strict  compliance with any
such term or in any manner grant indulgence to any Mortgagor;

               (iii)  arrange  with a  Mortgagor  a schedule  for the payment of
principal and interest due and unpaid;

               (iv) forgive any portion of the amounts  contractually owed under
the Mortgage Loan;

               (v)  capitalize  past due amounts owed under the Mortgage Loan by
adding  any  amounts  in  arrearage  to the  existing  principal  balance of the
Mortgage  Loan (a  "Capitalization  Workout")  which will result in an increased
monthly  payment  amount,  provided  that:  (A) the amount added to the existing
principal  balance of the Mortgage Loan (the  "Capitalized  Amount") shall be no
greater than five times the Mortgagor's  current Minimum Monthly Payment amount;
and (B) the Servicer  shall not enter into a  Capitalization  Workout unless the
CLTV of the Mortgage Loan prior to the Capitalization  Workout equals or exceeds
80% and the Mortgagor has  qualified  for the  Capitalization  Workout under the
Servicer's servicing guidelines; or

               (vi) reset the  maturity  date for the Mortgage  Loan,  but in no
event  shall such  reset date  extend  beyond the end of the  Collection  Period
preceding the Final Payment Date;

               or  any  combination  of  the  foregoing,  if in  the  Servicer's
determination  such waiver,  modification,  postponement  or  indulgence  is not
materially  adverse to the  interests of the  Securityholders  or the  Enhancer;
provided, however, that the Servicer may not modify or permit any Subservicer to
modify any Mortgage Loan (including  without  limitation any  modification  that
would  change the Loan Rate,  forgive the payment of any  principal  or interest
(unless in connection  with the  liquidation  of the related  Mortgage  Loan) or
extend the final  maturity date of such Mortgage Loan) unless such Mortgage Loan
is in default or, in the judgment of the  Servicer,  such default is  reasonably
foreseeable.  The  general  terms  of  any  waiver,  modification,  forgiveness,
postponement  or  indulgence  with respect to any of the Mortgage  Loans will be
included  in the  Servicing  Certificate,  and such  Mortgage  Loans will not be
considered  "delinquent"  for the purposes of the Basic Documents so long as the
Mortgagor  complies  with the terms of such waiver,  modification,  forgiveness,
postponement or indulgence.

(b)                   The Servicer shall  establish a Custodial  Account,  which
                      shall be an Eligible  Account,  titled  "GMACM Home Equity
                      Loan Trust Series  2003-HE1," in which the Servicer  shall
                      deposit or cause to be deposited any amounts  representing
                      payments  and   collections  in  respect  of  the  Initial
                      Mortgage  Loans  received  by it  subsequent  to or on the
                      Cut-Off Date or, with respect to the  Subsequent  Mortgage
                      Loans, the Subsequent  Cut-Off Date (other than in respect
                      of the payments  referred to in the following  paragraph),
                      within two Business  Days  following  receipt  thereof (or
                      otherwise on or prior to the Closing Date),  including the
                      following payments and collections  received or made by it
                      (without duplication):

(i)                   all  payments of  principal of or interest on the Mortgage
                      Loans  received or advanced  by the  Servicer,  net of any
                      portion  of  the   interest   thereof   retained   by  any
                      Subservicer as subservicing fees;

                                       9
<PAGE>

(ii)                  the  aggregate  Repurchase  Price  of the  Mortgage  Loans
                      purchased by the Servicer pursuant to Section 3.15;

(iii)                 Net Liquidation  Proceeds,  net of any related Foreclosure
                      Profit and all Subsequent Net Recovery Amounts;

(iv)                  all proceeds of any Mortgage Loans repurchased by a Seller
                      pursuant to the Purchase  Agreement,  and all Substitution
                      Adjustment  Amounts required to be deposited in connection
                      with  the  substitution  of an  Eligible  Substitute  Loan
                      pursuant to the Purchase Agreement;

(v)                   Insurance Proceeds,  other than Net Liquidation  Proceeds,
                      resulting  from  any  insurance  policy  maintained  on  a
                      Mortgaged Property; and

(vi)                  amounts  required to be paid by the  Servicer  pursuant to
                      Section 8.08;

provided,  however,  that with respect to each Collection  Period,  the Servicer
shall be  permitted  to retain  from  payments  in  respect of  interest  on the
Mortgage  Loans,  the Servicing Fee for such  Collection  Period.  The foregoing
requirements  respecting  deposits to the Custodial  Account are  exclusive,  it
being  understood that,  without  limiting the generality of the foregoing,  the
Servicer  need  not  deposit  in  the  Custodial  Account  amounts  representing
Foreclosure  Profits,  fees  (including  annual fees) or late charge  penalties,
payable by  Mortgagors  (such  amounts to be  retained as  additional  servicing
compensation in accordance with Section 3.09 hereof), or amounts received by the
Servicer for the accounts of Mortgagors for  application  towards the payment of
taxes,  insurance  premiums,  assessments  and similar  items.  In the event any
amount not required to be deposited in the  Custodial  Account is so  deposited,
the Servicer may at any time withdraw  such amount from the  Custodial  Account,
any provision herein to the contrary notwithstanding.  The Servicer shall retain
all Foreclosure Profits as additional servicing compensation.

        The  Servicer,  in its sole  discretion,  may deposit into the Custodial
Account  amounts  representing  installments  of  principal  of or  interest  on
Mortgage  Loans that were  delinquent  as of the end of any  Collection  Period,
provided  that the  Servicer  reasonably  believes  that  such  amounts  will be
recoverable from Collections on the related Mortgage Loan. If the Servicer makes
any such advances of delinquent principal and/or interest, the Servicer shall be
entitled to reimburse  itself by  withdrawing  from the  Custodial  Account,  as
provided herein, any amounts so advanced. The Servicer may cause the institution
maintaining the Custodial  Account to invest any funds in the Custodial  Account
in Permitted  Investments  (including  obligations of the Servicer or any of its
Affiliates,  if such obligations  otherwise  qualify as Permitted  Investments),
which  investments  shall mature not later than the Business Day  preceding  the
next  succeeding  Payment  Date,  and  which  investments  shall  not be sold or
disposed of prior to maturity.  In addition,  no such Permitted Investment shall
be purchased at a price in excess of par. Except as provided  above,  all income
and gain  realized  from any such  investment  shall inure to the benefit of the
Servicer and shall be subject to its  withdrawal or order from time to time. The
amount of any losses  incurred  in respect of the  principal  amount of any such
investments  shall be deposited in the Custodial  Account by the Servicer out of
its own funds immediately as realized.

                                       10
<PAGE>

(c)            The Servicer  shall  require each  Subservicer  to hold all funds
               constituting   collections   on  the  Mortgage   Loans,   pending
               remittance  thereof  to the  Servicer,  in one or  more  accounts
               meeting  the  requirements  of an  Eligible  Account,  and  shall
               require all such funds to be invested in  Permitted  Investments,
               unless all such  collections are remitted on a daily basis to the
               Servicer for deposit into the Custodial Account.

Section 3.03 Withdrawals from the Custodial  Account.  The Servicer shall,  from
time to time as provided herein,  make withdrawals from the Custodial Account of
amounts on deposit therein pursuant to Section 3.02 that are attributable to the
Mortgage Loans for the following purposes:

          (a)  on each  Determination  Date,  the Servicer  shall  determine the
               aggregate  amounts to be withdrawn from the Custodial Account and
               applied  pursuant to Section  3.05(a) of the Indenture and, prior
               to close of  business  on the  Business  Day prior to the related
               Payment Date (provided, however, that the Indenture Trustee shall
               not be  required to invest any  amounts  deposited  into the Note
               Payment  Account  after 1:00 p.m.),  shall  withdraw such amounts
               from the Custodial Account and deposit such amounts into the Note
               Payment  Account,  Funding  Account  or Reserve  Sub-Account,  as
               applicable,  to be  distributed by the Paying Agent in accordance
               with and in the order or priority set forth in Section 3.05(a) of
               the  Indenture  for such Payment  Date,  in  accordance  with the
               Servicing Certificate;

          (b)  to  pay  to  itself  any  monthly  payments   received  from  the
               Mortgagors,  the amount of such payment that represents  interest
               accrued on the related  Mortgage Loan for any period prior to the
               Cut-Off Date; prior to the commencement of the Rapid Amortization
               Period, from Principal Collections on the Mortgage Loans, and, if
               Principal Collections are not sufficient,  from Excess Spread, to
               pay to GMACM the amount of any  Additional  Balances  as and when
               created during the related Collection  Period,  and, prior to the
               commencement of the Managed  Amortization  Period,  to pay to the
               related  Seller the  Purchase  Price of any  Subsequent  Mortgage
               Loans on the related Subsequent Transfer Date;

          (c)  to the extent  deposited to the Custodial  Account,  to reimburse
               itself or the related  Subservicer  for  previously  unreimbursed
               expenses incurred in maintaining  individual  insurance  policies
               pursuant to Section 3.04, or Liquidation Expenses,  paid pursuant
               to Section 3.07 or otherwise  reimbursable  pursuant to the terms
               of this Agreement (to the extent not payable  pursuant to Section
               3.09), such withdrawal right being limited to amounts received on
               particular  Mortgage  Loans (other than any  Repurchase  Price in
               respect  thereof) that represent late  recoveries of the payments
               for  which  such   advances   were  made,  or  from  related  Net
               Liquidation  Proceeds  or the  proceeds  of the  purchase of such
               Mortgage Loan;

(d)            to pay to itself  out of each  payment  received  on  account  of
               interest on a Mortgage Loan as  contemplated  by Section 3.09, an
               amount  equal to the related  Servicing  Fee and the Recovery Fee
               (to the extent not  retained  pursuant to Section  3.02 or 3.07),
               and  to  pay  to  any  Subservicer  any  subservicing   fees  not
               previously withheld by such Subservicer;

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<PAGE>

(e)            reserved;

(f)            reserved;

(g)            to the  extent  deposited  in the  Custodial  Account,  to pay to
               itself as additional  servicing  compensation any (i) interest or
               investment  income  earned on funds  deposited  in the  Custodial
               Account  that it is  entitled  to  withdraw  pursuant to Sections
               3.02(b)  and 5.01,  and (ii)  Foreclosure  Profits (to the extent
               permitted by law);

(h)            to pay to itself or a Seller,  with respect to any Mortgage  Loan
               or property  acquired in respect  thereof that has been purchased
               or otherwise  transferred  to such Seller,  the Servicer or other
               entity,  all  amounts  received  thereon  and not  required to be
               distributed  to  Securityholders  as of the  date  on  which  the
               related Purchase Price or Repurchase Price is determined;

(i)            to withdraw any other amount  deposited in the Custodial  Account
               that was not required to be deposited therein pursuant to Section
               3.02;

(j)            to pay to itself,  with respect to any Mortgage Loan for which it
               has made an advance of delinquent principal and/or interest,  any
               previously unreimbursed advances of such amounts theretofore made
               to the extent of receipts  of late  recoveries  of such  payments
               from the  related  Mortgagors,  out of  related  Net  Liquidation
               Proceeds or the proceeds of the purchase of such Mortgage Loans;

(k)            to  reimburse  itself for the amount of any  investment  earnings
               advanced prior to maturity pursuant to Section 3.17(c) or Section
               5.01, to the extent not reimbursed from earnings  received on the
               related investment at maturity;

(l)            at its option,  for so long as it is the sole  Certificateholder,
               to pay to itself from amounts  otherwise  required to be remitted
               to  the   Distribution   Account  in   accordance   with  Section
               3.05(a)(xvi)  of the  Indenture,  all amounts  payable to it as a
               Certificateholder on the related Payment Date, and

(m)            to reimburse  itself for advances of delinquent  principal and/or
               interest  on a  Mortgage  Loan or  other  advances  that are made
               pursuant to this Agreement  that are not  reimbursed  pursuant to
               clauses (c) or (j) of this Section 3.03.

        Since, in connection with withdrawals pursuant to clauses (c), (d), (g),
(h) and (j), the  Servicer's  entitlement  thereto is limited to  collections or
other  recoveries  on the related  Mortgage  Loan,  the Servicer  shall keep and
maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the
purpose of justifying any withdrawal from the Custodial Account pursuant to such
clauses.  Notwithstanding  any other provision of this  Agreement,  the Servicer
shall be entitled to reimburse itself for any previously  unreimbursed  expenses

                                       12
<PAGE>

incurred  pursuant to Section  3.07 or  otherwise  reimbursable  pursuant to the
terms  of  this  Agreement   that  the  Servicer   determines  to  be  otherwise
nonrecoverable  (except  with  respect  to any  Mortgage  Loan as to  which  the
Repurchase  Price has been paid),  by withdrawal  from the Custodial  Account of
amounts on deposit  therein  attributable  to the Mortgage Loans on any Business
Day prior to the Payment Date succeeding the date of such determination.

Section 3.04 Maintenance of Hazard Insurance;  Property Protection Expenses.  To
the extent  permitted under the related Loan Agreement and Mortgage,  and to the
extent the  Servicer  receives  notice that a hazard  insurance  policy has been
cancelled,  the Servicer  shall cause to be  maintained  for each  Mortgage Loan
hazard  insurance  naming  the  Servicer  or related  Subservicer  as loss payee
thereunder  providing  extended coverage in an amount which is at least equal to
the lesser of (i) the maximum insurable value of the improvements  securing such
Mortgage Loan from time to time or (ii) the combined  principal balance owing on
such  Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time
to time; provided,  however, that such coverage may not be less than the minimum
amount required to fully compensate for any loss or damage on a replacement cost
basis.  The Servicer shall use its best efforts to monitor that hazard insurance
is  maintained  as described  in the previous  sentence in the same manner as it
would for mortgage loans in its own portfolio.  The Servicer shall also cause to
be  maintained  on  property  acquired  upon  foreclosure,  or  deed  in lieu of
foreclosure,  of any Mortgage Loan, fire insurance with extended  coverage in an
amount which is at least equal to the amount  necessary to avoid the application
of any co-insurance  clause  contained in the related hazard  insurance  policy.
Amounts collected by the Servicer under any such policies (other than amounts to
be applied to the  restoration  or repair of the related  Mortgaged  Property or
property thus acquired or amounts  released to the Mortgagor in accordance  with
the Servicer's normal servicing  procedures) shall be deposited in the Custodial
Account  to the  extent  called  for by  Section  3.02.  In cases  in which  any
Mortgaged  Property is located at any time during the life of a Mortgage Loan in
a federally  designated  flood area, to the extent  permitted  under the related
Loan Agreement and Mortgage, and to the extent the Servicer receives notice that
the related  flood  insurance  has been  cancelled,  the hazard  insurance to be
maintained for the related  Mortgage Loan shall include flood  insurance (to the
extent  available).  All such flood  insurance  shall be in amounts equal to the
lesser of (i) the amount  required to  compensate  for any loss or damage to the
related  Mortgaged  Property  on a  replacement  cost basis and (ii) the maximum
amount  of such  insurance  available  for such  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is  participating  in such program).  The Servicer shall use
its best  efforts to monitor  such flood  insurance as described in the previous
sentence in the same manner as it would for mortgage loans in its own portfolio.
The Servicer shall be under no obligation to require that any Mortgagor maintain
earthquake or other additional insurance and shall be under no obligation itself
to maintain any such additional  insurance on property  acquired in respect of a
Mortgage Loan,  other than pursuant to such  applicable  laws and regulations as
shall at any time be in force and as shall require such additional insurance. If
the  Servicer  shall obtain and maintain a blanket  policy  consistent  with its
general mortgage servicing  activities  insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations  as set forth in the first  sentence of this Section  3.04, it being
understood and agreed that such policy may contain a deductible clause, in which
case the Servicer  shall, in the event that there shall not have been maintained
on the related Mortgaged  Property a policy complying with the first sentence of
this Section 3.04 and there shall have been a loss which would have been covered
by such  policy,  deposit in the  Custodial  Account  the  amount not  otherwise

                                       13
<PAGE>

payable under the blanket policy  because of such  deductible  clause.  Any such
deposit by the Servicer shall be made on the last Business Day of the Collection
Period in the month in which  payments  under any such  policy  would  have been
deposited  in the  Custodial  Account.  In  connection  with its  activities  as
servicer of the Mortgage  Loans,  the Servicer  agrees to present,  on behalf of
itself,  the Issuer and the  Indenture  Trustee,  claims  under any such blanket
policy.

Section 3.05 Modification  Agreements.  The Servicer or the related Subservicer,
as the case may be,  shall be  entitled to (a)  execute  assumption  agreements,
substitution  agreements,  and instruments of satisfaction or cancellation or of
partial or full release or discharge, or any other document contemplated by this
Agreement and other  comparable  instruments  with respect to the Mortgage Loans
and with  respect to the related  Mortgaged  Properties  (and the Issuer and the
Indenture  Trustee each shall promptly  execute any such documents on request of
the  Servicer)  and (b) approve the granting of an easement  thereon in favor of
another  Person,  any alteration or demolition of such  Mortgaged  Properties or
other similar matters, if it has determined,  exercising its good faith business
judgment  in the same  manner  as it would if it were the  owner of the  related
Mortgage  Loans,  that the security for, and the timely and full  collectability
of, such  Mortgage  Loans would not be  adversely  affected  thereby.  A partial
release  pursuant to this Section  3.05 shall be permitted  only if the CLTV for
the related  Mortgage  Loan after such partial  release does not exceed the CLTV
for such Mortgage Loan as of the related  Cut-Off Date. Any fee collected by the
Servicer or the related Subservicer for processing such request will be retained
by the Servicer or such Subservicer as additional servicing compensation.

Section 3.06   Trust Estate; Related Documents.
               -------------------------------

          (a)  When required by the provisions of this Agreement,  the Issuer or
               the  Indenture  Trustee  shall  execute  instruments  to  release
               property  from the terms of the  Trust  Agreement,  Indenture  or
               Custodial Agreement, as applicable, or convey the Issuer's or the
               Indenture  Trustee's  interest in the same, in a manner and under
               circumstances  that are not  inconsistent  with the provisions of
               this Agreement.  No party relying upon an instrument  executed by
               the Issuer or the  Indenture  Trustee as provided in this Section
               3.06 shall be bound to ascertain  the  Issuer's or the  Indenture
               Trustee's  authority,   inquire  into  the  satisfaction  of  any
               conditions precedent or see to the application of any moneys.

          (b)  If from time to time any written assurance,  assumption agreement
               or  substitution  agreement or other similar  agreement  shall be
               executed  pursuant to Section 3.05, the Servicer shall check that
               each of such documents  purports to be an original  executed copy
               (or a copy of the  original  executed  document  if the  original
               executed  copy has been  submitted  for recording and has not yet
               been  returned) and, if so, shall file such  documents,  and upon
               receipt  of  the  original  executed  copy  from  the  applicable
               recording  office or receipt of a copy  thereof  certified by the
               applicable   recording   office  shall  file  such  originals  or
               certified  copies,   with  the  Related  Documents  held  by  the
               Servicer.

          (c)  Upon  receipt  of  a  Request  for  Release  from  the  Servicer,
               substantially in the form of Exhibit C hereto, to the effect that
               a  Mortgage  Loan has been the  subject  of a final  payment or a
               prepayment in full and such Mortgage Loan has been  terminated or
               that  substantially  all Net Liquidation  Proceeds that have been

                                       14
<PAGE>

               determined  by the  Servicer  in its  reasonable  judgment  to be
               finally recoverable have been recovered,  and upon deposit to the
               Custodial  Account of such final monthly  payment,  prepayment in
               full  together  with  accrued and unpaid  interest to the date of
               such  payment  with  respect  to  such   Mortgage   Loan  or,  if
               applicable,   Net  Liquidation  Proceeds,   the  Custodian  shall
               promptly  release the Related  Documents held by the Custodian to
               the Servicer.  The  Indenture  Trustee shall execute such Related
               Documents,  along  with such  documents  as the  Servicer  or the
               related  Mortgagor  may  request  to  evidence  satisfaction  and
               discharge of such Mortgage Loan, upon request of the Servicer. If
               from  time to  time  and as  appropriate  for  the  servicing  or
               foreclosure  of any  Mortgage  Loan,  the  Servicer  requests the
               Custodian to release the Related  Documents held by the Custodian
               and  delivers  to  the  Custodian  a  trust  receipt   reasonably
               satisfactory to the Custodian and signed by a Responsible Officer
               of  the  Servicer,  the  Custodian  shall  release  such  Related
               Documents  to the  Servicer.  If such  Mortgage  Loans  shall  be
               liquidated  and the  Custodian  receives a  certificate  from the
               Servicer as provided  above,  then, upon request of the Servicer,
               the Custodian shall release the trust receipt to the Servicer.

Section 3.07  Realization  Upon Defaulted  Mortgage  Loans.  With respect to any
Mortgage  Loan that comes into and  continues  in default,  the  Servicer  shall
decide whether to (i) foreclose upon the related Mortgaged Property,  (ii) write
off the unpaid Principal  Balance thereof as bad debt, (iii) take a deed in lieu
of  foreclosure,  (iv) accept a short sale (a payoff of the Mortgage Loan for an
amount less than the total amount  contractually  owed in order to  facilitate a
sale of the Mortgaged Property by the Mortgagor), (v) permit a short refinancing
(a  payoff  of the  Mortgage  Loan for an  amount  less  than the  total  amount
contractually  owed in  order  to  facilitate  refinancing  transactions  by the
Mortgagor not involving a sale of the  Mortgaged  Property),  (vi) arrange for a
repayment plan,  (vii) agree to a modification in accordance with this Agreement
or (viii)  take an  unsecured  note in each case  subject  to the  rights of any
related first Lien holder;  provided,  that in connection with the foregoing, if
the Servicer has actual  knowledge  that any  Mortgaged  Property is affected by
hazardous  or toxic  wastes  or  substances  and that  the  acquisition  of such
Mortgaged Property would not be commercially reasonable, then the Servicer shall
not cause the Issuer or the Indenture Trustee to acquire title to such Mortgaged
Property  in a  foreclosure  or  similar  proceeding.  In  connection  with such
decision,  the Servicer shall follow such practices  (including,  in the case of
any default on a related senior mortgage loan, the advancing of funds to correct
such default if deemed to be  appropriate  by the Servicer) and procedures as it
shall  deem  necessary  or  advisable  and as shall be  normal  and usual in its
general mortgage  servicing  activities and as shall be required or permitted by
the  Program  Guide;  provided,  that the  Servicer  shall  not be liable in any
respect  hereunder  if the  Servicer  is  acting  in  connection  with  any such
foreclosure or attempted  foreclosure which is not completed or other conversion
in a manner  that is  consistent  with the  provisions  of this  Agreement.  The
foregoing is subject to the proviso  that the Servicer  shall not be required to
expend its own funds in connection with any foreclosure or attempted foreclosure
which is not  completed  or towards the  correction  of any default on a related

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<PAGE>

senior  mortgage loan or restoration of any property  unless it shall  determine
that such expenditure will increase the related Net Liquidation Proceeds. In the
event of a determination  by the Servicer that any such  expenditure  previously
made pursuant to this Section 3.07 will not be reimbursable from Net Liquidation
Proceeds,  the  Servicer  shall be  entitled  to  reimbursement  of its funds so
expended pursuant to Section 3.03.

        Notwithstanding any provision of this Agreement,  a Mortgage Loan may be
deemed to be finally  liquidated if  substantially  all amounts  expected by the
Servicer to be received in connection  therewith have been  received;  provided,
however, that the Servicer may continue to pursue recovery of such Mortgage Loan
and any subsequent collections, minus any Recovery Fee, with respect to any such
Mortgage  Loan shall be deposited  into the Custodial  Account.  For purposes of
determining the amount of any Net Liquidation  Proceeds,  Insurance  Proceeds or
other  unscheduled  collections,  the  Servicer  may take into  account  minimal
amounts  of  additional  receipts  expected  to be  received  or  any  estimated
additional  liquidation expenses expected to be incurred in connection with such
Mortgage Loan.

        In the  event  that  title to any  Mortgaged  Property  is  acquired  in
foreclosure or by deed in lieu of  foreclosure,  the deed or certificate of sale
shall be issued to the Indenture Trustee, which shall hold the same on behalf of
the Issuer in accordance with Section 3.13 of the Indenture. Notwithstanding any
such  acquisition of title and  cancellation of the related  Mortgage Loan, such
Mortgaged  Property  shall (except as otherwise  expressly  provided  herein) be
considered  to be an  outstanding  Mortgage  Loan held as an asset of the Issuer
until such time as such property  shall be sold.  Consistent  with the foregoing
for purposes of all calculations hereunder, so long as the related Mortgage Loan
shall be  considered  to be an  outstanding  Mortgage  Loan, it shall be assumed
that,  notwithstanding  that the  indebtedness  evidenced  by the  related  Loan
Agreement shall have been discharged,  such Loan Agreement in effect at the time
of any such acquisition of title before any adjustment  thereto by reason of any
bankruptcy or similar  proceeding or any  moratorium or similar  waiver or grace
period will remain in effect.

        Any proceeds from foreclosure  proceedings or the purchase or repurchase
of any Mortgage  Loan  pursuant to the terms of this  Agreement,  as well as any
recovery  resulting from a collection of Net  Liquidation  Proceeds or Insurance
Proceeds,  shall be  applied  in the  following  order of  priority:  first,  to
reimburse  the  Servicer  or the related  Subservicer  in  accordance  with this
Section  3.07;  second,  to pay the  Servicer  or the  related  Subservicer  all
Servicing Fees payable  therefrom;  third, to pay accrued and unpaid interest on
such  Mortgage  Loan,  at the Net Loan Rate to the  Payment  Date on which  such
amounts are to be deposited in the Note Payment Account or Distribution Account;
and fourth,  as a recovery of principal on such  Mortgage  Loan.  Any  remaining
amount shall constitute Foreclosure Profits.

Section  3.08  Issuer and  Indenture  Trustee to  Cooperate.  On or before  each
Payment Date,  the Servicer will notify the Indenture  Trustee or the Custodian,
with a copy to the Issuer,  of the termination of or the payment in full and the
termination of any Mortgage Loan during the preceding  Collection  Period.  Upon
receipt of payment in full,  the Servicer is authorized to execute,  pursuant to
the  authorization  contained in Section 3.01,  an  instrument  of  satisfaction
regarding  the related  Mortgage,  which  instrument  of  satisfaction  shall be
recorded by the Servicer if required by  applicable  law and be delivered to the
Person  entitled  thereto and to cause the removal from the  registration on the
MERS(R) System of such  Mortgage.  It is understood and agreed that any expenses

                                       16
<PAGE>

incurred in connection with such instrument of satisfaction or transfer shall be
reimbursed from amounts  deposited in the Custodial  Account.  From time to time
and as  appropriate  for the servicing or  foreclosure of any Mortgage Loan, the
Custodian  shall,  upon request of the  Servicer and delivery to the  Custodian,
with a copy to the Issuer, of a Request for Release, in the form attached hereto
as Exhibit C, signed by a Servicing Officer, release or cause to be released the
related Loan  Agreement to the Servicer.  The Issuer or Indenture  Trustee shall
promptly execute such documents, in the forms provided by the Servicer, as shall
be necessary for the prosecution of any such  proceedings or the taking of other
servicing actions. Such trust receipt shall obligate the Servicer to return such
Loan  Agreement to the  Custodian  (as  specified in such receipt) when the need
therefor by the Servicer no longer  exists,  unless the  Mortgage  Loan shall be
liquidated,  in which case, upon receipt of a certificate of a Servicing Officer
similar to that  specified  above,  such trust  receipt shall be released to the
Servicer.

        In order to  facilitate  the  foreclosure  of the Mortgage  securing any
Mortgage Loan that is in default following recordation of the related Assignment
of Mortgage in accordance  with the  provisions of the Purchase  Agreement,  the
Indenture  Trustee  or the  Issuer  shall,  if so  requested  in  writing by the
Servicer, promptly execute an appropriate assignment in the form provided by the
Servicer  to assign such  Mortgage  Loan for the  purpose of  collection  to the
Servicer (any such assignment shall  unambiguously  indicate that the assignment
is for the purpose of collection only), and, upon such assignment, such assignee
for  collection  will thereupon  bring all required  actions in its own name and
otherwise  enforce the terms of such Mortgage Loan and deposit or credit the Net
Liquidation  Proceeds,  exclusive of Foreclosure Profits,  received with respect
thereto into the Custodial  Account.  In the event that all delinquent  payments
due  under  any  such  Mortgage  Loan are paid by the  Mortgagor  and any  other
defaults are cured,  then the assignee for collection  shall  promptly  reassign
such Mortgage Loan to the Indenture  Trustee and return all Related Documents to
the place where the related Mortgage File was being maintained.

        In connection  with the Issuer's  obligation to cooperate as provided in
this Section  3.08 and all other  provisions  of this  Agreement  requiring  the
Issuer to  authorize  or permit  any  actions  to be taken  with  respect to the
Mortgage Loans, the Indenture  Trustee,  as pledgee of the Mortgage Loans and as
assignee  of record of the  Mortgage  Loans on behalf of the Issuer  pursuant to
Section 3.13 of the Indenture,  expressly  agrees,  on behalf of the Issuer,  to
take all such actions on behalf of the Issuer and to promptly execute and return
all  instruments  reasonably  required by the Servicer in connection  therewith;
provided, that if the Servicer requests a signature of the Indenture Trustee, on
behalf of the Issuer,  then the Servicer shall deliver to the Indenture  Trustee
an Officer's Certificate stating that such signature is necessary or appropriate
to enable the  Servicer to carry out its  servicing  and  administrative  duties
under this Agreement.

Section 3.09 Servicing  Compensation;  Payment of Certain  Expenses by Servicer.
The Servicer  shall be entitled to receive the Servicing Fee in accordance  with
Section 3.03 as  compensation  for its services in connection with servicing the
Mortgage Loans.  Moreover,  late payment charges and other receipts not required
to be deposited in the  Custodial  Account as specified in Section 3.02 shall be
retained by the  Servicer as  additional  servicing  compensation.  The Servicer
shall be required to pay all  expenses  incurred  by it in  connection  with its
activities  hereunder  (including  payment  of all other fees and  expenses  not
expressly  stated  hereunder  to be for  the  account  of the  Securityholders),
including the fees and expenses of the Owner Trustee,  Indenture Trustee and the
Custodian, and shall not be entitled to reimbursement therefor.

                                       17
<PAGE>

Section 3.10   Annual Statement as to Compliance.
               ---------------------------------

          (a)  The Servicer shall deliver to the Issuer,  the Indenture Trustee,
               the Depositor and the  Underwriter,  with a copy to the Enhancer,
               beginning  March 31, 2004, and on or before March 31 of each year
               thereafter, an Officer's Certificate stating that (i) a review of
               the activities of the Servicer during the preceding calendar year
               and of its performance under any servicing agreements to which it
               is a party,  including this  Agreement,  has been made under such
               officer's  supervision  and  (ii) to the  best of such  officer's
               knowledge, based on such review, the Servicer has complied in all
               material respects with the minimum servicing  standards set forth
               in the Uniform Single  Attestation  Program for Mortgage  Bankers
               and has fulfilled all of its material obligations in all material
               respects  throughout  such year,  or, if there has been  material
               noncompliance  with such servicing  standards or a default in the
               fulfillment  in all  material  respects  of any  such  obligation
               relating  to  this  Servicing  Agreement,  such  statement  shall
               include a description of such  noncompliance or specify each such
               default, as the case may be, known to such officer and the nature
               and status thereof.

          (b)  The  Servicer  shall  deliver  to the  Issuer  and the  Indenture
               Trustee,  with a copy  to the  Enhancer,  promptly  after  having
               obtained  knowledge  thereof,  but in no event  later  than  five
               Business Days thereafter, written notice by means of an Officer's
               Certificate  of any event  which with the giving of notice or the
               lapse of time or both, would become a Servicing Default.

Section 3.11 Annual Servicing Report. Beginning March 31, 2004, and on or before
March 31 of each year thereafter, the Servicer at its expense shall cause a firm
of nationally  recognized  independent  public  accountants (which firm may also
render other  services to the  Servicer) to furnish a report to the Issuer,  the
Indenture Trustee, the Depositor, the Underwriter,  the Enhancer and each Rating
Agency  stating its opinion  that, on the basis of an  examination  conducted by
such firm substantially in accordance with standards established by the American
Institute of Certified  Public  Accountants,  the  assertions  made  pursuant to
Section 3.10 regarding compliance with the minimum servicing standards set forth
in the Uniform  Single  Attestation  Program  for  Mortgage  Bankers  during the
preceding calendar year are fairly stated in all material  respects,  subject to
such exceptions and other qualifications that, in the opinion of such firm, such
accounting  standards  require it to report.  In rendering such statement,  such
firm may rely, as to matters  relating to the direct servicing of Mortgage Loans
by  Subservicers,  upon  comparable  statements  for  examinations  conducted by
independent  public  accountants  substantially  in  accordance  with  standards
established by the American Institute of Certified Public Accountants  (rendered
within one year of such statement) with respect to such Subservicers.

Section  3.12 Access to Certain  Documentation  and  Information  Regarding  the
Mortgage Loans.  Whenever required by statute or regulation,  the Servicer shall
provide to the  Enhancer,  any  Securityholder  upon  reasonable  request  (or a
regulator for a Securityholder) or the Indenture  Trustee,  reasonable access to
the  documentation  regarding the Mortgage Loans.  Such access shall be afforded
without  charge,  but only upon  reasonable  request and during normal  business
hours at the  offices  of the  Servicer.  Nothing  in this  Section  3.12  shall
derogate  from the  obligation  of the  Servicer to observe any  applicable  law
prohibiting  disclosure of information regarding Mortgagors,  and the failure of
the  Servicer to provide  access as provided in this Section 3.12 as a result of
such obligation shall not constitute a breach of this Section 3.12.

                                       18
<PAGE>

Section 3.13 Maintenance of Certain Servicing Insurance  Policies.  The Servicer
shall, during the term of its service as servicer,  maintain in force and effect
(i) a policy or policies  of  insurance  covering  errors and  omissions  in the
performance of its obligations as Servicer hereunder and (ii) a fidelity bond in
respect of its officers,  employees or agents.  Each such policy or policies and
fidelity  bond shall be at least equal to the coverage that would be required by
Fannie  Mae or  Freddie  Mac,  whichever  is  greater,  for  Persons  performing
servicing for mortgage loans purchased by such entity.

Section 3.14 Information Required by the Internal Revenue Service and Reports of
Foreclosures and Abandonments of Mortgaged Property.  The Servicer shall prepare
and  deliver  all  federal and state  information  reports  with  respect to the
Mortgage Loans when and as required by all  applicable  state and federal income
tax laws. In particular,  with respect to the requirement under Section 6050J of
the Code to the effect that the  Servicer or  Subservicer  shall make reports of
foreclosures and abandonments of any mortgaged  property for each year beginning
in 2003,  the  Servicer  or  Subservicer  shall file  reports  relating  to each
instance  occurring during the previous  calendar year in which the Servicer (a)
on behalf of the Issuer,  acquired an interest in any Mortgaged Property through
foreclosure or other comparable  conversion in full or partial satisfaction of a
Mortgage Loan, or (b) knew or had reason to know that any Mortgaged Property had
been  abandoned.  The reports from the Servicer or Subservicer  shall be in form
and substance  sufficient to meet the reporting  requirements imposed by Section
6050J and Section 6050H (reports relating to mortgage interest  received) of the
Code.

Section 3.15   Optional Repurchase or Transfer of Mortgage Loans.
               -------------------------------------------------

          (a)  Notwithstanding  any  provision in Section 3.07 to the  contrary,
               the  Servicer,  at its  option  and in its sole  discretion,  may
               repurchase  any Mortgage  Loan that is delinquent in payment by a
               period of ninety  (90)  days or longer  for a price  equal to the
               Repurchase  Price,  provided that any such repurchase shall occur
               only during the 60-day period  commencing on the first day of the
               next calendar month.

          (b)  The  Servicer,  at its  option  and in its sole  discretion,  may
               repurchase  any Mortgage Loan for a price equal to the Repurchase
               Price (i) if the related  Mortgage  did not have a Lien senior to
               it as of the  related  Cut-Off  Date,  and, at the request of the
               related Mortgagor, the Servicer agrees to the placement of a Lien
               on the related Mortgaged Property senior to that of such Mortgage
               or (ii) at the request of the Mortgagor,  the Servicer  agrees to
               an  increase in the Credit  Limit above the Credit  Limit of such
               Mortgage  Loan as of the  related  Cut-Off  Date or  (iii) at the
               request of the Mortgagor,  the Servicer agrees to the refinancing
               of the Lien senior to that of the related Mortgage resulting in a
               CLTV above the previous CLTV for such Mortgage Loan.

          (c)  Subject to the  conditions  set forth below,  the Servicer,  upon
               receipt of written  notice and direction  from the Issuer,  shall

                                       19
<PAGE>

               cause the  retransfer of Mortgage  Loans from the Trust Estate to
               the  Issuer as of the close of  business  on a Payment  Date (the
               "Transfer Date"). On the fifth Business Day (the "Transfer Notice
               Date") prior to the Transfer Date designated in such notice,  the
               Servicer shall give the Indenture  Trustee,  the Rating  Agencies
               and  the  Enhancer  a  notice  of the  proposed  retransfer  that
               contains a list of the Mortgage Loans to be  retransferred.  Such
               retransfers   of   Mortgage   Loans  shall  be   permitted   upon
               satisfaction of the following conditions:

(i)                   No Rapid Amortization Event has occurred;

(ii)                  On the Transfer  Date,  the  Overcollateralization  Amount
                      (after  giving effect to the removal from the Trust Estate
                      of the Mortgage Loans proposed to be  retransferred)  will
                      equal or exceed the Overcollateralization Target Amount;

(iii)                 The  retransfer of any Mortgage Loans on any Transfer Date
                      during the Managed  Amortization  Period shall not, in the
                      reasonable   belief  of  the   Servicer,   cause  a  Rapid
                      Amortization  Event to occur or an event which with notice
                      or  lapse  of  time  or  both  would  constitute  a  Rapid
                      Amortization Event;

(iv)                  On or before the Transfer  Date,  the Servicer  shall have
                      delivered to the Indenture Trustee a revised Mortgage Loan
                      Schedule  showing that the Mortgages Loans  transferred to
                      the  Certificateholders  are no longer  owned by the Trust
                      Estate;

(v)                   The Servicer shall represent and warrant that the Mortgage
                      Loans to be removed from the Trust Estate were selected at
                      random and the Servicer shall have received the consent of
                      the  Enhancer  as  to  the  selection  of  the  particular
                      Mortgage Loans to be removed; and

(vi)                  The Servicer shall have delivered to the Indenture Trustee
                      and the Enhancer an officer's certificate  certifying that
                      the items  set forth in  subparagraphs  (i)  through  (v),
                      inclusive, have been performed or are true and correct, as
                      the case may be. The  Indenture  Trustee may  conclusively
                      rely on such officer's certificate,  shall have no duty to
                      make  inquiries  with  regard  to the  matters  set  forth
                      therein and shall incur no liability in so relying.

        The  Servicer  shall not be permitted  to effect the  retransfer  of any
Mortgage Loan except under the conditions  specified  above.  Upon receiving the
requisite notice and direction from the Issuer,  the Servicer shall perform in a
timely manner those acts required of it, as specified above.  Upon  satisfaction
of the above  conditions,  on the  Transfer  Date the  Indenture  Trustee  shall
deliver,  or cause to be delivered,  to the Issuer a written itemization of each
Mortgage Loan being  transferred,  together with the Mortgage File for each such
Mortgage Loan, and the Indenture Trustee shall execute and deliver to the Issuer
or its  designee  such other  documents  prepared  by the  Servicer  as shall be
reasonably necessary to transfer such Mortgage Loans to the  Certificateholders.
Any such  transfer of the Trust  Estate's  right,  title and  interest in and to
Mortgage Loans shall be without  recourse,  representation  or warranty by or of
the Indenture Trustee or the Trust Estate to the Issuer or its designee.

                                       20
<PAGE>

Section 3.16   Reserved.

Section 3.17   Pre-Funding Account.

          (a)  No later than the  Closing  Date,  the  Indenture  Trustee  shall
               establish and maintain on behalf of itself one or more segregated
               trust  accounts,   which  shall  be  Eligible  Accounts,   titled
               "Pre-Funding  Account,  Wells  Fargo  Bank  Minnesota,  N.A.,  as
               Indenture Trustee for GMACM Home Equity Loan Trust 2003-HE1" (the
               "Pre-Funding  Account"). On the Closing Date, GMACM shall deposit
               into the  Pre-Funding  Account  an amount  equal to the  Original
               Pre-Funded   Amount  from  the   proceeds  of  the  sale  of  the
               Securities.  On each Subsequent Transfer Date, the Servicer shall
               instruct the  Indenture  Trustee in writing to withdraw  from the
               Pre-Funding  Account an amount equal to the  aggregate  Principal
               Balance  as  of  the  related  Subsequent  Cut-Off  Date  of  the
               Subsequent  Mortgage  Loans  to be  sold  to the  Trust  on  such
               Subsequent  Transfer Date and allocate such withdrawal to amounts
               on deposit in the Pre-Funding  Account, and to pay such amount to
               or upon the order of the related Seller upon  satisfaction of the
               conditions set forth in this Agreement, in the Purchase Agreement
               and in the related  Subsequent  Transfer  Agreement  with respect
               thereto.

          (b)  If the  Pre-Funded  Amount  has not been  reduced  to zero at the
               close of  business  on the last  day of the  Pre-Funding  Period,
               after giving effect to any withdrawal  therefrom on such day, any
               remaining  Pre-Funded  Amount,  shall be deposited  into the Note
               Payment  Account and applied as a principal  distribution  on the
               Variable Pay Revolving Notes or, if the outstanding  Note Balance
               has been reduced to zero,  to each Class of Term Notes,  on a pro
               rata basis in accordance with their respective Note Balances,  on
               the next  succeeding  Payment  Date,  except  that the  amount on
               deposit in the  Pre-Funding up to a maximum of $50,000,  shall be
               deposited  in the  Funding  Account  and  withdrawn  pursuant  to
               Section 3.18(c) hereof.

          (c)  The  Servicer   may  cause  the   institution   maintaining   the
               Pre-Funding  Account  to invest any funds  therein  in  Permitted
               Investments  having a maturity  of up to 90 days or  maturing  or
               otherwise available not later than the Business Day preceding the
               related Payment Date on which funds are scheduled to be withdrawn
               to  purchase  Subsequent  Mortgage  Loans;  provided,   that  any
               investment  in an obligation  of the  institution  with which the
               Pre-Funding  Account is maintained  may mature on or before 10:30
               a.m., New York time, on such Payment Date; and provided  further,
               that no such  investment  may be sold or  disposed  of  prior  to
               maturity.  In addition,  no such  Permitted  Investment  shall be
               purchased  at a  price  in  excess  of par.  Notwithstanding  the
               foregoing,  in the event investment  earnings have not matured on
               any Payment Date, the amount of such earnings  accrued as of such
               Payment  Date shall be advanced by the  Servicer for deposit into
               the Note Payment  Account  (which  advance shall be reimbursed to

                                       21
<PAGE>

               the Servicer from such investment  earnings at maturity).  At any
               time when the Indenture  Trustee is maintaining  the  Pre-Funding
               Account,  any request by the  Servicer to invest funds on deposit
               therein shall be in writing,  delivered to the Indenture  Trustee
               at or before 10:30 a.m., New York time, if such  investment is to
               be made  on  such  day.  The  Servicer  shall  certify  that  the
               requested  investment  is a Permitted  Investment  maturing at or
               prior to the time required  hereby.  Any such investment shall be
               registered in the name of the  Indenture  Trustee or its nominee,
               and to the extent that any such investment is certificated,  such
               investment shall be maintained with the Indenture  Trustee at its
               Corporate  Trust  Office.  All net income or other gain  received
               from any such  investment  shall be deposited into or credited to
               the Note  Payment  Account,  and may be  withdrawn  therefrom  in
               accordance with Section 3.05 of the Indenture.  In no event shall
               the  Indenture  Trustee  be liable for any  investment  losses on
               Permitted  Investments  held in or  credited  to the  Pre-Funding
               Account,  provided that such  investments  are made in accordance
               with the provisions of this  Agreement and the Indenture  Trustee
               is not the obligor under the Permitted Investment.

          (d)  If on any Payment Date during the Pre-Funding  Period, the amount
               of  Additional  Balances  created  during the related  Collection
               Period exceeds the amount of Principal  Collections on deposit in
               the  Custodial  Account  and the  amount on  deposit  in  Funding
               Account available to purchase Additional  Balances,  the Servicer
               may withdraw from amounts on deposit in the Pre-Funding  Account,
               to the extent  available and following the purchase of Additional
               Balances  from  funds on  deposit in the  Custodial  Account  and
               Funding Account, the amount of such excess and pay such amount to
               GMACM as payment for such Additional Balances.

Section 3.18   Funding Account.

          (a)  No later than the  Closing  Date,  the  Indenture  Trustee  shall
               establish and maintain on behalf of itself one or more segregated
               trust accounts, which shall be Eligible Accounts, titled "Funding
               Account,  Wells Fargo Bank Minnesota,  N.A., as Indenture Trustee
               for  GMACM  Home  Equity  Loan  Trust   2003-HE1"  (the  "Funding
               Account").  The  Indenture  Trustee  shall  establish  within the
               Funding Account a sub-account,  titled "Reserve Sub-Account",  as
               set forth in Section 3.20 of this Agreement. On each Payment Date
               during the Revolving Period, the Servicer shall withdraw from the
               Custodial  Account and deposit into the Funding  Account (but not
               the  Reserve  Sub-Account)  the  aggregate  amount  of  Principal
               Collections  remaining  after  the  purchase  of  all  Additional
               Balances  and/or  Subsequent  Mortgage  Loans on or prior to such
               Payment Date.

          (b)  The Servicer may cause the  institution  maintaining  the Funding
               Account to invest  any funds  therein  in  Permitted  Investments
               having  a  maturity  of up to 90 days or  maturing  or  otherwise
               available  not later than the Business Day  preceding the related
               Payment  Date on which funds are  scheduled  to be  withdrawn  to
               purchase Subsequent Mortgage Loans; provided, that any investment
               in an  obligation  of the  institution  with  which  the  Funding
               Account is  maintained  may mature on or before  10:30 a.m.,  New
               York time, on such Payment Date;  and provided  further,  that no
               such investment may be sold or disposed of prior to maturity.  In
               addition,  no such Permitted  Investment  shall be purchased at a

                                       22
<PAGE>

               price in excess of par. At any time when the Indenture Trustee is
               maintaining the Funding  Account,  any request by the Servicer to
               invest funds on deposit therein shall be in writing, delivered to
               the Indenture  Trustee at or before 10:30 a.m., New York time, if
               such  investment  is to be made on such day. The  Servicer  shall
               certify that the requested  investment is a Permitted  Investment
               maturing  at or  prior  to the  time  required  hereby.  Any such
               investment  shall  be  registered  in the  name of the  Indenture
               Trustee  or  its  nominee,  and  to  the  extent  that  any  such
               investment is  certificated,  such investment shall be maintained
               with the Indenture Trustee at its Corporate Trust Office. All net
               income or other gain received from any such  investment  shall be
               deposited into or credited to the Note Payment Account.

(c)                   From  time to time  withdrawals  shall  be made  from  the
                      Funding Account by the Servicer as follows:

(i)                   on each  Payment  Date during the  Revolving  Period,  any
                      amounts  on  deposit  in the  Funding  Account,  including
                      Excess  Spread,  shall be withdrawn  and  applied,  to the
                      extent available, in the following order:

          (A)  to GMACM,  as payment  for  Additional  Balances,  if any,  in an
               amount equal to (1) the aggregate of all Draws during the related
               Collection  Period or (2) if the Servicer has applied  amounts on
               deposit  in  the   Custodial   Account   representing   Principal
               Collections   received  during  such  Collection  Period  to  the
               purchase  of  Additional  Balances,  the  excess,  if any, of the
               aggregate of all Draws during the related  Collection Period over
               Principal Collections for such Collection Period; and

          (B)  to each Seller, as payment for Subsequent Mortgage Loans, if any,
               in an amount equal to (1) the aggregate  Principal Balance of all
               such Subsequent  Mortgage Loans purchased from such Seller during
               the related  Collection Period or (2) if the Servicer has applied
               amounts  on  deposit  in  the  Custodial   Account   representing
               Principal  Collections  for such  Collection  Period  toward  the
               purchase of Subsequent Mortgage Loans, the excess, if any, of the
               aggregate Principal Balance of all such Subsequent Mortgage Loans
               purchased from such Seller over such Principal Collections;

(ii)                  on the last Payment Date during the Revolving Period,  any
                      amounts  remaining on deposit in the Funding  Account,  if
                      any,  after  giving  effect to clause (i) above,  shall be
                      deposited into the Note Payment Account for payment to the
                      Noteholders pursuant to Section 3.05 of the Indenture.

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<PAGE>

Section 3.19   Capitalized Interest Account.

          (a)  No later than the  Closing  Date,  the  Indenture  Trustee  shall
               establish and maintain on behalf of itself one or more segregated
               trust  accounts,   which  shall  be  Eligible  Accounts,   titled
               "Capitalized Interest Account, Wells Fargo Bank Minnesota,  N.A.,
               as Indenture  Trustee for GMACM Home Equity Loan Trust  2003-HE1"
               (the "Capitalized  Interest  Account").  On the Closing Date, the
               Issuer  shall  deposit  with  the  Indenture  Trustee,   and  the
               Indenture Trustee shall,  promptly upon receipt thereof,  deposit
               in the  Capitalized  Interest  Account  and  retain  therein  the
               Interest Coverage Amount. If the Indenture Trustee shall not have
               received  an  investment  direction  from  GMACM,  the  Indenture
               Trustee shall invest funds on deposit in the Capitalized Interest
               Account in Permitted  Investments of the kind described in clause
               (v) of the definition of Permitted  Investments having a maturity
               date no later than the next succeeding Payment Date. In addition,
               no such  Permitted  Investment  shall be  purchased at a price in
               excess of par.  GMACM shall be entitled to retain any  investment
               earnings  on  amounts  on  deposit  in the  Capitalized  Interest
               Account and shall deposit into the Capitalized  Interest  Account
               the  amount  of any net  loss  incurred  in  respect  of any such
               Permitted  Investment  immediately  upon realization of such loss
               without any right of reimbursement  therefor.  GMACM shall be the
               owner of the  Capitalized  Interest  Account and shall report all
               items of income, deduction, gain or loss arising therefrom.

(b)            On each  Payment  Date during the  Pre-Funding  Period and on the
               Payment Date immediately after the end of the Pre-Funding Period,
               the Indenture Trustee,  at the written direction of the Servicer,
               shall withdraw from the Capitalized  Interest Account and deposit
               into the Note Payment  Account an amount equal to the Capitalized
               Interest Requirement for such Payment Date.

          (c)  In connection with each Subsequent Transfer Date occurring in the
               Pre-Funding Period, the Servicer,  at its option, may recalculate
               the  Interest  Coverage  Amount  taking  into  account the amount
               remaining  in the  Pre-Funding  Account  following  the  sale  of
               Subsequent  Mortgage  Loans  to  the  Trust  on  such  date.  The
               recomputed  Interest  Coverage  Amount shall be not less than the
               amount  necessary to cover the Capitalized  Interest  Requirement
               for each remaining Payment Date in the Pre-Funding  Period.  With
               the written  consent of the Enhancer  (which consent shall not be
               unreasonably  withheld),  on any such  Subsequent  Transfer Date,
               GMACM shall  instruct in writing the Indenture  Trustee to pay to
               it from funds in the Capitalized  Interest  Account the excess of
               the  amount  on  deposit  therein  over the  recomputed  Interest
               Coverage Amount.

(d)            Upon the earlier of (i)  termination  of the Trust  Agreement  in
               accordance  with  Section  8.01 thereof and (ii) the Payment Date
               following the end of the Pre-Funding Period, any amount remaining
               on deposit in the Capitalized Interest Account shall be withdrawn
               by the Indenture Trustee and paid to GMACM.

                                       24
<PAGE>

Section 3.20   Reserve Sub-Account.

        On or after the Closing Date, the Indenture  Trustee shall establish and
maintain a sub-account  within the Funding Account (the "Reserve  Sub-Account").
On each  Business Day  following  each  Determination  Date,  the  Servicer,  in
accordance with the requirements of Sections 3.05(a), 3.05(b) and 3.05(c) of the
Indenture,  shall  determine  the  amount,  if any,  to be  withdrawn  from  the
Custodial Account and deposited into the Reserve Sub-Account.  From time to time
withdrawals shall be made from the Reserve  Sub-Account by the Indenture Trustee
in the amounts and for the purposes set forth in Sections  3.05(a),  3.05(b) and
3.05(c) of the Indenture.  In addition,  if a Funding Event has occurred  during
the Managed  Amortization  Period, any amount in the Reserve  Sub-Account may be
applied to  purchase  Subsequent  Mortgage  Loans in the manner set forth in the
Purchase Agreement.  Funds on deposit in the Reserve Sub-Account may be invested
in Permitted Investments in accordance with Section 3.18(b) hereof.

     Section  3.21   Enforcement   of   Due-on-Sale   Clauses;   Assumption  and
Modification Agreements; Certain Assignments.

(a)            When any  Mortgaged  Property is conveyed by the  Mortgagor,  the
               Servicer or  Subservicer,  to the extent it has knowledge of such
               conveyance, shall enforce any due-on-sale clause contained in any
               Loan  Agreement  or  Mortgage,  to  the  extent  permitted  under
               applicable  law and  governmental  regulations,  but  only to the
               extent  that  such  enforcement  will  not  adversely  affect  or
               jeopardize   coverage  under  any  Required   Insurance   Policy.
               Notwithstanding the foregoing:

(i)            the  Servicer  shall not be deemed to be in  default  under  this
               Section 3.21(a) by reason of any transfer or assumption which the
               Servicer is restricted by law from preventing; and

(ii)           if the Servicer  determines that it is reasonably likely that any
               Mortgagor  will bring,  or if any  Mortgagor  does  bring,  legal
               action to declare  invalid or otherwise  avoid  enforcement  of a
               due-on-sale  clause  contained in any Loan Agreement or Mortgage,
               the  Servicer  shall not be required  to enforce the  due-on-sale
               clause or to contest such action.

          (b)  Subject to the Servicer's duty to enforce any due-on-sale  clause
               to the extent set forth in Section 3.21(a),  in any case in which
               a  Mortgaged  Property  is  to  be  conveyed  to  a  Person  by a
               Mortgagor,  and such  Person is to enter  into an  assumption  or
               modification  agreement or  supplement  to the Loan  Agreement or
               Mortgage which  requires the signature of the Indenture  Trustee,
               or if an instrument of release signed by the Indenture Trustee is
               required  releasing the Mortgagor  from liability on the Mortgage
               Loan, the Servicer is authorized,  subject to the requirements of
               the sentence next following, to execute and deliver, on behalf of
               the Indenture Trustee,  the assumption  agreement with the Person
               to  whom  the  Mortgaged  Property  is to be  conveyed  and  such
               modification  agreement or  supplement  to the Loan  Agreement or
               Mortgage or other  instruments  as are reasonable or necessary to
               carry  out  the  terms  of the  Loan  Agreement  or  Mortgage  or
               otherwise   to  comply  with  any   applicable   laws   regarding
               assumptions  or the  transfer of the  Mortgaged  Property to such
               Person.  The Servicer  shall  execute and deliver such  documents
               only if it  reasonably  determines  that  (i) its  execution  and
               delivery  thereof will not conflict  with or violate any terms of
               this  Agreement  or cause the unpaid  balance and interest on the
               Mortgage Loan to be  uncollectible  in whole or in part, (ii) any

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<PAGE>

               required  consents  of  insurers  under  any  Required  Insurance
               Policies have been  obtained and (iii)  subsequent to the closing
               of the transaction  involving the assumption or transfer (A) such
               transaction  will not  adversely  affect the  coverage  under any
               Required  Insurance  Policies,  (B) the Mortgage  Loan will fully
               amortize over the remaining term thereof, (C) no material term of
               the Mortgage  Loan  (including  the interest rate on the Mortgage
               Loan) will be altered nor will the term of the  Mortgage  Loan be
               changed  and  (D)  if  the  seller/transferor  of  the  Mortgaged
               Property is to be released from  liability on the Mortgage  Loan,
               such release will not (based on the  Servicer's or  Subservicer's
               good faith determination)  adversely affect the collectability of
               the Mortgage Loan. Upon receipt of appropriate  instructions from
               the Servicer in  accordance  with the  foregoing,  the  Indenture
               Trustee  shall  execute  any  necessary   instruments   for  such
               assumption or substitution of liability as directed in writing by
               the Servicer.  Upon the closing of the transactions  contemplated
               by such documents, the Servicer shall cause the originals or true
               and correct copies of the assumption  agreement,  the release (if
               any), or the  modification or supplement to the Loan Agreement or
               Mortgage  to  be  delivered  to  the  Indenture  Trustee  or  the
               Custodian and deposited  with the Mortgage File for such Mortgage
               Loan.   Any  fee  collected  by  the  Servicer  or  such  related
               Subservicer  for entering into an assumption or  substitution  of
               liability  agreement  will be  retained  by the  Servicer or such
               Subservicer as additional servicing compensation.

                                   ARTICLE IV

                              Servicing Certificate

Section 4.01   Statements to Securityholders.
               -----------------------------

          (a)  With respect to each Payment  Date, on the Business Day following
               the related  Determination  Date,  the Servicer shall forward the
               Servicing Certificate to the Indenture Trustee, and the Indenture
               Trustee,  pursuant to Section 3.26 of the  Indenture,  shall make
               such Servicing Certificate  available to each  Certificateholder,
               each   Noteholder,   the  Depositor,   the  Owner  Trustee,   the
               Certificate  Paying Agent and each Rating Agency,  with a copy to
               the  Enhancer.  The  Servicing  Certificate  shall  set forth the
               following  information as to the Notes and  Certificates,  to the
               extent applicable:

(i)                   the  aggregate  amount of (a)  Interest  Collections,  (b)
                      Principal  Collections  (and,  with respect to any Payment
                      Date  relating to the  Managed  Amortization  Period,  Net
                      Principal  Collections)  and (c)  Substitution  Adjustment
                      Amounts for such Collection Period;

                                       26
<PAGE>

(ii)                  the  amount  of  such  distribution  as  principal  to the
                      Noteholders of each Class of Notes;

(iii)                 the  amount  of  such  distribution  as  interest  to  the
                      Noteholders of each Class of Notes, the amount thereof, if
                      any, payable in respect of unpaid Interest Shortfalls, and
                      the  amount of any  Interest  Shortfalls  for the  related
                      Payment Date;

(iv)                  each Policy Draw Amount, if any, for such Payment Date and
                      the  aggregate   amount  of  prior  draws  on  the  Policy
                      thereunder not yet reimbursed;

(v)                   the amount of such distribution to the Certificateholders;

(vi)                  the  amount  of any  Additional  Balance  Increase  Amount
                      payable to the Certificateholders;

(vii)                 the aggregate  Principal  Balance of the Mortgage Loans as
                      of the end of the preceding Collection Period;

(viii)                the number and  aggregate  Principal  Balances of Mortgage
                      Loans  (a) as to which  the  Minimum  Monthly  Payment  is
                      delinquent  for  30-59  days,  60-89  days,  90-119  days,
                      120-149  days  and  150-179  days,  respectively,  (b) the
                      related  Mortgaged  Property of which has been  foreclosed
                      upon and (c) as to which the  related  Mortgaged  Property
                      has become REO Property, in each case as of the end of the
                      preceding Collection Period; provided,  however, that such
                      information  shall  not  be  provided  on  the  statements
                      relating to the first Payment Date;

(ix)                  the number and  aggregate  Principal  Balance of  Mortgage
                      Loans  repurchased  pursuant  to  Section  3.15(a)  herein
                      during such Collection Period;

(x)                   the Net WAC Rate for the related Collection Period;

(xi)                  prior  to the  second  Determination  Date  following  the
                      commencement  of  the  Rapid   Amortization   Period,  the
                      aggregate amount of Additional Balances created during the
                      previous  Collection  Period  and  conveyed  to the Issuer
                      prior  to the  commencement  of  such  Rapid  Amortization
                      Period;

(xii)                 the aggregate Liquidation Loss Amounts with respect to the
                      related  Collection  Period,  the  amount  distributed  as
                      principal to Noteholders  in respect of  Liquidation  Loss
                      Amounts and the aggregate of the Liquidation  Loss Amounts
                      (minus  any  Subsequent  Net  Recovery  Amounts)  from all
                      Collection  Periods to date expressed as dollar amount and
                      as a percentage  of the aggregate  Cut-Off Date  Principal
                      Balances of the Mortgage Loans;

                                       27
<PAGE>

(xiii)                the aggregate  Note Balance of each Class of Notes and the
                      Certificate  Balance  of each  Class  of the  Certificates
                      after giving  effect to the  distribution  of principal on
                      such Payment Date;

(xiv)                 the balance of the Pre-Funding  Account,  Funding Account,
                      the Reserve  Sub-Account and Capitalized  Interest Account
                      as of the end of the preceding Collection Period;

(xv)                  the  Percentage   Interest   applicable  to  each  of  the
                      Securities,  after  application  of payments  made on such
                      Payment Date;

(xvi)                 the  Overcollateralization  Amount  as of  the  end of the
                      preceding Collection Period; and

(xvii)                the aggregate  Principal  Balance of  Subsequent  Mortgage
                      Loans transferred to the Trust Estate.

        In the case of information  furnished pursuant to clauses (ii) and (iii)
above,  the amounts shall be expressed as an aggregate dollar amount per Note or
Certificate, as applicable, with a $25,000 denomination and per Certificate with
a denomination equal to a 100% Percentage Interest.

        If a Rapid Amortization Event or a Servicing Default shall occur, on the
Business Day  following  the related  Determination  Date,  the  Servicer  shall
forward to the  Indenture  Trustee,  a statement to such effect,  including  the
nature  of  such  Rapid  Amortization  Event  or  Servicing  Default.  Upon  the
Servicer's  becoming aware of any Early  Amortization  Event, the Servicer shall
forward to the Indenture  Trustee and the Enhancer,  a statement to such effect,
including the nature of such Early  Amortization  Event. The Indenture  Trustee,
pursuant  to  Section  3.26 of the  Indenture,  shall  deliver  or  cause  to be
delivered by mail to each Certificateholder,  each Noteholder, the Enhancer, the
Depositor,  the Owner  Trustee,  the  Certificate  Paying  Agent and each Rating
Agency,  notice of such Rapid  Amortization  Event,  Early Amortization Event or
Servicing Default, including, the nature thereof. Such statement may be included
in, or separate from, the regular statement sent to Securityholders.

        The Indenture  Trustee will make the Servicing  Certificate (and, at its
option,  any additional  files containing the same information in an alternative
format)  available  each  month to  Securityholders,  and other  parties to this
Agreement via the Indenture Trustee's internet website.  The Indenture Trustee's
internet website shall initially be located at "www.ctslink.com".  Assistance in
using the website can be obtained by calling the  Indenture  Trustee's  customer
service  desk at (301)  815-6600.  Parties  that  are  unable  to use the  above
distribution  options are entitled to have a paper copy mailed to them via first
class mail by  calling  the  customer  service  desk and  indicating  such.  The
Indenture  Trustee  shall  have the right to change  the way the  statements  to
Securityholders  are  distributed  in  order  to  make  such  distribution  more
convenient and/or more accessible to the above parties and the Indenture Trustee
shall provide timely and adequate  notification  to all above parties  regarding
any such  changes.  The  Indenture  Trustee  may  require  registration  and the
acceptance of a disclaimer in connection with access to its website.

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<PAGE>

(b) The Servicer  shall forward to the Indenture  Trustee any other  information
reasonably  requested by the Indenture Trustee  necessary to make  distributions
pursuant to Section 3.05 of the Indenture. Prior to the close of business on the
Business Day next succeeding each Determination Date, the Servicer shall furnish
a written  statement to the Certificate  Paying Agent and the Indenture  Trustee
setting forth the aggregate  amounts required to be withdrawn from the Custodial
Account and the Reserve Sub-Account and deposited into the Note Payment Account,
Reserve Sub-Account, Funding Account and/or Distribution Account on the Business
Day  preceding  the  related   Payment  Date  pursuant  to  Section  3.03.   The
determination  by the Servicer of such amounts shall,  in the absence of obvious
error, be deemed to be presumptively correct for all purposes hereunder, and the
Owner Trustee and the  Indenture  Trustee shall be protected in relying upon the
same  without any  independent  check or  verification.  In  addition,  upon the
Issuer's written  request,  the Servicer shall promptly furnish such information
reasonably  requested by the Issuer that is reasonably available to the Servicer
to enable the Issuer to  perform  its  federal  and state  income tax  reporting
obligations.

(c) If the Note Balance of the Variable Pay Revolving  Notes is to be reduced on
any Payment Date pursuant to the terms of the Indenture, the Servicer shall, not
later than 12:00 Noon (New York time) on the second  Business  Day prior to such
Payment Date,  deliver a written notice to the  Administrative  Agent specifying
the amount of such reduction.

Section 4.02   Tax Returns and 1934 Act Reports

(a)            The Servicer will act as the Tax Matters Partner or the agent for
               the Tax  Matters  Partner  pursuant to the Trust  Agreement.  The
               Servicer  agrees to perform the  obligations  of the Servicer set
               forth in Section 5.03 of the Trust  Agreement.  The Servicer will
               prepare  and file or cause to be  prepared  and filed all tax and
               information returns of the Trust Estate.

(b)            The  Servicer  shall  prepare  all reports on behalf of the Trust
               Estate,  including, but not limited to, all Forms 8-K, Forms 10-K
               and,  when  applicable,  a Form 15 that are  required  under  the
               Securities  Exchange Act of 1934, as amended.  The Servicer shall
               continue to file all Forms 8-K and Forms 10-K with respect to the
               Trust  Estate  until  directed  by the  Depositor  in  writing to
               discontinue such filings.

                                   ARTICLE V

                              Note Payment Account

Section 5.01 Note Payment  Account.  The Indenture  Trustee shall  establish and
maintain an Eligible  Account  entitled  "Wells Fargo Bank  Minnesota,  N.A., as
Indenture  Trustee,  for the  benefit of the  Securityholders,  the  Certificate
Paying Agent and the Enhancer,  pursuant to the Indenture, dated as of March 26,
2003,  between  GMACM Home  Equity  Loan  Trust  2003-HE1  and Wells  Fargo Bank
Minnesota,  N.A." (the "Note Payment Account"). On each Payment Date, amounts on
deposit  in the Note  Payment  Account  shall be  distributed  by the  Indenture
Trustee in  accordance  with Section  3.05 of the  Indenture.  In addition,  the
Indenture  Trustee shall deposit in the Note Payment Account,  the amount of any
Advance  received from the holder of a Variable Pay Revolving Note in accordance
with Section 2.03 of the Indenture,  or the proceeds of the sale and issuance of
a Variable Pay Revolving Note issued pursuant to the Indenture after the Closing
Date, to be applied as a distribution  of principal of the related Class of Term

                                       29
<PAGE>

Notes on its respective Targeted Final Payment Date. The Indenture Trustee shall
invest or cause the  institution  maintaining the Note Payment Account to invest
the funds therein in Permitted  Investments  selected in writing by the Servicer
and designated in the name of the Indenture  Trustee,  which  investments  shall
mature not later than the  Business  Day next  preceding  the Payment  Date next
following  the  date of such  investment  (except  that  any  investment  in the
institution with which the Note Payment Account is maintained may mature on such
Payment  Date and  shall  not be sold or  disposed  of prior  to  maturity).  In
addition,  no such Permitted  Investment shall be purchased at a price in excess
of par. All income and gain realized from any such  investment  shall be for the
benefit of the  Servicer  and shall be subject to its  withdrawal  or order from
time to  time.  The  amount  of any  losses  incurred  in  respect  of any  such
investments  shall be deposited in the Note Payment  Account by the Servicer out
of its own funds immediately as realized.

                                   ARTICLE VI

                                  The Servicer

Section  6.01  Liability  of the  Servicer.  The  Servicer  shall be  liable  in
accordance herewith only to the extent of the obligations  specifically  imposed
upon and undertaken by the Servicer herein.

Section 6.02 Merger or  Consolidation  of, or Assumption of the  Obligations of,
the Servicer. Any corporation into which the Servicer may be merged or converted
or with which it may be  consolidated,  or any  corporation  resulting  from any
merger,  conversion or  consolidation to which the Servicer shall be a party, or
any  corporation  succeeding  to the  business  of the  Servicer,  shall  be the
successor  of the  Servicer  hereunder,  without the  execution or filing of any
paper or any  further  act on the part of any of the  parties  hereto,  anything
herein to the contrary notwithstanding.

        The  Servicer  may  assign  its  rights  and  delegate  its  duties  and
obligations  under this  Agreement;  provided,  that the Person  accepting  such
assignment or delegation  shall be a Person qualified to service mortgage loans,
is  reasonably  satisfactory  to the  Enhancer  (provided,  that such consent to
assignment may not be unreasonably withheld), is willing to service the Mortgage
Loans and executes  and delivers to the Issuer (with a copy to the  Enhancer) an
agreement,  in form and substance reasonably  satisfactory to the Enhancer, that
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Servicer under this Agreement;  and provided further,  that no Rating Event will
occur as a result of such assignment and delegation (as evidenced by a letter to
such  effect from each  Rating  Agency),  if  determined  without  regard to the
Policy; and provided further, that the Owner Trustee shall receive an Opinion of
Counsel to the effect  that such  assignment  or  delegation  will not cause the
Issuer  to be  treated  as an  association  (or a  publicly-traded  partnership)
taxable as a corporation for federal income tax purposes.

                                       30
<PAGE>

Section 6.03  Limitation  on  Liability of the Servicer and Others.  Neither the
Servicer  nor any of the  directors  or officers or  employees  or agents of the
Servicer  shall be under any  liability to the Issuer,  the Owner  Trustee,  the
Indenture Trustee or the  Securityholders for any action taken or for refraining
from  the  taking  of any  action  in good  faith  pursuant  to this  Agreement;
provided,  however,  that this  provision  shall not protect the Servicer or any
such Person against any liability  that would  otherwise be imposed by reason of
its willful misfeasance, bad faith or gross negligence in the performance of its
duties  hereunder or by reason of its reckless  disregard of its obligations and
duties hereunder.  The Servicer and any director or officer or employee or agent
of the  Servicer  may rely in good faith on any document of any kind prima facie
properly  executed and submitted by any Person  respecting  any matters  arising
hereunder.  The Servicer  and any  director,  officer,  employee or agent of the
Servicer shall be indemnified by the Issuer and held harmless  against any loss,
liability or expense  incurred in connection  with any legal action  relating to
this Agreement or the Securities, including any amount paid to the Owner Trustee
or the  Indenture  Trustee  pursuant  to Section  6.06(b),  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason  of its  willful  misfeasance,  bad  faith  or  gross  negligence  in the
performance  of its duties  hereunder or by reason of its reckless  disregard of
its  obligations  and  duties  hereunder.  The  Servicer  shall not be under any
obligation  to appear  in,  prosecute  or defend  any legal  action  that is not
incidental to its duties to service the Mortgage  Loans in accordance  with this
Agreement,  and that in its opinion may involve it in any expense or  liability;
provided,  however,  that the Servicer may in its sole discretion  undertake any
such  action  that  it may  deem  necessary  or  desirable  in  respect  of this
Agreement,  the rights and duties of the parties hereto and the interests of the
Securityholders.  In such event, the reasonable legal expenses and costs of such
action  and any  liability  resulting  therefrom  shall be  expenses,  costs and
liabilities  of the Issuer,  and the Servicer shall be entitled to be reimbursed
therefor.  The Servicer's right to indemnity or  reimbursement  pursuant to this
Section  6.03 shall  survive any  resignation  or  termination  of the  Servicer
pursuant to Section 6.04 or 7.01 with respect to any losses,  expenses, costs or
liabilities  arising prior to such  resignation or termination  (or arising from
events that occurred prior to such resignation or termination).

Section 6.04 Servicer Not to Resign.  Subject to the provisions of Section 6.02,
the Servicer shall not resign from the  obligations and duties hereby imposed on
it except (a) upon  determination  that the  performance  of its  obligations or
duties  hereunder  are no  longer  permissible  under  applicable  law or are in
material conflict by reason of applicable law with any other activities  carried
on by it or its subsidiaries or Affiliates, the other activities of the Servicer
so causing such a conflict being of a type and nature carried on by the Servicer
or its  subsidiaries  or  Affiliates  at the date of this  Agreement or (b) upon
satisfaction of the following conditions: (i) the Servicer shall have proposed a
successor  servicer to the Issuer and the Indenture  Trustee in writing and such
proposed  successor  servicer  is  reasonably  acceptable  to  the  Issuer,  the
Indenture Trustee and the Enhancer; (ii) each Rating Agency shall have delivered
a letter to the Issuer,  the Enhancer  and the  Indenture  Trustee  prior to the
appointment of the successor  servicer stating that the proposed  appointment of
such successor  servicer as Servicer hereunder will not cause a Rating Event, if
determined  without  regard to the  Policy;  and (iii) such  proposed  successor
servicer is reasonably  acceptable to the Enhancer,  as evidenced by a letter to
the  Issuer  and  the  Indenture  Trustee;  provided,   however,  that  no  such
resignation by the Servicer shall become effective until such successor servicer
or, in the case of (a) above, the Indenture Trustee,  as pledgee of the Mortgage
Loans,  shall have  assumed  the  Servicer's  responsibilities  and  obligations

                                       31
<PAGE>

hereunder or the Indenture Trustee, as pledgee of the Mortgage Loans, shall have
designated  a successor  servicer in  accordance  with  Section  7.02.  Any such
resignation  shall not relieve the  Servicer  of  responsibility  for any of the
obligations  specified in Sections 7.01 and 7.02 as obligations that survive the
resignation or termination of the Servicer.  Any such  determination  permitting
the  resignation  of the Servicer shall be evidenced by an Opinion of Counsel to
such effect delivered to the Indenture Trustee and the Enhancer.

Section  6.05  Delegation  of Duties.  In the ordinary  course of business,  the
Servicer at any time may  delegate  any of its duties  hereunder  to any Person,
including  any  of its  Affiliates,  that  agrees  to  conduct  such  duties  in
accordance with standards  comparable to those with which the Servicer  complies
pursuant to Section 3.01. Such delegation  shall not relieve the Servicer of its
liabilities  and  responsibilities  with  respect  to such  duties and shall not
constitute a resignation within the meaning of Section 6.04.

     Section 6.06 Payment of Indenture  Trustee's and Owner  Trustee's  Fees and
Expenses; Indemnification.

          (a)  After the Closing Date, the Servicer  covenants and agrees to pay
               to the Owner Trustee, the Indenture Trustee and any co-trustee of
               the Indenture Trustee or the Owner Trustee from time to time, and
               the Owner Trustee,  the Indenture Trustee and any such co-trustee
               shall be entitled to, reasonable compensation (which shall not be
               limited by any provision of law in regard to the  compensation of
               a trustee of an express  trust and, in the case of the  Indenture
               Trustee, for so long as GMAC Mortgage Corporation is the Servicer
               shall  be as  set  forth  in the  letter  agreement  between  the
               Indenture  Trustee and the  Servicer  dated as of March 26, 2003)
               for all services rendered by each of them in the execution of the
               trusts created under the Trust Agreement and the Indenture and in
               the  exercise  and  performance  of any of the  powers and duties
               under the Trust  Agreement or the Indenture,  as the case may be,
               of the Owner Trustee,  the Indenture  Trustee and any co-trustee,
               and the Servicer will pay or reimburse the Indenture  Trustee and
               any  co-trustee   upon  request  for  all  reasonable   expenses,
               disbursements  and  advances  incurred  or made by the  Indenture
               Trustee  or  any  co-trustee  in  accordance   with  any  of  the
               provisions  of  this  Agreement,   the  Indenture  or  the  Trust
               Agreement except any such expense, disbursement or advance as may
               arise from its negligence,  willful  misfeasance or bad faith. In
               addition,   the  Indenture   Trustee  shall  be  entitled  to  be
               reimbursed from the Servicer for all reasonable  costs associated
               with the  transfer of  servicing  from the  predecessor  servicer
               pursuant   to  Section   7.02   hereunder,   including,   without
               limitation,  any reasonable costs or expenses associated with the
               complete  transfer  of all  servicing  data  and the  completion,
               correction  or  manipulation  of  such  servicing  data as may be
               required  by the  Indenture  Trustee  to  correct  any  errors or
               insufficiencies  in the servicing data or otherwise to enable the
               Indenture  Trustee to service the  Mortgage  Loans  properly  and
               effectively.

          (b)  The Servicer  agrees to indemnify the  Indenture  Trustee and the
               Owner  Trustee  for,  and to hold the  Indenture  Trustee and the
               Owner Trustee,  as the case may be, harmless  against,  any loss,
               liability or expense  incurred without  negligence,  bad faith or

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               willful  misconduct on the part of the  Indenture  Trustee or the
               Owner  Trustee,  as the  case  may  be,  arising  out  of,  or in
               connection with, the acceptance and  administration of the Issuer
               and  the  assets  thereof,   including  the  costs  and  expenses
               (including  reasonable  legal fees and expenses) of defending the
               Indenture  Trustee  or the  Owner  Trustee,  as the  case may be,
               against any claim in connection  with the exercise or performance
               of any of its powers or duties under any Basic Document; provided
               that:

(i)                   with respect to any such claim,  the Indenture  Trustee or
                      Owner  Trustee,  as the case may be,  shall have given the
                      Servicer   written  notice  thereof   promptly  after  the
                      Indenture  Trustee or Owner  Trustee,  as the case may be,
                      shall have actual knowledge thereof;

(ii)                  while  maintaining  control  over  its  own  defense,  the
                      Issuer,  the Indenture  Trustee or Owner  Trustee,  as the
                      case may be, shall  cooperate  and consult  fully with the
                      Servicer in preparing such defense; and

(iii)                 notwithstanding   anything  in  this   Agreement   to  the
                      contrary,  the Servicer shall not be liable for settlement
                      of  any  claim  by the  Indenture  Trustee  or  the  Owner
                      Trustee,  as the case may be,  entered  into  without  the
                      prior consent of the Servicer.

No  termination  of this  Agreement or  resignation  or removal of the Indenture
Trustee  shall  affect  the  obligations  created  by this  Section  6.06 of the
Servicer to indemnify  the  Indenture  Trustee and the Owner  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Servicer in this  Section  6.06(b)  shall not pertain to any loss,  liability or
expense of the Indenture  Trustee or the Owner Trustee,  including the costs and
expenses of defending itself against any claim,  incurred in connection with any
actions taken by the Indenture  Trustee or the Owner Trustee at the direction of
the Noteholders or Certificateholders, as the case may be, pursuant to the terms
of this Agreement.

                                  ARTICLE VII

                                     Default

Section 7.01   Servicing Default.

(a) If a Servicing  Default shall occur and be  continuing,  then,  and in every
such case,  so long as a Servicing  Default  shall not have been remedied by the
Servicer, either the Issuer, the Indenture Trustee, upon actual knowledge of the
occurrence of a Servicing  Default and with the consent of the Enhancer,  or the
Enhancer,  by notice then given in writing to the  Servicer,  the Issuer and the
Indenture  Trustee,  may  terminate  all of the  rights and  obligations  of the
Servicer  as  servicer  under  this  Agreement  other  than its right to receive
servicing  compensation  and expenses for servicing the Mortgage Loans hereunder
during any period  prior to the date of such  termination,  and the Issuer,  the
Enhancer  or the  Indenture  Trustee  (with the  consent of the  Enhancer),  may
exercise any and all other remedies  available at law or equity. Any such notice
to the Servicer shall also be given to each Rating Agency,  the Enhancer and the
Issuer.  On or after the receipt by the  Servicer of such  written  notice,  all
authority and power of the Servicer under this  Agreement,  whether with respect
to the  Securities  or the  Mortgage  Loans or  otherwise,  shall pass to and be

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vested in the Indenture  Trustee,  subject to Section 7.02 hereof, as pledgee of
the  Mortgage  Loans,  pursuant to and under this  Section  7.01;  and,  without
limitation,  the Indenture Trustee is hereby authorized and empowered to execute
and deliver, on behalf of the Servicer,  as  attorney-in-fact or otherwise,  any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement of each Mortgage
Loan and related documents, or otherwise.  The Servicer agrees to cooperate with
the Issuer, the Enhancer and Indenture Trustee, as the case may be, in effecting
the termination of the  responsibilities  and rights of the Servicer  hereunder,
including,  without  limitation,  the transfer to the Indenture  Trustee for the
administration  by it of all cash amounts  relating to the  Mortgage  Loans that
shall  at the  time be held by the  Servicer  and to be  deposited  by it in the
Custodial Account,  or that have been deposited by the Servicer in the Custodial
Account or  thereafter  received by the  Servicer  with  respect to the Mortgage
Loans,  the recordation of Assignments of Mortgages to the Indenture  Trustee if
MERS is not the mortgagee of a Mortgage  Loan,  and the delivery of the Mortgage
Files in its  possession  to the Indenture  Trustee.  All  reasonable  costs and
expenses (including, but not limited to, attorneys' fees) incurred in connection
with amending this Agreement to reflect such succession as Servicer  pursuant to
this  Section  7.01  shall  be  paid  by  the  predecessor  Servicer  (or if the
predecessor  Servicer  is the  Indenture  Trustee,  the initial  Servicer)  upon
presentation of reasonable documentation of such costs and expenses.

(b) Notwithstanding any termination of the activities of the Servicer hereunder,
the  Servicer  shall be  entitled to receive,  out of any late  collection  of a
payment on a Mortgage  Loan  which was due prior to the notice  terminating  the
Servicer's rights and obligations hereunder and received after such notice, that
portion to which the Servicer would have been entitled pursuant to Sections 3.03
and 3.09 as well as its Servicing Fee in respect thereof,  and any other amounts
payable to the Servicer  hereunder the  entitlement  to which arose prior to the
termination of its activities hereunder.

        Notwithstanding  the  foregoing,  a delay in or failure  of  performance
under  clause (i) or (ii) of the  definition  of  Servicing  Default,  after the
applicable  grace periods  specified  therein,  shall not constitute a Servicing
Default if such delay or  failure  could not be  prevented  by the  exercise  of
reasonable  diligence by the Servicer and such delay or failure was caused by an
act of God or the public  enemy,  acts of declared  or  undeclared  war,  public
disorder,  rebellion  or  sabotage,  epidemics,  landslides,   lightning,  fire,
hurricanes,  earthquakes, floods or similar causes. The preceding sentence shall
not relieve the Servicer from using reasonable efforts to perform its respective
obligations in a timely manner in accordance  with the terms of this  Agreement.
The  Servicer  shall  provide  the  Indenture  Trustee,  the  Enhancer  and  the
Securityholders  with notice of any such failure or delay by it, together with a
description  of its efforts to so perform its  obligations.  The Servicer  shall
immediately notify the Indenture Trustee, the Enhancer and the Issuer in writing
of any Servicing Default.

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<PAGE>

Section 7.02   Indenture Trustee to Act; Appointment of Successor.
               --------------------------------------------------

          (a)  On  and  after  the  time  the  Servicer  receives  a  notice  of
               termination  pursuant to Section 7.01 or sends a notice  pursuant
               to Section 6.04, the Indenture Trustee as pledgee of the Mortgage
               Loans shall itself  become,  or shall appoint an affiliate of the
               Indenture  Trustee to become the successor in all respects to the
               Servicer in its capacity as servicer under this Agreement and the
               transactions   set  forth  or  provided   for  herein  and  shall
               immediately assume all of the obligations of the Servicer to make
               advances on  Mortgage  Loans  under  Section  3.02(b) and will be
               subject to all other  responsibilities,  duties  and  liabilities
               relating  thereto  placed  on  the  Servicer  by  the  terms  and
               provisions  hereof as soon as practicable,  but in no event later
               than  90 days  after  the  Indenture  Trustee  becomes  successor
               servicer.  During such 90 day period, the Indenture Trustee, with
               the  consent of the  Enhancer,  may require  the  Servicer  being
               terminated to continue to perform such servicing responsibilities
               (other than making  advances on the Mortgage  Loans under Section
               3.02(b)) as the  Indenture  Trustee  deems  appropriate.  In such
               event,  the Servicer being terminated shall provide such services
               as directed by the  Indenture  Trustee  until the earliest of the
               date the Indenture  Trustee notifies such Servicer to discontinue
               providing such services,  the date on which a successor  servicer
               or the Indenture Trustee has assumed all responsibilities, duties
               and  liabilities  of the Servicer  hereunder or the expiration of
               the  90  day  period.  The  Servicer  shall  be  entitled  to the
               Servicing  Fee hereunder for any period during which the Servicer
               is obligated to provide such services as if no termination of the
               Servicer had occurred.  Nothing in this Agreement or in the Trust
               Agreement  shall be construed to permit or require the  Indenture
               Trustee  to (i)  succeed  to  the  responsibilities,  duties  and
               liabilities  of the initial  Servicer  in its  capacity as Seller
               under the Purchase Agreement,  (ii) be responsible or accountable
               for any act or omission of the Servicer  prior to the issuance of
               a notice of termination hereunder,  (iii) require or obligate the
               Indenture  Trustee,  in its  capacity as successor  Servicer,  to
               purchase,  repurchase or substitute any Mortgage Loan,  (iv) fund
               any  Additional  Balances with respect to any Mortgage  Loan, (v)
               fund any losses on any Permitted Investment directed by any other
               Servicer,  or (vi) be  responsible  for the  representations  and
               warranties  of  the  Servicer.  As  compensation   therefor,  the
               Indenture  Trustee shall be entitled to such  compensation as the
               Servicer  would have been entitled to hereunder if no such notice
               of termination had been given.  Notwithstanding the foregoing, if
               the  Indenture  Trustee  is (x)  unwilling  to  act as  successor
               Servicer  itself or to appoint an affiliate  to become  successor
               Servicer,  or (y) legally unable so to act, the Indenture Trustee
               as pledgee of the Mortgage Loans may (in the situation  described
               in clause  (x)) or shall (in the  situation  described  in clause
               (y))  appoint or petition a court of  competent  jurisdiction  to
               appoint any  established  housing and home  finance  institution,
               bank or other  mortgage loan  servicer  having a net worth of not
               less than $10,000,000 as the successor to the Servicer  hereunder
               in the  assumption  of all or any  part of the  responsibilities,
               duties or liabilities of the Servicer hereunder;  provided,  that
               any such successor  Servicer shall be acceptable to the Enhancer,
               as evidenced  by the  Enhancer's  prior  written  consent,  which
               consent shall not be unreasonably withheld; and provided further,
               that the  appointment  of any such  successor  Servicer  will not
               result in a Rating  Event,  if determined  without  regard to the
               Policy.  Pending  appointment  of a  successor  to  the  Servicer
               hereunder, unless the Indenture Trustee is prohibited by law from
               so acting,  the Indenture  Trustee itself shall act or appoint an
               affiliate  to  act  in  such  capacity  as  provided   above.  In
               connection with such  appointment  and assumption,  the successor
               shall be  entitled  to receive  compensation  out of  payments on

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<PAGE>

               Mortgage  Loans in an amount equal to the  compensation  that the
               Servicer would  otherwise have received  pursuant to Section 3.09
               (or such other  compensation  as the  Indenture  Trustee and such
               successor shall agree).  The appointment of a successor  Servicer
               shall not affect any liability of the  predecessor  Servicer that
               may have arisen under this Agreement  prior to its termination as
               Servicer  (including  the  obligation to purchase  Mortgage Loans
               pursuant  to  Section  3.01,  to  pay  any  deductible  under  an
               insurance  policy  pursuant to Section 3.04 or to  indemnify  the
               Indenture  Trustee  pursuant  to  Section  6.06),  nor  shall any
               successor  Servicer  be liable for any acts or  omissions  of the
               predecessor Servicer or for any breach by such Servicer of any of
               its  representations  or  warranties  contained  herein or in any
               related  document or agreement.  The  Indenture  Trustee and such
               successor shall take such action,  consistent with this Agreement
               and the  requirements  (including  any  notice  requirements)  of
               applicable  law, as shall be  necessary  to  effectuate  any such
               succession. Notwithstanding the foregoing, the Indenture Trustee,
               in its capacity as successor  Servicer,  shall not be responsible
               for the  lack of  information  and/or  documents  that it  cannot
               obtain  through  reasonable  efforts  or for  failing to take any
               action  that the  Indenture  Trustee is legally  prohibited  from
               taking by applicable law.

          (b)  Any successor,  including the Indenture Trustee,  to the Servicer
               as servicer  shall  during its term as Servicer  (i)  continue to
               service and  administer the Mortgage Loans for the benefit of the
               Securityholders,  (ii)  maintain in force a policy or policies of
               insurance covering errors and omissions in the performance of its
               obligations as Servicer  hereunder and a fidelity bond in respect
               of its  officers,  employees and agents to the same extent as the
               Servicer  is so required  pursuant  to Section  3.13 and (iii) be
               bound by the terms of the Insurance Agreement.

(c)            Any successor  Servicer,  including the Indenture Trustee,  shall
               not be deemed in default or to have breached its duties hereunder
               if the  predecessor  Servicer  shall fail to deliver any required
               deposit to the Custodial Account or otherwise  cooperate with any
               required servicing transfer or succession hereunder.

          (d)  In connection with the termination or resignation of the Servicer
               hereunder,  either  (i) the  successor  Servicer,  including  the
               Indenture Trustee if the Indenture Trustee is acting as successor
               Servicer, shall represent and warrant that it is a member of MERS
               in good  standing  and  shall  agree to  comply  in all  material
               respects with the rules and procedures of MERS in connection with
               the  servicing of the  Mortgage  Loans that are  registered  with
               MERS, in which case the predecessor Servicer shall cooperate with
               the  successor  Servicer in causing MERS to revise its records to
               reflect the transfer of servicing  to the  successor  Servicer as
               necessary  under  MERS'  rules  and  regulations,   or  (ii)  the
               predecessor  Servicer shall cooperate with the successor Servicer
               in causing MERS to execute and deliver an  assignment of Mortgage
               in  recordable  form to transfer  the  Mortgage  from MERS to the
               Indenture  Trustee and to execute and deliver such other notices,
               documents and other  instruments as may be necessary or desirable
               to effect a transfer of such  Mortgage  Loan or servicing of such

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<PAGE>

               Mortgage Loan on the MERS(R)System to the successor Servicer. The
               predecessor  Servicer  shall  file or cause to be filed  any such
               assignment in the appropriate  recording office.  The predecessor
               Servicer shall bear any and all fees of MERS,  costs of preparing
               any  assignments  of  Mortgage,  and fees and costs of filing any
               assignments   of  Mortgage  that  may  be  required   under  this
               subsection   (d).  The  successor   Servicer   shall  cause  such
               assignment  to be  delivered  to  the  Indenture  Trustee  or the
               Custodian  promptly upon receipt of the original with evidence of
               recording  thereon or a copy  certified  by the public  recording
               office in which such assignment was recorded.

Section  7.03  Notification  to  Securityholders.  Upon  any  termination  of or
appointment  of a successor  to the  Servicer  pursuant  to this  Article VII or
Section 6.04, the Indenture  Trustee shall give prompt written notice thereof to
the Securityholders, the Enhancer, the Issuer and each Rating Agency.

                                  ARTICLE VIII

                            Miscellaneous Provisions

Section 8.01  Amendment.  This Agreement may be amended from time to time by the
parties  hereto;  provided,  that any such  amendment  shall be accompanied by a
letter from each Rating Agency to the effect that such amendment will not result
in a Rating Event,  if  determined  without  regard to the Policy;  and provided
further, that the Enhancer and the Indenture Trustee shall consent thereto.

Section 8.02 GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 8.03 Notices. All demands, notices and communications hereunder shall be
in writing and shall be deemed to have been duly given if  personally  delivered
at or mailed by certified mail, return receipt requested,  to (a) in the case of
the Servicer, 100 Witmer Road, Horsham,  Pennsylvania 19044, Attention:  Anthony
Renzi, (b) in the case of the Enhancer,  Financial Guaranty Insurance  Company.,
125 Park Avenue,  6th Floor, New York, New York 10017,  Attention:  Research and
Risk  Management  (GMACM Home Equity  Loan Trust  2003-HE1),  (c) in the case of
Moody's,  Home Mortgage Loan Monitoring Group, 4th Floor, 99 Church Street,  New
York, New York 10001, (d) in the case of Standard & Poor's, 55 Water Street, New
York, New York 10004, Attention: Residential Mortgage Surveillance Group, (e) in
the case of the Owner Trustee,  Wilmington  Trust Company,  Rodney Square North,
1100 North Market Street, Wilmington, Delaware 19890-0001 and (f) in the case of
the Issuer, GMACM Home Equity Loan Trust 2003-HE1,  c/o the Owner Trustee at the
address  set forth in clause  (e)  above,  and (g) in the case of the  Indenture
Trustee,  at the  Corporate  Trust  Office of the  Indenture  Trustee;  or, with
respect to each of the  foregoing  Persons,  at such  other  address as shall be
designated by such Person in a written  notice to the other  foregoing  Persons.
Any notice required or permitted to be mailed to a Securityholder shall be given

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<PAGE>

by first class mail, postage prepaid,  at the address of such  Securityholder as
shown in the Note  Register  or  Certificate  Register,  as the case may be. Any
notice  so  mailed  within  the  time  prescribed  in this  Agreement  shall  be
conclusively  presumed  to have  been duly  given,  whether  or not the  related
Securityholder receives such notice. Any notice or other document required to be
delivered or mailed by the Indenture Trustee to any Rating Agency shall be given
on  a  reasonable   efforts   basis  and  only  as  a  matter  of  courtesy  and
accommodation,  and the Indenture Trustee shall have no liability for failure to
deliver any such notice or document to any Rating Agency.

Section 8.04  Severability  of Provisions.  If any one or more of the covenants,
agreements,  provisions  or terms  of this  Agreement  shall  be for any  reason
whatsoever held invalid,  then such covenants,  agreements,  provisions or terms
shall be deemed severable from the remaining covenants,  agreements,  provisions
or  terms  of  this  Agreement  and  shall  in no way  affect  the  validity  or
enforceability  of the other  provisions of this  Agreement or the Securities or
the rights of the Securityholders.

Section  8.05  Third-Party  Beneficiaries.  This  Agreement  shall  inure to the
benefit of and be binding  upon the parties  hereto,  the  Securityholders,  the
Enhancer,  the Owner  Trustee  and their  respective  successors  and  permitted
assigns.  Except as otherwise provided in this Agreement,  no other Person shall
have any right or obligation hereunder.

Section  8.06  Counterparts.  This  instrument  may be executed in any number of
counterparts,  each of which so executed shall be deemed to be an original,  but
all such counterparts shall together constitute but one and the same instrument.

Section 8.07 Effect of Headings  and Table of Contents.  The Article and Section
headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof.

Section 8.08  Termination  Upon Purchase by the Servicer or  Liquidation  of All
Mortgage Loans; Partial Redemption.

(a)            The respective  obligations and responsibilities of the Servicer,
               the  Issuer  and  the  Indenture  Trustee  created  hereby  shall
               terminate upon the last action required to be taken by the Issuer
               pursuant  to the Trust  Agreement  and by the  Indenture  Trustee
               pursuant to the Indenture following the earlier of:

(i)            the date on or before which the Indenture or the Trust  Agreement
               is terminated, or

(ii)           the  purchase  by the  Servicer  from the Issuer of all  Mortgage
               Loans and REO Property in accordance with Section 8.08(b).

          (b)  The Servicer shall have the right to purchase from the Issuer all
               of the Mortgage  Loans and related REO Property if the  aggregate
               Note Balance of the Notes as of any Payment Date is less than 10%
               of the aggregate Note Balance of the Notes as of the Closing Date
               (provided  that a draw on the Policy  would not occur as a result
               of such  purchase  and provided  further that the purchase  price

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<PAGE>

               will provide sufficient funds to pay the outstanding Note Balance
               and accrued and unpaid  interest on the Notes to the Payment Date
               on   which   such   amounts   are  to  be   distributed   to  the
               Securityholders),  at a price  equal  to  100%  of the  aggregate
               unpaid  Principal  Balance of all such remaining  Mortgage Loans,
               plus accrued and unpaid interest  thereon at the weighted average
               of the Loan Rates  thereon up to the date  preceding  the Payment
               Date  on  which  such  amounts  are  to  be  distributed  to  the
               Securityholders (and in the case of REO Property, the fair market
               value of the REO Property), plus any amounts due and owing to the
               Enhancer  under the Insurance  Agreement  related to the Mortgage
               Loans or the Notes (and any unpaid  Servicing Fee relating to the
               Mortgage  Loans  shall be deemed to have been paid at such time),
               plus any  Interest  Shortfall  and  interest  owed thereon to the
               Noteholders.

               The  Servicer  shall send  written  notice to the Enhancer of its
intent to exercise its right to purchase any of the Mortgage  Loans  pursuant to
this Section 8.08(b).

               If such right is exercised by the  Servicer,  the Servicer  shall
deposit  the  amount  calculated  pursuant  to this  Section  8.08(b)  with  the
Indenture  Trustee  pursuant  to Section  4.10 of the  Indenture  and,  upon the
receipt of such deposit, the Indenture Trustee or Custodian shall release to the
Servicer,  the files  pertaining  to the  Mortgage  Loans being  purchased.  The
Servicer, at its expense, shall prepare and deliver to the Indenture Trustee for
execution,  at the time the  related  Mortgage  Loans are to be  released to the
Servicer,  appropriate  documents  assigning  each such Mortgage  Loans from the
Indenture Trustee or the Issuer to the Servicer or the appropriate party.

Section 8.09 Certain Matters Affecting the Indenture  Trustee.  For all purposes
of this Agreement, in the performance of any of its duties or in the exercise of
any of its  powers  hereunder,  the  Indenture  Trustee  shall be subject to and
entitled to the benefits of Article VI of the Indenture.

Section  8.10 Owner  Trustee  Not Liable for  Related  Documents.  The  recitals
contained herein shall be taken as the statements of the Servicer, and the Owner
Trustee and the Indenture Trustee assume no  responsibility  for the correctness
thereof.  The Owner Trustee and the Indenture Trustee make no representations as
to the  validity or  sufficiency  of this  Agreement,  of any Basic  Document or
Related Document, or of the Certificates (other than the signatures of the Owner
Trustee and the Indenture  Trustee on the  Certificates) or the Notes. The Owner
Trustee and the Indenture  Trustee shall at no time have any  responsibility  or
liability with respect to the  sufficiency of the Trust Estate or its ability to
generate the payments to be  distributed to  Certificateholders  under the Trust
Agreement or the  Noteholders  under the Indenture,  including the compliance by
the Depositor,  the Sellers or the Servicer with any warranty or  representation
made  under  any  Basic  Document  or the  accuracy  of  any  such  warranty  or
representation,  or any  action  of any  person  taken in the name of the  Owner
Trustee or the Indenture Trustee.

                                       39
<PAGE>

        IN WITNESS WHEREOF,  the Servicer,  the Issuer and the Indenture Trustee
have caused this Agreement to be duly executed by their  respective  officers or
representatives all as of the day and year first above written.

                             GMAC MORTGAGE CORPORATION,
                                as Servicer

                             By:    /s/ Sandy Blitzer
                                    ----------------------------------------
                                    Name:  Sandy Blitzer
                                    Title:  Vice President

                             GMACM HOME EQUITY LOAN TRUST 2003-HE1, as
                             Issuer

                             By:    Wilmington Trust Company, not in its
                                    individual capacity but solely as
                                    Owner Trustee

                             By:    /s/ Janel R. Havrilla
                                    ----------------------------------------
                                    Name:  Janel R. Havrilla
                                    Title:  Financial Services Officer

                             WELLS FARGO BANK MINNESOTA, N.A.,
                                as Indenture Trustee

                             By:    /s/ Peter A. Gobell
                                    ----------------------------------------
                                    Name:  Peter A. Gobell
                                    Title:  Vice President

                                       40
<PAGE>

                                    EXHIBIT A

                             MORTGAGE LOAN SCHEDULE

                                       41
<PAGE>

                                    EXHIBIT B

                            LIMITED POWER OF ATTORNEY

                         KNOW ALL MEN BY THESE PREMISES:

        That  Wells  Fargo Bank  Minnesota,  N.A.,  as  indenture  trustee  (the
"Indenture  Trustee"),  under  the  indenture  dated as of March  26,  2003 (the
"Indenture"),  between GMACM Home Equity Loan Trust 2003-HE1,  as issuer and the
Indenture Trustee, a national banking  association  organized and existing under
the laws of the  United  States of  America,  and having  its  principal  office
located at 9062 Old Annapolis Road, Columbia,  Maryland  21045-1951,  hath made,
constituted  and  appointed,  and does by these  presents  make,  constitute and
appoint GMAC Mortgage  Corporation,  a corporation  organized and existing under
the  laws  of  the   Commonwealth   of   Pennsylvania,   its  true  and   lawful
Attorney-in-Fact,  with full power and authority to sign, execute,  acknowledge,
deliver, file for record, and record any instrument on its behalf and to perform
such  other  act or acts as may be  customarily  and  reasonably  necessary  and
appropriate to effectuate the following  enumerated  transactions  in respect of
any of the Mortgages  securing a Mortgage  Loan and the related Loan  Agreements
for  which  the   undersigned  is  acting  as  Indenture   Trustee  for  various
Securityholders  (whether  the  undersigned  is named  therein as  mortgagee  or
beneficiary  or has  become  mortgagee  by  virtue of  endorsement  of such Loan
Agreement secured by any such Mortgage) and for which GMAC Mortgage  Corporation
is acting as Servicer  pursuant to a Servicing  Agreement  dated as of March 26,
2003 (the "Servicing Agreement").

This appointment shall apply to the following enumerated transactions only:

1.      The modification or re-recording of a Mortgage,  where said modification
        or re-recording is for the purpose of correcting the Mortgage to conform
        same to the original  intent of the parties  thereto or to correct title
        errors  discovered  after  such  title  insurance  was  issued  and said
        modification or  re-recording,  in either  instance,  does not adversely
        affect the Lien of the Mortgage as insured.

2.      The subordination of the Lien of a Mortgage to an easement in favor of a
        public  utility  company or a  government  agency or unit with powers of
        eminent  domain;  this section shall include,  without  limitation,  the
        execution of partial  satisfactions/releases,  partial  reconveyances or
        the execution of requests to trustees to accomplish same.

3.      With  respect to a Mortgage,  the  foreclosure,  the taking of a deed in
        lieu of  foreclosure,  or the  completion  of judicial  or  non-judicial
        foreclosure  or  termination,  cancellation  or  rescission  of any such
        foreclosure, including, without limitation, any and all of the following
        acts:

        a.     The  substitution  of  trustee(s)  serving  under a Mortgage,  in
               accordance with state law and the Mortgage;

        b.     Statements of breach or non-performance;

        c.     Notices of default;

                                       42
<PAGE>

        d.     Cancellations/rescissions of notices of default and/or notices of
               sale;

        e.     The taking of a deed in lieu of foreclosure; and

        f.     Such other  documents  and actions as may be necessary  under the
               terms of the Mortgage or state law to expeditiously complete said
               transactions.

4.      The conveyance of the properties to the mortgage insurer, or the closing
        of the title to the  property to be acquired  as real estate  owned,  or
        conveyance of title to real estate owned.

5.      The completion of loan assumption agreements.

6.      The full  satisfaction/release  of a Mortgage or full  reconveyance upon
        payment and discharge of all sums secured  thereby,  including,  without
        limitation, cancellation of the related Loan Agreement.

7.      The  assignment  of any  Mortgage  and the related  Loan  Agreement,  in
        connection  with  the  repurchase  of  the  Mortgage  Loan  secured  and
        evidenced thereby.

8.      The full assignment of a Mortgage upon payment and discharge of all sums
        secured thereby in conjunction with the refinancing thereof,  including,
        without limitation, the endorsement of the related Loan Agreement.

9.      The modification or re-recording of a Mortgage,  where said modification
        or  re-recording  is for the  purpose of any  modification  pursuant  to
        Section 3.01 of the Servicing Agreement.

10.     The execution of partial satisfactions/releases pursuant to Section 3.01
        of the Servicing Agreement.

        The undersigned gives said  Attorney-in-Fact full power and authority to
execute  such  instruments  and to do and  perform  all and  every act and thing
necessary  and  proper to carry into  effect  the power or powers  granted by or
under this Limited Power of Attorney as fully as the undersigned  might or could
do, and hereby does ratify and confirm to all that said  Attorney-in-Fact  shall
lawfully do or cause to be done by authority hereof.

        Capitalized  terms used herein that are not otherwise defined shall have
the meanings ascribed thereto in Appendix A to the Indenture.

                                       43
<PAGE>

        Third  parties  without  actual notice may rely upon the exercise of the
power granted under this Limited  Power of Attorney;  and may be satisfied  that
this Limited Power of Attorney  shall  continue in full force and effect has not
been revoked  unless an instrument of revocation has been made in writing by the
undersigned.

                                WELLS FARGO BANK MINNESOTA, N.A.,
                                    not in its individual capacity
                                    but solely as Indenture Trustee

                                By:
                                       -----------------------------------
                                       Name:
                                       Title:

                                       44
<PAGE>

STATE OF                     )
                             SS.
COUNTY OF                    )

        On this  [___] day of March,  2003,  before me the  undersigned,  Notary
Public of said State,  personally  appeared , personally  known to me to be duly
authorized officers of Wells Fargo Bank Minnesota, N.A. that executed the within
instrument and personally  known to me to be the persons who executed the within
instrument on behalf of Wells Fargo Bank  Minnesota,  N.A.  therein  named,  and
acknowledged  to me such Wells Fargo Bank  Minnesota,  N.A.  executed the within
instrument pursuant to its by-laws.

                                               WITNESS  my  hand  and   official
seal.

                                               Notary Public in and for the
                                               State of
                                                       ------------------------

After recording, please mail to:

Attn:
     -------------------------------

                                       45
<PAGE>

                                    EXHIBIT C

                           FORM OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection  with your  administration  of the Mortgage  Loans, we request the
release of the Mortgage File described below.

Servicing Agreement Dated:
Series #:
Account #:
Pool #:
Loan #:
Borrower Name(s):
Reason for Document Request: (circle one)          Mortgage Loan
Prepaid in Full                                    Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Servicing Agreement."

GMAC Mortgage Corporation
Authorized Signature

******************************************************************************
TO CUSTODIAN:  Please  acknowledge  this request,  and check off documents being
enclosed with a copy of this form. You should retain this form for your files in
accordance with the terms of the Servicing Agreement.

Enclosed Documents:       [  ]   Loan Agreement

Name
    --------------------------------

Title
     -------------------------------

Date
    ------------------

                                       46
<PAGE>EXHIBIT 4.2

===============================================================================

                   RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                                  as Depositor

                                       and

                            WILMINGTON TRUST COMPANY

                                as Owner Trustee

                    ----------------------------------------

                                 TRUST AGREEMENT

                           Dated as of March 26, 2003

                    ----------------------------------------

                      GMACM HOME EQUITY LOAN TRUST 2003-HE1
                   GMACM Home Equity Loan-Backed Certificates,
                                 Series 2003-HE1

================================================================================

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

                                       -i-

ARTICLE I......Definitions .................................................................1

<S>             <C>                                                                        <C>
        Section 1.01. Definitions...........................................................1

        Section 1.02. Other Definitional Provisions.........................................1

ARTICLE II        Organization..............................................................3

        Section 2.01. Name..................................................................3

        Section 2.02. Office................................................................3

        Section 2.03. Purposes and Powers...................................................3

        Section 2.04. Appointment of Owner Trustee..........................................4

        Section 2.05. Initial Capital Contribution of Trust Estate..........................4

        Section 2.06. Declaration of Trust..................................................4

        Section 2.07. Title to Trust Property...............................................4

        Section 2.08. Situs of Trust........................................................5

        Section 2.09. Representations and Warranties of the Depositor.......................5

        Section 2.10. Payment of Trust Fees.................................................5

ARTICLE III       Conveyance of the Mortgage Loans; Certificates............................6

        Section 3.01. Conveyance of the Mortgage Loans......................................6

        Section 3.02. Initial Ownership.....................................................6

        Section 3.03. Issuance of Certificates..............................................6

        Section 3.04. Authentication of Certificates........................................6

        Section 3.05. Registration of and Limitations on Transfer and Exchange of
                      Certificates..........................................................7

        Section 3.06. Mutilated, Destroyed, Lost or Stolen Certificates....................10

        Section 3.07. Persons Deemed Certificateholders....................................10

        Section 3.08. Access to List of Certificateholders' Names and Addresses............10

        Section 3.09. Maintenance of Office or Agency......................................10

        Section 3.10. Certificate Paying Agent.............................................11

        Section 3.11. Cooperation..........................................................12

        Section 3.12. Intentionally Omitted................................................12

        Section 3.13. Subordination........................................................12

        Section 3.14. No Priority Among Certificates.......................................12

                                        i

<PAGE>

ARTICLE IV        Authority and Duties of Owner Trustee....................................13

        Section 4.01. General Authority....................................................13

        Section 4.02. General Duties.......................................................13

        Section 4.03. Action upon Instruction..............................................13

        Section 4.04. No Duties Except as Specified under Specified Documents or in
                      Instructions.........................................................14

        Section 4.05. Restrictions.........................................................14

        Section 4.06. Prior Notice to Certificateholders and the Enhancer with
                      Respect to Certain Matters...........................................14

        Section 4.07. Action by Certificateholders with Respect to Certain Matters.........15

        Section 4.08. Action by Certificateholders with Respect to Bankruptcy..............15

        Section 4.09. Restrictions on Certificateholders' Power............................15

        Section 4.10. Majority Control.....................................................15

        Section 4.11. Doing Business in Other Jurisdictions................................16

        Section 4.12. Removal of Mortgage Loans............................................16

ARTICLE V         Application of Trust Funds...............................................17

        Section 5.01. Distributions........................................................17

        Section 5.02. Method of Payment....................................................17

        Section 5.03. Signature on Returns.................................................17

        Section 5.04. Statements to Certificateholders.....................................18

        Section 5.05. Tax Reporting........................................................18

ARTICLE VI        Concerning the Owner Trustee.............................................19

        Section 6.01. Acceptance of Trusts and Duties......................................19

        Section 6.02. Furnishing of Documents..............................................20

        Section 6.03. Representations and Warranties.......................................20

        Section 6.04. Reliance; Advice of Counsel..........................................21

        Section 6.05. Not Acting in Individual Capacity....................................21

        Section 6.06. Owner Trustee Not Liable for Certificates or Related Documents.......21

        Section 6.07. Owner Trustee May Own Certificates and Notes.........................22

ARTICLE VII       Compensation of Owner Trustee............................................23

                                        ii

<PAGE>

        Section 7.01. Owner Trustee's Fees and Expenses....................................23

        Section 7.02. Indemnification......................................................23

ARTICLE VIII      Termination of Trust Agreement...........................................25

        Section 8.01. Termination of Trust Agreement.......................................25

ARTICLE IX        Successor Owner Trustees and Additional Owner Trustees...................27

        Section 9.01. Eligibility Requirements for Owner Trustee...........................27

        Section 9.02. Replacement of Owner Trustee.........................................27

        Section 9.03. Successor Owner Trustee..............................................28

        Section 9.04. Merger or Consolidation of Owner Trustee.............................28

        Section 9.05. Appointment of Co-Trustee or Separate Trustee........................28

ARTICLE X         Miscellaneous............................................................30

        Section 10.01.Amendments...........................................................30

        Section 10.02.No Legal Title to Trust Estate.......................................31

        Section 10.03.Limitations on Rights of Others......................................31

        Section 10.04.Notices..............................................................31

        Section 10.05.Severability.........................................................32

        Section 10.06.Separate Counterparts................................................32

        Section 10.07.Successors and Assigns...............................................32

        Section 10.08.No Petition..........................................................32

        Section 10.09.No Recourse..........................................................33

        Section 10.10.Headings.............................................................33

        Section 10.11.GOVERNING LAW........................................................33

        Section 10.12.Integration..........................................................33

        Section 10.13.Rights of Enhancer to Exercise Rights of Certificateholders..........33
</TABLE>

                                        iii
<PAGE>

        This trust  agreement,  dated as of March 26, 2003 (as amended from time
to time, the "Trust Agreement"), is between Residential Asset Mortgage Products,
Inc., a Delaware  corporation,  as depositor (the  "Depositor"),  and Wilmington
Trust  Company,  a Delaware  banking  corporation,  as owner trustee (the "Owner
Trustee").

                                   WITNESSETH:

     WHEREAS,  the  Depositor  and the Owner  Trustee  desire to form a Delaware
statutory trust;

        NOW,  THEREFORE,  in  consideration  of  the  mutual  agreements  herein
contained, the Depositor and the Owner Trustee agree as follows:

                                ARTICLE I......

                                   Definitions

Section 1.01...Definitions.  For all purposes of this Trust Agreement, except as
otherwise  expressly  provided herein or unless the context otherwise  requires,
capitalized  terms used herein  that are not  otherwise  defined  shall have the
meanings  ascribed  thereto in Appendix A to the indenture dated as of March 26,
2003 (the  "Indenture"),  between  GMACM Home  Equity  Loan Trust  2003-HE1,  as
Issuer, and Wells Fargo Bank Minnesota,  N.A., as Indenture  Trustee.  All other
capitalized terms used herein shall have the meanings specified herein.

Section 1.02...Other Definitional Provisions.
               -----------------------------

(a) All terms defined in this Trust  Agreement  shall have the defined  meanings
when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein.

(b) As used in this Trust  Agreement and in any  certificate  or other  document
made or delivered  pursuant hereto or thereto,  accounting  terms not defined in
this  Trust  Agreement  or in  any  such  certificate  or  other  document,  and
accounting  terms  partly  defined  in  this  Trust  Agreement  or in  any  such
certificate  or  other  document  to the  extent  not  defined,  shall  have the
respective   meanings  given  to  them  under  generally   accepted   accounting
principles. To the extent that the definitions of accounting terms in this Trust
Agreement or in any such certificate or other document are inconsistent with the
meanings of such terms  under  generally  accepted  accounting  principles,  the
definitions  contained  in this Trust  Agreement or in any such  certificate  or
other document shall control.

(c) The words "hereof,"  "herein,"  "hereunder" and words of similar import when
used in this Trust  Agreement shall refer to this Trust Agreement as a whole and
not to any  particular  provision of this Trust  Agreement;  Section and Exhibit
references  contained in this Trust  Agreement  are  references  to Sections and
Exhibits in or to this Trust  Agreement  unless  otherwise  specified;  the term
"including"  shall mean  "including  without  limitation";  "or"  shall  include
"and/or"; and the term "proceeds" shall have the meaning ascribed thereto in the
UCC.

                                       1
<PAGE>

(d) The  definitions  contained in this Trust  Agreement  are  applicable to the
singular as well as the plural forms of such terms and to the  masculine as well
as to the feminine and neuter genders of such terms.

(e) Any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such agreement,
instrument or statute as from time to time amended, modified or supplemented and
includes  (in  the  case  of  agreements  or  instruments)   references  to  all
attachments thereto and instruments incorporated therein; references to a Person
are also to its permitted successors and assigns.

ARTICLE II.....

                                  Organization

Section  2.01...Name.  The trust  created  hereby  shall be known as "GMACM Home
Equity  Loan Trust  2003-HE1,"  in which name the Owner  Trustee may conduct the
business  of the Trust,  make and execute  contracts  and other  instruments  on
behalf of the Trust and sue and be sued.

Section  2.02...Office.  The  office of the Trust  shall be in care of the Owner
Trustee at the  Corporate  Trust Office or at such other  address in Delaware as
the Owner Trustee may designate by written notice to the Certificateholders, the
Depositor, and the Enhancer.

Section 2.03...Purposes and Powers. The purpose of the Trust is to engage in the
following activities:

(i) to issue the Notes pursuant to the Indenture and the  Certificates  pursuant
to this Trust Agreement and to sell the Notes and the Certificates;

(ii) to purchase the Mortgage Loans and to pay the organizational,  start-up and
transactional expenses of the Trust;

(iii) to assign, grant, transfer,  pledge and convey the Mortgage Loans pursuant
to the Indenture and to hold,  manage and  distribute to the  Certificateholders
pursuant to Section 5.01 any portion of the  Mortgage  Loans  released  from the
Lien of, and remitted to the Trust pursuant to, the Indenture;

(iv) to enter into and  perform its  obligations  under the Basic  Documents  to
which it is to be a party;

(v) to engage in those activities,  including entering into agreements, that are
necessary,  suitable or convenient to accomplish the foregoing or are incidental
thereto  or  connected  therewith,  including,  without  limitation,  to  accept
additional  contributions  of  equity  that are not  subject  to the Lien of the
Indenture; and

(vi) subject to  compliance  with the Basic  Documents,  to engage in such other
activities  as may be  required in  connection  with  conservation  of the Trust
Estate and the making of distributions to the Securityholders.

                                       2
<PAGE>

The Trust is hereby authorized to engage in the foregoing activities.  The Trust
shall not engage in any activity other than in connection  with the foregoing or
other than as required or authorized by the terms of this Trust Agreement or the
other Basic Documents  while any Note is outstanding  without the consent of the
Certificateholders  of  Certificates  evidencing  a  majority  of the  aggregate
Certificate  Percentage  Interest of each Class of  Certificates,  the Indenture
Trustee,  the Enhancer and the  Noteholders of Notes  representing a majority of
the aggregate Voting Rights of the Notes.

Section 2.04.  Appointment of Owner Trustee.  The Depositor  hereby appoints the
Owner Trustee as trustee of the Trust  effective as of the date hereof,  to have
all the rights, powers and duties set forth herein.

Section 2.05. Initial Capital  Contribution of Trust Estate. In consideration of
the delivery by the Owner Trustee,  on behalf of the Trust, of the Securities to
the Depositor or its designee,  upon the order of the Depositor,  the Depositor,
as of the Closing Date and concurrently  with the execution and delivery hereof,
does  hereby  transfer,  assign,  set over and  otherwise  convey to the  Trust,
without  recourse,  but subject to the other terms and  provisions of this Trust
Agreement,  all of the right,  title and interest of the Depositor in and to the
Trust Estate. The foregoing transfer,  assignment,  set over and conveyance does
not, and is not intended to,  result in a creation or an assumption by the Trust
of any  obligation of the  Depositor or any other Person in connection  with the
Trust Estate or under any agreement or instrument  relating  thereto,  except as
specifically set forth herein.

        The Owner Trustee,  on behalf of the Trust,  acknowledges the conveyance
to the Trust by the  Depositor,  as of the Closing  Date,  of the Trust  Estate,
including  all right,  title and  interest of the  Depositor in and to the Trust
Estate.  Concurrently with such conveyance and in exchange  therefor,  the Trust
has pledged the Trust  Estate to the  Indenture  Trustee  and has  executed  the
Certificates  and  the  Notes  and  caused  them to be  duly  authenticated  and
delivered.

Section 2.06.  Declaration of Trust.  The Owner Trustee hereby  declares that it
shall hold the Trust  Estate in trust upon and  subject  to the  conditions  set
forth herein for the use and benefit of the  Certificateholders,  subject to the
obligations of the Trust under the Basic  Documents.  It is the intention of the
parties hereto that the Trust  constitute a statutory  trust under the Statutory
Trust Statute and that this Trust Agreement  constitute the governing instrument
of such  statutory  trust.  Effective as of the date hereof,  the Owner  Trustee
shall have all rights,  powers and duties set forth herein and in the  Statutory
Trust Statute with respect to accomplishing the purposes of the Trust. It is the
intention of the parties hereto that solely for federal,  state and local income
and franchise tax purposes,  for so long as 100% of the Certificates are held by
a single person or entity,  the Trust shall be treated as a disregarded  entity,
with the Trust Estate being treated as assets of a single person or entity,  and
the  Notes  being  treated  as debt of the  single  person  or  entity,  and the
provisions  of this  Trust  Agreement  shall  be  interpreted  to  further  this
intention.  If more than one person  owns the  Certificates,  it is the  further
intention of the parties hereto that solely for federal,  state and local income
and  franchise  tax purposes the Owner Trust shall be treated as a  partnership,
with the assets of the  partnership  being  Trust  Estate,  the  partners of the
partnership  being  the  Certificateholders  and  the  Notes  being  debt of the
partnership.  The  provisions of this Trust  Agreement  shall be  interpreted to
further such intentions.  Neither the Depositor nor any Certificateholder  shall
have any personal  liability for any liability or obligation of the Trust, other
than the indemnification obligations as provided in Section 7.2 herein.

                                       3
<PAGE>

Section 2.07. Title to Trust Property.  Legal title to the Trust Estate shall be
vested  at all  times in the  Trust as a  separate  legal  entity  except  where
applicable  law in any  jurisdiction  requires  title to any  part of the  Trust
Estate to be vested in a trustee  or  trustees,  in which  case  title  shall be
deemed to be  vested  in the  Owner  Trustee,  a  co-trustee  and/or a  separate
trustee, as the case may be.

Section 2.08.  Situs of Trust. The Trust will be located and administered in the
State of Delaware.  All bank accounts  maintained by the Owner Trustee on behalf
of the  Trust  shall  be  located  in the  State  of  Delaware  or the  State of
Minnesota.  The Trust  shall not have any  employees  in any  state  other  than
Delaware;  provided, however, that nothing herein shall restrict or prohibit the
Owner Trustee from having  employees  within or without the State of Delaware or
taking  actions  outside the State of  Delaware in order to comply with  Section
2.03. Payments will be received by the Trust only in Delaware or Minnesota,  and
payments  will be made by the Trust only from  Delaware or  Minnesota.  The only
office of the Trust will be at the  Corporate  Trust Office of the Owner Trustee
in Delaware.

Section 2.09.  Representations  and Warranties of the  Depositor.  The Depositor
hereby represents and warrants to the Owner Trustee and the Enhancer that:

(a) The  Depositor is duly  organized and validly  existing as a corporation  in
good standing under the laws of the State of Delaware,  with power and authority
to own its  properties  and to  conduct  its  business  as such  properties  are
currently owned and such business is at present conducted.

(b) The Depositor is duly  qualified to do business as a foreign  corporation in
good  standing  and has  obtained all  necessary  licenses and  approvals in all
jurisdictions  in which the ownership or lease of its property or the conduct of
its business  shall require such  qualifications  and in which the failure to so
qualify would have a material adverse effect on the business, properties, assets
or condition  (financial  or  otherwise) of the Depositor and the ability of the
Depositor to perform under this Trust Agreement.

(c) The  Depositor has the power and authority to execute and deliver this Trust
Agreement and to carry out its terms; the Depositor has full power and authority
to sell and assign the  property to be sold and assigned to and  deposited  with
the Trust as part of the Trust and the Depositor has duly  authorized  such sale
and assignment and deposit to the Trust by all necessary  corporate action;  and
the execution,  delivery and  performance of this Trust Agreement have been duly
authorized by the Depositor by all necessary corporate action.

(d) The  consummation of the  transactions  contemplated by this Trust Agreement
and the  fulfillment  of the terms  hereof do not conflict  with,  result in any
material  breach of any of the terms and provisions  of, or constitute  (with or
without  notice or lapse of time) a material  default  under,  the  articles  of
incorporation or bylaws of the Depositor,  or any material indenture,  agreement
or other  instrument  to which the Depositor is a party or by which it is bound;
nor result in the creation or imposition of any Lien upon any of its  properties
pursuant  to the  terms of any such  indenture,  agreement  or other  instrument

                                       4
<PAGE>

(other  than  pursuant to the Basic  Documents);  nor violate any law or, to the
best of the Depositor's  knowledge,  any order, rule or regulation applicable to
the  Depositor  of any  court  or of  any  federal  or  state  regulatory  body,
administrative agency or other governmental  instrumentality having jurisdiction
over the Depositor or its properties.

Section  2.10.  Payment of Trust Fees.  The Owner  Trustee shall pay the Trust's
fees and expenses incurred with respect to the performance of the Trust's duties
under the Indenture.

                                  ARTICLE III

                 Conveyance of the Mortgage Loans; Certificates

Section 3.01. Conveyance of the Mortgage Loans. The Depositor, concurrently with
the execution and delivery hereof,  does hereby  transfer,  convey and assign to
the Trust, on behalf of the Securityholders and the Enhancer,  without recourse,
all  its  right,  title  and  interest  in and to the  Initial  Mortgage  Loans,
including  but not  limited to any rights of the  Depositor  under the  Purchase
Agreement.  The  Depositor  shall also  provide the  Indenture  Trustee with the
Policy.

        The parties hereto intend that, for non-tax  purposes,  the  transaction
set forth  herein be a sale by the  Depositor  to the Trust of all of its right,
title and interest in and to the Initial  Mortgage Loans. In the event that, for
non-tax  purposes,  the transaction set forth herein is not deemed to be a sale,
the  Depositor  hereby  grants to the Trust a  security  interest  in all of its
right,  title and  interest  in, to and under the Initial  Mortgage  Loans,  all
distributions  thereon and all proceeds thereof;  and this Trust Agreement shall
constitute a security agreement under applicable law.

Section  3.02.  Initial  Ownership.  Upon  the  formation  of the  Trust  by the
contribution by the Depositor pursuant to Section 2.05 and the conveyance of the
Initial  Mortgage  Loans  pursuant  to  Section  3.01  and the  issuance  of the
Certificates,  GMACM  shall  be the  sole  Certificateholder  of each  Class  of
Certificates.

Section 3.03.  Issuance of  Certificates.  The  Certificates  shall be issued in
minimum  denominations  of  a  Percentage  Interest  of  10.0000%  and  integral
multiples  of 0.0001% in excess  thereof.  The  Certificates  shall be issued in
substantially the form attached hereto as Exhibit A.

        The  Certificates  shall be executed on behalf of the Trust by manual or
facsimile   signature  of  an  authorized  officer  of  the  Owner  Trustee  and
authenticated in the manner provided in Section 3.04.  Certificates  bearing the
manual or facsimile  signatures of  individuals  who were, at the time when such
signatures  shall have been affixed,  authorized to sign on behalf of the Trust,
shall be validly  issued and  entitled to the  benefit of this Trust  Agreement,
notwithstanding  that such individuals or any of them shall have ceased to be so
authorized prior to the  authentication and delivery of such Certificates or did
not  hold  such  offices  at the date of  authentication  and  delivery  of such
Certificates. A Person shall become a Certificateholder and shall be entitled to
the rights and subject to the obligations of a Certificateholder  hereunder upon
such Person's acceptance of a Certificate duly registered in such Person's name,
pursuant to Section 3.05.

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        A transferee of a Certificate shall become a Certificateholder and shall
be entitled to the rights and subject to the obligations of a  Certificateholder
hereunder upon such transferee's  acceptance of a Certificate duly registered in
such  transferee's  name pursuant to and upon satisfaction of the conditions set
forth in Section 3.05.

Section 3.04. Authentication of Certificates.  Concurrently with the acquisition
of the Initial Mortgage Loans by the Trust, the Owner Trustee or the Certificate
Paying Agent shall cause the Certificates in an initial  Percentage  Interest of
100.00% to be executed on behalf of the Trust, authenticated and delivered to or
upon the  written  order of GMACM,  signed by its  chairman  of the  board,  its
president or any vice president,  without further  corporate action by GMACM, in
authorized  denominations.  No Certificate  shall entitle the  Certificateholder
thereof to any benefit  under this Trust  Agreement  or be valid for any purpose
unless there shall appear on such  Certificate a certificate  of  authentication
substantially  in the form set forth in Exhibit A hereto,  executed by the Owner
Trustee  or  the  Certificate  Paying  Agent,  by  manual  signature,  and  such
authentication  shall constitute  conclusive  evidence that such Certificate has
been duly authenticated and delivered hereunder. All Certificates shall be dated
the date of their authentication.

Section  3.05.  Registration  of and  Limitations  on Transfer  and  Exchange of
Certificates.  The Certificate  Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.09, a Certificate  Register in
which,  subject  to  such  reasonable  regulations  as  it  may  prescribe,  the
Certificate  Registrar shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The  Indenture
Trustee shall be the initial Certificate Registrar. If the Certificate Registrar
resigns or is removed,  the Owner Trustee shall appoint a successor  Certificate
Registrar.

        Subject  to  satisfaction  of  the  conditions  set  forth  below,  upon
surrender  for  registration  of  transfer of any  Certificate  at the office or
agency  maintained  pursuant to Section 3.09,  the Owner Trustee shall  execute,
authenticate  and  deliver  (or shall  cause the  Certificate  Registrar  as its
authenticating agent to authenticate and deliver), in the name of the designated
transferee  or  transferees,   one  or  more  new   Certificates  in  authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent. At the option of a Certificateholder,
Certificates may be exchanged for other Certificates of authorized denominations
of a like aggregate amount upon surrender of the Certificates to be exchanged at
the  office  or  agency  maintained   pursuant  to  Section  3.09.  The  initial
Certificateholder  agrees to not  transfer  any  Certificate  during  either the
Revolving  Period  or  the  Managed  Amortization  Period,  unless  the  initial
Certificateholder  receives an Opinion of Counsel  stating that such transfer of
the Certificate will not adversely  affect the opinion  delivered on the Closing
Date by such counsel  regarding  the transfer of the Mortgage  Loans by GMACM to
the Depositor.

        Every Certificate  presented or surrendered for registration of transfer
or exchange  shall be  accompanied  by a written  instrument of transfer in form
satisfactory to the Certificate Registrar duly executed by the Certificateholder
or  such   Certificateholder's   attorney  duly  authorized  in  writing.   Each
Certificate  surrendered  for  registration  of transfer  or  exchange  shall be
cancelled  and  subsequently   disposed  of  by  the  Certificate  Registrar  in
accordance with its customary practice.

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        No service  charge  shall be made for any  registration  of  transfer or
exchange of Certificates, but the Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed in connection with any transfer or exchange of Certificates.

        Except as described below,  each  Certificateholder  shall establish its
non-foreign status by submitting to the Certificate Paying Agent an IRS Form W-9
and the Certificate of Non-Foreign  Status (in  substantially  the form attached
hereto as Exhibit F).

        A  Certificate  may be  transferred  to a  Certificateholder  unable  to
establish its non-foreign status as described in the preceding paragraph only if
such  Certificateholder  provides  an Opinion of Counsel to the  Depositor,  the
Certificate Registrar and the Enhancer, which Opinion of Counsel shall not be an
expense  of the Trust,  the Owner  Trustee,  the  Certificate  Registrar  or the
Depositor,  satisfactory  to the Depositor and the Enhancer,  that such transfer
(1) will not affect the tax status of the Owner Trust and (2) will not adversely
affect the interests of any Securityholder or the Enhancer,  including,  without
limitation,  as a  result  of  the  imposition  of  any  United  States  federal
withholding taxes on the Owner Trust (except to the extent that such withholding
taxes  would be payable  solely  from  amounts  otherwise  distributable  to the
Certificate of the  prospective  transferee).  If such transfer  occurs and such
foreign   Certificateholder  becomes  subject  to  such  United  States  federal
withholding  taxes, any such taxes will be withheld by the Indenture  Trustee at
the  direction  of the Tax Matters  Partner.  Each  Certificateholder  unable to
establish its non-foreign  status shall submit to the Certificate Paying Agent a
copy of its Form W-8-BEN or such successor  form as required by  then-applicable
regulations  and  shall  resubmit  such  form  every  three  years or with  such
frequency as required by then-applicable regulations.

        No transfer, sale, pledge or other disposition of a Certificate shall be
made unless such transfer,  sale, pledge or other disposition is exempt from the
registration  requirements  of the  Securities  Act  and  any  applicable  state
securities  laws or is made in accordance with the Securities Act and such state
laws.  In the  event of any such  transfer,  the  Certificate  Registrar  or the
Depositor  shall prior to such  transfer  require the  transferee to execute (A)
either (i) (a) an investment letter in substantially the form attached hereto as
Exhibit  C (or  in  such  form  and  substance  reasonably  satisfactory  to the
Certificate  Registrar and the Depositor) which investment  letters shall not be
an expense of the Trust,  the Owner  Trustee,  the  Certificate  Registrar,  the
Servicer or the Depositor and which  investment  letter states that, among other
things,  such  transferee  (a) is a "qualified  institutional  buyer" as defined
under Rule 144A,  acting for its own account or the accounts of other "qualified
institutional  buyers"  as defined  under  Rule 144A,  and (b) is aware that the
proposed   transferor  intends  to  rely  on  the  exemption  from  registration
requirements  under  the  Securities  Act,  provided  by Rule 144A or (ii) (a) a
written Opinion of Counsel acceptable to and in form and substance  satisfactory
to the  Certificate  Registrar and the Depositor  that such transfer may be made
pursuant to an  exemption,  describing  the  applicable  exemption and the basis
therefor,  from the Securities Act and such state laws or is being made pursuant
to the Securities Act and such state laws, which Opinion of Counsel shall not be
an expense of the Trust,  the Owner  Trustee,  the  Certificate  Registrar,  the
Servicer  or the  Depositor  and (b) the  transferee  executes a  representation
letter,  substantially  in the form of  Exhibit  D  hereto,  and the  transferor
executes a representation letter, substantially in the form of Exhibit E hereto,
each  acceptable to and in form and substance  satisfactory  to the  Certificate
Registrar and the Depositor  certifying  the facts  surrounding  such  transfer,
which  representation  letters  shall not be an expense of the Trust,  the Owner
Trustee,  the Certificate  Registrar,  the Servicer or the Depositor and (B) the
Certificate of Non-Foreign  Status (in substantially the form attached hereto as

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Exhibit F) acceptable to and in form and substance  reasonably  satisfactory  to
the Certificate  Registrar and the Depositor,  which certificate shall not be an
expense  of the Trust,  the Owner  Trustee,  the  Certificate  Registrar  or the
Depositor.  If such  Certificateholder  is unable to  provide a  Certificate  of
Non-Foreign Status, such Certificateholder must provide an Opinion of Counsel as
described in the preceding paragraph.  The Certificateholder  desiring to effect
such transfer shall,  and does hereby agree to,  indemnify the Trust,  the Owner
Trustee,  the  Certificate  Registrar,  the  Servicer  , the  Enhancer  and  the
Depositor against any liability that may result if the transfer is not so exempt
or is not made in  accordance  with such federal and state laws.  No transfer of
Certificates  or any  interest  therein  shall be made to any Plan,  any  Person
acting,  directly  or  indirectly,  on  behalf  of any such  Plan or any  Person
acquiring such  Certificates  with Plan Assets unless the  Depositor,  the Owner
Trustee, the Certificate Registrar and the Servicer are provided with an Opinion
of Counsel that  establishes to the  satisfaction  of the  Depositor,  the Owner
Trustee,  the  Certificate  Registrar  and the  Servicer  that the  purchase  of
Certificates is permissible  under applicable law, will not constitute or result
in any prohibited  transaction  under ERISA or Section 4975 of the Code and will
not subject the Depositor,  the Owner Trustee, the Certificate  Registrar or the
Servicer to any  obligation or liability  (including  obligations or liabilities
under ERISA or Section 4975 of the Code) in addition to those undertaken in this
Trust  Agreement,  which  Opinion  of  Counsel  shall not be an  expense  of the
Depositor, the Owner Trustee, the Certificate Registrar or the Servicer. In lieu
of such Opinion of Counsel,  a Plan, any Person acting,  directly or indirectly,
on behalf of any such Plan or any Person acquiring such  Certificates  with Plan
Assets of a Plan may  provide a  certification  in the form of Exhibit G to this
Trust  Agreement,  which the  Depositor,  the  Owner  Trustee,  the  Certificate
Registrar   and  the  Servicer  may  rely  upon  without   further   inquiry  or
investigation.  Neither  an  Opinion  of  Counsel  nor a  certification  will be
required in connection with the initial  transfer of any such Certificate by the
Depositor to an Affiliate of the Depositor (in which case,  the Depositor or any
such Affiliate shall be deemed to have  represented that such Affiliate is not a
Plan or a Person  investing Plan Assets of any Plan) and the Owner Trustee shall
be entitled to conclusively rely upon a representation  (which, upon the request
of the Owner Trustee,  shall be a written  representation) from the Depositor of
the status of such transferee as an Affiliate of the Depositor.

        In addition,  no transfer of a Certificate  shall be  permitted,  and no
such transfer shall be registered by the  Certificate  Registrar or be effective
hereunder,   unless  evidenced  by  an  Opinion  of  Counsel  addressed  to  the
Certificate  Registrar and the Enhancer that  establishes  that such transfer or
the  registration of such transfer would not cause the Trust to be classified as
a publicly traded partnership, by having more than 100 Certificateholders at any
time  during  the  taxable  year  of the  Trust,  an  association  taxable  as a
corporation,  a corporation or a taxable  mortgage pool for federal and relevant
state income tax  purposes,  which Opinion of Counsel shall not be an expense of
the Certificate Registrar and shall be an expense of the proposed transferee. No
Opinion of Counsel will be required if such  transfer is made to a nominee of an
existing beneficial holder of a Certificate.

        In addition, no transfer, sale, assignment,  pledge or other disposition
of a  Certificate  shall be made  unless  the  proposed  transferee  executes  a
representation  letter  substantially in the form of Exhibit H hereto,  that (1)

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the  transferee  is  acquiring  such  Certificate  for its own behalf and is not
acting as agent or custodian for any other Person or entity in  connection  with
such acquisition and (2) if the transferee is a partnership,  grantor trust or S
corporation for federal income tax purposes,  the Certificates  acquired are not
more than 50% of the assets of the partnership,  grantor trust or S corporation.
Section 3.06.  Mutilated,  Destroyed,  Lost or Stolen  Certificates.  If (a) any
mutilated Certificate shall be surrendered to the Certificate  Registrar,  or if
the  Certificate  Registrar  shall receive  evidence to its  satisfaction of the
destruction,  loss or theft of any  Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required  by them to save each of them and the Issuer from harm,  then in
the absence of notice to the  Certificate  Registrar  or the Owner  Trustee that
such  Certificate has been acquired by a bona fide purchaser,  the Owner Trustee
on behalf of the Trust shall  execute and the Owner  Trustee or the  Certificate
Paying  Agent,  as the Trust's  authenticating  agent,  shall  authenticate  and
deliver,  in exchange for or in lieu of any such mutilated,  destroyed,  lost or
stolen  Certificate,  a new  Certificate  of like  tenor  and  denomination.  In
connection with the issuance of any new Certificate under this Section 3.06, the
Owner  Trustee or the  Certificate  Registrar  may  require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
connection therewith.  Any duplicate Certificate issued pursuant to this Section
3.06 shall  constitute  conclusive  evidence of  ownership  in the Trust,  as if
originally  issued,  whether or not the lost,  stolen or  destroyed  Certificate
shall be found at any time.

Section 3.07. Persons Deemed Certificateholders.  Prior to due presentation of a
Certificate  for  registration of transfer,  the Owner Trustee,  the Certificate
Registrar or any Certificate Paying Agent may treat the Person in whose name any
Certificate  is  registered  in the  Certificate  Register  as the owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 5.02
and for all other purposes whatsoever, and none of the Trust, the Owner Trustee,
the  Certificate  Registrar  or any Paying Agent shall be bound by any notice to
the contrary.

Section 3.08.  Access to List of  Certificateholders'  Names and Addresses.  The
Certificate Registrar shall furnish or cause to be furnished to the Depositor or
the Owner Trustee,  within 15 days after receipt by the Certificate Registrar of
a written request  therefor from the Depositor or the Owner Trustee,  a list, in
such  form as the  Depositor  or the  Owner  Trustee,  as the case  may be,  may
reasonably require, of the names and addresses of the  Certificateholders  as of
the most recent Record Date. If three or more Certificateholders, or one or more
Certificateholders  evidencing not less than 25% of the  Certificate  Percentage
Interest of any Class,  apply in writing to the Owner Trustee or the Certificate
Registrar, and such application states that the applicants desire to communicate
with other Certificateholders, with respect to their rights under this Agreement
or under the  Certificates  and such application is accompanied by a copy of the
communication that such applicants  propose to transmit,  then the Owner Trustee
shall,  within five (5)  Business  Days after the  receipt of such  application,
afford such  applicants  access during normal business hours to the current list
of  Certificateholders.  Each  Certificateholder,  by  receiving  and  holding a
Certificate,  shall be deemed to have  agreed not to hold any of the Trust,  the
Depositor,  the Certificate Registrar or the Owner Trustee accountable by reason
of the  disclosure of its name and address,  regardless of the source from which
such information was derived.

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Section 3.09.  Maintenance of Office or Agency. The Owner Trustee,  on behalf of
the Trust, shall maintain in The City of New York an office or offices or agency
or agencies where  Certificates  may be surrendered for registration of transfer
or  exchange  and where  notices  and  demands  to or upon the Owner  Trustee in
respect of the  Certificates  and the Basic  Documents may be served.  The Owner
Trustee initially designates the Corporate Trust Office of the Indenture Trustee
(or such other office as the Indenture Trustee may specify to the Owner Trustee)
as its office for such  purposes.  The Owner Trustee  shall give prompt  written
notice to the Depositor,  the  Certificateholders and the Enhancer of any change
in the location of the Certificate Register or any such office or agency.

Section 3.10.  Certificate Paying Agent.
               ------------------------

(a) The Certificate Paying Agent shall make distributions to  Certificateholders
from the  Distribution  Account  on behalf of the Trust in  accordance  with the
provisions of the Certificates and Section 5.01 hereof from payments remitted to
the Certificate  Paying Agent by the Indenture  Trustee pursuant to Section 3.05
of the Indenture. The Trust hereby appoints the Indenture Trustee as Certificate
Paying Agent. The Certificate Paying Agent shall:

(i) hold all sums held by it for the payment of amounts due with  respect to the
Certificates in trust for the benefit of the Persons entitled thereto until such
sums shall be paid to such Persons or otherwise disposed of as herein provided;

(ii) give the Owner  Trustee  notice of any default by the Trust of which it has
actual  knowledge in the making of any payment  required to be made with respect
to the Certificates;

(iii) at any time during the  continuance of any such default,  upon the written
request of the Owner  Trustee,  forthwith  pay to the Owner Trustee on behalf of
the Trust all sums so held in trust by such Certificate Paying Agent;

(iv)  immediately  resign as  Certificate  Paying Agent and forthwith pay to the
Owner  Trustee  on  behalf  of the  Trust  all sums  held by it in trust for the
payment of Certificates if at any time it ceases to meet the standards  required
to be met by the Certificate Paying Agent at the time of its appointment;

(v) comply with all  requirements  of the Code with  respect to the  withholding
from any payments made by it on any  Certificates of any applicable  withholding
taxes imposed thereon and with respect to any applicable reporting  requirements
in connection therewith; and

(vi)  deliver to the Owner  Trustee a copy of the  report to  Certificateholders
prepared  with respect to each Payment Date by the Servicer  pursuant to Section
4.01 of the Servicing Agreement.

(b) The Trust may revoke such power and remove the  Certificate  Paying Agent if
the Owner Trustee  determines in its sole discretion that the Certificate Paying
Agent shall have failed to perform its obligations under this Trust Agreement in
any material  respect.  The  Indenture  Trustee  shall be permitted to resign as
Certificate  Paying Agent upon 30 days' written  notice to the Owner Trustee and

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the Enhancer;  provided the Indenture  Trustee is also resigning as Paying Agent
under the Indenture at such time. In the event that the Indenture  Trustee shall
no longer be the Certificate  Paying Agent under this Trust Agreement and Paying
Agent under the Indenture, the Owner Trustee shall appoint a successor to act as
Certificate  Paying  Agent  (which  shall be a bank or trust  company) and which
shall also be the successor Paying Agent under the Indenture.  The Owner Trustee
shall  cause  such  successor   Certificate   Paying  Agent  or  any  additional
Certificate  Paying Agent  appointed by the Owner Trustee to execute and deliver
to the Owner  Trustee an instrument to the effect set forth in this Section 3.10
as it relates to the  Certificate  Paying Agent.  The  Certificate  Paying Agent
shall return all unclaimed  funds to the Trust and upon removal of a Certificate
Paying  Agent such  Certificate  Paying Agent shall also return all funds in its
possession to the Trust.  The provisions of Sections  6.01,  6.04 and 7.01 shall
apply to the Certificate Paying Agent to the extent applicable. Any reference in
this Trust Agreement to the Certificate Paying Agent shall include any co-paying
agent unless the context requires otherwise.

(c) The  Certificate  Paying Agent shall  establish and maintain with itself the
Distribution Account in which the Certificate Paying Agent shall deposit, on the
same day as it is received from the Indenture Trustee,  each remittance received
by the  Certificate  Paying Agent with respect to payments  made pursuant to the
Indenture.  Pending any such  distribution,  funds deposited in the Distribution
Account on a Payment Date and not distributed to the  Certificateholders on such
Payment  Date shall be invested by the  Certificate  Paying  Agent in  Permitted
Investments selected by the Servicer (or if no selection is made by the Servicer
in  Permitted  Investments  described in clause (v) of the  definition  thereof)
maturing no later than the Business Day  preceding the next  succeeding  Payment
Date (except that any investment in the institution  with which the Distribution
Account is  maintained  may mature on such Payment Date and shall not be sold or
disposed of prior to the maturity).  All investment  income earned in respect of
funds  on  deposit  in  the  Distribution  Account  shall  be  credited  to  the
Distribution  Account. The Certificate Paying Agent shall make all distributions
on the  Certificates  as provided in Section 3.05 of the  Indenture  and Section
5.01(a)  of this Trust  Agreement  from  moneys on  deposit in the  Distribution
Account.

Section 3.11.  Cooperation.  The Owner  Trustee shall  cooperate in all respects
with any  reasonable  request by the  Enhancer for action to preserve or enforce
the Enhancer's  rights or interest  under this Trust  Agreement or the Insurance
Agreement,  consistent with this Trust Agreement and without limiting the rights
of the  Certificateholders  as  otherwise  expressly  set  forth  in this  Trust
Agreement.

Section 3.12.  Intentionally Omitted.

Section  3.13.  Subordination.   Except  as  otherwise  provided  in  the  Basic
Documents,   for  so  long  as  any  Notes  are   outstanding  or  unpaid,   the
Certificateholders will generally be subordinated in right of payment, under the
Certificates or otherwise,  to payments to the  Noteholders  under, or otherwise
related to, the Indenture. If an Event of Default has occurred and is continuing
under the Indenture,  the Certificates will be fully subordinated to obligations
owing by the Trust to the  Noteholders  and the  Enhancer  under,  or  otherwise
related to, the Indenture, and no distributions will be made on the Certificates
until the  Noteholders  and the  Indenture  Trustee and the  Enhancer  have been
irrevocably paid in full.

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Section 3.14. No Priority Among Certificates.  All Certificateholders shall rank
equally as to amounts distributable upon the liquidation, dissolution or winding
up of  the  Trust,  with  no  preference  or  priority  being  afforded  to  any
Certificateholders over any other Certificateholders.

                                   ARTICLE IV

                      Authority and Duties of Owner Trustee

Section 4.01. General Authority. The Owner Trustee is authorized and directed to
execute and deliver the Basic  Documents to which the Trust is to be a party and
each certificate or other document  attached as an exhibit to or contemplated by
the  Basic  Documents  to  which  the  Trust  is to be a  party,  as well as any
certificate that supports the factual assumptions made in any Opinion of Counsel
delivered  on the  Closing  Date,  and  any  amendment  or  other  agreement  or
instrument  described  herein,  in each case,  in such form as the Owner Trustee
shall  approve,  as  evidenced  conclusively  by the Owner  Trustee's  execution
thereof.  In addition to the  foregoing,  the Owner Trustee is obligated to take
all actions required of the Trust pursuant to the Basic Documents.

Section  4.02.  General  Duties.  The  Owner  Trustee  shall be  responsible  to
administer the Trust pursuant to the terms of this Trust Agreement and the other
Basic  Documents  to which  the  Trust  is a party  and in the  interest  of the
Certificateholders,  subject to the Basic  Documents and in accordance  with the
provisions of this Trust Agreement.

Section 4.03.  Action upon Instruction.
               -----------------------

(a) Subject to this Article IV and Section 10.13 of this Trust  Agreement and in
accordance with the terms of the Basic Documents,  the Certificateholders may by
written  instruction  direct the Owner  Trustee in the  management of the Trust.
Such  direction  may be  exercised  at any time by  written  instruction  of the
Certificateholders pursuant to this Article IV.

(b)  Notwithstanding  the foregoing,  the Owner Trustee shall not be required to
take any action hereunder or under any Basic Document if the Owner Trustee shall
have  reasonably  determined,  or shall have been advised by counsel,  that such
action is likely to result in liability  on the part of the Owner  Trustee or is
contrary  to the terms  hereof or of any other Basic  Document  or is  otherwise
contrary to law.

(c) Whenever the Owner Trustee is unable to decide between  alternative  courses
of action  permitted  or required by the terms of this Trust  Agreement or under
any other Basic Document, or in the event that the Owner Trustee is unsure as to
the  application  of any  provision  of this Trust  Agreement or any other Basic
Document or any such  provision is ambiguous  as to its  application,  or is, or
appears to be, in conflict with any other applicable provision,  or in the event
that this Trust Agreement  permits any  determination by the Owner Trustee or is
silent or is  incomplete  as to the course of action  that the Owner  Trustee is
required to take with respect to a particular  set of facts,  the Owner  Trustee
shall  promptly  give  notice  (in such form as shall be  appropriate  under the
circumstances)  to  the  Certificateholders   (with  a  copy  to  the  Enhancer)
requesting  instruction  as to the  course of action to be  adopted,  and to the
extent the Owner  Trustee  acts in good  faith in  accordance  with any  written

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instructions  received from  Certificateholders  of Certificates  representing a
majority  of the  aggregate  Certificate  Percentage  Interest  of each Class of
Certificates, the Owner Trustee shall not be liable on account of such action to
any Person. If the Owner Trustee shall not have received appropriate instruction
within  10 days  of such  notice  (or  within  such  shorter  period  of time as
reasonably  may be  specified  in such  notice  or may be  necessary  under  the
circumstances)  it may,  but  shall be under no duty to,  take or  refrain  from
taking such action not inconsistent with this Trust Agreement or the other Basic
Documents,   as  it   shall   deem  to  be  in  the   best   interests   of  the
Certificateholders,  and the Owner Trustee shall have no liability to any Person
for such action or inaction.

Section  4.04.  No Duties Except as Specified  under  Specified  Documents or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any  payment  with  respect  to,  register,  record,  sell,  dispose of, or
otherwise  deal with the Trust  Estate,  or to  otherwise  take or refrain  from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner  Trustee  is a party,  except as  expressly  provided  (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee  pursuant to this Trust  Agreement,  (ii) in  accordance  with the Basic
Documents and (iii) in accordance with any document or instruction  delivered to
the Owner Trustee pursuant to Section 4.03; and no implied duties or obligations
shall be read into this Trust Agreement or any other Basic Document  against the
Owner  Trustee.  The Owner Trustee shall have no  responsibility  for filing any
financing  or  continuation  statement  in any  public  office at any time or to
otherwise  perfect or maintain the  perfection of any security  interest or lien
granted to it hereunder or to prepare or file any filing with the Commission for
the Trust or to record this Trust  Agreement  or any other Basic  Document.  The
Owner  Trustee  nevertheless  agrees that it will,  at its own cost and expense,
promptly  take all action as may be necessary to discharge any liens on any part
of the Trust  Estate that result from actions by, or claims  against,  the Owner
Trustee that are not related to the ownership or the administration of the Trust
Estate.

Section 4.05.  Restrictions.
               ------------

(a) The Owner  Trustee shall not take any action (i) that is  inconsistent  with
the purposes of the Trust set forth in Section 2.03 or (ii) that,  to the actual
knowledge  of the Owner  Trustee,  would  cause the  Trust to be  treated  as an
association  (or a  publicly-traded  partnership)  taxable as a corporation or a
taxable  mortgage  pool for federal  income tax purposes at any time that any of
the Notes or  Certificates  are outstanding or any obligations are due and owing
to the Enhancer under the Insurance Agreement.  The Certificateholders shall not
direct the Owner  Trustee to take action that would  violate the  provisions  of
this Section 4.05.

(b) The Owner Trustee shall not convey or transfer any of the Trust's properties
or assets,  including  those included in the Trust Estate,  to any person unless
(i) it shall have  received  an  Opinion  of  Counsel  to the  effect  that such
transaction  will not have any material  adverse tax consequence to the Trust or
any Certificateholder and (ii) such conveyance or transfer shall not violate the
provisions of Section 3.16(b) of the Indenture.

Section 4.06. Prior Notice to  Certificateholders  and the Enhancer with Respect
to Certain  Matters.  With respect to the following  matters,  the Owner Trustee
shall not take action unless, at least 30 days before the taking of such action,
the Owner Trustee shall have notified the Certificateholders and the Enhancer in
writing of the proposed  action and the Enhancer and the  Certificateholders  of

                                       13
<PAGE>

Certificates  representing  a majority of the aggregate  Certificate  Percentage
Interest  shall not have notified the Owner Trustee in writing prior to the 30th
day after  such  notice  is given  that such  Certificateholders  have  withheld
consent or provided alternative direction:

(a) the initiation of any Proceeding by the Trust (except Proceedings brought in
connection  with the  collection of cash  distributions  due and owing under the
Mortgage  Loans) and the compromise of any Proceeding  brought by or against the
Trust (except with respect to the  aforementioned  Proceedings for collection of
cash distributions due and owing under the Mortgage Loans);

(b) the election by the Trust to file an amendment to the  Certificate  of Trust
(unless  such  amendment  is  required  to be filed  under the  Statutory  Trust
Statute);

(c) the  amendment  of any of the Basic  Documents  in  circumstances  where the
consent of any Noteholder is required;

(d) the  amendment  of any of the Basic  Documents  in  circumstances  where the
consent of any  Noteholder  is not required and such  amendment  materially  and
adversely affects the interest of the Certificateholders;

(e) the  appointment  pursuant to the Indenture of a successor  Note  Registrar,
Paying  Agent or  Indenture  Trustee or  pursuant to this Trust  Agreement  of a
successor  Certificate  Registrar or Certificate  Paying Agent or the consent to
the  assignment  by  the  Note  Registrar,   Paying  Agent,  Indenture  Trustee,
Certificate  Registrar or Certificate  Paying Agent of its obligations under the
Indenture or this Trust Agreement, as applicable.

Section 4.07. Action by Certificateholders  with Respect to Certain Matters. The
Owner  Trustee  shall not have the power,  except upon the written  direction of
Certificateholders  of  Certificates  evidencing not less than a majority of the
aggregate  Certificate  Percentage  Interest of each Class of Certificates,  and
with the consent of the Enhancer, to (a) remove the Servicer under the Servicing
Agreement  pursuant to Section 7.01 thereof or (b) except as expressly  provided
in the Basic  Documents,  sell the Mortgage  Loans after the  termination of the
Indenture.

Section 4.08. Action by Certificateholders with Respect to Bankruptcy. The Owner
Trustee  shall  not have  the  power  to  commence  a  voluntary  Proceeding  in
bankruptcy  relating to the Trust  without the unanimous  prior  approval of all
Certificateholders,  and with the consent of the  Enhancer,  and the delivery to
the Owner Trustee by each such  Certificateholder  of a  certificate  certifying
that such Certificateholder reasonably believes that the Trust is insolvent.

Section 4.09. Restrictions on Certificateholders'  Power. The Certificateholders
shall not direct the Owner  Trustee to take or to refrain from taking any action
if such action or inaction  would be contrary to any  obligation of the Trust or
the Owner Trustee under this Trust Agreement or any of the other Basic Documents
or would be contrary to Section  2.03,  nor shall the Owner Trustee be obligated
to follow any such direction, if given.

Section 4.10. Majority Control.  Except as expressly provided herein, any action
that may be taken by the  Certificateholders  under this Trust  Agreement may be
taken by the  Certificateholders  of  Certificates  evidencing  not less  than a

                                       14
<PAGE>

majority  of  the  aggregate  Certificate   Percentage  Interest  of  the  Class
specified,  if any. Except as expressly  provided herein,  any written notice of
the  Certificateholders  of a Class  delivered  pursuant to this Trust Agreement
shall  be  effective  if  signed  by  the   Certificateholders  of  Certificates
evidencing  not less than a majority  of the  aggregate  Certificate  Percentage
Interest of such Class at the time of the delivery of such notice.

Section 4.11. Doing Business in Other  Jurisdictions.  Notwithstanding  anything
contained herein to the contrary, neither Wilmington Trust Company nor the Owner
Trustee shall be required to take any action in any  jurisdiction  other than in
the  State of  Delaware  if the  taking  of such  action  will,  even  after the
appointment of a co-trustee or separate  trustee in accordance with Section 9.05
hereof,  (i) require the consent or approval or authorization or order of or the
giving of notice to, or the registration  with or the taking of any other action
in  respect  of,  any  state or other  governmental  authority  or agency of any
jurisdiction  other than the State of  Delaware;  (ii) result in any fee, tax or
other  governmental  charge  under  the laws of the State of  Delaware  becoming
payable by Wilmington Trust Company,  or (iii) subject  Wilmington Trust Company
to personal  jurisdiction in any  jurisdiction  other than the State of Delaware
for causes of action  arising  from acts  unrelated to the  consummation  of the
transactions by Wilmington  Trust Company or the Owner Trustee,  as the case may
be, contemplated hereby.

Section 4.12. Removal of Mortgage Loans.  Certificateholders holding 100% of the
Certificate  Percentage  Interests  of the  Certificates  may, by  delivering  a
written  request  to the Owner  Trustee  to such  effect,  cause the  removal of
Mortgage  Loans  from the Trust  Estate in  accordance  with the  provisions  of
Section 3.15(c) of the Servicing  Agreement.  Promptly  following receipt of any
such request, the Owner Trustee shall deliver to the Servicer the written notice
and request required to be delivered to the Servicer pursuant to Section 3.15(c)
of the  Servicing  Agreement.  Any Mortgage  Loans removed from the Trust Estate
pursuant to Section 3.15(c) of the Servicing  Agreement shall be property of the
Issuer and, upon the written request of the  Certificateholders  holding 100% of
the Certificate  Percentage  Interests of the  Certificates,  be released to the
Certificateholders as a dividend and in accordance with the written instructions
of such Certificateholders.

                                   ARTICLE V

                           Application of Trust Funds

Section 5.01.  Distributions.
               -------------

(a) On each Payment Date occurring in the months of March,  June,  September and
December, on any date on which the Trust is terminated pursuant to Section 8.01,
and on each  other  Payment  Date for which  the  Certificate  Paying  Agent has
received written notice from the  Certificateholders  by the Determination  Date
relating to such Payment Date  requesting  funds on deposit in the  Distribution
Account to be distributed,  the Certificate Paying Agent shall distribute to the
Certificateholders  all  funds  on  deposit  in  the  Distribution  Account  and
available   therefor  as  provided  in  Section  3.05  of  the  Indenture.   All
distributions  made  pursuant  to this  Section  to any  Certificates  shall  be
distributed  to  the   Certificateholders  pro  rata  based  on  the  respective
Percentage Interests thereof.

                                       15
<PAGE>

(b) In the event that any  withholding tax is imposed on the  distributions  (or
allocations of income) to a Certificateholder,  such tax shall reduce the amount
otherwise  distributable  to such  Certificateholder  in  accordance  with  this
Section 5.01. The Certificate  Paying Agent is hereby authorized and directed to
retain or cause to be  retained  from  amounts  otherwise  distributable  to the
Certificateholders  sufficient  funds for the payment of any tax that is legally
owed by the Trust (but such  authorization  shall not prevent the Owner  Trustee
from contesting any such tax in appropriate Proceedings, and withholding payment
of such tax, if permitted by law, pending the outcome of such Proceedings).  The
amount of any withholding tax imposed with respect to a Certificateholder  shall
be  treated  as cash  distributed  to such  Certificateholder  at the time it is
withheld by the Certificate  Paying Agent and remitted to the appropriate taxing
authority.  If there is a  possibility  that  withholding  tax is  payable  with
respect   to  a   distribution   (such   as  a   distribution   to  a   non-U.S.
Certificateholder),  the  Certificate  Paying  Agent may in its sole  discretion
withhold such amounts in accordance with this paragraph (b).

(c) Distributions to  Certificateholders  shall be subordinated to the creditors
of the Trust, including the Noteholders.

Section  5.02.  Method of  Payment.  Subject to Section  8.01(c),  distributions
required to be made to  Certificateholders  on any  Payment  Date as provided in
Section 5.01 shall be made to each  Certificateholder of record on the preceding
Record Date by wire transfer,  in immediately available funds, to the account of
each  Certificateholder at a bank or other entity having appropriate  facilities
therefor,  if such  Certificateholder  shall have  provided  to the  Certificate
Registrar  appropriate written instructions at least five Business Days prior to
such  Payment  Date  or,  if  not,  by  check  or  money  order  mailed  to such
Certificateholder  at the  address of such  Certificateholder  appearing  in the
Certificate Register.

Section 5.03. Signature on Returns. The Servicer,  as the Tax Matters Partner or
the agent for the Tax Matters Partner, shall sign on behalf of the Trust the tax
returns, if any, of the Trust.

Section  5.04.  Statements  to  Certificateholders.  On each Payment  Date,  the
Certificate  Paying  Agent shall make  available to each  Certificateholder  the
statement or statements provided to the Owner Trustee and the Certificate Paying
Agent by the Servicer  pursuant to Section 4.01 of the Servicing  Agreement with
respect to such Payment Date.

Section 5.05.  Tax  Reporting.  So long as the Depositor or any Affiliate of the
Depositor  owns 100% of the  Certificates,  then no  separate  federal and state
income tax  returns and  information  returns or  statements  will be filed with
respect to the Trust.  If the Servicer is no longer the sole  Certificateholder,
the subsequent holders of the Certificates by their acceptance of a Certificate,
agree to appoint the Servicer as their agent and the Servicer, as agent for such
holders, agrees to perform all duties necessary to comply with federal and state
income tax laws.

        Any Certificateholder  that holds 100% of the Certificates agrees by its
purchase of 100% of the  Certificates  to treat the Trust  Estate as assets of a
single person or entity wholly owned by such  Certificateholder  for purposes of
federal and state income tax,  franchise tax and any other tax measured in whole
or in part by income,  with the assets of the single  person or entity being the
assets held by the Trust, and the Notes being treated as debt of the Trust.

                                       16
<PAGE>

                                   ARTICLE VI

                          Concerning the Owner Trustee

Section  6.01.  Acceptance of Trusts and Duties.  The Owner Trustee  accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts, but only upon the terms of this Trust Agreement.  The Owner Trustee
and the  Certificate  Paying  Agent also agree to disburse  all moneys  actually
received  by it  constituting  part of the Trust  Estate  upon the terms of this
Trust  Agreement and the other Basic  Documents.  The Owner Trustee shall not be
answerable  or  accountable  hereunder  or under  any Basic  Document  under any
circumstances,  except (i) for its own  willful  misconduct,  negligence  or bad
faith or negligent  failure to act or (ii) in the case of the  inaccuracy of any
representation or warranty contained in Section 6.03 expressly made by the Owner
Trustee.  In  particular,  but  not by way of  limitation  (and  subject  to the
exceptions set forth in the preceding sentence):

(a) no  provision  of this Trust  Agreement  or any other Basic  Document  shall
require  the  Owner  Trustee  to  expend or risk  funds or  otherwise  incur any
financial  liability in the  performance of any of its rights,  duties or powers
hereunder  or under any other  Basic  Document if the Owner  Trustee  shall have
reasonable  grounds  for  believing  that  repayment  of such funds or  adequate
indemnity  against such risk or liability is not reasonably  assured or provided
to it;

(b) under no  circumstances  shall the Owner Trustee be liable for  indebtedness
evidenced  by or  arising  under  any  of the  Basic  Documents,  including  the
principal of and interest on the Notes;

(c) the Owner Trustee shall not be responsible for or in respect of the validity
or  sufficiency of this Trust  Agreement or for the due execution  hereof by the
Depositor for the form, character,  genuineness,  sufficiency, value or validity
of any of the Trust Estate,  or for or in respect of the validity or sufficiency
of the Basic Documents, the Notes, the Certificates,  other than the certificate
of authentication on the Certificates,  if executed by the Owner Trustee and the
Owner  Trustee  shall in no  event  assume  or incur  any  liability,  duty,  or
obligation  to  any  Noteholder  or to  any  Certificateholder,  other  than  as
expressly provided for herein or in the other Basic Documents;

(d) the execution, delivery, authentication and performance by the Owner Trustee
of this Trust Agreement will not require the authorization,  consent or approval
of, the giving of notice to, the filing or  registration  with, or the taking of
any other action with respect to, any governmental authority or agency;

(e) the Owner  Trustee  shall not be liable for the default or misconduct of the
Depositor, Indenture Trustee or the Servicer under any of the Basic Documents or
otherwise and the Owner Trustee shall have no obligation or liability to perform
the  obligations  of the Trust  under this Trust  Agreement  or the other  Basic
Documents  that are required to be performed by the Indenture  Trustee under the
Indenture or the Sellers under the Purchase Agreement; and

(f) the Owner Trustee shall be under no obligation to exercise any of the rights
or  powers  vested  in it or  duties  imposed  by this  Trust  Agreement,  or to
institute,  conduct or defend any  litigation  under  this  Trust  Agreement  or
otherwise or in relation to this Trust Agreement or any other Basic Document, at
the request,  order or direction of any of the  Certificateholders,  unless such
Certificateholders  have  offered to the Owner  Trustee  security  or  indemnity

                                       17
<PAGE>

satisfactory  to it against  the costs,  expenses  and  liabilities  that may be
incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any  discretionary  act enumerated in this Trust  Agreement or in any
other Basic  Document  shall not be construed as a duty,  and the Owner  Trustee
shall not be  answerable  for other  than its  negligence,  bad faith or willful
misconduct in the performance of any such act.

Section 6.02.  Furnishing  of Documents.  The Owner Trustee shall furnish to the
Securityholders  promptly upon receipt of a written reasonable request therefor,
duplicates or copies of all reports, notices, requests,  demands,  certificates,
financial statements and any other instruments  furnished to the Trust under the
Basic Documents.

Section  6.03.   Representations  and  Warranties.   The  Owner  Trustee  hereby
represents   and   warrants   to  the   Depositor,   for  the   benefit  of  the
Certificateholders, that:

(a) It is a banking  corporation  duly  organized  and validly  existing in good
standing under the laws of the State of Delaware. It has all requisite corporate
power and authority to execute,  deliver and perform its obligations  under this
Trust Agreement;

(b) It has taken all corporate  action  necessary to authorize the execution and
delivery  by it of this  Trust  Agreement,  and  this  Trust  Agreement  will be
executed and delivered by one of its officers who is duly  authorized to execute
and deliver this Trust Agreement on its behalf;

(c) Neither the  execution nor the delivery by it of this Trust  Agreement,  nor
the consummation by it of the transactions contemplated hereby nor compliance by
it with any of the terms or  provisions  hereof will  contravene  any federal or
Delaware law,  governmental  rule or  regulation  governing the banking or trust
powers  of the  Owner  Trustee  or any  judgment  or  order  binding  on it,  or
constitute  any default under its charter  documents or bylaws or any indenture,
mortgage,  contract,  agreement or instrument to which it is a party or by which
any of its properties may be bound;

(d) This Trust Agreement, assuming due authorization,  execution and delivery by
the Owner  Trustee and the  Depositor,  constitutes  a valid,  legal and binding
obligation of the Owner Trustee,  enforceable  against it in accordance with the
terms  hereof  subject to  applicable  bankruptcy,  insolvency,  reorganization,
moratorium  and other  laws  affecting  the  enforcement  of  creditors'  rights
generally  and to general  principles  of  equity,  regardless  of whether  such
enforcement is considered in a proceeding in equity or at law;

(e) The Owner  Trustee is not in default  with respect to any order or decree of
any court or any order, regulation or demand of any federal, state, municipal or
governmental agency, which default might have consequences that would materially
and  adversely  affect the  condition  (financial or other) or operations of the
Owner Trustee or its properties or might have consequences that would materially
adversely affect its performance hereunder; and

                                       18
<PAGE>

(f) No litigation is pending or, to the best of the Owner  Trustee's  knowledge,
threatened against the Owner Trustee which would prohibit its entering into this
Trust Agreement or performing its obligations under this Trust Agreement.

Section 6.04.  Reliance; Advice of Counsel.
               ---------------------------

(a) The Owner  Trustee  shall  incur no  liability  to anyone in acting upon any
signature, instrument, notice, resolution, request, consent, order, certificate,
report,  opinion,  bond, or other document or paper believed by it to be genuine
and  believed  by it to be  signed by the  proper  party or  parties.  The Owner
Trustee may accept a certified copy of a resolution of the board of directors or
other  governing  body of any corporate  party as conclusive  evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of determination of which is not
specifically  prescribed  herein,  the Owner Trustee may for all purposes hereof
rely on a  certificate,  signed by the president or any vice president or by the
treasurer or other authorized officers of the relevant party, as to such fact or
matter  and such  certificate  shall  constitute  full  protection  to the Owner
Trustee  for any  action  taken or  omitted  to be taken by it in good  faith in
reliance thereon.

(b)  In  the  exercise  or  administration  of the  Trust  hereunder  and in the
performance  of its duties and  obligations  under this Trust  Agreement  or the
other Basic  Documents,  the Owner  Trustee (i) may act  directly or through its
agents,  attorneys,  custodians or nominees  (including  persons  acting under a
power of attorney) pursuant to agreements entered into with any of them, and the
Owner  Trustee shall not be liable for the conduct or misconduct of such agents,
attorneys,  custodians or nominees  (including  persons  acting under a power of
attorney)  if  such  persons  have  been  selected  by the  Owner  Trustee  with
reasonable  care,  and (ii) may  consult  with  counsel,  accountants  and other
skilled  persons to be selected with  reasonable  care and employed by it at the
expense of the Trust.  The Owner Trustee shall not be liable for anything  done,
suffered or omitted in good faith by it in accordance with the opinion or advice
of any such counsel,  accountants or other such Persons and not contrary to this
Trust Agreement or any other Basic Document.

Section  6.05.  Not Acting in  Individual  Capacity.  Except as provided in this
Article VI, in accepting the trusts hereby created Wilmington Trust Company acts
solely as Owner Trustee  hereunder and not in its individual  capacity,  and all
Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Trust Agreement or any other Basic Document shall look only
to the Trust Estate for payment or satisfaction thereof.

Section 6.06.  Owner Trustee Not Liable for  Certificates or Related  Documents.
The recitals contained herein and in the Certificates (other than the signatures
of the Owner Trustee on the  Certificates)  shall be taken as the  statements of
the  Depositor,  and  the  Owner  Trustee  assumes  no  responsibility  for  the
correctness  thereof.  The  Owner  Trustee  makes no  representations  as to the
validity or sufficiency of this Trust Agreement,  of any other Basic Document or
of the  Certificates  (other  than the  signatures  of the Owner  Trustee on the
Certificates) or the Notes, or of any Related Documents. The Owner Trustee shall
at no time have any  responsibility or liability with respect to the sufficiency
of the Trust Estate or its ability to generate the payments to be distributed to
Certificateholders  under  this Trust  Agreement  or the  Noteholders  under the

                                       19
<PAGE>

Indenture,  including,  the  compliance by the Depositor or the Sellers with any
warranty  or  representation  made under any Basic  Document  or in any  related
document or the accuracy of any such warranty or  representation,  or any action
of the  Certificate  Paying Agent,  the  Certificate  Registrar or the Indenture
Trustee taken in the name of the Owner Trustee.

Section 6.07. Owner Trustee May Own Certificates and Notes. The Owner Trustee in
its  individual  or any  other  capacity  may  become  the owner or  pledgee  of
Certificates  or  Notes  and may deal  with  the  Depositor,  the  Sellers,  the
Certificate Paying Agent, the Certificate Registrar and the Indenture Trustee in
transactions with the same rights as it would have if it were not Owner Trustee.

                                  ARTICLE VII

                          Compensation of Owner Trustee

Section 7.01. Owner Trustee's Fees and Expenses. The Owner Trustee shall receive
as  compensation  for its services  hereunder such fees as have been  separately
agreed  upon  before the date  hereof in  accordance  with  Section  6.06 of the
Servicing  Agreement,  and  the  Owner  Trustee  shall  be  reimbursed  for  its
reasonable expenses hereunder and under the other Basic Documents, including the
reasonable   compensation,   expenses   and   disbursements   of  such   agents,
representatives,  experts and counsel as the Owner Trustee may reasonably employ
in  connection  with the exercise and  performance  of its rights and its duties
hereunder  and under the other  Basic  Documents  which  shall be payable by the
Servicer pursuant to Section 3.09 of the Servicing Agreement.

Section  7.02.  Indemnification.  The  Certificateholder  of the majority of the
Percentage  Interest  of the  Certificates  shall  indemnify,  defend  and  hold
harmless  the Owner  Trustee and its  successors,  assigns,  agents and servants
(collectively,  the  "Indemnified  Parties")  from  and  against,  any  and  all
liabilities, obligations, losses, damages, taxes, claims, actions and suits, and
any and all reasonable costs,  expenses and disbursements  (including reasonable
legal  fees  and  expenses)  of any kind and  nature  whatsoever  (collectively,
"Expenses")  which may at any time be  imposed  on,  incurred  by,  or  asserted
against the Owner  Trustee or any  Indemnified  Party in any way  relating to or
arising  out of this  Trust  Agreement,  the other  Basic  Documents,  the Trust
Estate,  the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder; provided, that:

(a) such  Certificateholder  shall not be liable for or required to indemnify an
Indemnified  Party from and against Expenses arising or resulting from the Owner
Trustee's  willful  misconduct,  negligence  or bad  faith or as a result of any
inaccuracy of a representation  or warranty  contained in Section 6.03 expressly
made by the Owner Trustee;

(b) with respect to any such claim, the Indemnified  Party shall have given such
Certificateholder  written notice thereof  promptly after the Indemnified  Party
shall have actual knowledge thereof;

(c) while maintaining control over its own defense, such Certificateholder shall
consult with the Indemnified Party in preparing such defense; and

                                       20
<PAGE>

(d)  notwithstanding  anything in this Trust  Agreement  to the  contrary,  such
Certificateholder  shall  not  be  liable  for  settlement  of any  claim  by an
Indemnified   Party   entered   into   without   the  prior   consent   of  such
Certificateholder, which consent shall not be unreasonably withheld.

        The indemnities  contained in this Section shall survive the resignation
or termination of the Owner Trustee or the termination of this Trust  Agreement.
In the event of any  Proceeding  for which  indemnity may be sought  pursuant to
this Section 7.02, the Owner  Trustee's  choice of legal counsel,  if other than
the legal counsel retained by the Owner Trustee in connection with the execution
and  delivery of this Trust  Agreement,  shall be subject to the approval of the
Certificateholder   of  the   majority  of  the   Percentage   Interest  of  the
Certificates,  which approval shall not be unreasonably  withheld.  In addition,
upon  written  notice to the Owner  Trustee  and with the  consent  of the Owner
Trustee, which consent shall not be unreasonably withheld, the Certificateholder
of the majority of the Percentage  Interest of the  Certificates  shall have the
right to assume the defense of any Proceeding against the Owner Trustee.

                                  ARTICLE VIII

                         Termination of Trust Agreement

Section 8.01.  Termination of Trust Agreement.
               ------------------------------

(a) This Trust  Agreement  (other  than this  Article  VIII) and the Trust shall
terminate  and be of no further force or effect upon the final  distribution  of
all moneys or other property or proceeds of the Trust Estate in accordance  with
the  terms  of  the  Indenture  and  this  Trust   Agreement.   The  bankruptcy,
liquidation, dissolution, death or incapacity of any Certificateholder shall not
(i) operate to terminate  this Trust  Agreement or the Trust,  (ii) entitle such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any  Proceeding  in any court for a  partition  or winding up of all or any
part of the Trust or the Trust  Estate or (iii)  otherwise  affect  the  rights,
obligations and liabilities of the parties hereto.

(b) Except as  provided  in  Section  8.01(a),  neither  the  Depositor  nor any
Certificateholder shall be entitled to revoke or terminate the Trust.

(c) Notice of any termination of the Trust, specifying the Payment Date on which
Certificateholders  shall surrender their Certificates to the Certificate Paying
Agent for payment of the final  distribution  thereon and cancellation  thereof,
shall  be  given   by  the   Certificate   Paying   Agent  by   letter   to  the
Certificateholders  and the Enhancer mailed within five Business Days of receipt
of notice of such  termination  from the Owner Trustee,  stating (i) the Payment
Date upon or with respect to which final  payment of the  Certificates  shall be
made upon  presentation  and surrender of the  Certificates at the office of the
Certificate Paying Agent therein  designated,  (ii) the amount of any such final
payment and (iii) that the Record Date otherwise applicable to such Payment Date
is not applicable,  payments being made only upon  presentation and surrender of
the  Certificates  at  the  office  of  the  Certificate  Paying  Agent  therein
specified.  The  Certificate  Paying  Agent  shall give such notice to the Owner

                                       21
<PAGE>

Trustee  and the  Certificate  Registrar  at the time  such  notice  is given to
Certificateholders.  Upon  presentation and surrender of the  Certificates,  the
Certificate  Paying Agent shall cause to be  distributed  to  Certificateholders
amounts distributable on such Payment Date pursuant to Section 5.01.

        In  the  event  that  all  of  the  Certificateholders  shall  not  have
surrendered their Certificates for cancellation within six months after the date
specified in the above mentioned  written notice,  the Certificate  Paying Agent
shall  give a second  written  notice  to the  remaining  Certificateholders  to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  Subject to  applicable  laws with respect to escheat of
funds,  if within one year  following the Payment Date on which final payment of
the  Certificates  was to have been  made  pursuant  to  Section  3.10,  all the
Certificates  shall not have been surrendered for cancellation,  the Certificate
Paying  Agent  may  take  appropriate  steps,  or may  appoint  an agent to take
appropriate  steps,  to  contact  the  remaining  Certificateholders  concerning
surrender of their  Certificates,  and the cost thereof shall be paid out of the
funds and other assets that shall remain  subject to this Trust  Agreement.  Any
funds remaining in the  Distribution  Account after  exhaustion of such remedies
shall be distributed by the Certificate Paying Agent to the Certificateholder of
the majority of the Percentage  Interest of the  Certificates  of the Class with
respect to which such amounts are due.

(d) Upon the  winding  up of the Trust and its  termination,  the Owner  Trustee
shall cause the  Certificate of Trust to be cancelled by filing a certificate of
cancellation  with the Secretary of State in accordance  with the  provisions of
Section 3810(c) of the Statutory Trust Statute.

                                   ARTICLE IX

             Successor Owner Trustees and Additional Owner Trustees

Section 9.01.  Eligibility  Requirements  for Owner  Trustee.  The Owner Trustee
shall at all times be a corporation satisfying the provisions of Section 3807(a)
of the Statutory Trust Statute;  authorized to exercise  corporate trust powers;
having a combined  capital  and surplus of at least  $50,000,000  and subject to
supervision  or  examination  by  federal or state  authorities;  and having (or
having a parent that has) long-term debt obligations with a rating of at least A
by Moody's or Standard & Poor's.  If such  corporation  shall publish reports of
condition  at  least  annually  pursuant  to law or to the  requirements  of the
aforesaid  supervising  or  examining  authority,  then for the  purpose of this
Section, the combined capital and surplus of such corporation shall be deemed to
be its  combined  capital and surplus as set forth in its most recent  report of
condition so published.  In case at any time the Owner Trustee shall cease to be
eligible in  accordance  with the  provisions  of this Section  9.01,  the Owner
Trustee shall resign  immediately in the manner and with the effect specified in
Section 9.02.

Section 9.02.  Replacement of Owner  Trustee.  The Owner Trustee may at any time
resign and be discharged from the trusts hereby created by giving 30 days' prior
written notice thereof to the Enhancer, the Indenture Trustee and the Depositor.
Upon receiving such notice of resignation,  the Indenture Trustee shall promptly
appoint a  successor  Owner  Trustee  with the  consent of the  Enhancer,  which
consent shall not be unreasonably withheld, by written instrument, in duplicate,
one copy of which  instrument  shall be delivered to the resigning Owner Trustee
and one copy to the successor Owner Trustee. If no successor Owner Trustee shall

                                       22
<PAGE>

have been so appointed  and have accepted  appointment  within 30 days after the
giving of such notice of  resignation,  the resigning Owner Trustee may petition
any court of competent  jurisdiction  for the  appointment of a successor  Owner
Trustee.

        If at  any  time  the  Owner  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of Section 9.01 and shall fail to resign after
written request therefor by the Indenture  Trustee,  or if at any time the Owner
Trustee  shall be  legally  unable  to act,  or shall be  adjudged  bankrupt  or
insolvent,  or a  receiver  of the Owner  Trustee  or of its  property  shall be
appointed,  or any  public  officer  shall  take  charge or control of the Owner
Trustee  or of its  property  or  affairs  for the  purpose  of  rehabilitation,
conservation  or  liquidation,  then the  Indenture  Trustee  may,  and,  at the
direction of the Enhancer,  shall,  remove the Owner  Trustee.  If the Indenture
Trustee shall remove the Owner  Trustee  under the authority of the  immediately
preceding  sentence,  the Indenture  Trustee shall promptly  appoint a successor
Owner Trustee  acceptable to the Enhancer by written  instrument,  in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee, and shall pay all fees owed
to the outgoing Owner Trustee.  If the Indenture  Trustee is unable to appoint a
successor Owner Trustee within 60 days after any such  direction,  the Indenture
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor Owner Trustee.

        Any  resignation  or removal of the Owner Trustee and  appointment  of a
successor Owner Trustee  pursuant to any of the provisions of this Section shall
not become  effective  until  acceptance of appointment  by the successor  Owner
Trustee  pursuant to Section 9.03 and payment of all fees and  expenses  owed to
the outgoing Owner Trustee.

Section 9.03.  Successor Owner Trustee.  Any successor  Owner Trustee  appointed
pursuant to Section 9.02 shall execute, acknowledge and deliver to the Indenture
Trustee  and to its  predecessor  Owner  Trustee an  instrument  accepting  such
appointment under this Trust Agreement, and thereupon the resignation or removal
of the  predecessor  Owner Trustee shall become  effective,  and such  successor
Owner Trustee,  without any further act, deed or conveyance,  shall become fully
vested with all the rights,  powers,  duties and  obligations of its predecessor
under this Trust  Agreement,  with like effect as if  originally  named as Owner
Trustee.  The  predecessor  Owner  Trustee  shall  upon  payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Trust Agreement;  and the predecessor Owner Trustee
shall  execute  and deliver  such  instruments  and do such other  things as may
reasonably  be required for fully and  certainly  vesting and  confirming in the
successor Owner Trustee all such rights, powers, duties and obligations.

        No successor Owner Trustee shall accept  appointment as provided in this
Section 9.03 unless at the time of such  acceptance such successor Owner Trustee
shall be eligible pursuant to Section 9.01.

        Upon acceptance of appointment by a successor Owner Trustee  pursuant to
this  Section  9.03,  the  Indenture  Trustee  shall mail notice  thereof to all
Certificateholders,  the  Indenture  Trustee,  the  Noteholders  and the  Rating
Agencies and the  Enhancer.  If the  Indenture  Trustee  shall fail to mail such
notice  within 10 days after  acceptance  of such  appointment  by the successor
Owner Trustee,  the successor Owner Trustee shall cause such notice to be mailed
at the expense of the Indenture Trustee.

                                       23
<PAGE>

Section 9.04.  Merger or Consolidation  of Owner Trustee.  Any Person into which
the  Owner  Trustee  may  be  merged  or  converted  or  with  which  it  may be
consolidated,   or  any  Person   resulting  from  any  merger,   conversion  or
consolidation  to which  the  Owner  Trustee  shall be a  party,  or any  Person
succeeding to all or  substantially  all of the corporate  trust business of the
Owner Trustee,  shall be the successor of the Owner Trustee  hereunder,  without
the execution or filing of any  instrument or any further act on the part of any
of  the  parties  hereto,  anything  herein  to  the  contrary  notwithstanding;
provided,  that such  Person  shall be eligible  pursuant  to Section  9.01 and,
provided,  further,  that the Owner  Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

Section 9.05. Appointment of Co-Trustee or Separate Trustee. Notwithstanding any
other  provisions  of this  Trust  Agreement,  at any time,  for the  purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Estate may at the time be located,  the Owner Trustee shall have the power
and shall execute and deliver all  instruments to appoint one or more Persons to
act as  co-trustee,  jointly with the Owner Trustee,  or as separate  trustee or
trustees, of all or any part of the Trust Estate, and to vest in such Person, in
such capacity,  such title to the Trust or any part thereof and,  subject to the
other provisions of this Section, such powers, duties,  obligations,  rights and
trusts as the Owner Trustee may consider  necessary or desirable.  No co-trustee
or separate  trustee  under this Trust  Agreement  shall be required to meet the
terms of eligibility as a successor  Owner Trustee  pursuant to Section 9.01 and
no notice of the  appointment  of any  co-trustee  or separate  trustee shall be
required pursuant to Section 9.03.

        Each separate  trustee and co-trustee  shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

(a) All rights,  powers,  duties and  obligations  conferred or imposed upon the
Owner  Trustee  shall be conferred  upon and exercised or performed by the Owner
Trustee and such  separate  trustee or co-trustee  jointly (it being  understood
that such separate  trustee or co-trustee  is not  authorized to act  separately
without the Owner Trustee joining in such act),  except to the extent that under
any law of any  jurisdiction  in  which  any  particular  act or acts  are to be
performed, the Owner Trustee shall be incompetent or unqualified to perform such
act or acts,  in  which  event  such  rights,  powers,  duties  and  obligations
(including  the holding of title to the Trust  Estate or any portion  thereof in
any such jurisdiction)  shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Owner Trustee;

(b) No trustee under this Trust Agreement  shall be personally  liable by reason
of any act or omission of any other trustee under this Trust Agreement; and

(c) The Owner  Trustee may at any time accept the  resignation  of or remove any
separate trustee or co-trustee.

        Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or  co-trustee  shall  refer to this Trust  Agreement  and the
conditions of this Article IX. Each separate  trustee and  co-trustee,  upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified  in its  instrument  of  appointment,  either  jointly  with the Owner
Trustee or separately, as may be provided therein, subject to all the provisions

                                       24
<PAGE>

of this Trust  Agreement,  specifically  including every provision of this Trust
Agreement  relating to the conduct of,  affecting the liability of, or affording
protection to, the Owner Trustee.  Each such instrument  shall be filed with the
Owner Trustee.

        Any  separate  trustee or  co-trustee  may at any time appoint the Owner
Trustee as its agent or attorney-in-fact  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Trust  Agreement  on its  behalf  and in its name.  If any  separate  trustee or
co-trustee shall die, become incapable of acting,  resign or be removed,  all of
its  estates,  properties,  rights,  remedies  and  trusts  shall vest in and be
exercised by the Owner  Trustee,  to the extent  permitted  by law,  without the
appointment of a new or successor co-trustee or separate trustee.

                                   ARTICLE X

                                  Miscellaneous

Section 10.01. Amendments.
               ----------

(a) This Trust  Agreement may be amended from time to time by the parties hereto
as specified in this Section 10.01, provided that any such amendment,  except as
provided in paragraph (e) below,  shall be  accompanied by an Opinion of Counsel
addressed  to the  Owner  Trustee  and the  Enhancer  to the  effect  that  such
amendment complies with the provisions of this Section.

(b) If the purpose of any such amendment (as detailed therein) is to correct any
mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter
not covered in this Trust  Agreement  (i.e., to give effect to the intent of the
parties),   it  shall  not  be   necessary   to  obtain   the   consent  of  any
Certificateholders,  but the Owner Trustee shall be furnished  with (i) a letter
from each Rating  Agency that the  amendment  will not result in a Rating Event,
determined  without  regard to the  Policy and (ii) an Opinion of Counsel to the
effect that such action will not  adversely  affect in any material  respect the
interests of any  Certificateholder,  and the consent of the  Enhancer  shall be
obtained.

(c) If the purpose of the amendment is to prevent the  imposition of any federal
or state taxes at any time that any Security is outstanding (i.e.,  technical in
nature),   it  shall  not  be   necessary   to  obtain   the   consent   of  any
Certificateholder,  but the Owner Trustee shall be furnished  with an Opinion of
Counsel that such amendment is necessary or helpful to prevent the imposition of
such  taxes  and is not  materially  adverse  to any  Certificateholder  and the
consent of the Enhancer shall be obtained.

(d) If the  purpose  of the  amendment  is to add or  eliminate  or  change  any
provision  of the Trust  Agreement  other  than as  contemplated  in (b) and (c)
above,  the  amendment  shall  require  (i) the consent of the  Enhancer  and an
Opinion of Counsel to the effect that such action will not  adversely  affect in
any material respect the interests of any  Certificateholder and (ii) either (A)
a letter from each Rating  Agency  that such  amendment  will not cause a Rating
Event,  if  determined  without  regard  to the  Policy  or (B) the  consent  of

                                       25
<PAGE>

Certificateholders  of each Class of  Certificates  evidencing a majority of the
aggregate Certificate  Percentage Interest and the Indenture Trustee;  provided,
however,  that no such  amendment  shall  reduce in any manner the amount of, or
delay the timing of,  payments  received that are required to be  distributed on
any Certificate without the consent of each  Certificateholder  affected thereby
and the  Enhancer,  or reduce  the  aforesaid  percentage  of  Certificates  the
Certificateholders  of which are  required  to  consent  to any such  amendment,
without  the consent of the  Certificateholders  of all such  Certificates  then
outstanding.

(e) No amendment of this Trust  Agreement  may provide for the holding of any of
the Certificates in book-entry form.

(f) If the  purpose of any such  amendment  is to provide  for the  issuance  of
additional  Certificates  representing an interest in the Trust, it shall not be
necessary to obtain the consent of any Certificateholder,  but the Owner Trustee
shall be furnished with (i) an Opinion of Counsel to the effect that such action
will  not  adversely  affect  in  any  material  respect  the  interests  of any
Certificateholders  and (B) a letter from each Rating  Agency to the effect that
such  amendment will not cause a Rating Event,  if determined  without regard to
the Policy, and the consent of the Enhancer shall be obtained.

(g) Promptly  after the  execution of any such  amendment or consent,  the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder,  the Indenture Trustee, the Enhancer and each
of  the  Rating  Agencies.  It  shall  not  be  necessary  for  the  consent  of
Certificateholders  or the Indenture  Trustee  pursuant to this Section 10.01 to
approve the particular form of any proposed  amendment or consent,  but it shall
be sufficient if such consent shall approve the substance thereof. The manner of
obtaining such consents (and any other consents of  Certificateholders  provided
for in this Trust  Agreement or in any other Basic  Document)  and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable requirements as the Owner Trustee may prescribe.

(h) In connection  with the execution of any amendment to any agreement to which
the Trust is a party,  other than this Trust Agreement,  the Owner Trustee shall
be entitled to receive and  conclusively  rely upon an Opinion of Counsel to the
effect that such  amendment is authorized or permitted by the documents  subject
to such amendment and that all conditions  precedent in the Basic  Documents for
the execution  and delivery  thereof by the Trust or the Owner  Trustee,  as the
case may be, have been satisfied.

        Promptly  after the  execution of any  amendment to the  Certificate  of
Trust,  the Owner  Trustee  shall  cause the filing of such  amendment  with the
Secretary of State.

Section 10.02. No Legal Title to Trust Estate. The Certificateholders  shall not
have legal title to any part of the Trust Estate. The  Certificateholders  shall
be entitled to receive  distributions with respect to their undivided beneficial
interest  therein only in accordance  with Articles V and VIII. No transfer,  by
operation  of  law  or  otherwise,  of  any  right,  title  or  interest  of the
Certificateholders  to and in their ownership interest in the Trust Estate shall
operate to terminate this Trust Agreement or the trusts hereunder or entitle any
transferee  to an accounting or to the transfer to it of legal title to any part
of the Trust Estate.

                                       26
<PAGE>

Section  10.03.  Limitations  on Rights of Others.  Except for Section 2.07, the
provisions  of this Trust  Agreement  are  solely  for the  benefit of the Owner
Trustee, the Depositor, the Certificateholders,  the Enhancer and, to the extent
expressly  provided  herein,  the  Indenture  Trustee and the  Noteholders,  and
nothing in this Trust  Agreement  (other than Section 2.07),  whether express or
implied,  shall be  construed to give to any other Person any legal or equitable
right,  remedy or claim in the Trust Estate or under or in respect of this Trust
Agreement or any covenants, conditions or provisions contained herein.

Section 10.04. Notices.
               -------

(a) Unless otherwise  expressly  specified or permitted by the terms hereof, all
notices  shall be in writing and shall be deemed given upon  receipt:  if to the
Owner Trustee,  addressed to its Corporate  Trust Office;  if to the Certificate
Paying Agent, addressed to Wells Fargo Bank Minnesota,  N.A., 9062 Old Annapolis
Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services - GMACM
-- 2003-HE1, with a copy to the Corporate Trust Office of the Indenture Trustee,
if to the Depositor,  addressed to Residential  Asset Mortgage  Products,  Inc.,
8400  Normandale  Lake  Boulevard,  Suite  600,  Minneapolis,  Minnesota  55437,
Attention:  President,  Re: GMACM Home Equity Loan Trust Series 2003-HE1;  if to
the  Enhancer,  addressed to Financial  Guaranty  Insurance  Company.,  125 Park
Avenue,  6th Floor,  New York,  New York  10017,  Attention:  Research  and Risk
Management  (GMACM Home Equity Loan Trust 2003-HE1);  if to the Rating Agencies,
addressed to Moody's Investors  Service,  Inc., 99 Church Street, 4th Floor, New
York,  New York 10001 and  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies,  Inc.,  55  Water  Street,  New  York,  New  York  10004,  Attention:
Structured Finance Department - MBS; or, as to each of the foregoing Persons, at
such other address as shall be designated by such Person in a written  notice to
each of the other foregoing Persons.

(b) Any notice required or permitted to be given to a Certificateholder shall be
given  by  first-class   mail,   postage   prepaid,   at  the  address  of  such
Certificateholder  as shown in the  Certificate  Register.  Any notice so mailed
within the time prescribed in this Trust Agreement to a Certificateholder  shall
be  conclusively  presumed  to  have  been  duly  given,  whether  or  not  such
Certificateholder receives such notice.

(c) A copy of any notice  delivered to the Owner Trustee or the Trust shall also
be delivered to the Depositor.

Section  10.05.  Severability.  Any  provision of this Trust  Agreement  that is
prohibited or unenforceable in any jurisdiction  shall, as to such jurisdiction,
be ineffective to the extent of such  prohibition  or  unenforceability  without
invalidating  the  remaining  provisions  hereof,  and any such  prohibition  or
unenforceability   in  any   jurisdiction   shall  not   invalidate   or  render
unenforceable such provision in any other jurisdiction.

Section 10.06.  Separate  Counterparts.  This Trust Agreement may be executed by
the parties hereto in any number of counterparts, each of which when so executed
and delivered  shall be an original,  but all such  counterparts  shall together
constitute but one and the same instrument.

                                       27
<PAGE>

Section  10.07.   Successors  and  Assigns.  All  representations,   warranties,
covenants and  agreements  contained  herein shall be binding upon, and inure to
the benefit of, each of the Enhancer,  the Depositor,  the Owner Trustee and its
successors and each  Certificateholder and its successors and permitted assigns,
all as herein provided. Any request, notice, direction, consent, waiver or other
instrument  or action  by a  Certificateholder  shall  bind the  successors  and
assigns of such Certificateholder.

Section  10.08.  No Petition.  The Owner  Trustee,  by entering  into this Trust
Agreement,  and each  Certificateholder,  by  accepting  a  Certificate,  hereby
covenant  and  agree  that  they  will not at any  time  institute  against  the
Depositor or the Trust, or join in any institution  against the Depositor or the
Trust of, any  bankruptcy  Proceedings  under any United States federal or state
bankruptcy  or  similar  law  in  connection   with  any   obligations   to  the
Certificates,  the  Notes,  this  Trust  Agreement  or any of  the  other  Basic
Documents.

Section 10.09. No Recourse. Each Certificateholder,  by accepting a Certificate,
acknowledges that such  Certificateholder's  Certificate represents a beneficial
interest in the Trust only and does not  represent an interest in or  obligation
of the Depositor,  the Sellers,  the Owner Trustee, the Indenture Trustee or any
Affiliate thereof, and that no recourse may be had against such Persons or their
assets,   except  as  may  be  expressly  set  forth  or   contemplated  in  the
Certificates, this Trust Agreement or the other Basic Documents.

Section  10.10.  Headings.  The  headings of the various  Articles  and Sections
herein are for  convenience  of reference only and shall not define or limit any
of the terms or provisions hereof.

Section  10.11.  GOVERNING  LAW.  THIS TRUST  AGREEMENT  SHALL BE  CONSTRUED  IN
ACCORDANCE  WITH THE LAWS OF THE STATE OF  DELAWARE,  WITHOUT  REFERENCE  TO ITS
CONFLICT OF LAW  PROVISIONS,  AND THE  OBLIGATIONS,  RIGHTS AND  REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section  10.12.  Integration.   This  Trust  Agreement  constitutes  the  entire
agreement  among the parties hereto  pertaining to the subject matter hereof and
supersedes all prior agreements and understanding pertaining thereto.

Section 10.13. Rights of Enhancer to Exercise Rights of  Certificateholders.  By
accepting its Certificate,  each Certificateholder agrees that unless a Enhancer
Default exists,  the Enhancer shall have the right to exercise all rights of the
Certificateholders under this Trust Agreement without any further consent of the
Certificateholders.  Nothing in this Section,  however, shall alter or modify in
any   way,   the   fiduciary   obligations   of  the   Owner   Trustee   to  the
Certificateholders  pursuant to this Trust  Agreement,  or create any  fiduciary
obligation  of the Owner  Trustee  to the  Enhancer.  The  Enhancer  shall be an
express third party beneficiary of this Trust Agreement.

                                       28
<PAGE>

        IN WITNESS  WHEREOF,  the  Depositor  and the Owner  Trustee have caused
their names to be signed  hereto by their  respective  officers  thereunto  duly
authorized, all as of the day and year first above written.

                          RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,
                             as Depositor

                          By:    /s/ Patricia C. Taylor
                                 -------------------------------------------
                                 Name: Patricia C. Taylor
                                 Title: Vice President

                          WILMINGTON TRUST COMPANY,
                             not  in its  individual  capacity
                             but  solely  as  Owner   Trustee,
                             except   with   respect   to  the
                             representations   and  warranties
                             contained in Section 6.03 hereof

                          By:    /s/ Janel R. Havrilla
                                 -------------------------------------------
                                 Name:  Janel R. Havrilla
                                 Title:  Financial Services Officer

Acknowledged and Agreed:

WELLS FARGO BANK MINNESOTA, N.A.,
    as Indenture Trustee, Certificate Registrar
    and Certificate Paying Agent

By:     /s/ Peter A. Gobell
        ------------------------------------
        Name:  Peter A. Gobell
        Title:  Vice President

                                       29
<PAGE>

                                    EXHIBIT A

                               FORM OF CERTIFICATE

        THIS  CERTIFICATE IS  SUBORDINATED IN RIGHT OF PAYMENT TO THE TERM NOTES
AND THE VARIABLE PAY  REVOLVING  NOTES AS DESCRIBED IN THE AGREEMENT (AS DEFINED
HEREIN).

        THIS CERTIFICATE IS ISSUED IN THE PERCENTAGE INTEREST SET FORTH BELOW.

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
STATE LAWS OR IS SOLD OR  TRANSFERRED  IN  TRANSACTIONS  WHICH ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND SUCH STATE LAWS AND IS TRANSFERRED IN ACCORDANCE
WITH THE PROVISIONS OF SECTION 3.05 OF THE AGREEMENT.

        NO TRANSFER  OF THIS  CERTIFICATE  SHALL BE MADE UNLESS THE  CERTIFICATE
REGISTRAR  SHALL HAVE  RECEIVED  EITHER  (i) A  REPRESENTATION  LETTER  FROM THE
TRANSFEREE  OF THIS  CERTIFICATE  TO THE EFFECT THAT SUCH  TRANSFEREE  IS NOT AN
EMPLOYEE   BENEFIT  OR  OTHER  PLAN  SUBJECT  TO  THE   PROHIBITED   TRANSACTION
RESTRICTIONS  AND THE  FIDUCIARY  RESPONSIBILITY  REQUIREMENTS  OF THE  EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR SECTION 4975 OF
THE INTERNAL  REVENUE CODE OF 1986, AS AMENDED (THE "CODE"),  ANY PERSON ACTING,
DIRECTLY  OR  INDIRECTLY,  ON BEHALF OF ANY SUCH PLAN OR ANY PERSON  USING "PLAN
ASSETS,"  WITHIN THE  MEANING OF THE  DEPARTMENT  OF LABOR  REGULATIONS  SECTION
2510.3-101,  TO ACQUIRE THIS CERTIFICATE  (EACH, A "PLAN INVESTOR"),  OR (ii) IF
THIS  CERTIFICATE IS PRESENTED FOR  REGISTRATION IN THE NAME OF A PLAN INVESTOR,
AN OPINION OF COUNSEL  ACCEPTABLE TO AND IN FORM AND SUBSTANCE  SATISFACTORY  TO
THE DEPOSITOR, THE OWNER TRUSTEE, THE SERVICER AND THE CERTIFICATE REGISTRAR, OR
A  CERTIFICATION  IN THE FORM OF EXHIBIT G TO THE AGREEMENT,  TO THE EFFECT THAT
THE PURCHASE OR HOLDING OF THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW,
WILL NOT CONSTITUTE OR RESULT IN A PROHIBITED  TRANSACTION  UNDER SECTION 406 OF
ERISA OR SECTION 4975 OF THE CODE (OR  COMPARABLE  PROVISIONS OF ANY  SUBSEQUENT
ENACTMENTS) AND WILL NOT SUBJECT THE DEPOSITOR,  THE OWNER TRUSTEE, THE SERVICER
OR  THE  CERTIFICATE   REGISTRAR  TO  ANY  OBLIGATION  OR  LIABILITY  (INCLUDING
OBLIGATIONS  OR  LIABILITIES  UNDER  SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE) IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

        THE  TRANSFEREE  OF THIS  CERTIFICATE  SHALL BE SUBJECT TO UNITED STATES
FEDERAL  WITHHOLDING TAX UNLESS THE CERTIFICATE  REGISTRAR SHALL HAVE RECEIVED A
CERTIFICATE OF NON-FOREIGN STATUS CERTIFYING AS TO THE TRANSFEREE'S  STATUS AS A
U.S. PERSON OR CORPORATION OR PARTNERSHIP UNDER U.S. LAW.

                                       1
<PAGE>

        THIS  CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE
SELLERS, THE DEPOSITOR,  THE SERVICER,  THE INDENTURE TRUSTEE, THE OWNER TRUSTEE
OR ANY OF THEIR  RESPECTIVE  AFFILIATES,  EXCEPT AS  EXPRESSLY  PROVIDED  IN THE
AGREEMENT OR THE OTHER BASIC DOCUMENTS.

                                       2
<PAGE>

Certificate No. 1

Cut-Off Date:
March 1, 2003

Date of Trust Agreement:
March 26, 2003

First Payment Date:                     Percentage Interest: 100%
April 25, 2003

Final Payment Date:
April 25, 2033

                  GMACM HOME EQUITY LOAN-BACKED CERTIFICATE, SERIES 2003-HE1

        evidencing  a  fractional  undivided  interest in GMACM Home Equity Loan
Trust 2003-HE1 (the "Issuer"),  the property of which consists  primarily of the
Mortgage Loans.

        This  Certificate is payable solely from the assets of the Trust Estate,
and does not  represent  an  obligation  of or  interest in the  Depositor,  the
Sellers,  the  Servicer,  the  Indenture  Trustee or the Owner Trustee or any of
their  Affiliates.  This  Certificate  is  not  guaranteed  or  insured  by  any
governmental  agency or  instrumentality or by the Depositor,  the Sellers,  the
Servicer, the Indenture Trustee or the Owner Trustee or any of their affiliates.
None of the Depositor,  the Sellers, the Servicer,  the Indenture Trustee or the
Owner Trustee or any of their  Affiliates  will have any obligation with respect
to any  certificate or other  obligation  secured by or payable from payments on
the Certificates.

        This certifies that GMAC Mortgage Corporation is the registered owner of
the Certificate  Percentage Interest evidenced by this Certificate (as set forth
on the face hereof) in certain  distributions  with respect to the Trust Estate,
consisting  primarily  of the  Mortgage  Loans,  created  by  Residential  Asset
Mortgage  Products,  Inc. (the  "Depositor").  The Trust (as defined herein) was
created pursuant to a trust agreement dated as of March 26, 2003 (as amended and
supplemented  from time to time,  the  "Agreement"),  between the  Depositor and
Wilmington  Trust  Company,  as owner trustee (the "Owner  Trustee,"  which term
includes any successor entity under the Agreement),  a summary of certain of the
pertinent  provisions of which is set forth  hereafter.  Capitalized  terms used
herein that are not otherwise  defined shall have the meanings  ascribed thereto
in Appendix A to the indenture dated as of March 26, 2003, between the Trust and
the Indenture  Trustee.  This  Certificate is issued under and is subject to the
terms,  provisions  and  conditions  of the  Agreement,  to which  Agreement the
Certificateholder of this Certificate by virtue of the acceptance hereof assents
and by which such Certificateholder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of March, June,  September and December or, if such 25th day is not
a Business Day, the Business Day  immediately  following  (the "Payment  Date"),
commencing on the first Payment Date specified above, or as otherwise determined
in  accordance  with the  Trust  Agreement,  to the  Person  in whose  name this
Certificate  is  registered at the close of business on the last day (or if such

                                       3
<PAGE>

last day is not a Business Day, the Business Day immediately preceding such last
day) of the month  immediately  preceding  the month of such  distribution  (the
"Record  Date"),  in an amount equal to the pro rata  portion  evidenced by this
Certificate (based on the Percentage  Interest stated on the face hereon) of the
amount, if any, required to be distributed to Certificateholders of Certificates
on such Payment Date. Distributions on this Certificate will be made as provided
in the  Agreement  by the  Certificate  Paying  Agent by wire  transfer or check
mailed to the  Certificateholder  of record in the Certificate  Register without
the  presentation or surrender of this Certificate or the making of any notation
hereon.  Pursuant  to  the  Agreement,   the  Trust  has  issued  one  Class  of
Certificates.

        Except as otherwise  provided in the Agreement and  notwithstanding  the
above, the final  distribution on this Certificate will be made after due notice
by the Certificate  Paying Agent of the pendency of such  distribution  and only
upon  presentation  and  surrender of this  Certificate  at the office or agency
designated by the  Certificate  Registrar for that purpose in the City and State
of New York.

        No transfer  of this  Certificate  will be made unless such  transfer is
exempt from the  registration  requirements  of the  Securities  Act of 1933, as
amended (the  "Securities  Act"), and any applicable state securities laws or is
made in  accordance  the  Securities  Act and such state laws. In the event that
such a transfer is to be made,  (i) the  Certificate  Registrar or the Depositor
may  require  an  opinion of  counsel  acceptable  to and in form and  substance
satisfactory to the  Certificate  Registrar and the Depositor that such transfer
is exempt  (describing the applicable  exemption and the basis therefor) from or
is being made pursuant to the  registration  requirements of the Securities Act,
and of any applicable statute of any state and (ii) the transferee shall execute
an  investment  letter  in the form  described  in the  Agreement  and (iii) the
Certificate  Registrar  shall  require the  transferee  to execute an investment
letter and a  Certificate  of  Non-Foreign  Status in the form  described by the
Agreement (or if a Certificate of Non-Foreign Status is not provided, an Opinion
of  Counsel  as  described  in  the  Agreement),  which  investment  letter  and
certificate or Opinion of Counsel shall not be at the expense of the Trust,  the
Owner Trustee, the Certificate Registrar or the Depositor. The Certificateholder
hereof  desiring  to effect  such  transfer  shall,  and does  hereby  agree to,
indemnify the Trust,  the Owner  Trustee,  the  Depositor,  the Servicer and the
Certificate  Registrar  against any liability that may result if the transfer is
not so exempt or is not made in accordance  with such federal and state laws. In
connection with any such transfer,  the Certificate  Registrar (unless otherwise
directed by the Depositor) will also require either (i) a representation letter,
in the form as described by the Agreement, stating that the transferee is not an
employee   benefit  or  other  plan  subject  to  the   prohibited   transaction
restrictions  or the fiduciary  responsibility  requirements of ERISA or Section
4975 of the Code (a  "Plan"),  any person  acting,  directly or  indirectly,  on
behalf  of any such Plan or any  Person  using the  "plan  assets,"  within  the
meaning of the Department of Labor  Regulations  Section  2510.3-101,  to effect
such acquisition (collectively, a "Plan Investor") or (ii) if such transferee is
a Plan Investor,  an opinion of counsel  acceptable to and in form and substance
satisfactory  to  the  Depositor,  the  Owner  Trustee,  the  Servicer  and  the
Certificate  Registrar,  or a  certification  in the  form of  Exhibit  G to the
Agreement,  to the effect that the  purchase or holding of such  Certificate  is
permissible  under applicable law, will not constitute or result in a prohibited
transaction  under  Section  406 of  ERISA  or  Section  4975  of the  Code  (or
comparable  provisions of any  subsequent  enactments)  and will not subject the
Depositor,  the Owner Trustee, the Servicer or the Certificate  Registrar to any

                                       4
<PAGE>

obligation or liability (including  obligations or liabilities under Section 406
of ERISA or Section  4975 of the Code) in  addition to those  undertaken  in the
Agreement.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
designated as GMACM Home Equity Loan-Backed Certificates of the Series specified
hereon (the "Certificates").

        The  Certificateholder  of this Certificate,  by its acceptance  hereof,
agrees  that it will look  solely to the funds on  deposit  in the  Distribution
Account  that have been  released  from the Lien of the  Indenture  for  payment
hereunder and that neither the Owner Trustee in its individual  capacity nor the
Depositor is personally liable to the  Certificateholders for any amount payable
under this Certificate or the Agreement or, except as expressly  provided in the
Agreement, subject to any liability under the Agreement.

        The  Certificateholder of this Certificate  acknowledges and agrees that
its  rights  to  receive  distributions  in  respect  of  this  Certificate  are
subordinated to the rights of the Noteholders as described in the Indenture.

        Each  Certificateholder,  by its acceptance of a Certificate,  covenants
and agrees that such  Certificateholder  will not at any time institute  against
the Depositor, or join in any institution against the Depositor or the Trust of,
any   bankruptcy,   reorganization,   arrangement,   insolvency  or  liquidation
proceedings,  or other  proceedings  under any  United  States  federal or state
bankruptcy or similar law in  connection  with any  obligations  relating to the
Certificates, the Notes, the Agreement or any of the other Basic Documents.

        The Agreement permits the amendment thereof as specified below, provided
that any amendment be  accompanied by the consent of the Enhancer and an Opinion
of Counsel to the Owner Trustee to the effect that such amendment  complies with
the provisions of the Agreement and will not cause the Trust to be subject to an
entity  level tax.  If the  purpose  of any such  amendment  is to  correct  any
mistake, eliminate any inconsistency, cure any ambiguity or deal with any matter
not  covered,   it  shall  not  be  necessary  to  obtain  the  consent  of  any
Certificateholder,  but the Owner Trustee shall be furnished  with a letter from
each  Rating  Agency to the effect that such  amendment  will not cause a Rating
Event,  determined without regard to the Policy, and the consent of the Enhancer
shall be  obtained.  If the  purpose of any such  amendment  is to  prevent  the
imposition  of any  federal  or state  taxes at any time  that any  Security  is
Outstanding,  it  shall  not be  necessary  to  obtain  the  consent  of the any
Certificateholder,  but the Owner Trustee shall be furnished  with an Opinion of
Counsel that such amendment is necessary or helpful to prevent the imposition of
such  taxes  and is not  materially  adverse  to any  Certificateholder  and the
consent of the Enhancer shall be obtained. If the purpose of the amendment is to
add or  eliminate  or change  any  provision  of the  Agreement,  other  than as
specified in the preceding two sentences, the amendment shall require either (a)
a letter from each  Rating  Agency to the effect  that such  amendment  will not
cause a Rating Event, determined without regard to the Policy or (b) the consent
of  Certificateholders  of  a  majority  of  the  Percentage  Interests  of  the
Certificates  and  the  Indenture  Trustee;  provided,  however,  that  no  such
amendment  shall (i)  reduce in any  manner the amount of, or delay the time of,
payments received that are required to be distributed on any Certificate without
the consent of all Certificateholders affected thereby and the Enhancer, or (ii)
reduce the aforesaid percentage of Certificates the  Certificateholders of which

                                       5
<PAGE>

are  required  to  consent  to any such  amendment  without  the  consent of the
Certificateholders of all such Certificates then outstanding.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registerable in the Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or  agencies of the  Certificate  Registrar  maintained  in the City and
State of New York,  accompanied  by a written  instrument  of  transfer  in form
satisfactory to the Certificate Registrar duly executed by the Certificateholder
hereof or such  Certificateholder's  attorney duly  authorized  in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated  transferee.  The initial  Certificate  Registrar appointed under the
Agreement is the Owner Trustee.

        Except as provided in the Agreement,  the Certificates are issuable only
in minimum  denominations  of a 10.0000%  Percentage  Interest  and in  integral
multiples of a 0.0001% Percentage Interest in excess thereof. As provided in the
Agreement and subject to certain limitations therein set forth, the Certificates
are exchangeable for new Certificates of authorized denominations,  as requested
by the  Certificateholder  surrendering  the same. This Certificate is issued in
the Percentage Interest above.

        No service charge will be made for any such  registration of transfer or
exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum  sufficient  to  cover  any  tax  or  governmental  charge  payable  in
connection therewith.

        The  Owner  Trustee,  the  Certificate  Paying  Agent,  the  Certificate
Registrar and any agent of the Owner Trustee,  the Certificate  Paying Agent, or
the Certificate Registrar may treat the Person in whose name this Certificate is
registered as the owner hereof for all purposes,  and none of the Owner Trustee,
the Certificate Paying Agent, the Certificate  Registrar or any such agent shall
be affected by any notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of Delaware.

        The obligations  created by the Agreement in respect of this Certificate
and the Trust created thereby shall terminate upon the final distribution of all
moneys or other property or proceeds of the Trust Estate in accordance  with the
terms of the Indenture and the Agreement.

        Unless the certificate of authentication hereon shall have been executed
by an authorized  officer of the Owner Trustee,  or an  authenticating  agent by
manual  signature,  this Certificate  shall not be entitled to any benefit under
the Agreement or be valid for any purpose.

                                       6
<PAGE>

        IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Certificate to be duly executed.

                             GMACM HOME EQUITY LOAN TRUST 2003-HE1

                             By:   WILMINGTON TRUST COMPANY,
                                     not in its individual capacity but
                                     solely as Owner Trustee

Dated: March 26, 2003                          By:
                                                  -----------------------------
                                                       Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

This is one of the Certificates referred to in the within mentioned Agreement.

WILMINGTON TRUST COMPANY,
not in its individual capacity
but solely as Owner Trustee

By:
   -----------------------------------------
            Authorized Signatory

or                                         ,
  -----------------------------------------
as Authenticating Agent of the Owner Trustee

By:
   -----------------------------------------
            Authorized Signatory

                                       7
<PAGE>

                                   ASSIGNMENT

     FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

                        PLEASE INSERT SOCIAL SECURITY OR
                      OTHER IDENTIFYING NUMBER OF ASSIGNEE

_____________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

_______________________________________________________________________________
the  within   Certificate,   and  all  rights  thereunder,   hereby  irrevocably
constituting and appointing

_______________________________________________________________________________
to transfer said  Certificate on the books of the  Certificate  Registrar,  with
full power of substitution in the premises.

Dated:
                                       _______________________________ */
                                          Signature Guaranteed:

                                       __________________________ */

_____________________
*/ NOTICE:  The signature to this assignment must correspond with the name as it
appears upon the face of the within  Certificate  in every  particular,  without
alteration,   enlargement  or  any  change  whatever.  Such  signature  must  be
guaranteed by a member firm of the New York Stock Exchange or a commercial  bank
or trust company.

                                       8
<PAGE>

                            DISTRIBUTION INSTRUCTIONS

     The  assignee  should  include the  following  for the  information  of the
Certificate Paying Agent:

     Distribution shall be made by wire transfer in immediately  available funds
to  _____________________  for the account of _________________,  account number
________________, or, if mailed by check, to ______________________.

     Applicable statements should be mailed to ________________________.

                                               --------------------------------
                                               Signature of assignee or agent
                                               (for authorization of wire
                                               transfer only)

                                       9
<PAGE>

                                    EXHIBIT B

                              CERTIFICATE OF TRUST

                                       OF

                      GMACM HOME EQUITY LOAN TRUST 2003-HE1

        THE  UNDERSIGNED,  Wilmington  Trust  Company,  as  owner  trustee  (the
"Trustee"),  for the purpose of forming a statutory trust does hereby certify as
follows:

        1. The name of the statutory trust is:

               GMACM HOME EQUITY LOAN TRUST 2003-HE1

        2. The name and business  address of the Trustee of the statutory  trust
in the State  Delaware is Wilmington  Trust Company,  Rodney Square North,  1100
North Market Street, Wilmington, Delaware 19890.

        3. The statutory trust reserves the right to amend,  alter,  change,  or
repeal any provision contained in this Certificate of Trust in the manner now or
hereafter prescribed by law.

        4. This Certificate of Trust shall be effective upon filing.

        THE UNDERSIGNED,  being the Trustee  hereinbefore named, for the purpose
of  forming  a  statutory  trust  pursuant  to the  provisions  of the  Delaware
Statutory Trust Act, does make this  certificate of trust,  hereby declaring and
further  certifying  that  this is its act and  deed and that to the best of the
undersigned's knowledge and belief the facts herein stated are true.

                                               WILMINGTON TRUST COMPANY,  not in
                                                   its  individual  capacity but
                                                   solely as owner trustee under
                                                   the  trust  agreement  to  be
                                                   dated as of March 26, 2003

                                               By:
                                                   ----------------------------
                                                   Name:
                                                   Title:

Dated:  March 26, 2003

                                       1
<PAGE>

                                    EXHIBIT C

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

                   Description of Rule 144A Securities, including numbers:

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and  represents to, and covenants  with, the Owner
Trustee and the Depositor, pursuant to Section 3.05 of the trust agreement dated
as of March 26,  2003 (the  "Agreement"),  between  Residential  Asset  Mortgage
Products, Inc., as depositor (the "Depositor"), and Wilmington Trust Company, as
owner trustee (the "Owner Trustee"), as follows:

               a. The Buyer  understands  that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               b.  The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               c. The Buyer has been  furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Indenture Trustee, the Owner Trustee or the Servicer.

               d. Neither the Buyer nor anyone acting on its behalf has offered,
        transferred,  pledged,  sold or  otherwise  disposed  of the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other

                                       1
<PAGE>

        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               e. The Buyer is a "qualified institutional buyer" as that term is
        defined in Rule 144A under the 1933 Act and has completed  either of the
        forms of  certification  to that  effect  attached  hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        3. The Buyer represents that:

               (i) either (a) or (b) is satisfied, as marked below:

                      a. The Buyer is not any  employee  benefit plan subject to
               the Employee  Retirement  Income Security Act of 1974, as amended
               ("ERISA"),  or the Internal Revenue Code of 1986, as amended (the
               "Code"),  a Person acting,  directly or indirectly,  on behalf of
               any such plan or any  Person  acquiring  such  Certificates  with
               "plan  assets" of a Plan within the meaning of the  Department of
               Labor Regulations Section 2510.3-101; or

                      b.  The  Buyer  will  provide  the  Depositor,  the  Owner
               Trustee, the Certificate  Registrar and the Servicer with either:
               (x) an opinion of counsel,  satisfactory  to the  Depositor,  the
               Owner Trustee, the Certificate Registrar and the Servicer, to the
               effect that the  purchase and holding of a  Certificate  by or on
               behalf of the Buyer is permissible under applicable law, will not
               constitute  or result in a prohibited  transaction  under Section
               406  of  ERISA  or  Section  4975  of  the  Code  (or  comparable
               provisions of any subsequent enactments) and will not subject the
               Depositor,  the Owner Trustee,  the Certificate  Registrar or the
               Servicer to any  obligation or liability  (including  liabilities
               under  ERISA or Section  4975 of the Code) in  addition  to those
               undertaken in the Trust Agreement, which opinion of counsel shall
               not be an  expense  of the  Depositor,  the  Owner  Trustee,  the
               Certificate  Registrar  or the  Servicer;  or (y) in lieu of such
               opinion of counsel,  a certification  in the form of Exhibit G to
               the Trust Agreement; and

                                       2
<PAGE>

               (ii)  the  Buyer is  familiar  with  the  prohibited  transaction
        restrictions and fiduciary  responsibility  requirements of Sections 406
        and 407 of ERISA and Section 4975 of the Code and understands  that each
        of the parties to which this  certification  is made is relying and will
        continue to rely on the statements made in this paragraph 3.

        This  document  may be executed in one or more  counterparts  and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        Capitalized  terms used herein that are not otherwise defined shall have
the meanings  ascribed  thereto in Appendix A to the indenture dated as of March
26, 2003, between the Trust and the Indenture Trustee.

                                       3
<PAGE>

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                             Print Name of Buyer

By:                                              By:
    ----------------------------------               --------------------------
    Name:                                            Name:
    Title:                                           Title:

Taxpayer Identification:                         Taxpayer Identification:

No. No.

Date:                                            Date:
     ---------------------------------

                                       4
<PAGE>

                              ANNEX 1 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $ 1 in  securities  (except  for the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount  being  calculated  in  accordance  with  Rule  144A)  and (ii) the Buyer
satisfies the criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
               and loan  association or similar  institution),  Massachusetts or
               similar statutory trust, partnership,  or charitable organization
               described in Section 501(c)(3) of the Internal Revenue Code.

        Bank.  The Buyer (a) is a national bank or banking institution organized
               under  the  laws  of any  state,  territory  or the  District  of
               Columbia,  the  business  of which is  substantially  confined to
               banking and is  supervised  by the state or  territorial  banking
               commission or similar official or is a foreign bank or equivalent
               institution,  and  (b)  has an  audited  net  worth  of at  least
               $25,000,000  as  demonstrated  in  its  latest  annual  financial
               statements, a copy of which is attached hereto.

        Savingsand  Loan.  The  Buyer  (a) is a  savings  and loan  association,
               building  and  loan  association,   cooperative  bank,  homestead
               association  or  similar  institution,  which is  supervised  and
               examined by a state or federal authority having  supervision over
               any  such   institutions   or  is  a  foreign  savings  and  loan
               association or equivalent  institution and (b) has an audited net
               worth of at  least  $25,000,000  as  demonstrated  in its  latest
               annual financial statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
               of the Securities Exchange Act of 1934, as amended.

--------
1 Buyer must own and/or invest on a discretionary basis at least $100,000,000 in
securities  unless Buyer is a dealer,  and, in that case,  Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.

                                       5
<PAGE>

        Insurance Company.  The Buyer is an insurance  company whose primary and
               predominant  business activity is the writing of insurance or the
               reinsuring of risks underwritten by insurance companies and which
               is subject to  supervision  by the  insurance  commissioner  or a
               similar  official  or  agency  of a  state  or  territory  or the
               District of Columbia.

        State  or Local Plan. The Buyer is a plan  established and maintained by
               a  state,   its   political   subdivisions,   or  any  agency  or
               instrumentality of the state or its political  subdivisions,  for
               the benefit of its employees.

        ERISA  Plan. The Buyer is an employee benefit plan within the meaning of
               Title I of the Employee  Retirement  Income Security Act of 1974,
               as amended.

          Investment  Adviser.  The Buyer is an  investment  adviser  registered
               under the Investment Advisers Act of 1940. as amended.

          SBIC.The Buyer is a Small Business  Investment Company licensed by the
               U.S. Small Business Administration under Section 301(c) or (d) of
               the Small Business Investment Act of 1958, as amended.

          Business  Development  Company.  The Buyer is a  business  development
               company  as  defined  in  Section  202(a)(22)  of the  Investment
               Advisers Act of 1940, as amended.

          TrustFund.  The Buyer is a trust fund whose trustee is a bank or trust
               company  and  whose   participants   are  exclusively  (a)  plans
               established   and   maintained   by  a   state,   its   political
               subdivisions,  or any agency or  instrumentality  of the state or
               its political subdivisions,  for the benefit of its employees, or
               (b) employee  benefit  plans within the meaning of Title I of the
               Employee Retirement Income Security Act of 1974, as amended,  but
               is not a trust  fund that  includes  as  participants  individual
               retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting  company  under the  Securities  Exchange Act of 1934, as
amended.

                                       6
<PAGE>

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the  seller to it and other  parties  related to the Rule 144A
Securities are relying and will continue to rely on the  statements  made herein
because one or more sales to the Buyer may be in reliance on Rule 144A.

               Will the Buyer be purchasing the Rule 144A Yes No Securities only
                for the Buyer's own account?

        6. If the answer to the  foregoing  question is "no",  the Buyer  agrees
that,  in connection  with any purchase of securities  sold to the Buyer for the
account of a third party  (including  any separate  account) in reliance on Rule
144A,  the Buyer will only purchase for the account of a third party that at the
time is a "qualified  institutional  buyer"  within the meaning of Rule 144A. In
addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                               Print Name of Buyer

                                               By:
                                                      ------------------------
                                                      Name:
                                                      Title:

                                               Date:
                                                      ------------------------

                                       7
<PAGE>

                              ANNEX 2 TO EXHIBIT C

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer"  as  defined  in Rule  144A  because  (i) the  Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

               The    Buyer  owned $ in  securities  (other  than  the  excluded
                      securities referred to below) as of the end of the Buyer's
                      most recent  fiscal year (such amount being  calculated in
                      accordance with Rule 144A).

               The    Buyer is part of a Family of  Investment  Companies  which
                      owned in the  aggregate  $ in  securities  (other than the
                      excluded  securities  referred  to below) as of the end of
                      the Buyer's  most recent  fiscal year (such  amount  being
                      calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to

                                       8
<PAGE>

rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                                               Print Name of Buyer

                                               By:
                                                   ----------------------------
                                                   Name:
                                                   Title:
                                                         -

                                               IF AN ADVISER:

                                               Print Name of Buyer

                                               Date:
                                                    ---------------------------

                                       9
<PAGE>

                                       D-3
                                    EXHIBIT D

                     FORM OF INVESTOR REPRESENTATION LETTER

                      ________________,________

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:  Corporate Trust Services - GMACM 2003-HE1

               Re:    Residential Asset Mortgage Products, Inc.,
                     GMACM Home Equity Loan-Backed Certificates, Series 2003-HE1

Ladies and Gentlemen:

               ___________________  (the  "Purchaser")  intends to purchase from
(the  "Seller")  %  Certificate  Percentage  Interest  of Series  2003-HE1  (the
"Certificates"),  issued  pursuant to the trust  agreement dated as of March 26,
2003 (the "Trust Agreement"), between Residential Asset Mortgage Products, Inc.,
as depositor (the  "Depositor") and Wilmington  Trust Company,  as owner trustee
(the "Owner Trustee"), as acknowledged and agreed by Wells Fargo Bank Minnesota,
N.A.,  as  Certificate  Registrar.  Capitalized  terms used  herein that are not
otherwise  defined shall have the meanings ascribed thereto in Appendix A to the
indenture  dated as of March 26,  2003,  between  the  Trust  and the  Indenture
Trustee.  The  Purchaser  hereby  certifies,  represents  and  warrants  to, and
covenants with, the Depositor and the Certificate Registrar that:

               1. The Purchaser  understands that (a) the Certificates  have not
        been and will not be registered or qualified under the Securities Act of
        1933,  as amended  (the  "Act"),  or any state  securities  law, (b) the
        Company is not required to so register or qualify the Certificates,  (c)
        the Certificates may be resold only if registered and qualified pursuant
        to the  provisions  of the Act or any  state  securities  law,  or if an
        exemption from such registration and qualification is available, (d) the
        Trust  Agreement  contains  restrictions  regarding  the transfer of the
        Certificates  and  (e)  the  Certificates  will  bear  a  legend  to the
        foregoing effect.

               2.  The  Purchaser  is  acquiring  the  Certificates  for its own
        account  for  investment  only  and not  with a view  to or for  sale in
        connection  with any  distribution  thereof  in any  manner  that  would
        violate the Act or any applicable state securities laws.

                                       1
<PAGE>

               3.   The   Purchaser   is   (a)  a   substantial,   sophisticated
        institutional investor having such knowledge and experience in financial
        and business  matters,  and, in particular,  in such matters  related to
        securities  similar  to the  Certificates,  such that it is  capable  of
        evaluating the merits and risks of investment in the  Certificates,  (b)
        able to bear  the  economic  risks  of  such  an  investment  and (c) an
        "accredited  investor"  within the  meaning of Rule  501(a)  promulgated
        pursuant to the Act.

               4.  The  Purchaser  has  been  furnished  with,  and  has  had an
        opportunity  to  review a copy of the  Trust  Agreement  and such  other
        information  concerning  the  Certificates,  the Mortgage  Loans and the
        Depositor as has been  requested by the Purchaser  from the Depositor or
        the Seller and is relevant to the  Purchaser's  decision to purchase the
        Certificates.  The  Purchaser  has had any  questions  arising from such
        review  answered by the Depositor or the Seller to the  satisfaction  of
        the Purchaser.

               5. The  Purchaser  has not and will not nor has it  authorized or
        will it authorize any person to (a) offer,  pledge,  sell, dispose of or
        otherwise  transfer any Certificate,  any interest in any Certificate or
        any other similar security to any person in any manner,  (b) solicit any
        offer to buy or to accept a pledge, disposition of other transfer of any
        Certificate,  any  interest  in any  Certificate  or any  other  similar
        security  from any  person in any  manner,  (c)  otherwise  approach  or
        negotiate  with  respect  to  any  Certificate,   any  interest  in  any
        Certificate or any other similar security with any person in any manner,
        (d) make any general  solicitation by means of general advertising or in
        any other  manner or (e) take any other  action,  that (as to any of (a)
        through (d) above) would  constitute a distribution  of any  Certificate
        under the Act, that would render the  disposition  of any  Certificate a
        violation of Section 5 of the Act or any state  securities  law, or that
        would  require  registration  or  qualification  pursuant  thereto.  The
        Purchaser will not sell or otherwise  transfer any of the  Certificates,
        except in compliance with the provisions of the Trust Agreement.

               6. The Purchaser represents:

                      (i) that either (a) or (b) is satisfied, as marked below:

                      a. The Purchaser is not any employee  benefit plan subject
               to the  Employee  Retirement  Income  Security  Act of  1974,  as
               amended  ("ERISA"),  or the  Internal  Revenue  Code of 1986,  as
               amended (the "Code"), a Person acting, directly or indirectly, on
               behalf of any such plan or any Person acquiring such Certificates
               with "plan assets" of a Plan within the meaning of the Department
               of Labor Regulations Section 2510.3-101; or

                      b. The  Purchaser  will provide the  Depositor,  the Owner
               Trustee, the Certificate  Registrar and the Servicer with either:
               (x) an opinion of counsel,  satisfactory  to the  Depositor,  the
               Owner Trustee, the Certificate Registrar and the Servicer, to the
               effect that the  purchase and holding of a  Certificate  by or on
               behalf of the Purchaser is permissible under applicable law, will
               not  constitute  or  result  in a  prohibited  transaction  under
               Section 406 of ERISA or Section  4975 of the Code (or  comparable
               provisions of any subsequent enactments) and will not subject the

                                       2
<PAGE>

               Depositor,  the Owner Trustee,  the Certificate  Registrar or the
               Servicer to any  obligation or liability  (including  liabilities
               under  ERISA or Section  4975 of the Code) in  addition  to those
               undertaken in the Trust Agreement, which opinion of counsel shall
               not be an  expense  of the  Depositor,  the  Owner  Trustee,  the
               Certificate  Registrar  or the  Servicer;  or (y) in lieu of such
               opinion of counsel,  a certification  in the form of Exhibit G to
               the Trust Agreement; and

                      (ii)  the  Purchaser  is  familiar  with  the   prohibited
        transaction  restrictions and fiduciary  responsibility  requirements of
        Sections  406  and  407 of  ERISA  and  Section  4975  of the  Code  and
        understands that each of the parties to which this certification is made
        is relying  and will  continue  to rely on the  statements  made in this
        paragraph 6.

               7. The Purchaser is not a non-United States person.

                                               Very truly yours,

                                               By:
                                                   -------------------------
                                                   Name:
                                                   Title:

                                       3
<PAGE>

                                    EXHIBIT E

                    FORM OF TRANSFEROR REPRESENTATION LETTER

               ______________ ,____

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:  Corporate Trust Services - GMACM 2003-HE1

               Re:    Residential Asset Mortgage Products, Inc.
                     GMACM Home Equity Loan-Backed Certificates, Series 2003-HE1

Ladies and Gentlemen:

        (the  "Purchaser")  intends to  purchase  from (the  "Seller") a ______%
Percentage  Interest of Certificates  of Series  2003-HE1 (the  "Certificates"),
issued  pursuant to the trust  agreement  dated as of March 26, 2003 (the "Trust
Agreement"),  between  Residential Asset Mortgage  Products,  Inc., as depositor
(the  "Depositor"),  and Wilmington Trust Company,  as owner trustee (the "Owner
Trustee"),  as acknowledged  and agreed by Wells Fargo Bank Minnesota,  N.A., as
Certificate  Registrar.  Capitalized  terms used herein  that are not  otherwise
defined shall have the meanings  ascribed thereto in Appendix A to the indenture
dated as of March 26, 2003,  between the Trust and the  Indenture  Trustee.  The
Seller hereby  certifies,  represents  and warrants to, and covenants  with, the
Depositor and the Certificate Registrar that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification pursuant thereto. The Seller will

                                       1
<PAGE>

not act, in any manner set forth in the  foregoing  sentence with respect to any
Certificate.  The Seller has not and will not sell or otherwise  transfer any of
the  Certificates,  except  in  compliance  with  the  provisions  of the  Trust
Agreement.

                                               Very truly yours,

                                               (Seller)

                                               By:
                                                   --------------------------
                                                   Name:
                                                   Title:

                                       2
<PAGE>

                                    EXHIBIT F

                    FORM OF CERTIFICATE OF NON-FOREIGN STATUS

        This Certificate of Non-Foreign  Status is delivered pursuant to Section
3.05 of the trust agreement dated as of March 26, 2003 (the "Trust  Agreement"),
between   Residential   Asset  Mortgage   Products,   Inc.,  as  depositor  (the
"Depositor"), and Wilmington Trust Company, as owner trustee, in connection with
the  acquisition of,  transfer to or possession by the  undersigned,  whether as
beneficial  owner  (the  "Beneficial  Owner"),  or  nominee  on  behalf  of  the
Beneficial Owner of GMACM Home Equity Loan-Backed Certificates,  Series 2003-HE1
(the  "Certificates").  Capitalized  terms used  herein  that are not  otherwise
defined shall have the meanings  ascribed thereto in Appendix A to the indenture
dated as of March 26, 2003, between the Trust and the Indenture Trustee.

        Each holder must  complete Part I, Part II (if the holder is a nominee),
and in all cases sign and otherwise complete Part III.

        In addition,  each holder shall submit with the  Certificate an IRS Form
W-9 relating to such holder.

        To confirm to the Trust that the provisions of Sections 871, 881 or 1446
of the Internal  Revenue Code (relating to withholding tax on foreign  partners)
do not  apply  in  respect  of the  Certificates  held by the  undersigned,  the
undersigned hereby certifies:

Part I -              Complete Either A or B

               A.     Individual as Beneficial Owner

                      1.     I am (the Beneficial  Owner is ) not a non-resident
                             alien for purposes of U.S. income taxation;

                      2. My (the Beneficial Owner's) name and home address are:

                            __________________________ ; and

                      3.     My   (the   Beneficial   Owner's)   U.S.   taxpayer
                             identification  number (Social  Security Number) is
                             _______________________.

               B. Corporate, Partnership or Other Entity as Beneficial Owner

                      1.     (Name of the  Beneficial  Owner)  is not a  foreign
                             corporation,  foreign partnership, foreign trust or
                             foreign  estate (as those  terms are defined in the
                             Code and Treasury Regulations;

                      2..    The Beneficial  Owner's office address and place of
                             incorporation (if applicable) is

                             _________________________________; and

                                       1
<PAGE>

                      3.     The Beneficial Owner's U.S. employer identification
                             number is .

Part II -      Nominees

        If  the  undersigned  is the  nominee  for  the  Beneficial  Owner,  the
undersigned  certifies  that this  Certificate  has been made in  reliance  upon
information contained in:

                      an IRS Form W-9
               ------

                      a form such as this or substantially similar
               ------

provided to the  undersigned  by an appropriate  person and (i) the  undersigned
agrees to notify the Trust at least  thirty (30) days prior to the date that the
form  relied  upon  becomes  obsolete,  and (ii) in  connection  with  change in
Beneficial  Owners,  the  undersigned  agrees  to  submit a new  Certificate  of
Non-Foreign Status to the Trust promptly after such change.

Part III -     Declaration

        The undersigned, as the Beneficial Owner or a nominee thereof, agrees to
notify the Trust  within sixty (60) days of the date that the  Beneficial  Owner
becomes a foreign person. The undersigned  understands that this certificate may
be  disclosed  to the  Internal  Revenue  Service  by the  Trust  and any  false
statement contained therein could be punishable by fines, imprisonment or both.

        Under  penalties  of  perjury,  I  declare  that  I have  examined  this
certificate  and to the best of my knowledge and belief it is true,  correct and
complete and will further  declare that I will inform the Trust of any change in
the  information  provided above,  and, if applicable,  I further declare that I
have the authority* to sign this document.

                    Name

            Title (if applicable)

             Signature and Date

          *NOTE: If  signed  pursuant  to a power  of  attorney,  the  power  of
               attorney must accompany this
certificate.

                                       2
<PAGE>

                                    EXHIBIT G

                       FORM OF ERISA REPRESENTATION LETTER

                          _____________,________

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437

Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania 19044

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:  Corporate Trust Services - GMACM 2003-HE1

          Re:  Residential  Asset  Mortgage  Products,  Inc.  GMACM Home  Equity
               Loan-Backed Certificates, Series 2003-HE1

Dear Sirs:

        (the  "Transferee")  intends  to  acquire  from (the  "Transferor")  a %
Percentage  Interest  of GMACM  Home  Equity  Loan-Backed  Certificates,  Series
2003-HE1 (the "Certificates"),  issued pursuant to a trust agreement dated as of
March 26, 2003, between Residential Asset Mortgage Products,  Inc., as depositor
(the  "Depositor"),  and Wilmington Trust Company,  as owner trustee (the "Owner
Trustee").  Capitalized  terms used herein that are not otherwise  defined shall
have the meanings  ascribed  thereto in Appendix A to the indenture  dated as of
March 26, 2003, between the Trust and the Indenture Trustee.

        The  Transferee  hereby  certifies,  represents  and  warrants  to,  and
covenants with, the Depositor,  the Owner Trustee, the Certificate Registrar and
the Servicer that:

        The  Certificates  (i)  are not  being  acquired  by,  and  will  not be
        transferred to, any employee  benefit plan within the meaning of Section
        3(3) of the Employee  Retirement Income Security Act of 1974, as amended
        ("ERISA"),  or  other  retirement   arrangement,   including  individual
        retirement  accounts  and  annuities,  Keogh  plans and bank  collective

                                       1
<PAGE>

        investment funds and insurance  company general or separate  accounts in
        which such plans, accounts or arrangements are invested, that is subject
        to Section 406 of ERISA or Section 4975 of the Internal  Revenue Code of
        1986, as amended (the "Code") (any of the foregoing, a "Plan"), (ii) are
        not being  acquired  with "plan  assets" of a Plan within the meaning of
        the  Department of Labor ("DOL")  Regulations  Section  2510.3-101,  and
        (iii)  will  not be  transferred  to any  entity  that is  deemed  to be
        investing  in plan  assets  within the  meaning  of the DOL  Regulations
        Section 2510.3-101.

               The  Transferee  is  familiar  with  the  prohibited  transaction
        restrictions and fiduciary  responsibility  requirements of Sections 406
        and 407 of ERISA and Section 4975 of the Code and understands  that each
        of the parties to which this  certification  is made is relying and will
        continue to rely on the statements made herein.

                                               Very truly yours,

                                               By:
                                                   -------------------------
                                                   Name:
                                                   Title:

                                       2
<PAGE>

                                    EXHIBIT H

                          FORM OF REPRESENTATION LETTER

                          ______________,_________

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Minneapolis, Minnesota 55437

Wilmington Trust Company
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

GMAC Mortgage Corporation
100 Witmer Road
Horsham, Pennsylvania 19044

Wells Fargo Bank Minnesota, N.A.
Wells Fargo Center
Sixth Street and Marquette Avenue
Minneapolis, Minnesota 55479
Attention:  Corporate Trust Services - GMACM 2003-HE1

          Re:  Residential  Asset  Mortgage  Products,  Inc.  GMACM Home  Equity
               Loan-Backed Certificates, Series 2003-HE1

Dear Sirs:

        (the  "Transferee")  intends  to  acquire  from (the  "Transferor")  a %
Percentage  Interest  of GMACM  Home  Equity  Loan-Backed  Certificates,  Series
2003-HE1 (the "Certificates"),  issued pursuant to a trust agreement dated as of
March 26, 2003 (the "Trust  Agreement"),  Residential  Asset Mortgage  Products,
Inc., as depositor (the  "Depositor"),  and Wilmington  Trust Company,  as owner
trustee  (the  "Owner  Trustee").  Capitalized  terms used  herein  that are not
otherwise  defined shall have the meanings ascribed thereto in Appendix A to the
indenture  dated as of March 26,  2003,  between  the  Trust  and the  Indenture
Trustee.

        The  Transferee  hereby  certifies,  represents  and  warrants  to,  and
covenants with, the Depositor,  the Owner Trustee, the Certificate Registrar and
the Servicer that:

               (1) the  Transferee  is  acquiring  the  Certificate  for its own
        behalf and is not acting as agent or  custodian  for any other person or
        entity in connection with such acquisition; and

                                    1
<PAGE>

               (2) the  Transferee  is not a  partnership,  grantor  trust  or S
        corporation for federal income tax purposes,  or, if the Transferee is a
        partnership,  grantor  trust or S  corporation  for  federal  income tax
        purposes,  the  Certificates  are not more than 50% of the assets of the
        partnership, grantor trust or S corporation.

                                               Very truly yours,

                                               By:
                                                   ---------------------------
                                                   Name:
                                                   Title:

                                      2
<PAGE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]