Document:

Exhibit 4.2

                                    RESIDENTIAL ASSET MORTGAGE PRODUCTS, INC.,

                                                   as Depositor

                                                        and

                                             WILMINGTON TRUST COMPANY

                                                 as Owner Trustee

                                     ________________________________________

                                                  TRUST AGREEMENT

                                           Dated as of October 26, 2007

                                     ________________________________________

                                       GMACM HOME EQUITY LOAN TRUST 2007-HE3
                                    GMACM Home Equity Loan-Backed Certificates,
                                                  Series 2007-HE3

                                                          TABLE OF CONTENTS

ARTICLE I             Definitions....................................................................................2
      Section 1.01          Definitions..............................................................................2
      Section 1.02          Other Definitional Provisions............................................................2
ARTICLE II            Organization...................................................................................2
      Section 2.01          Name.....................................................................................2
      Section 2.02          Office...................................................................................2
      Section 2.03          Purposes and Powers......................................................................2
      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...........................................................................4
      Section 2.09          Representations and Warranties of the Depositor..........................................4
      Section 2.10          Payment of Trust Fees...................................................................10
ARTICLE III           Conveyance of the Mortgage Loans; Certificates................................................10
      Section 3.01          Conveyance of the Mortgage Loans........................................................10
      Section 3.02          Initial Ownership.......................................................................10
      Section 3.03          Issuance of Certificates................................................................10
      Section 3.04          Authentication of Certificates..........................................................10
      Section 3.05          Registration of and Limitations on Transfer and Exchange of Certificates................10
      Section 3.06          Mutilated, Destroyed, Lost or Stolen Certificates.......................................13
      Section 3.07          Persons Deemed Certificateholders.......................................................13
      Section 3.08          Access to List of Certificateholders' Names and Addresses...............................13
      Section 3.09          Maintenance of Office or Agency.........................................................13
      Section 3.10          Certificate Paying Agent................................................................13
      Section 3.11          Intentionally Omitted...................................................................16
      Section 3.12          Intentionally Omitted...................................................................16
      Section 3.13          Subordination...........................................................................16
      Section 3.14          No Priority Among Certificates..........................................................16
ARTICLE IV            Authority and Duties of Owner Trustee.........................................................16
      Section 4.01          General Authority.......................................................................16
      Section 4.02          General Duties..........................................................................16
      Section 4.03          Action upon Instruction.................................................................16
      Section 4.04          No Duties Except as Specified under Specified Documents or in Instructions..............16
      Section 4.05          Restrictions............................................................................20
      Section 4.06          Prior Notice to Certificateholders with Respect to Certain Matters......................20
      Section 4.07          Action by Certificateholders with Respect to Certain Matters............................20
      Section 4.08          Action by Certificateholders with Respect to Bankruptcy.................................20
      Section 4.09          Restrictions on Certificateholders' Power...............................................20
      Section 4.10          Majority Control........................................................................20
      Section 4.11          Doing Business in Other Jurisdiction....................................................20
ARTICLE V             Applications of Trust Funds...................................................................20
      Section 5.01          Distributions...........................................................................20
      Section 5.02          Method of Payment.......................................................................20
      Section 5.03          Signature on Returns....................................................................20
      Section 5.04          Statements to Certificateholders........................................................20
ARTICLE VI            Concerning the Owner Trustee..................................................................21
      Section 6.01          Acceptance of Trusts and Duties.........................................................21
      Section 6.02          Furnishing of Documents.................................................................22
      Section 6.03          Representations and Warranties..........................................................22
      Section 6.04          Reliance; Advice of Counsel.............................................................23
      Section 6.05          Not Acting in Individual Capacity.......................................................23
      Section 6.06          Owner Trustee Not Liable for Certificates or Related Documents..........................24
      Section 6.07          Owner Trustee May Own Certificates and Notes............................................24
ARTICLE VII           Compensation of Owner Trustee.................................................................24
      Section 7.01          Owner Trustee's Fees and Expenses.......................................................24
      Section 7.02          Indemnification.........................................................................25
ARTICLE VIII          Termination of Trust Agreement................................................................27
      Section 8.01          Termination of Trust Agreement..........................................................27
      Section 8.02          Additional Termination Requirements.....................................................27
ARTICLE IX            Successor Owner Trustees and Additional Owner Trustees........................................29
      Section 9.01          Eligibility Requirements for Owner Trustee..............................................29
      Section 9.02          Replacement of Owner Trustee............................................................29
      Section 9.03          Successor Owner Trustee.................................................................29
      Section 9.04          Merger or Consolidation of Owner Trustee................................................29
      Section 9.05          Appointment of Co-Trustee or Separate Trustee...........................................38
ARTICLE X             Compliance With Regulation AB.................................................................38
      Section 10.01         Intent of the Parties; Reasonableness...................................................38
      Section 10.02         Additional Representations and Warranties of the Owner Trustee..........................38
      Section 10.03         Information to Be Provided by the Owner Trustee.........................................38
      Section 10.04         Indemnification; Remedies...............................................................38
ARTICLE XI            Miscellaneous.................................................................................38
      Section 11.01         Amendments..............................................................................38
      Section 11.02         No Legal Title to Trust Estate..........................................................38
      Section 11.03         Limitations on Rights of Others.........................................................38
      Section 11.04         Notices.................................................................................38
      Section 11.05         Severability............................................................................38
      Section 11.06         Separate Counterparts...................................................................38
      Section 11.07         Successors and Assigns..................................................................38
      Section 11.08         No Petition.............................................................................38
      Section 11.09         No Recourse.............................................................................38
      Section 11.10         Headings................................................................................38
      Section 11.11         GOVERNING LAW...........................................................................38
      Section 11.12         Integration.............................................................................38

         This  trust  agreement,  dated  as of  October  26,  2007  (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 October 26, 2007
(the  "Indenture"),  between  GMACM Home  Equity  Loan Trust  2007-HE3,  as Issuer,  and The Bank of New York Trust
Company,  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.

                  (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
2007-HE3," 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 and the Depositor.

         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.

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  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,  the Trust shall be treated as an entity wholly
owned by the Depositor or an affiliate  thereof,  with the assets of the entity being the Trust  Estate.  It is the
further  intention  of the parties  that an election  to be treated as a REMIC  ("REMIC I") for federal  income tax
purposes be made with  respect to the Trust  Estate,  that a second  election to be treated as a REMIC be made with
respect to the REMIC I Regular  Interests  ("REMIC II"), and that a third election to be treated as a REMIC be made
with respect to the REMIC II Regular  Interests  ("REMIC III"). The Issuer will provide for the  administration  of
the REMICs  pursuant to Article XI of the Indenture.  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  obligation  provided in Section 7.02
herein.

         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 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 (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,  without
recourse,  all its right, title and interest in and to the Mortgage Loans,  including but not limited to any rights
of the Depositor under the Purchase Agreement.

         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  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  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  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  of each Class shall be issued in minimum
denominations  of a  Percentage  Interest of 10.0000%  and integral  multiples  of 0.0001% in excess  thereof.  The
Class SB  Certificates  shall be issued in  substantially  the form  attached  hereto as  Exhibit  A. The Class R-I
Certificates,  Class R-II Certificates and the Class R-III  Certificates  shall be issued in substantially the form
attached hereto as Exhibits I-1, I-2 and I-3, respectively.

         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.

         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  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.  Exhibit  I-1,
Exhibit  I-2 or Exhibit I-3  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.

         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.

         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 and the Certificate  Registrar,  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,  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,  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 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 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 non-exempt  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, with respect to each Class R Certificate:

         (i)      Each Person who has or who  acquires any  Ownership  Interest in a Class R  Certificate  shall be
deemed by the  acceptance or  acquisition  of such  Ownership  Interest to have agreed to be bound by the following
provisions and to have  irrevocably  authorized the Certificate  Paying Agent or its designee under clause (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate  the terms of any  mandatory  sale
under clause  (iii)(B)  below and to execute all  instruments  of transfer and to do all other things  necessary in
connection  with any  such  sale.  The  rights  of each  Person  acquiring  any  Ownership  Interest  in a  Class R
Certificate are expressly subject to the following provisions:

                  (A)      Each Person holding or acquiring any Ownership  Interest in a Class R  Certificate shall
         be a Permitted  Transferee and shall promptly  notify the Owner Trustee of any change or impending  change
         in its status as a Permitted Transferee.

                  (B)      In  connection  with any  proposed  Transfer  of any  Ownership  Interest  in a  Class R
         Certificate,  the Certificate  Registrar shall require delivery to it, and shall not register the Transfer
         of any Class R  Certificate  until its receipt of, (I) an affidavit and  agreement (a "Transfer  Affidavit
         and  Agreement,"  in the form attached  hereto as Exhibit J-1) from the proposed  Transferee,  in form and
         substance  satisfactory to the Servicer,  representing  and warranting,  among other things,  that it is a
         Permitted  Transferee,  that it is not acquiring its Ownership Interest in the Class R Certificate that is
         the  subject  of the  proposed  Transfer  as a  nominee,  trustee  or agent  for any  Person  who is not a
         Permitted Transferee,  that for so long as it retains its Ownership Interest in a Class R Certificate,  it
         will endeavor to remain a Permitted  Transferee,  and that it has reviewed the  provisions of this Section
         3.05 and agrees to be bound by them, and (II) a certificate,  in the form attached  hereto as Exhibit J-2,
         from the  Certificateholder of a Class R Certificate wishing to transfer the Class R Certificate,  in form
         and substance  satisfactory  to the Servicer,  representing  and warranting,  among other things,  that no
         purpose of the proposed Transfer is to impede the assessment or collection of tax.

                  (C)      Notwithstanding  the  delivery  of a  Transfer  Affidavit  and  Agreement  by a proposed
         Transferee under clause (B) above, if a Responsible  Officer of the Certificate  Registrar who is assigned
         to this Agreement has actual  knowledge  that the proposed  Transferee is not a Permitted  Transferee,  no
         Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

                  (D)      Each Person holding or acquiring any Ownership  Interest in a Class R  Certificate shall
         agree (x) to  require a  Transfer  Affidavit  and  Agreement  from any  other  Person to whom such  Person
         attempts  to  transfer  its  Ownership  Interest  in a Class R  Certificate  and (y) not to  transfer  its
         Ownership  Interest  unless it provides a certificate  to the  Certificate  Registrar in the form attached
         hereto as Exhibit J-2.

                  (E)      Each Person  holding or  acquiring an Ownership  Interest in a Class R  Certificate,  by
         purchasing an Ownership  Interest in such  Certificate,  agrees to give the Certificate  Registrar written
         notice that it is a "pass-through  interest holder" within the meaning of Temporary  Treasury  Regulations
         Section  1.67-3T(a)(2)(i)(A)  immediately upon acquiring an Ownership  Interest in a Class R  Certificate,
         if it is, or is holding an  Ownership  Interest  in a Class R  Certificate  on behalf of, a  "pass-through
         interest holder."

         (ii)     The  Certificate  Registrar  will  register  the Transfer of any Class R  Certificate  only if it
shall have received the Transfer  Affidavit and  Agreement,  a certificate  of the  Certificateholder  of a Class R
Certificate  requesting  such transfer in the form attached  hereto as Exhibit J-2 and all of such other  documents
as shall  have  been  reasonably  required  by the  Certificate  Registrar  as a  condition  to such  registration.
Transfers of the Class R Certificates to Non-United States Persons and Disqualified Organizations are prohibited.

         (iii)    (A)      If any Disqualified  Organization shall become a holder of a Class R  Certificate,  then
         the last preceding Permitted  Transferee shall be restored,  to the extent permitted by law, to all rights
         and  obligations  as  Certificateholder  of a  Class R  Certificate  thereof  retroactive  to the  date of
         registration of such Transfer of such Class R  Certificate.  If a Non-United  States Person shall become a
         holder of a Class R  Certificate,  then the last preceding United States Person shall be restored,  to the
         extent  permitted by law, to all rights and  obligations  as  Certificateholder  of a Class R  Certificate
         thereof  retroactive  to the date of  registration  of such  Transfer of such  Class R  Certificate.  If a
         transfer of a Class R  Certificate  is  disregarded  pursuant to the  provisions  of Treasury  Regulations
         Section 1.860E-1 or Section 1.860G-3,  then the last preceding Permitted Transferee shall be restored,  to
         the extent permitted by law, to all rights and obligations as  Certificateholder  of a Class R Certificate
         thereof  retroactive  to the date of  registration  of such  Transfer  of such  Class R  Certificate.  The
         Certificate  Registrar  shall be under no  liability to any Person for any  registration  of Transfer of a
         Class R  Certificate  that is in fact not permitted by this Section 3.05 or for making any payments due on
         such  Certificate  to the holder  thereof or for taking any other action with respect to such holder under
         the provisions of this Agreement.

                  (B)      If any purported  Transferee shall become a  Certificateholder  of a Class R Certificate
         in violation of the  restrictions in this Section 3.05 and to the extent that the retroactive  restoration
         of the rights of the  Certificateholder  of such Class R Certificate as described in clause (iii)(A) above
         shall be invalid,  illegal or  unenforceable,  then the Servicer  shall have the right,  without notice to
         the  holder or any prior  holder of such  Class R  Certificate,  to sell  such  Class R  Certificate  to a
         purchaser  selected by the Servicer on such terms as the Servicer may choose.  Such  purported  Transferee
         shall promptly  endorse and deliver each Class R  Certificate in accordance  with the  instructions of the
         Servicer.  Such  purchaser may be the Servicer  itself or any  Affiliate of the Servicer.  The proceeds of
         such  sale,  net of the  commissions  (which  may  include  commissions  payable  to the  Servicer  or its
         Affiliates),  expenses  and  taxes  due,  if any,  will be  remitted  by the  Servicer  to such  purported
         Transferee.  The terms and  conditions of any sale under this clause  (iii)(B)  shall be determined in the
         sole  discretion of the Servicer,  and the Servicer  shall not be liable to any Person having an Ownership
         Interest in a Class R Certificate as a result of its exercise of such discretion.

         (iv)     The  Certificate  Paying  Agent shall make  available,  upon  written  request  from the Internal
Revenue Service and any potentially  affected Person,  all information  necessary to compute any tax imposed (A) as
a result of the  Transfer of an Ownership  Interest in a Class R  Certificate  to any Person who is a  Disqualified
Organization,  including the information  regarding "excess inclusions" of such Class R Certificates required to be
provided to the  Internal  Revenue  Service and  certain  Persons as  described  in Treasury  Regulations  Sections
1.860D-1(b)(5)  and  1.860E-2(a)(5),  and  (B) as a  result  of  any  regulated  investment  company,  real  estate
investment trust, common trust fund,  partnership,  trust, estate or organization  described in Section 1381 of the
Code that holds an Ownership  Interest in a Class R  Certificate having as among its record holders at any time any
Person  who  is a  Disqualified  Organization.  Reasonable  compensation  for  providing  such  information  may be
required by the REMIC  Administrator  before it will  provide such  information  to any such  potentially  affected
Person.

         (v)      The  provisions  of this Section  3.05 set forth prior to this clause (v) may be modified,  added
to or eliminated, provided that there shall have been delivered to the Owner Trustee the following:

                  (A)      written  notification  from each  Rating  Agency to the  effect  that the  modification,
         addition  to or  elimination  of such  provisions  will not cause  such  Rating  Agency to  downgrade  its
         then-current  ratings,  if any, of any  Class of the Notes below the lower of the  then-current  rating or
         the rating assigned to such Notes as of the Closing Date by such Rating Agency; and

         (B)      subject to Section 11.01(f),  an Officers'  Certificate of the Servicer stating that the Servicer
has received an Opinion of Counsel,  in form and substance  satisfactory  to the Servicer,  to the effect that such
modification,  addition to or absence of such  provisions  will not cause any portion of any of the REMICs to cease
to  qualify as a REMIC and will not cause (x) any  portion  of any of the  REMICs to be subject to an  entity-level
tax caused by the Transfer of any Class R  Certificate  to a Person that is a  Disqualified  Organization  or (y) a
Certificateholder  or another  Person to be  subject to a  REMIC-related  tax caused by the  Transfer  of a Class R
Certificate to a Person that is not a Permitted Transferee.

         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.

         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
and the Certificateholders 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;  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.     Intentionally Omitted.

         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  under,  or otherwise  related to, the
Indenture,  and no distributions  will be made on the Certificates  until the Noteholders and the Indenture Trustee
have been irrevocably paid in full.

         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,  except  that  amounts
distributable  will be  distributed  first to the  Class  SB  Certificates,  in an  amount  equal  to the  Class SB
Distribution Amount, before being distributed to any other Class of Certificates.

                                                    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 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  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  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 or would cause any of the REMICs to fail to qualify as a REMIC or
cause any of the  REMICs to be subject to tax at any time that any of the Notes or  Certificates  are  outstanding.
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  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  in writing of the proposed  action and the
Certificateholders of 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,  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 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 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.

                                                     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.  Such amounts shall be  distributed,
first,  to the  Certificateholders  of the Class SB  Certificates,  in an amount equal to the Class SB Distribution
Amount for such Payment Date and the Class SB Distribution  Amount for any previous  Payment Date to the extent not
previously paid, and second, to the  Certificateholders  of the Class R Certificates,  any amounts  remaining.  All
distributions  made  pursuant  to  this  Section  to  any  Class  of  Certificates  shall  be  distributed  to  the
Certificateholders of such Class pro rata based on the respective Percentage Interests thereof.

                  (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.

                  (d) Allocations  of profits,  income and losses,  as determined  for federal income tax purposes,
shall be made among the Classes of Certificates  in accordance  with the REMIC  Provisions and within each Class of
Certificates to the Certificateholders on a pro rata basis based on the Certificate Percentage Interests thereof.

                  (e) On each Payment Date, the REMIC Administrator shall be deemed to distribute:

                           (i)      to REMIC II as the  holder of the REMIC I Regular  Interests,  and to the Class
         R-I  Certificateholders,  in the amounts and in accordance with the priorities set forth in the definition
         of REMIC I Distribution Amount;

                           (ii)     to REMIC III as the holder of the REMIC II Regular Interests,  and to the Class
         R-II  Certificateholders,  in the  amounts  and  in  accordance  with  the  priorities  set  forth  in the
         definition of REMIC II Distribution Amount; and

                           (iii)    to the  Noteholders  and  Certificateholders,  as the  holders of the REMIC III
         Interests the REMIC III  Distribution  Amount in the amounts and in  accordance  with the  priorities  set
         forth in the definition of REMIC III Distribution Amount.

Notwithstanding  the deemed  distributions  described  in this  Section  5.01(e),  distributions  of funds from the
Distribution  Account  shall be made only in accordance  with Section 3.05 of the Indenture and Section  5.01(a) of
this Trust Agreement.

         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 REMIC  Administrator,  as agent for the Owner Trustee,  shall
sign on behalf of the Trust the tax returns of the REMICs.  The Owner  Trustee  shall give the REMIC  Administrator
all such  powers of  attorney  as are  needed to enable  the  REMICs  Administrator  to  prepare  and sign such tax
returns.  In the event that approval from the  applicable  District  Director of the Internal  Revenue  Service for
the REMIC Administrator to sign the tax returns is not forthcoming following  application,  the REMIC Administrator
shall prepare and the Owner Trustee shall sign the tax returns for the REMICs.

         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.

                                                    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 Seller 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  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

                  (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
Indenture,  including,  the  compliance  by the  Depositor or the Seller 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
Seller,  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) the   Certificateholder  of  the  majority  of  the  Percentage  Interest  of  the  Class  SB
Certificates  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  the
Certificateholder  of the majority of the Percentage  Interest of the Class SB Certificates  written notice thereof
promptly after the Indemnified Party shall have actual knowledge thereof;

                  (c) (c)  while maintaining control over its own defense,  the  Certificateholder  of the majority
of the  Percentage  Interest of the Class SB  Certificates  shall consult with the  Indemnified  Party in preparing
such defense; and

                  (d) while  maintaining  control over its own defense,  the  Certificateholder  of the majority of
the Percentage  Interest of the Class SB Certificates  shall consult with the  Indemnified  Party in preparing such
defense.

         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 Class
SB  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 Class SB 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  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   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.

         Section 8.02.     Additional Termination Requirements.

         (a)      Each  REMIC  shall be  terminated  in  accordance  with  the  following  additional  requirements
including  upon the exercise by the  Servicer of an optional  redemption  of the Notes  pursuant to Section 8.08 of
the  Servicing  Agreement,  unless the Owner  Trustee,  the REMIC  Administrator  and the Servicer have received an
Opinion of Counsel  (which  Opinion of Counsel shall not be an expense of the Owner Trustee) to the effect that the
failure of the REMIC to comply with the  requirements  of this Section  8.02 will not (i) result in the  imposition
on the Trust Estate of taxes on  "prohibited  transactions,"  as  described  in Section  860F of the Code,  or (ii)
cause any of the REMICs to fail to qualify as a REMIC at any time that any Certificate is outstanding:

                  (i)      The  Servicer  shall  establish a 90-day  liquidation  period for such REMIC and specify
         the first day of such  period  in a  statement,  which the  Indenture  Trustee  shall  attach to the Trust
         Estate's  final Tax Return  pursuant to Treasury  regulations  Section  1.860F-1.  The Servicer also shall
         satisfy all of the  requirements  of a qualified  liquidation  for a REMIC under  Section 860F of the Code
         and regulations thereunder;

                  (ii)     The  Servicer  shall  notify  the  Owner  Trustee  and  the  Indenture  Trustee  at  the
         commencement  of such  90-day  liquidation  period  and,  at or prior to the time of  making  of the final
         payment on the  Certificates,  the Owner Trustee  shall sell or otherwise  dispose of all of the remaining
         assets of the Trust Estate in accordance with the terms hereof; and

                  (iii)    If the  Servicer is  exercising  its right to purchase  the assets of the Trust  Estate,
         the  Servicer  shall,  during the 90-day  liquidation  period and at or prior to the Final  Payment  Date,
         purchase all of the assets of the Trust Estate for cash.

         (b)      Each Holder of a Security  and the Owner  Trustee  hereby  irrevocably  approves and appoints the
Servicer  as its  attorney-in-fact  to adopt a plan of  complete  liquidation  for the REMIC at the  expense of the
Trust Estate in accordance with the terms and conditions of this Agreement.

                                                    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  Indenture
Trustee and the  Depositor.  Upon  receiving  such notice of  resignation,  the Indenture  Trustee  shall  promptly
appoint a successor  Owner Trustee 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 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 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 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.  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.

         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  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

                                           Compliance With Regulation AB

         Section 10.01.    Intent of the Parties; Reasonableness.

         The  Depositor  and the Owner  Trustee  acknowledge  and agree that the  purpose of this  Article X  is to
facilitate  compliance by the Depositor with the  provisions of Regulation AB and related rules and  regulations of
the  Commission.  The  Depositor  shall  not  exercise  its  right to  request  delivery  of  information  or other
performance  under these  provisions  other than in good faith,  or for  purposes  other than  compliance  with the
Securities Act, the Exchange Act and the rules and  regulations of the Commission  under the Securities Act and the
Exchange  Act. The Owner  Trustee  acknowledges  that  interpretations  of the  requirements  of  Regulation AB may
change over time,  whether due to interpretive  guidance  provided by the Commission or its staff,  consensus among
participants in the  mortgage-backed  securities  markets,  advice of counsel,  or otherwise,  and agrees to comply
with  reasonable  requests made by the Depositor in good faith for delivery of information  under these  provisions
on the basis of evolving  interpretations  of Regulation  AB. The Owner Trustee shall  cooperate in good faith with
any  reasonable  request by the  Depositor  for  information  regarding  the Owner  Trustee  that is  necessary  or
required,  in the reasonable,  good faith  determination  of the Depositor,  to permit the Depositor to comply with
the provisions of Regulation AB.

         Section 10.02.    Additional Representations and Warranties of the Owner Trustee.

         (a)      The Owner  Trustee  shall be deemed to  represent  and  warrant to the  Depositor  as of the date
hereof and on each date on which information is provided to the Depositor under  Sections 10.01,  10.02(b) or 10.03
that,  except  as  disclosed  in  writing  to the  Depositor  prior to such  date:  (i) it is not aware and has not
received notice that any default,  early amortization or other performance  triggering event has occurred as to any
other  Securitization  Transaction  due to any  default  of the Owner  Trustee;  (ii) there  are no  aspects of its
financial  condition that could have a material adverse effect on the performance by it of its trustee  obligations
under the Trust Agreement or any other  Securitization  Transaction as to which it is the trustee;  (iii) there are
no  material  legal or  governmental  proceedings  pending (or known to be  contemplated)  against it that would be
material to  Noteholders;  (iv) there  are no  relationships  or  transactions  (as  described in  Item 1119(b)  of
Regulation  AB)  relating to the Owner  Trustee  with respect to the  Depositor  or any  sponsor,  issuing  entity,
servicer, trustee,  originator,  significant obligor, enhancement or support provider or other material transaction
party (as each of such terms are used in Regulation  AB) relating to the  Securitization  Transaction  contemplated
by the Trust  Agreement,  as  identified  by the  Depositor to the Owner  Trustee in writing as of the Closing Date
(each,  a  "Transaction  Party") that are outside the  ordinary  course of business or on terms other than would be
obtained in an arm's length transaction with an unrelated third party,  apart from the Securitization  Transaction,
and that are material to the  investors'  understanding  of the  Certificates;  and (v) the Owner Trustee is not an
affiliate (as  contemplated  by  Item 1119(a)  of Regulation  AB) of any  Transaction  Party.  The Depositor  shall
notify the Owner  Trustee of any change in the  identity of a  Transaction  Party  after the Closing  Date at least
five (5) Business Days prior to January 31 of each calendar year.

         (b)      If so requested by the  Depositor  on any date  following  the Closing  Date,  the Owner  Trustee
shall,  within five Business Days  following such request,  confirm in writing the accuracy of the  representations
and  warranties  set forth in  paragraph  (a) of this  Section or, if any such  representation  and warranty is not
accurate as of the date of such  confirmation,  provide the pertinent  facts,  in writing,  to the  Depositor.  Any
such request from the  Depositor  shall not be given more than once each  calendar  quarter,  unless the  Depositor
shall have a reasonable basis for questioning the accuracy of any of the representations and warranties.

         Section 10.03.    Information to Be Provided by the Owner Trustee.

                  (a) For so long as the Notes are  outstanding,  for the  purpose of  satisfying  the  Depositor's
reporting  obligation  under the Exchange Act with respect to any class of Notes,  the Owner  Trustee shall provide
to the Depositor a written  description of (i) the  commencement  of, a material  development in or, if applicable,
the  termination  of, any and all legal  proceedings  against the Owner Trustee or any and all proceedings of which
any  property of the Owner  Trustee is the  subject,  that would be  material to  Noteholders;  and  (ii) any  such
proceedings  known to be  contemplated  by  governmental  authorities  that would be material to  Noteholders.  the
Owner  Trustee shall also notify the  Depositor,  in writing,  as promptly as  practicable  following  notice to or
discovery by a Responsible  Officer of the Owner Trustee of any material  changes to  proceedings  described in the
preceding  sentence.  In addition,  the Owner  Trustee will furnish to the  Depositor,  in writing,  the  necessary
disclosure  regarding the Owner Trustee  describing  such  proceedings  required to be disclosed under Item 1117 of
Regulation  AB, for inclusion in reports  filed by or on behalf of the Depositor  pursuant to the Exchange Act. The
Depositor will allow the Owner Trustee to review any disclosure  relating to material  litigation against the Owner
Trustee prior to filing such  disclosure  with the Commission to the extent the Depositor  changes the  information
provided by the Owner Trustee.  Any  descriptions  required with respect to legal  proceedings,  as well as updates
to previously provided  descriptions,  under this Section 10.03(a)  shall be given no later than five Business Days
prior to the Determination Date following the month in which the relevant event occurs.

                  (b) For so long as the Notes are  outstanding,  for the  purpose of  satisfying  the  Depositor's
reporting  obligation  under the Exchange Act with respect to any class of Notes, the Owner Trustee shall, no later
than January 31 of each calendar year,  (i) provide to the Depositor such  information  regarding the Owner Trustee
as is required for the purpose of  compliance  with  Item 1119  of  Regulation  AB;  provided,  however,  the Owner
Trustee  shall not be  required  to  provide  such  information  in the event  that there has been no change to the
information  previously  provided  by the Owner  Trustee to the  Depositor;  and (ii) as  promptly  as  practicable
following  notice  to or  discovery  by a  Responsible  Officer  of the  Owner  Trustee  of  any  changes  to  such
information,  provide to the Depositor,  in writing,  such updated information.  Such information shall include, at
a minimum,  a description  of any  affiliation  between the Owner  Trustee and any of the following  parties to the
Securitization  Transaction  contemplated  by the  Trust  Agreement,  as such  parties  and  their  affiliates  are
identified  to the  Owner  Trustee  by the  Depositor  in  connection  with  the  closing  of  each  Securitization
Transaction  or, if there has been a change in any such party,  as such party is  identified  by the Depositor in a
written notice to the Owner Trustee at least five (5) Business Days prior to January 31 of each calendar year:

                  (1)      the sponsor;

                  (2)      any depositor;

                  (3)      the issuing entity;

                  (4)      any servicer;

                  (5)      any other trustee;

                  (6)      any originator;

                  (7)      any significant obligor;

                  (8)      any enhancement or support provider; and

                  (9)      any other material party related to any Securitization Transaction.

         In addition,  the Owner Trustee  shall  provide a  description  of whether there is, and if so the general
character of, any business  relationship,  agreement,  arrangement,  transaction or understanding between the Owner
Trustee and any  above-listed  party that is entered into  outside the  ordinary  course of business or is on terms
other than  would be  obtained  in an arm's  length  transaction  with an  unrelated  third  party,  apart from the
Securitization  Transaction  contemplated by the Trust Agreement,  that currently exists or that existed during the
past two years and that is material to an investor's understanding of the Notes.

                  (c) As of the related  Payment Date with respect to each Report on Form 10-D  with respect to the
Notes filed by or on behalf of the  Depositor,  and as of March 15 preceding the date each Report on Form 10-K with
respect to the Notes is filed,  the Owner  Trustee  shall be deemed to represent  and warrant that any  information
previously  provided  by the Owner  Trustee  under  this  Article X  is  materially  correct  and does not have any
material omissions unless the Owner Trustee has provided an update to such information.

         Section 10.04.    Indemnification; Remedies.

                  (a) The Owner Trustee shall indemnify the Depositor,  each affiliate of the Depositor,  GMACM and
each affiliate of GMACM, and the respective  present and former directors,  officers,  employees and agents of each
of the  foregoing,  and  shall  hold  each of them  harmless  from and  against  any  claims,  losses,  liabilities
(including penalties),  actions, suits, judgments,  demands, damages, costs and expenses (including reasonable fees
and expenses of attorneys or, as necessary,  consultants and auditors and reasonable costs of investigations)  that
any of them may sustain arising out of or based upon:

                           (i)(A)   any untrue  statement of a material  fact  contained or alleged to be contained
in any information,  report, certification or other material provided under Sections 10.01,  10.02 or 10.03 of this
Article X  by or on behalf of the Owner  Trustee  (collectively,  the  "Owner  Trustee  Information"),  or  (B) the
omission or alleged  omission to state in Owner Trustee  Information a material fact required to be stated in Owner
Trustee  Information or necessary in order to make the statements  therein, in the light of the circumstances under
which they were made, not misleading; or

                           (ii)     any  failure  by  the  Owner  Trustee  to  deliver  any  information,   report,
certification or other material when and as required under Sections 10.02 and 10.03.

                  (b) In the case of any failure of performance  described in clause (ii) of Section 10.04(a),  the
Owner Trustee shall (i) promptly  reimburse  the  Depositor for all costs  reasonably  incurred by the Depositor in
order to obtain the  information,  report,  certification  or other  material not delivered by the Owner Trustee as
required and (ii) cooperate with the Depositor to mitigate any damages that may result from such failure.

                  (c) The  Depositor  and GMACM shall  indemnify  the Owner  Trustee,  each  affiliate of the Owner
Trustee and the respective present and former directors,  officers,  employees and agents of the Owner Trustee, and
shall hold each of them harmless from and against any losses, damages,  penalties,  fines, forfeitures,  legal fees
and expenses and related  costs,  judgments,  and any other costs,  fees and expenses  that any of them may sustain
arising out of or based upon (i) any  untrue  statement of a material fact  contained or alleged to be contained in
any  information  provided  by or on behalf of the  Depositor  or GMACM for  inclusion  in any  report  filed  with
Commission  under the  Exchange  Act  (collectively,  the "GMACM  Information"),  or  (ii) the  omission or alleged
omission  to state in the GMACM  Information  a material  fact  required to be stated in the GMACM  Information  or
necessary in order to make the statements  therein,  in the light of the circumstances  under which they were made,
not misleading.

                  (d) Notwithstanding  any provision in this Section 10.04 to the contrary,  the parties agree that
none of the Owner Trustee,  the Depositor or GMACM shall be liable to the other for any  consequential  or punitive
damages whatsoever,  whether in contract,  tort (including negligence and strict liability),  or any other legal or
equitable principle;  provided,  however,  that such limitation shall not be applicable with respect to third party
claims made against a party.

                                                    ARTICLE XI

                                                   Miscellaneous

         Section 11.01.    Amendments.

                  (a) This Trust  Agreement may be amended from time to time by the parties  hereto as specified in
this  Section  11.01,  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  to the  effect  that such  amendment  (i)
complies  with the  provisions  of this Section and (ii) will not cause the Trust to be subject to any tax or cause
any of the REMICs to fail to qualify as a REMIC for federal income tax purposes.

                  (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 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.

                  (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.

                  (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) 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, or (B) the consent of 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,  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.

                  (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  and  each  of  the  Rating   Agencies.   It  shall  not  be  necessary   for  the  consent  of
Certificateholders  or the Indenture  Trustee  pursuant to this Section 11.01 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 11.02.    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.

         Section 11.03.    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  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 11.04.    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 The Bank of New York Trust  Company,  N.A.,  2 North
LaSalle Street,  Suite 1020, Chicago,  Illinois 60602,  Attention:  Structured Finance Services - GMACM Home Equity
Loan Trust Series  2007-HE3,  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 2007-HE3;  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 11.05.    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 11.06.    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.

         Section 11.07.    Successors  and Assigns.  All  representations,  warranties,  covenants  and  agreements
contained  herein shall be binding upon, and inure to the benefit of, each of the 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 11.08.    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 11.09.    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 Seller, 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 11.10.    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 11.11.    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 11.12.    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.

         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:_______________________________________
                                                        Name:
                                                        Title:

                                                     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:______________________________________
                                                        Name:
                                                        Title:

Acknowledged and Agreed:

THE BANK OF NEW YORK TRUST COMPANY, N.A.,
     as Indenture Trustee, Certificate Registrar
     and Certificate Paying Agent

By:_________________________________
   Name:
   Title:

Acknowledged and Agreed for purposes of Article X:

GMAC MORTGAGE, LLC,

By:_________________________________
   Name:
   Title:

                                                     EXHIBIT A

                                           FORM OF CLASS SB CERTIFICATE

THIS  CLASS SB  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF PAYMENT TO THE NOTES AS DESCRIBED IN THE  AGREEMENT  (AS
DEFINED HEREIN).

THIS CLASS SB  CERTIFICATE  IS ISSUED IN THE PERCENTAGE  INTEREST SET FORTH BELOW.  THE  CERTIFICATEHOLDER  OF THIS
CERTIFICATE HEREBY CONSENTS TO ANY CHANGE IN ITS PERCENTAGE INTEREST IN ACCORDANCE WITH SUCH SECTION.

SOLELY FOR U.S.  FEDERAL  INCOME  TAX  PURPOSES,  THIS NOTE IS A  "REGULAR  INTEREST"  IN A "REAL  ESTATE  MORTGAGE
INVESTMENT  CONDUIT" AS THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS 860G AND 860D OF THE INTERNAL  REVENUE
CODE OF 1986 (THE "CODE").

THIS CLASS SB  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  CLASS SB  CERTIFICATE  SHALL BE MADE UNLESS THE  CERTIFICATE  REGISTRAR  SHALL HAVE  RECEIVED
EITHER  (i) A  REPRESENTATION  LETTER,  IN THE FORM OF  EXHIBIT G TO THE  AGREEMENT,  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  CLASS SB  CERTIFICATE
(EACH, A "PLAN  INVESTOR"),  OR (ii) IF THIS CLASS SB  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,  TO THE EFFECT THAT THE PURCHASE OR HOLDING OF THIS
CLASS SB  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 CLASS SB  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.

THIS  CLASS SB  CERTIFICATE  DOES NOT  REPRESENT AN INTEREST IN OR OBLIGATION  OF THE SELLER,  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.

Class:  SB

Certificate No.

Percentage Interest: 100%

Cut-Off Date:  October 1, 2007

Date of Trust Agreement:  October 26, 2007

First Payment Date:  November 26, 2007

Final Payment Date:  October 25, 2037

                            GMACM HOME EQUITY LOAN-BACKED CERTIFICATE, SERIES 2007-HE3

                    evidencing a fractional undivided interest in GMACM Home Equity Loan Trust
                     2007-HE3 (the "Issuer"), the property of which consists primarily of the
                                                  Mortgage Loans.

         This Class SB  Certificate is payable  solely from the assets of the Trust Estate,  and does not represent
an obligation  of or interest in the  Depositor,  the Seller,  the  Servicer,  the  Indenture  Trustee or the Owner
Trustee or any of their  Affiliates.  This Class SB  Certificate is not  guaranteed or insured by any  governmental
agency or  instrumentality  or by the  Depositor,  the Seller,  the Servicer,  the  Indenture  Trustee or the Owner
Trustee or any of their  affiliates.  None of the Depositor,  the Seller,  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,  LLC is the registered  owner of the  Certificate  Percentage  Interest
evidenced by this Class SB  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
October 26, 2007 (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 October 26, 2007, between the Trust and the Indenture Trustee.  This Class SB  Certificate is
issued under and is subject to the terms,  provisions  and  conditions  of the  Agreement,  to which  Agreement the
Certificateholder  of this  Class SB  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 each 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, to the Person in whose name this Class SB
Certificate  is  registered  at the close of business  on the last day (or if such 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  Class SB
Certificate  (based on the Percentage  Interest  stated on the face hereon) of the amount,  if any,  required to be
distributed to  Certificateholders  of Class SB  Certificates on such Payment Date.  Distributions on this Class SB
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 Class SB  Certificate or the making of any notation  hereon.  Pursuant to the Agreement,  the Trust has issued
four Classes of Certificates,  designated as the Class SB Certificates,  the Class R-I Certificates, the Class R-II
Certificates and the Class R-III Certificates.

         Except as otherwise  provided in the Agreement and  notwithstanding  the above, the final  distribution on
this Class SB  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 Class SB  Certificate at the Corporate Trust Office
of the Certificate Registrar.

         No  transfer  of this  Class SB  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 of Exhibit G  to 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,  to the
effect that the purchase or holding of such Class SB  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.

         This Class SB  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 Class SB  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  Class SB  Certificate  or the
Agreement or, except as expressly provided in the Agreement, subject to any liability under the Agreement.

         The  Certificateholder  of this Class SB  Certificate  acknowledges  and agrees that its rights to receive
distributions  in respect of this  Class SB  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 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.  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.  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,  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,   or  (ii)  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.

         As provided in the Agreement and subject to certain  limitations  therein set forth,  the transfer of this
Class SB  Certificate is registerable in the Certificate  Register upon surrender of this Class SB  Certificate for
registration  of transfer at the Corporate  Trust Office of the  Certificate  Registrar,  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  Class SB   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 Class SB
Certificates  are  exchangeable  for new Class SB  Certificates  of authorized  denominations,  as requested by the
Certificateholder surrendering the same.  This Class SB 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
Class SB  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 Class SB  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 Class SB  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 Class SB Certificate shall not be entitled to
any benefit under the Agreement or be valid for any purpose.

                                             [Signature Page Follows]

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

                                                          GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated: October 26, 2007                                   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 Trust

By:__________________________________________________
                 Authorized Signatory

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:___________________________________________

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

____________________________________________________________________________________________________________________
                                           (name and address 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.

                                             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)

                                                     EXHIBIT B

                                               CERTIFICATE OF TRUST

                                                        OF

                                       GMACM HOME EQUITY LOAN TRUST 2007-HE3

         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 2007-HE3

         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
                                                              October 26, 2007

                                                          By:____________________________________________________
                                                              Name:
                                                              Title:

Dated:  October 26, 2007

                                                     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  October  26,  2007  (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
         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

                  (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 October 26, 2007 between the Trust and the Indenture Trustee.

         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:______________________________________

                                                                                               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.

         ______   Savings  and  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.

         ______   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.

         ______   Trust  Fund.  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.

         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:______________________________________

______________________
(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.

                                                                                               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 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:__________________________________________

                                                     EXHIBIT D

                                      FORM OF INVESTOR REPRESENTATION LETTER

_____________________,____

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

The Bank of New York Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

                  Re:      Residential Asset Mortgage Products, Inc.,
                           GMACM Home Equity Loan-Backed Certificates, Series 2007-HE3

Ladies and Gentlemen:

                  ___________________  (the  "Purchaser")  intends to  purchase  from _____________________________
(the "Seller") ____________% Certificate  Percentage Interest of the Class [__] Certificates,  Series 2007-HE3 (the
"Certificates"),  issued  pursuant to the Trust  Agreement  dated as of October  26, 2007 (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 The Bank of New York Trust Company,  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 October 26, 2007,  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.

                  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 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:

                                                     EXHIBIT E

                                     FORM OF TRANSFEROR REPRESENTATION LETTER

_____________________,____

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

The Bank of New York Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

                  Re:      Residential Asset Mortgage Products, Inc.
                           GMACM Home Equity Loan-Backed Certificates, Series 2007-HE3

Ladies and Gentlemen:

         ____________________________ (the  "Purchaser")  intends  to  purchase  from _________________________(the
"Seller") a ______%  Percentage  Interest of  Certificates  of the Class [__]  Certificates,  Series  2007-HE3 (the
"Certificates"),  issued  pursuant to the Trust  Agreement  dated as of October  26, 2007 (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 The Bank of New York Trust Company,  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 October 26, 2007,  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 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:

                                                     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 October 26, 2007 (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  2007-HE3 (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 October 26, 2007, 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

                           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.

                                                     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, LLC
1100 Virginia Drive
Fort Washington, Pennsylvania 19034

The Bank of New York Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

                  Re:      Residential Asset Mortgage Products, Inc.
                           GMACM Home Equity Loan-Backed Certificates, Series 2007-HE3

Dear Sirs:

          __________________________________________________ (the    "Transferee")    intends   to   acquire   from
_____________________________________ (the  "Transferor")  a _________%  Percentage  Interest  of GMACM Home Equity
Loan-Backed  Certificates,  Series 2007-HE3 (the "Certificates"),  issued pursuant to a trust agreement dated as of
October 26, 2007,  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 October 26,
2007, 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  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:

                                                     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, LLC
1100 Virginia Drive
Fort Washington, Pennsylvania 19034

The Bank of New York Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

                  Re:      Residential Asset Mortgage Products, Inc.
                           GMACM Home Equity Loan-Backed Certificates, Series 2007-HE3

Dear Sirs:

          _______________________________________________ (the    "Transferee")    intends    to    acquire    from
___________________________________________ (the "Transferor") a ______%  Percentage  Interest of GMACM Home Equity
Loan-Backed  Certificates,  Series 2007-HE3 (the "Certificates"),  issued pursuant to a trust agreement dated as of
October  26,  2007  (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 October 26, 2007, 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

                  (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:

                                                    EXHIBIT I-1

                                            FORM OF CLASS R-I CERTIFICATE
THIS  CERTIFICATE  MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED  STATES PERSON OR A DISQUALIFIED  ORGANIZATION
(AS DEFINED BELOW).

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE IS A "RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE
INVESTMENT  CONDUIT" AS THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS 860G AND 860D OF THE INTERNAL  REVENUE
CODE OF 1986 (THE "CODE").

NO TRANSFER OF THIS  CERTIFICATE MAY BE MADE TO ANY PERSON,  UNLESS THE TRANSFEREE  PROVIDES EITHER A CERTIFICATION
PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE SERVICER,  THE COMPANY AND
THE  TRUSTEE  THAT THE  PURCHASE OF THIS  CERTIFICATE  WILL NOT  CONSTITUTE  OR RESULT IN A  NON-EXEMPT  PROHIBITED
TRANSACTION  UNDER SECTION 406 OF THE EMPLOYEE  RETIREMENT  INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION  4975 OF THE CODE AND WILL NOT  SUBJECT THE  SERVICER,  THE  COMPANY OR THE  TRUSTEE TO ANY  OBLIGATION  OR
LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY  RESALE,  TRANSFER  OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  MAY BE MADE  ONLY IF THE  PROPOSED  TRANSFEREE
PROVIDES A TRANSFER  AFFIDAVIT  TO THE  SERVICER  AND THE TRUSTEE  THAT (1) SUCH  TRANSFEREE  IS NOT (A) THE UNITED
STATES,  ANY STATE OR  POLITICAL  SUBDIVISION  THEREOF,  ANY  POSSESSION  OF THE  UNITED  STATES,  OR ANY AGENCY OR
INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN AN  INSTRUMENTALITY  WHICH IS A  CORPORATION  IF ALL OF ITS
ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT FOR THE FHLMC,  A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY
SUCH  GOVERNMENTAL  UNIT),  (B)  A  FOREIGN  GOVERNMENT,   ANY  INTERNATIONAL   ORGANIZATION,   OR  ANY  AGENCY  OR
INSTRUMENTALITY  OF EITHER OF THE  FOREGOING,  (C) ANY  ORGANIZATION  (OTHER  THAN  CERTAIN  FARMERS'  COOPERATIVES
DESCRIBED  IN SECTION  521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE CODE  (INCLUDING  THE TAX IMPOSED BY SECTION 511
OF THE CODE ON UNRELATED  BUSINESS  TAXABLE  INCOME),  (D) RURAL ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(a)(2)(C)  OF THE CODE, (E) AN ELECTING LARGE  PARTNERSHIP  UNDER SECTION 775(a) OF THE CODE (ANY SUCH
PERSON  DESCRIBED IN THE FOREGOING  CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN  REFERRED TO AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED  ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED  TRANSFEREE.  NOTWITHSTANDING  THE REGISTRATION IN THE CERTIFICATE  REGISTER OR
ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR AN AGENT OF A
DISQUALIFIED  ORGANIZATION,  SUCH  REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED
TO, THE RECEIPT OF  DISTRIBUTIONS  ON THIS  CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE  BY  ACCEPTANCE  OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No. 1

Class R-I Certificate

Percentage Interest: 100%

Cut-Off Date:  October 1, 2007

Date of Trust Agreement: October 26, 2007

First Payment Date:  November 26, 2007

Final Payment Date:  October 25, 2037

                            GMACM HOME EQUITY LOAN-BACKED CERTIFICATE, SERIES 2007-HE3

                    evidencing a fractional undivided interest in GMACM Home Equity Loan Trust
                      2007-HE3 (the "Trust"), 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 Seller,  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 Seller,  the Servicer,  the Indenture Trustee or the Owner Trustee or any
of their affiliates.  None of the Depositor,  the Seller, 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,  LLC 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 October
26, 2007 (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 October 26, 2007,  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 each 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,  to the  Person  in whose  name this
Certificate  is  registered  at the close of business  on the last day (or if such 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.

         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 Corporate  Trust Office of the
Certificate Registrar.  This Certificate has no Certificate Balance.

         Each  Certificateholder  of this Certificate will be deemed to have agreed to be bound by the restrictions
set forth in the Agreement to the effect that (i) each person  holding or acquiring any Ownership  Interest in this
Certificate  must be a United  States  Person  and a  Permitted  Transferee,  (ii) the  transfer  of any  Ownership
Interest in this  Certificate  will be  conditioned  upon the  delivery to the  Indenture  Trustee of,  among other
things,  an  affidavit  to the  effect  that it is a United  States  Person  and  Permitted  Transferee,  (iii) any
attempted or purported  transfer of any Ownership  Interest in this  Certificate in violation of such  restrictions
will be  absolutely  null and void and will vest no  rights in the  purported  transferee,  and (iv) if any  person
other than a United States Person and a Permitted  Transferee  acquires any Ownership  Interest in this Certificate
in violation of such  restrictions,  then the Depositor  will have the right,  in its sole  discretion  and without
notice to the  Certificateholder  of this  Certificate,  to sell this  Certificate  to a purchaser  selected by the
Depositor,  which purchaser may be the Depositor,  or any affiliate of the Depositor,  on such terms and conditions
as the Depositor may choose.

         No transfer of this Class R-I  Certificate  will be made unless the Indenture  Trustee has received either
(i) an opinion of counsel  acceptable to and in form and substance  satisfactory to the Trustee,  the Depositor and
the Servicer with respect to the  permissibility  of such transfer under the Employee  Retirement  Income  Security
Act of 1974, as amended  ("ERISA"),  and Section 4975 of the Internal Revenue Code (the "Code") and stating,  among
other  things,  that the  transferee's  acquisition  of a Class R  Certificate  will not  constitute or result in a
non-exempt  prohibited  transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) 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  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or
any other person  (including an investment  manager,  a named fiduciary or a trustee of any Plan) acting,  directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of any Plan.

         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 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.  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.  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,  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,   or  (ii)  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.

         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  Corporate  Trust Office of the  Certificate  Registrar,  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.

                                             [Signature Page Follows]

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

                                                          GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated: October 26, 2007                                   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 Trust

By:___________________________________________________
                 Authorized Signatory

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:__________________________________________

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

___________________________________________________________________________________________________________________
                                           (name and address 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.

                                             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)

                                                    EXHIBIT I-2

                                          FORM OF CLASS R-II CERTIFICATE

THIS  CERTIFICATE  MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED  STATES PERSON OR A DISQUALIFIED  ORGANIZATION
(AS DEFINED BELOW).

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE IS A "RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE
INVESTMENT  CONDUIT" AS THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS 860G AND 860D OF THE INTERNAL  REVENUE
CODE OF 1986 (THE "CODE").

NO TRANSFER OF THIS  CERTIFICATE MAY BE MADE TO ANY PERSON,  UNLESS THE TRANSFEREE  PROVIDES EITHER A CERTIFICATION
PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE SERVICER,  THE COMPANY AND
THE  TRUSTEE  THAT THE  PURCHASE OF THIS  CERTIFICATE  WILL NOT  CONSTITUTE  OR RESULT IN A  NON-EXEMPT  PROHIBITED
TRANSACTION  UNDER SECTION 406 OF THE EMPLOYEE  RETIREMENT  INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION  4975 OF THE CODE AND WILL NOT  SUBJECT THE  SERVICER,  THE  COMPANY OR THE  TRUSTEE TO ANY  OBLIGATION  OR
LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY  RESALE,  TRANSFER  OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  MAY BE MADE  ONLY IF THE  PROPOSED  TRANSFEREE
PROVIDES A TRANSFER  AFFIDAVIT  TO THE  SERVICER  AND THE TRUSTEE  THAT (1) SUCH  TRANSFEREE  IS NOT (A) THE UNITED
STATES,  ANY STATE OR  POLITICAL  SUBDIVISION  THEREOF,  ANY  POSSESSION  OF THE  UNITED  STATES,  OR ANY AGENCY OR
INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN AN  INSTRUMENTALITY  WHICH IS A  CORPORATION  IF ALL OF ITS
ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT FOR THE FHLMC,  A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY
SUCH  GOVERNMENTAL  UNIT),  (B)  A  FOREIGN  GOVERNMENT,   ANY  INTERNATIONAL   ORGANIZATION,   OR  ANY  AGENCY  OR
INSTRUMENTALITY  OF EITHER OF THE  FOREGOING,  (C) ANY  ORGANIZATION  (OTHER  THAN  CERTAIN  FARMERS'  COOPERATIVES
DESCRIBED  IN SECTION  521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE CODE  (INCLUDING  THE TAX IMPOSED BY SECTION 511
OF THE CODE ON UNRELATED  BUSINESS  TAXABLE  INCOME),  (D) RURAL ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(a)(2)(C)  OF THE CODE, (E) AN ELECTING LARGE  PARTNERSHIP  UNDER SECTION 775(a) OF THE CODE (ANY SUCH
PERSON  DESCRIBED IN THE FOREGOING  CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN  REFERRED TO AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED  ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED  TRANSFEREE.  NOTWITHSTANDING  THE REGISTRATION IN THE CERTIFICATE  REGISTER OR
ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR AN AGENT OF A
DISQUALIFIED  ORGANIZATION,  SUCH  REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED
TO, THE RECEIPT OF  DISTRIBUTIONS  ON THIS  CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE  BY  ACCEPTANCE  OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No. 1

Class R-II Certificate

Percentage Interest: 100%

Cut-Off Date:  October 1, 2007

Date of Trust Agreement:  October 26, 2007

First Payment Date:  November 26, 2007

Final Payment Date: October 25, 2037

                            GMACM HOME EQUITY LOAN-BACKED CERTIFICATE, SERIES 2007-HE3

                    evidencing a fractional undivided interest in GMACM Home Equity Loan Trust
                      2007-HE3 (the "Trust"), 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 Seller,  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 Seller,  the Servicer,  the Indenture Trustee or the Owner Trustee or any
of their affiliates.  None of the Depositor,  the Seller, 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,  LLC 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 October
26, 2007 (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 October 26, 2007,  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 each 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,  to the  Person  in whose  name this
Certificate  is  registered  at the close of business  on the last day (or if such 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.

         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 Corporate  Trust Office of the
Certificate Registrar. This Certificate has no Certificate Balance.

         Each  Certificateholder  of this Certificate will be deemed to have agreed to be bound by the restrictions
set forth in the Agreement to the effect that (i) each person  holding or acquiring any Ownership  Interest in this
Certificate  must be a United  States  Person  and a  Permitted  Transferee,  (ii) the  transfer  of any  Ownership
Interest in this  Certificate  will be  conditioned  upon the  delivery to the  Indenture  Trustee of,  among other
things,  an  affidavit  to the  effect  that it is a United  States  Person  and  Permitted  Transferee,  (iii) any
attempted or purported  transfer of any Ownership  Interest in this  Certificate in violation of such  restrictions
will be  absolutely  null and void and will vest no  rights in the  purported  transferee,  and (iv) if any  person
other than a United States Person and a Permitted  Transferee  acquires any Ownership  Interest in this Certificate
in violation of such  restrictions,  then the Depositor  will have the right,  in its sole  discretion  and without
notice to the  Certificateholder  of this  Certificate,  to sell this  Certificate  to a purchaser  selected by the
Depositor,  which purchaser may be the Depositor,  or any affiliate of the Depositor,  on such terms and conditions
as the Depositor may choose.

         No transfer of this Class R-II  Certificate will be made unless the Indenture  Trustee has received either
(i) an opinion of counsel  acceptable to and in form and substance  satisfactory to the Trustee,  the Depositor and
the Servicer with respect to the  permissibility  of such transfer under the Employee  Retirement  Income  Security
Act of 1974, as amended  ("ERISA"),  and Section 4975 of the Internal Revenue Code (the "Code") and stating,  among
other  things,  that the  transferee's  acquisition  of a Class R  Certificate  will not  constitute or result in a
non-exempt  prohibited  transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) 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  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or
any other person  (including an investment  manager,  a named fiduciary or a trustee of any Plan) acting,  directly
or indirectly, on behalf of or purchasing any Certificate with "plan assets" of any Plan.

         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 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.  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.  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,  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,   or  (ii)  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.

         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  Corporate  Trust Office of the  Certificate  Registrar,  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.

                                             [Signature Page Follows]

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

                                                          GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated: October 26, 2007                                   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 Trust

By:___________________________________________________
                 Authorized Signatory

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:___________________________________________

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

____________________________________________________________________________________________________________________
                                           (name and address 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.

                                             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)

                                                    EXHIBIT I-3

                                          FORM OF CLASS R-III CERTIFICATE

THIS  CERTIFICATE  MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED  STATES PERSON OR A DISQUALIFIED  ORGANIZATION
(AS DEFINED BELOW).

SOLELY FOR U.S. FEDERAL INCOME TAX PURPOSES,  THIS CERTIFICATE IS A "RESIDUAL  INTEREST" IN A "REAL ESTATE MORTGAGE
INVESTMENT  CONDUIT" AS THOSE TERMS ARE DEFINED,  RESPECTIVELY,  IN SECTIONS 860G AND 860D OF THE INTERNAL  REVENUE
CODE OF 1986 (THE "CODE").

NO TRANSFER OF THIS  CERTIFICATE MAY BE MADE TO ANY PERSON,  UNLESS THE TRANSFEREE  PROVIDES EITHER A CERTIFICATION
PURSUANT TO SECTION 3.05 OF THE AGREEMENT OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE SERVICER,  THE COMPANY AND
THE  TRUSTEE  THAT THE  PURCHASE OF THIS  CERTIFICATE  WILL NOT  CONSTITUTE  OR RESULT IN A  NON-EXEMPT  PROHIBITED
TRANSACTION  UNDER SECTION 406 OF THE EMPLOYEE  RETIREMENT  INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION  4975 OF THE CODE AND WILL NOT  SUBJECT THE  SERVICER,  THE  COMPANY OR THE  TRUSTEE TO ANY  OBLIGATION  OR
LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY  RESALE,  TRANSFER  OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  MAY BE MADE  ONLY IF THE  PROPOSED  TRANSFEREE
PROVIDES A TRANSFER  AFFIDAVIT  TO THE  SERVICER  AND THE TRUSTEE  THAT (1) SUCH  TRANSFEREE  IS NOT (A) THE UNITED
STATES,  ANY STATE OR  POLITICAL  SUBDIVISION  THEREOF,  ANY  POSSESSION  OF THE  UNITED  STATES,  OR ANY AGENCY OR
INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN AN  INSTRUMENTALITY  WHICH IS A  CORPORATION  IF ALL OF ITS
ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT FOR THE FHLMC,  A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY
SUCH  GOVERNMENTAL  UNIT),  (B)  A  FOREIGN  GOVERNMENT,   ANY  INTERNATIONAL   ORGANIZATION,   OR  ANY  AGENCY  OR
INSTRUMENTALITY  OF EITHER OF THE  FOREGOING,  (C) ANY  ORGANIZATION  (OTHER  THAN  CERTAIN  FARMERS'  COOPERATIVES
DESCRIBED  IN SECTION  521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS SUCH
ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE CODE  (INCLUDING  THE TAX IMPOSED BY SECTION 511
OF THE CODE ON UNRELATED  BUSINESS  TAXABLE  INCOME),  (D) RURAL ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(a)(2)(C)  OF THE CODE, (E) AN ELECTING LARGE  PARTNERSHIP  UNDER SECTION 775(a) OF THE CODE (ANY SUCH
PERSON  DESCRIBED IN THE FOREGOING  CLAUSES (A), (B), (C), (D) OR (E) BEING HEREIN  REFERRED TO AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED  ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE
ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE
FINANCIAL CONDITION OF THE PROPOSED  TRANSFEREE.  NOTWITHSTANDING  THE REGISTRATION IN THE CERTIFICATE  REGISTER OR
ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE  TO A  DISQUALIFIED  ORGANIZATION  OR AN AGENT OF A
DISQUALIFIED  ORGANIZATION,  SUCH  REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH PERSON SHALL NOT BE DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED
TO, THE RECEIPT OF  DISTRIBUTIONS  ON THIS  CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE  BY  ACCEPTANCE  OF THIS
CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No. 1

CLASS R-III Certificate

Percentage Interest: 100%

Cut-Off Date:  October 1, 2007

Date of Trust Agreement:  October 26, 2007

First Payment Date:  November 26, 2007

Final Payment Date: October 25, 2037

                            GMACM HOME EQUITY LOAN-BACKED CERTIFICATE, SERIES 2007-HE3

                    evidencing a fractional undivided interest in GMACM Home Equity Loan Trust
                      2007-HE3 (the "Trust"), 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 Seller,  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 Seller,  the Servicer,  the Indenture Trustee or the Owner Trustee or any
of their affiliates.  None of the Depositor,  the Seller, 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,  LLC 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 October
26, 2007 (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 October 26, 2007,  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 each 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,  to the  Person  in whose  name this
Certificate  is  registered  at the close of business  on the last day (or if such 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.

         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 Corporate  Trust Office of the
Certificate Registrar. This Certificate has no Certificate Balance.

         Each  Certificateholder  of this Certificate will be deemed to have agreed to be bound by the restrictions
set forth in the Agreement to the effect that (i) each person  holding or acquiring any Ownership  Interest in this
Certificate  must be a United  States  Person  and a  Permitted  Transferee,  (ii) the  transfer  of any  Ownership
Interest in this  Certificate  will be  conditioned  upon the  delivery to the  Indenture  Trustee of,  among other
things,  an  affidavit  to the  effect  that it is a United  States  Person  and  Permitted  Transferee,  (iii) any
attempted or purported  transfer of any Ownership  Interest in this  Certificate in violation of such  restrictions
will be  absolutely  null and void and will vest no  rights in the  purported  transferee,  and (iv) if any  person
other than a United States Person and a Permitted  Transferee  acquires any Ownership  Interest in this Certificate
in violation of such  restrictions,  then the Depositor  will have the right,  in its sole  discretion  and without
notice to the  Certificateholder  of this  Certificate,  to sell this  Certificate  to a purchaser  selected by the
Depositor,  which purchaser may be the Depositor,  or any affiliate of the Depositor,  on such terms and conditions
as the Depositor may choose.

         No  transfer of this CLASS  R-III  Certificate  will be made  unless the  Indenture  Trustee has  received
either  (i) an  opinion of  counsel  acceptable  to and in form and  substance  satisfactory  to the  Trustee,  the
Depositor  and the Servicer  with respect to the  permissibility  of such  transfer  under the Employee  Retirement
Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975 of the Internal Revenue Code (the "Code") and
stating,  among other things,  that the  transferee's  acquisition of a Class R  Certificate will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section 4975 of the Code or (ii) 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  provisions  of ERISA or Section 4975 of the Code (a
"Plan"),  or any other person (including an investment manager, a named fiduciary or a trustee of any Plan) acting,
directly or indirectly, on behalf of or purchasing any Certificate with "plan assets" of any Plan.

         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 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.  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.  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,  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,   or  (ii)  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.

         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  Corporate  Trust Office of the  Certificate  Registrar,  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.

                                             [Signature Page Follows]

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

                                                          GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated: October 26, 2007                                   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 Trust

By:___________________________________________________
                 Authorized Signatory

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:__________________________________________

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

___________________________________________________________________________________________________________________
                                           (name and address 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.

                                             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)

                                                    EXHIBIT J-1
                                     FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                                )

                                        )    ss.:

COUNTY OF                               )
                  [NAME OF OFFICER], being first duly sworn, deposes and says:

                              (1)           That  he  is  [Title  of  Officer]  of  [Name  of  Owner]   (record  or
beneficial owner of the GMACM Home Equity Loan-Backed  Certificates,  Series 2007-HE3,  Class R-[ ] (the "Owner")),
a  [savings   institution]   [corporation]   duly   organized  and  existing  under  the  laws  of  [the  State  of
                                    ]  [the  United  States],  on  behalf  of  which he makes  this  affidavit  and
agreement.

                              (2)           That  the   Owner   (i)  is  not  and  will  not  be  a   "disqualified
organization" or an electing large  partnership as of [date of transfer] within the meaning of Sections  860E(e)(5)
and 775,  respectively,  of the  Internal  Revenue  Code of 1986,  as amended  (the  "Code") or an  electing  large
partnership  under Section 775(a) of the Code, (ii) will endeavor to remain other than a disqualified  organization
for so long as it retains its  ownership  interest in the  Class R-[ ]  Certificates,  and (iii) is  acquiring  the
Class R-[ ]  Certificates  for its own account or for the  account of another  Owner from which it has  received an
affidavit and  agreement in  substantially  the same form as this  affidavit and  agreement.  (For this purpose,  a
"disqualified  organization"  means an electing large partnership under Section 775 of the Code, the United States,
any state or political  subdivision  thereof,  any agency or instrumentality of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except for the Federal Home Loan Mortgage
Corporation,  a majority of whose  board of  directors  is not  selected  by any such  governmental  entity) or any
foreign  government,  international  organization or any agency or  instrumentality  of such foreign  government or
organization,  any rural  electric or telephone  cooperative,  or any  organization  (other than  certain  farmers'
cooperatives)  that is generally  exempt from federal income tax unless such  organization is subject to the tax on
unrelated business taxable income).

                              (3)           That the  Owner  is aware  (i) of the tax  that  would  be  imposed  on
transfers of Class R  Certificates to disqualified  organizations or electing large  partnerships,  under the Code,
that applies to all  transfers  of Class R  Certificates  after March 31, 1988;  (ii) that such tax would be on the
transferor (or, with respect to transfers to electing large  partnerships,  on each such partnership),  or, if such
transfer  is  through  an agent  (which  person  includes  a  broker,  nominee  or  middleman)  for a  disqualified
organization,  on the  agent;  (iii) that the person  (other  than with  respect to  transfers  to  electing  large
partnerships)  otherwise liable for the tax shall be relieved of liability for the tax if the transferee  furnishes
to such person an affidavit that the transferee is not a  disqualified  organization  and, at the time of transfer,
such  person  does  not have  actual  knowledge  that the  affidavit  is  false;  and  (iv)  that the  Class R-[  ]
Certificates  may be  "noneconomic  residual  interests"  within the  meaning of Treasury  regulations  promulgated
pursuant to the Code and that the  transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such  residual  interest,  unless no  significant  purpose of the transfer was to
impede the assessment or collection of tax.

                              (4)           That the Owner is aware of the tax imposed on a  "pass-through  entity"
holding Class R  Certificates if either the pass-through  entity is an electing large partnership under Section 775
of the if at any time  during the  taxable  year of the  pass-through  entity a  disqualified  organization  is the
record  holder of an interest in such entity.  (For this  purpose,  a "pass  through  entity"  includes a regulated
investment  company,  a real estate  investment  trust or common trust fund, a  partnership,  trust or estate,  and
certain cooperatives.)

                              (5)           The  Owner  is  a  citizen  or  resident  of  the  United   States,   a
corporation,  partnership  or other entity  created or organized in, or under the laws of, the United States or any
political  subdivision  thereof  (except  in  the  case  of a  partnership,  to the  extent  provided  in  Treasury
regulations),  or an estate that is described in Section  7701(a)(30)(D)  of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

                              (6)           That the  Owner  is  aware  that  the  Certificate  Registrar  will not
register the transfer of any Class R  Certificates unless the transferee,  or the transferee's  agent,  delivers to
it an  affidavit  and  agreement,  among  other  things,  in  substantially  the same  form as this  affidavit  and
agreement.  The Owner  expressly  agrees that it will not consummate any such transfer if it knows or believes that
any of the representations contained in such affidavit and agreement are false.

                              (7)           That the Owner has reviewed the  restrictions  set forth on the face of
the Class R  Certificates  and the  provisions of Section 3.05 of the Trust  Agreement  under which the Class R-[ ]
Certificates  were issued (in particular,  clause (i)(A) and (i)(B) of Section 3.05 which authorize the Certificate
Registrar  to deliver  payments to a person  other than the Owner and  negotiate a mandatory  sale by the  Servicer
Trustee in the event the Owner holds such  Certificates in violation of Section 3.05).  The Owner expressly  agrees
to be bound by and to comply with such restrictions and provisions.

                              (8)           That  the   Owner   consents   to  any   additional   restrictions   or
arrangements  that shall be deemed  necessary  upon advice of counsel to  constitute  a reasonable  arrangement  to
ensure that the Class R-[ ]  Certificates  will only be owned,  directly or  indirectly,  by an Owner that is not a
disqualified organization.

                              (9)           The Owner's Taxpayer Identification Number is ________________________.

                              (10)          This   affidavit  and  agreement   relates  only  to  the  Class R-[  ]
Certificates  held  by  the  Owner  and  not  to  any  other  holder  of the  Class R-[  ]Certificates.  The  Owner
understands that the liabilities described herein relate only to the Class R-[  ] Certificates.

                              (11)          That no purpose of the Owner  relating  to the  transfer  of any of the
Class R-[  ] Certificates by the Owner is or will be to impede the assessment or collection of any tax.

                              (12)          That the Owner has no present  knowledge  or  expectation  that it will
be unable to pay any United  States  taxes owed by it so long as any of the  Certificates  remain  outstanding.  In
this  regard,  the  Owner  hereby  represents  to and for the  benefit  of the  person  from whom it  acquired  the
Class R-[ ] Certificate  that the Owner intends to pay taxes  associated  with holding such Class R-[ ] Certificate
as they become due, fully  understanding  that it may incur tax  liabilities in excess of any cash flows  generated
by the Class R-[  ] Certificate.

                              (13)          That the Owner has no present  knowledge  or  expectation  that it will
become  insolvent or subject to a bankruptcy  proceeding for so long as any of the Class R-[ ] Certificates  remain
outstanding.

                              (14)          The  Purchaser  is not an employee  benefit  plan or other plan subject
to the  prohibited  transaction  provisions  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"),  or an  investment
manager,  named  fiduciary or a trustee of any such plan, or any other Person acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                  IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed on its behalf,  pursuant
to the  authority  of its Board of  Directors,  by its [Title of  Officer]  and its  corporate  seal to be hereunto
attached, attested by its [Assistant] Secretary, this ____ day of __________, ____________.

                                                     [NAME OF OWNER]

                                                     By:___________________________________________
                                                        [Name of Officer]
                                                        [Title of Officer]
[Corporate Seal]

ATTEST:

______________________________________
[Assistant] Secretary

                  Personally  appeared  before me the  above-named  [Name of Officer],  known or proved to me to be
the same  person who  executed  the  foregoing  instrument  and to be the  [Title of  Officer]  of the  Owner,  and
acknowledged to me that he executed the same as his free act and deed and the free act and deed of the Owner.

                  Subscribed and sworn before me this ____ day of __________, ____________.

                                                            NOTARY PUBLIC

                                                     COUNTY OF____________________________________________
                                                     STATE OF_____________________________________________
                                                                My Commission expires the _____ day of
                                                                _______________________________, 20__.

                                                    EXHIBIT J-2

                                          FORM OF TRANSFEROR CERTIFICATE

                                                                           ____________________________, 20___

Residential Asset Mortgage Products, Inc.
8400 Normandale Lake Boulevard
Suite 600
Minneapolis, Minnesota  55437

The Bank of New York Trust Company, N.A.
2 North LaSalle Street, Suite 1020
Chicago, Illinois 60602

                  Re:      GMACM Home Equity Loan-Backed Term Notes,
                           Series 2007-HE3, Class R

Ladies and Gentlemen:

                  This    letter    is    delivered    to   you   in    connection    with    the    transfer    by
___________________________________________________ (the "Seller") to _____________________________________________
(the  "Purchaser")  of  $____________________________ Initial  Certificate  Principal  Balance  of  GMACM Home Loan
Backed  Pass-Through  Certificates,  Series  2007-HE3, Class R-[ ] (the  "Certificates"),  pursuant to Section 3.05
of the Trust Agreement (the "Trust Agreement"),  dated as  of  October 26, 2007 among  Residential  Asset  Mortgage
Products,  Inc., as seller (the "Company"), GMAC Mortgage, LLC, as servicer, and Wilmington Trust Company, as owner
trustee (the "Trustee").  All terms used herein and not otherwise  defined  shall  have the  meanings  set forth in
the  Trust  Agreement.  The  Seller  hereby  certifies, represents and warrants to, and covenants with, the Company
and the Trustee that:

                           (1)      No purpose of the Seller  relating to the  transfer of the  Certificate  by the
Seller to the Purchaser is or will be to impede the assessment or collection of any tax.

                           (2)      The Seller  understands that the Purchaser has delivered to the Trustee and the
Servicer a transfer  affidavit  and  agreement  in the form  attached to the Trust  Agreement  as Exhibit  J-1. The
Seller does not know or believe that any representation contained therein is false.

                           (3)      The  Seller  has  at  the  time  of  the   transfer   conducted  a   reasonable
investigation  of the  financial  condition  of the  Purchaser  as  contemplated  by Treasury  Regulations  Section
1.860E-1(c)(4)(i)  and,  as a result of that  investigation,  the  Seller has  determined  that the  Purchaser  has
historically  paid its  debts as they  become  due and has  found no  significant  evidence  to  indicate  that the
Purchaser  will not  continue to pay its debts as they become due in the future.  The Seller  understands  that the
transfer of a Class R-[ ]  Certificate  may not be respected  for United States income tax purposes (and the Seller
may continue to be liable for United  States  income taxes  associated  therewith)  unless the Seller has conducted
such an investigation.

                           (4)      The Seller has no actual  knowledge that the proposed  Transferee is not both a
United States Person and a Permitted Transferee.

                                                     Very truly yours,

                                                     ________________________________________
                                                     (Seller)

                                                     By:____________________________________
                                                     Name:__________________________________
                                                     Title:_________________________________Exhibit 4.3

                                               GMACM HOME EQUITY LOAN TRUST 2007-HE3,

                                                              Issuer,

                                                               and

                                             THE BANK OF NEW YORK TRUST COMPANY, N.A.,

                                                       Indenture Trustee

                                                   ________________________

                                                          INDENTURE

                                                  ________________________

                                                Dated as of October 26, 2007

                                          GMACM HOME EQUITY LOAN-BACKED TERM NOTES

                                                     TABLE OF CONTENTS

                                                                                                              Page

ARTICLE I Definitions 2

         Section 1.01          Definitions.......................................................................2
         Section 1.02          Incorporation by Reference of Trust Indenture Act.................................2
         Section 1.03          Rules of Construction.............................................................2

ARTICLE II Original Issuance of Notes............................................................................8

         Section 2.01          Form..............................................................................8
         Section 2.02          Execution, Authentication and Delivery............................................8

ARTICLE III Covenants 8

         Section 3.01          Collection of Payments with Respect to the Mortgage Loans.........................8
         Section 3.02          Maintenance of Office or Agency...................................................8
         Section 3.03          Money for Payments to Be Held in Trust; Paying Agent..............................8
         Section 3.04          Existence.........................................................................8
         Section 3.05          Priority of Distributions; Defaulted Interest.....................................8
         Section 3.06          Protection of Trust Estate.......................................................11
         Section 3.07          Opinions as to Trust Estate......................................................11
         Section 3.08          Performance of Obligations; Servicing Agreement..................................11
         Section 3.09          Negative Covenants...............................................................11
         Section 3.10          Annual Statement as to Compliance................................................12
         Section 3.11          Recordation of Assignments.......................................................12
         Section 3.12          Representations and Warranties Concerning the Mortgage Loans.....................12
         Section 3.13          Assignee of Record of the Mortgage Loans.........................................12
         Section 3.14          Servicer as Agent and Bailee of the Indenture Trustee............................14
         Section 3.15          Investment Company Act...........................................................14
         Section 3.16          Issuer May Consolidate, etc......................................................14
         Section 3.17          Successor or Transferee..........................................................16
         Section 3.18          No Other Business................................................................16
         Section 3.19          No Borrowing.....................................................................16
         Section 3.20          Guarantees, Loans, Advances and Other Liabilities................................16
         Section 3.21          Capital Expenditures.............................................................16
         Section 3.22          Owner Trustee Not Liable for Certificates or Related Documents...................16
         Section 3.23          Restricted Payments..............................................................16
         Section 3.24          Notice of Events of Default......................................................16
         Section 3.25          Further Instruments and Acts.....................................................17
         Section 3.26          Statements to Noteholders........................................................17
         Section 3.27          [Reserved].......................................................................17
         Section 3.28          [Reserved].......................................................................17
         Section 3.29          [Reserved].......................................................................17
         Section 3.30          Additional Representations of Issuer.............................................17
         Section 3.31          Allocation of Losses.............................................................19

ARTICLE IV The Notes; Satisfaction And Discharge Of Indenture...................................................19

         Section 4.01          The Notes........................................................................19
         Section 4.02          Registration of and Limitations on Transfer and Exchange of
                               Notes; Appointment of Certificate Registrar......................................19
         Section 4.03          Mutilated, Destroyed, Lost or Stolen Notes.......................................20
         Section 4.04          Persons Deemed Owners............................................................21
         Section 4.05          Cancellation.....................................................................23
         Section 4.06          Book-Entry Notes.................................................................23
         Section 4.07          Notices to Depository............................................................23
         Section 4.08          Definitive Notes.................................................................23
         Section 4.09          Tax Treatment....................................................................23
         Section 4.10          Satisfaction and Discharge of Indenture..........................................23
         Section 4.11          Application of Trust Money.......................................................25
         Section 4.12          [Reserved].......................................................................25
         Section 4.13          Repayment of Monies Held by Paying Agent.........................................25
         Section 4.14          Temporary Notes..................................................................25

ARTICLE V Default And Remedies..................................................................................26

         Section 5.01          Events of Default................................................................26
         Section 5.02          Acceleration of Maturity; Rescission and Annulment...............................26
         Section 5.03          Collection of Indebtedness and Suits for Enforcement by
                               Indenture Trustee................................................................28
         Section 5.04          Remedies; Priorities.............................................................30
         Section 5.05          Optional Preservation of the Trust Estate........................................30
         Section 5.06          Limitation of Suits..............................................................30
         Section 5.07          Unconditional Rights of Noteholders to Receive Principal and
                               Interest.........................................................................31
         Section 5.08          Restoration of Rights and Remedies...............................................31
         Section 5.09          Rights and Remedies Cumulative...................................................32
         Section 5.10          Delay or Omission Not a Waiver...................................................32
         Section 5.11          Control by Noteholders...........................................................32
         Section 5.12          Waiver of Past Defaults..........................................................35
         Section 5.13          Undertaking for Costs............................................................35
         Section 5.14          Waiver of Stay or Extension Laws.................................................35
         Section 5.15          Sale of Trust Estate.............................................................35
         Section 5.16          Action on Notes..................................................................35
         Section 5.17          Performance and Enforcement of Certain Obligations...............................35

ARTICLE VI The Indenture Trustee................................................................................36

         Section 6.01          Duties of Indenture Trustee......................................................36
         Section 6.02          Rights of Indenture Trustee......................................................39
         Section 6.03          Individual Rights of Indenture Trustee...........................................39
         Section 6.04          Indenture Trustee's Disclaimer...................................................39
         Section 6.05          Notice of Event of Default.......................................................39
         Section 6.06          Reports by Indenture Trustee to Noteholders......................................39
         Section 6.07          Compensation and Indemnity.......................................................42
         Section 6.08          Replacement of Indenture Trustee.................................................42
         Section 6.09          Successor Indenture Trustee by Merger............................................42
         Section 6.10          Appointment of Co-Indenture Trustee or Separate Indenture
                               Trustee..........................................................................42
         Section 6.11          Eligibility; Disqualification....................................................43
         Section 6.12          Preferential Collection of Claims Against Issuer.................................43
         Section 6.13          Representations and Warranties...................................................43
         Section 6.14          Directions to Indenture Trustee..................................................44
         Section 6.15          Indenture Trustee May Own Securities.............................................44

ARTICLE VII Noteholders' Lists and Reports......................................................................44

         Section 7.01          Issuer to Furnish Indenture Trustee Names and Addresses of
                               Noteholders......................................................................44
         Section 7.02          Preservation of Information; Communications to Noteholders.......................45
         Section 7.03          Reports by Issuer................................................................45
         Section 7.04          Reports by Indenture Trustee.....................................................47
         Section 7.05          Exchange Act Reporting...........................................................47

ARTICLE VIII Accounts, Disbursements and Releases...............................................................47

         Section 8.01          Collection of Money..............................................................47
         Section 8.02          Trust Accounts...................................................................47
         Section 8.03          Officer's Certificate............................................................47
         Section 8.04          Termination Upon Distribution to Noteholders.....................................47
         Section 8.05          Release of Trust Estate..........................................................48
         Section 8.06          Surrender of Notes Upon Final Payment............................................48

ARTICLE IX Supplemental Indentures..............................................................................48

         Section 9.01          Supplemental Indentures Without Consent of Noteholders...........................48
         Section 9.02          Supplemental Indentures With Consent of Noteholders..............................52
         Section 9.03          Execution of Supplemental Indentures.............................................52
         Section 9.04          Effect of Supplemental Indenture.................................................52
         Section 9.05          Conformity with Trust Indenture Act..............................................52
         Section 9.06          Reference in Notes to Supplemental Indentures....................................52

ARTICLE X Miscellaneous.........................................................................................52

         Section 10.01         Compliance Certificates and Opinions, etc........................................52
         Section 10.02         Form of Documents Delivered to Indenture Trustee.................................57
         Section 10.03         Acts of Noteholders..............................................................57
         Section 10.04         Notices, etc., to Indenture Trustee, Issuer and Rating Agencies..................57
         Section 10.05         Notices to Noteholders; Waiver...................................................57
         Section 10.06         Alternate Payment and Notice Provisions..........................................57
         Section 10.07         Conflict with Trust Indenture Act................................................57
         Section 10.08         Effect of Headings...............................................................57
         Section 10.09         Successors and Assigns...........................................................57
         Section 10.10         Severability.....................................................................57
         Section 10.11         Benefits of Indenture............................................................57
         Section 10.12         Legal Holidays...................................................................57
         Section 10.13         GOVERNING LAW....................................................................58
         Section 10.14         Counterparts.....................................................................58
         Section 10.15         Recording of Indenture...........................................................58
         Section 10.16         Issuer Obligation................................................................58
         Section 10.17         No Petition......................................................................58
         Section 10.18         Inspection.......................................................................67

ARTICLE XI REMIC Provisions.....................................................................................67

         Section 11.01         REMIC Administration.............................................................67
         Section 11.02         Servicer, REMIC Administrator and Indenture Trustee
                               Indemnification..................................................................67
         Section 11.03         Designation of REMIC(s)..........................................................67

EXHIBITS
Exhibit A       -        Form of Class A Notes
Exhibit B       -        Form of Class M Notes
Appendix A      -        Definitions

                                 RECONCILIATION AND TIE BETWEEN TRUST INDENTURE
                                      ACT OF 1939 AND INDENTURE PROVISIONS*

         Trust Indenture
         Act Section                                                                Indenture Section
         310(a)(1)...............................................................................6.11
         (a)(2)..................................................................................6.11
         (a)(3)..................................................................................6.10
         (a)(4)........................................................................Not Applicable
         (a)(5)..................................................................................6.11
         (b)...............................................................................6.08, 6.11
         (c)...........................................................................Not Applicable
         311(a)..................................................................................6.12
         (b).....................................................................................6.12
         (c)...........................................................................Not Applicable
         312(a).........................................................................7.01, 7.02(a)
         (b)..................................................................................7.02(b)
         (c)..................................................................................7.02(c)
         313(a)..................................................................................7.04
         (b).....................................................................................7.04
         (c).......................................................................7.03(a)(iii), 7.04
         (d).....................................................................................7.04
         314(a).........................................................................3.10, 7.03(a)
         (b).....................................................................................3.07
         (c)(1).....................................................................8.05(c), 10.01(a)
         (c)(2).....................................................................8.05(c), 10.01(a)
         (c)(3).......................................................................Not Applicable
         (d)(1).....................................................................8.05(c), 10.01(b)
         (d)(2).....................................................................8.05(c), 10.01(b)
         (d)(3).....................................................................8.05(c), 10.01(b)
         (e).................................................................................10.01(a)
         315(a)...............................................................................6.01(b)
         (b).....................................................................................6.05
         (c)..................................................................................6.01(a)
         (d)..................................................................................6.01(c)
         (d)(1)...............................................................................6.01(c)
         (d)(2)...............................................................................6.01(c)
         (d)(3)...............................................................................6.01(c)
         (e).....................................................................................5.13
         316(a)(1)(A)............................................................................5.11
         316(a)(1)(B)............................................................................5.12
         316(a)(2).....................................................................Not Applicable
         316(b)..................................................................................5.07
         317(a)(1)...............................................................................5.04
         317(a)(2)............................................................................5.03(d)
         317(b)...............................................................................3.03(a)
         318(a).................................................................................10.07

____________________________
*This reconciliation and tie shall not, for any purpose, be deemed to be part of the within indenture.

         This  Indenture,  dated as of October  26,  2007,  is between  GMACM  Home  Equity  Loan Trust
2007-HE3,  a  Delaware  statutory  trust,  as issuer  (the  "Issuer"),  and The Bank of New York  Trust
Company, N.A., as indenture trustee (the "Indenture Trustee").

                                              WITNESSETH:

         Each party  hereto  agrees as follows for the benefit of the other party and for the equal and
ratable benefit of the Noteholders of the Issuer's Series 2007-HE3 GMACM Home Equity  Loan-Backed  Term
Notes (the "Notes").

                                           GRANTING CLAUSE:

         The Issuer  hereby  Grants to the  Indenture  Trustee on the Closing  Date, as trustee for the
benefit of the  Noteholders,  all of the Issuer's  right,  title and  interest in and to all  accounts,
chattel paper, general  intangibles,  contract rights,  payment  intangibles,  certificates of deposit,
deposit accounts,  instruments,  documents,  letters of credit,  money,  advices of credit,  investment
property,  goods and other property  consisting of, arising under or related to whether now existing or
hereafter  created in any of the  following:  (a) the Mortgage  Loans,  and all monies due or to become
due  thereunder;  (b) the  Custodial  Account and Note Payment  Account,  , and all funds on deposit or
credited  thereto  from time to time;  (c) all hazard  insurance  policies;  (d) all present and future
claims,  demands,  causes  and  choses in  action in  respect  of any or all of the  foregoing  and all
payments on or under,  and all proceeds of every kind and nature  whatsoever  in respect of, any or all
of the  foregoing  and all payments on or under,  and all proceeds of every kind and nature  whatsoever
in the conversion  thereof,  voluntary or  involuntary,  into cash or other liquid  property,  all cash
proceeds, accounts, accounts receivable,  notes, drafts, acceptances,  checks, deposit accounts, rights
to payment of any and every kind,  and other forms of  obligations  and  receivables,  instruments  and
other  property  which at any time  constitute all or part of or are included in the proceeds of any of
the foregoing (collectively, the "Trust Estate" or the "Collateral").

         The  foregoing  Grant is made in trust to secure the payment of  principal of and interest on,
and any other amounts owing in respect of, the Notes,  equally and ratably without prejudice,  priority
or distinction,  and to secure  compliance  with the provisions of this  Indenture,  all as provided in
this Indenture.

         The  Indenture  Trustee,  as trustee on behalf of the  Noteholders,  acknowledges  such Grant,
accepts the trust under this Indenture in accordance  with the provisions  hereof and agrees to perform
its duties as Indenture Trustee as required herein.

                                               ARTICLE I

                                              Definitions

         Section 1.01      Definitions.  For  all  purposes  of this  Indenture,  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  attached  hereto as
Appendix A, which is incorporated by reference  herein.  All other  capitalized terms used herein shall
have the meanings specified herein.

         Section 1.02      Incorporation  by Reference of Trust Indenture Act.  Whenever this Indenture
refers to a provision  of the Trust  Indenture  Act (the "TIA"),  such  provision  is  incorporated  by
reference in and made a part of this  Indenture.  The following TIA terms used in this  Indenture  have
the following meanings:

                  "Commission" means the Securities and Exchange Commission.

                  "indenture securities" means the Notes.

                  "indenture security holder" means a Noteholder.

                  "indenture to be qualified" means this Indenture.

                  "indenture trustee" or "institutional trustee" means the Indenture Trustee.

                  "obligor" on the indenture  securities  means the Issuer and any other obligor on the
indenture securities.

                  All other TIA terms used in this  Indenture  that are defined by TIA,  defined by TIA
reference to another  statute or defined by Commission  rule have the meaning  assigned to them by such
definitions.

         Section 1.03      Rules of Construction.  Unless the context otherwise requires:

                  (a)      a term has the meaning assigned to it;

                  (b)      an accounting term not otherwise  defined has the meaning  assigned to it in
accordance with generally accepted accounting principles as in effect from time to time;

                  (c)      "or" includes "and/or";

                  (d)      "including" means "including without limitation";

                  (e)      words in the  singular  include  the plural and words in the plural  include
the singular;

                  (f)      the term "proceeds" has the meaning ascribed thereto in the UCC; and

                  (g)      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

                                      Original Issuance of Notes

         Section 2.01      Form. The Class A Notes,  together with the Indenture Trustee's  certificate
of  authentication,  shall be in substantially  the form set forth in Exhibit A, and the Class M Notes,
together with the Indenture  Trustee's  certificate of  authentication,  shall be in substantially  the
form set forth in Exhibit B, and with such appropriate insertions,  omissions,  substitutions and other
variations as are required or permitted by this  Indenture and may have such letters,  numbers or other
marks  of  identification  and  such  legends  or  endorsements  placed  thereon  as may,  consistently
herewith,  be  determined  by the  officers  executing  the  Notes,  as  evidenced  by their  execution
thereof.  Any  portion  of the text of any  Note  may be set  forth  on the  reverse  thereof,  with an
appropriate reference thereto on the face of such Note.

         The  Notes  shall be  typewritten,  printed,  lithographed  or  engraved  or  produced  by any
combination of these methods,  all as determined by the Authorized  Officers  executing such Notes,  as
evidenced by their execution of such Notes.

         The  terms of the  Class A Notes and Class M Notes  set  forth in  Exhibit A  and  Exhibit  B,
respectively, are part of the terms of this Indenture.

         Section 2.02      Execution,  Authentication  and  Delivery.  The Notes  shall be  executed on
behalf of the Issuer by any of its Authorized  Officers.  The signature of any such Authorized  Officer
on the Notes may be manual or facsimile.

         Notes  bearing  the  manual  or  facsimile  signature  of  individuals  who  were at any  time
Authorized Officers of the Issuer shall bind the Issuer,  notwithstanding  that such individuals or any
of them have ceased to hold such  offices  prior to the  authentication  and  delivery of such Notes or
did not hold such offices at the date of such Notes.

         The Indenture  Trustee shall upon Issuer Request  authenticate  and deliver Notes for original
issue in an  amount  equal to the  Initial  Aggregate  Note  Balance.  The  Class  I-A-1,  Class I-A-2,
Class II-A-1,  Class II-A-2,  Class M-1 and Class M-2 Notes shall have initial principal amounts of the
Initial  Class  I-A-1 Note  Balance,  Initial  Class  I-A-2 Note  Balance,  Initial  Class  II-A-1 Note
Balance,  Initial Class II-A-2 Note Balance,  Initial Class M-1 Note Balance and Initial Class M-2 Note
Balance, respectively.

         Each  Note  shall be dated the date of its  authentication.  The Notes  shall be  issuable  as
registered  Book-Entry  Notes, and the Notes shall be issuable in minimum  denominations of $25,000 and
integral multiples of $1,000 in excess thereof.

         No Note shall be entitled to any benefit under this  Indenture or be valid or  obligatory  for
any purpose,  unless there appears on such Note a certificate of  authentication  substantially  in the
form  provided  for herein  executed by the  Indenture  Trustee by the manual  signature  of one of its
authorized  signatories,  and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

                                              ARTICLE III

                                               Covenants

         Section 3.01      Collection  of Payments  with Respect to the Mortgage  Loans.  The Indenture
Trustee  shall  establish  and  maintain  with itself the Note Payment  Account in which the  Indenture
Trustee  shall,  subject to the terms of this  paragraph,  deposit,  on the same day as it is  received
from the  Servicer,  each  remittance  received by the  Indenture  Trustee with respect to the Mortgage
Loans.  The  Indenture  Trustee  shall make all  payments of  principal  of and  interest on the Notes,
subject to Section 3.03  as provided in Section 3.05  herein from monies on deposit in the Note Payment
Account.

         Section 3.02      Maintenance  of Office or Agency.  The Issuer  will  maintain in the City of
New York,  New York,  an office or agency  where,  subject  to  satisfaction  of  conditions  set forth
herein,  Notes may be  surrendered  for  registration  of transfer or exchange,  and where  notices and
demands  to or upon the Issuer in respect  of the Notes and this  Indenture  may be served.  The Issuer
hereby initially  appoints the Indenture Trustee to serve as its agent for the foregoing  purposes.  If
at any time the Issuer  shall fail to  maintain  any such office or agency or shall fail to furnish the
Indenture  Trustee  with the  address  thereof,  such  surrenders,  notices  and demands may be made or
served at the Corporate  Trust  Office,  and the Issuer  hereby  appoints the Indenture  Trustee as its
agent to receive all such surrenders, notices and demands.

         Section 3.03      Money for  Payments  to Be Held in  Trust;  Paying  Agent.  As  provided  in
Section  3.01,  all  payments of amounts due and payable  with respect to any Notes that are to be made
from amounts  withdrawn from the Note Payment Account  pursuant to Section 3.01 shall be made on behalf
of the Issuer by the  Indenture  Trustee or by the Paying Agent,  and no amounts so withdrawn  from the
Note  Payment  Account for  payments  of Notes  shall be paid over to the Issuer  except as provided in
this Section 3.03.  The Issuer hereby  appoints the  Indenture  Trustee to act as initial  Paying Agent
hereunder.  The Issuer will cause each Paying  Agent  other than the  Indenture  Trustee to execute and
deliver to the  Indenture  Trustee  an  instrument  in which such  Paying  Agent  shall  agree with the
Indenture  Trustee (and if the Indenture  Trustee acts as Paying Agent,  it hereby so agrees),  subject
to the provisions of this Section 3.03, that such Paying Agent will:

                  (a)      hold all sums held by it for the payment of amounts due with  respect to the
Notes 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  and pay such sums to such  Persons  as herein
provided;

                  (b)      give the Indenture  Trustee  written  notice of any default by the Issuer of
which it has actual  knowledge  in the making of any payment  required  to be made with  respect to the
Notes;

                  (c)      at any time during the  continuance  of any such  default,  upon the written
request of the Indenture  Trustee,  forthwith pay to the Indenture Trustee all sums so held in trust by
such Paying Agent;

                  (d)      immediately  resign  as  Paying  Agent and  forthwith  pay to the  Indenture
Trustee  all sums held by it in trust for the  payment  of Notes,  if at any time it ceases to meet the
standards required to be met by a Paying Agent at the time of its appointment;

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

                  (f)      deliver to the  Indenture  Trustee a copy of the  statement  to  Noteholders
prepared with respect to each Payment Date by the Servicer  pursuant to  Section 4.01  of the Servicing
Agreement.

         The Issuer may at any time,  for the purpose of obtaining  the  satisfaction  and discharge of
this  Indenture  or for any other  purpose,  by Issuer  Request  direct any Paying  Agent to pay to the
Indenture  Trustee all sums held in trust by such Paying  Agent,  such sums to be held by the Indenture
Trustee  upon the same  trusts as those upon which the sums were held by such  Paying  Agent;  and upon
such payment by any Paying Agent to the  Indenture  Trustee,  such Paying Agent shall be released  from
all further liability with respect to such money.

         Subject to applicable  laws with respect to escheat of funds,  any money held by the Indenture
Trustee or any  Paying  Agent in trust for the  payment of any amount due with  respect to any Note and
remaining  unclaimed  for one year after such  amount has become due and  payable  shall be  discharged
from such  trust and be paid to the Issuer on Issuer  Request;  and the  Noteholder  of such Note shall
thereafter,  as an unsecured  general  creditor,  look only to the Issuer for payment thereof (but only
to the extent of the amounts so paid to the  Issuer),  and all  liability of the  Indenture  Trustee or
such Paying Agent with respect to such trust money shall thereupon cease;  provided,  however, that the
Indenture  Trustee or such Paying Agent,  before being  required to make any such  repayment,  shall at
the expense and  direction  of the Issuer  cause to be  published  once,  in an  Authorized  Newspaper,
notice that such money remains unclaimed and that, after a date specified  therein,  which shall not be
less  than  30 days  from the date of such  publication,  any  unclaimed  balance  of such  money  then
remaining  will be repaid to the  Issuer.  The  Indenture  Trustee  may also adopt and  employ,  at the
expense and direction of the Issuer,  any other  reasonable  means of  notification  of such  repayment
(including,  but not limited to,  mailing  notice of such  repayment to  Noteholders of the Notes which
have been called but have not been  surrendered  for redemption or whose right to or interest in monies
due and payable but not claimed is  determinable  from the records of the  Indenture  Trustee or of any
Paying Agent, at the last address of record for each such Noteholder).

         Section 3.04      Existence.  The Issuer  will keep in full effect its  existence,  rights and
franchises  as a statutory  trust under the laws of the State of  Delaware  (unless it becomes,  or any
successor  Issuer  hereunder  is or  becomes,  organized  under the laws of any  other  state or of the
United States of America,  in which case the Issuer will keep in full effect its existence,  rights and
franchises under the laws of such other  jurisdiction)  and will obtain and preserve its  qualification
to do business in each  jurisdiction  in which such  qualification  is or shall be necessary to protect
the  validity and  enforceability  of this  Indenture,  the Notes,  the  Mortgage  Loans and each other
instrument or agreement included in the Trust Estate.

         Section 3.05      Priority of Distributions; Defaulted Interest.

                  (a)      In accordance with Section 3.03(a) of the Servicing Agreement,  the priority
of  distributions  on each Payment  Date from  Principal  Collections  and  Interest  Collections  with
respect to the  Mortgage  Loans and any  optional  advance of  delinquent  principal or interest on the
Mortgage Loans made by the Servicer in respect of the related Collection Period, is as follows:

                           (i)      from Interest  Collections  related to Loan Group I, to pay accrued
         and unpaid  interest,  pro rata,  due on the Note  Balances of the Class I-A-1 and Class I-A-2
         Notes and from  Interest  Collections  related  to Loan  Group II, to pay  accrued  and unpaid
         interest, pro rata, due on the Note Balances of the Class II-A-1 and Class II-A-2 Notes;

                           (ii)     from Interest  Collections related to Loan Group II, to pay accrued
         and unpaid  interest,  pro rata,  due on the Note  Balances of the Class I-A-1 and Class I-A-2
         Notes to the  extent  not paid  pursuant  to clause  (i) above and from  Interest  Collections
         related  to Loan  Group I, to pay  accrued  and  unpaid  interest,  pro rata,  due on the Note
         Balances  of the Class  II-A-1  and Class  II-A-2  Notes to the extent  not paid  pursuant  to
         clause (i) above;

                           (iii)    from  Principal  Collections  for Loan Group I, to pay  accrued and
         unpaid  interest,  pro rata, due on the Note Balances of the Class I-A-1 and Class I-A-2 Notes
         and from Principal  Collections  related to Loan Group II, to pay accrued and unpaid interest,
         pro rata, due on the Note Balances of the Class II-A-1 and Class II-A-2 Notes;

                           (iv)     from  Principal  Collections  for Loan Group II, to pay accrued and
         unpaid  interest,  pro rata, due on the Note Balances of the Class I-A-1 and Class I-A-2 Notes
         and from Principal  Collections  related to Loan Group I, to pay accrued and unpaid  interest,
         pro rata, due on the Note Balances of the Class II-A-1 and Class II-A-2 Notes;

                           (v)      from Interest  Collections  related to the Mortgage  Loans,  to pay
         accrued and unpaid  interest due,  sequentially,  to the Class M-1 Notes and then to the Class
         M-2 Notes;

                           (vi)     from  Principal  Collections  for Loan Group I, to pay as principal
         on the  Class  I-A-1 and  Class  I-A-2  Notes  (pro  rata) in an  amount  equal to the Group I
         Principal  Distribution  Amount for that  payment  date,  in each case until the related  Note
         Balance  thereof  has been  reduced to zero,  and then to the Class  II-A-1  and Class  II-A-2
         Notes (pro rata),  in an amount  equal to the Group I Principal  Distribution  Amount for that
         payment date, in each case until the related Note Balance thereof has been reduced to zero;

                           (vii)    from Principal  Collections  for Loan Group II, to pay as principal
         on the Class  II-A-1  Notes and Class  II-A-2 Notes (pro rata) in an amount equal to the Group
         II Principal  Distribution  Amount for that payment  date, in each case until the related Note
         Balance  thereof has been  reduced to zero,  and then to the Class I-A-1 and Class I-A-2 Notes
         (pro  rata),  in an  amount  equal to the  Group II  Principal  Distribution  Amount  for that
         payment date, in each case until the related Note Balance thereof has been reduced to zero;

                           (viii)   from  the  Class  M-1  Principal  Distribution  Amount,  to  pay as
         principal on the Class M-1 Notes, until the Note Balance thereof has been reduced to zero;

                           (ix)     from  the  Class  M-2  Principal  Distribution  Amount,  to  pay as
         principal on the Class M-2 Notes, until the Note Balance thereof has been reduced to zero;

                           (x)      from Excess  Spread,  to pay as  principal on the Class I-A-1 Notes
         and Class I-A-2 Notes (pro rata) any Group I  Liquidation  Loss  Distribution  Amount for that
         payment  date,  in each case until the related Note Balance  thereof has been reduced to zero,
         and to pay as  principal  on the Class  II-A-1  Notes and Class  II-A-2  Notes  (pro rata) any
         Group II Liquidation  Loss  Distribution  Amount for that payment date, in each case until the
         related Note Balance thereof has been reduced to zero;

                           (xi)     from remaining Excess Spread,  to pay as principal on the Class M-1
         Notes any Group I  Liquidation  Loss  Distribution  Amount and the Group II  Liquidation  Loss
         Distribution  Amount for that  payment  date to the extent not paid to the related  holders of
         the Class A Notes, until the Note Balance thereof has been reduced to zero;

                           (xii)    from remaining Excess Spread,  to pay as principal on the Class M-2
         Notes any Group I  Liquidation  Loss  Distribution  Amount and the Group II  Liquidation  Loss
         Distribution  Amount for that  payment  date to the extent not paid to the related  holders of
         the Class A Notes and Class M-1 Notes,  until the Note  Balance  thereof  has been  reduced to
         zero;

                           (xiii)   from  remaining  Excess  Spread,  to pay as  principal on the Class
         I-A-1  Notes and Class  I-A-2  Notes  (pro  rata) any Group I  Overcollateralization  Increase
         Amount for that payment  date,  in each case until the related  Note Balance  thereof has been
         reduced to zero,  and to pay as  principal  on the Class  II-A-1  Notes and Class II-A-2 Notes
         (pro rata) any Group II  Overcollateralization  Increase Amount for that payment date, in each
         case until the related Note Balance thereof has been reduced to zero;

                           (xiv)    from remaining Excess Spread,  to pay as principal on the Class M-1
         Notes any  Overcollateralization  Increase  Amount for that payment date after  application of
         amounts  paid  pursuant  to clause  (xiii)  above,  until the Note  Balance  thereof  has been
         reduced to zero;

                           (xv)     from remaining Excess Spread,  to pay as principal on the Class M-2
         Notes any  Overcollateralization  Increase  Amount for that payment date after  application of
         amounts paid pursuant to clauses  (xiii) and (xiv) above,  until the Note Balance  thereof has
         been reduced to zero;

                           (xvi)    from remaining Excess Spread,  to pay as reimbursement to the Class
         I-A-1  Notes and Class  II-A-1  Notes,  pro rata,  any  Liquidation  Loss  Amounts  previously
         allocated thereto that remains unreimbursed;

                           (xvii)   from remaining Excess Spread,  to pay as reimbursement to the Class
         I-A-2  Notes and Class  II-A-2  Notes,  pro rata,  any  Liquidation  Loss  Amounts  previously
         allocated thereto that remains unreimbursed;

                           (xviii)  to pay as  reimbursement  to the Class  M-1  Notes any  Liquidation
         Loss Amounts previously allocated thereto that remains unreimbursed;

                           (xix)    to pay as  reimbursement  to the Class  M-2  Notes any  Liquidation
         Loss Amounts previously allocated thereto that remains unreimbursed;

                           (xx)     to the  Indenture  Trustee,  any  amounts  owing  to the  Indenture
         Trustee pursuant to Section 6.07 to the extent remaining unpaid; and

                           (xxi)    any   remaining   amount,   to  the   Distribution   Account,   for
         distribution  to  the  holders  of  the  Certificates  by  the  Certificate  Paying  Agent  in
         accordance with the Trust Agreement.

                  Amounts  distributed  to the  Noteholders  pursuant to the above  clauses (i) through
(xix) from  Interest  Collections  and  Principal  Collections  shall be treated  for tax  purposes  as
distributions  with respect to the REMIC III Regular  Interests  bearing the same designation.  Amounts
distributed  pursuant  to clause  (xxi) shall be treated as having  been  distributed  to the REMIC III
Regular Interests SB-IO and SB-PO.

                  On each Payment  Date,  the Paying Agent shall apply,  from amounts on deposit in the
Note Payment  Account,  and in accordance with the Servicing  Certificate,  the amounts set forth above
in the order of priority set forth in Section 3.05(a).

                  Amounts paid to Noteholders  shall be paid in respect of the Notes in accordance with
the applicable  percentage as set forth in  Section 3.05(e).  Interest on the Notes will be computed on
the basis of a 360-day  year  consisting  of twelve  30-day  months.  Any  installment  of  interest or
principal  payable  on any Note  that is  punctually  paid or duly  provided  for by the  Issuer on the
applicable  Payment  Date  shall  be  paid to the  Noteholder  of  record  thereof  on the  immediately
preceding  Record  Date  by wire  transfer  to an  account  specified  in  writing  by such  Noteholder
reasonably  satisfactory  to the  Indenture  Trustee,  or by  check  or  money  order  mailed  to  such
Noteholder at such  Noteholder's  address  appearing in the Note  Register,  the amount  required to be
distributed  to such  Noteholder on such Payment Date pursuant to such  Noteholder's  Notes;  provided,
that the Indenture  Trustee shall not pay to any such  Noteholder  any amounts  required to be withheld
from a payment to such Noteholder by the Code.

                  (b)      Principal  of each  Note  shall  be due  and  payable  in full on the  Final
Payment  Date as  provided  in the  applicable  form of Note set forth in  Exhibit A and  Exhibit B, as
applicable.  All principal  payments on the Notes shall be made in accordance  with the  priorities set
forth  in  Sections 3.05(a)  to the  Noteholders  entitled  thereto  in  accordance  with  the  related
Percentage  Interests  represented  thereby.  Upon  written  notice  to the  Indenture  Trustee  by the
Issuer,  the  Indenture  Trustee  shall notify the Person in the name of which a Note is  registered at
the close of  business on the Record  Date  preceding  the Final  Payment  Date or other final  Payment
Date,  as  applicable.  Such notice shall be mailed or faxed no later than five  Business Days prior to
the Final  Payment  Date or such other final  Payment  Date and,  unless such Note is then a Book-Entry
Note,  shall  specify  that payment of the  principal  amount and any interest due with respect to such
Note  at the  Final  Payment  Date or  such  other  final  Payment  Date  will  be  payable  only  upon
presentation  and surrender of such Note,  and shall specify the place where such Note may be presented
and surrendered for such final payment.

                  On each  Payment  Date,  the  Overcollateralization  Amount  available  to cover  any
Liquidation  Loss  Amounts on such  Payment  Date  shall be deemed to be reduced by an amount  equal to
such  Liquidation  Loss Amounts (except to the extent that such  Liquidation  Loss Amounts were covered
on such Payment Date by a payment in respect of Liquidation Loss Amounts).

                  (c)      With  respect to any Payment  Date,  interest  payments on the Notes will be
reduced  by any  Relief  Act  Shortfalls  for the  related  Collection  Period  on a pro rata  basis in
accordance  with the  amount  of  interest  payable  on the Notes on such  Payment  Date,  absent  such
reduction.

         Section 3.06      Protection of Trust Estate.

                  (a)      The Issuer shall from time to time execute and deliver all such  supplements
and  amendments  hereto and all such  financing  statements,  continuation  statements,  instruments of
further assurance and other instruments, and will take such other action necessary or advisable to:

                           (i)      maintain  or  preserve  the lien  and  security  interest  (and the
         priority thereof) of this Indenture or carry out more effectively the purposes hereof;

                           (ii)     perfect,  publish  notice of or protect  the  validity of any Grant
         made or to be made by this Indenture;

                           (iii)    cause the Trust to enforce any of the Mortgage Loans; or

                           (iv)     preserve  and  defend  title to the Trust  Estate and the rights of
         the  Indenture  Trustee and the  Noteholders  in such Trust  Estate  against the claims of all
         persons and parties.

                  (b)      Except as otherwise provided in this Indenture,  the Indenture Trustee shall
not remove any portion of the Trust Estate that  consists of money or is  evidenced  by an  instrument,
certificate  or  other  writing  from  the  jurisdiction  in  which it was held at the date of the most
recent Opinion of Counsel  delivered  pursuant to  Section 3.07  (or from the  jurisdiction in which it
was  held  as  described  in  the  Opinion  of  Counsel  delivered  at the  Closing  Date  pursuant  to
Section 3.07,  if no Opinion of Counsel has yet been  delivered  pursuant to  Section 3.07)  unless the
Indenture  Trustee  shall have  first  received  an Opinion of Counsel to the effect  that the lien and
security  interest  created  by this  Indenture  with  respect to such  property  will  continue  to be
maintained after giving effect to such action or actions.

         The Issuer hereby designates the Indenture Trustee its agent and  attorney-in-fact  to execute
any financing  statement,  continuation  statement or other instrument required to be executed pursuant
to this Section 3.06.

         Section 3.07      Opinions as to Trust Estate.

         On the Closing Date,  the Issuer shall furnish to the Indenture  Trustee and the Owner Trustee
an Opinion of Counsel at the expense of the Issuer  stating that,  upon delivery of the Mortgage  Notes
relating  to  the  Mortgage  Loans  to  the  Indenture  Trustee  or  the  Custodian  in  the  State  of
Pennsylvania,  the Indenture  Trustee will have a perfected,  first priority  security interest in such
Mortgage Loans.

         On or before  December  31st in each  calendar  year,  beginning  in 2006,  the  Issuer  shall
furnish to the  Indenture  Trustee an Opinion of Counsel at the  expense of the Issuer  either  stating
that, in the opinion of such  counsel,  no further  action is necessary to maintain a perfected,  first
priority security  interest in the Mortgage Loans until December 31 in the following  calendar year or,
if any such action is required to maintain such security  interest in the Mortgage Loans,  such Opinion
of Counsel shall also describe the  recording,  filing,  re-recording  and refiling of this  Indenture,
any indentures  supplemental  hereto and any other requisite  documents and the execution and filing of
any financing  statements and  continuation  statements  that will, in the opinion of such counsel,  be
required to maintain the security  interest in the Mortgage  Loans until  December 31 in the  following
calendar year.

         Section 3.08      Performance of Obligations; Servicing Agreement.

                  (a)      The Issuer shall  punctually  perform and observe all of its obligations and
agreements  contained in this  Indenture,  the Basic  Documents and in the  instruments  and agreements
included in the Trust Estate.

                  (b)      The Issuer may contract with other  Persons to assist it in  performing  its
duties  under  this  Indenture,  and any  performance  of such  duties  by a Person  identified  to the
Indenture  Trustee in an Officer's  Certificate of the Issuer shall be deemed to be action taken by the
Issuer.

                  (c)      The  Issuer  shall not take any  action or permit  any action to be taken by
others that would release any Person from any of such Person's  covenants or  obligations  under any of
the documents  relating to the Mortgage Loans or under any instrument  included in the Trust Estate, or
that would result in the  amendment,  hypothecation,  subordination,  termination  or discharge  of, or
impair the validity or  effectiveness  of, any of the documents  relating to the Mortgage  Loans or any
such  instrument,  except such actions as the Servicer is expressly  permitted to take in the Servicing
Agreement.

                  (d)      The Issuer may retain an  administrator  and may enter into  contracts  with
other Persons for the  performance  of the Issuer's  obligations  hereunder,  and  performance  of such
obligations by such Persons shall be deemed to be performance of such obligations by the Issuer.

         Section 3.09      Negative Covenants.  So long as any Notes are Outstanding,  the Issuer shall
not:

                  (a)      except as expressly permitted by this Indenture,  sell,  transfer,  exchange
or  otherwise  dispose of the Trust  Estate,  unless  directed  to do so in  writing  by the  Indenture
Trustee pursuant to Section 5.04 hereof;

                  (b)      claim any credit on, or make any  deduction  from the  principal or interest
payable in respect of, the Notes (other than amounts  properly  withheld from such  payments  under the
Code) or assert any claim  against  any  present or former  Noteholder  by reason of the payment of the
taxes levied or assessed upon any part of the Trust Estate;

                  (c)      (i)  permit the validity or  effectiveness of this Indenture to be impaired,
or  permit  the  lien of this  Indenture  to be  amended,  hypothecated,  subordinated,  terminated  or
discharged,  or permit any Person to be released from any covenants or obligations  with respect to the
Notes under this Indenture except as may be expressly  permitted hereby,  (ii) permit any lien, charge,
excise,  claim,  security  interest,  mortgage  or  other  encumbrance  (other  than  the  lien of this
Indenture)  to be created  on or extend to or  otherwise  arise upon or burden the Trust  Estate or any
part  thereof  or any  interest  therein  or the  proceeds  thereof  or  (iii) permit  the lien of this
Indenture not to constitute a valid first priority security interest in the Trust Estate; or

                  (d)      impair or cause to be impaired the Issuer's  interest in the Mortgage Loans,
the  Purchase  Agreement  or in any other Basic  Document,  if any such  action  would  materially  and
adversely affect the interests of the Noteholders.

         Section 3.10      Annual  Statement  as  to  Compliance.  The  Issuer  shall  deliver  to  the
Indenture  Trustee,  within 120 days after the end of each fiscal year of the Issuer  (commencing  with
the fiscal year ending on December 31, 2006), an Officer's  Certificate  stating,  as to the Authorized
Officer signing such Officer's Certificate, that:

                  (a)      a  review  of the  activities  of the  Issuer  during  such  year and of its
performance  under  this  Indenture  and the  Trust  Agreement  has been  made  under  such  Authorized
Officer's supervision; and

                  (b)      to the best of such Authorized  Officer's  knowledge,  based on such review,
the Issuer has complied with all  conditions  and covenants  under this Indenture and the provisions of
the Trust  Agreement  throughout  such year, or, if there has been a default in its compliance with any
such  condition or covenant,  specifying  each such default  known to such  Authorized  Officer and the
nature and status thereof.

         Section 3.11      Recordation  of  Assignments.  The Issuer shall enforce the  obligation,  if
any, of the Sellers  under the Purchase  Agreement to submit or cause to be submitted  for  recordation
all Assignments of Mortgages within 60 days of receipt of recording information by the Servicer.

         Section 3.12      Representations   and  Warranties   Concerning  the  Mortgage   Loans.   The
Indenture   Trustee,   as  pledgee  of  the  Mortgage   Loans,   shall  have  the  benefit  of  (i) the
representations  and warranties  made by GMACM in  Section 3.1(a)  and  Section 3.1(b)  of the Purchase
Agreement  and  (ii) the  benefit  of the  representations  and  warranties  made by WG  Trust  2003 in
Section 3.1(d) of the Purchase  Agreement in each case,  concerning the Mortgage Loans and the right to
enforce  the  remedies  against  GMACM or WG Trust 2003  provided  in  Section 3.1(e)  of the  Purchase
Agreement,  as applicable,  to the same extent as though such  representations and warranties were made
directly to the Indenture Trustee.

         Section 3.13      Assignee  of  Record of the  Mortgage  Loans.  As  pledgee  of the  Mortgage
Loans,  the  Indenture  Trustee  shall hold title to the Mortgage  Loans by being named as payee in the
endorsements  or assignments  of the Mortgage  Notes and assignee in the  Assignments of Mortgage to be
delivered under  Section 2.1 of the Purchase  Agreement.  Except as expressly  provided in the Purchase
Agreement or in the  Servicing  Agreement  with respect to any specific  Mortgage  Loan,  the Indenture
Trustee shall not execute any  endorsement  or  assignment or otherwise  release or transfer such title
to any of the Mortgage  Loans until such time as the  remaining  Trust Estate may be released  pursuant
to Section  8.05(b).  The  Indenture  Trustee's  holding of such title shall in all respects be subject
to its fiduciary obligations to the Noteholders hereunder.

         Section 3.14      Servicer as Agent and Bailee of the Indenture  Trustee.  Solely for purposes
of  perfection  under  Section  9-313  or 9-314 of the UCC or other  similar  applicable  law,  rule or
regulation of the state in which such  property is held by the  Servicer,  the Issuer and the Indenture
Trustee  hereby  acknowledge  that the Servicer is acting as agent and bailee of the Indenture  Trustee
in holding  amounts on deposit in the  Custodial  Account  pursuant  to Section  3.02 of the  Servicing
Agreement  that are allocable to the Mortgage  Loans,  as well as the agent and bailee of the Indenture
Trustee in holding any Related  Documents  released to the Servicer  pursuant to Section 3.06(c) of the
Servicing  Agreement,  and any other items  constituting  a part of the Trust Estate which from time to
time come into the possession of the Servicer.  It is intended  that, by the  Servicer's  acceptance of
such agency pursuant to Section 3.02 of the Servicing  Agreement,  the Indenture Trustee,  as a pledgee
of the Mortgage  Loans,  will be deemed to have possession of such Related  Documents,  such monies and
such  other  items  for  purposes  of  Section  9-313 or 9-314  of the UCC of the  state in which  such
property is held by the Servicer.

         Section 3.15      Investment   Company  Act.  The  Issuer  shall  not  become  an  "investment
company" or under the "control" of an "investment  company" as such terms are defined in the Investment
Company  Act of  1940,  as  amended  (or any  successor  or  amendatory  statute),  and the  rules  and
regulations  thereunder  (taking into account not only the general  definition of the term  "investment
company" but also any available exceptions to such general  definition);  provided,  however,  that the
Issuer shall be in compliance  with this Section 3.15 if it shall have  obtained an order  exempting it
from regulation as an "investment  company" so long as it is in compliance with the conditions  imposed
in such order.

         Section 3.16      Issuer May Consolidate, etc.

                  (a)      The Issuer  shall not  consolidate  or merge with or into any other  Person,
unless:

                           (i)      the Person (if other than the Issuer)  formed by or surviving  such
         consolidation  or  merger  shall be a Person  organized  and  existing  under  the laws of the
         United  States of  America  or any  state or the  District  of  Columbia  and shall  expressly
         assume,  by an  indenture  supplemental  hereto,  executed  and  delivered  to  the  Indenture
         Trustee,  in form  reasonably  satisfactory  to the  Indenture  Trustee,  the due and punctual
         payment of the  principal of and interest on all Notes and to the  Certificate  Paying  Agent,
         on behalf of the  Certificateholders  and the performance or observance of every agreement and
         covenant of this  Indenture  on the part of the Issuer to be  performed  or  observed,  all as
         provided herein;

                           (ii)     immediately  after giving effect to such  transaction,  no Event of
         Default shall have occurred and be continuing;

                           (iii)    the Issuer  shall have  received  an Opinion of Counsel  (and shall
         have delivered  copies thereof to the Indenture  Trustee) to the effect that such  transaction
         will not have any  material  adverse tax  consequence  to the Issuer,  any  Noteholder  or any
         Certificateholder;

                           (iv)     any action  that is  necessary  to maintain  the lien and  security
         interest created by this Indenture shall have been taken; and

                           (v)      the  Issuer  shall  have  delivered  to the  Indenture  Trustee  an
         Officer's  Certificate  and an Opinion of Counsel  each  stating  that such  consolidation  or
         merger and such  supplemental  indenture  comply with this Article III and that all conditions
         precedent   herein  provided  for  relating  to  such  transaction  have  been  complied  with
         (including any filing required by the Exchange Act).

                  (b)      The Issuer  shall not convey or transfer  any of its  properties  or assets,
including those included in the Trust Estate, to any Person, unless:

                           (i)      the Person that acquires by  conveyance or transfer the  properties
         and  assets of the Issuer the  conveyance  or  transfer  of which is hereby  restricted  shall
         (A) be a United  States  citizen  or a Person  organized  and  existing  under the laws of the
         United States of America or any state,  (B) expressly  assumes,  by an indenture  supplemental
         hereto,  executed  and  delivered  to the  Indenture  Trustee,  in  form  satisfactory  to the
         Indenture  Trustee,  the due and  punctual  payment of the  principal  of and  interest on all
         Notes and the  performance or observance of every  agreement and covenant of this Indenture on
         the part of the Issuer to be  performed  or observed,  all as provided  herein,  (C) expressly
         agrees  by means of such  supplemental  indenture  that  all  right,  title  and  interest  so
         conveyed or transferred  shall be subject and  subordinate to the rights of Noteholders of the
         Notes,  (D) unless  otherwise  provided in such  supplemental  indenture,  expressly agrees to
         indemnify,  defend  and hold  harmless  the Issuer  against  and from any loss,  liability  or
         expense arising under or related to this Indenture and the Notes and  (E) expressly  agrees by
         means of such  supplemental  indenture  that such Person (or if a group of  Persons,  then one
         specified  Person)  shall make all  filings  with the  Commission  (and any other  appropriate
         Person) required by the Exchange Act in connection with the Notes;

                           (ii)     immediately after giving effect to such transaction,  no Default or
         Event of Default shall have occurred and be continuing;

                           (iii)    the Issuer  shall have  received  an Opinion of Counsel  (and shall
         have delivered  copies thereof to the Indenture  Trustee) to the effect that such  transaction
         will not have any material adverse tax consequence to the Issuer or any Noteholder;

                           (iv)     any action  that is  necessary  to maintain  the lien and  security
         interest created by this Indenture shall have been taken; and

                           (v)      the  Issuer  shall  have  delivered  to the  Indenture  Trustee  an
         Officer's  Certificate and an Opinion of Counsel each stating that such conveyance or transfer
         and such  supplemental  indenture  comply  with  this  Article III  and  that  all  conditions
         precedent   herein  provided  for  relating  to  such  transaction  have  been  complied  with
         (including any filing required by the Exchange Act).

         Section 3.17      Successor or Transferee.

                  (a)      Upon  any   consolidation  or  merger  of  the  Issuer  in  accordance  with
Section 3.16(a),  the Person  formed by or surviving  such  consolidation  or merger (if other than the
Issuer)  shall  succeed to, and be  substituted  for,  and may  exercise  every right and power of, the
Issuer  under  this  Indenture  with the same  effect as if such  Person  had been  named as the Issuer
herein.

                  (b)      Upon a  conveyance  or  transfer  of all the  assets and  properties  of the
Issuer pursuant to  Section 3.16(b),  the Issuer shall be released from every covenant and agreement of
this  Indenture  to be  observed  or  performed  on the part of the  Issuer  with  respect to the Notes
immediately  upon the  delivery  of  written  notice to the  Indenture  Trustee of such  conveyance  or
transfer.

         Section 3.18      No Other  Business.  The Issuer shall not engage in any business  other than
financing,  purchasing,  owning and selling and  managing  the  Mortgage  Loans and the issuance of the
Notes and  Certificates  in the manner  contemplated  by this Indenture and the Basic Documents and all
activities incidental thereto.

         Section 3.19      No  Borrowing.  The Issuer  shall not issue,  incur,  assume,  guarantee  or
otherwise become liable, directly or indirectly, for any indebtedness except for the Notes.

         Section 3.20      Guarantees,  Loans,  Advances and Other Liabilities.  Except as contemplated
by this  Indenture  or the other  Basic  Documents,  the  Issuer  shall not make any loan or advance or
credit to, or  guarantee  (directly or  indirectly  or by an  instrument  having the effect of assuring
another's  payment or performance  on any  obligation or capability of so doing or otherwise),  endorse
or otherwise become contingently  liable,  directly or indirectly,  in connection with the obligations,
stocks or dividends of, or own,  purchase,  repurchase or acquire (or agree  contingently to do so) any
stock,  obligations,  assets  or  securities  of,  or any  other  interest  in,  or  make  any  capital
contribution to, any other Person.

         Section 3.21      Capital  Expenditures.  The  Issuer  shall  not  make  any  expenditure  (by
long-term or operating lease or otherwise) for capital assets (either realty or personalty).

         Section 3.22      Owner  Trustee  Not  Liable  for  Certificates  or  Related  Documents.  The
recitals  contained  herein shall be taken as the  statements of the Issuer,  and the Owner Trustee and
the Indenture  Trustee assume no responsibility  for the correctness of the recitals  contained herein.
The Owner Trustee and the Indenture Trustee make no  representations  as to the validity or sufficiency
of this Indenture or any other Basic Document,  of the  Certificates  (other than the signatures of the
Owner  Trustee  or  the  Indenture  Trustee  on  the  Certificates)  or the  Notes,  or of any  Related
Documents.  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 this
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 any other person taken in the name of the Owner Trustee or the Indenture Trustee.

         Section 3.23      Restricted Payments.  The Issuer shall not, directly or indirectly,  (i) pay
any  dividend  or make any  distribution  (by  reduction  of  capital or  otherwise),  whether in cash,
property,  securities  or a  combination  thereof,  to the Owner  Trustee or any owner of a  beneficial
interest in the Issuer or  otherwise  with respect to any  ownership or equity  interest or security in
or of the Issuer,  (ii) redeem,  purchase,  retire or otherwise acquire for value any such ownership or
equity  interest  or  security  or (iii) set aside or  otherwise  segregate  any  amounts  for any such
purpose;  provided,  however,  that the Issuer may make, or cause to be made, (x)  distributions to the
Owner  Trustee and the  Certificateholders  as  contemplated  by, and to the extent funds are available
for such purpose under,  the Trust Agreement and (y) payments to the Servicer  pursuant to the terms of
the  Servicing  Agreement.  The  Issuer  will  not,  directly  or  indirectly,   make  payments  to  or
distributions  from the Custodial  Account except in accordance with this Indenture and the other Basic
Documents.

         Section 3.24      Notice of Events of Default.  The Issuer  shall give the  Indenture  Trustee
and the Rating  Agencies  prompt written notice of each Event of Default  hereunder and under the Trust
Agreement.

         Section 3.25      Further  Instruments  and Acts. Upon request of the Indenture  Trustee,  the
Issuer  shall  execute  and  deliver  such  further  instruments  and do  such  further  acts as may be
reasonably necessary or proper to carry out more effectively the purposes of this Indenture.

         Section 3.26      Statements  to  Noteholders.  On each Payment  Date,  each of the  Indenture
Trustee and the Certificate  Registrar shall make available to the Depositor,  the Owner Trustee,  each
Rating Agency, each Noteholder and each  Certificateholder,  the Servicing  Certificate provided to the
Indenture  Trustee by the  Servicer  relating to such Payment  Date and  delivered  pursuant to Section
4.01 of the Servicing Agreement.

         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  Indenture via the Indenture  Trustee's  internet  website.
The  Indenture  Trustee's  internet  website  shall  initially  be located  at  "www.sfr.bankofny.com."
Assistance in using the website can be obtained by calling the  Indenture  Trustee's  customer  service
desk at (800)  332-4550.  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  statement  to
Securityholders  are distributed in order to make such  distribution more convenient 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.

         Section 3.27      [Reserved].

         Section 3.28      [Reserved].

         Section 3.29      [Reserved].

         Section 3.30      Additional Representations of Issuer.

         The Issuer  hereby  represents  and warrants to the  Indenture  Trustee that as of the Closing
Date (which representations and warranties shall survive the execution of this Indenture):

                  (a)      This Indenture creates a valid and continuing  security interest (as defined
in the  applicable  UCC) in the  Mortgage  Notes in  favor of the  Indenture  Trustee,  which  security
interest is prior to all other Liens (except as expressly permitted  otherwise in this Indenture),  and
is enforceable as such as against creditors of and purchasers from the Issuer.

                  (b)      The  Mortgage  Notes  constitute  "instruments"  within  the  meaning of the
applicable UCC.

                  (c)      The Issuer  owns and has good and  marketable  title to the  Mortgage  Notes
free and clear of any Lien of any Person.

                  (d)      The original  executed  copy of each  Mortgage Note (except for any Mortgage
Note  with  respect  to which a Lost Note  Affidavit  has been  delivered  to the  Custodian)  has been
delivered to the Custodian.

                  (e)      The Issuer has received a written  acknowledgment  from the  Custodian  that
the Custodian is acting solely as agent of the Indenture Trustee for the benefit of the Noteholders.

                  (f)      Other than the security  interest granted to the Indenture  Trustee pursuant
to this  Indenture,  the Issuer has not pledged,  assigned,  sold,  granted a security  interest in, or
otherwise  conveyed any of the Mortgage  Notes.  The Issuer has not authorized the filing of and is not
aware of any  financing  statements  against  the  Issuer  that  include a  description  of  collateral
covering the  Mortgage  Notes other than any  financing  statement  relating to the  security  interest
granted to the  Indenture  Trustee  hereunder or any security  interest that has been  terminated.  The
Issuer is not aware of any judgment or tax lien filings against the Issuer.

                  (g)      None of the Mortgage Notes has any marks or notations  indicating  that they
have been  pledged,  assigned or  otherwise  conveyed to any Person other than the  Indenture  Trustee,
except for (i) any endorsements  that are part of a complete chain of endorsements  from the originator
of the Mortgage  Note to the  Indenture  Trustee,  and (ii) any marks or notations  pertaining to Liens
that have been terminated or released.

                  (h)      None of the  provisions  of this  Section  3.30 shall be waived  without the
prior written  confirmation  from Standard & Poor's that such waiver shall not result in a reduction or
withdrawal of the then-current rating of the Notes.

         Section 3.31      Allocation of Losses.

                  (a)      On each Payment  Date,  Group I  Liquidation  Loss Amounts  during the prior
calendar  month,  to the  extent not  covered by (i) Excess  Spread in the form of a payment of Group I
Overcollateralization  Increase  Amount  or Group I  Liquidation  Loss  Distribution  Amount  or (ii) a
reduction  in the  Overcollateralization  Amount for the Group I Loans on such  Payment  Date,  will be
allocated first to reduce the Note Balance of the Class M-2 Notes,  until the outstanding  Note Balance
thereof has been reduced to zero,  second to the Class M-1 Notes,  until the  outstanding  Note Balance
thereof has been  reduced to zero,  third to the Class I-A-2 Notes until the  outstanding  Note Balance
thereof has been reduced to zero, and last to reduce the Class I-A-1 Notes until the  outstanding  Note
Balance thereof has been reduced to zero.

                  (b)      On each Payment Date,  Group II  Liquidation  Loss Amounts  during the prior
calendar  month,  to the extent not  covered by (i) Excess  Spread in the form of a payment of Group II
Overcollateralization  Increase  Amount  or Group II  Liquidation  Loss  Distribution  Amount or (ii) a
reduction  in the  Overcollateralization  Amount for the Group II Loans on such Payment  Date,  will be
allocated first to reduce the Note Balance of the Class M-2 Notes,  until the outstanding  Note Balance
thereof has been reduced to zero,  second to the Class M-1 Notes,  until the  outstanding  Note Balance
thereof has been reduced to zero,  third to the Class II-A-2 Notes until the  outstanding  Note Balance
thereof has been  reduced to zero,  and last to reduce the Class  II-A-1  Notes  until the  outstanding
Note Balance thereof has been reduced to zero.

                                              ARTICLE IV

                          The Notes; Satisfaction And Discharge Of Indenture

         Section 4.01      The Notes

                  (a)      The Notes shall be  registered  in the name of a nominee  designated  by the
Depository.  Beneficial  Owners will hold interests in the Notes through the  book-entry  facilities of
the Depository in minimum  initial Note Balances of $25,000 and integral  multiples of $1,000 in excess
thereof.

         The  Indenture  Trustee may for all  purposes  (including  the making of  payments  due on the
Notes)  deal with the  Depository  as the  authorized  representative  of the  Beneficial  Owners  with
respect to the Notes for the purposes of  exercising  the rights of  Noteholders  hereunder.  Except as
provided in the next succeeding  paragraph of this  Section 4.01,  the rights of Beneficial Owners with
respect  to the  Notes  shall be  limited  to those  established  by law and  agreements  between  such
Beneficial   Owners  and  the   Depository  and   Depository   Participants.   Except  as  provided  in
Section 4.08,  Beneficial  Owners shall not be entitled to definitive  certificates for the Notes as to
which they are the Beneficial  Owners.  Requests and  directions  from, and votes of, the Depository as
Noteholder  of the Notes shall not be deemed  inconsistent  if they are made with  respect to different
Beneficial  Owners.  The Indenture  Trustee may establish a reasonable  record date in connection  with
solicitations  of consents  from or voting by  Noteholders  and give notice to the  Depository  of such
record  date.  Without  the  consent  of the  Issuer  and the  Indenture  Trustee,  no Term Note may be
transferred by the Depository  except to a successor  Depository  that agrees to hold such Note for the
account of the Beneficial Owners.

         In the event the Depository  Trust Company resigns or is removed as Depository,  the Indenture
Trustee,  at the request of the  Servicer  and with the  approval of the Issuer may appoint a successor
Depository.  If no successor  Depository  has been  appointed  within 30 days of the effective  date of
the  Depository's  resignation  or removal,  each  Beneficial  Owner shall be entitled to  certificates
representing the Notes it beneficially owns in the manner prescribed in Section 4.08.

         The Notes  shall,  on  original  issue,  be  executed  on  behalf  of the  Issuer by the Owner
Trustee,  not in  its  individual  capacity  but  solely  as  Owner  Trustee  and  upon  Issuer  Order,
authenticated  by the Note  Registrar and  delivered by the  Indenture  Trustee to or upon the order of
the Issuer.

         Section 4.02      Registration  of and  Limitations  on  Transfer  and  Exchange  of  Notes;
Appointment  of  Certificate  Registrar.  The Issuer shall cause to be kept at the Indenture  Trustee's
Corporate  Trust Office a Note  Register in which,  subject to such  reasonable  regulations  as it may
prescribe,  the Note  Registrar  shall  provide  for the  registration  of Notes and of  transfers  and
exchanges  of Notes as herein  provided.  The  Issuer  hereby  appoints  the  Indenture  Trustee as the
initial Note Registrar.

         Subject to the restrictions  and limitations set forth below,  upon surrender for registration
of  transfer  of any Note at the  Corporate  Trust  Office,  the  Issuer  shall  execute,  and the Note
Registrar  shall  authenticate  and deliver,  in the name of the designated  transferee or transferees,
one or more new Notes in authorized  initial Note Balances  evidencing  the same  aggregate  Percentage
Interests.

         Subject to the foregoing,  at the option of the Noteholders,  Notes may be exchanged for other
Notes of like tenor,  in each case in authorized  initial Note Balances  evidencing  the same aggregate
Percentage  Interests,  upon  surrender of the Notes to be exchanged at the  Corporate  Trust Office of
the Note Registrar.  Whenever any Notes are so surrendered  for exchange,  the Issuer shall execute and
the Note Registrar shall  authenticate  and deliver the Notes which the Noteholder  making the exchange
is entitled to receive.  Each Note presented or surrendered  for  registration  of transfer or exchange
shall (if so  required by the Note  Registrar)  be duly  endorsed  by, or be  accompanied  by a written
instrument of transfer in form  reasonably  satisfactory  to the Note  Registrar  duly executed by, the
Noteholder  thereof or his attorney  duly  authorized  in writing with such  signature  guaranteed by a
commercial  bank or trust company  located or having a  correspondent  located in The City of New York.
Notes  delivered  upon any such transfer or exchange will  evidence the same  obligations,  and will be
entitled to the same rights and privileges, as the Notes surrendered.

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

         All Notes  surrendered  for  registration  of transfer and exchange  shall be cancelled by the
Note Registrar and delivered to the Indenture Trustee for subsequent  destruction  without liability on
the part of either.

         The Issuer  hereby  appoints the  Indenture  Trustee as  Certificate  Registrar to keep at its
Corporate  Trust Office a  Certificate  Register  pursuant to  Section 3.09  of the Trust  Agreement 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  thereof  pursuant to
Section 3.05 of the Trust Agreement.  The Indenture Trustee hereby accepts such appointment.

         Each purchaser of a Note, by its acceptance of the Note,  shall be deemed to have  represented
that the  acquisition  of such Note by the purchaser  does not  constitute or give rise to a prohibited
transaction  under  Section 406  of  ERISA  or  Section 4975  of the  Code,  for  which  no  statutory,
regulatory or administrative exemption is available.

         Section 4.03      Mutilated,  Destroyed,  Lost or Stolen Notes.  If (i) any mutilated  Note is
surrendered to the Indenture  Trustee,  or the Indenture  Trustee receives evidence to its satisfaction
of the  destruction,  loss or theft of any Note,  and (ii) there is delivered to the Indenture  Trustee
such  security  or  indemnity  as may be  required  by it and the  Issuer  to hold the  Issuer  and the
Indenture  Trustee  harmless,  then, in the absence of notice to the Issuer,  the Note Registrar or the
Indenture  Trustee that such Note has been  acquired by a bona fide  purchaser,  and provided  that the
requirements  of Section 8 405 of the UCC are met, the Issuer shall  execute,  and upon its request the
Indenture  Trustee shall  authenticate  and deliver,  in exchange for or in lieu of any such mutilated,
destroyed,  lost or stolen Note, a replacement Note of the same class;  provided,  however, that if any
such destroyed,  lost or stolen Note, but not a mutilated Note,  shall have become or within seven days
shall be due and payable,  instead of issuing a replacement  Note,  the Issuer may pay such  destroyed,
lost or stolen Note when so due or payable without  surrender  thereof.  If, after the delivery of such
replacement  Note or  payment  of a  destroyed,  lost or stolen  Note  pursuant  to the  proviso to the
preceding  sentence,  a bona fide purchaser of the original Note in lieu of which such replacement Note
was issued  presents for payment such  original  Note,  the Issuer and the  Indenture  Trustee shall be
entitled to recover such  replacement  Note (or such  payment) from the Person to whom it was delivered
or any  Person  taking  such  replacement  Note from such  Person  to whom  such  replacement  Note was
delivered  or any  assignee  of such  Person,  except a bona fide  purchaser,  and shall be entitled to
recover upon the security or indemnity  provided  therefor to the extent of any loss,  damage,  cost or
expense incurred by the Issuer or the Indenture Trustee in connection therewith.

         Upon the  issuance of any  replacement  Note under this  Section 4.03,  the Issuer may require
the payment by the Noteholder of such Note of a sum  sufficient to cover any tax or other  governmental
charge that may be imposed in relation  thereto and any other reasonable  expenses  (including the fees
and expenses of the Indenture Trustee) connected therewith.

         Every  replacement Note issued pursuant to this  Section 4.03 in replacement of any mutilated,
destroyed,  lost or stolen Note shall constitute an original additional  contractual  obligation of the
Issuer, whether or not the mutilated,  destroyed,  lost or stolen Note shall be at any time enforceable
by anyone,  and shall be entitled to all the  benefits of this  Indenture  equally and  proportionately
with any and all other Notes duly issued hereunder.

         The  provisions of this  Section 4.03  are exclusive and shall preclude (to the extent lawful)
all other  rights and remedies  with respect to the  replacement  or payment of  mutilated,  destroyed,
lost or stolen Notes.

         Section 4.04      Persons  Deemed  Owners.  Prior  to  due  presentment  for  registration  of
transfer of any Note,  the Issuer,  the Indenture  Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name any Note is registered (as of the day of  determination)  as
the owner of such Note for the purpose of receiving  payments of principal of and interest,  if any, on
such Note and for all other purposes  whatsoever,  whether or not such Note be overdue, and none of the
Issuer,  the Indenture  Trustee or any agent of the Issuer or the  Indenture  Trustee shall be affected
by notice to the contrary.

         Section 4.05      Cancellation.  All Notes surrendered for payment,  registration of transfer,
exchange or  redemption  shall,  if  surrendered  to any Person other than the  Indenture  Trustee,  be
delivered to the  Indenture  Trustee and shall be promptly  cancelled  by the  Indenture  Trustee.  The
Issuer  may at any time  deliver  to the  Indenture  Trustee  for  cancellation  any  Notes  previously
authenticated  and delivered  hereunder  which the Issuer may have  acquired in any manner  whatsoever,
and all Notes so delivered  shall be promptly  cancelled by the  Indenture  Trustee.  No Notes shall be
authenticated  in lieu of or in exchange  for any Notes  cancelled  as provided in this  Section  4.05,
except as expressly  permitted by this  Indenture.  All  cancelled  Notes may be held or disposed of by
the Indenture  Trustee in  accordance  with its standard  retention or disposal  policy as in effect at
the time unless the Issuer  shall  direct by an Issuer  Request  that they be  destroyed or returned to
it;  provided,  however,  that such  Issuer  Request is timely  and the Notes have not been  previously
disposed of by the Indenture Trustee.

         Section 4.06      Book-Entry  Notes.  The Notes,  upon original  issuance,  shall be issued in
the form of typewritten  Notes  representing  the Book-Entry  Notes,  to be delivered to The Depository
Trust Company,  the initial  Depository,  by, or on behalf of, the Issuer.  Such Notes shall  initially
be registered  on the Note  Register in the name of Cede & Co., the nominee of the initial  Depository,
and no Beneficial Owner shall receive a Definitive Note representing  such Beneficial  Owner's interest
in such Note,  except as  provided  in  Section 4.08.  Unless and until  definitive,  fully  registered
Notes (the "Definitive Notes") have been issued to Beneficial Owners pursuant to Section 4.08:

                  (a)      the provisions of this Section 4.06 shall be in full force and effect;

                  (b)      the Note Registrar and the Indenture  Trustee shall be entitled to deal with
the Depository  for all purposes of this Indenture  (including the payment of principal of and interest
on the Notes and the giving of instructions  or directions  hereunder) as the sole holder of the Notes,
and shall have no obligation to the Beneficial Owners;

                  (c)      to the extent that the  provisions  of this  Section 4.06  conflict with any
other provisions of this Indenture, the provisions of this Section 4.06 shall control;

                  (d)      the  rights  of  Beneficial  Owners  shall be  exercised  only  through  the
Depository  and shall be limited to those  established  by law and  agreements  between  such Owners of
Notes  and the  Depository  or the  Depository  Participants.  Unless  and until  Definitive  Notes are
issued  pursuant to Section 4.08,  the initial  Depository  will make  book-entry  transfers  among the
Depository  Participants  and receive and  transmit  payments of principal of and interest on the Notes
to such Depository Participants; and

                  (e)      whenever this Indenture  requires or permits  actions to be taken based upon
instructions  or  directions  of  Noteholders  of Notes  evidencing a specified  percentage of the Note
Balances of the Notes,  the Depository  shall be deemed to represent such percentage only to the extent
that it has received  instructions  to such effect from  Beneficial  Owners or Depository  Participants
owning or  representing,  respectively,  such  required  percentage of the  beneficial  interest in the
Notes and has delivered such instructions to the Indenture Trustee.

         Section 4.07      Notices  to  Depository.  Whenever  a notice or other  communication  to the
Noteholders  of the Notes is required under this  Indenture,  unless and until  Definitive  Notes shall
have been issued to Beneficial  Owners  pursuant to Section 4.08, the Indenture  Trustee shall give all
such  notices  and  communications  specified  herein  to be given to  Noteholders  of the Notes to the
Depository, and shall have no obligation to the Beneficial Owners.

         Section 4.08      Definitive  Notes.  If (i) the  Depositor  determines that the Depository is
no longer  willing or able to properly  discharge  its  responsibilities  with respect to the Notes and
the Depositor is unable to locate a qualified  successor,  (ii) the  Depositor,  with the prior consent
of the Beneficial  Owners,  notifies the Indenture  Trustee and the  Depository  that it has elected to
terminate the book-entry  system through the  Depository,  or (iii) after the occurrence of an Event of
Default,  Beneficial Owners of Notes representing  beneficial interests aggregating at least a majority
of  the  aggregate  Term  Note  Balance  of the  Notes  advise  the  Depository  in  writing  that  the
continuation  of a book-entry  system  through the Depository is no longer in the best interests of the
Beneficial  Owners,  then the Depository shall notify all Beneficial  Owners and the Indenture  Trustee
of the occurrence of any such event and of the  availability of Definitive  Notes to Beneficial  Owners
requesting  the same.  Upon  surrender by the  Depository to the Indenture  Trustee of the  typewritten
Notes  representing  the Book-Entry  Notes by the Depository (or Percentage  Interest of the Book-Entry
Notes being  transferred  pursuant to clause (iii) above),  accompanied by  registration  instructions,
the Issuer  shall  execute  and the  Indenture  Trustee  shall  authenticate  the  Definitive  Notes in
accordance  with the  instructions  of the  Depository.  None of the Issuer,  the Note Registrar or the
Indenture  Trustee  shall be  liable  for any  delay in  delivery  of such  instructions,  and each may
conclusively  rely on, and shall be  protected in relying on, such  instructions.  Upon the issuance of
Definitive  Notes,  the Indenture  Trustee shall recognize the  Noteholders of the Definitive  Notes as
Noteholders.

         Section 4.09      Tax  Treatment.  The Issuer has entered into this  Indenture,  and the Notes
will be issued,  with the intention  that,  for federal,  state and local income,  single  business and
franchise  tax  purposes,  the Notes will  qualify as  regular  interests  in a REMIC as defined in the
Code, which will be treated as indebtedness  for purposes of such taxes.  The Issuer,  by entering into
this Indenture,  and each  Noteholder,  by its acceptance of its Note (and each Beneficial Owner by its
acceptance of an interest in the  applicable  Book-Entry  Note),  agree to treat the Notes for federal,
state and local income,  single business and franchise tax purposes as regular  interests in a REMIC as
defined in the Code, which will be treated as indebtedness for purposes of such taxes.

         Section 4.10      Satisfaction  and Discharge of Indenture.  This Indenture  shall cease to be
of further  effect with  respect to the Notes except as to (i) rights of  registration  of transfer and
exchange,  (ii)  substitution  of  mutilated,   destroyed,  lost  or  stolen  Notes,  (iii)  rights  of
Noteholders to receive payments of principal  thereof and interest  thereon,  (iv) Sections 3.03, 3.04,
3.06,  3.09, 3.16, 3.18 and 3.19, (v) the rights,  obligations and immunities of the Indenture  Trustee
hereunder  (including  the rights of the Indenture  Trustee under Section 6.07 and the  obligations  of
the Indenture  Trustee under Section 4.11) and (vi) the rights of Noteholders as  beneficiaries  hereof
with respect to the property so deposited  with the  Indenture  Trustee  payable to all or any of them,
and the  Indenture  Trustee,  on written  demand of and at the  expense of the  Issuer,  shall  execute
proper  instruments  acknowledging  satisfaction  and discharge of this  Indenture  with respect to the
Notes, when:

                           (A)      either:

                                    (1) all Notes  theretofore  authenticated and delivered (other than
                           (i) Notes  that  have  been  destroyed,  lost or  stolen  and that have been
                           replaced  or paid as  provided  in  Section 4.03  and  (ii) Notes  for whose
                           payment money has  theretofore  been  deposited in trust or  segregated  and
                           held  in  trust  by the  Issuer  and  thereafter  repaid  to the  Issuer  or
                           discharged  from  such  trust,  as  provided  in  Section 3.03)   have  been
                           delivered to the Indenture Trustee for cancellation; or

                                    (2) all Notes not  theretofore  delivered to the Indenture  Trustee
                           for cancellation:

                                            a)   have become due and payable;

                                            b)   will become due and payable at the Final  Payment Date
                                    within one year; or

                                            c)   have  been  declared   immediately   due  and  payable
                                    pursuant to Section 5.02.

         and the Issuer,  in the case of (a) and (b) above,  has irrevocably  deposited or caused to be
         irrevocably   deposited  with  the  Indenture  Trustee  cash  or  direct   obligations  of  or
         obligations  guaranteed by the United  States of America  (which will mature prior to the date
         such amounts are  payable),  in trust for such  purpose,  in an amount  sufficient  to pay and
         discharge  the  entire  indebtedness  on such  Notes and  Certificates  then  Outstanding  not
         theretofore  delivered  to the  Indenture  Trustee  for  cancellation  when  due on the  Final
         Payment  Date,  as  evidenced  to  the  Indenture  Trustee  by an  accountant's  letter  or an
         Officer's Certificate of the Issuer;

                           (B)      the  Issuer  has paid or caused to be paid all other  sums  payable
                  hereunder and under the Insurance Agreement by the Issuer; and

                           (C)      the Issuer has  delivered  to the  Indenture  Trustee an  Officer's
                  Certificate  and an Opinion of Counsel,  each meeting the applicable  requirements of
                  Section 10.01  and each stating that all  conditions  precedent  herein  provided for
                  relating to the  satisfaction and discharge of this Indenture have been complied with
                  and,  if the  Opinion  of  Counsel  relates  to a  deposit  made in  connection  with
                  Section 4.10(A)(2)b.  above,  such opinion  shall  further be to the effect that such
                  deposit  will not have any  material  adverse tax  consequences  to the  Issuer,  any
                  Noteholders or any Certificateholders.

         Section 4.11      Application  of  Trust  Money.  All  monies  deposited  with  the  Indenture
Trustee  pursuant to Section 4.10 hereof shall be held in trust and applied by it, in  accordance  with
the provisions of the Notes and this Indenture,  to the payment,  either directly or through any Paying
Agent or Certificate  Paying Agent, as the Indenture Trustee may determine,  to the  Securityholders of
Securities,  of all sums due and to become due  thereon for  principal  and  interest;  but such monies
need not be segregated from other funds except to the extent required herein or required by law.

         Section 4.12      [Reserved].

         Section 4.13      Repayment  of   Monies   Held  by   Paying  Agent.  In  connection  with the
satisfaction  and discharge of this  Indenture  with respect to the Notes,  all monies then held by any
Paying Agent (other than the Indenture  Trustee) under the provisions of this Indenture with respect to
such Notes shall,  upon demand of the Issuer,  be paid to the Indenture  Trustee to be held and applied
according  to Section  3.05;  and  thereupon,  such Paying  Agent  shall be  released  from all further
liability with respect to such monies.

         Section 4.14      Temporary  Notes.  Pending the  preparation  of any  Definitive  Notes,  the
Issuer may execute and upon its written  direction,  the Indenture  Trustee may  authenticate  and make
available for delivery,  temporary Notes that are printed,  lithographed,  typewritten,  photocopied or
otherwise  produced,  in any  denomination,  substantially of the tenor of the Definitive Notes in lieu
of which they are issued  and with such  appropriate  insertions,  omissions,  substitutions  and other
variations  as the officers  executing  such Notes may  determine,  as evidenced by their  execution of
such Notes.

         If temporary Notes are issued,  the Issuer will cause  Definitive Notes to be prepared without
unreasonable  delay.  After the  preparation  of the  Definitive  Notes,  the temporary  Notes shall be
exchangeable  for  Definitive  Notes upon  surrender of the temporary  Notes at the office or agency of
the Indenture  Trustee,  without charge to the Noteholder.  Upon surrender for  cancellation of any one
or more temporary  Notes,  the Issuer shall execute and the Indenture  Trustee shall  authenticate  and
make available for delivery,  in exchange  therefor,  Definitive Notes of authorized  denominations and
of like tenor and aggregate  principal  amount.  Until so exchanged,  such temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as Definitive Notes.

                                               ARTICLE V

                                         Default And Remedies

         Section 5.01      Events of  Default.  The  Issuer  shall  deliver  to the  Indenture  Trustee
within five days after  learning of the  occurrence of any event that with the giving of notice and the
lapse of time  would  become  an Event of  Default  under  clause  (c) of the  definition  of "Event of
Default"  written  notice in the form of an  Officer's  Certificate  of its status and what  action the
Issuer is taking or proposes to take with respect thereto.

         Section 5.02      Acceleration of Maturity;  Rescission and Annulment.  If an Event of Default
shall  occur and be  continuing,  then and in every  such  case the  Indenture  Trustee,  acting at the
direction of the  Noteholders  of Notes  representing  not less than a majority of the  aggregate  Note
Balance of the Notes,  may declare the Notes to be  immediately  due and payable by a notice in writing
to the Issuer (and to the Indenture  Trustee if given by Noteholders);  and upon any such  declaration,
the unpaid  principal  amount of the Notes,  together with accrued and unpaid interest  thereon through
the date of acceleration, shall become immediately due and payable.

         At any time after such  declaration  of  acceleration  of maturity with respect to an Event of
Default has been made and before a judgment  or decree for  payment of the money due has been  obtained
by the  Indenture  Trustee  as  hereinafter  provided  in this  Article V,  the  Noteholders  of  Notes
representing  a majority of the aggregate  Note Balance of the Notes,  by written  notice to the Issuer
and the  Indenture  Trustee,  may in writing  waive the related  Event of Default and rescind and annul
such declaration and its consequences if:

                  (a)      the  Issuer  has  paid  or  deposited  with  the  Indenture  Trustee  a  sum
sufficient to pay:

                           (i)      all  payments  of  principal  of and  interest on the Notes and all
         other  amounts  that  would  then be due  hereunder  or upon the Notes if the Event of Default
         giving rise to such acceleration had not occurred;

                           (ii)     all sums paid or advanced by the  Indenture  Trustee  hereunder and
         the reasonable  compensation,  expenses,  disbursements  and advances of the Indenture Trustee
         and its agents and counsel; and

                           (iii)    all Events of Default,  other than the  nonpayment of the principal
         of the Notes that has become  due  solely by such  acceleration,  have been cured or waived as
         provided in Section 5.12.

         No such  rescission  shall  affect  any  subsequent  default  or impair  any right  consequent
thereto.

         Section 5.03      Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.

                  (a)      The Issuer  covenants  that if default in the payment of (i) any interest on
any Note when the same becomes due and payable,  and such default  continues for a period of five days,
or (ii) the  principal  of or any  installment  of the  principal of any Note when the same becomes due
and payable,  the Issuer  shall,  upon demand of the Indenture  Trustee,  pay to it, for the benefit of
the Noteholders,  the entire amount then due and payable on the Notes for principal and interest,  with
interest on the overdue  principal,  and in addition thereto such further amount as shall be sufficient
to cover the costs and  expenses  of  collection,  including  the  reasonable  compensation,  expenses,
disbursements and advances of the Indenture Trustee and its agents and counsel.

                  (b)      In case the  Issuer  shall  fail  forthwith  to pay such  amounts  upon such
demand,  the  Indenture  Trustee,  in its own name and as trustee of an express  trust,  subject to the
provisions of  Section 10.17  hereof,  may institute a Proceeding for the collection of the sums so due
and unpaid,  and may prosecute  such  Proceeding to judgment or final decree,  and may enforce the same
against the Issuer or other  obligor on the Notes and collect in the manner  provided by law out of the
property  of the Issuer or other  obligor on the  Notes,  wherever  situated,  the monies  adjudged  or
decreed to be payable.

                  (c)      If an  Event  of  Default  shall  occur  and be  continuing,  the  Indenture
Trustee,  subject to the provisions of  Section 10.17  hereof,  may, as more  particularly  provided in
Section 5.04,  in its  discretion  proceed  to  protect  and  enforce  its rights and the rights of the
Noteholders  by such  appropriate  Proceedings  as the Indenture  Trustee shall deem most  effective to
protect  and  enforce  any such  rights,  whether  for the  specific  enforcement  of any  covenant  or
agreement in this  Indenture or in aid of the exercise of any power granted  herein,  or to enforce any
other proper remedy or legal or equitable  right vested in the Indenture  Trustee by this  Indenture or
by law.

                  (d)      If there  shall be pending,  relative to the Issuer or any other  obligor on
the Notes or any Person  having or claiming an  ownership  interest  in the Trust  Estate,  Proceedings
under  Title 11  of the  United  States  Code or any  other  applicable  federal  or state  bankruptcy,
insolvency  or  other   similar  law,  or  if  a  receiver,   assignee  or  trustee  in  bankruptcy  or
reorganization,  liquidator,  sequestrator  or similar  official shall have been appointed for or taken
possession  of the Issuer or its  property  or such other  obligor or Person,  or if there shall be any
other comparable judicial  Proceedings  relative to the Issuer or other any other obligor on the Notes,
or  relative to the  creditors  or property  of the Issuer or such other  obligor,  then the  Indenture
Trustee,  irrespective  of whether the  principal of any Notes shall then be due and payable as therein
expressed or by  declaration  or otherwise,  and  irrespective  of whether the Indenture  Trustee shall
have made any demand  pursuant to the provisions of this Section,  shall be entitled and empowered,  by
intervention in such Proceedings or otherwise:

                           (i)      to file and  prove a claim  or  claims  for the  entire  amount  of
         principal  and  interest  owing and  unpaid  in  respect  of the Notes and to file such  other
         papers or  documents  as may be  necessary  or  advisable  in order to have the  claims of the
         Indenture  Trustee  (including any claim for reasonable  compensation to the Indenture Trustee
         and each predecessor  Indenture Trustee,  and their respective agents,  attorneys and counsel,
         and for  reimbursement  of all expenses and  liabilities  incurred,  and all advances made, by
         the  Indenture  Trustee  and  each  predecessor  Indenture  Trustee,  except  as a  result  of
         negligence,  willful  misconduct  or bad  faith)  and  of  the  Noteholders  allowed  in  such
         Proceedings;

                           (ii)     unless  prohibited by applicable  law and  regulations,  to vote on
         behalf  of the  Noteholders  in any  election  of a  trustee,  a  standby  trustee  or  Person
         performing similar functions in any such Proceedings;

                           (iii)    to collect  and  receive  any monies or other  property  payable or
         deliverable  on any such claims and to  distribute  all amounts  received  with respect to the
         claims of the Noteholders and of the Indenture Trustee on their behalf; and

                           (iv)     to file such proofs of claim and other  papers or  documents as may
         be  necessary  or  advisable  in order to have the  claims  of the  Indenture  Trustee  or the
         Noteholders  allowed in any judicial  proceedings  relative to the Issuer,  its  creditors and
         its property;

and any trustee,  receiver,  liquidator,  custodian or other similar official in any such Proceeding is
hereby  authorized by each of such Noteholders to make payments to the Indenture  Trustee,  and, in the
event the Indenture Trustee shall consent to the making of payments  directly to such  Noteholders,  to
pay to the Indenture  Trustee such amounts as shall be sufficient to cover  reasonable  compensation to
the Indenture Trustee,  each predecessor  Indenture Trustee and their respective agents,  attorneys and
counsel,  and all other  expenses and  liabilities  incurred,  and all advances  made, by the Indenture
Trustee and each predecessor  Indenture Trustee,  except as a result of negligence,  willful misconduct
or bad faith.

                  (e)      Nothing herein contained shall be deemed to authorize the Indenture  Trustee
to  authorize  or  consent  to or vote for or accept or adopt on behalf of any  Noteholder  any plan of
reorganization,  arrangement,  adjustment  or  composition  affecting  the  Notes or the  rights of any
Noteholder  thereof  or to  authorize  the  Indenture  Trustee  to vote in  respect of the claim of any
Noteholder  in any such  proceeding  except,  as  aforesaid,  to vote for the  election of a trustee in
bankruptcy or similar Person.

                  (f)      All rights of action and of asserting claims under this Indenture,  or under
any of the Notes,  may be enforced by the Indenture  Trustee without the possession of any of the Notes
or the production  thereof in any trial or other Proceedings  relative thereto,  and any such action or
proceedings  instituted  by the  Indenture  Trustee  shall be  brought in its own name as trustee of an
express  trust,  and any recovery of judgment,  subject to the payment of the  expenses,  disbursements
and  compensation of the Indenture  Trustee,  each predecessor  Indenture  Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the Notes.

                  (g)      In  any  Proceedings  to  which  the  Indenture  Trustee  shall  be a  party
(including  any  Proceedings  involving the  interpretation  of any provision of this  Indenture),  the
Indenture  Trustee  shall be held to represent all  Noteholders,  and it shall not be necessary to make
any Noteholder a party to any such Proceedings.

         Section 5.04      Remedies; Priorities.

                  (a)      If an Event of  Default  shall have  occurred  and be  continuing,  then the
Indenture  Trustee,  subject to the  provisions of  Section 10.17  hereof,  shall do one or more of the
following, in each case subject to Section 5.05:

                           (i)      institute  Proceedings in its own name and as trustee of an express
         trust for the  collection  of all amounts  then  payable on the Notes or under this  Indenture
         with respect thereto,  whether by declaration or otherwise,  and all amounts payable under the
         Insurance  Agreement,  enforce any  judgment  obtained,  and  collect  from the Issuer and any
         other obligor on the Notes monies adjudged due;

                           (ii)     institute  Proceedings  from  time to  time  for  the  complete  or
         partial foreclosure of this Indenture with respect to the Trust Estate;

                           (iii)    exercise  any  remedies  of a secured  party under the UCC and take
         any other  appropriate  action to protect and enforce the rights and remedies of the Indenture
         Trustee and the Noteholders; and

                           (iv)     sell the Trust Estate or any portion  thereof or rights or interest
         therein,  at one or more public or private sales called and conducted in any manner  permitted
         by law;

provided,  however,  that the  Indenture  Trustee may not sell or otherwise  liquidate the Trust Estate
following  an  Event  of  Default,  unless  (A)  the  Indenture  Trustee  obtains  the  consent  of the
Noteholders  of 100% of the  aggregate  Note  Balance of the Notes),  (B) the  proceeds of such sale or
liquidation  distributable  to Noteholders are sufficient to discharge in full all amounts then due and
unpaid upon the Notes for  principal  and interest or (C) the  Indenture  Trustee  determines  that the
Mortgage  Loans will not  continue  to provide  sufficient  funds for the payment of  principal  of and
interest  on the  Notes as they  would  have  become  due if the Notes  had not been  declared  due and
payable,  and the Indenture  Trustee  obtains the consent the  Noteholders  of 66 2/3% of the aggregate
Note Balance of the Notes).  In determining such  sufficiency or  insufficiency  with respect to clause
(B) and (C) above,  the Indenture  Trustee may, but need not,  obtain and rely,  and shall be protected
in relying in good faith,  upon an opinion of an Independent  investment  banking or accounting firm of
national  reputation as to the  feasibility  of such proposed  action and as to the  sufficiency of the
Trust  Estate for such  purpose.  Notwithstanding  the  foregoing,  provided  that a Servicing  Default
shall not have  occurred,  any Sale (as defined in Section  5.15  hereof) of the Trust  Estate shall be
made  subject to the  continued  servicing  of the  Mortgage  Loans by the  Servicer as provided in the
Servicing  Agreement.  Notwithstanding any sale of the Mortgage Loans pursuant to this Section 5.04(a),
the Indenture  Trustee  shall,  for so long as any  principal or accrued  interest on the Notes remains
unpaid, continue to act as Indenture Trustee hereunder.

                  (b)      If the  Indenture  Trustee  collects any money or property  pursuant to this
Article V, it shall pay out such money or property in the following order:

                  FIRST:   to the Indenture Trustee for amounts due under Section 6.07;

                  SECOND:  to the  Noteholders  of each Class of Notes,  pro rata,  for amounts due and
                  unpaid on the related Notes for interest,  including  accrued and unpaid  interest on
                  the Notes for any prior Payment Date, ratably,  without preference or priority of any
                  kind,  according  to the  amounts  due and  payable on such Notes for  interest  from
                  amounts available in the Trust Estate for such Noteholders;

                  THIRD:   to the  Noteholders  of each Class of Notes,  pro rata,  for amounts due and
                  unpaid on the related Notes for principal,  ratably,  without  preference or priority
                  of any kind,  according  to the amounts due and payable on such Notes for  principal,
                  from  amounts  available  in  the  Trust  Estate  for  such  Noteholders,  until  the
                  respective Note Balances of such Class have been reduced to zero;

                  FOURTH:  to the  Certificate  Paying Agent for amounts due under  Article VIII of the
                  Trust Agreement; and

                  SEVENTH: to the payment of the  remainder,  if any, to the Issuer or any other person
                  legally entitled thereto.

         The  Indenture  Trustee may fix a record date and payment date for any payment to  Noteholders
pursuant to this  Section 5.04.  At least 15 days before such record date, the Indenture  Trustee shall
mail to each  Noteholder  a notice that states the record  date,  the payment date and the amount to be
paid.

         Section 5.05      Optional  Preservation of the Trust Estate.  If the Notes have been declared
due and  payable  under  Section  5.02  following  an Event of  Default  and such  declaration  and its
consequences  have not been rescinded and annulled,  the Indenture  Trustee may, but need not, elect to
take and  maintain  possession  of the Trust  Estate.  It is the desire of the  parties  hereto and the
Noteholders  that there be at all times  sufficient  funds for the payment of principal of and interest
on the Notes and other  obligations  of the Issuer,  and the  Indenture  Trustee shall take such desire
into account when determining  whether or not to take and maintain  possession of the Trust Estate.  In
determining  whether to take and maintain  possession of the Trust Estate,  the Indenture  Trustee may,
but need not,  obtain and rely, and shall be protected in relying in good faith,  upon an opinion of an
Independent  investment  banking or accounting  firm of national  reputation as to the  feasibility  of
such proposed action and as to the sufficiency of the Trust Estate for such purpose.

         Section 5.06      Limitation  of Suits.  No  Noteholder  shall have any right to institute any
Proceeding,  judicial  or  otherwise,  with  respect to this  Indenture,  or for the  appointment  of a
receiver  or trustee,  or for any other  remedy  hereunder,  unless and  subject to the  provisions  of
Section 10.17 hereof:

                  (a)      such Noteholder  shall have previously given written notice to the Indenture
Trustee of a continuing Event of Default;

                  (b)      the  Noteholders  of not less than 25% of the aggregate  Note Balance of the
Notes  shall have made  written  request to the  Indenture  Trustee to  institute  such  Proceeding  in
respect of such Event of Default in its own name as Indenture Trustee hereunder;

                  (c)      such  Noteholder or  Noteholders  shall have offered the  Indenture  Trustee
reasonable  indemnity  against the costs,  expenses and  liabilities  to be incurred by it in complying
with such request;

                  (d)      the Indenture Trustee for 60 days after its receipt of such notice,  request
and offer of indemnity shall have failed to institute such Proceedings; and

                  (e)      no direction  inconsistent  with such written  request shall have been given
to the Indenture  Trustee  during such 60-day period by the  Noteholders of a majority of the aggregate
Note Balance of the Notes.

         It is understood and intended that no Noteholder  shall have any right in any manner  whatever
by virtue  of, or by  availing  itself of,  any  provision  of this  Indenture  to  affect,  disturb or
prejudice  the  rights  of any  other  Noteholders  or to  obtain  or to seek  to  obtain  priority  or
preference  over any other  Noteholders  or to enforce  any right under this  Indenture,  except in the
manner herein provided.

         In the event the Indenture  Trustee shall receive  conflicting  or  inconsistent  requests and
indemnity  from two or more  groups of  Noteholders,  each  representing  less than a  majority  of the
aggregate Note Balance of the Notes,  the Indenture  Trustee shall act at the direction of the group of
Noteholders  with the greater Note  Balance.  In the event that the  Indenture  Trustee  shall  receive
conflicting  or   inconsistent   requests  and  indemnity  from  two  or  more  groups  of  Noteholders
representing  the same Note Balance,  then the Indenture  Trustee in its sole  discretion may determine
what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

         Section 5.07      Unconditional  Rights of  Noteholders  to Receive  Principal  and  Interest.
Subject to the provisions of this  Indenture,  the  Noteholder of any Note shall have the right,  which
is absolute and  unconditional,  to receive  payment of the principal of and interest,  if any, on such
Note on or after the  respective  due dates thereof  expressed in such Note or in this Indenture and to
institute suit for the  enforcement of any such payment,  and such right shall not be impaired  without
the consent of such Noteholder.

         Section 5.08      Restoration  of  Rights  and  Remedies.  If  the  Indenture  Trustee  or any
Noteholder  has  instituted any Proceeding to enforce any right or remedy under this Indenture and such
Proceeding has been  discontinued or abandoned for any reason or has been  determined  adversely to the
Indenture  Trustee  or to such  Noteholder,  then and in every  such  case the  Issuer,  the  Indenture
Trustee  and the  Noteholders  shall,  subject to any  determination  in such  Proceeding,  be restored
severally  and  respectively  to their  former  positions  hereunder,  and  thereafter  all  rights and
remedies of the Indenture  Trustee and the Noteholders  shall continue as though no such Proceeding had
been instituted.

         Section 5.09      Rights and Remedies  Cumulative.  No right or remedy herein  conferred  upon
or reserved to the  Indenture  Trustee or the  Noteholders  is  intended to be  exclusive  of any other
right or remedy,  and every right and remedy shall,  to the extent  permitted by law, be cumulative and
in addition to every other right and remedy given  hereunder  or now or  hereafter  existing at law, in
equity or  otherwise.  The  assertion or  employment  of any right or remedy  hereunder,  or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

         Section 5.10      Delay or  Omission  Not a  Waiver.  No delay or  omission  of the  Indenture
Trustee or any  Noteholder  to exercise any right or remedy  accruing  upon any Event of Default  shall
impair  any such  right  or  remedy  or  constitute  a  waiver  of any  such  Event  of  Default  or an
acquiescence  therein.  Every  right and  remedy  given by this  Article  V or by law to the  Indenture
Trustee  or to the  Noteholders  may be  exercised  from  time to time,  and as often as may be  deemed
expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

         Section 5.11      Control by  Noteholders.  The  Noteholders  of a majority  of the  aggregate
Note  Balance  of Notes  shall have the right to direct the time,  method and place of  conducting  any
Proceeding  for any remedy  available to the Indenture  Trustee with respect to the Notes or exercising
any trust or power conferred on the Indenture Trustee, provided that:

                  (a)      such  direction  shall not be in conflict  with any rule of law or with this
Indenture;

                  (b)      subject  to  the  express  terms  of  Section 5.04,  any  direction  to  the
Indenture  Trustee  to sell or  liquidate  the  Trust  Estate  shall  be by the  Noteholders  of  Notes
representing not less than 100% of the aggregate Note Balance of the Notes;

                  (c)      if the  conditions set forth in  Section 5.05  shall have been satisfied and
the Indenture  Trustee elects to retain the Trust Estate  pursuant to such Section,  then any direction
to the Indenture  Trustee by  Noteholders  of Notes  representing  less than 100% of the aggregate Note
Balance of the Notes to sell or liquidate the Trust Estate shall be of no force and effect; and

                  (d)      the  Indenture  Trustee  may take any  other  action  deemed  proper  by the
Indenture Trustee that is not inconsistent with such direction.

Notwithstanding  the rights of  Noteholders  set forth in this Section,  subject to  Section 6.01,  the
Indenture  Trustee need not take any action that it determines (in its sole  discretion)  might involve
it in liability or might  materially  adversely  affect the rights of any Noteholders not consenting to
such action, unless the Trustee has received satisfactory indemnity from a Noteholder.

         Section 5.12      Waiver of Past Defaults.  Prior to the  declaration of the  acceleration  of
the  maturity of the Notes as provided in Section  5.02,  the  Noteholders  of not less than a majority
of the aggregate Note Balance of the Notes,  may waive any past Event of Default and its  consequences,
except an Event of  Default  (a) with  respect to payment of  principal  of or  interest  on any of the
Notes or (b) in respect of a covenant or  provision  hereof that cannot be modified or amended  without
the  consent  of the  Noteholder  of each  Note.  In the  case of any  such  waiver,  the  Issuer,  the
Indenture  Trustee and the  Noteholders  shall be restored to their  respective  former  positions  and
rights  hereunder;  but no such  waiver  shall  extend to any  subsequent  or other Event of Default or
impair any right consequent thereto.

         Upon any such  waiver,  any Event of Default  arising  therefrom  shall be deemed to have been
cured and not to have occurred,  for every purpose of this  Indenture;  but no such waiver shall extend
to any subsequent or other Event of Default or impair any right consequent thereto.

         Section 5.13      Undertaking  for  Costs.  All  parties  to this  Indenture  agree,  and each
Noteholder by such  Noteholder's  acceptance  of the related Note shall be deemed to have agreed,  that
any court may in its discretion  require,  in any Proceeding for the enforcement of any right or remedy
under this  Indenture,  or in any  Proceeding  against  the  Indenture  Trustee  for any action  taken,
suffered or omitted by it as Indenture  Trustee,  the filing by any party  litigant in such  Proceeding
of an  undertaking  to pay the  costs of such  Proceeding,  and that such  court may in its  discretion
assess  reasonable  costs,  including  reasonable  attorneys' fees,  against any party litigant in such
Proceeding,  having due regard to the  merits  and good  faith of the claims or  defenses  made by such
party  litigant;  but the  provisions  of this  Section  5.13  shall  not  apply to (a) any  Proceeding
instituted by the Indenture  Trustee,  (b) any  Proceeding  instituted by any  Noteholder,  or group of
Noteholders,  in each case holding in the aggregate  more than 10% of the aggregate Note Balance of the
Notes or (c) any  Proceeding  instituted  by any  Noteholder  for the  enforcement  of the  payment  of
principal of or interest on any Note on or after the  respective  due dates  expressed in such Note and
in this Indenture.

         Section 5.14      Waiver of Stay or Extension  Laws. The Issuer  covenants (to the extent that
it may  lawfully  do so)  that  it  will  not at any  time  insist  upon,  or  plead  or in any  manner
whatsoever,  claim or take the benefit or  advantage  of, any stay or extension  law wherever  enacted,
now or at any time  hereafter  in force,  that may  affect the  covenants  or the  performance  of this
Indenture;  and the Issuer (to the  extent  that it may  lawfully  do so) hereby  expressly  waives all
benefit or  advantage  of any such law,  and  covenants  that it shall not hinder,  delay or impede the
execution  of any power  herein  granted  to the  Indenture  Trustee,  but will  suffer  and permit the
execution of every such power as though no such law had been enacted.

         Section 5.15      Sale of Trust Estate.

                  (a)      The power to effect any sale or other  disposition (a "Sale") of any portion
of the Trust Estate  pursuant to  Section 5.04  is expressly  subject to the provisions of Section 5.05
and this  Section 5.15.  The power to effect  any such Sale shall not be  exhausted  by any one or more
Sales as to any portion of the Trust Estate remaining unsold,  but shall continue  unimpaired until the
entire Trust Estate shall have been sold or all amounts  payable on the Notes and under this  Indenture
and under the Insurance  Agreement  shall have been paid.  The Indenture  Trustee may from time to time
postpone  any  public  Sale by  public  announcement  made at the time  and  place  of such  Sale.  The
Indenture  Trustee hereby  expressly  waives its right to any amount fixed by law as  compensation  for
any Sale.

                  (b)      The  Indenture  Trustee shall not in any private Sale sell the Trust Estate,
or any portion thereof, unless:

                           (i)      the proceeds of such Sale would be not less than the entire  amount
         that would be  payable to the  Noteholders  under the Notes and the  Certificateholders  under
         the  Certificates,  in full payment  thereof in accordance with  Section 5.02,  on the Payment
         Date next succeeding the date of such Sale, or

                           (ii)     the Indenture Trustee determines, in its sole discretion,  that the
         conditions  for  retention of the Trust Estate set forth in  Section 5.05  cannot be satisfied
         (in making any such  determination,  the Indenture  Trustee may rely and shall be protected in
         relying in good faith upon an opinion of an Independent  investment  banking firm obtained and
         delivered as provided in Section 5.05).

The  purchase  by the  Indenture  Trustee of all or any portion of the Trust  Estate at a private  Sale
shall not be deemed a Sale or other disposition thereof for purposes of this Section 5.15(b).

                  (c)      Unless the  Noteholders  shall have  otherwise  consented  or  directed  the
Indenture  Trustee,  at any public  Sale of all or any  portion of the Trust  Estate at which a minimum
bid equal to or greater than the amount  described in paragraph  (ii) of Section   5.15(b) has not been
established  by the  Indenture  Trustee  and no Person  bids an amount  equal to or  greater  than such
amount,  then the  Indenture  Trustee  shall bid an amount at least $1.00 more than the  highest  other
bid, which bid shall be subject to the provisions of Section 5.15(d)(ii) herein.

                  (d)      In connection with a Sale of all or any portion of the Trust Estate:

                           (i)      any Noteholder may bid for purchase the property  offered for sale,
         and upon  compliance  with the terms of sale may hold,  retain and possess and dispose of such
         property,  without  further  accountability,  and may, in paying the purchase money  therefor,
         deliver  any Notes or claims  for  interest  thereon  in lieu of cash up to the  amount  which
         shall,  upon  distribution  of the net  proceeds of such sale,  be payable  thereon,  and such
         Notes,  in case the  amounts so  payable  thereon  shall be less than the amount due  thereon,
         shall be returned to the Noteholders  thereof after being  appropriately  stamped to show such
         partial payment;

                           (ii)     the Indenture  Trustee may bid for and acquire the property offered
         for Sale in connection with any Sale thereof and,  subject to any  requirements of, and to the
         extent permitted by, applicable law in connection  therewith,  may purchase all or any portion
         of the  Trust  Estate in a  private  sale.  In lieu of paying  cash  therefor,  the  Indenture
         Trustee may make  settlement  for the purchase price by crediting the gross Sale price against
         the  sum  of  (A)  the  amount  that  would  be  distributable  to  the  Noteholders  and  the
         Certificateholders  as a  result  of such  Sale in  accordance  with  Section  5.04(b)  on the
         Payment  Date next  succeeding  the date of such Sale and (B) the  expenses of the Sale and of
         any  Proceedings in connection  therewith that are  reimbursable to it, without being required
         to  produce  the Notes in order to  complete  any such Sale or in order for the net Sale price
         to be credited  against  such Notes,  and any  property so acquired by the  Indenture  Trustee
         shall be held and dealt with by it in accordance with the provisions of this Indenture;

                           (iii)    the  Indenture  Trustee  shall  execute and deliver an  appropriate
         instrument  of  conveyance  transferring  its  interest in any portion of the Trust  Estate in
         connection with a Sale thereof;

                           (iv)     the  Indenture  Trustee is hereby  irrevocably  appointed the agent
         and  attorney-in-fact  of the Issuer to transfer and convey its interest in any portion of the
         Trust Estate in  connection  with a Sale thereof,  and to take all action  necessary to effect
         such Sale; and

                           (v)      no  purchaser  or  transferee  at such a Sale  shall  be  bound  to
         ascertain the Indenture Trustee's  authority,  inquire into the satisfaction of any conditions
         precedent or see to the application of any monies.

         Section 5.16      Action  on  Notes.  The  Indenture  Trustee's  right  to  seek  and  recover
judgment  on the Notes or under this  Indenture  shall not be  affected by the  seeking,  obtaining  or
application  of any other  relief  under or with  respect to this  Indenture.  Neither the lien of this
Indenture nor any rights or remedies of the Indenture  Trustee or the Noteholders  shall be impaired by
the  recovery  of any  judgment  by the  Indenture  Trustee  against  the  Issuer or by the levy of any
execution  under such  judgment  upon any portion of the Trust  Estate or upon any of the assets of the
Issuer.  Any money or property  collected by the Indenture  Trustee shall be applied in accordance with
Section 5.04(b).

         Section 5.17      Performance and Enforcement of Certain Obligations.

                  (a)      Promptly  following  a  written  request  from the  Indenture  Trustee,  the
Issuer,  in its  capacity as owner of the  Mortgage  Loans,  shall take all such  lawful  action as the
Indenture  Trustee may request to cause the Issuer to compel or secure the  performance  and observance
by the Sellers and the Servicer,  as  applicable,  of each of their  obligations to the Issuer under or
in connection  with the Purchase  Agreement and the  Servicing  Agreement,  and to exercise any and all
rights,  remedies,  powers and privileges  lawfully available to the Issuer under or in connection with
the Purchase  Agreement  and the  Servicing  Agreement to the extent and in the manner  directed by the
Indenture Trustee,  as pledgee of the Mortgage Loans,  including the transmission of notices of default
on the part of the Sellers or the Servicer  thereunder and the  institution of legal or  administrative
actions or  proceedings  to compel or secure  performance  by the  Sellers or the  Servicer  of each of
their obligations under the Purchase Agreement and the Servicing Agreement.

                  (b)      If an Event of Default shall have occurred and be continuing,  the Indenture
Trustee,  as pledgee of the  Mortgage  Loans may, and at the  direction  (which  direction  shall be in
writing or by telephone  (confirmed in writing  promptly  thereafter)) of the Noteholders of 66 2/3% of
the aggregate Note Balance of the Notes, shall, exercise all rights, remedies,  powers,  privileges and
claims of the Issuer  against the Sellers or the  Servicer  under or in  connection  with the  Purchase
Agreement  and the  Servicing  Agreement,  including the right or power to take any action to compel or
secure  performance or observance by the Sellers or the Servicer,  as the case may be, of each of their
obligations to the Issuer thereunder and to give any consent,  request,  notice,  direction,  approval,
extension or waiver under the Purchase Agreement and the Servicing  Agreement,  as the case may be, and
any right of the  Issuer to take such  action  shall not be  suspended.  In  connection  therewith,  as
determined  by the  Indenture  Trustee,  the Issuer  shall  take all  actions  necessary  to effect the
transfer of the Mortgage Loans to the Indenture Trustee.

                                              ARTICLE VI

                                         The Indenture Trustee

         Section 6.01      Duties of Indenture Trustee.

                  (a)      If an Event of Default shall have occurred and be continuing,  the Indenture
Trustee  shall  exercise the rights and powers  vested in it by this  Indenture and use the same degree
of care and skill in their exercise as a prudent  Person would exercise or use under the  circumstances
in the conduct of such Person's own affairs.

                  (b)      Except during the continuance of an Event of Default:

                           (i)      the  Indenture  Trustee  undertakes to perform such duties and only
         such  duties as are  specifically  set forth in this  Indenture  and no implied  covenants  or
         obligations shall be read into this Indenture against the Indenture Trustee; and

                           (ii)     in the absence of bad faith on its part, the Indenture  Trustee may
         conclusively  rely,  as to the truth of the  statements  and the  correctness  of the opinions
         expressed therein,  upon certificates,  reports or opinions furnished to the Indenture Trustee
         and conforming to the requirements of this Indenture;  provided,  however,  that the Indenture
         Trustee  shall  examine the  certificates,  reports and opinions to  determine  whether or not
         they conform to the requirements of this Indenture.

                  (c)      The  Indenture  Trustee  may  not be  relieved  from  liability  for its own
negligent action, its own negligent failure to act or its own willful misconduct, except that:

                           (i)      this paragraph does not limit the effect of Section 6.01(a);

                           (ii)     the  Indenture  Trustee  shall  not be  liable  for  any  error  of
         judgment  made in good faith by a Responsible  Officer  unless it is proved that the Indenture
         Trustee was negligent in ascertaining the pertinent facts; and

                           (iii)    the  Indenture  Trustee  shall not be liable  with  respect  to any
         action it takes or omits to take in good faith in accordance  with a direction  received by it
         pursuant to Section 5.11.

                  (d)      The  Indenture  Trustee  shall  not be  liable  for  interest  on any  money
received by it except as the Indenture Trustee may agree in writing with the Issuer.

                  (e)      Money held in trust by the  Indenture  Trustee need not be  segregated  from
other  funds  except  to the  extent  required  by law or the  terms  of this  Indenture  or the  Trust
Agreement.

                  (f)      No  provision  of this  Indenture  shall  require the  Indenture  Trustee to
expend or risk its own funds or otherwise  incur  financial  liability in the performance of any of its
duties  hereunder  or in the  exercise  of any of its  rights or powers,  if it shall  have  reasonable
grounds to believe that  repayment of such funds or adequate  indemnity  against such risk or liability
is not reasonably assured to it.

                  (g)      Every  provision of this Indenture  relating to the conduct or affecting the
liability of or affording  protection  to the Indenture  Trustee shall be subject to the  provisions of
this Section and to the provisions of TIA.

                  (h)      The Indenture  Trustee  hereby accepts  appointment  as  Certificate  Paying
Agent  under the  Trust  Agreement  and  agrees to be bound by the  provisions  of the Trust  Agreement
relating to the  Certificate  Paying  Agent.  The  Indenture  Trustee  hereby agrees to be bound by the
provisions of Article IX of the Trust Agreement.

                  (i)      The  Indenture  Trustee shall not be required to take notice or be deemed to
have  notice  or  knowledge  of any Event of  Default  (except  for an Event of  Default  specified  in
clause (a) of the definition  thereof) unless a Responsible Officer of the Indenture Trustee shall have
received  written  notice or have actual  knowledge  thereof.  In the absence of receipt of such notice
or such knowledge,  the Indenture Trustee may conclusively  assume that there is no default or Event of
Default.

                  (j)      The  Indenture  Trustee shall have no duty to see to any recording or filing
of any financing  statement or continuation  statement  evidencing a security interest or to see to the
maintenance of any such recording or filing or to any rerecording or refiling of any thereof.

         Section 6.02      Rights of Indenture Trustee.

                  (a)      The  Indenture  Trustee  may  rely and  shall  be  protected  in  acting  or
refraining from acting in good faith upon any resolution,  Officer's  Certificate,  opinion of counsel,
certificate of auditors, or any other certificate,  statement,  instrument,  report, notice, consent or
other  document  believed  by it to be  genuine  and to have been  signed or  presented  by the  proper
person.  The Indenture Trustee need not investigate any fact or matter stated in any such document.

                  (b)      Before the Indenture  Trustee acts or refrains  from acting,  it may require
an Officer's  Certificate or an Opinion of Counsel.  The Indenture  Trustee shall not be liable for any
action  it takes  or omits to take in good  faith in  reliance  on any such  Officer's  Certificate  or
Opinion of Counsel.

                  (c)      The Indenture  Trustee may execute any of the trusts or powers  hereunder or
perform any duties  hereunder  either  directly or by or through  agents or attorneys or a custodian or
nominee,  and the Indenture  Trustee shall not be  responsible  for any misconduct or negligence on the
part of, or for the supervision of, any such agent,  attorney,  custodian or nominee appointed with due
care by it hereunder.

                  (d)      The  Indenture  Trustee shall not be liable for any action it takes or omits
to take in good faith  which it  believes to be  authorized  or within its rights or powers;  provided,
however,  that the Indenture  Trustee's conduct does not constitute willful  misconduct,  negligence or
bad faith.

                  (e)      The Indenture  Trustee may consult with  counsel,  and the advice or opinion
of counsel with respect to legal  matters  relating to this  Indenture  and the Notes shall be full and
complete  authorization  and  protection  from  liability  in respect to any action  taken,  omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

                  (f)      The Indenture  Trustee shall not be personally  liable for any action taken,
suffered or omitted by it in good faith and believed by it to be  authorized  or within the  discretion
or rights or powers  conferred upon it by this Indenture,  unless it shall be proved that the Indenture
Trustee was negligent in ascertaining the pertinent facts.

                  (g)      Prior to the  occurrence  of an Event of  Default  hereunder,  and after the
curing or waiver of all Events of Default that may have  occurred,  the Indenture  Trustee shall not be
bound to make any  investigation  into the  facts or  matters  stated in any  resolution,  certificate,
statement,  instrument,  opinion,  report, notice,  request,  consent,  order, approval,  bond or other
paper or document,  unless requested in writing to do so by the Noteholders  representing a majority of
the aggregate Note Balance;  provided,  however,  that if the payment  within a reasonable  time to the
Indenture  Trustee of the costs,  expenses or liabilities  likely to be incurred by it in the making of
such  investigation is, in the opinion of the Indenture  Trustee,  not assured to the Indenture Trustee
by the  security  afforded  to it by the terms of this  Indenture,  the  Indenture  Trustee may require
indemnity  satisfactory  to the  Indenture  Trustee  against  such  cost,  expense  or  liability  as a
condition to taking any such action.

                  (h)      The  Indenture  Trustee  shall be under no obligation to exercise any of the
trusts or powers  vested in it by this  Indenture  or to  institute,  conduct or defend any  litigation
hereunder  or in  relation  hereto  at the  request,  order  or  direction  of any of the  Noteholders,
pursuant  to the  provisions  of this  Indenture,  unless the  Noteholders  shall  have  offered to the
Indenture Trustee  reasonable  security or indemnity against the costs,  expenses and liabilities which
may be incurred  therein or thereby;  nothing  contained herein shall,  however,  relieve the Indenture
Trustee of the  obligation,  upon the  occurrence  of an Event of Default  (which has not been cured or
waived),  to  exercise  such of the rights and powers  vested in it by this  Indenture,  and to use the
same degree of care and skill in their  exercise as a prudent  investor would exercise or use under the
circumstances in the conduct of such investor's own affairs.

         Section 6.03      Individual  Rights  of  Indenture  Trustee.  The  Indenture  Trustee  in its
individual or any other  capacity may become the owner or pledgee of Notes and may otherwise  deal with
the  Issuer or its  Affiliates  with the same  rights it would have if it were not  Indenture  Trustee.
Any Note  Registrar,  co-registrar or co-paying  agent may do the same with like rights.  However,  the
Indenture Trustee must comply with Sections 6.11 and 6.12.

         Section 6.04      Indenture  Trustee's   Disclaimer.   The  Indenture  Trustee  shall  not  be
(i) responsible  for and makes no  representation  as to the validity or adequacy of this  Indenture or
the Notes,  (ii)  accountable for the Issuer's use of the proceeds from the Notes or  (iii) responsible
for any  statement of the Issuer in this  Indenture or in any document  issued in  connection  with the
sale of the Notes or in the Notes,  other than the Indenture  Trustee's  certificate of  authentication
thereon.

         Section 6.05      Notice  of Event of  Default.  If an Event of  Default  shall  occur  and be
continuing,  and if such Event of Default is known to a Responsible  Officer of the Indenture  Trustee,
the Indenture  Trustee  shall mail to each  Noteholder  notice of such Event of Default  within 90 days
after it occurs.  Except in the case of an Event of Default  with  respect to the payment of  principal
of or  interest  on any Note,  the  Indenture  Trustee  may  withhold  such  notice if and so long as a
committee of its Responsible  Officers in good faith  determines that withholding such notice is in the
interests of the Noteholders.

         Section 6.06      Reports by Indenture  Trustee to  Noteholders.  The Indenture  Trustee shall
deliver to each  Noteholder  such  information as may be required to enable such  Noteholder to prepare
its federal and state income tax returns.  In addition,  upon Issuer  Request,  the  Indenture  Trustee
shall  promptly  furnish  such  information  reasonably  requested  by the  Issuer  that is  reasonably
available  to the  Indenture  Trustee to enable the Issuer to perform its federal and state  income tax
reporting obligations.

         Section 6.07      Compensation and Indemnity.  The Indenture  Trustee shall be compensated and
indemnified  by the Servicer in accordance  with Section 6.06 of the Servicing  Agreement.  All amounts
owing the  Indenture  Trustee  hereunder  in excess of such  amount,  as well as any amount owed to the
Indenture  Trustee in  accordance  with  Section  6.06 of the  Servicing  Agreement,  to the extent the
Servicer  has failed to pay such  amount,  shall be paid  solely as  provided  in Section  3.05  hereof
(subject to the  priorities  set forth  therein).  The Indenture  Trustee's  compensation  shall not be
limited by any law on  compensation  of a trustee of an express trust.  The Issuer shall  reimburse the
Indenture  Trustee for all reasonable  out-of-pocket  expenses  incurred or made by it, including costs
of  collection,  in addition to the  compensation  for its services.  Such  expenses  shall include the
reasonable  compensation,  expenses,  disbursements  and advances of the  Indenture  Trustee's  agents,
counsel,  accountants  and experts.  The Issuer shall  indemnify the Indenture  Trustee against any and
all loss,  liability or expense  (including  attorneys'  fees)  incurred by it in  connection  with the
administration  of this  trust and the  performance  of its duties  hereunder.  The  Indenture  Trustee
shall  notify  the  Issuer  promptly  of any  claim  for which it may seek  indemnity.  Failure  by the
Indenture  Trustee to so notify the Issuer shall not relieve the Issuer of its  obligations  hereunder.
The Issuer shall defend any such claim,  and the Indenture  Trustee may have  separate  counsel and the
Issuer shall pay the fees and expenses of such  counsel.  The Issuer is not  obligated to reimburse any
expense or indemnify  against any loss,  liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

         The Issuer's  payment  obligations  to the  Indenture  Trustee  pursuant to this  Section 6.07
shall  survive the  discharge of this  Indenture or the  termination  or  resignation  of the Indenture
Trustee.  When the  Indenture  Trustee  incurs  expenses  after the  occurrence  of an Event of Default
specified in clause (c) or (d) of the  definition  thereof with  respect to the Issuer,  such  expenses
are intended to constitute  expenses of administration  under Title 11 of the United States Code or any
other applicable federal or state bankruptcy, insolvency or similar law.

         Section 6.08      Replacement  of  Indenture  Trustee.   No  resignation  or  removal  of  the
Indenture  Trustee and no appointment of a successor  Indenture  Trustee shall become  effective  until
the  acceptance of appointment by the successor  Indenture  Trustee  pursuant to this Section 6.08. The
Indenture  Trustee may resign at any time by so notifying  the Issuer.  The  Noteholders  of a majority
of the  aggregate  Note  Balance of the Notes may  remove the  Indenture  Trustee by so  notifying  the
Indenture  Trustee  (if given by such  Noteholders)  and may  appoint a  successor  Indenture  Trustee.
Unless a Servicer  Default has occurred and is continuing,  the appointment of any successor  Indenture
Trustee  shall be subject to the prior written  approval of the  Servicer.  The Issuer shall remove the
Indenture Trustee if:

                  (a)      the Indenture Trustee fails to comply with Section 6.11;

                  (b)      the Indenture Trustee is adjudged a bankrupt or insolvent;

                  (c)      a receiver or other public officer takes charge of the Indenture  Trustee or
its property; or

                  (d)      the Indenture  Trustee  otherwise becomes incapable of fulfilling its duties
under the Basic Documents.

         If the  Indenture  Trustee  resigns or is removed or if a vacancy  exists in the office of the
Indenture  Trustee for any reason (the Indenture  Trustee in such event being referred to herein as the
retiring Indenture  Trustee),  the Issuer shall promptly appoint a successor  Indenture Trustee,  which
consent shall not be unreasonably  withheld.  In addition,  the Indenture Trustee shall resign to avoid
being directly or indirectly controlled by the Issuer.

         A successor  Indenture  Trustee shall deliver a written  acceptance of its  appointment to the
retiring  Indenture  Trustee and to the Issuer.  Thereupon,  the resignation or removal of the retiring
Indenture  Trustee  shall become  effective,  and the  successor  Indenture  Trustee shall have all the
rights,  powers and duties of the Indenture  Trustee  under this  Indenture.  The  successor  Indenture
Trustee  shall mail a notice of its  succession  to the  Noteholders.  The retiring  Indenture  Trustee
shall  promptly  transfer  all  property  held by it as Indenture  Trustee to the  successor  Indenture
Trustee.

         If a  successor  Indenture  Trustee  does not take  office  within 60 days after the  retiring
Indenture  Trustee  resigns or is  removed,  then the  retiring  Indenture  Trustee,  the Issuer or the
Noteholders  of a majority of  aggregate  Note Balance of the Notes may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

         If the Indenture  Trustee fails to comply with  Section 6.11,  any Noteholder may petition any
court of competent  jurisdiction  for the removal of the  Indenture  Trustee and the  appointment  of a
successor Indenture Trustee.

         Notwithstanding  the  replacement  of the  Indenture  Trustee  pursuant to this  Section,  the
Issuer's  obligations  under  Section 6.07  shall  continue for the benefit of the  retiring  Indenture
Trustee.

         Section 6.09      Successor   Indenture   Trustee  by  Merger.   If  the   Indenture   Trustee
consolidates  with,  merges or converts into, or transfers all or substantially all its corporate trust
business or assets to, another  corporation or banking  association,  then the resulting,  surviving or
transferee  corporation  without any further act shall be the successor  Indenture  Trustee;  provided,
that such corporation or banking  association  shall be otherwise  qualified and eligible under Section
6.11.  The  Indenture  Trustee  shall  provide  the Rating  Agencies  with  written  notice of any such
transaction occurring after the Closing Date.

         If at the time of any such  succession  by merger,  conversion  or  consolidation,  any of the
Notes  shall have been  authenticated  but not  delivered,  then any such  successor  to the  Indenture
Trustee may adopt the  certificate  of  authentication  of any  predecessor  trustee,  and deliver such
Notes so  authenticated.  If at such time any of the  Notes  shall  not have  been  authenticated,  any
successor to the Indenture  Trustee may  authenticate  such Notes either in the name of any predecessor
hereunder  or in the name of the  successor  to the  Indenture  Trustee;  and in all such  cases,  such
certificates  shall have the full force that it is anywhere in the Notes or in this Indenture  provided
that the certificate of the Indenture Trustee shall have.

         Section 6.10      Appointment of Co-Indenture Trustee or Separate Indenture Trustee.

                  (a)      Notwithstanding  any other  provisions of this  Indenture,  at any time, for
the  purpose  of  meeting  any legal  requirement  of any  jurisdiction  in which any part of the Trust
Estate may at such time be  located,  the  Indenture  Trustee  shall have the power and may execute and
deliver all  instruments  to appoint one or more  Persons to act as a  co-trustee  or  co-trustees,  or
separate  trustee or separate  trustees,  of all or any part of the Issuer,  and to vest in such Person
or Persons,  in such capacity and for the benefit of the  Noteholders,  such title to the Trust Estate,
or any part  thereof,  and,  subject to the other  provisions  of this  Section,  such powers,  duties,
obligations,  rights and trusts as the Indenture  Trustee may consider  necessary or  desirable.  No co
trustee  or  separate  trustee  hereunder  shall be  required  to meet the  terms of  eligibility  as a
successor  trustee  under Section  6.11,  and no notice to  Noteholders  of the  appointment  of any co
trustee or separate trustee shall be required under Section 6.08 hereof.

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

                           (i)      all rights,  powers,  duties and  obligations  conferred or imposed
         upon the  Indenture  Trustee  shall be conferred or imposed upon and exercised or performed by
         the Indenture  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
         Indenture  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 Indenture  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 Indenture Trustee;

                           (ii)     no trustee  hereunder  shall be personally  liable by reason of any
         act or omission of any other trustee hereunder; and

                           (iii)    the Indenture  Trustee may at any time accept the resignation of or
         remove any separate trustee or co-trustee.

                  (c)      Any notice,  request or other writing  given to the Indenture  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 Indenture and the  conditions of this Article VI. 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  Indenture  Trustee  or  separately,  as may be
provided  therein,  subject to all the  provisions  of this  Indenture,  specifically  including  every
provision  of this  Indenture  relating to the conduct of,  affecting  the  liability  of, or affording
protection  to,  the  Indenture  Trustee.  Every  such  instrument  shall be filed  with the  Indenture
Trustee.

                  (d)      Any separate  trustee or co-trustee may at any time constitute the Indenture
Trustee, 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  Indenture  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
Indenture  Trustee,  to the extent  permitted  by law,  without the  appointment  of a new or successor
trustee.

         Section 6.11      Eligibility;  Disqualification.  The  Indenture  Trustee  shall at all times
satisfy the  requirements  of TIA § 310(a).  The Indenture  Trustee  shall have a combined  capital and
surplus of at least  $50,000,000 as set forth in its most recent  published  annual report of condition
and it or its parent  shall have a long-term  debt rating of "A" or better by  Moody's.  The  Indenture
Trustee  shall  comply with TIA § 310(b);  provided,  however,  that there  shall be excluded  from the
operation of TIA § 310(b)(1)  any indenture or  indentures  under which other  securities of the Issuer
are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

         Section 6.12      Preferential  Collection of Claims  Against  Issuer.  The Indenture  Trustee
shall  comply  with TIA § 311(a),  excluding  any  creditor  relationship  listed  in TIA § 311(b).  An
Indenture  Trustee  that has  resigned or been  removed  shall be subject to TIA § 311(a) to the extent
indicated.

         Section 6.13      Representations  and  Warranties.  The Indenture  Trustee hereby  represents
and warrants that:

                  (a)      The  Indenture  Trustee  is duly  organized,  validly  existing  and in good
standing as a national  banking  association  with power and  authority  to own its  properties  and to
conduct its business as such properties are currently owned and such business is currently conducted.

                  (b)      The  Indenture  Trustee has the power and  authority  to execute and deliver
this  Indenture  and to carry out its  terms;  and the  execution,  delivery  and  performance  of this
Indenture have been duly authorized by the Indenture Trustee by all necessary corporate action.

                  (c)      The consummation of the transactions  contemplated by this Indenture and the
fulfillment  of the terms  hereof do not  conflict  with,  result in any breach of any of the terms and
provisions of, or constitute  (with or without  notice or lapse of time) a default under,  the articles
of  organization or bylaws of the Indenture  Trustee or any agreement or other  instrument to which the
Indenture Trustee is a party or by which it is bound.

                  (d)      To the Indenture  Trustee's  best  knowledge,  there are no  Proceedings  or
investigations  pending or  threatened  before any court,  regulatory  body,  administrative  agency or
other  governmental  instrumentality  having  jurisdiction over the Indenture Trustee or its properties
(A) asserting the invalidity of this Indenture,  (B) seeking to prevent the  consummation of any of the
transactions  contemplated  by this  Indenture  or (C) seeking any  determination  or ruling that might
materially and adversely affect the performance by the Indenture  Trustee of its obligations  under, or
the validity or enforceability of, this Indenture.

                  (e)      The  Indenture  Trustee  does not have notice of any adverse  claim (as such
terms are used in  Section 8-302  of the UCC in effect in the State of  Delaware)  with  respect to the
Mortgage Loans.

         Section 6.14      Directions to Indenture Trustee.  The Indenture Trustee is hereby directed:

                  (a)      to accept the pledge of the Mortgage  Loans and hold the assets of the Trust
in trust for the Noteholders;

                  (b)      to   authenticate   and  deliver  the  Class  A  Notes  and  Class  M  Notes
substantially  in the forms  prescribed by Exhibit A and Exhibit B,  respectively,  in accordance  with
the terms of this Indenture; and

                  (c)      to take all other  actions as shall be  required to be taken by the terms of
this Indenture.

         Section 6.15      Indenture  Trustee  May  Own  Securities.  The  Indenture  Trustee,  in  its
individual or any other  capacity,  may become the owner or pledgee of Securities  with the same rights
it would have if it were not Indenture Trustee.

                                              ARTICLE VII

                                    Noteholders' Lists and Reports

         Section 7.01      Issuer to Furnish  Indenture  Trustee  Names and  Addresses of  Noteholders.
The Issuer  shall  furnish or cause to be  furnished  to the  Indenture  Trustee (a) not more than five
days after each Record Date, a list, in such form as the Indenture Trustee may reasonably  require,  of
the names and addresses of the  Noteholders  as of such Record Date, and (b) at such other times as the
Indenture  Trustee  may  request in  writing,  within 30 days  after  receipt by the Issuer of any such
request,  a list of similar  form and content as of a date not more than 10 days prior to the time such
list  is  furnished;  provided,  however,  that  for so  long  as the  Indenture  Trustee  is the  Note
Registrar, no such list need be furnished.

         Section 7.02      Preservation of Information; Communications to Noteholders.

                  (a)      The Indenture Trustee shall preserve,  in as current a form as is reasonably
practicable,  the names and addresses of the  Noteholders  contained in the most recent list  furnished
to the Indenture  Trustee as provided in  Section 7.01  and the names and addresses of the  Noteholders
received  by the  Indenture  Trustee in its  capacity  as Note  Registrar.  The  Indenture  Trustee may
destroy  any list  furnished  to it as  provided  in such  Section  7.01 upon  receipt of a new list so
furnished.

                  (b)      Noteholders may communicate  pursuant to TIA § 312(b) with other Noteholders
with respect to their rights under this Indenture or under the Notes.

                  (c)      The Issuer,  the  Indenture  Trustee and the Note  Registrar  shall have the
protection of TIA § 312(c).

         Section 7.03      Reports by Issuer.

                  (a)      The Issuer shall:

                           (i)      file with the Indenture  Trustee,  within  15 days after the Issuer
         is  required  to file the same with the  Commission,  copies  of the  annual  reports  and the
         information,  documents  and other reports (or copies of such portions of any of the foregoing
         as the Commission may from time to time by rules and  regulations  prescribe)  that the Issuer
         may be required to file with the  Commission  pursuant to  Section 13 or 15(d) of the Exchange
         Act;

                           (ii)     file with the Indenture  Trustee and the Commission,  in accordance
         with rules and regulations  prescribed  from time to time by the  Commission,  such additional
         information,  documents  and  reports  with  respect  to  compliance  by the  Issuer  with the
         conditions  and  covenants  of this  Indenture  as may be  required  from time to time by such
         rules and regulations; and

                           (iii)    supply to the Indenture  Trustee (and the  Indenture  Trustee shall
         transmit  by  mail  to all  Noteholders  described  in TIA  § 313(c))  such  summaries  of any
         information,   documents  and  reports  required  to  be  filed  by  the  Issuer  pursuant  to
         clauses (i)  and (ii) of this  Section 7.03(a)  and by rules and  regulations  prescribed from
         time to time by the Commission.

                  (b)      Unless the Issuer otherwise determines,  the fiscal year of the Issuer shall
end on December 31 of each year.

         Section 7.04      Reports by Indenture  Trustee.  If required by TIA § 313(a),  within 60 days
after each January 1,  beginning  with January 1, 2007,  the Indenture  Trustee shall make available to
each  Noteholder  as required by TIA § 313(c) a brief report dated as of such date that  complies  with
TIA § 313(a).  The Indenture Trustee also shall comply with TIA § 313(b).

         A copy of each report at the time of its  distribution  to  Noteholders  shall be filed by the
Indenture  Trustee with the  Commission,  if required,  and each stock  exchange,  if any, on which the
Notes are listed.  The Issuer  shall notify the  Indenture  Trustee if and when the Notes are listed on
any stock exchange.

         Section 7.05      Exchange Act Reporting.  In connection  with the  preparation  and filing of
periodic  reports by the Servicer  pursuant to Article IV of the  Servicing  Agreement,  the  Indenture
Trustee  shall timely  provide to the  Servicer (I) a list of Holders as shown on the Note  Register or
Certificate  Register as of the end of each calendar year,  (II) copies of all  pleadings,  other legal
process and any other documents relating to any claims,  charges or complaints  involving the Indenture
Trustee,  as  indenture  trustee  hereunder,  or the Trust  Estate that are  received by the  Indenture
Trustee,  (III) notice of all matters  that, to the actual  knowledge of a  Responsible  Officer of the
Indenture  Trustee,  have been  submitted to a vote of the Holders,  other than those matters that have
been  submitted  to a vote of the Holders at the request of the  Depositor  or the  Servicer,  and (IV)
notice of any  failure  of the  Indenture  Trustee  to make any  payment  to the  Holders  as  required
pursuant to this  Indenture.  The Indenture  Trustee  shall not have any liability  with respect to the
Servicer's  failure to properly  prepare or file such periodic  reports and the Servicer shall not have
any liability with respect to such failure  resulting  from or relating to the Servicer's  inability or
failure  to obtain  any  information  not  resulting  from the  Servicer's  own  negligence  or willful
misconduct.

                                             ARTICLE VIII

                                 Accounts, Disbursements and Releases

         Section 8.01      Collection of Money.  Except as otherwise  expressly  provided  herein,  the
Indenture  Trustee may demand  payment or delivery  of, and shall  receive and  collect,  directly  and
without  intervention  or  assistance  of any fiscal agent or other  intermediary,  all money and other
property payable to or receivable by the Indenture  Trustee  pursuant to this Indenture.  The Indenture
Trustee shall apply all such money  received by it as provided in this  Indenture.  Except as otherwise
expressly  provided  in  this  Indenture,  if any  default  occurs  in the  making  of any  payment  or
performance  under any agreement or instrument that is part of the Trust Estate,  the Indenture Trustee
may take such action as may be  appropriate  to enforce  such  payment or  performance,  including  the
institution  and  prosecution of appropriate  Proceedings.  Any such action shall be without  prejudice
to any right to claim a Default  or Event of  Default  under  this  Indenture  and any right to proceed
thereafter as provided in Article V.

         Section 8.02      Trust Accounts.

                  (a)      On or prior to the  Closing  Date,  the  Issuer  shall  cause the  Indenture
Trustee to  establish  and  maintain,  in the name of the  Indenture  Trustee,  for the  benefit of the
Noteholders,  the  Certificate  Paying  Agent,  on behalf of the  Certificateholders,  the Note Payment
Account as provided in Section 3.01 of this Indenture.

                  (b)      All monies  deposited from time to time in the Note Payment Account pursuant
to the Servicing  Agreement and all deposits  therein pursuant to this Indenture are for the benefit of
the  Noteholders,  the  Certificate  Paying  Agent,  on  behalf  of  the  Certificateholders,  and  all
investments made with such monies,  including all income or other gain from such  investments,  are for
the benefit of the Servicer as provided in Section 5.01 of the Servicing Agreement.

         On each Payment Date,  the Indenture  Trustee shall  distribute  all amounts on deposit in the
Note Payment  Account to the  Noteholders  in respect of the Notes and, in its capacity as  Certificate
Paying Agent,  to the  Certificateholders  from the  Distribution  Account in the order of priority set
forth in  Section 3.05  (except as otherwise  provided in  Section 5.04(b))  and in accordance with the
Servicing Certificate.

         The  Indenture  Trustee  shall  invest  any funds in the Note  Payment  Account  in  Permitted
Investments  selected in writing by the Servicer  maturing no later than the Business Day preceding the
next  succeeding  Payment Date  (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 the maturity.  In addition,  such Permitted  Investments  shall not be purchased at a price in
excess of par. The  Indenture  Trustee  shall have no liability  whatsoever  for  investment  losses on
Permitted  Investments,  if such  investments  are  made in  accordance  with  the  provisions  of this
Indenture and the Indenture Trustee is not the obligor under the Permitted Investment.

         Section 8.03      Officer's  Certificate.  The Indenture  Trustee shall receive at least seven
days' notice when requested by the Issuer to take any action pursuant to Section  8.05(a),  accompanied
by copies of any  instruments  to be executed,  and the  Indenture  Trustee  shall also  require,  as a
condition  to such  action,  an  Officer's  Certificate,  in form  and  substance  satisfactory  to the
Indenture  Trustee,  stating  the legal  effect of any such  action,  outlining  the steps  required to
complete  the same,  and  concluding  that all  conditions  precedent to the taking of such action have
been complied with.

         Section 8.04      Termination  Upon  Distribution  to  Noteholders.  This  Indenture  and  the
respective  obligations  and  responsibilities  of the Issuer and the Indenture  Trustee created hereby
shall terminate upon the  distribution to the  Noteholders,  the Certificate  Paying Agent on behalf of
the  Certificateholders  and the Indenture  Trustee of all amounts required to be distributed  pursuant
to  Article III;  provided,  however,  that in no event shall the trust created hereby  continue beyond
the  expiration  of 21 years from the death of the survivor of the  descendants  of Joseph P.  Kennedy,
the late ambassador of the United States to the Court of St. James's, living on the date hereof.

         Section 8.05      Release of Trust Estate.

                  (a)      Subject  to the  payment  of its fees,  expenses  and  indemnification,  the
Indenture  Trustee  may,  and when  required  by the  provisions  of this  Indenture  or the  Servicing
Agreement,  shall,  execute instruments to release property from the lien of this Indenture,  or convey
the  Indenture  Trustee's  interest  in the  same,  in a manner  and under  circumstances  that are not
inconsistent  with the provisions of this Indenture.  No Person relying upon an instrument  executed by
the Indenture  Trustee as provided in Article VIII hereunder  shall be bound to ascertain the Indenture
Trustee's  authority,  inquire  into  the  satisfaction  of  any  conditions  precedent,  or see to the
application of any monies.

                  (b)      The  Indenture  Trustee  shall,  at such  time  as  (i) there  are no  Notes
Outstanding  and (ii) all sums due the Indenture  Trustee  pursuant to this  Indenture  have been paid,
release  any  remaining  portion  of the Trust  Estate  that  secured  the Notes  from the lien of this
Indenture.

                  (c)      The  Indenture  Trustee  shall  release  property  from  the  lien  of  this
Indenture  pursuant to this  Section 8.05  only upon  receipt of an Issuer  Request  accompanied  by an
Officers' Certificate.

         Section 8.06      Surrender  of Notes Upon  Final  Payment.  By  acceptance  of any Note,  the
Noteholder  thereof  agrees to surrender  such Note to the Indenture  Trustee  promptly,  prior to such
Noteholder's receipt of the final payment thereon.

                                              ARTICLE IX

                                        Supplemental Indentures

         Section 9.01      Supplemental Indentures Without Consent of Noteholders.

                  (a)      Without the consent of the  Noteholders of any Notes,  but with prior notice
to the Rating  Agencies,  the Issuer and the Indenture  Trustee,  when authorized by an Issuer Request,
at any time and from time to time,  may enter into one or more  indentures  supplemental  hereto (which
shall  conform to the  provisions  of the Trust  Indenture Act as in force at the date of the execution
thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

                           (i)      to correct or amplify the  description  of any property at any time
         subject to the lien of this  Indenture,  or better to  assure,  convey  and  confirm  unto the
         Indenture  Trustee  any  property  subject or  required  to be  subjected  to the lien of this
         Indenture, or to subject to the lien of this Indenture additional property;

                           (ii)     to evidence  the  succession,  in  compliance  with the  applicable
         provisions  hereof, of another Person to the Issuer,  and the assumption by any such successor
         of the covenants of the Issuer herein and in the Notes contained;

                           (iii)    to add to the  covenants  of the  Issuer,  for the  benefit  of the
         Noteholders, or to surrender any right or power herein conferred upon the Issuer;

                           (iv)     to convey, transfer,  assign, mortgage or pledge any property to or
         with the Indenture Trustee;

                           (v)      to cure any  ambiguity,  to  correct  any  error or to  correct  or
         supplement any provision  herein or in any  supplemental  indenture  that may be  inconsistent
         with any other provision herein or in any supplemental indenture;

                           (vi)     to make any other  provisions  with respect to matters or questions
         arising under this  Indenture or in any  supplemental  indenture;  provided,  that such action
         shall not materially and adversely  affect the interests of the  Noteholders  (as evidenced by
         an Opinion of Counsel);

                           (vii)    to  evidence  and  provide for the  acceptance  of the  appointment
         hereunder  by a  successor  trustee  with  respect to the Notes and to add to or change any of
         the  provisions of this Indenture as shall be necessary to facilitate  the  administration  of
         the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or

                           (viii)   to modify,  eliminate or add to the provisions of this Indenture to
         such extent as shall be necessary to effect the  qualification  of this Indenture under TIA or
         under any similar  federal statute  hereafter  enacted and to add to this Indenture such other
         provisions as may be expressly required by TIA;

provided,  however,  that no such  supplemental  indenture  shall be entered into unless the  Indenture
Trustee  shall  have  received  an  Opinion  of  Counsel  to the  effect  that  the  execution  of such
supplemental  indenture will not give rise to any material  adverse tax consequence to the Noteholders,
including any Adverse REMIC Event.

         The Indenture  Trustee is hereby  authorized to join in the execution of any such supplemental
indenture  and to make  any  further  appropriate  agreements  and  stipulations  that  may be  therein
contained.

                  (b)      The Issuer and the Indenture Trustee,  when authorized by an Issuer Request,
may,  without the consent of any  Noteholder but with prior notice to the Rating  Agencies,  enter into
an  indenture  or  indentures  supplemental  hereto for the  purpose of adding  any  provisions  to, or
changing in any manner or  eliminating  any of the provisions of, this Indenture or of modifying in any
manner the rights of the Noteholders under this Indenture;  provided,  however,  that such action shall
not,  as  evidenced  by an  Opinion  of  Counsel,  (i) adversely  affect in any  material  respect  the
interests of any Noteholder or (ii) cause the Issuer to be subject to an entity level tax.

         Section 9.02      Supplemental  Indentures  With  Consent of  Noteholders.  The Issuer and the
Indenture  Trustee,  when  authorized  by an Issuer  Request,  may,  with  prior  notice to the  Rating
Agencies  and with the  consent of the  Noteholders  of not less than a majority  of the Note  Balances
affected  thereby,  by Act (as defined in Section  10.03 hereof) of such  Noteholders  delivered to the
Issuer and the Indenture  Trustee,  enter into an indenture or indentures  supplemental  hereto for the
purpose of adding any  provisions  to, or changing in any manner or  eliminating  any of the provisions
of, this Indenture or of modifying in any manner the rights of the  Noteholders  under this  Indenture;
provided,  however,  that no such supplemental  indenture shall,  without the consent of the Noteholder
of each Note affected thereby:

                  (a)      change the date of payment of any  installment  of  principal of or interest
on any Note, or reduce the principal  amount  thereof or the Note Rate thereon,  change the  provisions
of this Indenture  relating to the  application of collections  on, or the proceeds of the sale of, the
Trust  Estate to payment  of  principal  of or  interest  on the Notes,  or change any place of payment
where,  or the coin or currency in which,  any Note or the interest  thereon is payable,  or impair the
right to  institute  suit  for the  enforcement  of the  provisions  of this  Indenture  requiring  the
application of funds available  therefor,  as provided in Article V,  to the payment of any such amount
due on the Notes on or after the respective due dates thereof;

                  (b)      reduce the percentage of the Note Balances,  the consent of the  Noteholders
of which is required for any such  supplemental  indenture,  or the consent of the Noteholders of which
is  required  for any  waiver of  compliance  with  certain  provisions  of this  Indenture  or certain
defaults hereunder and their consequences provided for in this Indenture;

                  (c)      modify or alter the  provisions of the proviso to the definition of the term
"Outstanding" or modify or alter the exception in the definition of the term "Noteholder";

                  (d)      reduce the  percentage of the aggregate  Note Balance of the Notes  required
to direct the  Indenture  Trustee to direct the Issuer to sell or liquidate  the Trust Estate  pursuant
to Section 5.04;

                  (e)      modify any provision of this Section 9.02  except to increase any percentage
specified  herein or to provide  that  certain  additional  provisions  of this  Indenture or the other
Basic  Documents  cannot be modified  or waived  without  the  consent of the  Noteholder  of each Note
affected thereby;

                  (f)      modify any of the  provisions of this  Indenture in such manner as to affect
the  calculation  of the amount of any payment of interest or principal  due on any Note on any Payment
Date (including the calculation of any of the individual components of such calculation); or

                  (g)      permit the  creation  of any lien  ranking  prior to or on a parity with the
lien of this Indenture  with respect to any part of the Trust Estate or, except as otherwise  permitted
or  contemplated  herein,  terminate  the lien of this  Indenture  on any  property at any time subject
hereto or deprive the  Noteholder of any Note of the security  provided by the lien of this  Indenture;
and provided  further,  that such action  shall not, as  evidenced by an Opinion of Counsel,  cause the
Issuer to be subject to an entity level tax or cause any Adverse REMIC Event.

         The  Indenture  Trustee  may in its  discretion  determine  whether or not any Notes  would be
affected  by any  supplemental  indenture  and any  such  determination  shall be  conclusive  upon the
Noteholders of all Notes,  whether  theretofore or thereafter  authenticated  and delivered  hereunder.
The Indenture Trustee shall not be liable for any such determination made in good faith.

         It shall not be  necessary  for any Act (as defined in  Section 10.03  hereof) of  Noteholders
under this Section 9.02 to approve the particular form of any proposed supplemental  indenture,  but it
shall be sufficient if such Act shall approve the substance thereof.

         Promptly  after the  execution  by the Issuer and the  Indenture  Trustee of any  supplemental
indenture  pursuant to this  Section 9.02,  the Indenture  Trustee shall mail to the Noteholders of the
Notes to which such  amendment or  supplemental  indenture  relates a notice  setting  forth in general
terms the  substance  of such  supplemental  indenture.  Any failure of the  Indenture  Trustee to mail
such notice,  or any defect therein,  shall not,  however,  in any way impair or affect the validity of
any such supplemental indenture.

         Section 9.03      Execution of  Supplemental  Indentures.  In  executing,  or  permitting  the
additional  trusts  created  by,  any  supplemental  indenture  permitted  by  this  Article  IX or the
modification  thereby of the trusts created by this Indenture,  the Indenture Trustee shall be entitled
to receive  and,  subject to Sections  6.01 and 6.02,  shall be fully  protected  in relying  upon,  an
Opinion of  Counsel  stating  that the  execution  of such  supplemental  indenture  is  authorized  or
permitted by this  Indenture.  The  Indenture  Trustee  may, but shall not be obligated  to, enter into
any such supplemental  indenture that affects the Indenture Trustee's own rights,  duties,  liabilities
or immunities under this Indenture or otherwise.

         Section 9.04      Effect of  Supplemental  Indenture.  Upon the execution of any  supplemental
indenture  pursuant  to the  provisions  hereof,  this  Indenture  shall be and  shall be  deemed to be
modified and amended in  accordance  therewith  with  respect to the Notes  affected  thereby,  and the
respective rights,  limitations of rights,  obligations,  duties, liabilities and immunities under this
Indenture of the Indenture  Trustee,  the Issuer and the  Noteholders  shall  thereafter be determined,
exercised and enforced  hereunder  subject in all respects to such  modifications  and amendments,  and
all the terms and conditions of any such  supplemental  indenture  shall be and be deemed to be part of
the terms and conditions of this Indenture for any and all purposes.

         Section 9.05      Conformity  with Trust  Indenture Act. Every amendment of this Indenture and
every  supplemental  indenture  executed  pursuant to this Article IX shall conform to the requirements
of TIA as in effect at the time of such  amendment or supplement so long as this  Indenture  shall then
be qualified under TIA.

         Section 9.06      Reference  in Notes to  Supplemental  Indentures.  Notes  authenticated  and
delivered  after the execution of any  supplemental  indenture  pursuant to this Article IX may, and if
required by the Indenture  Trustee,  shall,  bear a notation in form approved by the Indenture  Trustee
as to any matter provided for in such  supplemental  indenture.  If the Issuer or the Indenture Trustee
shall so determine,  new Notes so modified as to conform,  in the opinion of the Indenture  Trustee and
the  Issuer,  to any such  supplemental  indenture  may be  prepared  and  executed  by the  Issuer and
authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

                                               ARTICLE X

                                             Miscellaneous

         Section 10.01     Compliance Certificates and Opinions, etc.

                  (a)      Upon any  application  or request by the Issuer to the Indenture  Trustee to
take any action  under any  provision of this  Indenture,  the Issuer  shall  furnish to the  Indenture
Trustee (i) an Officer's  Certificate  stating that all conditions  precedent,  if any, provided for in
this Indenture  relating to the proposed  action have been complied with and (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions  precedent,  if any, have been complied
with,  except that, in the case of any such  application  or request as to which the furnishing of such
documents is  specifically  required by any provision of this Indenture,  no additional  certificate or
opinion need be furnished.

         Every  certificate  or opinion  with  respect  to  compliance  with a  condition  or  covenant
provided for in this Indenture shall include:

                           (i)      a statement that each signatory of such  certificate or opinion has
         read or has caused to be read such covenant or condition and the  definitions  herein relating
         thereto;

                           (ii)     a brief  statement as to the nature and scope of the examination or
         investigation  upon which the statements or opinions  contained in such certificate or opinion
         are based;

                           (iii)    a  statement  that,  in the  opinion of each such  signatory,  such
         signatory  has  made  such  examination  or  investigation  as is  necessary  to  enable  such
         signatory to express an informed  opinion as to whether or not such  covenant or condition has
         been complied with;

                           (iv)     a statement as to whether,  in the opinion of each such  signatory,
         such condition or covenant has been complied with; and

                           (v)      if the signer of such  certificate  or opinion  is  required  to be
         Independent, the statement required by the definition of the term "Independent."

                  (b)      (i)      Prior  to the  deposit  of any  Collateral  or  other  property  or
securities  with the Indenture  Trustee that is to be made the basis for the release of any property or
securities  subject to the lien of this  Indenture,  the Issuer  shall,  in addition to any  obligation
imposed in  Section 10.01(a)  or  elsewhere  in this  Indenture,  furnish to the  Indenture  Trustee an
Officer's  Certificate  certifying or stating the opinion of each person signing such certificate as to
the fair value  (within 90 days of such deposit) to the Issuer of the  Collateral or other  property or
securities to be so deposited.

                           (ii)     Whenever  the  Issuer  is  required  to  furnish  to the  Indenture
         Trustee an Officer's  Certificate  certifying or stating the opinion of any signer  thereof as
         to the matters  described in clause (i)  above, the Issuer shall also deliver to the Indenture
         Trustee an  Independent  Certificate  as to the same matters,  if the fair value to the Issuer
         of the  securities to be so deposited and of all other such  securities  made the basis of any
         such  withdrawal  or release since the  commencement  of the  then-current  fiscal year of the
         Issuer,  as set forth in the  certificates  delivered  pursuant  to clause  (i) above and this
         clause  (ii),  is 10% or  more  of the  aggregate  Note  Balance  of  the  Notes,  but  such a
         certificate  need not be furnished  with respect to any  securities so deposited,  if the fair
         value  thereof to the Issuer as set forth in the related  Officer's  Certificate  is less than
         $25,000 or less than one percent of the aggregate Note Balance of the Notes.

                           (iii)    Whenever any  property or  securities  are to be released  from the
         lien of this  Indenture,  the Issuer  shall  furnish  to the  Indenture  Trustee an  Officer's
         Certificate  certifying or stating the opinion of each person  signing such  certificate as to
         the fair value (within 90 days of such  release) of the property or securities  proposed to be
         released and stating  that in the opinion of such person the proposed  release will not impair
         the security under this Indenture in contravention of the provisions hereof.

                           (iv)     Whenever  the  Issuer  is  required  to  furnish  to the  Indenture
         Trustee an Officer's  Certificate  certifying or stating the opinion of any signer  thereof as
         to the  matters  described  in clause  (iii)  above,  the  Issuer  shall  also  furnish to the
         Indenture  Trustee an Independent  Certificate as to the same matters if the fair value of the
         property or  securities  and of all other  property,  other than property as  contemplated  by
         clause  (v) below  or  securities   released  from  the  lien  of  this  Indenture  since  the
         commencement of the then-current  calendar year, as set forth in the certificates  required by
         clause (iii) above and this clause (iv),  equals 10% or more of the aggregate  Note Balance of
         the Notes,  but such  certificate need not be furnished in the case of any release of property
         or securities if the fair value thereof as set forth in the related  Officer's  Certificate is
         less than $25,000 or less than one percent of the aggregate Note Balance of the Notes.

                           (v)      Notwithstanding  the  foregoing,  this Section  10.01(b)  shall not
         apply to (A)  collection  upon,  sales or other  dispositions  of the Mortgage Loans as and to
         the extent  permitted or required by the Basic  Documents  or (B) the making of cash  payments
         out of the Note  Payment  Account  as and to the extent  permitted  or  required  by the Basic
         Documents,  so long as the Issuer shall  deliver to the  Indenture  Trustee  every six months,
         commencing  December 31, 2007,  an Officer's  Certificate  of the Issuer  stating that all the
         dispositions  of  Collateral  described in clauses (A) or (B) above that  occurred  during the
         preceding  six  calendar  months  (or  such  longer  period,  in the  case of the  first  such
         Officer's  Certificate)  were  permitted  or  required  by the  Basic  Documents  and that the
         proceeds thereof were applied in accordance with the Basic Documents.

         Section 10.02     Form of Documents Delivered to Indenture Trustee.

         In any case where  several  matters are required to be certified  by, or covered by an opinion
of, any  specified  Person,  it is not  necessary  that all such matters be certified by, or covered by
the opinion of, only one such Person,  or that they be so  certified  or covered by only one  document,
but one such Person may certify or give an opinion  with  respect to some matters and one or more other
such  Persons  as to other  matters,  and any such  Person  may  certify  or give an opinion as to such
matters in one or several documents.

         Any  certificate  or opinion of an Authorized  Officer of the Issuer may be based,  insofar as
it relates to legal matters,  upon a certificate or opinion of, or representations by, counsel,  unless
such  officer  knows,  or in the  exercise of  reasonable  care should know,  that the  certificate  or
opinion or  representations  with respect to the matters upon which his certificate or opinion is based
are  erroneous.  Any such  certificate  of an  Authorized  Officer or Opinion of Counsel  may be based,
insofar as it relates to factual matters,  upon a certificate or opinion of, or representations  by, an
officer or officers of any Seller or the Issuer,  stating  that the  information  with  respect to such
factual  matters is in the  possession of any Seller or the Issuer,  unless such counsel  knows,  or in
the exercise of reasonable care should know, that the  certificate or opinion or  representations  with
respect to such matters are erroneous.

         Where any Person is required  to make,  give or execute  two or more  applications,  requests,
consents,  certificates,  statements, opinions or other instruments under this Indenture, they may, but
need not, be consolidated and form one instrument.

         Whenever in this  Indenture,  in connection  with any  application or certificate or report to
the  Indenture  Trustee,  it is provided  that the Issuer shall  deliver any document as a condition of
the granting of such  application,  or as evidence of the Issuer's  compliance with any term hereof, it
is intended  that the truth and  accuracy,  at the time of the granting of such  application  or at the
effective  date of such  certificate  or report (as the case may be), of the facts and opinions  stated
in such  document  shall in such case be  conditions  precedent to the right of the Issuer to have such
application  granted or to the  sufficiency  of such  certificate or report.  The foregoing  shall not,
however,  be construed to affect the Indenture  Trustee's  right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in Article VI.

         Section 10.03     Acts of Noteholders.

                  (a)      Any request, demand,  authorization,  direction,  notice, consent, waiver or
other  action  provided by this  Indenture to be given or taken by  Noteholders  may be embodied in and
evidenced by one or more  instruments  of  substantially  similar tenor signed by such  Noteholders  in
person or by agents duly appointed in writing;  and except as herein otherwise  expressly provided such
action shall become  effective  when such  instrument  or  instruments  are  delivered to the Indenture
Trustee,  and, where it is hereby  expressly  required,  to the Issuer.  Such instrument or instruments
(and the action embodied therein and evidenced  thereby) are herein sometimes  referred to as the "Act"
of the Noteholders  signing such  instrument or instruments.  Proof of execution of any such instrument
or of a writing  appointing  any such agent shall be sufficient  for any purpose of this  Indenture and
(subject to Section 6.01) conclusive in favor of the Indenture  Trustee and the Issuer,  if made in the
manner provided in this Section 10.03.

                  (b)      The fact and date of the  execution by any person of any such  instrument or
writing may be proved in any manner that the Indenture Trustee deems sufficient.

                  (c)      The ownership of Notes shall be proved by the Note Register.

                  (d)      Any request, demand,  authorization,  direction,  notice, consent, waiver or
other  action by the  Noteholder  of any Note shall bind the  Noteholder  of every Note issued upon the
registration  thereof or in exchange therefor or in lieu thereof,  in respect of anything done, omitted
or  suffered to be done by the  Indenture  Trustee or the Issuer in  reliance  thereon,  whether or not
notation of such action is made upon such Note.

         Section 10.04     Notices,  etc.,  to  Indenture  Trustee,  Issuer  and Rating  Agencies.  Any
request,  demand,  authorization,  direction,  notice,  consent,  waiver or Act of Noteholders or other
documents  provided or permitted by this  Indenture  shall be in writing and if such  request,  demand,
authorization,  direction,  notice,  consent, waiver or Act of Noteholders is to be made upon, given or
furnished to or filed with:

                  (a)      the  Indenture  Trustee  by  any  Noteholder  or  by  the  Issuer  shall  be
sufficient  for every purpose  hereunder if made,  given,  furnished or filed in writing to or with the
Indenture  Trustee at its  Corporate  Trust  Office with a copy to The Bank of New York Trust  Company,
N.A., 2 North LaSalle Street,  Suite 1020,  Chicago,  Illinois  60602,  Attention:  Structured  Finance
Services.  The  Indenture  Trustee  shall  promptly  transmit  any  notice  received  by  it  from  the
Noteholders to the Issuer,

                  (b)      the  Issuer  by  the  Indenture  Trustee  or  by  any  Noteholder  shall  be
sufficient for every purpose  hereunder if in writing and mailed  first-class,  postage  prepaid to the
Issuer  addressed to: GMACM Home Equity Loan Trust  2007-HE3,  in care of the Owner Trustee,  or at any
other  address  previously  furnished  in writing to the  Indenture  Trustee by the Issuer.  The Issuer
shall promptly transmit any notice received by it from the Noteholders to the Indenture Trustee, or

         Notices  required to be given to the Rating Agencies by the Issuer,  the Indenture  Trustee or
the Owner  Trustee  shall be in writing,  personally  delivered  or mailed by  certified  mail,  return
receipt  requested,  to  (i) in  the case of  Moody's,  at the  following  address:  Moody's  Investors
Service,  Inc., ABS Monitoring  Department,  99 Church Street, New York, New York 10007 and (ii) in the
case of Standard & Poor's,  at the following  address:  Standard & Poor's,  55 Water Street,  New York,
New  York  10041-0003,  Attention:  Asset  Backed  Surveillance  Department;  or,  as to  each  of  the
foregoing  Persons,  at such  other  address  as shall be  designated  by  written  notice to the other
foregoing Persons.

         Section 10.05     Notices to  Noteholders;  Waiver.  Where this Indenture  provides for notice
to  Noteholders  of any event,  such  notice  shall be  sufficiently  given  (unless  otherwise  herein
expressly  provided)  if in  writing  and  mailed,  first-class,  postage  prepaid  to each  Noteholder
affected by such event,  at such Person's  address as it appears on the Note  Register,  not later than
the latest  date,  and not earlier than the earliest  date,  prescribed  for the giving of such notice.
In any case where notice to Noteholders  is given by mail,  neither the failure to mail such notice nor
any defect in any notice so mailed to any particular  Noteholder  shall affect the  sufficiency of such
notice with respect to other  Noteholders,  and any notice that is mailed in the manner herein provided
shall  conclusively  be presumed to have been duly given  regardless  of whether such notice is in fact
actually received.

         Where this Indenture  provides for notice in any manner,  such notice may be waived in writing
by any Person  entitled  to receive  such  notice,  either  before or after the event,  and such waiver
shall be the  equivalent  of such  notice.  Waivers  of notice by  Noteholders  shall be filed with the
Indenture  Trustee,  but such filing  shall not be a condition  precedent to the validity of any action
taken in reliance upon such a waiver.

         In case,  by reason of the  suspension  of regular mail service as a result of a strike,  work
stoppage or similar  activity,  it shall be impractical to mail notice of any event to Noteholders when
such notice is required to be given  pursuant to any  provision of this  Indenture,  then any manner of
giving  such  notice  as shall be  satisfactory  to the  Indenture  Trustee  shall  be  deemed  to be a
sufficient giving of such notice.

         Where this Indenture  provides for notice to the Rating Agencies,  failure to give such notice
shall  not  affect  any  other  rights  or  obligations  created  hereunder,  and  shall  not under any
circumstance constitute an Event of Default.

         Section 10.06     Alternate Payment and Notice  Provisions.  Notwithstanding  any provision of
this  Indenture or any of the Notes to the contrary,  the Issuer may enter into any agreement  with any
Noteholder  providing for a method of payment,  or notice by the Indenture  Trustee to such Noteholder,
that is different  from the methods  provided for in this  Indenture for such payments or notices.  The
Issuer shall furnish to the Indenture  Trustee a copy of each such agreement and the Indenture  Trustee
shall cause payments to be made and notices to be given in accordance with such agreements.

         Section 10.07     Conflict  with  Trust  Indenture  Act.  If  any  provision   hereof  limits,
qualifies  or  conflicts  with  another  provision  hereof  that is  required  to be  included  in this
Indenture by any of the provisions of TIA, such required provision shall control.

         The  provisions  of TIA §§ 310  through 317 that impose  duties on any Person  (including  the
provisions  automatically  deemed  included herein unless  expressly  excluded by this Indenture) are a
part of and govern this Indenture, whether or not physically contained herein.

         Section 10.08     Effect  of  Headings.  The  Article  and  Section  headings  herein  are for
convenience only and shall not affect the construction hereof.

         Section 10.09     Successors  and Assigns.  All covenants and agreements in this Indenture and
the Notes by the Issuer  shall bind its  successors  and  assigns,  whether so  expressed  or not.  All
agreements  of the Indenture  Trustee in this  Indenture  shall bind its  successors,  co-trustees  and
agents.

         Section 10.10     Severability.  In case  any  provision  in this  Indenture  or in the  Notes
shall be held invalid,  illegal or unenforceable,  the validity,  legality,  and  enforceability of the
remaining provisions hereof shall not in any way be affected or impaired thereby.

         Section 10.11     Benefits of Indenture.  Nothing in this  Indenture or in the Notes,  express
or implied,  shall give to any Person,  other than the parties hereto and their  successors  hereunder,
and the  Noteholders  and any other party  secured  hereunder,  and any other  Person with an ownership
interest  in any part of the Trust  Estate,  any  benefit or any legal or  equitable  right,  remedy or
claim under this Indenture.

         Section 10.12     Legal  Holidays.  In any case  where  the date on which any  payment  is due
shall  not be a  Business  Day,  then  (notwithstanding  any  other  provision  of the  Notes  or  this
Indenture)  payment need not be made on such date, but may be made on the next succeeding  Business Day
with the same force and effect as if made on the date on which  nominally  due,  and no interest  shall
accrue for the period from and after any such nominal date.

         Section 10.13     GOVERNING  LAW.  THIS  AGREEMENT  AND THE  NOTES  SHALL BE  GOVERNED  BY AND
CONSTRUED IN ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK,  WITHOUT REGARD TO THE CONFLICT OF LAW
PRINCIPLES  THEREOF,  OTHER THAN SECTIONS  5-1401 AND 5-1402 OF THE NEW YORK GENERAL  OBLIGATIONS  LAW,
AND THE  OBLIGATIONS,  RIGHTS AND REMEDIES OF THE PARTIES  HEREUNDER  SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

         Section 10.14     Counterparts.   This   Indenture   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 10.15     Recording  of  Indenture.  If this  Indenture is subject to recording in any
appropriate  public  recording  offices,  such  recording  is to be  effected  by the Issuer and at its
expense  accompanied  by an Opinion of Counsel  (which  counsel shall be  reasonably  acceptable to the
Indenture  Trustee) to the effect that such  recording is necessary  either for the  protection  of the
Noteholders  or any  other  Person  secured  hereunder  or for the  enforcement  of any right or remedy
granted to the Indenture Trustee under this Indenture.

         Section 10.16     Issuer Obligation.  No recourse may be taken,  directly or indirectly,  with
respect to the  obligations of the Issuer,  the Owner Trustee or the Indenture  Trustee on the Notes or
under  this  Indenture  or any  certificate  or other  writing  delivered  in  connection  herewith  or
therewith,  against  (i) the  Indenture  Trustee  or the  Owner  Trustee  in its  individual  capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,  agent,
officer,  director,  employee or agent of the Indenture  Trustee or the Owner Trustee in its individual
capacity,  any holder of a  beneficial  interest  in the  Issuer,  the Owner  Trustee or the  Indenture
Trustee or of any successor or assign of the Indenture  Trustee or the Owner Trustee in its  individual
capacity,  except as any such Person may have expressly  agreed (it being understood that the Indenture
Trustee and the Owner Trustee have no such  obligations  in their  respective  individual  capacities),
and except that any such partner,  owner or beneficiary  shall be fully liable,  to the extent provided
by applicable law, for any unpaid  consideration for stock,  unpaid capital  contribution or failure to
pay any  installment  or call  owing  to  such  entity.  For all  purposes  of this  Indenture,  in the
performance of any duties or obligations  of the Issuer  hereunder,  the Owner Trustee shall be subject
to, and  entitled to the  benefits  of, the terms and  provisions  of Articles  VI, VII and VIII of the
Trust Agreement.

         Section 10.17     No Petition.  The Indenture  Trustee,  by entering into this Indenture,  and
each  Noteholder,  by its  acceptance  of a Note,  hereby  covenant and agree that they will not at any
time institute  against the Depositor or the Issuer,  or join in any institution  against the Depositor
or the Issuer 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 Notes, this Indenture or any of the other Basic Documents.

         Section 10.18     Inspection.  The Issuer agrees that, on  reasonable  prior notice,  it shall
permit any  representative  of the Indenture  Trustee,  during the Issuer's  normal  business hours, to
examine all the books of account,  records,  reports and other papers of the Issuer, to make copies and
extracts  therefrom,  to cause such books to be audited by Independent  certified  public  accountants,
and to discuss the Issuer's affairs,  finances and accounts with the Issuer's officers,  employees, and
Independent  certified  public  accountants,  all at  such  reasonable  times  and as  often  as may be
reasonably  requested.  The  Indenture  Trustee  shall and shall cause its  representatives  to hold in
confidence  all such  information  except to the  extent  disclosure  may be  required  by law (and all
reasonable  applications for  confidential  treatment are unavailing) and except to the extent that the
Indenture  Trustee may reasonably  determine that such  disclosure is consistent  with its  obligations
hereunder.

                                              ARTICLE XI

                                           REMIC Provisions

         Section 11.01     REMIC Administration.

                  (a)      The  REMIC Administrator  shall make elections to treat the Trust Estate, as
set forth in Section 2.06 of the Trust  Agreement,  as three  REMICs under the Code and, if  necessary,
under  applicable  state law, in  accordance  with Section 2.06 of the Trust  Agreement.  Such election
will be made on Form 1066 or other  appropriate  federal  tax or  information  return  (including  Form
8811) or any  appropriate  state  return for the taxable  year  ending on the last day of the  calendar
year in which the  Securities  are issued.  For the purposes of the  REMIC elections  in respect of the
Trust Estate,  Securities and interests to be designated as the "regular  interests" and the sole class
of "residual  interests" in each  REMIC will  be set forth in Section  11.03.  The  REMIC Administrator
and the  Indenture  Trustee  shall not permit the  creation of any  "interests"  (within the meaning of
Section  860G of the Code) in each  REMIC elected  in  respect  of the Trust  other  than the  "regular
interests" and "residual interests" so designated.

                  (b)      The  Closing  Date is  hereby  designated  as the  "startup  day" of each of
REMIC I,  REMIC II, and REMIC III as designated in Section 11.03 below, and the Trust Estate within the
meaning of Section 860G(a)(9) of the Code.

                  (c)      GMAC Mortgage, LLC shall hold a Class R Certificate  representing at least a
0.01%  Percentage  Interest in each Class of the Class R  Certificates  and shall be designated as "the
tax matters  person"  with respect to each  REMIC in the manner  provided  under  Treasury  regulations
§1.860F-4(d) and Treasury regulations §301.6231(a)(7)-1. The REMIC Administrator,  on behalf of the Tax
Matters  Partner,  shall (i) act on behalf of each REMIC in  relation to any tax matter or  controversy
involving  the Trust  Estate and  (ii) represent  the Trust  Estate in any  administrative  or judicial
proceeding  relating to an  examination  or audit by any  governmental  taxing  authority  with respect
thereto.  The legal expenses,  including without limitation  attorneys' or accountants' fees, and costs
of any such  proceeding  and any liability  resulting  therefrom  shall be expenses of the Trust Estate
and the  REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts  attributable
to the Mortgage  Loans on deposit in the  Custodial  Account  unless such legal  expenses and costs are
incurred by reason of the REMIC Administrator's willful misfeasance, bad faith or gross negligence.

                  (d)      The  REMIC Administrator  shall  prepare or cause to be prepared  all of the
Tax Returns that it  determines  are  required  with respect to each  REMIC created  hereunder  and, if
approval  therefore is received from the applicable  District Director of the Internal Revenue Service,
shall sign and file such  returns in a timely  manner and,  otherwise,  shall,  shall  deliver such Tax
Returns  in a timely  manner to the  Owner  Trustee,  if the Owner  Trustee  is  required  to sign such
returns in accordance  with Section 5.03 of the Trust  Agreement,  and shall sign (if the Owner Trustee
is not so  required)  and file such Tax Returns in a timely  manner.  The  expenses of  preparing  such
returns shall be borne by the  REMIC Administrator  without any right of  reimbursement  therefor.  The
REMIC Administrator  agrees to indemnify  and hold  harmless the Owner  Trustee with respect to any tax
or  liability  arising  from the  Owner  Trustee's  signing  of Tax  Returns  that  contain  errors  or
omissions.  The Indenture  Trustee and Servicer shall  promptly  provide the  REMIC Administrator  with
such information as the  REMIC Administrator  may from time to time request for the purpose of enabling
the REMIC Administrator to prepare Tax Returns.

                  (e)      The  REMIC Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information as is necessary for the  application of any tax relating to the transfer
of a Class R  Certificate  to any  Person  who is not a  Permitted  Transferee,  (ii) to the  Indenture
Trustee,  and the Indenture Trustee shall forward to the Noteholders and the  Certificateholders,  such
information or reports as are required by the Code or the  REMIC Provisions  including reports relating
to interest,  original issue discount and market discount or premium (using the Prepayment  Assumption)
and (iii) to the Internal Revenue Service the name,  title,  address and telephone number of the person
who will serve as the representative of each REMIC.

                  (f)      The Servicer and the  REMIC Administrator  shall take such actions and shall
cause each  REMIC created  hereunder to take such actions as are  reasonably  within the  Servicer's or
the  REMIC Administrator's  control and the scope of its duties more  specifically  set forth herein as
shall  be  necessary  or  desirable  to  maintain  the  status  of  each  REMIC as  a  REMIC under  the
REMIC Provisions (and the Indenture Trustee shall assist the Servicer and the  REMIC Administrator,  to
the extent  reasonably  requested by the Servicer and the  REMIC Administrator  to do so). The Servicer
and the  REMIC Administrator  shall not  knowingly or  intentionally  take any action,  cause the Trust
Estate to take any action or fail to take (or fail to cause to be taken) any action  reasonably  within
their respective control that, under the  REMIC Provisions,  if taken or not taken, as the case may be,
could (i)  endanger  the status of any  portion of any of the REMICs as a REMIC or  (ii)  result in the
imposition  of a tax  upon  any of the  REMICs  (including  but not  limited  to the tax on  prohibited
transactions as defined in Section  860F(a)(2) of the Code and the tax on  contributions to a REMIC set
forth in Section  860G(d) of the Code)  (either such event,  in the absence of an Opinion of Counsel or
the  indemnification  referred to in this sentence,  an "Adverse  REMIC Event")  unless the Servicer or
the  REMIC Administrator,  as  applicable,  has  received  an Opinion of Counsel (at the expense of the
party  seeking to take such action or, if such party  fails to pay such  expense,  and the  Servicer or
the REMIC Administrator,  as applicable,  determines that taking such action is in the best interest of
the Trust Estate and the  Noteholders and the  Certificateholders,  at the expense of the Trust Estate,
but in no event at the  expense of the  Servicer,  the  REMIC Administrator,  the Owner  Trustee or the
Indenture  Trustee)  to the  effect  that the  contemplated  action  will  not,  with  respect  to each
REMIC created  hereunder,  endanger  such status or, unless the Servicer,  the  REMIC Administrator  or
both, as  applicable,  determine in its or their sole  discretion to indemnify the Trust Estate against
the  imposition of such a tax,  result in the  imposition of such a tax.  Wherever in this  Agreement a
contemplated  action may not be taken because the timing of such action might result in the  imposition
of a tax on the Trust Estate,  or may only be taken  pursuant to an Opinion of Counsel that such action
would not impose a tax on the Trust  Estate,  such action may  nonetheless  be taken  provided that the
indemnity  given in the  preceding  sentence  with  respect  to any taxes  that might be imposed on the
Trust  Estate has been given and that all other  preconditions  to the taking of such  action have been
satisfied.  The  Indenture  Trustee  shall  not  take  or  fail  to take  any  action  (whether  or not
authorized hereunder) as to which the Servicer or the REMIC Administrator,  as applicable,  has advised
it in writing  that it has  received  an Opinion of Counsel to the effect  that an Adverse  REMIC Event
could occur with  respect to such action.  In addition,  prior to taking any action with respect to any
of the REMICs  created  hereunder or any related assets  thereof,  or causing any of the REMICs to take
any action,  which is not expressly permitted under the terms of this Agreement,  the Indenture Trustee
will  consult  with the  Servicer  or the  REMIC Administrator,  as  applicable,  or its  designee,  in
writing,  with respect to whether such action could cause an Adverse  REMIC Event to occur with respect
to any of the  REMICs,  and the  Indenture  Trustee  shall  not take any such  action  or cause  either
REMIC to take any such action as to which the Servicer or the REMIC Administrator,  as applicable,  has
advised  it  in   writing   that  an  Adverse   REMIC Event   could   occur.   The   Servicer   or  the
REMIC Administrator,  as applicable, may consult with counsel to make such written advice, and the cost
of same  shall be borne by the  party  seeking  to take the  action  not  expressly  permitted  by this
Agreement,  but in no event at the  expense of the  Servicer or the  REMIC Administrator.  At all times
as may be required by the Code,  the  Servicer  will to the extent  within its control and the scope of
its  duties  more  specifically  set forth  herein,  maintain  substantially  all of the assets of each
REMIC created  hereunder as  "qualified  mortgages"  as defined in Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

                  (g)      In the event that any tax is imposed on "prohibited  transactions" of any of
the REMICs  created  hereunder  as  defined in Section  860F(a)(2)  of the Code,  on "net  income  from
foreclosure  property"  of any of the  REMICs  as  defined  in  Section  860G(c)  of the  Code,  on any
contributions  to any of the REMICs after the Startup Day therefor  pursuant to Section  860G(d) of the
Code,  or any other  tax is  imposed  by the Code or any  applicable  provisions  of state or local tax
laws,  such tax shall be charged  (i) to the  Servicer,  if such tax  arises  out of or results  from a
breach by the Servicer of any of its  obligations  under this Agreement or the Servicer has in its sole
discretion  determined to indemnify the Trust Estate against such tax,  (ii) to the Indenture  Trustee,
if such tax arises  out of or results  from a breach by the  Trustee  of any of its  obligations  under
this Article XI, or (iii)  otherwise  against  amounts on deposit in the  Custodial  Account and on the
Payment  Date(s)  following  such  reimbursement  the  aggregate  of such taxes shall be  allocated  in
reduction of the accrued interest due on each Class entitled thereto on a pro rata basis.

                  (h)      The  Indenture  Trustee  and the  Servicer  shall,  for  federal  income tax
purposes,  maintain books and records with respect to each  REMIC created  hereunder on a calendar year
and on an accrual basis or as otherwise may be required by the REMIC Provisions.

                  (i)      Following the Startup Day,  neither the Servicer nor the  Indenture  Trustee
shall accept any  contributions  of assets to any of the REMICs created  hereunder  unless  (subject to
Section  11.01(f))  the Servicer and the  Indenture  Trustee  shall have received an Opinion of Counsel
(at the expense of the party  seeking to make such  contribution)  to the effect that the  inclusion of
such assets in such  REMIC will  not cause any of the REMICs to fail to qualify as a REMIC at  any time
that any Notes or  Certificates  are  outstanding  or  subject  any of the  REMICs to any tax under the
REMIC Provisions or other applicable provisions of federal, state and local law or ordinances.

                  (j)      Neither the Servicer  nor the Trustee  shall  (subject to Section  11.01(f))
enter into any  arrangement  by which any of the REMICs  created  hereunder will receive a fee or other
compensation  for  services  nor permit any of the REMICs to receive any income from assets  other than
"qualified  mortgages"  as defined in Section  860G(a)(3)  of the Code or  "permitted  investments"  as
defined in Section 860G(a)(5) of the Code.

                  (k)      Solely for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the "latest possible  maturity date" by which the Certificate  Principal  Balance of each
Class of Notes and Certificates  representing a regular  interest in the applicable  REMIC is the Final
Payment Date.

                  (l)      Within  30 days  after  the  Closing  Date,  the  REMIC Administrator  shall
prepare and file with the  Internal  Revenue  Service  Form 8811,  "Information  Return for Real Estate
Mortgage  Investment  Conduits  (REMIC)  and  Issuers  of  Collateralized  Debt  Obligations"  for each
REMIC created hereunder.

                  (m)      Neither the  Indenture  Trustee nor the Servicer  shall sell,  dispose of or
substitute for any of the Mortgage Loans (except in connection with (i) the default,  imminent  default
or  foreclosure  of a  Mortgage  Loan,  including  but not  limited  to, the  acquisition  or sale of a
Mortgaged  Property  acquired by deed in lieu of foreclosure,  (ii) the bankruptcy of any of the REMICs
created  hereunder,  (iii) the  termination of the applicable  REMIC pursuant  to  Section 8.02  of the
Trust  Agreement or (iv) a purchase of Mortgage Loans  pursuant to the Purchase  Agreement) nor acquire
any assets for any of the REMICs,  nor sell or dispose of any  investments in the Custodial  Account or
the Payment Account for gain nor accept any  contributions  to any of the REMICs after the Closing Date
unless it has received an Opinion of Counsel that such sale,  disposition,  substitution or acquisition
will not (a) affect  adversely  the status of any of the REMICs as a REMIC or  (b) unless the  Servicer
has  determined  in its sole  discretion  to  indemnify  the Trust Estate  against such tax,  cause any
REMIC to  be  subject  to a tax  on  "prohibited  transactions"  or  "contributions"  pursuant  to  the
REMIC Provisions.

                  (n)      The Indenture  Trustee will apply for employer  identification  numbers from
the Internal Revenue Service on a Form SS-4 or any other acceptable method for all tax entities.

         Section 11.02     Servicer, REMIC Administrator and Indenture Trustee Indemnification.

                  (a)      The  Indenture   Trustee   agrees  to  indemnify   the  Trust  Estate,   the
REMIC Administrator  and the  Servicer  for any taxes  and costs  including,  without  limitation,  any
reasonable  attorneys  fees imposed on or incurred by the Trust Estate or the Servicer,  as a result of
a breach of the Indenture Trustee's covenants set forth in Article VIII or this Article XI.

                  (b)      The REMIC Administrator  agrees to indemnify the Trust Estate, the Servicer,
the  Depositor,  the Owner  Trustee  and the  Indenture  Trustee  for any  taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by the Trust Estate,  the
Depositor,  GMACM Mortgage,  LLC, the Servicer, the Owner Trustee or the Indenture Trustee, as a result
of a breach  of the  REMIC Administrator's  covenants  set forth in this  Article  XI with  respect  to
compliance with the  REMIC Provisions,  including  without  limitation,  any penalties arising from the
Owner Trustee's  execution of Tax Returns  prepared by the  REMIC Administrator  that contain errors or
omissions;  provided,  however,  that such liability will not be imposed to the extent such breach is a
result of an error or omission in information  provided to the  REMIC Administrator  by the Servicer in
which case Section 11.02(c) will apply.

                  (c)      The Servicer agrees to indemnify the Trust Estate, the  REMIC Administrator,
the Owner Trustee and the Indenture  Trustee for any taxes and costs  (including,  without  limitation,
any reasonable  attorneys' fees) imposed on or incurred by the Trust Estate,  the  REMIC Administrator,
the Owner Trustee or the Indenture  Trustee,  as a result of a breach of the  Servicer's  covenants set
forth in this  Article  XI or in Article  III with  respect to  compliance  with the  REMIC Provisions,
including  without  limitation,  any penalties  arising from the Indenture  Trustee's  execution of Tax
Returns prepared by the Servicer that contain errors or omissions.

         Section 11.03     Designation of REMIC(s).

         The REMIC Administrator will make an election to treat the entire segregated pool of assets
described in the definition of Trust Estate, and subject to this Agreement (including the Mortgage
Loans, as set forth in Section 2.06 of the Trust Agreement ) as a REMIC ("REMIC I"), will make an
election to treat the pool of assets comprised of the REMIC I Regular Interests as a
REMIC ("REMIC II"), and will make an election to treat the pool of assets comprised of the REMIC II
Regular Interests as a REMIC ("REMIC III"), for federal income tax purposes.

         The  REMIC I  Regular  Interests  will be  "regular  interests"  in REMIC I  and the Class R-I
Certificates  will  be  the  sole  class  of  "residual  interests"  in  REMIC I  for  purposes  of the
REMIC Provisions under the federal income tax law.

         The REMIC II Regular Interests will be "regular interests" in REMIC II and the Class R-II
Certificates will be the sole class of "residual interests" therein for purposes of the
REMIC Provisions under federal income tax law.

         The REMIC III Regular Interests will be "regular interests" in REMIC III and the Class R-III
Certificates will be the sole class of "residual interests" therein for purposes of the
REMIC Provisions under federal income tax law.

         IN WITNESS WHEREOF, the Issuer and the Indenture 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.

                                                     GMACM HOME EQUITY LOAN TRUST 2007-HE3, as Issuer

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

                                                     By:___________________________________________
                                                            Name:
                                                            Title:

                                                     THE BANK OF NEW YORK TRUST COMPANY, N.A., as
                                                     Indenture Trustee

                                                     By:__________________________________________
                                                            Name:
                                                            Title:

THE BANK OF NEW YORK TRUST COMPANY, N.A.
hereby accepts appointment as Paying
Agent pursuant to Section 3.03 hereof
and as Note Registrar pursuant to Section
4.02 hereof.

By:______________________________________
   Name:
   Title:

Signatures and Seals

STATE OF _______________   )
                           )        ss.:
COUNTY OF _____________    )

         On this ___ day of October 2007,  before me  personally  appeared  ____________,  to me known,
who being by me duly sworn,  did depose and say, that he/she resides at  _____________,  that he/she is
the ____________ of Wilmington Trust Company, the Owner Trustee,  one of the corporations  described in
and which  executed  the above  instrument;  that he/she knows the seal of said  corporation;  that the
seal affixed to said  instrument is such corporate  seal;  that it was so affixed by order of the Board
of Directors of said corporation; and that he/she signed his/her name thereto by like order.

____________________________________________________
                  Notary Public

Acknowledgements

STATE OF _______________   )
                           )        ss.:
COUNTY OF _____________    )

         On this ___ day of October 2007, before me personally  appeared  __________,  to me known, who
being by me duly sworn,  did depose and say, that he/she resides at  _____________;  that he/she is the
___________ of The Bank of New York Trust Company,  N.A. as Indenture Trustee,  one of the corporations
described in and which executed the above  instrument;  that he/she knows the seal of said corporation;
that the seal affixed to said  instrument is such  corporate  seal;  that it was so affixed by order of
the Board of Directors of said corporation; and that he/she signed his/her name thereto by like order.

____________________________________________________
                  Notary Public

NOTORIAL SEAL

                                                     EXHIBIT A
                                               FORM OF CLASS A NOTES

UNLESS  THIS NOTE IS  PRESENTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF THE  DEPOSITORY  TRUST  COMPANY,  A NEW YORK
CORPORATION  ("DTC"),  TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE OR PAYMENT,  AND ANY NOTE
ISSUED  IS  REGISTERED  IN THE  NAME  OF  CEDE & CO.  OR IN  SUCH  OTHER  NAME  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE  OF DTC (AND ANY  PAYMENT  IS MADE TO CEDE & CO.  OR TO SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN
AUTHORIZED  REPRESENTATIVE  OF DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE  PRINCIPAL  OF THIS  NOTE IS  PAYABLE  IN  INSTALLMENTS  AS SET  FORTH  HEREIN.  ACCORDINGLY,  THE  OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE DOES NOT  REPRESENT  AN INTEREST IN OR  OBLIGATION  OF THE  SELLER,  THE  DEPOSITOR,  THE  SERVICER,  THE
INDENTURE TRUSTEE, THE OWNER TRUSTEE OR GMAC MORTGAGE GROUP, LLC OR ANY OF THEIR RESPECTIVE  AFFILIATES,  EXCEPT AS
EXPRESSLY PROVIDED IN THE INDENTURE OR THE OTHER BASIC DOCUMENTS.

THE HOLDER OF THIS NOTE IS DEEMED TO HAVE  REPRESENTED  THAT THE  ACQUISITION  OF THIS NOTE BY THE HOLDER  DOES NOT
CONSTITUTE OR GIVE RISE TO A PROHIBITED  TRANSACTION  UNDER  SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE,  FOR
WHICH NO STATUTORY, REGULATORY OR ADMINISTRATIVE EXEMPTION IS AVAILABLE.

                                       GMACM HOME EQUITY LOAN TRUST 2007-HE3

                                    GMACM Home Equity Loan-Backed Note, Class A

Registered                                                                      Initial Note Balance:
                                                                                $_________

No. A-__                                                                        Note Rate:  Fixed

                                                                                CUSIP NO. _________

         GMACM Home Equity Loan Trust  2007-HE3,  a statutory  trust duly  organized and existing under the laws of
the State of Delaware  (herein referred to as the "Issuer"),  for value received,  hereby promises to pay to Cede &
Co. or its  registered  assigns,  the  principal  sum of  __________________dollars  ($_________),  payable on each
Payment  Date in an amount  equal to the pro rata  portion  allocable  hereto  (based on the Initial  Note  Balance
specified  above and the Initial Note Balance of all Class A-__ Notes) of the  aggregate  amount,  if any,  payable
from the Note Payment  Account in respect of principal of the Class A Notes (the "Notes")  pursuant to Section 3.05
of the  indenture  dated as of October  26,  2007 (the  "Indenture"),  between  the Issuer and The Bank of New York
Trust Company,  National  Association,  as indenture  trustee (the "Indenture  Trustee");  provided,  however,  the
entire  unpaid  principal  amount of this Note shall be due and payable on the Payment Date  occurring in September
2037,  in each case, to the extent not  previously  paid on a prior  Payment  Date.  Capitalized  terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Indenture.

         Interest on the Notes will be paid  monthly on each  Payment  Date at the Note Rate for the related  class
of Notes for the  Interest  Period.  Interest on this Note will accrue for each  Payment  Date from the most recent
Payment Date on which  interest has been paid (in the case of the first  Payment  Date,  from the Closing  Date) to
but  excluding  such Payment  Date.  Interest  will be computed on the basis of a thirty day month in each Interest
Period and a year assumed to consist of 360 days.

         Principal  of and  interest  on this Note are  payable in such coin or  currency  of the United  States of
America as at the time of payment is legal tender for payment of public and private  debts.  All  payments  made by
the Issuer with  respect to this Note shall be applied  first to interest  due and payable on this Note as provided
above and then to the unpaid principal of this Note.

         Reference  is made to the further  provisions  of this Note set forth on the reverse  hereof,  which shall
have the same effect as though fully set forth on the face of this Note.

         Unless the  certificate  of  authentication  hereon has been executed by the Indenture  Trustee whose name
appears  below by manual  signature,  this Note shall not be  entitled to any benefit  under the  Indenture,  or be
valid or obligatory for any purpose.

         This Note is one of a duly  authorized  issue of Notes of the Issuer,  designated as its GMACM Home Equity
Loan-Backed Term Notes,  Series 2007-HE3 (the "Series 2007-HE3  Notes"),  all issued under the Indenture,  to which
Indenture  and all  indentures  supplemental  thereto  reference is hereby made for a statement  of the  respective
rights and obligations  thereunder of the Issuer,  the Indenture Trustee and the Noteholders of the Series 2007-HE3
Notes.  The Series 2007-HE3 Notes are subject to all terms of the Indenture.

         The Series  2007-HE3  Notes (the  "Notes") are and will be equally and ratably  secured by the  collateral
pledged as security therefor as provided in the Indenture.

         Principal of and interest on this Note will be payable on each Payment  Date,  commencing  on November 26,
2007, as described in the  Indenture.  "Payment  Date" means the  twenty-fifth  day of each month,  or, if any such
date is not a Business Day, then the next succeeding Business Day.

         The entire  unpaid  principal  amount of this Note shall be due and payable in full on the Payment Date in
September  2037  pursuant  to  the  Indenture,  to  the  extent  not  previously  paid  on a  prior  Payment  Date.
Notwithstanding  the foregoing,  if an Event of Default shall have occurred and be  continuing,  then the Indenture
Trustee or the  Noteholders  of Notes  representing  not less than a majority of the aggregate  Note Balance of the
Notes,  may  declare the Notes to be  immediately  due and  payable in the manner  provided in Section  5.02 of the
Indenture.  All  principal  payments  on the  Notes  shall be made pro rata to the  Noteholders  of Notes  entitled
thereto.

         Any  installment  of interest or principal,  if any,  payable on any Note that is punctually  paid or duly
provided  for by the  Issuer  on the  applicable  Payment  Date  shall  be paid to the  related  Noteholder  on the
preceding  Record  Date,  by wire  transfer  to an  account  specified  in writing  by such  Noteholder  reasonably
satisfactory  to the  Indenture  Trustee as of the  preceding  Record  Date or, if no such  instructions  have been
delivered  to the  Indenture  Trustee,  by check or money  order to such  Noteholder  mailed  to such  Noteholder's
address as it appears in the Note  Register,  the amount  required to be  distributed  to such  Noteholder  on such
Payment Date pursuant to such Noteholder's Notes;  provided,  however,  that the Indenture Trustee shall not pay to
such  Noteholder  any amount  required to be withheld from a payment to such  Noteholder by the Code. Any reduction
in the principal  amount of this Note (or any one or more  predecessor  Notes) effected by any payments made on any
Payment  Date  shall  be  binding  upon all  future  Noteholders  of this  Note  and of any  Note  issued  upon the
registration  of transfer  hereof or in exchange  hereof or in lieu hereof,  whether or not noted hereon.  If funds
are  expected to be  available,  as provided in the  Indenture,  for payment in full of the then  remaining  unpaid
principal  amount of this Note on a Payment Date, then the Indenture  Trustee,  in the name of and on behalf of the
Issuer,  will  notify the Person who was the  registered  Noteholder  hereof as of the Record Date  preceding  such
Payment Date by notice mailed or transmitted  by facsimile  prior to such Payment Date, and the amount then due and
payable  shall be payable  only upon  presentation  and  surrender  of this Note at the address  specified  in such
notice of final payment.

         As provided in the Indenture and subject to certain  limitations  set forth therein,  the transfer of this
Note may be  registered  on the Note  Register  upon  surrender  of this Note for  registration  of transfer at the
Corporate  Trust Office of the Indenture  Trustee,  duly  endorsed by, or  accompanied  by a written  instrument of
transfer  in  form  satisfactory  to the  Indenture  Trustee  duly  executed  by,  the  Noteholder  hereof  or such
Noteholder's  attorney  duly  authorized  in writing,  with such  signature  guaranteed  by an "eligible  guarantor
institution"   meeting  the  requirements  of  the  Note  Registrar,   which  requirements  include  membership  or
participation in the Securities  Transfer Agent's Medallion  Program  ("STAMP") or such other "signature  guarantee
program" as may be  determined  by the Note  Registrar  in  addition  to, or in  substitution  for,  STAMP,  all in
accordance with the Exchange Act, and thereupon one or more new Notes in authorized  denominations  and in the same
aggregate  principal amount will be issued to the designated  transferee or transferees.  No service charge will be
charged for any  registration  of transfer or exchange of this Note, but the Note Registrar  shall require  payment
of a sum  sufficient  to  cover  any tax or  governmental  charge  that  may be  imposed  in  connection  with  any
registration of transfer or exchange of this Note.

         Each  Noteholder  or  Beneficial  Owner  of a Note,  by its  acceptance  of a Note,  or,  in the case of a
Beneficial  Owner of a Note, a beneficial  interest in a Note,  covenants and agrees that no recourse may be taken,
directly  or  indirectly,  with  respect to the  obligations  of the Issuer,  the Owner  Trustee,  the Seller,  the
Servicer,  the Depositor or the Indenture  Trustee on the Notes or under the Indenture or any  certificate or other
writing  delivered  in  connection  therewith,  against  (i) the  Indenture  Trustee  or the Owner  Trustee  in its
individual  capacity,  (ii) any  owner  of a  beneficial  interest  in the  Issuer  or (iii)  any  partner,  owner,
beneficiary,  agent, officer,  director or employee of the Indenture Trustee or the Owner Trustee in its individual
capacity,  any holder of a beneficial  interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any
successor or assign of the Indenture  Trustee or the Owner Trustee in its individual  capacity,  except as any such
Person may have expressly agreed and except that any such partner,  owner or beneficiary  shall be fully liable, to
the extent  provided by applicable  law for any unpaid  consideration  for stock,  unpaid capital  contribution  or
failure to pay any installment or call owing to such entity.

         Each  Noteholder  or  Beneficial  Owner  of a Note,  by its  acceptance  of a Note  or,  in the  case of a
Beneficial  Owner of a Note, a beneficial  interest in a Note,  covenants  and agrees by accepting  the benefits of
the Indenture  that such  Noteholder or Beneficial  Owner will not at any time  institute  against the Depositor or
the Issuer,  or join in any  institution  against the Depositor or the Issuer of, any  bankruptcy,  reorganization,
arrangement,  insolvency or liquidation  proceedings under any United States federal or state bankruptcy or similar
law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued with the  intention  that,  for federal,
state and local income,  single business and franchise tax purposes,  the Notes will qualify as indebtedness of the
Issuer.  Each  Noteholder by its acceptance of a Note (and each  Beneficial  Owner of a Note by its acceptance of a
beneficial  interest in a Note),  agrees to treat the Notes for federal,  state and local income,  single  business
and franchise tax purposes as indebtedness of the Issuer.

         Prior to the due  presentment  for  registration  of transfer  of this Note,  the  Issuer,  the  Indenture
Trustee  and any agent of the Issuer or the  Indenture  Trustee may treat the Person in the name of which this Note
is registered  (as of the day of  determination  or as of such other date as may be specified in the  Indenture) as
the owner  hereof for all  purposes,  whether or not this Note be overdue,  and none of the Issuer,  the  Indenture
Trustee or any such agent shall be affected by notice to the contrary.

         The  Indenture  permits,  with  certain  exceptions  therein  provided,  the  amendment  thereof  and  the
modification  of the  rights  and  obligations  of the  Issuer  and the  Indenture  Trustee  and the  rights of the
Noteholders of the Series  2007-HE3  Notes under the Indenture at any time by the Issuer and the Indenture  Trustee
with the consent of the  Noteholders  of Notes  representing  a majority of the aggregate Note Balance of the Notes
then Outstanding and with prior notice to the Rating Agencies.  The Indenture also contains  provisions  permitting
the Noteholders of Notes representing  specified  percentages of the Note Balances of the Series 2007-HE3 Notes, on
behalf of the Noteholders of all Series 2007-HE3 Notes, to waive  compliance by the Issuer with certain  provisions
of the  Indenture  and certain  past  defaults  under the  Indenture  and their  consequences.  Any such consent or
waiver by the Noteholder of this Note (or any one of more  predecessor  Notes) shall be conclusive and binding upon
such  Noteholder  and upon all future  Noteholders  of this Note and of any Note  issued upon the  registration  of
transfer  hereof or in exchange  hereof or in lieu hereof whether or not notation of such consent or waiver is made
upon this Note.  The Indenture  also permits the Issuer and the  Indenture  Trustee to amend or waive certain terms
and  conditions set forth in the Indenture  without the consent of Noteholders of the Series  2007-HE3 Notes issued
thereunder but with prior notice to the Rating Agencies.

         The term "Issuer" as used in this Note includes any successor or the Issuer under the Indenture.

         The Issuer is permitted by the Indenture,  under certain circumstances,  to merge or consolidate,  subject
to the rights of the Indenture Trustee and the Noteholders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations  as provided in the Indenture,  subject to
certain limitations therein set forth.

         This Note and the  Indenture  shall be  construed  in  accordance  with the laws of the State of New York,
without  reference to its  conflicts of law  provisions,  and the  obligations,  rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

         No reference  herein to the  Indenture  and no provision of this Note or of the  Indenture  shall alter or
impair the obligation of the Issuer,  which is absolute and unconditional,  to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein prescribed.

         Anything  herein to the contrary  notwithstanding,  except as expressly  provided in the Basic  Documents,
none of Wilmington  Trust  Company in its  individual  capacity,  The Bank of New York Trust  Company,  N.A. in its
individual  capacity,  any owner of a  beneficial  interest in the  Issuer,  or any of their  respective  partners,
beneficiaries,  agents,  officers,  directors,  employees or successors or assigns shall be personally  liable for,
nor shall  recourse  be had to any of them  for,  the  payment  of  principal  of or  interest  on this Note or the
performance of, or the failure to perform, any of the covenants,  obligations or indemnifications  contained in the
Indenture.  The Noteholder of this Note, by its acceptance  hereof,  agrees that,  except as expressly  provided in
the Basic  Documents,  in the case of an Event of Default under the Indenture,  such Noteholder shall have no claim
against  any of the  foregoing  for any  deficiency,  loss or claim  therefrom;  provided,  however,  that  nothing
contained herein shall be taken to prevent recourse to, and enforcement  against,  the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

         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 the purchase price 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),  (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.

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

                                                     GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated:  ___________________

                                                     By:__________________________________________________
                                                                       Authorized Signatory

                                           CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture.

                                                     THE BANK OF NEW YORK TRUST COMPANY, N.A.,
                                                     not in its individual capacity but solely as
                                                     Indenture Trustee

Dated:  ___________________

                                                     By:__________________________________________________
                                                                       Authorized Signatory

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: _______________

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

________________________________
 (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
___________________________________________________________________________________________________________________
___________________________,  attorney,  to transfer  said Note on the books kept for  registration  thereof,  with
full power of substitution in the premises.

Dated:____________________________________           ______________________________________________________   */
                                                     Signature Guaranteed:

                                                     ______________________________________________________   */

_____________________________
*        NOTICE:  The signature to this  assignment  must  correspond  with the name of the registered  owner as it
appears on the face of the within Term Note in every  particular,  without  alteration,  enlargement  or any change
whatever.  Such signature must be guaranteed by an "eligible  guarantor  institution"  meeting the  requirements of
the Note Registrar,  which  requirements  include  membership or  participation  in STAMP or such other  "signature
guarantee  program" as may be determined by the Note Registrar in addition to, or in substitution  for, STAMP,  all
in accordance with the Securities Exchange Act of 1934, as amended.

                                                     EXHIBIT B
                                               FORM OF CLASS M NOTES

THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A NOTES AS DESCRIBED IN THE INDENTURE.

UNLESS  THIS NOTE IS  PRESENTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF THE  DEPOSITORY  TRUST  COMPANY,  A NEW YORK
CORPORATION  ("DTC"),  TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE OR PAYMENT,  AND ANY NOTE
ISSUED  IS  REGISTERED  IN THE  NAME  OF  CEDE & CO.  OR IN  SUCH  OTHER  NAME  AS IS  REQUESTED  BY AN  AUTHORIZED
REPRESENTATIVE  OF DTC (AND ANY  PAYMENT  IS MADE TO CEDE & CO.  OR TO SUCH  OTHER  ENTITY  AS IS  REQUESTED  BY AN
AUTHORIZED  REPRESENTATIVE  OF DTC),  ANY TRANSFER,  PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THE  PRINCIPAL  OF THIS  NOTE IS  PAYABLE  IN  INSTALLMENTS  AS SET  FORTH  HEREIN.  ACCORDINGLY,  THE  OUTSTANDING
PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE DOES NOT  REPRESENT  AN INTEREST IN OR  OBLIGATION  OF THE  SELLER,  THE  DEPOSITOR,  THE  SERVICER,  THE
INDENTURE TRUSTEE, THE OWNER TRUSTEE OR GMAC MORTGAGE GROUP, LLC OR ANY OF THEIR RESPECTIVE  AFFILIATES,  EXCEPT AS
EXPRESSLY PROVIDED IN THE INDENTURE OR THE OTHER BASIC DOCUMENTS.

THE HOLDER OF THIS NOTE IS DEEMED TO HAVE  REPRESENTED  THAT THE  ACQUISITION  OF THIS NOTE BY THE HOLDER  DOES NOT
CONSTITUTE OR GIVE RISE TO A PROHIBITED  TRANSACTION  UNDER  SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE,  FOR
WHICH NO STATUTORY, REGULATORY OR ADMINISTRATIVE EXEMPTION IS AVAILABLE.

GMACM Home Equity Loan-Backed Term Note, Class M-[ ]

Registered

Initial Note Balance:  $_____________.00

No. M-__

Note Rate:  Fixed

CUSIP NO. __________

                                       GMACM HOME EQUITY LOAN TRUST 2007-HE3

         GMACM Home Equity Loan Trust  2007-HE3,  a statutory  trust duly  organized and existing under the laws of
the State of Delaware  (herein referred to as the "Issuer"),  for value received,  hereby promises to pay to Cede &
Co.  or its  registered  assigns,  the  principal  sum of  _______________________________________________  Dollars
($__________),  payable on each Payment Date in an amount equal to the pro rata portion  allocable hereto (based on
the Initial Note  Balance  specified  above and the Initial Note Balance of all Class M-__ Notes) of the  aggregate
amount,  if any,  payable from the Note Payment  Account in respect of principal of the Class M Notes (the "Notes")
pursuant to Section 3.05 of the indenture  dated as of October 26, 2007 (the  "Indenture"),  between the Issuer and
The Bank of New York  Trust  Company,  National  Association,  as  indenture  trustee  (the  "Indenture  Trustee");
provided,  however,  that the entire unpaid  principal  amount of this Note shall be due and payable on the Payment
Date in September  2037, to the extent not previously paid on a prior Payment Date.  Capitalized  terms used herein
that are not otherwise defined shall have the meanings ascribed thereto in Appendix A to the Indenture.

         Interest on the Notes will be paid  monthly on each  Payment  Date at the Note Rate for the related  Class
of Notes for the  Interest  Period.  The Note  Rate for each  Interest  Period  will be a fixed  rate  equal to the
lesser of a per annum rate equal to (i)  7.500% and (ii) the Class M Net WAC Cap Rate.  Interest  on this Note will
accrue for each  Payment  Date from the most recent  Payment  Date on which  interest has been paid (in the case of
the first Payment Date,  from the Closing  Date) to but excluding  such Payment Date.  Interest will be computed on
the basis of a thirty day month in each  Interest  Period and a year  assumed to consist of 360 days.  Principal of
and interest on this Note shall be paid in the manner specified on the reverse hereof.

         Principal  of and  interest  on this Note are  payable in such coin or  currency  of the United  States of
America as at the time of payment is legal tender for payment of public and private  debts.  All  payments  made by
the Issuer with  respect to this Note shall be applied  first to interest  due and payable on this Note as provided
above and then to the unpaid principal of this Note.

         Reference  is made to the further  provisions  of this Note set forth on the reverse  hereof,  which shall
have the same effect as though fully set forth on the face of this Note.

         Unless the  certificate  of  authentication  hereon has been executed by the Indenture  Trustee whose name
appears below by manual signature,  this Note shall not be entitled to any benefit under the Indenture  referred to
on the reverse hereof, or be valid or obligatory for any purpose.

         This Note is one of a duly  authorized  issue of Notes of the Issuer,  designated as its GMACM Home Equity
Loan-Backed Term Notes,  Series 2007-HE3 (the "Series 2007-HE3  Notes"),  all issued under the Indenture,  to which
Indenture  and all  indentures  supplemental  thereto  reference is hereby made for a statement  of the  respective
rights and obligations  thereunder of the Issuer,  the Indenture Trustee and the Noteholders of the Series 2007-HE3
Notes.  The Series 2007-HE3 Notes are subject to all terms of the Indenture.

         The Series  2007-HE3  Notes are and will be equally  and  ratably  secured  by the  collateral  pledged as
security therefor as provided in the Indenture.

         Principal of and interest on this Note will be payable on each Payment  Date,  commencing  on November 26,
2007, as described in the  Indenture.  "Payment  Date" means the  twenty-fifth  day of each month,  or, if any such
date is not a Business Day, then the next succeeding Business Day.

         The entire  unpaid  principal  amount of this Note shall be due and payable in full on the Payment Date in
September  2037  pursuant  to  the  Indenture,  to  the  extent  not  previously  paid  on a  prior  Payment  Date.
Notwithstanding  the foregoing,  if an Event of Default shall have occurred and be  continuing,  then the Indenture
Trustee or the  Noteholders  of Notes  representing  not less than a majority of the aggregate  Note Balance of the
Notes may  declare  the Notes to be  immediately  due and  payable in the manner  provided  in Section  5.02 of the
Indenture.  All  principal  payments  on the  Notes  shall be made pro rata to the  Noteholders  of Notes  entitled
thereto.

         Any  installment  of interest or principal,  if any,  payable on any Note that is punctually  paid or duly
provided  for by the  Issuer  on the  applicable  Payment  Date  shall  be paid to the  related  Noteholder  on the
preceding  Record  Date,  by wire  transfer  to an  account  specified  in writing  by such  Noteholder  reasonably
satisfactory  to the  Indenture  Trustee as of the  preceding  Record  Date or, if no such  instructions  have been
delivered  to the  Indenture  Trustee,  by check or money  order to such  Noteholder  mailed  to such  Noteholder's
address as it appears in the Note  Register,  the amount  required to be  distributed  to such  Noteholder  on such
Payment Date pursuant to such Noteholder's Notes;  provided,  however,  that the Indenture Trustee shall not pay to
such  Noteholder  any amount  required to be withheld from a payment to such  Noteholder by the Code. Any reduction
in the principal  amount of this Note (or any one or more  predecessor  Notes) effected by any payments made on any
Payment  Date  shall  be  binding  upon all  future  Noteholders  of this  Note  and of any  Note  issued  upon the
registration  of transfer  hereof or in exchange  hereof or in lieu hereof,  whether or not noted hereon.  If funds
are  expected to be  available,  as provided in the  Indenture,  for payment in full of the then  remaining  unpaid
principal  amount of this Note on a Payment Date, then the Indenture  Trustee,  in the name of and on behalf of the
Issuer,  will  notify the Person who was the  registered  Noteholder  hereof as of the Record Date  preceding  such
Payment Date by notice mailed or transmitted  by facsimile  prior to such Payment Date, and the amount then due and
payable  shall be payable  only upon  presentation  and  surrender  of this Note at the address  specified  in such
notice of final payment.

         As provided in the Indenture and subject to certain  limitations  set forth therein,  the transfer of this
Note may be  registered  on the Note  Register  upon  surrender  of this Note for  registration  of transfer at the
Corporate  Trust Office of the Indenture  Trustee,  duly  endorsed by, or  accompanied  by a written  instrument of
transfer  in  form  satisfactory  to the  Indenture  Trustee  duly  executed  by,  the  Noteholder  hereof  or such
Noteholder's  attorney  duly  authorized  in writing,  with such  signature  guaranteed  by an "eligible  guarantor
institution"   meeting  the  requirements  of  the  Note  Registrar,   which  requirements  include  membership  or
participation in the Securities  Transfer Agent's Medallion  Program  ("STAMP") or such other "signature  guarantee
program" as may be  determined  by the Note  Registrar  in  addition  to, or in  substitution  for,  STAMP,  all in
accordance with the Exchange Act, and thereupon one or more new Notes in authorized  denominations  and in the same
aggregate  principal amount will be issued to the designated  transferee or transferees.  No service charge will be
charged for any  registration  of transfer or exchange of this Note, but the Note Registrar  shall require  payment
of a sum  sufficient  to  cover  any tax or  governmental  charge  that  may be  imposed  in  connection  with  any
registration of transfer or exchange of this Note.

         Each  Noteholder  or  Beneficial  Owner  of a Note,  by its  acceptance  of a Note,  or,  in the case of a
Beneficial  Owner of a Note, a beneficial  interest in a Note,  covenants and agrees that no recourse may be taken,
directly  or  indirectly,  with  respect to the  obligations  of the Issuer,  the Owner  Trustee,  the Seller,  the
Servicer,  the Depositor or the Indenture  Trustee on the Notes or under the Indenture or any  certificate or other
writing  delivered  in  connection  therewith,  against  (i) the  Indenture  Trustee  or the Owner  Trustee  in its
individual  capacity,  (ii) any  owner  of a  beneficial  interest  in the  Issuer  or (iii)  any  partner,  owner,
beneficiary,  agent, officer,  director or employee of the Indenture Trustee or the Owner Trustee in its individual
capacity,  any holder of a beneficial  interest in the Issuer, the Owner Trustee or the Indenture Trustee or of any
successor or assign of the Indenture  Trustee or the Owner Trustee in its individual  capacity,  except as any such
Person may have expressly agreed and except that any such partner,  owner or beneficiary  shall be fully liable, to
the extent  provided by applicable  law for any unpaid  consideration  for stock,  unpaid capital  contribution  or
failure to pay any installment or call owing to such entity.

         Each  Noteholder  or  Beneficial  Owner  of a Note,  by its  acceptance  of a Note  or,  in the  case of a
Beneficial  Owner of a Note, a beneficial  interest in a Note,  covenants  and agrees by accepting  the benefits of
the Indenture that such Noteholder or Beneficial  Owner will not at any time institute  against the Depositor,  the
Seller,  the Servicer,  GMAC Mortgage GROUP, LLC or the Issuer,  or join in any institution  against the Depositor,
the Seller, the Servicer, GMAC Mortgage Group, LLC or the Issuer of, any bankruptcy,  reorganization,  arrangement,
insolvency  or  liquidation  proceedings  under any United  States  federal or state  bankruptcy  or similar law in
connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture and this Note is issued with the  intention  that,  for federal,
state and local income,  single business and franchise tax purposes,  the Notes will qualify as indebtedness of the
Issuer.  Each  Noteholder,  by its acceptance of a Note (and each Beneficial Owner of a Note by its acceptance of a
beneficial  interest in a Note),  agrees to treat the Notes for federal,  state and local income,  single  business
and franchise tax purposes as indebtedness of the Issuer.

         Prior to the due  presentment  for  registration  of transfer  of this Note,  the  Issuer,  the  Indenture
Trustee  and any agent of the Issuer or the  Indenture  Trustee may treat the Person in the name of which this Note
is registered  (as of the day of  determination  or as of such other date as may be specified in the  Indenture) as
the owner  hereof for all  purposes,  whether or not this Note be overdue,  and none of the Issuer,  the  Indenture
Trustee or any such agent shall be affected by notice to the contrary.

         The  Indenture  permits,  with  certain  exceptions  therein  provided,  the  amendment  thereof  and  the
modification  of the  rights  and  obligations  of the  Issuer  and the  Indenture  Trustee  and the  rights of the
Noteholders of the Series  2007-HE3  Notes under the Indenture at any time by the Issuer and the Indenture  Trustee
and the  Noteholders of Notes  representing a majority of the aggregate Note Balance of the Notes then  Outstanding
and with prior notice to the Rating  Agencies.  The Indenture also contains  provisions  permitting the Noteholders
of Notes  representing  specified  percentages of the Note Balances of the Series  2007-HE3 Notes, on behalf of the
Noteholders  of all Series  2007-HE3  Notes,  to waive  compliance  by the Issuer with  certain  provisions  of the
Indenture and certain past  defaults  under the  Indenture  and their  consequences.  Any such consent or waiver by
the  Noteholder  of this Note (or any one of more  predecessor  Notes)  shall be  conclusive  and binding upon such
Noteholder and upon all future  Noteholders of this Note and of any Note issued upon the  registration  of transfer
hereof or in exchange  hereof or in lieu  hereof  whether or not  notation  of such  consent or waiver is made upon
this Note.  The  Indenture  also permits the Issuer and the  Indenture  Trustee to amend or waive certain terms and
conditions  set forth in the  Indenture  without the consent of  Noteholders  of the Series  2007-HE3  Notes issued
thereunder but with prior notice to the Rating Agencies.

         The term "Issuer" as used in this Note includes any successor or the Issuer under the Indenture.

         The Issuer is permitted by the Indenture,  under certain circumstances,  to merge or consolidate,  subject
to the rights of the Indenture Trustee and the Noteholders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations  as provided in the Indenture,  subject to
certain limitations therein set forth.

         This Note and the  Indenture  shall be  construed  in  accordance  with the laws of the State of New York,
without  reference to its  conflicts of law  provisions,  and the  obligations,  rights and remedies of the parties
hereunder and thereunder shall be determined in accordance with such laws.

         No reference  herein to the  Indenture  and no provision of this Note or of the  Indenture  shall alter or
impair the obligation of the Issuer,  which is absolute and unconditional,  to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein prescribed.

         Anything  herein to the contrary  notwithstanding,  except as expressly  provided in the Basic  Documents,
none of Wilmington  Trust  Company in its  individual  capacity,  The Bank of New York Trust  Company,  N.A. in its
individual  capacity,  any owner of a  beneficial  interest in the  Issuer,  or any of their  respective  partners,
beneficiaries,  agents,  officers,  directors,  employees or successors or assigns shall be personally  liable for,
nor shall  recourse  be had to any of them  for,  the  payment  of  principal  of or  interest  on this Note or the
performance of, or the failure to perform, any of the covenants,  obligations or indemnifications  contained in the
Indenture.  The Noteholder of this Note, by its acceptance  hereof,  agrees that,  except as expressly  provided in
the Basic  Documents,  in the case of an Event of Default under the Indenture,  such Noteholder shall have no claim
against  any of the  foregoing  for any  deficiency,  loss or claim  therefrom;  provided,  however,  that  nothing
contained herein shall be taken to prevent recourse to, and enforcement  against,  the assets of the Issuer for any
and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

         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 the purchase price 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),  (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.

                                             [Signature Page Follows]

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

                                                     GMACM HOME EQUITY LOAN TRUST 2007-HE3

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

Dated:  __________________

                                                     By:____________________________________________________
                                                                       Authorized Signatory

CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture.

                                                     THE BANK OF NEW YORK TRUST COMPANY, N.A.,
                                                     not in its individual capacity but solely as
                                                     Indenture Trustee

                                                     By:__________________________________________________
                                                                       Authorized Signatory

Dated: __________________

                                                    ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee: _______________

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

______________________________________________________________________________________________________________________
                                               (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
______________________________________________________________________________________________________________________
______________________________________________________________________________________________________________________,

attorney,  to transfer said Note on the books kept for  registration  thereof,  with full power of  substitution in
the premises.

Dated:___________________________________                     ______________________________________________________   */
                                                              Signature Guaranteed:

                                                              ______________________________________________________   */

*        NOTICE:  The signature to this assignment must correspond with the name of the registered owner as it
appears on the face of the within Note in every particular, without alteration, enlargement or any change
whatever. Such signature must be guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in STAMP or such other "signature
guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

                                                    APPENDIX A

                                                    DEFINITIONS

         Accrued  Certificate  Interest:  With respect to the Class SB  Certificates,  interest  accrued during the
related Interest Period at the Certificate Rate for such Certificate on its Notional Amount for such Payment Date.

         Adverse REMIC Event:  As defined in Section 11.01(f) of the Indenture.

         Affiliate:  With  respect to any Person,  any other  Person  controlling,  controlled  by or under  common
control  with such Person.  For purposes of this  definition,  "control"  means the power to direct the  management
and policies of a Person,  directly or indirectly,  whether through ownership of voting securities,  by contract or
otherwise and "controlling" and "controlled" shall have meanings correlative to the foregoing.

         Appraised Value:  With respect to any Mortgaged  Property,  either (x) the value as generally set forth in
an appraisal of such  Mortgaged  Property  used to establish  compliance  with the  underwriting  criteria  then in
effect in connection with the application for the Mortgage Loan secured by such Mortgaged  Property,  or (y) if the
sales price of such Mortgaged  Property is considered in accordance with the  underwriting  criteria  applicable to
the  related  Mortgage  Loan,  the lesser of (i) the  appraised  value  referred to in (x) above and (ii) the sales
price of such Mortgaged Property.

         Assignment of Mortgage:  With respect to any  Mortgage,  an  assignment,  notice of transfer or equivalent
instrument,  in recordable  form,  sufficient  under the laws of the  jurisdiction  in which the related  Mortgaged
Property  is  located  to reflect  the  conveyance  of such  Mortgage,  which  assignment,  notice of  transfer  or
equivalent  instrument  may be in the  form  of one or more  blanket  assignments  covering  Mortgages  secured  by
Mortgaged Properties located in the same jurisdiction.

         Authorized  Newspaper:  A newspaper of general  circulation  in the Borough of Manhattan,  The City of New
York,  printed in the English language and customarily  published on each Business Day, whether or not published on
Saturdays, Sundays or holidays.

         Authorized  Officer:  With respect to the Issuer,  any officer of the Owner  Trustee who is  authorized to
act for the Owner  Trustee  in matters  relating  to the Issuer  and who is  identified  on the list of  Authorized
Officers  delivered  by the  Owner  Trustee  to the  Indenture  Trustee  on the  Closing  Date (as such list may be
modified or supplemented from time to time thereafter).

         Bankruptcy Code:  The Bankruptcy Code of 1978, as amended.

         Basic Documents:  The Trust Agreement,  the Indenture,  the Purchase Agreement,  the Servicing  Agreement,
the Custodial Agreement and the other documents and certificates delivered in connection with any of the above.

         Beneficial  Owner:  With  respect  to any Note,  the Person  who is the  beneficial  owner of such Note as
reflected on the books of the Depository or on the books of a Person  maintaining  an account with such  Depository
(directly as a Depository  Participant  or indirectly  through a Depository  Participant,  in  accordance  with the
rules of such Depository).

         Billing  Cycle:  With respect to any Mortgage Loan and Due Date,  the calendar  month  preceding  such Due
Date.

         Book-Entry  Notes:  Beneficial  interests  in the Notes,  ownership  and  transfers of which shall be made
through book entries by the Depository as described in Section 4.06 of the Indenture.

         Business  Day: Any day other than (i) a Saturday or a Sunday or (ii) a day on which  banking  institutions
in the States of New York,  Pennsylvania,  Delaware or any State in which the  Corporate  Trust Office are required
or authorized by law to be closed.

         Certificate  Balance:  With respect to any Payment Date and the Class SB Certificates,  an amount equal to
the then applicable  Certificate  Percentage Interest of such Certificate  multiplied by the  Overcollateralization
Amount.

         Certificate  Distribution  Amount:  For  any  Payment  Date,  the  amount,  if any,  distributable  on the
Certificates for such Payment Date pursuant to Section 3.05(a)(xv) of the Indenture.

         Certificate of Trust:  The  Certificate of Trust filed for the Trust  pursuant to  Section 3810(a)  of the
Statutory Trust Statute.

         Certificate  Paying Agent:  The Certificate  Paying Agent appointed  pursuant to Section 3.10 of the Trust
Agreement.  Initially the Indenture Trustee has been appointed as the Certificate Paying Agent.

         Certificate  Percentage  Interest:  With respect to any Payment Date and any  Certificate,  the Percentage
Interest for such Certificate.

         Certificate  Rate: With respect to the Class SB Certificates  and REMIC III Regular Interest SB-IO and any
Payment  Date, a rate per annum equal to the  percentage  equivalent  of a fraction,  the numerator of which is the
sum of the amounts  calculated  pursuant to clauses (i) through (viii) below,  and the  denominator of which is the
aggregate  Uncertificated  Principal  Balance of the REMIC II Regular  Interests.  For purposes of calculating  the
Certificate  Rate for the Class SB Certificates  and REMIC III Regular  Interest  SB-IO,  the numerator is equal to
the sum of the following components:

         (i)      the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT1 minus the SB-IO  Marker  Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LT1;

         (ii)     the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT2 minus the SB-IO  Marker  Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LT2;

         (iii)    the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT4 minus  twice the SB-IO  Marker
Rate, applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LT4;

         (iv)     the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LTY-1 minus the SB-IO Marker Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LTY-1;

         (v)      the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT5 minus the SB-IO  Marker  Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LT5;

         (vi)     the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT6 minus the SB-IO  Marker  Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LT6;

         (vii)    the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LT8 minus  twice the SB-IO  Marker
Rate,  applied to a notional  amount equal to the  Uncertificated  Principal  Balance of REMIC II Regular  Interest
LT8; and

         (viii)   the REMIC II  Remittance  Rate for REMIC II Regular  Interest  LTY-2 minus the SB-IO Marker Rate,
applied to a notional amount equal to the Uncertificated Principal Balance of REMIC II Regular Interest LTY-2.

         Certificate  Register:  The register  maintained  by the  Certificate  Registrar in which the  Certificate
Registrar shall provide for the registration of Certificates and of transfers and exchanges of Certificates.

         Certificate  Registrar:  The  Certificate  Registrar  appointed  pursuant  to  Section 3.05  of the  Trust
Agreement.  Initially the Indenture Trustee has been appointed as the Certificate Registrar.

         Certificateholder:  The Person in whose name a  Certificate  is  registered  in the  Certificate  Register
except that, any Certificate  registered in the name of the Issuer,  the Owner Trustee or the Indenture  Trustee or
any  Affiliate  of the Owner  Trustee  or the  Indenture  Trustee  shall be deemed  not to be  outstanding  and the
registered  holder  will not be  considered  a  Certificateholder  for  purposes  of giving  any  request,  demand,
authorization,  direction, notice, consent or waiver under the Indenture or the Trust Agreement;  provided that, in
determining  whether  the  Indenture  Trustee or the Owner  Trustee  shall be  protected  in relying  upon any such
request,  demand,  authorization,  direction,  notice,  consent or waiver,  only  Certificates  that the  Indenture
Trustee or the Owner Trustee knows to be so owned shall be so disregarded.  Owners of  Certificates  that have been
pledged in good faith may be regarded as  Certificateholders  if the pledgee establishes to the satisfaction of the
Indenture  Trustee or the Owner  Trustee,  as the case may be, the  pledgee's  right so to act with respect to such
Certificates  and that the pledgee is not the Issuer,  any other obligor upon the  Certificates or any Affiliate of
the Owner Trustee or the Indenture Trustee.

         Certificates:  Collectively, the Class R and the Class SB Certificates.

         Class:  With respect to any Note, all Notes that bear the same Class  designation,  (i.e., the Class I-A-1
Notes as a group,  Class I-A-2 Notes as a group,  Class  II-A-1  Notes as a group,  Class  II-A-2 Notes as a group,
Class M-1 Notes as a group and Class M-2 Notes as a group).  With  respect  to any  Certificate,  all  Certificates
that bear the same Class  designation,  (i.e.,  the Class SB Certificates as a group,  Class R-I  Certificates as a
group,  Class R-II  Certificates as a group and Class R-III  Certificates as a group).  With respect to any Regular
Interest, all Regular Interests that bear the same class designation.

         Class I-A-1  Notes:  The Class  I-A-1  GMACM Home Equity  Loan-Backed  Term  Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class I-A-2  Notes:  The Class  I-A-2  GMACM Home Equity  Loan-Backed  Term  Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class II-A-1  Notes:  The Class II-A-1  GMACM Home Equity  Loan-Backed  Term Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class II-A-2  Notes:  The Class II-A-2  GMACM Home Equity  Loan-Backed  Term Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class A Notes:  Collectively,  the Class I-A-1  Notes,  Class I-A-2  Notes,  Class  II-A-1 Notes and Class
II-A-2 Notes.

         Class A Principal  Distribution  Amount:  With  respect to any Payment  Date that is prior to the Stepdown
Date or on or after the  Stepdown  Date if a Trigger  Event is in effect,  the  Principal  Collection  Distribution
Amount for such Payment  Date.  With respect to any Payment Date on or after the Stepdown  Date if a Trigger  Event
is not in effect as of such Payment Date, the lesser of (a) the Principal  Collection  Distribution Amount for such
Payment  Date and (b) the excess of (i) the  aggregate  Note  Balance of the Class A Notes as of such  Payment Date
prior to any  distributions  thereon  over (ii) the lesser of (x) the product of (1) the  applicable  Subordination
Percentage  and (2) the Pool Balance after giving effect to  distributions  to be made on such Payment Date and (y)
the  Pool  Balance  after  to  giving  effect  to   distributions  to  be  made  on  such  Payment  Date  less  the
Overcollateralization Floor.

         Class M Net WAC Cap  Rate:  With  respect  to any  Payment  Date and the Class M Notes,  a per annum  rate
equal to the  weighted  average of (i) the Group I Net WAC Rate and (ii)  Group II  Net WAC Rate,  weighted  on the
basis of the related Subordinate Component.

         Class M Notes:  Together, the Class M-1 Notes and Class M-2 Notes.

         Class  M-1  Notes:  The  Class  M-1  GMACM  Home  Equity  Loan-Backed  Term  Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class M-1 Principal  Distribution  Amount:  With respect to any Payment Date that is prior to the Stepdown
Date or on or after  the  Stepdown  Date if a  Trigger  Event is in  effect,  the  remaining  Principal  Collection
Distribution  Amount for such Payment Date after the  distribution  of the Class A Principal  Distribution  Amount.
With  respect to any  Payment  Date on or after the  Stepdown  Date if a Trigger  Event is not in effect as of such
Payment  Date,  the lesser of (a) the  remaining  Principal  Collection  Distribution  Amount for such Payment Date
after the  distribution of the Class A Principal  Distribution  Amount and (b) the excess of (i) the aggregate Note
Balance  of the Class A Notes as of such  Payment  Date  after any  distributions  on such  Notes and (ii) the Note
Balance of the Class M 1 Notes as of such  Payment Date prior to any  distributions  thereon over (A) the lesser of
(x) the product of (1) the  applicable  Subordination  Percentage  and (2) the Pool Balance  after giving effect to
distributions  to be made on such Payment Date and (y) the Pool Balance after to giving effect to  distributions to
be made on such Payment Date less the Overcollateralization Floor.

         Class  M-2  Notes:  The  Class  M-2  GMACM  Home  Equity  Loan-Backed  Term  Notes,  Series  2007-HE3,  in
substantially the form set forth in Exhibit A-1 to the Indenture.

         Class M-2 Principal  Distribution  Amount:  With respect to any Payment Date that is prior to the Stepdown
Date or on or after  the  Stepdown  Date if a  Trigger  Event is in  effect,  the  remaining  Principal  Collection
Distribution  Amount for such Payment Date after the distribution of the Class A Principal  Distribution Amount and
the Class M 1 Principal  Distribution  Amount.  With respect to any Payment Date on or after the Stepdown Date if a
Trigger  Event is not in effect as of such  Payment  Date,  the lesser of (a) the  remaining  Principal  Collection
Distribution  Amount for such Payment Date after the distribution of the Class A Principal  Distribution Amount and
the Class M-1 Principal  Distribution  Amount and (b) the excess of (i) the  aggregate  Note Balance of the Class A
Notes and the Class M-1 Notes as of such  Payment  Date  after any  distributions  on such  Notes and (ii) the Note
Balance of the Class M-2 Notes as of such  Payment Date prior to any  distributions  thereon over (A) the lesser of
(x) the product of (1) the  applicable  Subordination  Percentage  and (2) the Pool Balance  after giving effect to
distributions  to be made on such Payment Date and (y) the Pool Balance after to giving effect to  distributions to
be made on such Payment Date less the Overcollateralization Floor.

         Class  Principal  Balance:  For each Class of Notes,  the Initial Note Balance  thereof as reduced on each
successive  Payment Date by principal  distributed in respect thereof on such Payment Date pursuant to Section 3.03
of the Servicing Agreement and Section 3.05 of the Indenture.

         Class R Certificates:  The Class R-I Certificates,  Class R-II Certificates and Class R-III  Certificates,
each as  substantially  in the form of Exhibit I to the Trust Agreement and entitled to  distributions  as provided
in the Trust Agreement.

         Class SB  Certificates:  The Class SB  Certificates  substantially  in the form of  Exhibit A to the Trust
Agreement and entitled to distributions as provided in the Trust Agreement.

         Class SB Distribution  Amount: On any Payment Date, the sum of (i) Accrued  Certificate  Interest for such
Payment Date, (ii) the amounts  payable to the  Certificates  pursuant to Section  3.05(a)(ix) of the Indenture and
(iii) the  Overcollateralization  Release Amount, if any, for the Determination  Date related to such Payment Date,
reduced,  but not below zero,  by the  Liquidation  Loss  Distribution  Amount and  Overcollateralization  Increase
Amount for such Payment Date, all of the foregoing done without double counting either in addition or subtraction.

         Closing Date: October 26, 2007.

         Code:  The  Internal  Revenue  Code of  1986,  as  amended,  and the  rules  and  regulations  promulgated
thereunder.

         Collateral:  The meaning specified in the Granting Clause of the Indenture.

         Collection  Period:  With respect to any Mortgage Loan and Payment Date, the calendar month  preceding any
such Payment Date.

         Collections:  With respect to any Collection  Period, all Interest  Collections and Principal  Collections
during such Collection Period.

         Combined  Loan-to-Value  Ratio or CLTV:  With respect to each  Mortgage  Loan,  the ratio,  expressed as a
percentage,  of the sum of (i) the  initial  principal  balance of such  Mortgage  Loan,  and (ii) any  outstanding
principal  balance,  at origination of such Mortgage Loan, of all other mortgage loans,  if any,  secured by senior
liens on the related Mortgaged Property, to the Appraised Value, or, when not available, the Stated Value.

         Commission:  The Securities and Exchange Commission.

         Corporate  Trust  Office:  With  respect to the  Indenture  Trustee,  Certificate  Registrar,  Certificate
Paying Agent and Paying Agent,  the principal  corporate  trust office of the Indenture  Trustee and Note Registrar
at which at any particular  time its corporate  trust business shall be  administered,  which office at the date of
the execution of this instrument is located at 4 New York Plaza,  6th Floor,  New York, New York 10004,  Attention:
Worldwide  Securities  Services/Structured  Finance  Services—GMACM  Series  2007-HE3.  With  respect  to the Owner
Trustee,  the principal  corporate  trust office of the Owner Trustee at which at any particular time its corporate
trust  business  shall be  administered,  which  office at the date of the  execution  of this Trust  Agreement  is
located at Rodney Square North, 1100 North Market Street,  Wilmington,  Delaware 19890, Attention:  Corporate Trust
Administration.

         Custodial  Account:  The  account  or  accounts  created  and  maintained  by  the  Servicer  pursuant  to
Section 3.02(b)  of the Servicing  Agreement,  in which the Servicer shall deposit or cause to be deposited certain
amounts in respect of the Mortgage Loans.

         Custodial  Agreement:  The  Custodial  Agreement,  dated  the  Closing  Date,  among  the  Custodian,  the
Indenture  Trustee,  the Issuer and the  Servicer  relating  to the custody of the  Mortgage  Loans and the Related
Documents.

         Custodian:  GMAC Bank and its successors and assigns, as applicable  pursuant to the Custodial  Agreement,
or any other  successor  custodian  of the  Mortgage  Files  appointed  by the  Indenture  Trustee  and  reasonably
acceptable to the Servicer.

         Cut-Off Date:  October 1, 2007.

         Cut-Off Date Principal  Balance:  With respect to any Mortgage Loan, the unpaid principal  balance thereof
as of the close of business on the last day of the Billing Cycle immediately prior to the Cut-Off Date.

         Default:  Any  occurrence  which is or with  notice or the lapse of time or both would  become an Event of
Default.

         Definitive Notes:  Any definitive, fully registered Note, as described in Section 4.06 of the Indenture.

         Deleted Loan:  A Mortgage Loan replaced or to be replaced with an Eligible Substitute Loan.

         Delinquent:  As used herein,  a Mortgage  Loan is  considered  to be: "30 to 59 days" or "30 or more days"
delinquent  when a payment due on any  scheduled  due date  remains  unpaid as of the close of business on the next
following  monthly due date.  Since the  determination as to whether a Mortgage Loan falls into these categories is
made as of the close of business on the last  business  day of each  month,  a Mortgage  Loan with a payment due on
July 1 that  remained  unpaid as of the close of business on July 31 would still be  considered  current as of July
31. If that  payment  remained  unpaid as of the close of  business on August 31, the  Mortgage  Loan would then be
considered  30-59 days  delinquent.  Delinquency  information  as of the Cut-off Date is determined and prepared as
of the close of business on the last business day immediately prior to the Cut-off Date.

         Delinquency  Percentages:  With  respect to any Payment  Date,  the  percentage  equivalent  of a fraction
(A) the  numerator of which is the  Principal  Balance that are  Delinquent  for 60 days or more as of such Payment
Date and  (B) the  denominator  of which is the Pool  Balance,  in each  case as of the  beginning  of the  related
Collection Period, expressed as a percentage.

         Depositor:  Residential  Asset  Mortgage  Products,  Inc.,  a Delaware  corporation,  or its  successor in
interest.

         Depository:  The  Depository  Trust  Company or a successor  appointed by the  Indenture  Trustee with the
approval  of the Issuer.  Any  successor  to the  Depository  shall be an  organization  registered  as a "clearing
agency" pursuant to Section 17A of the Exchange Act and the regulations of the Commission thereunder.

         Depository  Participant:  A  Person  for  whom,  from  time to time,  the  Depository  effects  book-entry
transfers and pledges of securities deposited with the Depository.

         Determination  Date:  With  respect to any Payment  Date,  the 18th day of the month in which such Payment
Date occurs or if such day is not a Business Day, the next succeeding Business Day.

         Disqualified  Organization:  Any  organization  defined as a  "disqualified  organization"  under  Section
860E(e)(5) of the Code, and if not otherwise  included,  any of the following:  (i) the United States, any State or
political  subdivision  thereof,  any possession of the United States, or any agency or  instrumentality  of any of
the foregoing  (other than an  instrumentality  which is a corporation  if all of its activities are subject to tax
and,  except for Freddie  Mac, a majority of its board of directors  is not  selected by such  governmental  unit),
(ii) a  foreign  government,  any  international  organization,  or any  agency  or  instrumentality  of any of the
foregoing,  (iii) any organization (other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt  from the tax  imposed by Chapter 1 of the Code  (including  the tax  imposed by Section 511 of the
Code on unrelated  business taxable income),  (iv) rural electric and telephone  cooperatives  described in Section
1381(a)(2)(C)  of the Code,  (v) any "electing  large  partnership,"  as defined in Section  775(a) of the Code and
(vi) any other  Person so  designated  by the  Trustee  based upon an Opinion  of  Counsel  that the  holding of an
Ownership  Interest  in a Class R  Certificate  by such Person may cause the Trust  Estate or any Person  having an
Ownership  Interest in any Class of Certificates  (other than such Person) to incur a liability for any federal tax
imposed  under the Code that would not  otherwise  be imposed but for the  Transfer of an  Ownership  Interest in a
Class R Certificate to such Person.  The terms "United  States,"  "State" and  "international  organization"  shall
have the meanings set forth in Section 7701 of the Code or successor provisions.

         Distribution  Account:  The account or accounts  created and  maintained by the  Certificate  Paying Agent
pursuant to  Section 3.10(c)  of the Trust Agreement.  The Certificate  Paying Agent will make all distributions on
the Certificates from money on deposit in the Distribution Account.

         Due Date:  With respect to each Mortgage  Loan,  the date on which monthly  payments on such Mortgage Loan
are due.

         Eligible  Account:  An  account  that  is  any  of  the  following:   (i)  maintained  with  a  depository
institution  the short-term  debt  obligations of which have been rated by each Rating Agency in its highest rating
category available,  or (ii) an account or accounts  maintained with a depository  institution or trust company, as
long  as its  short-term  debt  obligations  are  rated  P-1 by  Moody's,  and A-2 by  Standard  &  Poor's  (or the
equivalent) or better by each Rating  Agency,  and its long term debt  obligations  are rated A2 by Moody's and AA-
by Standard & Poor's (or the  equivalent) or better by each Rating  Agency;  provided that if on any day the rating
of such depository  institution  falls below Standard & Poor's rating of A-2, such depository  institution  will be
replaced  within 30 days of such day, or (iii) a segregated  trust account or accounts  maintained in the corporate
trust division of a depository  institution or trust company,  acting in its fiduciary capacity, or (iv) an account
or accounts of a depository  institution  acceptable  to each Rating Agency (as evidenced in writing by each Rating
Agency that use of any such account will not cause a Rating Event.

         Eligible  Substitute  Loan: A Mortgage Loan  substituted by the Seller for a Deleted Loan,  which must, on
the date of such substitution,  as confirmed in an Officers'  Certificate  delivered to the Indenture Trustee,  (i)
have an outstanding  principal balance,  after deduction of the principal portion of the monthly payment due in the
month of  substitution  (or in the case of a  substitution  of more than one Mortgage  Loan for a Deleted  Mortgage
Loan,  an  aggregate  outstanding  principal  balance,  after  such  deduction),  not in excess of the  outstanding
principal  balance of the Deleted Loan (the amount of any  shortfall to be deposited by the Seller in the Custodial
Account in the month of  substitution);  (ii) comply  with each  representation  and warranty made by GMACM and set
forth in Section 3.1(b) of the Purchase Agreement,  other than clauses (viii),  (xiii),  (xxiv),  (xxv)(B),  (xxvi)
and (xxvii)  thereof,  and comply with each of the  representations  and warranties made by WG Trust 2003 set forth
in  Section 3.1(d)(II)  of the Purchase Agreement,  as of the date of substitution;  (iii) have a Loan Rate and Net
Loan Rate no lower than and not more than 1% per annum  higher than the Loan Rate and Net Loan Rate,  respectively,
of the Deleted Loan as of the date of  substitution;  (iv) have a CLTV at the time of  substitution  no higher than
that of the Deleted  Loan at the time of  substitution;  (v) have a remaining  term to stated  maturity not greater
than (and not more than one year less than) that of the Deleted Loan; and (vi) not be 30 days or more delinquent.

         ERISA:  The Employee Retirement Income Security Act of 1974, as amended.

         Event of Default:  With respect to the  Indenture,  any one of the following  events  (whatever the reason
for such Event of Default and whether it shall be  voluntary or  involuntary  or be effected by operation of law or
pursuant to any judgment,  decree or order of any court or any order,  rule or regulation of any  administrative or
governmental body):

         (a)  a default in the payment of the  principal  of, any  installment  of the  principal of or interest on
any Note when the same becomes due and payable, and such default shall continue for a period of five days;

         (b)  there occurs a default in the observance or  performance  in any material  respect of any covenant or
agreement  of the Issuer  made in the  Indenture,  or any  representation  or  warranty  of the Issuer  made in the
Indenture  or in any  certificate  delivered  pursuant  hereto  or in  connection  herewith  proving  to have  been
incorrect  in any  material  respect as of the time when the same shall have been made that has a material  adverse
effect on the  Noteholders,  and such default shall continue or not be cured,  or the  circumstance or condition in
respect of which such  representation  or warranty was incorrect shall not have been eliminated or otherwise cured,
for a period of 30 days after there shall have been given,  by registered  or certified  mail, to the Issuer by the
Indenture  Trustee or to the Issuer and the Indenture  Trustee by the  Noteholders of at least 25% of the aggregate
Note Balance of the Notes, a written notice  specifying  such default or incorrect  representation  or warranty and
requiring it to be remedied and stating that such notice is a notice of default hereunder;

         (c)  there  occurs  the  filing of a decree or order for  relief  by a court  having  jurisdiction  in the
premises in respect of the Issuer or any  substantial  part of the Trust  Estate in an  involuntary  case under any
applicable  federal or state bankruptcy,  insolvency or other similar law now or hereafter in effect, or appointing
a receiver,  liquidator,  assignee,  custodian,  trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or ordering the winding-up or liquidation of the Issuer's  affairs,  and such
decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

         (d)  there  occurs the  commencement  by the Issuer of a voluntary  case under any  applicable  federal or
state  bankruptcy,  insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the
entry of an order for  relief in an  involuntary  case  under any such law,  or the  consent  by the  Issuer to the
appointment or taking possession by a receiver,  liquidator,  assignee, custodian, trustee, sequestrator or similar
official of the Issuer or for any substantial  part of the assets of the Trust Estate,  or the making by the Issuer
of any general  assignment  for the benefit of creditors,  or the failure by the Issuer  generally to pay its debts
as such debts become due, or the taking of any action by the Issuer in furtherance of any of the foregoing.

         Exchange  Act:  The  Securities  Exchange  Act  of  1934,  as  amended,  and  the  rules  and  regulations
promulgated thereunder.

         Excess  Spread:  With respect to any Payment Date,  the excess,  if any, of (i) Interest  Collections  for
the related  Collection  Period over (ii) the sum of (x) the sum of the premium  allocable to such Payment Date and
(y)  the  aggregate  amount  distributed  to  the  Noteholders  as  interest  on  such  Payment  Date  pursuant  to
Section 3.05(a)(i) of the Indenture.

         Expenses:  The meaning specified in Section 7.02 of the Trust Agreement.

         Fannie Mae:  Fannie Mae, formerly the Federal National Mortgage Association, or any successor thereto.

         FDIC:  The Federal Deposit Insurance Corporation or any successor thereto.

         Final Payment Date:  The Payment Date in September 2037.

         Fiscal Year:  The fiscal year of the Trust, which shall end on December 31 of each year.

         Foreclosure  Profit:  With respect to a Liquidated  Mortgage  Loan,  the amount,  if any, by which (i) the
aggregate  of  Liquidation  Proceeds  net of  Liquidation  Expenses  exceeds  (ii) the  Principal  Balance  of such
Liquidated  Mortgage  Loan (plus  accrued and unpaid  interest  thereon at the  applicable  Loan Rate from the date
interest  was last paid through the date of receipt of the final  Liquidation  Proceeds)  immediately  prior to the
final recovery of the related Liquidation Proceeds.

         Form 10-K Certification:  As defined in Section 4.02(c) of the Servicing Agreement.

         Freddie Mac:  Freddie Mac, formerly the Federal Home Loan Mortgage Corporation, or any successor thereto.

         GAAP: Generally accepted accounting principles.

         Grant: Pledge, bargain, sell, warrant,  alienate,  remise, release, convey, assign, transfer,  create, and
grant a lien upon and a security interest in and right of set-off against,  deposit,  set over and confirm pursuant
to the  Indenture.  A Grant of the  Collateral or of any other  agreement or  instrument  shall include all rights,
powers and options (but none of the  obligations)  of the granting  party  thereunder,  including the immediate and
continuing  right to claim for,  collect,  receive and give receipt for principal and interest  payments in respect
of such  collateral or other agreement or instrument and all other moneys payable  thereunder,  to give and receive
notices and other  communications,  to make waivers or other  agreements,  to exercise  all rights and options,  to
bring  proceedings  in the name of the granting party or otherwise,  and generally to do and receive  anything that
the granting party is or may be entitled to do or receive thereunder or with respect thereto.

         GMAC:  GMAC LLC, and its successors and assigns.

         GMACM:  GMAC Mortgage, LLC, and its successors and assigns.

         Group I Liquidation  Loss Amount:  With respect to any Payment Date,  Liquidation  Loss Amounts related to
the Group I Loans.

         Group I Liquidation  Loss  Distribution  Amount:  With respect to any Payment Date, an amount equal to the
product of the Group I  Liquidation  Loss  Percentage  for such Payment Date and the Excess  Spread  available  for
distribution  on such  Payment  Date in  respect  of  Liquidation  Loss  Amounts,  but not more  than  the  Group I
Liquidation Loss Distribution Entitlement for such Payment Date.

         Group I Liquidation Loss  Distribution  Entitlement:  With respect to any Payment Date, an amount equal to
the sum of (A)  100%  of the  Group  I  Liquidation  Loss  Amounts  on such  Payment  Date,  plus  (B) any  Group I
Liquidation  Loss Amounts  remaining  undistributed  from any preceding  Payment Date. Any Group I Liquidation Loss
Amount  remaining  undistributed  from any  preceding  Payment  Date shall not be  required to be paid as a Group I
Liquidation  Loss  Distribution  Amount to the extent that a Group I Liquidation  Loss Amount was paid on the Class
I-A-1 Notes by means of excess  interest or was  reflected  in the  reduction of the  Overcollateralization  Amount
related to the Group I Loans.

         Group I  Liquidation  Loss  Percentage:  With  respect to any Payment  Date,  a fraction,  expressed  as a
percentage,  the numerator of which is the Group I Liquidation Loss Distribution  Entitlement for such Payment Date
and the denominator of which is the sum of the Group I Liquidation Loss  Distribution  Entitlement and the Group II
Liquidation Loss Distribution Entitlement, in each case, for such Payment Date.

         Group I Loans:  The Mortgage Loans  designated on the Mortgage Loan Schedule  attached hereto as Annex A-1
to the Mortgage Loan Schedule.  The Group I Loans relate to the Class I-A-1 Notes and the Certificates.

         Group I Net WAC Rate:  For each Payment  Date,  a per annum rate equal to the weighted  average of the Net
Loan Rates of the Group I Loans.

         Group I  Overcollateralization  Increase Amount:  With respect to any Payment Date, an amount equal to the
product of the Group I  Overcollateralization  Increase Amount  Percentage and the  Overcollateralization  Increase
Amount for such Payment Date.

         Group I  Overcollateralization  Increase Amount Percentage:  With respect to any Payment Date, a fraction,
expressed  as a  percentage,  the  numerator  of which is equal to the sum of the Class I-A-1 Note  Balance and the
Class I-A-2 Note  Balance on such  Payment  Date after  payments of the Group I Principal  Distribution  Amount and
Group I Liquidation Loss  Distribution  Amount thereon,  and the denominator of which is the aggregate Note Balance
of the Class A Notes on such Payment Date after all payments thereon.

         Group I Principal  Distribution  Amount:  On any Payment Date, the Class A Principal  Distribution  Amount
for  such  Payment  Date  multiplied  by a  fraction,  the  numerator  of  which is the  portion  of the  Principal
Collections  related  to the Group I Loans for such  Payment  Date and the  denominator  of which is the  Principal
Collections for all of the Mortgage Loans for such Payment Date.

         Group II Liquidation  Loss Amount:  With respect to any Payment Date,  Liquidation Loss Amounts related to
the Group II Loans.

         Group II Liquidation Loss  Distribution  Amount:  With respect to any Payment Date, an amount equal to the
product of the Group II  Liquidation  Loss  Percentage  for such Payment Date and the Excess  Spread  available for
distribution  on such  Payment  Date in  respect  of  Liquidation  Loss  Amounts,  but not more  than the  Group II
Liquidation Loss Distribution Entitlement for such Payment Date.

         Group II Liquidation Loss Distribution  Entitlement:  With respect to any Payment Date, an amount equal to
the sum of (A)  100% of the  Group II  Liquidation  Loss  Amounts  on such  Payment  Date,  plus  (B) any  Group II
Liquidation Loss Amounts  remaining  undistributed  from any preceding  Payment Date. Any Group II Liquidation Loss
Amount  remaining  undistributed  from any  preceding  Payment  Date shall not be required to be paid as a Group II
Liquidation  Loss  Distribution  Amount to the extent that a Group II Liquidation Loss Amount was paid on the Class
II-A-1  and  Class  II-A-2  Notes  by  means  of  excess  interest  or  was  reflected  in  the  reduction  of  the
Overcollateralization Amount related to the Group II Loans.

         Group II  Liquidation  Loss  Percentage:  With  respect to each Payment  Date, a fraction,  expressed as a
percentage,  the numerator of which is the Group II  Liquidation  Loss  Distribution  Entitlement  for such Payment
Date and the  denominator  of which is the sum of the Group I Liquidation  Loss  Distribution  Entitlement  and the
Group II Liquidation Loss Distribution Entitlement, in each case, for such Payment Date.

         Group II Loans:  The Mortgage  Loans  designated on the Mortgage Loan  Schedule  attached  hereto as Annex
A-2 to the Mortgage  Loan  Schedule.  The Group II Loans relate to the Class II-A-1  Notes,  Class II-A-2 Notes and
the Certificates.

         Group II Net WAC Rate:  For each Payment  Date, a per annum rate equal to the weighted  average of the Net
Loan Rates of the Group II Loans.

         Group II  Overcollateralization  Increase Amount: With respect to any Payment Date, an amount equal to the
product of the Group II  Overcollateralization  Increase Amount Percentage and the  Overcollateralization  Increase
Amount for such Payment Date.

         Group II Overcollateralization  Increase Amount Percentage:  With respect to any Payment Date, a fraction,
expressed as a  percentage,  the numerator of which is equal to the sum of the sum of the Class II-A-1 Note Balance
and the Class  II-A-2 Note  Balance on such  Payment  Date after  payments of the Group II  Principal  Distribution
Amount and Group II Liquidation  Loss  Distribution  Amount thereon,  and the denominator of which is the aggregate
Note Balance of the Class A Notes on such Payment Date after all payments thereon.

         Group II Principal  Distribution  Amount: On any Payment Date, the Class A Principal  Distribution  Amount
for  that  Payment  Date  multiplied  by a  fraction,  the  numerator  of  which is the  portion  of the  Principal
Collections  related to the Group II Loans for that  Payment  Date and the  denominator  of which is the  Principal
Collections for all of the Mortgage Loans for that Payment Date.

         Indemnified Party:  The meaning specified in Section 7.02 of the Trust Agreement.

         Indenture:  The Indenture, dated as of the Closing Date, between the Issuer and the Indenture Trustee.

         Indenture  Trustee:  The Bank of New York Trust Company,  N.A., a national  banking  association,  and its
successors and assigns or any successor indenture trustee appointed pursuant to the terms of the Indenture.

         Independent:  When used with respect to any specified  Person,  such Person (i) is in fact  independent of
the Issuer,  any other  obligor on the Notes,  the Seller,  the Depositor and any Affiliate of any of the foregoing
Persons,  (ii) does not have any direct  financial  interest or any  material  indirect  financial  interest in the
Issuer,  any such other  obligor,  the Seller,  the Depositor or any Affiliate of any of the foregoing  Persons and
(iii) is not connected with the Issuer,  any such other obligor,  the Seller, the Depositor or any Affiliate of any
of the foregoing Persons as an officer,  employee,  promoter,  underwriter,  trustee,  partner,  director or person
performing similar functions.

         Independent  Certificate:  A  certificate  or opinion to be delivered to the  Indenture  Trustee under the
circumstances  described in, and otherwise  complying  with, the applicable  requirements of  Section 10.01  of the
Indenture,  made by an  Independent  appraiser  or other  expert  appointed  by an Issuer Order and approved by the
Indenture  Trustee in the exercise of reasonable care, and such opinion or certificate  shall state that the signer
has read the definition of  "Independent"  in this Indenture and that the signer is Independent  within the meaning
thereof.

         Initial Aggregate Note Balance:  $350,580,000.

         Initial Class I-A-1 Note Balance:  $113,850,000.

         Initial Class I-A-2 Note Balance:  $15,477,000.

         Initial Class II-A-1 Note Balance:  $143,014,000.

         Initial Class II-A-2 Note Balance:  $19,441,000.

         Initial Class M-1 Note Balance:  $31,707,000.

         Initial Class M-2 Note Balance:  $27,091,000.

         Initial Certificate Balance:  $50,771,762. 00.

         Initial Note  Balance:  The Initial Class I-A-1 Note  Balance,  Initial Class I-A-2 Note Balance,  Initial
Class II-A-1 Note Balance,  Initial Class II-A-2 Note Balance,  Initial Class M-1 Note Balance or Initial Class M-2
Note Balance as applicable.

         Initial Pool Balance:  The aggregate Principal Balances of the Mortgage Loans as of the Cut-off Date.

         Insolvency Event:  With respect to a specified  Person,  (a) the filing of a decree or order for relief by
a court having  jurisdiction in the premises in respect of such Person or any  substantial  part of its property in
an involuntary  case under any applicable  bankruptcy,  insolvency or other similar law now or hereafter in effect,
or appointing a receiver,  liquidator,  assignee,  custodian,  trustee,  sequestrator or similar  official for such
Person or for any  substantial  part of its property,  or ordering the  winding-up or  liquidation of such Person's
affairs,  and such decree or order shall remain unstayed and in effect for a period of 60 consecutive  days; or (b)
the  commencement by such Person of a voluntary case under any applicable  bankruptcy,  insolvency or other similar
law now or  hereafter  in  effect,  or the  consent  by such  Person  to the  entry of an order  for  relief  in an
involuntary  case under any such law, or the consent by such Person to the  appointment of or taking  possession by
a receiver,  liquidator,  assignee, custodian, trustee, sequestrator or similar official for such Person or for any
substantial  part of its  property,  or the making by such  Person of any  general  assignment  for the  benefit of
creditors,  or the failure by such Person  generally to pay its debts as such debts become due or the  admission by
such Person in writing (as to which the  Indenture  Trustee  shall have  notice) of its  inability to pay its debts
generally,  or the  adoption by the Board of  Directors  or managing  member of such Person of a  resolution  which
authorizes action by such Person in furtherance of any of the foregoing.

         Insurance  Proceeds:  Proceeds paid by any insurer  pursuant to any insurance  policy  covering a Mortgage
Loan which are required to be remitted to the  Servicer,  or amounts  required to be paid by the Servicer  pursuant
to the next to last  sentence  of  Section  3.04 of the  Servicing  Agreement,  net of any  component  thereof  (i)
covering any expenses  incurred by or on behalf of the Servicer in connection  with obtaining  such proceeds,  (ii)
that is applied to the  restoration  or repair of the related  Mortgaged  Property,  (iii)  released to the related
Mortgagor in accordance with the Servicer's  normal servicing  procedures or (iv) required to be paid to any holder
of a mortgage senior to such Mortgage Loan.

         Interest  Collections:  With  respect to any  Payment  Date,  the sum of all  payments  by or on behalf of
Mortgagors  and any  other  amounts  constituting  interest  (including  without  limitation  such  portion  of Net
Liquidation  Proceeds and  Repurchase  Prices as is allocable to interest on the  applicable  Mortgage  Loan) as is
paid by the Seller or the Servicer  (including any optional  servicing  advance) or is collected and applied by the
Servicer under the Mortgage Loans during the related  Collection  Period,  and reduced by the Servicing Fee for the
related  Collection Period and by any fees (including annual fees) or late charges or similar  administrative  fees
paid by Mortgagors  during the related  Collection  Period.  The terms of the related Mortgage Note shall determine
the portion of each payment in respect of such Mortgage Loan that constitutes principal or interest.

         Interest  Period:  With  respect to each Class of Notes,  other than the first  Payment  Date,  the period
commencing on the Payment Date in the month  immediately  preceding the month in which such Payment Date occurs and
ending on the day preceding  such Payment Date,  and in the case of the first Payment Date,  the period  commencing
on the Closing Date and ending on the day preceding the first Payment Date.

         Issuer  or Trust:  The GMACM  Home  Equity  Loan  Trust  2007-HE3,  a  Delaware  statutory  trust,  or its
successor in interest.

         Issuer Order or Issuer  Request:  A written  order or request  signed in the name of the Issuer by any one
of its Authorized Officers and delivered to the Indenture Trustee.

         Lien:  Any  mortgage,  deed  of  trust,  pledge,  conveyance,  hypothecation,  assignment,  participation,
deposit  arrangement,  encumbrance,  lien  (statutory or other),  preference,  priority  right or interest or other
security agreement or preferential  arrangement of any kind or nature whatsoever,  including,  without  limitation,
any  conditional  sale or other title  retention  agreement,  any  financing  lease having  substantially  the same
economic  effect as any of the foregoing and the filing of any  financing  statement  under the UCC (other than any
such financing  statement filed for informational  purposes only) or comparable law of any jurisdiction to evidence
any of the foregoing;  provided,  however,  that any assignment pursuant to Section 6.02 of the Servicing Agreement
shall not be deemed to constitute a Lien.

         Liquidated  Mortgage  Loan:  With respect to any Payment  Date,  any Mortgage Loan in respect of which the
Servicer has determined,  in accordance with the servicing procedures  specified in the Servicing Agreement,  as of
the end of the related  Collection Period that  substantially all Liquidation  Proceeds which it reasonably expects
to recover, if any, with respect to the disposition of the related REO Property have been recovered.

         Liquidation  Expenses:  All  out-of-pocket  expenses  (exclusive of overhead)  incurred by or on behalf of
the  Servicer in  connection  with the  liquidation  of any Mortgage  Loan and not  recovered  under any  insurance
policy,  including legal fees and expenses,  any  unreimbursed  amount  expended  (including,  without  limitation,
amounts  advanced  to correct  defaults  on any  mortgage  loan which is senior to such  Mortgage  Loan and amounts
advanced  to keep  current  or pay off a  mortgage  loan that is  senior to such  Mortgage  Loan)  respecting  such
Mortgage  Loan and any  related  and  unreimbursed  expenditures  for real estate  property  taxes or for  property
restoration, preservation or insurance against casualty loss or damage.

         Liquidation  Loss  Amount:  With  respect  to any  Payment  Date  and any  Mortgage  Loan  that  became  a
Liquidated  Mortgage Loan during the related Collection  Period,  the unrecovered  portion of the Principal Balance
of such Mortgage Loan and any unpaid accrued  interest thereon at the end of such Collection  Period,  after giving
effect to the Net Liquidation Proceeds applied in reduction of such Principal Balance.

         Liquidation  Loss  Distribution  Amount:  With respect to any Payment Date,  the Group I Liquidation  Loss
Distribution Amount or the Group II Liquidation Loss Distribution Amount, as applicable.

         Liquidation  Proceeds:  Proceeds if any received in connection  with the  liquidation of any Mortgage Loan
or related REO Property, whether through trustee's sale, foreclosure sale or otherwise.

         LT1 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT1 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT1 on such Payment Date.

         LT2 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT2 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT2 on such Payment Date.

         LT3 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT3 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT3 on such Payment Date.

         LT4 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT4 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT4 on such Payment Date.

         LT5 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT5 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT5 on such Payment Date.

         LT6 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT6 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT6 on such Payment Date.

         LT7 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT7 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT7 on such Payment Date.

         LT8 Principal  Distribution  Amount:  For any Payment Date, the excess,  if any, of the REMIC II Principal
Reduction  Amount for REMIC II Regular  Interest  LT8 for such  Payment Date over the  principal  Liquidation  Loss
Amounts allocated to REMIC II Regular Interest LT8 on such Payment Date.

         LTY-1  Principal  Distribution  Amount:  For any  Payment  Date,  the  excess,  if any,  of the  REMIC  II
Principal  Reduction  Amount  for  REMIC II  Regular  Interest  LTY-1  for such  Payment  Date  over the  principal
Liquidation Loss Amounts allocated to REMIC II Regular Interest LTY-1 on such Payment Date.

         LTY-2  Principal  Distribution  Amount:  For any  Payment  Date,  the  excess,  if any,  of the  REMIC  II
Principal  Reduction  Amount  for  REMIC II  Regular  Interest  LTY-2  for such  Payment  Date  over the  principal
Liquidation Loss Amounts allocated to REMIC II Regular Interest LTY-2 on such Payment Date.

         Loan Group:  Loan Group I or Loan Group II, as applicable.

         Loan Group I:  The Mortgage Loans designated on the Mortgage Loan Schedule.

         Loan Group II:  The Mortgage Loans designated on the Mortgage Loan Schedule.

         Loan Rate:  With  respect to any  Mortgage  Loan and any day,  the per annum rate of  interest  applicable
under the related Mortgage Note.

         Lost Note  Affidavit:  With respect to any Mortgage  Loan as to which the original  Mortgage Note has been
permanently lost or destroyed and has not been replaced,  an affidavit from the related Seller  certifying that the
original  Mortgage Note has been lost,  misplaced or destroyed  (together with a copy of the related Mortgage Note,
if available).

         MERS:  Mortgage  Electronic  Registration  Systems,  Inc., a corporation  organized and existing under the
laws of the State of Delaware, or any successor thereto.

         MERS® System:  The system of recording transfers of Mortgages electronically maintained by MERS.

         MIN:  The Mortgage Identification Number for Mortgage Loans registered with MERS on the MERS® System.

         MOM Loan:  With respect to any Mortgage Loan,  MERS acting as the mortgagee of such Mortgage Loan,  solely
as nominee for the originator of such Mortgage Loan and its successors and assigns, at the origination thereof.

         Monthly  Payment:  With respect to any Mortgage Loan  (including  any REO Property) and any Due Date,  the
payment of principal and interest due thereon in accordance with the terms of such Mortgage Loan.

         Moody's:  Moody's Investors Service, Inc., or its successor in interest.

         Mortgage:  The mortgage,  deed of trust or other  instrument  creating a first or second lien on an estate
in fee simple interest in real property securing a Mortgage Loan.

         Mortgage File:  With respect to each Mortgage Loan:

         (i)      the original  Mortgage Note  endorsed or assigned  without  recourse in blank (which  endorsement
shall contain  either an original  signature or a facsimile  signature of an authorized  officer of GMACM) or, with
respect to any Mortgage  Loan as to which the original  Mortgage  Note has been  permanently  lost or destroyed and
has not been replaced, a Lost Note Affidavit;

         (ii)     the original  Mortgage,  noting the presence of the MIN of the Mortgage  Loan, if the Mortgage is
registered on the MERS® System,  and language  indicating that the Mortgage Loan is a MOM Loan if the Mortgage Loan
is a MOM Loan,  with  evidence of recording  thereon,  or, if the original  Mortgage has not yet been returned from
the public recording  office, a copy of the original  Mortgage  certified by GMACM that such Mortgage has been sent
for recording,  or a county  certified  copy of such Mortgage in the event the recording  office keeps the original
or if the original is lost;

         (iii)    unless the Mortgage Loan is registered on the MERS® System,  original  assignments  (which may be
included in one or more blanket  assignments  if permitted by applicable  law) of the Mortgage in  recordable  form
from GMACM to "The Bank of New York Trust Company,  N.A., as Indenture  Trustee under that certain  Indenture dated
as of October 26, 2007,  for GMACM Home Equity Loan Trust  2007-HE3,  Home Equity  Loan-Backed  Term Notes" c/o the
Servicer at an address specified by the Servicer;

         (iv)     originals of any  intervening  assignments  of the Mortgage  from the  originator to GMACM (or to
MERS,  if the  Mortgage  Loan is  registered  on the MERS®  System,  and which notes the  presence of a MIN),  with
evidence of recording  thereon,  or, if the original of any such  intervening  assignment has not yet been returned
from the public  recording  office,  a copy of such original  intervening  assignment  certified by GMACM that such
original intervening assignment has been sent for recording; and

         (v)      a true  and  correct  copy  of  each  assumption,  modification,  consolidation  or  substitution
agreement, if any, relating to such Mortgage Loan; and

         (vi)     any documents  required to be added to such  documents  pursuant to the Purchase  Agreement,  the
Trust Agreement or the Servicing Agreement.

         It is  understood  that the  Mortgage  File  (other  than item (i) above) may be  retained  in  microfilm,
microfiche,  optical  storage or magnetic media in lieu of hard copy;  provided,  that with respect to any Mortgage
Loan not  registered  on the MERS®  System,  the original  assignment  of Mortgage  described in clause (iii) above
shall be retained in the Mortgage File.

         Mortgage  Loan  Schedule:  The  initial  schedule of  Mortgage  Loans as of the Cut-Off  Date set forth in
Exhibit A of the  Servicing  Agreement,  which  schedule  sets forth as to each  Mortgage Loan and the related Loan
Group (i) the Cut-Off  Date  Principal  Balance,  (ii) the loan  number and (iii) the lien  position of the related
Mortgage.

         Mortgage  Loans:  At any time, all mortgage loans that have been sold to the Issuer  pursuant to the Trust
Agreement,  which are listed on the Mortgage Loan Schedule attached to the Servicing  Agreement,  together with all
monies due or become due thereunder or the Related Documents, and that remain subject to the terms thereof.

         Mortgage  Note:  With  respect to a Mortgage  Loan,  the  promissory  note  pursuant  to which the related
Mortgagor  agrees to pay the  indebtedness  evidenced  thereby and  secured by the related  Mortgage as modified or
amended.

         Mortgaged Property:  The underlying property,  including real property and improvements thereon,  securing
a Mortgage Loan.

         Mortgagor:  The obligor or obligors under a Mortgage Note.

         Net  Liquidation  Proceeds:   With  respect  to  any  Liquidated  Mortgage  Loan,   Liquidation  Proceeds,
Liquidation  Expenses  (but not including  the portion,  if any, of such amount that exceeds the Principal  Balance
of, plus  accrued and unpaid  interest  on, such  Mortgage  Loan at the end of the  Collection  Period  immediately
preceding the  Collection  Period in which such Mortgage Loan became a Liquidated  Mortgage Loan) and including any
Recovery Amounts.

         Net Loan Rate:  With  respect to any Payment Date and any Mortgage  Loan,  the Loan Rate of that  Mortgage
Loan applicable to the Due Date in the related Collection Period, net of the Servicing Fee Rate.

         Net  WAC  Rate:  The  Group  I Net WAC  Rate,  Group  II Net WAC  Rate  or  Class M Net WAC Cap  Rate,  as
applicable.

         Net Worth:  As of any date of  determination,  the net worth of GMACM and its  consolidated  subsidiaries,
as determined in accordance with GAAP.

         Non-United States Person:  Any Person other than a United States Person.

         Note  Balance:  With  respect to any  Payment  Date and the Notes,  the  Initial  Aggregate  Note  Balance
reduced by all payments of principal on the Notes prior to such  Payment  Date and any  allocation  of  Liquidation
Loss Amounts on the Notes prior to such Payment Date.

         Note Owner or Owner:  The Beneficial Owner of a Note.

         Note  Payment  Account:  The account  established  by the  Indenture  Trustee  pursuant  to Sections  3.01
and 8.02 of the  Indenture  and  Section 5.01  of the Servicing  Agreement.  Amounts  deposited in the Note Payment
Account will be distributed by the Indenture Trustee in accordance with Section 3.05 of the Indenture.

         Note Rate:  With respect to each Class of Notes,  each Interest Period and the related Payment Date, a per
annum rate equal to the least of:

         (i)      for  the Class I-A-1 Notes, the lesser of (a) 7.000% and (b) the related Net WAC Rate;

         (ii)     for the Class I-A-2 Notes, the lesser of (a) 7.500% and (b) the related Net WAC Rate;

         (iii)    for the Class II-A-1 Notes, the lesser of (a) 7.000% and (b) the related Net WAC Rate; and

         (iv)     for each  Class of the Class  II-A-2,  Class M-1 and Class M-2  Notes,  the  lesser of (a) 7.500%
and (b) the related Net WAC Rate.

         Note Register:  The register  maintained by the Note  Registrar in which the Note Registrar  shall provide
for the registration of Notes and of transfers and exchanges of Notes.

         Note Registrar:  The Indenture Trustee, in its capacity as Note Registrar.

         Noteholder or Holder:  The Person in whose name a Note is registered  in the Note  Register,  except that,
any Note  registered in the name of the Depositor,  the Issuer or the Indenture  Trustee or any Affiliate of any of
them shall be deemed not to be  outstanding  and the  registered  holder will not be  considered a  Noteholder  for
purposes of giving any request,  demand,  authorization,  direction,  notice, consent or waiver under the Indenture
or the Trust Agreement;  provided,  that in determining whether the Indenture Trustee shall be protected in relying
upon any such request, demand,  authorization,  direction, notice, consent or waiver, only Notes that the Indenture
Trustee  or the  Owner  Trustee  knows to be so owned  shall be so  disregarded.  Owners  of Notes  that  have been
pledged in good faith may be regarded as Noteholders if the pledgee  thereof  establishes  to the  satisfaction  of
the  Indenture  Trustee or the Owner  Trustee  such  pledgee's  right so to act with respect to such Notes and that
such pledgee is not the Issuer, any other obligor on the Notes or any Affiliate of any of the foregoing Persons.

         Notes: Any of the Class I-A-1  Notes,  Class I-A-2 Notes,  Class II-A-1 Notes,  Class II-A-2 Notes,  Class
M-1 Notes or Class M-2 Notes issued and outstanding pursuant to the Indenture.

         Notional  Amount:  With  respect  to the  Class SB  Certificates  and REMIC III  Regular  Interest  SB-IO,
immediately  prior to any Payment Date a notional  amount equal to the  aggregate of the  Uncertificated  Principal
Balances of the REMIC II Regular Interests.

         Officer's  Certificate:  With respect to the Servicer,  a certificate  signed by the  President,  Managing
Director,  a Director,  a Vice  President  or an Assistant  Vice  President,  of the Servicer and  delivered to the
Indenture  Trustee.  With respect to the Issuer,  a  certificate  signed by any  Authorized  Officer of the Issuer,
under the circumstances  described in, and otherwise  complying with, the applicable  requirements of Section 10.01
of the  Indenture,  and  delivered to the  Indenture  Trustee.  Unless  otherwise  specified,  any reference in the
Indenture to an  Officer's  Certificate  shall be to an  Officer's  Certificate  of any  Authorized  Officer of the
Issuer.

         Opinion of Counsel:  A written  opinion of counsel of a law firm  reasonably  acceptable  to the recipient
thereof.  Any  Opinion of Counsel  for the  Servicer  may be  provided  by  in-house  counsel  for the  Servicer if
reasonably acceptable.

         Optional  Call  Date:  Any  Payment  Date on  which  the Note  Balance  is less  than  10% of the  Initial
Aggregate Note Balance prior to giving effect to any payments of principal on such Payment Date.

         Outstanding:  With  respect  to  the  Notes,  as of the  date  of  determination,  all  Notes  theretofore
executed, authenticated and delivered under this Indenture except:

         (i)      Notes  theretofore  cancelled by the Note  Registrar or  delivered to the  Indenture  Trustee for
cancellation; and

         (ii)     Notes in  exchange  for or in lieu of which  other Notes have been  executed,  authenticated  and
delivered  pursuant to the Indenture unless proof  satisfactory to the Indenture Trustee is presented that any such
Notes are held by a holder in due course;

         Overcollateralization  Amount:  With respect to any Payment Date, the amount (but not less than zero),  if
any, by which (a) the aggregate  outstanding  Principal  Balance of the Mortgage  Loans as of the close of business
on the last day of the related Collection Period exceeds (b) the aggregate Note Balance of the Notes.

         Overcollateralization Floor:  An amount equal to 2.70% of the Initial Pool Balance.

         Overcollateralization  Increase  Amount:  With  respect  to any  Payment  Date,  the amount  necessary  to
increase the Overcollateralization Amount to the Overcollateralization Target Amount.

         Overcollateralization  Release  Amount:  With  respect to any Payment  Date,  the  excess,  if any, of the
Overcollateralization  Amount over the Overcollateralization  Target Amount, which, on such Payment Date, shall not
exceed an amount equal to the total Principal Collections for such Payment Date.

         Overcollateralization  Target  Amount:  With respect to any Payment Date prior to the Stepdown  Date,  the
Required  Overcollateralization  Amount will be 12.65% of the Initial  Pool  Balance.  With  respect to any Payment
Date on or after the  Stepdown  Date,  an amount  equal to the greater of (i) 25.30% of the Pool  Balance as of the
last day of the related  Collection  Period and (ii) 2.70% of the Initial Pool Balance.  The  Overcollateralization
Target  Amount may be reduced from time to time written  notice from each Rating Agency that the rating will not be
reduced or withdrawn as a result of the change in the Overcollateralization Target Amount.

         Owner Trust:  GMACM Home Equity Loan Trust  2007-HE3,  created by the Certificate of Trust pursuant to the
Trust Agreement.

         Owner  Trustee:  Wilmington  Trust Company,  not in its  individual  capacity but solely as owner trustee,
and its  successors  and  assigns or any  successor  Owner  Trustee  appointed  pursuant  to the terms of the Trust
Agreement.

         Ownership  Interest:  As to any  Certificate,  any  ownership  or security  interest in such  Certificate,
including  any  interest in such  Certificate  as the  Certificateholder  thereof and any other  interest  therein,
whether direct or indirect, legal or beneficial, as owner or as pledgee.

         Paying Agent:  Any paying agent or co-paying  agent  appointed  pursuant to Section 3.03 of the Indenture,
which initially shall be the Indenture Trustee.

         Payment  Date:  The 25th day of each month,  or if such day is not a Business  Day, then the next Business
Day.

         Percentage  Interest:  With respect to any Note and Payment Date, the percentage  obtained by dividing the
Note Balance of such Note by the aggregate  Note Balance of all Notes prior to such Payment  Date.  With respect to
any Certificate and any Payment Date, the Percentage Interest stated on the face of such Certificate.

         Permitted Investments:  One or more of the following:

         (i)      obligations  of or  guaranteed as to principal and interest by the United States or any agency or
instrumentality thereof when such obligations are backed by the full faith and credit of the United States;

         (ii)     repurchase  agreements on  obligations  specified in clause (i) above  maturing not more than one
month from the date of acquisition thereof;  provided,  that the unsecured short-term debt obligations of the party
agreeing to  repurchase  such  obligations  are at the time rated by each Rating  Agency in its highest  short-term
rating category available;

         (iii)    federal funds,  certificates of deposit,  demand deposits, time deposits and bankers' acceptances
(which  shall each have an original  maturity  of not more than 90 days and,  in the case of bankers'  acceptances,
shall in no event have an original  maturity  of more than 365 days or a  remaining  maturity of more than 30 days)
denominated in United States dollars of any  U.S. depository  institution or trust company  incorporated  under the
laws of the United States or any state thereof or of any domestic  branch of a foreign  depository  institution  or
trust company;  provided,  that the short-term  debt  obligations of such  depository  institution or trust company
(or, if the only Rating  Agency is Standard & Poor's,  in the case of the  principal  depository  institution  in a
depository  institution  holding company,  debt obligations of the depository  institution  holding company) at the
date of  acquisition  thereof  have been rated by each Rating  Agency in its  highest  short-term  rating  category
available;  and provided  further,  that if the only Rating  Agency is Standard & Poor's and if the  depository  or
trust company is a principal  subsidiary of a bank holding company and the debt  obligations of such subsidiary are
not separately rated, the applicable rating shall be that of the bank holding company;  and provided further,  that
if the only Rating Agency is Standard & Poor's and the original  maturity of such short-term debt  obligations of a
domestic branch of a foreign  depository  institution or trust company shall exceed 30 days, the short-term  rating
of such institution shall be A-1+;

         (iv)     commercial  paper  (having  original  maturities  of not more than 365  days) of any  corporation
incorporated  under the laws of the United States or any state thereof  which on the date of  acquisition  has been
rated by each Rating Agency in its highest  short-term rating category  available;  provided,  that such commercial
paper shall have a remaining maturity of not more than 30 days;

         (v)      a money market fund or a qualified  investment fund (including without limitation,  any such fund
for which the  Indenture  Trustee or an Affiliate of the Indenture  Trustee acts as an advisor or a manager)  rated
by each Rating Agency in one of its two highest long-term rating  categories  available (if so rated by such Rating
Agency); and

         (vi)     other  obligations  or  securities  that are  acceptable  to each  Rating  Agency as a  Permitted
Investment hereunder and will not cause a Rating Event, as evidenced in writing;

provided,  however,  that no instrument shall be a Permitted  Investment if it represents,  either (1) the right to
receive only interest  payments  with respect to the  underlying  debt  instrument or (2) the right to receive both
principal  and interest  payments  derived from  obligations  underlying  such  instrument  and the  principal  and
interest  payments with respect to such  instrument  provide a yield to maturity  greater than 120% of the yield to
maturity at par of such underlying  obligations.  References  herein to the highest  long-term debt rating category
available  shall mean AAA in the case of Standard & Poor's and Aaa in the case of Moody's,  and  references  herein
to the highest  short-term  rating  category  available  shall mean A-1 in the case of Standard & Poor's and P-1 in
the case of Moody's.

         Permitted  Transferee:  Any  Transferee of a Class R Certificate,  other than a Disqualified  Organization
or Non-United States Person.

         Person:  Any  legal  individual,  corporation,   partnership,  joint  venture,  association,   joint-stock
company,  limited liability company,  trust,  unincorporated  organization or government or any agency or political
subdivision thereof.

         Plan:  Any  employee  benefit  plan  or  certain  other  retirement  plans  and  arrangements,   including
individual  retirement  accounts and  annuities,  Keogh plans and bank  collective  investment  funds and insurance
company general or separate accounts in which such plans,  accounts or arrangements are invested,  that are subject
to ERISA or Section 4975 of the Code, as described in Section 3.05 of the Trust Agreement.

         Plan Assets:  The meaning  specified in  Section 2510.3-101  of the Department of Labor Regulations and as
described in Section 3.05 of the Trust Agreement.

         Pool  Balance:  With respect to any date,  the  aggregate  Principal  Balance of all Mortgage  Loans as of
such date.

         Predecessor  Note:  With respect to any Note,  every previous Note evidencing all or a portion of the same
debt as that  evidenced  by such  Note;  and,  for the  purpose  of this  definition,  any Note  authenticated  and
delivered  under  Section 4.03  of the  Indenture in lieu of a mutilated,  lost,  destroyed or stolen Note shall be
deemed to evidence the same debt as such mutilated, lost, destroyed or stolen Note.

         Principal  Balance:  With respect to any Mortgage Loan,  other than a Liquidated  Mortgage Loan, and as of
any day, the related  Cut-Off Date Principal  Balance,  minus all  collections  credited as principal in respect of
any such  Mortgage  Loan in  accordance  with the related  Mortgage  Note and applied in reduction of the Principal
Balance thereof.  For purposes of this definition,  a Liquidated  Mortgage Loan shall be deemed to have a Principal
Balance equal to the Principal  Balance of the related  Mortgage Loan  immediately  prior to the final  recovery of
substantially all related Liquidation Proceeds and a Principal Balance of zero thereafter.

         Principal  Collections:  With  respect  to any  Payment  Date,  an  amount  equal  to the  sum of (i)  the
principal  portion of all scheduled  Monthly Payments on the Mortgage Loans received during the related  Collection
Period, as reported by the Servicer or the related  Subservicer;  (ii) the principal portion of all proceeds of the
repurchase of any Mortgage Loans (or, in the case of a substitution,  any Substitution  Adjustment  Amounts) during
the related  Collection Period;  and (iii) the principal portion of all other unscheduled  collections  received on
the Mortgage Loans during the related  Collection  Period (or deemed to be received  during the related  Collection
Period),  including,  without limitation, full and partial Principal Prepayments made by the respective Mortgagors,
Net Liquidation Proceeds and Subsequent Net Recovery Amounts, to the extent not previously distributed.

         Principal  Collection  Distribution  Amount:  For any Payment Date, the total  Principal  Collections  for
such Payment Date less any Overcollateralization Release Amount for such Payment Date.

         Proceeding:  Any suit in equity, action at law or other judicial or administrative proceeding.

         Program Guide: The GMACM Home Equity Servicing Guidelines, as in effect from time to time.

         Purchase  Agreement:  The  mortgage  loan  purchase  agreement  dated as of the  Closing  Date,  among the
Seller, the Purchaser, the Issuer and the Indenture Trustee.

         Purchase Price:  The amounts specified in Section 2.3(a) of the Purchase Agreement.

         Purchaser:  Residential Asset Mortgage Products, Inc., as purchaser under the Purchase Agreement.

         Rating  Agency:  Each of  Moody's  and  Standard  & Poor's  or, if any such  organization  or a  successor
thereto  is no  longer  in  existence,  such  nationally  recognized  statistical  rating  organization,  or  other
comparable  Person,  designated  by the  Depositor,  notice of which  designation  shall be given to the  Indenture
Trustee.  References  herein to the highest short term unsecured  rating category of a Rating Agency shall mean A-1
or better in the case of Standard & Poor's and P-1 or better in the case of  Moody's;  and in the case of any other
Rating Agency,  shall mean such equivalent  ratings.  References herein to the highest long-term rating category of
a Rating  Agency  shall mean "AAA" in the case of  Standard & Poor's and "Aaa" in the case of  Moody's;  and in the
case of any other Rating Agency, shall mean such equivalent rating.

         Record Date:  With respect to any Payment  Date,  the close of business on the last Business Day preceding
such Payment Date, and in the case of the first Payment Date, the Closing Date.

         Recovery  Amount:  Amounts  collected  on a Mortgage  Loan after the  Mortgage  Loan  becomes a Liquidated
Mortgage  Loan,  net of any  Servicing  Fee,  Recovery Fee and any  reimbursement  for advances and expenses of the
Servicer.

         Recovery  Fee:  A  customary  fee  calculated  based  on  additional  recovery  amounts  charged  for  the
collection of such additional  recovery  amounts on any Mortgage Loan after the date that such Mortgage Loan became
a Liquidated Mortgage Loan.

         Regular Interest:  Any of the REMIC I Regular  Interests,  REMIC II Regular Interests or REMIC III Regular
Interests.

         Regulation   AB:   Subpart   229.1100   -   Asset   Backed   Securities   (Regulation   AB),   17   C.F.R.
§§229.1100-229.1123,  as  such  may  be  amended  from  time  to  time,  and  subject  to  such  clarification  and
interpretation  as  have  been  provided  by the  Commission  in the  adopting  release  (Asset-Backed  Securities,
Securities  Act  Release  No.  33-8518,  70 Fed.  Reg.  1,506,  1,531  (January  7,  2005))  or by the staff of the
Commission, or as may be provided by the Commission or its staff from time to time.

         Related Documents:  With respect to each Mortgage Loan, the documents contained in the Mortgage File.

         Relief Act  Shortfalls:  With respect to any Payment  Date,  for any  Mortgage  Loan as to which there has
been a reduction in the amount of interest  collectible  thereon for the related  Collection  Period as a result of
the  application  of the  Servicemembers  Civil  Relief Act,  as  amended,  or any  similar  state  legislation  or
regulations,  the shortfall,  if any, equal to (i) one month's  interest on the Principal  Balance of such Mortgage
Loan at the applicable Loan Rate,  over (ii) the interest  collectible on such Mortgage Loan during such Collection
Period.

         REMIC: A "real estate mortgage investment conduit" within the meaning of Section 860D of the Code.

         REMIC  Administrator:  The Bank of New York Trust Company,  N.A.; provided that if the REMIC Administrator
is  found  by a court  of  competent  jurisdiction  to no  longer  be able to  fulfill  its  obligations  as  REMIC
Administrator  under this Agreement the Servicer or Indenture  Trustee acting as Servicer shall appoint a successor
REMIC Administrator, subject to assumption of the REMIC Administrator obligations under this Agreement.

         REMIC I:  The  segregated  pool of assets in the Trust Estate with respect to which a REMIC election is to
be made.

         REMIC I Available  Distribution  Amount:  For any Payment  Date,  the Interest  Collections  and Principal
Collections for such Payment Date.

         REMIC I Distribution Amount:       For any Payment Date, the REMIC I Available  Distribution  Amount shall
be  distributed  by  REMIC I  to  REMIC II  on  account  of the  REMIC I  Regular  Interests  and to the  Class R-I
Certificateholders, in the following order of priority:

         (a)      To the extent of the REMIC I Available Distribution Amount for Loan Group I:

                  (i)      first, to the REMIC I Regular Interests Y-1 and Z-1, concurrently, the Uncertificated
                  Accrued Interest for such Classes remaining unpaid from previous Payment Dates, pro rata
                  according to their respective shares of such unpaid amounts;

                  (ii)     second, to the REMIC I Regular Interests Y-1 and Z-1, concurrently, the Uncertificated
                  Accrued Interest for such Classes for the current Payment Date, pro rata according to their
                  respective Uncertificated Accrued Interest;

                  (iii)    third, to the REMIC I Regular Interests Y-1 and Z-1, the REMIC I Y-1 Principal
                  Distribution Amount and the REMIC I Z-1 Principal Distribution Amount, respectively.

         (b)      To the extent of the REMIC I Available Distribution Amount for Loan Group II:

                  (i)      first, to the REMIC I Regular Interests Y-2 and Z-2, concurrently, the Uncertificated
                  Accrued Interest for such Classes remaining unpaid from previous Payment Dates, pro rata
                  according to their respective shares of such unpaid amounts;

                  (ii)     second, to the REMIC I Regular Interests Y-2 and Z-2, concurrently, the Uncertificated
                  Accrued Interest for such Classes for the current Payment Date, pro rata according to their
                  respective Uncertificated Accrued Interest; and

                  (iii)    third, to the REMIC I Regular Interests Y-2 and Z-2, the REMIC I Y-2 Principal
                  Distribution Amount and the REMIC I Z-2 Principal Distribution Amount, respectively.

         (c)      To the extent of the REMIC I Available Distribution Amounts for Loan Group I and Loan Group II
         for such Payment Date remaining after payment of the amounts pursuant to paragraphs (a), and (b) of this
         definition of "REMIC I Distribution Amount":

                  (i)      first, to each Class of REMIC I Regular Interests Y-1 and Z-1, pro rata according to
                  the amount of unreimbursed Liquidation Loss Amounts allocable to principal previously allocated
                  to each such Class, the aggregate amount of any distributions to the Notes or Certificates as
                  reimbursement of Liquidation Loss Amounts on such Payment Date pursuant to Section 3.05 of the
                  Indenture; provided, however, that any amounts distributed pursuant to this paragraph (c)(i) of
                  this definition of "REMIC I Distribution Amount" shall not cause a reduction in the
                  Uncertificated Principal Balances of any of the REMIC I Regular Interests Y-1 and Z-1; and

                  (ii)     second, to the Class R-I Certificates, all remaining amounts.

         REMIC I Interests:  The REMIC I Regular Interests and the Class R-I Certificates.

         REMIC I Liquidation Loss Amounts:  For any Payment Date, Liquidation Loss Amounts on the Mortgage Loans
for the related Collection Period shall be allocated to the REMIC I Regular Interests as follows: (1) the
interest portion of Liquidation Loss Amounts on the Group I Loans, if any, shall be allocated between the REMIC I
Regular Interests Y-1 and Z-1 pro rata according to the amount of interest accrued but unpaid thereon, in
reduction thereof and (2) the interest portion of Liquidation Loss Amounts on the Group II Loans, if any, shall
be allocated between the REMIC I Regular Interests Y-2 and Z-2 pro rata according to the amount of interest
accrued but unpaid thereon, in reduction thereof.  Any interest portion of such Liquidation Loss Amounts in
excess of the amount allocated pursuant to the preceding sentence shall be treated as a principal portion of
Liquidation Loss Amounts not attributable to any specific Mortgage Loan in such Group and allocated pursuant to
the succeeding sentences.  The principal portion of Liquidation Loss Amounts with respect to the Mortgage Loans
shall be allocated to the REMIC I Regular Interests as follows: (1) the principal portion of Liquidation Loss
Amounts on the Group I Loans shall be allocated, first, to the REMIC I Regular Interest Y-1 to the extent of the
REMIC I Y-1 Principal Reduction Amount in reduction of the Uncertificated Principal Balance of such Regular
Interest and, second, the remainder, if any, of such principal portion of such Liquidation Loss Amounts shall be
allocated to the REMIC I Regular Interest Z-1 in reduction of the Uncertificated Principal Balance thereof and
(2) the principal portion of Liquidation Loss Amounts on the Group II Loans shall be allocated, first, to the
REMIC I Regular Interest Y-2  to the extent of the REMIC I Y-2 Principal Reduction Amount in reduction of the
Uncertificated Principal Balance of such Regular Interest and, second, the remainder, if any, of such principal
portion of such Liquidation Loss Amount shall be allocated to the REMIC I Regular Interest Z-2 in reduction of
the Uncertificated Principal Balance thereof.  For any Payment Date, reductions in the Uncertificated Principal
Balances of the REMIC I Regular Interests Y-1 and Z-1 pursuant to this definition of REMIC I Liquidation Loss
Amounts shall be determined, and shall be deemed to occur, prior to any reductions of such Uncertificated
Principal Balances by distributions on such Payment Date.

         REMIC I  Regular  Interests:  Each  of  the  following  separate  non-certificated   beneficial  ownership
interests in REMIC I having the properties set forth in the following table and elsewhere herein:

______________________________________________________________________________________________________________________

                                          REMIC I                                                   Latest
         Designation                    Remittance             Initial Uncertificated              Possible
   for each REMIC I Regular                 Rate                      Principal                    Maturity
           Interest                                                     Balance 
______________________________________________________________________________________________________________________
                                                                          $88,945.93
             Y-1                        Variable(1)                                           September 25, 2037
______________________________________________________________________________________________________________________

             Y-2                        Variable(2)                      $111,729.72          September 25, 2037
______________________________________________________________________________________________________________________

             Z-1                        Variable(1)                  $177,802,911.08          September 25, 2037
______________________________________________________________________________________________________________________

             Z-2                        Variable(2)                  $223,348,175.11          September 25, 2037
______________________________________________________________________________________________________________________
(1)   REMIC I Regular Interests Y-1 and Z-1 will bear interest at the Group I Net WAC Rate.

(2)  REMIC I Regular Interests Y-2 and Z-2 will bear interest at the Group II Net WAC Rate.

         REMIC  I  Regular  Interest  Y-1:  The  uncertificated  undivided  beneficial  interest  in  REMIC I which
constitutes a REMIC I Regular Interest and is entitled to distributions as set forth herein.

         REMIC I  Regular  Interest  Y-2:  The  uncertificated  undivided  beneficial  interest  in  REMIC I  which
constitutes a REMIC I Regular Interest and is entitled to distributions as set forth herein.

         REMIC  I  Regular  Interest  Z-1:  The  uncertificated  undivided  beneficial  interest  in  REMIC I which
constitutes a REMIC I Regular Interest and is entitled to distributions as set forth herein.

         REMIC  I  Regular  Interest  Z-2:  The  uncertificated  undivided  beneficial  interest  in  REMIC I which
constitutes a REMIC I Regular Interest and is entitled to distributions as set forth herein.

         REMIC I Remittance Rate:  With respect to any Payment Date and any REMIC I Regular Interest, the per
annum rate described for such REMIC I Regular Interest in the definition of REMIC I Regular Interests.

         REMIC I Y Principal Reduction Amounts:  For any Payment Date the amounts by which the Uncertificated
Principal Balances of REMIC I Regular Interests Y-1 and Y-2, respectively, will be reduced on such Payment Date
by the allocation of Liquidation Loss Amounts and the distribution of principal, determined as follows:

         First,  for each of Loan Group I and Loan Group II,  determine the weighted  average of the Net Loan Rates
of the Mortgage  Loans in that Loan Group for  distributions  of interest that will be made on the next  succeeding
Payment  Date (the "Group  Interest  Rate" for that Loan  Group).  The REMIC I Y  Principal  Reduction  Amounts for
REMIC I Regular  Interests  Y-1 and Y-2 will be  determined  pursuant to the  "Generic  solution  for the REMIC I Y
Regular  Interests"  set forth below (the "Generic  Solution") by making the  following  identifications  among the
Loan Groups and their related REMIC I Regular Interests:

                  A.       Determine  which Loan Group has the lower Group Interest  Rate.  That Loan Group will be
identified  with Loan Group AA and the REMIC I  Regular  Interests  related to that Loan Group will be respectively
identified  with the REMIC I  Regular  Interests  YAA and ZAA. The Group  Interest Rate for that Loan Group will be
identified  with J%. If the two Loan Groups have the same Group  Interest Rate pick one for this  purpose,  subject
to the restriction  that each Loan Group may be picked only once in the course of any such  selections  pursuant to
paragraphs A and B of this definition.

                  B.       Determine  which Loan Group has the higher  Group  Interest  Rate.  That Loan Group will
be  identified  with  Loan  Group BB  and the  REMIC I  Regular  Interests  related  to  that  Loan  Group  will be
respectively  identified  with the REMIC I  Regular  Interests  YBB and ZBB. The Group  Interest Rate for that Loan
Group will be  identified  with K%. If the two Loan  Groups  have the same Group  Interest  Rate the Loan Group not
selected pursuant to paragraph A, above, will be selected for purposes of this paragraph B.

         Second,  apply the Generic  Solution  set forth below to  determine  the REMIC I Y-1  Principal  Reduction
Amounts for the Payment Date using the identifications made above.

         Generic  Solution for the REMIC I Y Principal  Reduction  Amounts:  For any Payment  Date,  the amounts by
which the  Uncertificated  Principal  Balances of REMIC I  Regular  Interests  YAA and ZAA,  respectively,  will be
reduced on such Payment Date by the  allocation  of  Liquidation  Loss Amounts and the  distribution  of principal,
determined as follows:

                  J% and K% represent the interest rates on Loan Group AA and Loan Group BB respectively.  J%<K%.

         For purposes of the succeeding formulas the following symbols shall have the meanings set forth below:

                  PJB =    the aggregate  outstanding  principal  balance of the Group AA Mortgage  Loans minus the
aggregate Note Balance of the related Notes after the allocation of Liquidation  Loss Amounts and  distributions of
principal on such Payment Date.

                  PKB =    the aggregate  outstanding  principal  balance of the Group BB Mortgage  Loans minus the
aggregate Note Balance of the related Notes after the allocation of Liquidation  Loss Amounts and  distributions of
principal on such Payment Date.

                  R =      the Class CB Pass-Through Rate = (J%PJB + K%PKB)/(PJB + PKB)

                 Yj =      the REMIC I Regular Interest YAA  Uncertificated  Principal Balance after  distributions
on the prior Payment Date.

                 Yk =      the REMIC I Regular Interest YBB  Uncertificated  Principal Balance after  distributions
on the prior Payment Date.

                  ΔYj =       the REMIC I Regular Interest YAA Principal Reduction Amount.

                  ΔYk =       the REMIC I Regular Interest YBB Principal Reduction Amount.

                  Zj =     the REMIC I Regular Interest ZAA  Uncertificated  Principal Balance after  distributions
on the prior Payment Date.

                  Zk =     the REMIC I Regular Interest ZBB  Uncertificated  Principal Balance after  distributions
on the prior Payment Date.

                  ΔZj =       the REMIC I Regular Interest ZAA Principal Reduction Amount.

                            =          ΔPj - ΔYj

                  ΔZk =       the REMIC I Regular Interest ZBB Principal Reduction Amount.

                            =          ΔPk - ΔYk

                  Pj =     the aggregate  Uncertificated  Principal  Balance of REMIC I  Regular  Interests YAA and
ZAA after  distributions on the prior Payment Date, which is equal to the aggregate  principal balance of the Group
AA Mortgage Loans.

                  Pk =     the aggregate  Uncertificated  Principal  Balance of REMIC I  Regular  Interests YBB and
ZBB after  distributions on the prior Payment Date, which is equal to the aggregate  principal balance of the Group
BB Mortgage Loans.

                  ΔPj =       the aggregate  principal  reduction resulting on such Payment Date on the Group
AA  Mortgage  Loans as a result of  principal  distributions  (exclusive  of any  amounts  distributed  pursuant to
clauses  (c)(i) or (c)(ii)  of the  definition  of REMIC I  Distribution  Amount) to be made and  Liquidation  Loss
Amounts to be  allocated  on such  Payment  Date,  if  applicable,  which is equal to the  aggregate of the REMIC I
Regular Interest YAA Principal Reduction Amount and the REMIC I Regular Interest ZAA Principal Reduction Amount.

                  ΔPk=        the aggregate  principal  reduction resulting on such Payment Date on the Group
BB  Mortgage  Loans as a result of  principal  distributions  (exclusive  of any  amounts  distributed  pursuant to
clauses  (c)(i) or (c)(ii)  of the  definition  of REMIC I  Distribution  Amount) to be made and  Liquidation  Loss
Amounts to be allocated on such Payment Date,  which is equal to the aggregate of the REMIC I Regular  Interest YBB
Principal Reduction Amount and the REMIC I Regular Interest ZBB Principal Reduction Amount.

                  α =         .0005

                  γ =         (R - J%)/(K% - R). γ is a non-negative  number unless its  denominator is
zero, in which event it is undefined.

                  If γ is zero, ΔYk = Yk and ΔYj = (Yj/Pj)ΔPj.

                  If γ is undefined, ΔYj = Yj, ΔYk = (Yk/Pk)ΔPk if denominator

                  In the remaining situations, ΔYk and ΔYj shall be defined as follows:

                      1.   If Yk -  α(Pk  - ΔPk)  => 0, Yj-  α(Pj - ΔPj)  => 0, and γ
     (Pj   -   ΔPj)   <   (Pk   -   ΔPk),    ΔYk = Yk - αγ    (Pj - ΔPj)    and
     ΔYj = Yj - α(Pj - ΔPj).

                      2.   If  Yk - α(Pk - ΔPk)  => 0,  Yj - α(Pj - ΔPj)  => 0, and γ
     (Pj - ΔPj)        =>        (Pk - ΔPk),        ΔYk = Yk - α(Pk - ΔPk)        and
     ΔYj = Yj - (α/γ)(Pk - ΔPk).

                      3.   If   Yk - α(Pk - ΔPk)   <  0,   Yj - α(Pj - ΔPj)   =>   0,   and
     Yj - α(Pj - ΔPj)  =>  Yj - (Yk/γ),   ΔYk = Yk - αγ   (Pj - ΔPj)  and
     ΔYj = Yj - α(Pj - ΔPj).

                      4.   If         Yk - α(Pk - ΔPk) < 0,         Yj - (Yk/γ) => 0,         and
     Yj - α(Pj - ΔPj) <= Yj - (Yk/γ), ΔYk = 0 and ΔYj = Yj - (Yk/γ).

                      5.   If         Yj - α(Pj - ΔPj) < 0,          Yj - (Yk/γ) < 0,         and
     Yk - α(Pk - ΔPk) <= Yk - (γYj), ΔYk = Yk - (γYj) and ΔYj = 0.

                      6.   If   Yj - α(Pj - ΔPj)   <  0,   Yk - α(Pk - ΔPk)   =>   0,   and
     Yk - α(Pk - ΔPk)     =>     Yk - (γYj),     ΔYk = Yk - α(Pk - ΔPk)     and
     ΔYj = Yj - (α/γ)(Pk - ΔPk).

         The purpose of the  foregoing  definitional  provisions  together with the related  provisions  allocating
Liquidation  Loss Amounts and defining the REMIC I Regular  Interest Y-1 and Y-2 and REMIC I  Regular  Interest Z-1
and Z-2 Principal Distribution Amounts is to accomplish the following goals in the following order of priority:

                      1.   Making the ratio of Yk to Yj equal to γ  after  taking  account of the  allocation
     Liquidation  Loss  Amounts and the  distributions  that will be made  through end of the Payment Date to which
     such  provisions  relate and assuring that the  Principal  Reduction  Amounts for each of the REMIC I  Regular
     Interests is greater than or equal to zero for such Payment Date;

                      2.   Making (i) the REMIC I Regular Interest YAA  Uncertificated  Principal Balance less than
     or equal to 0.0005 of the sum of the  Uncertificated  Principal  Balances for REMIC I Regular Interest YAA and
     REMIC I Regular  Interest ZAA and (ii) the  REMIC I Regular  Interest YBB  Uncertificated  Principal  Balances
     less  than or  equal to  0.0005  of the sum of the  Uncertificated  Principal  Balances  for  REMIC I  Regular
     Interest YBB and REMIC I  Regular  Interest ZBB in each case after giving effect to allocations of Liquidation
     Loss  Amounts  and  distributions  to be made  through the end of the  Payment  Date to which such  provisions
     relate; and

                      3.   Making the larger of (a) the  fraction  whose  numerator is Yk and whose  denominator is
     the sum of Yk and Zk and (b) the  fraction whose  numerator is Yj and whose  denominator is the sum of Yj, and
     Zj as large as possible while remaining less than or equal to 0.0005.

In the event of a failure of the foregoing  portion of the definition of REMIC I Y-1 Principal  Reduction Amount to
accomplish  both of goals 1 and 2 above,  the amounts  thereof should be adjusted to so as to accomplish such goals
within the requirement  that each REMIC I Y-1 Principal  Reduction  Amount must be less than or equal to the sum of
(a) the  principal  Liquidation Loss Amounts to be allocated on the related Payment Date for the related Loan Group
and (b) the  remainder of the REMIC I Available  Distribution  Amount for the related Loan Group or after reduction
thereof by the  distributions  to be made on such  Distribution  in  respect of  interest  on the  related  REMIC I
Regular  Interests,  or, if both of such goals cannot be accomplished  within such requirement,  such adjustment as
is necessary  shall be made to accomplish  goal 1 within such  requirement.  In the event of any conflict among the
provisions of the  definition of the REMIC I Y-1 Principal  Reduction  Amounts,  such conflict shall be resolved on
the basis of the goals and their  priorities  set forth above  within the  requirement  set forth in the  preceding
sentence.

         REMIC I Y Regular Interests:  REMIC I Regular Interests Y-1 and Y-2.

         REMIC I Y-1 Principal  Distribution  Amount:  For any Payment Date, the excess, if any, of the REMIC I Y-1
Principal  Reduction Amount for such Payment Date over the principal  portion of Liquidation Loss Amounts allocated
to REMIC I Regular Interest Y-1 on such Payment Date.

         REMIC I Y-2 Principal  Distribution  Amount:  For any Payment Date, the excess, if any, of the REMIC I Y-2
Principal  Reduction Amount for such Payment Date over the principal  portion of Liquidation Loss Amounts allocated
to REMIC I Regular Interest Y-2 on such Payment Date.

         REMIC I Z Principal  Reduction  Amounts:  For any Payment  Date,  the amounts by which the  Uncertificated
Principal  Balances of the REMIC I Z Regular  Interests  will be reduced on such Payment Date by the  allocation of
Liquidation Loss Amounts and the  distribution of principal,  which shall be in each case the excess of (A) the sum
of (x) the excess of the REMIC I Available  Distribution  Amount for the related  Group (i.e.  the "related  Group"
for REMIC I Regular  Interest Z-1 is the Group I Loans and the "related Group" for REMIC I Regular  Interest Z-2 is
the Group II Loans) over the sum of the amounts  thereof  distributable  (i) in respect of interest on such REMIC I
Z Regular  Interest and the related REMIC I Y Regular  Interest and (ii) to such REMIC I Z Regular Interest and the
related REMIC I Y Regular  Interest  pursuant to clause (c)(i) of the definition of "REMIC I  Distribution  Amount"
and (y) the amount of  Liquidation  Loss Amounts  allocable to principal for the related Group over (B) the REMIC I
Y Principal Reduction Amount for the related Group.

         REMIC I Z Regular Interests: REMIC I Regular Interests Z-1 and Z-2.

         REMIC I Z-1 Principal  Distribution  Amount:  For any Payment Date, the excess, if any, of the REMIC I Z-1
Principal  Reduction Amount for such Payment Date over the principal  portion of Liquidation Loss Amounts allocated
to REMIC I Regular Interest Z-1 on such Payment Date.

         REMIC I Z-2 Principal  Distribution  Amount:  For any Payment Date, the excess, if any, of the REMIC I Z-2
Principal  Reduction Amount for such Payment Date over the principal  portion of Liquidation Loss Amounts allocated
to REMIC I Regular Interest Z-2 on such Payment Date.

         REMIC II: The  segregated  pool of assets  subject  hereto,  constituting  a portion of the primary  trust
created  hereby and to be  administered  hereunder,  with respect to which a separate REMIC election is to be made,
consisting of the REMIC I Regular Interests.

         REMIC II  Available  Distribution  Amount:  For any Payment  Date,  the amounts  deemed  distributed  with
respect to the REMIC I Regular Interests pursuant to Section 5.01(e) of the Trust Agreement.

         REMIC II Distribution  Amount: For any Payment Date, the REMIC II Available  Distribution  Amount shall be
distributed  by  REMIC II to  REMIC  III on  account  of the  REMIC II  Regular  Interests  and to the  Class  R-II
Certificateholders, as follows:

         (a)  From the portion  thereof  attributable  to the Group I Loans, to REMIC III as the holder of REMIC II
         Regular  Interest LT1,  REMIC II Regular  Interest LT2,  REMIC II Regular  Interest LT3,  REMIC II Regular
         Interest LT4 and REMIC II Regular Interest LTY-1,

                  (I) pro rata, in an amount equal to (A) their  Uncertificated  Accrued  Interest for such Payment
                      Date, plus (B) any amounts in respect thereof  remaining  unpaid from previous Payment Dates;
                      and

                  (II)in an amount equal to the  remainder  of such portion of the REMIC II Available  Distribution
                      Amount after the distributions made pursuant to clause (I) above, allocated as follows:

                           (A)      in respect  of the REMIC II Regular  Interest  LT2,  REMIC II Regular  Interest
                           LT3,  REMIC  II  Regular  Interest  LT4 and  REMIC  II  Regular  Interest  LTY-1,  their
                           respective Principal Distribution Amounts;

                           (B)      in  respect  of the  REMIC II  Regular  Interest  LT1 any  remainder  until the
                           Uncertificated Principal Balance thereof is reduced to zero; and

                           (C)      any  remainder  in  respect  of the REMIC II  Regular  Interest  LT2,  REMIC II
                           Regular  Interest  LT3,  REMIC II Regular  Interest  LT4 and REMIC II  Regular  Interest
                           LTY-1,  pro rata  according to their  respective  Uncertificated  Principal  Balances as
                           reduced by the distributions  deemed made pursuant to (A) above,  until their respective
                           Uncertificated Principal Balances are reduced to zero.

         (b)  From the portion  thereof  attributable to the Group II Loans, to REMIC III as the holder of REMIC II
         Regular  Interest LT5,  REMIC II Regular  Interest LT6,  REMIC II Regular  Interest LT7,  REMIC II Regular
         Interest LT8 and REMIC II Regular Interest LTY-2,

              (I)     pro rata, in an amount equal to (A) their  Uncertificated  Accrued  Interest for such Payment
              Date, plus (B) any amounts in respect thereof remaining unpaid from previous Payment Dates; and

              (II)    in an amount  equal to the  remainder  of such  portion the REMIC II  Available  Distribution
              Amount after the distributions made pursuant to clause (I) above, allocated as follows:

                           (A)      in respect  of the REMIC II Regular  Interest  LT6,  REMIC II Regular  Interest
                           LT7,  REMIC  II  Regular  Interest  LT8 and  REMIC  II  Regular  Interest  LTY-2,  their
                           respective Principal Distribution Amounts;

                           (B)      in  respect  of the  REMIC II  Regular  Interest  LT5 any  remainder  until the
                           Uncertificated Principal Balance thereof is reduced to zero; and

                           (C)      any  remainder  in  respect  of the REMIC II Regular  Interest  LT6,  REMIC III
                           Regular  Interest  LT7,  REMIC II Regular  Interest  LT8 and REMIC II  Regular  Interest
                           LTY-2,  pro rata  according to their  respective  Uncertificated  Principal  Balances as
                           reduced by the distributions  deemed made pursuant to (A) above,  until their respective
                           Uncertificated Principal Balances are reduced to zero.

         (c)  To the extent of the REMIC II Available  Distribution  Amount for such Payment Date  remaining  after
         payment of the amounts  pursuant to paragraphs  (a), and (b) of this  definition of "REMIC II Distribution
         Amount",

              (I)  first,  to each of the  REMIC  II  Regular  Interests,  pro  rata  according  to the  amount  of
              unreimbursed  Liquidation  Loss  Amounts  allocable to  principal  previously  allocated to each such
              Class,  the aggregate  amount of any  distributions  to the Notes or Certificates as reimbursement of
              Liquidation  Loss Amounts on such Payment Date pursuant to Section 3.05 of the  Indenture;  provided,
              however,  that any  amounts  distributed  pursuant to this  paragraph  (c)(I) of this  definition  of
              "REMIC II Distribution  Amount" shall not cause a reduction in the Uncertificated  Principal Balances
              of any REMIC II Regular Interest; and

              (II) second, to the Class R-II Certificates, all remaining amounts.

         REMIC II Interests:  The Class R-II Certificates and the REMIC II Regular Interests.

         REMIC II  Liquidation  Loss Amounts:  For any Payment Date,  Liquidation Loss Amounts on the Group I Loans
for the related  Collection  Period shall be allocated,  as follows:  (i) the interest  portion of Liquidation Loss
Amounts,  if any, shall be allocated pro rata to accrued interest on the REMIC II  Regular  Interests LT1, LT2, LT4
and LTY-1 to the extent of such accrued  interest,  and (ii) any remaining  interest  portions of Liquidation  Loss
Amounts  and any  principal  portions  of  Liquidation  Loss  Amounts  shall be treated as  principal  portions  of
Liquidation  Loss Amounts and allocated (i) first to the REMIC II  Regular  Interest  LTY-1 in the amount that such
Liquidation  Loss Amounts were allocated to the REMIC I Regular  Interest Y-1, (ii) second to the REMIC II  Regular
Interest  LT2,  REMIC II  Regular  Interest  LT3 and REMIC II  Regular  Interest  LT4, pro rata  according to their
respective  Principal  Reduction  Amounts,  provided that such allocation to each of the REMIC II  Regular Interest
LT2,  REMIC II Regular  Interest LT3 and REMIC II Regular Interest LT4 shall not exceed their respective  Principal
Reduction Amounts for such Payment Date, and (iii) third the remainder to the REMIC II Regular Interest LT1.

         For any Payment Date,  Liquidation  Loss Amounts on the Group II Loans for the related  Collection  Period
shall be allocated,  as follows:  (i) the interest portion of Liquidation Loss Amounts,  if any, shall be allocated
pro rata to accrued  interest on the  REMIC II  Regular  Interests  LT5,  LT6,  LT8 and LTY-2 to the extent of such
accrued interest,  and (ii) any remaining  interest portions of Liquidation Loss Amounts and any principal portions
of Liquidation  Loss Amounts shall be treated as principal  portions of Liquidation  Loss Amounts and allocated (i)
first to the REMIC II Regular  Interest  LTY-2 in the amount that such  Liquidation  Loss Amounts were allocated to
the REMIC I Regular  Interest Y-2, (ii) second to the REMIC II  Regular Interest LT6, REMIC II Regular Interest LT7
and REMIC II Regular Interest LT8, pro rata according to their respective  Principal  Reduction  Amounts,  provided
that such  allocation  to each of the REMIC II Regular  Interest  LT6,  REMIC II Regular  Interest LT7 and REMIC II
Regular  Interest LT8 shall not exceed their  respective  Principal  Reduction  Amounts for such Payment Date,  and
(iii) third the remainder to the REMIC II Regular Interest LT5.

         REMIC II  Principal  Reduction  Amounts:  For any Payment  Date,  the amounts by which the  Uncertificated
Principal  Balances of the REMIC II  Regular  Interests  LT1, LT2,  LT3, LT4, LT5, LT6, LT7, LT8,  LTY-1 and LTY-2,
respectively,  will be  reduced  on such  Payment  Date by the  allocation  of  Liquidation  Loss  Amounts  and the
distribution of principal, determined as follows:

         For purposes of the succeeding formulas the following symbols shall have the meanings set forth below:

         Y1 =     the  aggregate  principal  balance  of  the  REMIC II  Regular  Interests  LT1  and  LTY-1  after
distributions on the prior Payment Date

         Y2 =     the  principal  balance of the REMIC II  Regular  Interest LT2 after  distributions  on the prior
Payment Date.

         Y3 =     the  principal  balance of the REMIC II  Regular  Interest LT3 after  distributions  on the prior
Payment Date.

         Y4 =     the  principal  balance of the REMIC II  Regular  Interest LT4 after  distributions  on the prior
Payment Date (note:  Y3 = Y4).

         ΔY1 =    the aggregate of the REMIC II Regular Interest LT1 and LTY-1 Principal  Reduction  Amounts.  Such
amount  shall be  allocated  first to REMIC II Regular  Interest  LTY-1 up to the REMIC I Y-1  Principal  Reduction
Amount and thereafter the remainder shall be allocated to REMIC II Regular Interest LTY-1.

         ΔY2 =    the REMIC II Regular Interest LT2 Principal Reduction Amount.

         ΔY3 =    the REMIC II Regular Interest LT3 Principal Reduction Amount.

         ΔY4 =    the REMIC II Regular Interest LT4 Principal Reduction Amount.

         P0 =     the aggregate  principal  balance of the REMIC II Regular  Interests LT1, LT2, LT3, LT4 and LTY-1
after distributions and the allocation of Liquidation Loss Amounts on the prior Payment Date.

         P1 =     the aggregate  principal  balance of the REMIC II Regular  Interests LT1, LT2, LT3, LT4 and LTY-1
after distributions and the allocation of Liquidation Loss Amounts to be made on such Payment Date.

         ΔP =     P0 - P1 = the  aggregate  of the  REMIC II  Regular  Interests  LT1,  LT2,  LT3,  LT4  and  LTY-1
Principal Reduction Amounts.

               =   the  aggregate  of the  principal  portions of  Liquidation  Loss  Amounts to be  allocated  and
Principal  Collections to be distributed  with respect to the Class I-A Notes and the Class M Notes on such Payment
Date  (including  distributions  of accrued and unpaid  interest  on the Class SB  Certificates  for prior  Payment
Dates).

         R0 =      the Group I Net WAC Rate (stated as a monthly rate) after giving  effect to amounts  distributed
and Liquidation Loss Amounts allocated on the prior Payment Date.

         R1 =      the Group I Net WAC Rate  (stated  as a monthly  rate)  after  giving  effect to  amounts  to be
distributed and Liquidation Loss Amounts to be allocated on such Payment Date.

         α =      (Y2 + Y3)/P0.  The  initial  value of α on the  Closing  Date for use on the first  Payment  Date
shall be 0.0001.

         γ0 =      the lesser of (A) the sum of (1) the sum,  for all  Classes of Class I-A Notes,  of the  product
for each Class of (i) the monthly  interest rate (as limited by the Group I Net WAC Rate, if  applicable)  for such
Class  applicable  for  distributions  to be made on such Payment Date and (ii) the aggregate Note Balance for such
Class after  distributions  and the allocation of Liquidation  Loss Amounts on the prior Payment Date, (2) the sum,
for all Classes of Class M Notes,  of the product  for each Class of (i) the monthly  interest  rate (as limited by
the Class M Net WAC Cap Rate,  if  applicable)  for such  Class  applicable  for  distributions  to be made on such
Payment Date and (ii) the aggregate  Note Balance for such Class  multiplied by a fraction  whose  numerator is the
principal  balance of the REMIC I Regular Interest Y-1 and whose  denominator is the sum of the principal  balances
of the REMIC I Regular  Interests Y-1 and Y-2 after  distributions  and the allocation of Liquidation  Loss Amounts
on the prior Payment Date and (3) the amount,  if any, by which the sum of the amounts in clauses  (A)(1),  (2) and
(3) of the definition of (GAMMA)0 exceeds S0 * Q0 and (B) R0*P0.

         γ1  =    the lesser of (A) the sum of (1) the sum,  for all  Classes of Class I-A Notes of the product for
each Class of (i) the monthly  interest rate (as limited by the related Group I Net WAC Rate,  if  applicable)  for
such Class  applicable  for  distributions  to be made on the next  succeeding  Payment Date and (ii) the aggregate
Note Balance for such Class after  distributions  and the allocation of Liquidation Loss Amounts to be made on such
Payment  Date,  (2) the sum,  for all  Classes of Class M Notes,  of the  product for each Class of (i) the monthly
interest  rate (as  limited  by the  Class M Net WAC Cap  Rate,  if  applicable)  for  such  Class  applicable  for
distributions  to be made on the next  succeeding  Payment Date and (ii) the aggregate  Note Balance for such Class
multiplied by a fraction  whose  numerator is the principal  balance of the REMIC I Regular  Interest Y-1 and whose
denominator is the sum of the principal  balances of the REMIC I Regular Interests Y-1 and Y-2 after  distributions
and the  allocation  of  Liquidation  Loss Amounts to be made on such  Payment Date and (3) the amount,  if any, by
which the sum of the amounts in clauses (A)(1),  (2) and (3) of the definition of (GAMMA)1  exceeds S1 * Q1 and (B)
R1*P1.

         Then, based on the foregoing definitions:

         ΔY1 =    ΔP - ΔY2 - ΔY3 - ΔY4;

         ΔY2 =    (α/2){( γ0R1 - γ1R0)/R0R1};

         ΔY3 =    αΔP - ΔY2; and

         ΔY4 =    ΔY3.

         if both ΔY2 and ΔY3, as so determined, are non-negative numbers.  Otherwise:

         (1)      If ΔY2, as so determined, is negative, then

         ΔY2 = 0;

         ΔY3 = α{γ1R0P0 - γ0R1P1}/{γ1R0};

         ΔY4 = ΔY3; and

         ΔY1 = ΔP - ΔY2 - ΔY3 - ΔY4.

         (2)      If ΔY3, as so determined, is negative, then

         ΔY3 = 0;

         ΔY2 = α{γ0R1P1 - γ1R0P0}/{2R1R0P1 -  γ1R0};

         ΔY4 = ΔY3; and

         ΔY1 = ΔP - ΔY2 - ΔY3 - ΔY4.

         For purposes of the succeeding formulas the following symbols shall have the meanings set forth below:

         Y5 =     the  aggregate  principal  balance  of  the  REMIC II  Regular  Interests  LT5  and  LTY-2  after
distributions on the prior Payment Date.

         Y6 =     the  principal  balance of the REMIC II  Regular  Interest LT6 after  distributions  on the prior
Payment Date.

         Y7 =     the  principal  balance of the REMIC II  Regular  Interest LT7 after  distributions  on the prior
Payment Date.

         Y8 =     the  principal  balance of the REMIC II  Regular  Interest LT8 after  distributions  on the prior
Payment Date (note:  Y7 = Y8).

         ΔY5 =    the aggregate of the REMIC II Regular Interest LT5 and LTY-2 Principal  Reduction  Amounts.  Such
amount shall be allocated  first to REMIC II Regular  Interest LTY-2 up to the REMIC II LTY-2  Principal  Reduction
Amount and thereafter the remainder shall be allocated to REMIC II Regular Interest LT5.

         ΔY6 =    the REMIC II Regular Interest LT6 Principal Reduction Amount.

         ΔY7 =    the REMIC II Regular Interest LT7 Principal Reduction Amount.

         ΔY8 =    the REMIC II Regular Interest LT8 Principal Reduction Amount.

         Q0 =     the aggregate  principal  balance of the REMIC II Regular  Interests LT5, LT6, LT7, LT8 and LTY-2
after distributions and the allocation of Liquidation Loss Amounts on the prior Payment Date.

         Q1 =     the aggregate  principal  balance of the REMIC II Regular Interests LT5, LT6, LT7, LT8, LT-Y1 and
LTY-2 after distributions and the allocation of Liquidation Loss Amounts to be made on such Payment Date.

         ΔQ =     Q0 - Q1 = the  aggregate  of the  REMIC II  Regular  Interests  LT5,  LT6,  LT7,  LT8  and  LTY-2
Principal Reduction Amounts.

               =  the  aggregate of the principal  portions of  Liquidation  Loss Amounts to be allocated,  and the
Principal  Funds to be  distributed  with  respect to the Class  II-A-1 Notes and the Class M Notes on such Payment
Date (including  distributions  in respect of accrued and unpaid  interest on the Class SB  Certificates  for prior
Payment Dates).

         S0 =     the Group II Net WAC Rate (stated as a monthly rate) after giving  effect to amounts  distributed
and Liquidation Loss Amounts allocated on the prior Payment Date.

         S1 =     the Group II Net WAC Rate  (stated  as a monthly  rate)  after  giving  effect to  amounts  to be
distributed and Liquidation Loss Amounts to be allocated on such Payment Date.

         β =      (Y6 + Y7)/Q0.  The  initial  value of β on the  Closing  Date for use on the first  Payment  Date
shall be 0.0001.

         Γ0 =     the lesser of (A) the sum of (1) the  product of (i) the  monthly  interest  rate (as  limited by
the Group II Net WAC Rate, if  applicable)  for the Class II-A Notes  applicable  for  distributions  to be made on
such Payment Date and (ii) the  aggregate  Note Balance for such Class after  distributions  and the  allocation of
Liquidation  Loss Amounts on the prior Payment  Date,  (2) for all Classes of Class M Notes of the product for each
Class of (i) the monthly  interest rate (as limited by the Class M Net WAC Cap Rate, if applicable)  for such Class
applicable  for  distributions  to be made on such Payment Date and (ii) the aggregate  Note Balance for such Class
multiplied by a fraction  whose  numerator is the principal  balance of the REMIC I Regular  Interest Y-2 and whose
denominator is the sum of the principal  balances of the REMIC I Regular Interests Y-1 and Y-2 after  distributions
and the allocation of Liquidation  Loss Amounts on the prior Payment Date and (3) the amount,  if any, by which the
sum of the amounts in clauses (A)(1), (2) and (3) of the definition of γ0 exceeds R0 * P0 and (B) S0*Q0.

         Γ1  =    the lesser of (A) the sum of (1) the  product of (i) the  monthly  interest  rate (as  limited by
the Group II Net WAC Rate, if applicable) for the Class II-A Notes  applicable for  distributions to be made on the
next  succeeding  Payment  Date and (ii) the  aggregate  Note  Balance for such Class after  distributions  and the
allocation of  Liquidation  Loss Amounts to be made on such Payment  Date,  (2) for all Classes of Class M Notes of
the  product  for each Class of (i) the  monthly  interest  rate (as  limited  by the Class M Net WAC Cap Rate,  if
applicable) for such Class  applicable for  distributions  to be made on the next succeeding  Payment Date and (ii)
the aggregate  Note Balance for such Class  multiplied by a fraction  whose  numerator is the principal  balance of
the  REMIC I Regular  Interest  Y-2 and whose  denominator  is the sum of the  principal  balances  of the  REMIC I
Regular  Interests Y-1 and Y-2 after  distributions  and the allocation of  Liquidation  Loss Amounts to be made on
such Payment  Date and (3) the amount,  if any, by which the sum of the amounts in clauses  (A)(1),  (2) and (3) of
the definition of γ1 exceeds R1 * P1 and (B) S1*Q1.

         Then, based on the foregoing definitions:

         ΔY5 =    ΔQ - ΔY6 - ΔY7 - ΔY8;

         ΔY6 =    (β/2){(Γ0S1 - Γ1S0)/S0S1};

         ΔY7 =    βΔQ - ΔY6; and

         ΔY8 =    ΔY7.

         if both ΔY6 and ΔY7, as so determined, are non-negative numbers.  Otherwise:

         (1)      If ΔY6, as so determined, is negative, then

         ΔY6 = 0;

         ΔY7 = β{Γ1S0Q0 - Γ0S1Q1}/{Γ1S0};

         ΔY8 = ΔY7; and

         ΔY5 = ΔQ - ΔY6 - ΔY7 - ΔY8.

         (2)      If ΔY7, as so determined, is negative, then

         ΔY7 = 0;

         ΔY6 = β{Γ1S0Q0 - Γ0S1Q1}/{2S1S0Q1 -  Γ1S0};

         ΔY8 = ΔY7; and

         ΔY5 = ΔQ - ΔY6 - ΔY7 - ΔY8.

         REMIC II  Regular  Interests:  Each  of  the  following  separate  non-certificated  beneficial  ownership
interests in REMIC II having the properties set forth in the following table and elsewhere herein:

______________________________________________________________________________________________________________________

                                         REMIC II                                                   Latest
         Designation                    Remittance             Initial Uncertificated              Possible
  for each REMIC II Regular                 Rate                      Principal                    Maturity
           Interest                                                     Balance 
______________________________________________________________________________________________________________________
                                                                     $177,774,022.26
             LT1                            (1)                                               September 25, 2037
______________________________________________________________________________________________________________________

             LT2                            (1)                            $6,689.56          September 25, 2037
______________________________________________________________________________________________________________________

             LT3                           0.00%                          $11,099.63          September 25, 2037
______________________________________________________________________________________________________________________

             LT4                            (2)                           $11,099.63          September 25, 2037
______________________________________________________________________________________________________________________

            LTY-1                           (1)                           $88,945.93          September 25, 2037
______________________________________________________________________________________________________________________

             LT5                            (3)                      $223,311,470.41          September 25, 2037
______________________________________________________________________________________________________________________

             LT6                            (3)                            $7,987.28          September 25, 2037
______________________________________________________________________________________________________________________

             LT7                           0.00%                          $14,358.71          September 25, 2037
______________________________________________________________________________________________________________________

             LT8                            (4)                           $14,358.71          September 25, 2037
______________________________________________________________________________________________________________________

            LTY-2                           (3)                          $111,729.72          September 25, 2037
______________________________________________________________________________________________________________________
(1)  REMIC II Regular  Interests  LT1, LT2 and LTY-1 will bear interest at a variable rate equal to the Group I Net
     WAC Rate.

(2)  REMIC II Regular Interest LT4 will bear interest at a variable rate equal to twice the Group I Net WAC Rate.

(3)  REMIC II Regular  Interests  LT5,  LT6 and LTY-2 will bear  interest at a variable  rate equal to the Group II
     Net WAC Rate.

(4)  REMIC II Regular Interest LT8 will bear interest at a variable rate equal to twice the Group II Net WAC Rate.

         REMIC II Remittance  Rate:  With respect to any Payment Date and any REMIC II  Regular  Interest,  the per
annum rate described for such REMIC II Regular Interest in the definition of REMIC II Regular Interests.

         REMIC III:  The  segregated  pool of assets  subject  hereto,  constituting a portion of the primary trust
created  hereby and to be  administered  hereunder,  with respect to which a separate REMIC election is to be made,
consisting of the REMIC II Regular Interests.

         REMIC III  Available  Distribution  Amount:  For any Payment Date,  the amounts  deemed  distributed  with
respect to the REMIC II Regular Interests pursuant to Section 5.01(e) of the Trust Agreement.

         REMIC III Distribution  Amount:  For any Distribution  Date, the REMIC III Available  Distribution  Amount
shall be deemed  distributed by REMIC III to the Holders of the Notes and the Certificates  (other than the Class R
Certificates)  on  account  of the REMIC III  Regular  Interests,  and to the Class  R-III  Certificateholders,  as
follows:  to each REMIC III Regular  Interest,  the amount  distributed in respect of interest and principal on the
Class or  Classes  of Notes or  Certificates  bearing  the same  designation  with  such  amounts  having  the same
character  as interest or  principal  with  respect to the REMIC III Regular  Interest as they have with respect to
such  Notes or  Certificates.  Any  remaining  amount of the  REMIC  III  Available  Distribution  Amount  shall be
distributed to the Class R-III Certificateholders.

         REMIC III  Liquidation  Loss  Amounts:  On any  Payment  Date,  Liquidation  Loss  Amounts for the related
Collection  Period shall be allocated  first to REMIC III  Regular  Interest  SB-IO in reduction of the accrued and
unpaid  interest  thereon  until such  accrued  and unpaid  interest  shall  have been  reduced to zero,  second to
REMIC III  Regular  Interest  SB-PO  in  reduction  of the  Uncertificated Principal  Balance  thereof  until  such
Uncertificated Principal  Balance  shall have been  reduced to zero and third to the Notes to the same  extent,  if
any,  that (i)  amounts  interest  accrued  on such  Notes  since  the  prior  Payment  Date  remain  unpaid  after
distributions  on such Payment Date and (ii) the aggregate of the  Class Principal  Balances of the Notes following
distributions  on such Payment Date exceed the aggregate  principal  balance of the Loans by more than such excess,
if any, after distributions on the immediately prior Payment Date.

         REMIC III  Regular  Interest  SB-IO: A regular  interest in REMIC III with no entitlement to principal and
entitled to (i) interest at the Certificate Rate on its Notional Amount and (ii) payments of prepayment charges.

         REMIC III  Regular  Interest  SB-PO:  A regular  interest in REMIC III with no entitlement to interest and
entitled  to  principal  in an amount  equal to the  Initial  Certificate  Balance and any amounts in the nature of
prepayment  charges  received in connection with Loans,  provided that any payment of prepayment  charges shall not
be deemed to reduce the Uncertificated Principal Balance of REMIC III Regular Interest SB-PO.

         REMIC III Regular Interests: Each Class of the Notes and REMIC III Regular Interests SB-IO and SB-PO.

         REMIC III  Remittance  Rate:  With  respect to each  Class of  Notes,  the Note Rate for such Class.  With
respect to REMIC III  Regular  Interest SB-PO, 0% per annum.  With respect to REMIC III  Regular Interest SB-IO the
Certificate Rate therefor.

         REMIC  Provisions:  Provisions of the federal income tax law relating to real estate  mortgage  investment
conduits,  which  appear at  Sections  860A  through  860G of  Subchapter  M of Chapter 1 of the Code,  and related
provisions,  and temporary and final  regulations (or, to the extent not inconsistent  with such temporary or final
regulations,  proposed regulations) and published rulings,  notices and announcements  promulgated  thereunder,  as
the foregoing may be in effect from time to time.

         Remittance Rate: The REMIC I  Remittance Rate,  REMIC II  Remittance Rate or REMIC III Remittance Rate, as
applicable.

         Repurchase  Event:  With  respect to any Mortgage  Loan,  either (i) a discovery  that,  as of the Closing
Date, the related Mortgage was not a valid lien on the related  Mortgaged  Property subject only to (A) the lien of
any prior  mortgage  indicated on the Mortgage Loan Schedule,  (B) the lien of real property taxes and  assessments
not yet due and payable,  (C) covenants,  conditions, and restrictions,  rights of way, easements and other matters
of public record as of the date of recording of such Mortgage and such other  permissible  title  exceptions as are
customarily  accepted for similar loans and (D) other matters to which like  properties  are commonly  subject that
do not materially  adversely affect the value, use,  enjoyment or marketability of the related  Mortgaged  Property
or (ii) with  respect to any  Mortgage  Loan as to which the  Seller  delivers  an  affidavit  certifying  that the
original  Mortgage Note has been lost or destroyed,  a subsequent  default on such Mortgage Loan if the enforcement
thereof or of the related  Mortgage is materially and adversely  affected by the absence of such original  Mortgage
Note.

         Repurchase  Price:  With respect to any Mortgage Loan required to be  repurchased  on any date pursuant to
the Purchase  Agreement or purchased by the Servicer  pursuant to the Servicing  Agreement,  an amount equal to the
sum of (i) 100% of the Principal  Balance  thereof  (without  reduction for any amounts  charged off),  (ii) unpaid
accrued  interest at the Loan Rate (or with  respect to the last day of the month in the month of  repurchase,  the
Loan  Rate  will be the Loan  Rate in  effect  as of the  second  to last  day in such  month)  on the  outstanding
Principal  Balance thereof from the Due Date to which interest was last paid by the related  Mortgagor to the first
day of the month  following  the month of purchase and (iii) in  connection  with any Mortgage  Loan required to be
repurchased  pursuant to  Sections  2.1 or 3.1 of the  Purchase  Agreement,  any costs and damages  incurred by the
Trust  with  respect  to such  Mortgage  Loan in  connection  with a breach of Section  3.1(b)(x)  of the  Purchase
Agreement.

         Required  Insurance  Policy:  With respect to any Mortgage Loan, any insurance policy which is required to
be maintained from time to time under the Servicing Agreement or the related  Subservicing  Agreement in respect of
such Mortgage Loan.

         Responsible  Officer:  With respect to the Indenture  Trustee,  any officer of the Indenture  Trustee with
direct  responsibility  for the  administration of the Indenture and also, with respect to a particular matter, any
other  officer to whom such matter is referred  because of such  officer's  knowledge of and  familiarity  with the
particular subject.

         Rolling Six-Month  Annualized  Liquidation Loss Amounts:  With respect to any Determination Date occurring
after the fifth Determination  Date, the product (expressed as a percentage) of (i) the aggregate  Liquidation Loss
Amounts as of the end of each of the six  Collection  Periods  (reduced by the  aggregate  Subsequent  Net Recovery
Amounts for such Collection  Periods)  immediately  preceding such  Determination  Date divided by the Initial Pool
Balance and (ii) two (2).

         Rolling  Three-Month  Delinquency  Percentage:  With respect to any Payment  Date and the Mortgage  Loans,
the  arithmetic  average of the  Delinquency  Percentages  determined for such Payment Date and for each of the two
preceding Payment Dates.

         SB-IO  Marker Rate:  With respect to the Class SB  Certificates  or the REMIC III Regular  Interest  SB-IO
and any Payment  Date, in relation to the REMIC II  Regular  Interests  LT1,  LT2, LT3, LT4 and LTY-1,  a per annum
rate equal to two (2) times the weighted  average of the REMIC II  Remittance  Rates for REMIC II  Regular Interest
LT2 and REMIC II  Regular  Interest LT3 and, in relation to the REMIC II  Regular  Interests LT5, LT6, LT7, LT8 and
LTY-2, a per annum rate equal to two (2) times the weighted  average of the REMIC II  Remittance Rates for REMIC II
Regular Interest LT6 and REMIC II Regular Interest LT7.

         Secretary of State:  The Secretary of State of the State of Delaware.

         Securities  Act:  The  Securities  Act of 1933,  as  amended,  and the rules and  regulations  promulgated
thereunder.

         Securitization  Transaction:  Any  transaction  involving  a sale or  other  transfer  of  mortgage  loans
directly or  indirectly  to an issuing  entity in  connection  with an issuance  of publicly  offered or  privately
placed, rated or unrated mortgage-backed securities.

         Securities Balance:  The Note Balance or Certificate Balance, as the context may require.

         Security:  Any Certificate or a Note, as the context may require.

         Securityholder:  Any Noteholder or Certificateholder.

         Seller:  Walnut Grove  Mortgage Loan Trust 2003-A,  a Delaware  statutory  trust,  and its  successors and
assigns.

         Senior Enhancement  Percentage:  For any Payment Date, the percentage  obtained by dividing (i) the sum of
(a) the  aggregate  Note  Balances  of the  Class M Notes  immediately  prior  to  such  Payment  Date  and (b) the
Overcollateralization  Amount,  in each case prior to the  distribution  of the Principal  Collection  Distribution
Amount on such Payment Date, by (ii) the Pool Balance as of the last day of the related Collection Period.

         Servicer:  GMAC Mortgage, LLC, a Delaware limited liability company, and its successors and assigns.

         Servicer  Advances:  Any advances the  Servicer  may make with respect to the Mortgage  Loans,  whether or
not required, in respect of principal, interest, taxes, insurance or otherwise.

         Servicing  Agreement:  The  servicing  agreement  dated as of the  Closing  Date among the  Servicer,  the
Issuer and the Indenture Trustee.

         Servicing  Certificate:  A  certificate  completed  and  executed by a Servicing  Officer on behalf of the
Servicer in accordance with Section 4.01 of the Servicing Agreement.

         Servicing  Criteria:  The "servicing  criteria" set forth in Item 1122(d) of Regulation AB, as such may be
amended from time to time.

         Servicing Default:  Any one of the following events:

         (i)      any failure by the Servicer to deposit in the  Custodial  Account,  the Note  Payment  Account or
the  Distribution  Account  any  deposit  required  to be made  under the  terms of the  Servicing  Agreement  that
continues  unremedied  for a period of five Business Days after the date upon which written  notice of such failure
shall have been given to the Servicer by the Issuer or the Indenture Trustee;

         (ii)     any failure on the part of the Servicer  duly to observe or perform in any  material  respect any
other  covenants or agreements of the Servicer set forth in the  Securities  or in the Servicing  Agreement,  which
failure,  in each case,  materially and adversely affects the interests of the  Securityholders,  and which failure
continues  unremedied  for a period of 45 days after the date on which written  notice of such  failure,  requiring
the same to be  remedied,  and stating  that such notice is a "Notice of Default"  under the  Servicing  Agreement,
shall have been given to the Servicer by the Issuer or the Indenture Trustee;

         (iii)    the  entry  against  the  Servicer  of a decree  or order by a court  or  agency  or  supervisory
authority having  jurisdiction  under Title 11 of the United States Code or any other  applicable  federal or state
bankruptcy,   insolvency  or  other  similar  law,  or  if  a  receiver,  assignee  or  trustee  in  bankruptcy  or
reorganization,  liquidator,  sequestrator or similar official shall have been appointed for or taken possession of
the Servicer or its property,  and the  continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days;

         (iv)     the Servicer shall  voluntarily  submit to  Proceedings  under Title 11 of the United States Code
or any other applicable  federal or state  bankruptcy,  insolvency or other similar law relating to the Servicer or
of or relating to all or  substantially  all of its property;  or the Servicer shall admit in writing its inability
to pay its debts  generally as they become due, file a petition to take advantage of any  applicable  insolvency or
reorganization  statute,  make an assignment for the benefit of its creditors or voluntarily suspend payment of its
obligations;

         (v)      the Servicer's  Tangible Net Worth at any time is less than  $100,000,000  and GMAC fails to own,
directly or indirectly, at least 51% of the common stock of the Servicer; or

         (vi)     the Rolling  Six-Month  Annualized  Liquidation  Loss Amount with respect to the  Mortgage  Loans
exceeds 1.50%.

         Servicing  Fee:  With  respect to any  Mortgage  Loan and any  Collection  Period,  the product of (i) the
Servicing  Fee Rate  divided by 12 and (ii) the related  Principal  Balance as of the first day of such  Collection
Period.

         Servicing Fee Rate:  0.50% per annum.

         Servicing  Officer:  Any officer of the Servicer involved in, or responsible for, the  administration  and
servicing  of the  Mortgage  Loans  whose  name and  specimen  signature  appear  on a list of  servicing  officers
furnished to the Indenture Trustee by the Servicer, as such list may be amended from time to time.

         Standard & Poor's:  Standard & Poor's Ratings Services, a division of The McGraw-Hill  Companies,  Inc. or
its successor in interest.

         Stated  Value:  With respect to any Mortgage  Loan,  the stated  value of the related  Mortgaged  Property
determined in accordance with the Program Guide and given by the related Mortgagor in his or her application.

         Statutory  Trust  Statute:  Chapter 38 of Title 12 of the Delaware  Code,  12 Del. Code §§3801 et seq., as
the same may be amended from time to time.

         Stepdown  Date:  The earlier to occur of (i) the Payment Date  immediately  succeeding the Payment Date on
which the  aggregate  Note  Balances  of the Class A Notes have been  reduced to zero or (ii) the later to occur of
(i) the  Payment  Date in  November  2010 and (ii) the  Payment  Date on which the  Senior  Enhancement  Percentage
(calculated  for this purpose only after taking into account  Principal  Collections  on the Mortgage  Loans due on
the related Due Date or received  during the related  prepayment  period but prior to distribution of the Principal
Collection  Distribution  Amount in  respect of the Notes then  entitled  to  distributions  of  principal  on such
Payment Date) is greater than or equal to approximately 54.60%.

         Subordinate  Component:  With respect to each Loan Group and any Payment  Date,  the positive  excess,  if
any, of the  aggregate  Pool Balance in that Loan Group,  over the  aggregate  Note Balance of the related  Class A
Notes, in each case immediately prior to that Payment Date.

         Subordination  Percentage:  With  respect  to the Class A Notes,  45.40%;  with  respect  to the Class M-1
Notes, 61.20%; and with respect to the Class M-2 Notes, 74.70%.

         Subsequent Net Recovery  Amounts:  Recovery  Amounts  collected on a Mortgage Loan after the Mortgage Loan
becomes a Liquidated Mortgage Loan, net of any Recovery Fee.

         Subservicer:  Each Person that enters into a Subservicing Agreement as a subservicer of Mortgage Loans.

         Subservicing  Agreement:  The  written  contract  between the  Servicer  and any  Subservicer  relating to
servicing and administration of certain Mortgage Loans as provided in Section 3.01(b) of the Servicing Agreement.

         Substitution  Adjustment  Amount:  With respect to any Eligible  Substitute Loan and any Deleted Loan, the
amount,  if any, as  determined  by the Servicer,  by which the  aggregate  principal  balance of all such Eligible
Substitute  Loans as of the date of substitution is less than the aggregate  Principal  Balance of all such Deleted
Loans (after  application of the principal  portion of the Monthly  Payments due in the month of substitution  that
are to be distributed to the Securityholders in the month of substitution).

         Tangible  Net  Worth:  Net  Worth,  less the sum of the  following  (without  duplication):  (a) any other
assets of GMACM and its  consolidated  subsidiaries  that  would be treated as  intangibles  under GAAP  including,
without  limitation,  any write-up of assets (other than  adjustments to market value to the extent  required under
GAAP  with  respect  to  excess  servicing,   residual  interests  in  offerings  of  asset-backed  securities  and
asset-backed  securities  that  are  interest-only   securities),   good-will,   research  and  development  costs,
trade-marks,  trade names,  copyrights,  patents and unamortized  debt discount and expenses and (b) loans or other
extensions of credit to officers of GMACM or its consolidated  subsidiaries  other than mortgage loans made to such
Persons in the ordinary course of business.

         Tax Matters  Partner:  GMACM,  as the  Servicer,  for so long as the Servicer  holds all or any portion of
the Class R  Certificates;  if any other  Person holds 100% of the  Certificates,  such  Person;  and  otherwise as
provided in the Code.

         Tax  Returns:  The federal  income tax return on Internal  Revenue  Service  Form 1066,  U.S.  Real Estate
Mortgage  Investment  Conduit  Income  Tax  Return,  including  Schedule Q thereto,  Quarterly  Notice to  Residual
Interest Holders of REMIC Taxable Income or Net Loss  Allocation,  or any successor forms, to be filed on behalf of
each REMIC due to their  classification  as a REMIC  under the REMIC  Provisions,  together  with any and all other
information,  reports or returns that may be required to be furnished to the  Certificateholders  or filed with the
Internal Revenue Service or any other  governmental  taxing  authority under any applicable  provisions of federal,
state or local tax laws.

         Transfer:  Any direct or indirect  transfer,  sale,  pledge,  hypothecation or other form of assignment of
any Ownership Interest in a Certificate.

         Transfer Date:  The Payment Date on which the Servicer,  upon receipt of written notice and direction from
the  Issuer,  shall  cause the  retransfer  of  Mortgage  Loans from the Trust  Estate to the  Issuer,  pursuant to
Section 3.15(c) of the Servicing Agreement.

         Transfer  Notice Date:  The fifth  Business Day prior to the  Transfer  Date for which the Servicer  shall
give the  Indenture  Trustee  and the Rating  Agencies  a notice of the  proposed  retransfer  of  Mortgage  Loans,
pursuant to Section 3.15(c) of the Servicing Agreement.

         Transferee:  Any Person who is acquiring by Transfer any Ownership Interest in a Certificate.

         Transferor:  Any Person who is disposing by Transfer of any Ownership Interest in a Certificate.

         Treasury  Regulations:  Regulations,  including proposed or temporary  Regulations,  promulgated under the
Code.  References  herein to specific  provisions  of proposed or temporary  regulations  shall  include  analogous
provisions of final Treasury Regulations or other successor Treasury Regulations.

         Trigger  Event:  With respect to any Payment Date on or after the Stepdown  Date if either (a) the Rolling
Three-Month  Delinquency  Percentage as determined  on that Payment Date,  exceeds 7.10% of the Senior  Enhancement
Percentage for that Payment Date or (b) the aggregate  amount of Liquidation  Loss Amounts on the mortgage loans as
a percentage of the initial  aggregate Pool Balance as of the cut-off date exceeds the applicable  amount set forth
below:

         o    November 2009 to October 2010: 3.00%.

         o    November  2010 to October 2011:  3.00% with respect to November  2010,  plus an additional  1/12th of
              1.00% for each month through October 2011.

         o    November  2011 to October 2012:  4.00% with respect to November  2011,  plus an additional  1/12th of
              1.00% for each month through October 2012.

         o    November  2012 to October 2013:  5.00% with respect to November  2012,  plus an additional  1/12th of
              0.25% for each month through October 2013.

         o    November 2013 and thereafter: 5.25%.

         Trust  Agreement:  The trust  agreement  dated as of the Closing  Date,  between the Owner Trustee and the
Depositor.

         Trust Estate:  The meaning specified in the Granting Clause of the Indenture.

         Trust  Indenture  Act or TIA: The Trust  Indenture Act of 1939, as amended from time to time, as in effect
on any relevant date.

         UCC:  The  Uniform  Commercial  Code,  as in  effect  from time to time,  as in  effect  in any  specified
jurisdiction.

         Unpaid Principal Amount:  As defined in Section 3.05(a) of the Indenture.

         Uncertificated  Accrued  Interest:  With respect to any REMIC I Regular Interest for any Payment Date, one
month's  interest at the related  REMIC I Remittance  Rate for such  Payment  Date,  accrued on the  Uncertificated
Principal  Balance  immediately  prior to such Payment Date. With respect to any REMIC II Regular  Interest for any
Payment Date, one month's  interest at the related REMIC II Remittance  Rate for such Payment Date,  accrued on the
Uncertificated  Principal Balance immediately prior to such Payment Date.  Uncertificated  Accrued Interest for the
REMIC I and REMIC II Regular  Interests  shall accrue on the basis of a 360-day year  consisting  of twelve  30-day
months.  For  purposes  of  calculating  the  amount of  Uncertificated  Accrued  Interest  for the REMIC I Regular
Interests for any Payment Date, any Prepayment  Interest  Shortfalls or Relief Act Shortfalls for such Payment Date
shall  be  allocated  among  the  REMIC  I  Regular  Interests  pro  rata  based  on,  and to the  extent  of,  the
Uncertificated  Accrued Interest thereon,  as calculated without the application of this sentence.  For purposes of
calculating  the amount of  Uncertificated  Accrued  Interest  for the REMIC II Regular  Interests  for any Payment
Date, any Prepayment  Interest  Shortfalls or Relief Act Shortfalls for such Payment Date shall be allocated  among
the REMIC II Regular  Interests  pro rata based on, and to the  extent  of,  the  Uncertificated  Accrued  Interest
thereon,  as calculated  without the  application of this sentence.  With respect to any Payment Date and REMIC III
Regular  Interest  SB-IO,  one month's  interest at the related  Certificate  Rate on the Notional  Amount  thereof
reduced by its pro-rata share of any Prepayment  Interest  Shortfalls or Relief Act Shortfalls,  but not reduced by
amounts distributable pursuant to clauses (x) through (xvii) of Section 3.05(a) of the Indenture.

         Uncertificated  Principal  Balance:  With  respect to any Payment  Date and any REMIC I Regular  Interest,
the  initial  Uncertificated  Principal  Balance  thereof  as  reduced  on each  successive  Payment  Date first by
Liquidation Loss Amounts  allocated to the principal  thereof by the definition of REMIC I Liquidation Loss Amounts
and second by principal  deemed  distributed in respect thereof on such Payment Date pursuant to Section 5.01(e) of
the  Trust  Agreement.  With  respect  to any  Payment  Date  and  any  REMIC  II  Regular  Interest,  the  initial
Uncertificated  Principal  Balance  thereof as reduced on each  successive  Payment Date first by Liquidation  Loss
Amounts  allocated to the principal  thereof by the definition of REMIC II  Liquidation  Loss Amounts and second by
principal  deemed  distributed  in respect  thereof on such Payment Date  pursuant to Section  5.01(e) of the Trust
Agreement.  With  respect to any  Payment  Date and REMIC III  Regular  Interest  SB-PO,  the  Initial  Certificate
Balance reduced by the allocation to the principal  thereof on prior Payment Dates of Liquidation Loss Amounts,  to
the extent such Liquidation  Loss Amounts are allocated to the principal of the Class SB Certificates,  and amounts
deemed distributed with respect to such REMIC III Regular Interest.

         WG Trust 2003:  Walnut Grove Mortgage Loan Trust 2003-A, a Delaware statutory trust.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]