Document:

Financial Guaranty Insurance Company
125 Park Avenue
New York, New York 10017
(212) 312-3000 (800) 352-0001

SURETY BOND

Financial Guaranty Insurance Company
125 Park Avenue
New York, New York 10017
(212) 312-3000 (800) 352-0001

SURETY BOND

Issuer:  GMACM Home Equity Loan                Policy Number:  03030008
        Trust 2003-HE1                         Control Number:  0010001

Insured Obligations:

----------------------------------------------------------
$522,030,000  in  aggregate  maximum  principal  amount  of  GMACM  Home  Equity
Loan-Backed Term Notes, Series 2003-HE1,  Class A-1, Class A-2 and Class A-3 and
GMACM Home Equity Loan-Backed  Variable , Pay Revolving Notes,  Series 2003-HE1,
(collectively, the "Notes")
----------------------------------------------------------

Indenture Trustee:  Wells Fargo Bank Minnesota, N.A.

Financial Guaranty Insurance Company  ("Financial  Guaranty"),  a New York stock
insurance  company,  in  consideration  of the right of  Financial  Guaranty  to
receive  monthly  premiums  pursuant to the Indenture (as defined below) and the
Insurance Agreement referred to therein, and subject to the terms of this Surety
Bond, hereby  unconditionally and irrevocably agrees to pay each Insured Amount,
to the extent set forth in the Indenture,  to the Indenture  Trustee named above
or its successor,  as trustee for the Holders of the Notes,  except as otherwise
provided herein with respect to Preference  Amounts.  Capitalized terms used and
not otherwise  defined herein shall have the meanings  assigned to such terms in
the Annex A attached  to the  Indenture  as in effect and  executed  on the date
hereof.

The term "Insured  Amount" for any Payment Date means (1) any Deficiency  Amount
for such  Payment  Date and the Notes and (2) any  Preference  Amount to be paid
pursuant to the terms of this Surety Bond on the Payment  Date in respect of the
Notes.

The term  "Deficiency  Amount"  means,  with respect to any Payment Date and the
Notes, as applicable, an amount, if any, equal to the sum of:

          (1)  the amount by which the aggregate  amount of accrued  interest on
               the Notes,  excluding any Relief Act  Shortfalls for that Payment
               Date, at the  respective  Note Rates on that Payment Date exceeds
               the amount on deposit in the Note Payment  Account  available for
               interest distributions on the Notes on that Payment Date; and

          (2)  (i)  with  respect  to any  Payment  Date  that is not the  Final
               Payment  Date,  any  Liquidation  Loss Amount with respect to the
               Mortgage   Loans  for  that  Payment  Date,  to  the  extent  not
               distributed as part of the Principal  Distribution  Amount to the
               Holders of the Notes on such Payment  Date or deposited  into the
               Funding Account as part of the Principal  Distribution Amount for
               such Payment Date or applied to reduce the  Overcollateralization
               Amount on such Payment Date; or

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<PAGE>

               (ii)  on  the  Final  Payment  Date,  the  aggregate  outstanding
               principal  balance of the Notes to the extent  otherwise not paid
               on that date.

The term "Final Payment Date" for each Class of the Notes means the Payment Date
occurring in April, 2033.

Financial  Guaranty  will pay a  Deficiency  Amount with respect to the Notes by
12:00 noon (New York City Time) in immediately  available funds to the Indenture
Trustee on the later of (i) the second  Business Day  following the Business Day
on which Financial  Guaranty shall have received Notice that a Deficiency Amount
is due in respect of the Notes,  and (ii) the Payment  Date on which the related
Deficiency  Amount  is  payable  to the  Holders  of the Notes  pursuant  to the
Indenture,  for  disbursement  to the Holders of the Notes in the same manner as
other  payments  with respect to the Notes are  required to be made.  Any Notice
received by  Financial  Guaranty  after 12:00 noon New York City time on a given
Business  Day or on any day that is not a  Business  Day shall be deemed to have
been received by Financial Guaranty on the next succeeding Business Day.

Upon payment of a Deficiency Amount hereunder, Financial Guaranty shall be fully
subrogated  to the rights of the  Holders of the Notes to receive  the amount so
paid. Financial Guaranty's  obligations with respect to the Notes hereunder with
respect to each Payment Date shall be discharged to the extent funds  consisting
of the related Deficiency Amount are received by the Indenture Trustee on behalf
of the  Holders of the Notes for  payment to such  Holders,  as  provided in the
Indenture  and  herein,  whether or not such funds are  properly  applied by the
Indenture Trustee.

If any  portion  or all of  any  amount  that  is  insured  hereunder  that  was
previously  distributed to a holder of Notes is  recoverable  and recovered from
such Holder as a voidable  preference by a trustee in bankruptcy pursuant to the
U.S.  Bankruptcy  Code,  pursuant  to a final  non-appealable  order  of a court
exercising  proper  jurisdiction  in an insolvency  proceeding (a "Final Order")
(such recovered amount, a "Preference  Amount"),  Financial Guaranty will pay on
the guarantee  described in the first paragraph  hereof, an amount equal to each
such  Preference  Amount by 12:00  noon on the  second  Business  Day  following
receipt by Financial  Guaranty on a Business Day of (x) a certified  copy of the
court order  requiring  the return of the  Preference  Amount,  together with an
opinion of counsel  satisfactory  to Financial  Guaranty that the order is final
and not  subject  to  appeal  (a  "Final  Order"),  (y) an  assignment,  in form
reasonably   satisfactory  to  Financial  Guaranty,   irrevocably  assigning  to
Financial  Guaranty all rights and claims of the Indenture  Trustee  and/or such
Holder of the Notes  relating to or arising  under any Notes  against the debtor
who paid such Preference Amount and constituting an appropriate  instrument,  in
form satisfactory to Financial  Guaranty,  appointing  Financial Guaranty as the
agent of the Indenture

Trustee  and/or  such  Holder in respect of such  Preference  Amount,  including
without limitation in any legal proceeding related to the Preference Amount, and
(z) a Notice  appropriately  completed and executed by the Indenture  Trustee or
such  Holder,  as the case may be. Such payment  shall be made to the  receiver,
conservator,  debtor-in-possession  or trustee in bankruptcy  named in the Final

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<PAGE>

Order and not to the Indenture  Trustee or Holder of the Notes directly  (unless
the  Holder  has  previously  paid such  amount to such  receiver,  conservator,
debtor-in-possession  or trustee named in such Final Order in which case payment
shall be made to the  Indenture  Trustee  for  distribution  to the Holder  upon
delivery  of  proof  of  such  payment  reasonably   satisfactory  to  Financial
Guaranty).  Notwithstanding the foregoing,  in no event shall Financial Guaranty
be (i)  required  to make any  payment  under this Surety Bond in respect of any
Preference  Amount to the extent such Preference  Amount is comprised of amounts
previously paid by Financial Guaranty  hereunder,  or (ii) obligated to make any
payment in respect of any Preference Amount,  which payment represents a payment
of the  principal  amount of any  Notes,  prior to the time  Financial  Guaranty
otherwise  would  have  been  required  to make a  payment  in  respect  of such
principal,  in which  case  Financial  Guaranty  shall  pay the  balance  of the
Preference Amount when such amount otherwise would have been required.

Any of the  documents  required  under  clauses (x) through (z) of the preceding
paragraph that are received by Financial Guaranty after 12:00 noon New York City
time on a given  Business  Day or on any day that is not a Business Day shall be
deemed  to have been  received  by  Financial  Guaranty  on the next  succeeding
Business Day. If any notice received by Financial Guaranty is not in proper form
or is otherwise insufficient for the purpose of making a claim under this Surety
Bond,  it will be deemed not to have been  received by Financial  Guaranty,  and
Financial  Guaranty  will  promptly  so advise the  Indenture  Trustee,  and the
Indenture  Trustee may submit an amended Notice.  All payments made by Financial
Guaranty  hereunder in respect of Preference Amounts will be made with Financial
Guaranty's own funds.

This Surety Bond is non-cancelable for any reason,  including  nonpayment of any
premium.  The  premium on this  Surety  Bond is not  refundable  for any reason,
including the payment of any Notes prior to their  respective  maturities.  This
Surety  Bond  shall  expire  and  terminate  without  any  action on the part of
Financial  Guaranty or any other Person on the date that is the later of (i) the
date that is one year and one day  following  the date on which the Notes  shall
have been paid in full and (ii) if any  insolvency  proceeding  with  respect to
which the  Depositor  is the debtor has been  commenced  on or prior to the date
specified  in  clause  (i)  above,  the  30th  day  after-the  entry of a final,
non-appealable order in resolution or settlement of such proceeding.

A monthly  premium  shall be due and  payable  in  arrears  as  provided  in the
Indenture and the Insurance Agreement.

This Surety Bond is subject to and shall be governed by the laws of the State of
New York, without giving effect to the conflicts of laws principles thereof. The
proper  venue for any  action or  proceeding  on this  Surety  Bond shall be the
County of New York, State of New York. The

insurance  provided  by  this  Surety  Bond  is  not  covered  by the  New  York
Property/Casualty Insurance Security Fund (New York Insurance Code, Article 76).

To the fullest extent  permitted by applicable  law,  Financial  Guaranty hereby
waives,  solely for the benefit of Holders of the Notes all defenses of any kind
(including,  without limitation, the defense of fraud in inducement or fact, any
defense  based on any duty  claimed to arise from the  doctrine of "utmost  good

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<PAGE>

faith" or any similar or related doctrine or any other  circumstances that would
have the effect of discharging a surety, guarantor or any other person in law or
in equity) that Financial Guaranty otherwise might have asserted as a defense to
its  obligation  to pay in full any amounts  that have become due and payable in
accordance  with the  terms  and  conditions  of this  Policy.  Nothing  in this
paragraph,  however,  shall be deemed  to  constitute  a waiver  of any  rights,
remedies,  claims or counterclaims that Financial Guaranty may have with respect
to the Issuer or GMACM, or any of their affiliates.

"Notice"  means a written notice in the form of Exhibit A to this Surety Bond by
registered or certified mail or telephonic or telegraphic  notice,  subsequently
confirmed by written notice delivered via telecopy,  telex or hand delivery from
the Indenture Trustee to Financial Guaranty specifying the information set forth
therein.  "Holder"  means, as to a particular  Note, the person,  other than the
Issuer, who, on the applicable Payment Date, is entitled under the terms of such
Note to a distribution thereon.  "Indenture" means the Indenture relating to the
Notes by and between GMACM Home Equity Loan Trust 2003-HE1, as Issuer, and Wells
Fargo Bank Minnesota,  N.A., as Indenture  Trustee,  dated as of March 26, 2003.
"Insurance  Agreement"  means  the  Insurance  and  Indemnity  Agreement,  among
Financial Guaranty, GMAC Mortgage Corporation,  Walnut Grove Mortgage Loan Trust
2001-A,  Walnut Grove  Mortgage Loan Trust 2003-A,  Residential  Asset  Mortgage
Products,  Inc.,  GMACM Home  Equity  Loan  Trust  2003-HE1,  and the  Indenture
Trustee,  dated as of March 26, 2003.  "Servicing Agreement" means the Servicing
Agreement  relating  to the Notes by and among  GMAC  Mortgage  Corporation,  as
Servicer,  GMACM Home Equity Loan Trust 2003-HE1,  as Issuer,  and the Indenture
Trustee, dated as of March 26, 2003.

In the event  that  payments  under  any Note are  accelerated,  nothing  herein
contained shall obligate  Financial Guaranty to make any payment of principal or
interest  on such Note on an  accelerated  basis,  unless such  acceleration  of
payment by Financial  Guaranty is at the sole option of Financial  Guaranty;  it
being  understood  that a payment  shortfall in respect of the redemption of any
Note by reason of the  repurchase  of the Trust Estate  pursuant to Section 8.08
of-the  Servicing  Agreement does not constitute  acceleration  for the purposes
hereof.

IN WITNESS WHEREOF, Financial Guaranty has caused this Surety Bond to be affixed
with its  corporate  seal and to be signed  by its duly  authorized  officer  in
facsimile to become  effective and binding upon Financial  Guaranty by virtue of
the countersignature of its duly authorized representative.

/s/ Deborah M. Reif                             /s/ Martin Joyce
President                                       Authorized Representative

Effective Date:  March 26, 2003

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<PAGE>

                                    EXHIBIT A

                              NOTICE OF NONPAYMENT
                    AND DEMAND FOR PAYMENT OF INSURED AMOUNTS

To:                Financial Guaranty Insurance Company
                   125 Park Avenue
                   New York, New York 10017
                   (212) 312-3000  Attention:  General Counsel Telephone:  (212)
                   312-3000 Telecopier: (212) 312-3220
                   ------------------------------------------------------
                   ------------------------------------------------------
Re:                $522,030,000 in aggregate  maximum  principal amount of GMACM
                   Home Equity  Loan-Backed Term Notes,  Series 2003-HEI,  Class
                   A-1,   Class  A-2  and  Class  A-3  and  GMACM  Home   Equity
                   Loan-Backed  Variable Pay Revolving  Notes,  Series 2003-HEI,
                   (collectively, the "Notes")
                   ------------------------------------------------------
                   ------------------------------------------------------

                   Policy No. 03030008 (the "Surety Bond")
Payment Date:

We refer to that certain  Indenture,  dated as of March 26, 2003, by and between
GMACM  Home  Equity  Loan  Trust  2003-HE  1, as  Issuer,  and Wells  Fargo Bank
Minnesota,  N.A., as Indenture Trustee (the "Indenture"),  relating to the above
referenced  Notes. All capitalized  terms not otherwise defined herein or in the
Surety Bond shall have the same  respective  meanings  assigned to such terms in
the Indenture.

(a)     The Indenture Trustee has determined under the Indenture that in respect
        of the Payment Date:

        (1)    The insured  portion of the  distribution on the Notes in respect
               of  the   Payment   Date   that   is  due  to  be   received   on
               _________________   under   the   Indenture,   is   equal   to  $
               _________________, consisting of

               (A)    $ in respect of interest on the Notes, which is calculated
                      as the amount by which:

                      (i)    $ ,  constituting  the aggregate  amount of accrued
                             interest  on the  Notes,  excluding  any Relief Act
                             Shortfalls, for the Payment Date; exceeds

                      (ii)   $ , representing  the amount on deposit in the Note
                             Payment    Account     available    for    interest
                             distributions  to the  Notes on the  Payment  Date;
                             plus

<PAGE>

               (B)    $  in  respect  of  principal  of  the  Notes,   which  is
                      calculated as the amount by which

                      (i)    Liquidation   Loss  Amounts  with  respect  to  the
                             Mortgage  Loans for the Payment  Date,  which total
                             $____________ , exceed

                      (ii)   the sum of

                             (x)    $  ,  representing   the  Liquidation   Loss
                                    Distribution   Amount   distributed  to  the
                                    Holders for the Payment Date;

                             (y)    $  ,  representing   the  Liquidation   Loss
                                    Distribution   Amount   deposited  into  the
                                    Funding Account for the Payment Date; and

                             (z)    $ , representing the amount of the reduction
                                    in the Overcollateralization  Amount for the
                                    Payment Date.

        (2)    [The  amount to be paid to the  Holders of the Notes on the Final
               Payment Date, which occurs on , is $ .]

        (3)    The  amounts   available  in  the  Note  Payment  Account  to  be
               distributed  on such  Payment  Date on the Notes  pursuant to the
               Indenture in payment of the items identified in items (1) and (2)
               above,  as reduced by any portion thereof that has been deposited
               in the Note Payment  Account but may not be  withdrawn  therefrom
               pursuant  to an  order  of a United  States  bankruptcy  court of
               competent jurisdiction imposing a stay pursuant to Section 362 of
               the United States Bankruptcy Code), is $____________.]

        Please be advised that, accordingly,  a Deficiency Amount exists for the
Payment Date identified above for the Notes in the amount of $ . This Deficiency
Amount  constitutes an Insured  Amount  payable by Financial  Guaranty under the
Surety Bond.

[In addition,  attached hereto is a copy of the Final Order in connection with a
Preference  Amount in the amount set forth therein,  together with an assignment
of rights and  appointment of agent and other  documents  required by the Surety
Bond in respect of Preference Amounts.  The amount of the Preference Amount is $
.. This  Preference  Amount  constitutes  an Insured  Amount payable by Financial
Guaranty under the Surety Bond.]

Accordingly,  pursuant to the Indenture, this statement constitutes a notice for
payment of an Insured Amount by Financial  Guaranty in the amount of $ under the
Surety Bond.

(b) No payment  claimed  hereunder is in excess of the amount  payable under the
Surety Bond.

     The  amount   requested  in  this  Notice  should  be  paid  to:   [Payment
Instructions]

Any person who  knowingly  and with intent to defraud any  insurance  company or

<PAGE>

other person files an application for insurance or statement of claim containing
any  materially  false  information  or conceals for the purpose of  misleading,
information concerning any fact material thereto, commits a fraudulent insurance
act,  which is a crime,  and shall  also be subject  to a civil  penalty  not to
exceed Five Thousand  Dollars  ($5,000.00) and the stated value of the claim for
each such violation.

        IN WITNESS  WHEREOF,  the  Indenture  Trustee has executed and delivered
this Notice of Nonpayment  and Demand for Payment of Insured  Amounts this _____
day of _________________.

                                                   as Indenture Trustee

                                                   By:
                                                          --------------------

                                                   Title:
                                                          --------------------

<PAGE>Exhibit 4.5-A
                              CERTIFICATE OF TRUST
                                       OF
                           GULF POWER CAPITAL TRUST V

         THIS CERTIFICATE OF TRUST of Gulf Power Capital Trust V (the "Trust"),
dated April 7, 2003, is being duly executed and filed by the undersigned, as
trustee of the Trust, to form a statutory trust under the Delaware Statutory
Trust Act (12 Del. C. ss. 3801, et seq.).

         1. Name. The name of the statutory trust being formed hereby is Gulf
Power Capital Trust V.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust with a principal place of business in the State of Delaware are Chase
Manhattan Bank USA, National Association, 500 Stanton Christiana Road, Newark,
Delaware 19713.

         3. Effective Date. This Certificate of Trust shall be effective as of
its filing.

         IN WITNESS WHEREOF, the undersigned, being the sole trustee of the
Trust, has executed this Certificate of Trust as of the date first above
written.

                                   CHASE MANHATTAN BANK USA,
                                   NATIONAL ASSOCIATION,
                                   as Trustee

                                   By:      /s/John J. Cashin
                                            Name:    John J. Cashin
                                            Title:   Vice President

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