Document:

EXHIBIT 4.2

                              CONSULTING AGREEMENT

     This  Agreement  is entered into this 15th day of  November,  2001,  by and
between Unity Wireless Corporation, a Delaware corporation, having its principal
place of business at 7438 Fraser Park Drive, Burnaby,  British Columbia V5J 5B9,
Canada ("Client") and Mueller & Company,  a New Jersey  corporation,  having its
principal  place of business at 242 Fourth Street,  Lakewood,  New Jersey 08701,
U.S.A. ("Consultant").

1.   NATURE OF AGREEMENT

     This non-exclusive  Agreement is between independent  contracting  parties,
and Consultant  acknowledges and warrants that  Consultant's  relationship  with
Client  pursuant  hereto will be solely as an  independent  contractor.  Nothing
herein shall be construed  as creating a  relationship  of employer and employee
between  Client  and  Consultant,  or  between  Client  and any of  Consultant's
employees.

2.   SERVICES

     (a) The scope of the project to be performed  hereunder by Consultant shall
be as follows:

          (i)   reviewing   and  advising  on  the   managerial   and  marketing
requirements of the Client;

          (ii)  reviewing  and  advising on the budget,  business  plans and any
other corporate material of the Client;

          (iii)  conducting  a search  for  specific  acquisition  or  strategic
partnership candidates for consideration by the Client,

          (iv) assist the Client in evaluating the strategic fit of the proposed
candidates with the Client's business plan,

          (v) take an active role in advancing the selected potential candidates
toward a successful agreement.

          (vi) preparing written and verbal reports identifying progress against
objectives and issues for action by the Client, and

          (vii)  participating  in meetings and telephone  conferences  with the
Client to review such progress reports.

     (b)  Notwithstanding the above, the Consultant shall:

          (i) make no  representations  to potential  investors or third parties
modifying  the  terms  and  conditions  of  Client's   Product(s)   warranty  or
warranties.  The  Consultant  may rely on such  Product(s)  warranties as may be
furnished to the  Consultant  by the Client or as may be provided in the Uniform
Commercial  Code and  inform  potential  investors  and  third  parties  of such
warranties, if required in the course of performing its services hereunder.

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          (ii) not represent  itself as an agent of the Client and will not make
any  representations  or  commitments  on behalf of the Client without the prior
written consent of the Client.

          (iii) not  engage or  participate  in any  "Securities  Distributions"
which would be subject to Rule 2710,  et. seq. of the Rules and  Regulations  of
the National Association of Securities Dealers (the "Rules") or any "Offering of
Direct Participation  Programs as defined in Rule 2810 of the Rules. The parties
acknowledge  that Client may offer to sell  securities in a manner not involving
any public  offering  within the ambit of the United States  federal  securities
laws,  particularly the Securities Act of 1933, as amended,  and that Consultant
may advise Client in connection with that activity.

     (c) The  Consultant  shall  not be  required  to  devote  its full time and
attention  to the  performance  of its duties  under this  Agreement,  but shall
devote  only so  much of its  time  and  attention  as it  deems  reasonable  or
necessary for such purposes.  The  Consultant  shall be available to perform its
services under this  Agreement in New York City or elsewhere,  as reasonably and
mutually agreed upon by the Client and the Consultant.

3.   ASSIGNED EMPLOYEES

     (a) The  Consultant  designates,  and will provide and make  available  the
services  of,  Mark  Mueller,  to  perform  the  services  and to  exercise  the
responsibilities required of the Consultant under this Agreement.

     (b) The  Consultant  may,  at its own  discretion  and at its own  cost and
expense, employ, retain or contract with such persons, firms and corporations as
the Consultant  may select in order to provide the  Consultant's  Services.  The
Consultant  will bear the sole,  exclusive and complete  responsibility  for the
activities  and  remuneration  of  persons,   firms  and  corporations   engaged
thereunder.

4.   COMPENSATION

     (a) The  Client  shall pay the  Consultant  for the  Consultant's  Services
during the term of this Agreement,  by the vesting of the First Warrant, being a
warrant  entitiling  the  Consultant to purchase up to 100,000  shares of common
stock of the Client at an exercise price of $0.38 ("First Warrant") as described
in Schedule A and the Second  Warrant being a warrant  entitiling the Consultant
to  purchase up to 150,000  shares of common  stock of the Client at an exercise
price of $0.29  ("Second  Warrant")  as  described  in Schedule B. To the extent
permitted by law, there shall be no withholding or payroll taxes  respecting the
Warrant.  The entire compensation payable to the Consultant under this Agreement
is  specified  in this  Section 4. The  Consultant  shall not be  reimbursed  or
otherwise compensated for its expenses.

     (b)  Notwithstanding  the  above  and the  vesting  schedules  set forth in
Schedules A and B, any unvested warrant rights shall immediately vest if:

          (i) the Client  terminates this Agreement  pursuant to Section 5(b)(i)
below or

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          (ii) if the  performance of the  Consultant's  services  results in an
"Extraordinary  Event" (as such event is reasonably and mutually  agreed upon by
the parties) to the benefit of the Client.  The Consultant's  obligation  ceases
once all unvested Warrant rights have been vested.

     (c) Unless this Agreement was terminated by the parties in accordance with,
and subject to the provisions of, Section 5, below,  the Consultant may exercise
any vested Warrant rights at any time and from time to time within one year from
the date of the  expiration of the term of this  Agreement.  If that date should
fall on a  non-business  day in the  United  States,  the  holder of the  vested
Warrant may exercise such rights on the next U.S. business day.

     (d) Upon the exercise of vested  Warrant  rights and as  instructed  by the
Consultant,  the shares  issuable  under the Warrant  shall be registered in the
name of the nominee(s) of the Consultant as outstanding on the books and records
of the Client.  The  arrangements  for registration of shares issuable under the
warrant are provided in Schedule C to this agreement.

5.   TERM AND TERMINATION; EFFECT OF TERMINATION

     (a) This Agreement  shall  terminate on March 31, 2004,  unless  terminated
sooner as provided  below.

     (b) Either Party shall have the right to terminate this  Agreement  without
cause or reason by  providing  the other  party with not less than  thirty  days
prior written Notice,  by the method provided in Section 14(a) below.

          (i) In the  event  that  Client  exercises  its  rights  to  terminate
pursuant to this  subsection,  all unvested  Warrant  rights become  immediately
vested  and  Consultant  shall  have the right to  exercise  any and all  Vested
Warrant rights within one year from the effective date of such termination.

          (ii) In the event that  Consultant  exercises  its rights to terminate
this Agreement pursuant to this subsection,  the Consultant shall have the right
to  exercise  any and all Vested  Warrant  rights  within  ninety  days from the
effective  date of  such  termination.

     (c) Either  party may  terminate  this  Agreement  for  "special  cause" by
providing  the other  party  with three day prior  written  Notice in the manner
provided in Section 14(a) below.  In the event the Agreement has been terminated
pursuant to this subsection,  the First Warrant and the Second Warrant will have
expired immediately. For purposes of this paragraph,  "special cause" shall mean
that the party,  including its officers,  directors  and/or any person owning at
least twenty five percent of its equity securities:

          (i) has been  convicted of a felony;

          (ii) is or has been subject to a statutory disqualification as defined
in the  Securities  Exchange  Act of 1934,  as amended;  or

                                      -3-
<PAGE>

          (iii)  Has  engaged  in  activities  which,  if such  activities  were
performed in the United States, would subject it to a statutory disqualification
under the Securities Exchange Act of 1934, as amended.

Notwithstanding   anything  to  the  contrary  above,  the  provisions  of  this
subsection are specifically applicable to Mark Mueller.

     (d) If the  expiration  date of the Vested Warrant rights falls on a non-US
business day, the expiration date shall be extended to the next US business day.
Upon the exercise of vested Warrant rights and as instructed by the  Consultant,
the shares  issuable  under the Warrant  shall be  registered in the name of the
nominee(s)  of the  Consultant  as  outstanding  on the books and records of the
Client.  The  arrangements for registration of shares issuable under the warrant
are provided in Schedule C to this agreement.

6.   INDEMNITIES

     (a) Consultant  hereby agrees to fully  indemnify and hold harmless  Client
and  its  affiliates  and  its  respective  officers,  directors,  stockholders,
employees  and agents  from and  against  any and all  losses,  suits,  demands,
liabilities,  claims,  actions,  expenses,  and  damages of  whatsoever  kind or
nature,  including costs of litigation and reasonable  attorney's fees,  arising
out  of  the  negligence,   willful  misconduct  or  breach  of  any  convenant,
representation, warranty or provisions of this Agreement by Consultant or any of
its employees or subcontractors; provided, that Consultant shall not be required
to indemnify  Client from those losses,  suits,  demands,  liabilities,  claims,
actions,  expenses,  and damages  that are caused  solely by the  negligence  of
Client or any of Client's employees.

     (b) Client  hereby agrees to fully  indemnify and hold harmless  Consultant
and  its  affiliates  and  its  respective  officers,  directors,  stockholders,
employees  and agents  from and  against  any and all  losses,  suits,  demands,
liabilities,  claims,  actions,  expenses,  and  damages of  whatsoever  kind or
nature,  including costs of litigation and reasonable  attorney's fees,  arising
out  of  the  negligence,   willful  misconduct  or  breach  of  any  convenant,
representation, warranty or provisions of this Agreement by Client or any of its
employees  or  subcontractors;  provided,  that Client  shall not be required to
indemnify Consultants from those losses, suits,  demands,  liabilities,  claims,
actions,  expenses,  and damages  that are caused  solely by the  negligence  of
Consultant or any of Consultant's employees.

7.   CONFIDENTIAL INFORMATION

     (a)  The  term  "Confidential  Information"  shall  mean  all  proprietary,
confidential and other non-public information, know-how and data (oral, written,
graphic  demonstrative,  machine  recognizable  or  otherwise)  relating  to the
proprietary  technology  and/or business of the Client which is disclosed by the
Client to the Consultant under this Agreement.  Confidential Information further
shall include all information relating to fees paid to Consultant, its employees
and approved subcontractors. Confidential Information shall NOT include any such
information  (i) lawfully known to Consultant  prior to the  performance of such
services  other than  through  other  work with or for  Client or (ii)  publicly
disclosed  through no act of  Consultant  or

                                      -4-
<PAGE>

any of  Consultant's  employees  or  approved  subcontractors,  either  prior or
subsequent to Client's  disclosures  of such  information to Consultant or (iii)
has been  independently  developed by the Consulatant  without  reference to the
Confidential Information.

     (b) The Consultant shall hold the Confidential Information in trust for the
Client and shall not disclose it to any unauthorized persons during or after the
termination of this  Agreement,  without the prior written consent of the Client
or  unless  authorized  by  this  Agreement.   Notwithstanding   the  foregoing,
Consultant may disclose  Confidential  Information to the extent that disclosure
is required by a court or other governmental  agency of competent  jurisdiction;
provided, that Consultant shall provide notice to Client of the request for such
disclosure promptly upon receiving it.

8.   RIGHTS IN WORK PRODUCT

     All patentable and unpatentable inventions,  discoveries,  ideas, materials
and programs  which are made or conceived by the  Consultant in the course of or
as a result of the  performance  of the  Consultant's  Services shall become the
sole and exclusive  property of the Client  throughout the world.  Promptly upon
the conception of such invention,  discovery,  idea,  materials or program,  the
Consultant  will  disclose  it to the Client and the Client  shall have the full
power and authority to file and prosecute  patent  applications  throughout  the
world on it and to procure and maintain patents on it. The Consultant  shall, at
the request and expense of the Client,  execute  documents and perform such acts
as legal counsel of the Client may deem  necessary or  advisable,  to confirm in
the Client all right,  title and interest  throughout the world,  in and to such
invention,  discovery idea,  materials or program,  and all patent applications,
patents  and   copyrights  on  it,  and  to  assist  the  Client  in  procuring,
maintaining,  enforcing and defining  patents,  petty patents,  copyrights,  and
other  applicable  statutory  protection   throughout  the  world  on  any  such
invention,  discovery,  idea,  materials or programs  which may be patentable or
copyrightable.  Without  limitation,  the Consultant,  as author of any written,
graphic,  artistic or creative work, that the Consultant will produce as part of
performing the Consultant's Services, will transfer absolutely to the Client all
of the rights of the Consultant to the copyright in such work.

     Consultant   shall  promptly  advise  Client  of  any  situation  in  which
Consultant  intends  to  incorporate  in any Work  Product  any  material  which
Consultant  believes to be owned by  Consultant  or any third  party,  and shall
thereafter give effect to Client's reasonable  instructions with respect to such
material.

9.   DISCLOSURE AGREEMENT

     All Disclosure Materials shall be subject to review by the Client and shall
not be distributed if the Client  determines,  in the Client's sole  discretion,
that  they   would   disclose   Confidential   Information   or  are   otherwise
inappropriate.

10.  REPRESENTATIONS AND WARRANTIES

(a)  Representations and Warranties of the Consultant

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<PAGE>

     The Consultant  represents and warrants that its entry into and performance
under this Agreement does not violate any outstanding obligation, contractual or
otherwise, which the Consultant may owe to any third party, nor any order, writ,
injunction,  decree,  judgement,  statute,  rule, law or ruling.  The Consultant
further warrants that the Consultant's  Services will be of the kind and quality
designated.

(b)  Representations and Warranties of the Client

     (i) The Client  represents and warrants that its entry into and performance
under this Agreement does not violate any outstanding obligation, contractual or
otherwise,  which the Client may owe to any third  party,  nor any order,  writ,
injunction, decree, judgment, statute, rule, law or ruling.

     (ii) The Client represents and warrants to the Consultant that:

          (a) all  information and  documentation  furnished by it to Consultant
accurately will depict in all material  respects the Client and its business and
proposed business and will not, to the best of the Client's  knowledge,  contain
material misstatements or omissions; and

          (b)  disclosure  materials  which the Client  approves  as provided in
Section 9, above, will accurately depict, in all material  respects,  the Client
and its  business  and  proposed  business,  and will not contain  any  material
misstatements  or omissions of material facts which make any statement set forth
therein materially false or misleading.

          (c) the Warrant and the shares issuable thereunder (the "Shares") have
been fully authorized;

          (d) the  Client  has  taken all  necessary  action  to  authorize  the
issuance of the Warrant and the Shares;

          (e) when issued  pursuant to the  Warrant,  the Shares will be validly
issued and non-assessable and no personal liability will attach to the ownership
of the Shares;

          (f) the  Client  has  reserved  all Shares  issuable  pursuant  to the
Warrant and will, at all times, reserve a sufficient number of Shares to perform
all of its obligations under the Warrant.

11.  SOLE AGREEMENT

     This Agreement  shall  supersede all prior  Agreements,  including the ones
dated  January  1,  2001  and  April  1,  2001   ("Previous   Agreements')   and
understandings,  if any,  between the  parties  respecting  the  subject  matter
hereof.  All  previous  warrants  earned and  accrued  by virtue of  thePrevious
Agreements  have been  transferred by Client to Consultant as noted in the First
Warrant and Second Warrant attached.  This Agreement may be modified at any time
by an instrument in writing signed by authorized  representatives of the parties
hereto.

                                      -6-

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<PAGE>

12.  APPLICABLE LAW; JURISDICTION AND VENUE

     (a) This  Agreement is made under and shall be  construed  according to the
laws and judicial  decisions of the State of Delaware,  excluding  choice of law
rules directing application of the law of any other jurisdiction.

     (b) Notwithstanding the paragraph immediately above, each party irrevocably
consents to the exclusive jurisdiction of the courts located in British Columbia
in  connection  with any action  arising  out of this  Agreement  or its subject
matter. Each party waives any objection based on lack of personal  jurisdiction,
place of residence, improper venue or forum non conveniens in any such action.

13.  NO WAIVER

     No term or provision hereof shall be deemed waived,  and no breach excused,
unless the party  claimed to have  waived the term or  provision  or excused the
breach  shall have so stated in a writing  signed by it. No consent to or waiver
of a breach by either party shall  constitute a consent to, waiver of, or excuse
for any different or subsequent breach.

14.  GENERAL

     (a) Any notice  required  to be given  hereunder  shall be in  writing  and
delivered  by hand or sent by mail or courier to the address set forth herein or
to such other address as either party may designate from time to time in writing
for such purpose. Notices shall be deemed to have been given upon the earlier to
occur of the date of actual receipt or seven days following the date of postmark
thereof.

          (i) Notices addressed to Client shall be sent to:

                       Unity Wireless Corporation
                       7438 Fraser Park Drive
                       Burnaby, B.C. V5J 5B9
                       Facsimile Number:  (604) 267-2724

          (ii) Notices addressed to Consultant shall be sent to:

                       Mueller & Company, Inc.
                       242 Fourth Street
                       Lakewood, New Jersey 08701
                       Facsimile Number:(732) 364-3555.

     (b) If any term or  provision  of this  Agreement  shall be held invalid or
unenforceable, the remainder of this Agreement shall not be affected thereby and
each term and provision hereof shall be valid and enforced to the fullest extent
permitted by law.

                                      -7-

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<PAGE>

     (c) Paragraph  headings are for convenience only and shall not be construed
as part of this Agreement.

     (d) This Agreement and/ or other agreement required hereunder shall and can
be executed in two counterparts, each of which if executed in counterparts shall
be deemed an original but which together  shall  constitute but one and the same
document.

     IN  WITNESS  AND IN  EXECUTION  WHEREOF,  the  undersigned,  by their  duly
authorized representatives, have hereunto set their signatures.

CLIENT                                       CONSULTANT

UNITY WIRELESS CORPORATION                   MUELLER & CO. INC.
7438 Fraser Park Drive                       242 Fourth Street
Burnaby, B.C. V5J 5B9                        Lakewood, New Jersey 08701

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

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

690487

                                      -8-
<PAGE>

                           SCHEDULE A - FIRST WARRANT

                         TERMS AND CONDITIONS OF WARRANT

ARTICLE 1.  DEFINITIONS

1.1  Definitions

     As used herein,  the  following  terms shall have the  following  meanings,
     unless the context shall otherwise require:

     (a)  "Client" means Unity Wireless Corporation;

     (b)  "Common  Stock"  shall mean the  common  stock,  par value  $0.001 per
          share, of the Client;

     (c)  "Consulting  Agreement" means the consulting agreement among Mueller &
          Company,  Inc. and Unity Wireless Corporation and dated as of November
          15, 2001;

     (d)  "Corporate  Office"  shall  mean  the  office  of the  Client  (or its
          successor)  at which at any  particular  time its  principal  business
          shall be  administered,  which office is located at the date hereof at
          7438 Fraser Park Drive, Burnaby, B.C.V5J 5B9;

     (e)  "Exercise  Date" shall mean any date upon which the Holder  shall give
          the Client a Notice of  Exercise,  which  shall be deemed the date the
          Notice of Exercise was first deposited in the US Mails, if mailed,  or
          the date  received by the courier  Client if delivered  by  recognized
          courier company, or the date received by the Client if otherwise given
          or delivered;

     (f)  "Exercise  Period" means the period during which vested warrant rights
          under  the  Warrant  may  be  exercised  pursuant  to s.  5.1  of  the
          Consulting Agreement;

     (g)  "Exercise  Price"  shall  mean the price to be paid to the  Client for
          each  share of Common  Stock to be  purchased  upon  exercise  of this
          Warrant in accordance with the terms hereof,  which shall be $0.38 per
          share;

     (h)  "Holder" means Mueller & Company, Inc. ;

     (i)  "SEC" shall mean the United States Securities and Exchange Commission;

     (j)  "Shares" means shares of the Common Stock; and

     (k)  "Vested" means the  non-forfeitable  right to exercise the Warrant and
          to purchase the number of shares of Common Stock provided for below.

<PAGE>

                                       2

ARTICLE 2.  EXERCISE

2.1  Manner of Exercise
     (a)  Holder  may  exercise  this  Warrant at any time and from time to time
          during  the  Exercise  Period,  in  whole  or  in  part  (but  not  in
          denominations  of fewer than 5,000 Shares,  except upon an exercise of
          this  Warrant  with  respect  to  the  remaining   balance  of  Shares
          purchasable  hereunder at the time of exercise),  by delivering to the
          Client at its Corporate  Office (i) a duly executed Notice of Exercise
          in  substantially  the form  attached  as Appendix I hereto and (ii) a
          bank cashier's or certified check for the aggregate  Exercise Price of
          the Shares being purchased.

     (b)  From time to time upon exercise of this Warrant,  in whole or part, in
          accordance with its terms, the Client will cause its transfer agent to
          countersign and deliver stock certificates to the Holder  representing
          the  number of  Shares  being  purchased  pursuant  to such  exercise,
          subject to adjustment as described herein.

2.2  No Rights Prior to Exercise
     Prior to its exercise pursuant to Section 2.1 above, this Warrant shall not
     entitle the Holder to any voting or other rights as holder of Shares.

2.3  Adjustments
     In case of any reclassification, capital reorganization, stock dividend, or
     other  change of  outstanding  shares of  Common  Stock,  or in case of any
     consolidation  or merger of the  Client  with or into  another  corporation
     (other than a consolidation or merger in which the Client is the continuing
     corporation  and which  does not  result in any  reclassification,  capital
     reorganization,  stock dividend,  or other change of outstanding  shares of
     Common Stock), or in case of any sale or conveyance to another  corporation
     of the property of the Client as, or  substantially  as, an entirety (other
     than a sale/leaseback, mortgage or other financing transaction), the Client
     shall cause  effective  provision  to be made so that the Holder shall have
     the right thereafter,  by exercising this Warrant, to purchase the kind and
     number of shares of stock or other securities or property  (including cash)
     receivable  upon  such  reclassification,   capital  reorganization,  stock
     dividend, or other change, consolidation, merger, sale or conveyance as the
     Holder would have been  entitled to receive had the Holder  exercised  this
     Warrant  in  full  immediately   before  such   reclassification,   capital
     reorganization,  stock dividend,  or other change,  consolidation,  merger,
     sale  or  conveyance.  Any  such  provision  shall  include  provision  for
     adjustments that shall be as nearly equivalent as may be practicable to the
     adjustments  provided for in this Section  2.3.  The  foregoing  provisions
     shall   similarly   apply   to   successive   reclassifications,    capital
     reorganizations,  stock dividends,  and other changes of outstanding shares
     of  Common  Stock  and to  successive  consolidations,  mergers,  sales  or
     conveyances.

2.4  Fractional Shares
     No fractional  Shares shall be issuable upon exercise or conversion of this
     Warrant and the number of Shares to be issued  shall be rounded down to the
     nearest  whole  Share.  If a

<PAGE>
                                       3

     fractional  Share  interest  arises upon any exercise or  conversion of the
     Warrant,  the Client shall  eliminate  such  fractional  Share  interest by
     paying Holder the amount computed by multiplying the fractional interest by
     the  closing  bid  price  of a full  Share  on the  date of the  Notice  of
     Exercise.

2.5  Vesting of the Warrants
     Shares  shall  Vest over the  Vesting  Period  according  to the  following
     schedule:

                                        # of Shares            # of Shares
            Vesting Date                  Vested           Cumulatively Vested
            ------------                  ------           -------------------

            November 15, 2001             76,564               76,564
            December 31, 2001              4,688               81,250
               March 31, 2002              4,688               85,940
                June 30, 2002              4,688               90,628
           September 30, 2002              4,686               95,314
            December 31, 2002              4,686              100,000

ARTICLE 3.  REPRESENTATIONS AND COVENANTS OF THE CLIENT

3.1  Representations and Warranties
     The Client hereby represents and warrants to the Holder as follows:

     (a)  The Client is a corporation  duly organized and validly existing under
          the  laws  of the  State  of  Delaware,  and has the  full  power  and
          authority to issue this  Warrant and to comply with the terms  hereof.
          This Warrant has been duly executed and delivered by the Client and is
          a  valid  and  binding  obligation  of  the  Client,   enforceable  in
          accordance  with its terms,  except as  enforcement  may be limited by
          applicable  bankruptcy,  insolvency,  reorganization  or similar  laws
          affecting  enforceability of creditors' rights generally and except as
          the  availability  of the remedy of specific  enforcement,  injunctive
          relief or other  equitable  relief is subject to the discretion of the
          court before which any proceeding therefor may be brought.

<PAGE>
                                       4

ARTICLE 4.  REPRESENTATIONS AND COVENANTS OF THE HOLDER

4.1  Representations and Warranties
     The Warrant  granted  hereunder  may be  exercised by Holder only if at the
     time of exercise each of the following is true:

     (a)  Holder is acquiring  the Shares for Holder's own personal  account for
          investment and not for the account of any other  person(s) and without
          any  intention  of  selling  or making a further  distribution  of the
          Shares; and

     (b)  Holder is in a financial position to hold the Shares for an indefinite
          period of time and is able to bear the economic  risk and  withstand a
          complete loss of Holder's investment in the Shares; and

     (c)  Holder has obtained,  to the extent  necessary,  Holder's own personal
          professional  advisor  with  respect  to  the  risks  inherent  in the
          investment in the Shares, and the suitability of the investment in the
          Shares in light of Holder's financial  condition and investment needs;
          and

     (d)  Holder  acknowledges that, unless otherwise notified in writing by the
          Client, Holder is aware that:

          (i)  The Shares have not been  registered  under the Securities Act of
               1933, as amended,  nor have they been registered to qualify under
               the securities laws of any state or foreign jurisdiction;

          (ii) Holder may not legally sell the Shares  unless and until they are
               registered  and/or  qualified  or unless the Shares  qualify  for
               exemption from registration and/or qualification under such Acts;

          (iii)Holder  agrees  that  all  Shares   acquired   pursuant  to  this
               Agreement are for investment only and that said Shares shall bear
               any and all necessary legends and restrictions.

ARTICLE 5.  MISCELLANEOUS

5.1  Transfer
     This Warrant may not be  transferred  or assigned,  in whole or in part, at
     any time, except in compliance with applicable federal and state securities
     laws by the transferor and the transferee  (including,  without limitation,
     the delivery of an  investment  representation  letter and a legal  opinion
     reasonably satisfactory to the Client),  provided that this Warrant may not
     be  transferred  or assigned such that either the Holder or any  transferee
     will,  following such transfer or assignment,  hold a Warrant for the right
     to purchase fewer than 5,000 Shares.

<PAGE>
                                       5

5.2  Transfer Procedure
     Subject to the  provisions  of Section  5.1,  Holder may transfer or assign
     this Warrant by giving the Client notice  setting  forth the name,  address
     and  taxpayer  identification  number of the  transferee  or  assignee,  if
     applicable (the "transferee"),  and surrendering this Warrant to the Client
     for  reissuance  to the  transferee  (and  the  Holder,  in the  event of a
     transfer or  assignment  of this Warrant in part).  (Each of the persons or
     entities  in whose  name any such new  Warrant  shall be issued  are herein
     referred to as a Holder)

5.3  Loss, Theft, Destruction or Mutilation
     If this Warrant shall become mutilated or defaced or be destroyed,  lost or
     stolen,  the Client shall execute and deliver a new Warrant in exchange for
     and upon surrender and  cancellation  of such mutilated or defaced  Warrant
     or, in lieu of and in substitution for such Warrants so destroyed,  lost or
     stolen, upon the Holder filing with the Client evidence  satisfactory to it
     that  such  Warrant  has been so  mutilated,  defaced,  destroyed,  lost or
     stolen.  However,  the Client  shall be  entitled,  as a  condition  to the
     execution   and  delivery  of  such  new  Warrant,   to  demand   indemnity
     satisfactory  to it and payment of the  expenses  and  charges  incurred in
     connection  with  the  delivery  of  such  new  Warrant.   Any  Warrant  so
     surrendered to the Client shall be canceled.

                       THIS SPACE LEFT BLANK INTENTIONALLY

<PAGE>
                                       6

APPENDIX 1

NOTICE OF EXERCISE

To:  UNITY WIRELESS CORPORATION

     (1) The undersigned  hereby elects to purchase  __________ shares of Common
     Stock ("Shares") of UNITY WIRELESS  CORPORATION (the "Company") pursuant to
     the terms of the attached First Warrant,  and tenders  herewith  payment of
     the purchase price in full, together with all applicable transfer taxes, if
     any.

     (2) In exercising the attached Warrant,  the undersigned hereby represents,
warrants, confirms and acknowledges that the undersigned is acquiring the Shares
for his, her or its own account for investment purposes only and not with a view
to  resale  or  distribution   thereof  except  in  compliance  with  applicable
securities laws.

-------------------------------               ----------------------------------
Date                                          Signature
                                              Address:
                                              ----------------------------------

<PAGE>

6

                           SCHEDULE B - SECOND WARRANT

                         TERMS AND CONDITIONS OF WARRANT

ARTICLE 1. DEFINITIONS

1.1  Definitions
     As used herein,  the  following  terms shall have the  following  meanings,
     unless the context shall otherwise require:

     (a)  "Client" means Unity Wireless Corporation;

     (b)  "Common  Stock"  shall mean the  common  stock,  par value  $0.001 per
          share, of the Client;

     (c)  "Consulting  Agreement" means the consulting agreement among Mueller &
          Company,  Inc. and Unity Wireless Corporation and dated as of November
          15, 2001;

     (d)  "Corporate  Office"  shall  mean  the  office  of the  Client  (or its
          successor)  at which at any  particular  time its  principal  business
          shall be  administered,  which office is located at the date hereof at
          7438 Fraser Park Drive, Burnaby, B.C.V5J 5B9;

     (e)  "Exercise  Date" shall mean any date upon which the Holder  shall give
          the Client a Notice of  Exercise,  which  shall be deemed the date the
          Notice of Exercise was first deposited in the US Mails, if mailed,  or
          the date  received by the courier  Client if delivered  by  recognized
          courier company, or the date received by the Client if otherwise given
          or delivered;

     (f)  "Exercise  Period" means the period during which vested warrant rights
          under  the  Warrant  may  be  exercised  pursuant  to s.  5.1  of  the
          Consulting Agreement;

     (g)  "Exercise  Price"  shall  mean the price to be paid to the  Client for
          each  share of Common  Stock to be  purchased  upon  exercise  of this
          Warrant in accordance with the terms hereof,  which shall be $0.29 per
          share;

     (h)  "Holder" means Mueller & Company, Inc..;

     (i)  "SEC" shall mean the United States Securities and Exchange Commission;

     (j)  "Shares" means shares of the Common Stock; and

     (k)  "Vested" means the  non-forfeitable  right to exercise the Warrant and
          to purchase the number of shares of Common Stock provided for below.

<PAGE>
                                       2

ARTICLE 2.  EXERCISE

2.1  Manner of Exercise
     (a)  Holder  may  exercise  this  Warrant at any time and from time to time
          during  the  Exercise  Period,  in  whole  or  in  part  (but  not  in
          denominations  of fewer than 5,000 Shares,  except upon an exercise of
          this  Warrant  with  respect  to  the  remaining   balance  of  Shares
          purchasable  hereunder at the time of exercise),  by delivering to the
          Client at its Corporate  Office (i) a duly executed Notice of Exercise
          in  substantially  the form  attached  as Appendix I hereto and (ii) a
          bank cashier's or certified check for the aggregate  Exercise Price of
          the Shares being purchased.

     (b)  From time to time upon exercise of this Warrant,  in whole or part, in
          accordance with its terms, the Client will cause its transfer agent to
          countersign and deliver stock certificates to the Holder  representing
          the  number of  Shares  being  purchased  pursuant  to such  exercise,
          subject to adjustment as described herein.

2.2  No Rights Prior to Exercise
     Prior to its exercise pursuant to Section 2.1 above, this Warrant shall not
     entitle the Holder to any voting or other rights as holder of Shares.

2.3  Adjustments
     In case of any reclassification, capital reorganization, stock dividend, or
     other  change of  outstanding  shares of  Common  Stock,  or in case of any
     consolidation  or merger of the  Client  with or into  another  corporation
     (other than a consolidation or merger in which the Client is the continuing
     corporation  and which  does not  result in any  reclassification,  capital
     reorganization,  stock dividend,  or other change of outstanding  shares of
     Common Stock), or in case of any sale or conveyance to another  corporation
     of the property of the Client as, or  substantially  as, an entirety (other
     than a sale/leaseback, mortgage or other financing transaction), the Client
     shall cause  effective  provision  to be made so that the Holder shall have
     the right thereafter,  by exercising this Warrant, to purchase the kind and
     number of shares of stock or other securities or property  (including cash)
     receivable  upon  such  reclassification,   capital  reorganization,  stock
     dividend, or other change, consolidation, merger, sale or conveyance as the
     Holder would have been  entitled to receive had the Holder  exercised  this
     Warrant  in  full  immediately   before  such   reclassification,   capital
     reorganization,  stock dividend,  or other change,  consolidation,  merger,
     sale  or  conveyance.  Any  such  provision  shall  include  provision  for
     adjustments that shall be as nearly equivalent as may be practicable to the
     adjustments  provided for in this Section  2.3.  The  foregoing  provisions
     shall   similarly   apply   to   successive   reclassifications,    capital
     reorganizations,  stock dividends,  and other changes of outstanding shares
     of  Common  Stock  and to  successive  consolidations,  mergers,  sales  or
     conveyances.

2.4  Fractional Shares
     No fractional  Shares shall be issuable upon exercise or conversion of this
     Warrant and the number of Shares to be issued  shall be rounded down to the
     nearest  whole  Share.  If a

<PAGE>
                                       3

     fractional  Share  interest  arises upon any exercise or  conversion of the
     Warrant,  the Client shall  eliminate  such  fractional  Share  interest by
     paying Holder the amount computed by multiplying the fractional interest by
     the  closing  bid  price  of a full  Share  on the  date of the  Notice  of
     Exercise.

2.5  Vesting of the Warrants
     Shares  shall  Vest over the  Vesting  Period  according  to the  following
     schedule:

                                        # of Shares            # of Shares
            Vesting Date                  Vested           Cumulatively Vested
            ------------                  ------           -------------------
            November 15, 2001             25,000                25,000
            December 31, 2001             12,500                37,500
               March 31, 2002             12,500                50,000
                June 30, 2002             12,500                62,500
           September 30, 2002             12,500                75,000
            December 31, 2002             12,500                87,500
               March 31, 2003             12,500               100,000
                June 30, 2003             12,500               112,500
           September 30, 2003             12,500               125,000
            December 31, 2003             12,500               137,500
               March 31, 2004             12,500               150,000

ARTICLE 3.  REPRESENTATIONS AND COVENANTS OF THE CLIENT

3.1  Representations and Warranties
     The Client hereby represents and warrants to the Holder as follows:

     (a)  The Client is a corporation  duly organized and validly existing under
          the  laws  of the  State  of  Delaware,  and has the  full  power  and
          authority to issue this  Warrant and to comply with the terms  hereof.
          This Warrant has been duly executed and delivered by the Client and is
          a  valid  and  binding  obligation  of  the  Client,   enforceable  in
          accordance  with its terms,  except as  enforcement  may be limited by
          applicable  bankruptcy,  insolvency,  reorganization  or similar  laws
          affecting  enforceability of creditors' rights generally and except as
          the  availability  of the remedy of specific  enforcement,  injunctive
          relief or other  equitable  relief is subject to the discretion of the
          court before which any proceeding therefor may be brought.

<PAGE>
                                       4

ARTICLE 4.  REPRESENTATIONS AND COVENANTS OF THE HOLDER

4.1  Representations and Warranties
     The Warrant  granted  hereunder  may be  exercised by Holder only if at the
     time of exercise each of the following is true:

     (a)  Holder is acquiring  the Shares for Holder's own personal  account for
          investment and not for the account of any other  person(s) and without
          any  intention  of  selling  or making a further  distribution  of the
          Shares; and

     (b)  Holder is in a financial position to hold the Shares for an indefinite
          period of time and is able to bear the economic  risk and  withstand a
          complete loss of Holder's investment in the Shares; and

     (c)  Holder has obtained,  to the extent  necessary,  Holder's own personal
          professional  advisor  with  respect  to  the  risks  inherent  in the
          investment in the Shares, and the suitability of the investment in the
          Shares in light of Holder's financial  condition and investment needs;
          and

     (d)  Holder  acknowledges that, unless otherwise notified in writing by the
          Client, Holder is aware that:

          (i)  The Shares have not been  registered  under the Securities Act of
               1933, as amended,  nor have they been registered to qualify under
               the securities laws of any state or foreign jurisdiction;

          (ii) Holder may not legally sell the Shares  unless and until they are
               registered  and/or  qualified  or unless the Shares  qualify  for
               exemption from registration and/or qualification under such Acts;

          (iii)Holder  agrees  that  all  Shares   acquired   pursuant  to  this
               Agreement are for investment only and that said Shares shall bear
               any and all necessary legends and restrictions.

ARTICLE 5.  MISCELLANEOUS

5.1  Transfer
     This Warrant may not be  transferred  or assigned,  in whole or in part, at
     any time, except in compliance with applicable federal and state securities
     laws by the transferor and the transferee  (including,  without limitation,
     the delivery of an  investment  representation  letter and a legal  opinion
     reasonably satisfactory to the Client),  provided that this Warrant may not
     be  transferred  or assigned such that either the Holder or any  transferee
     will,  following such transfer or assignment,  hold a Warrant for the right
     to purchase fewer than 5,000 Shares.

<PAGE>
                                       5

5.2  Transfer Procedure
     Subject to the  provisions  of Section  5.1,  Holder may transfer or assign
     this Warrant by giving the Client notice  setting  forth the name,  address
     and  taxpayer  identification  number of the  transferee  or  assignee,  if
     applicable (the "transferee"),  and surrendering this Warrant to the Client
     for  reissuance  to the  transferee  (and  the  Holder,  in the  event of a
     transfer or  assignment  of this Warrant in part).  (Each of the persons or
     entities  in whose  name any such new  Warrant  shall be issued  are herein
     referred to as a Holder)

5.3  Loss, Theft, Destruction or Mutilation
     If this Warrant shall become mutilated or defaced or be destroyed,  lost or
     stolen,  the Client shall execute and deliver a new Warrant in exchange for
     and upon surrender and  cancellation  of such mutilated or defaced  Warrant
     or, in lieu of and in substitution for such Warrants so destroyed,  lost or
     stolen, upon the Holder filing with the Client evidence  satisfactory to it
     that  such  Warrant  has been so  mutilated,  defaced,  destroyed,  lost or
     stolen.  However,  the Client  shall be  entitled,  as a  condition  to the
     execution   and  delivery  of  such  new  Warrant,   to  demand   indemnity
     satisfactory  to it and payment of the  expenses  and  charges  incurred in
     connection  with  the  delivery  of  such  new  Warrant.   Any  Warrant  so
     surrendered to the Client shall be canceled.

                       THIS SPACE LEFT BLANK INTENTIONALLY

<PAGE>
                                       6

APPENDIX 1

NOTICE OF EXERCISE

To:  UNITY WIRELESS CORPORATION

     (1) The undersigned  hereby elects to purchase  __________ shares of Common
     Stock ("Shares") of UNITY WIRELESS  CORPORATION (the "Company") pursuant to
     the terms of the attached First Warrant,  and tenders  herewith  payment of
     the purchase price in full, together with all applicable transfer taxes, if
     any.

     (2) In exercising the attached Warrant,  the undersigned hereby represents,
warrants, confirms and acknowledges that the undersigned is acquiring the Shares
for his, her or its own account for investment purposes only and not with a view
to  resale  or  distribution   thereof  except  in  compliance  with  applicable
securities laws.

-------------------------------               ----------------------------------
Date                                          Signature
                                              Address:
                                              ----------------------------------Exhibit 4.2

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

                         ELIGIBLE LENDER TRUST AGREEMENT

                                     between

                            SLC STUDENT LOAN TRUST-I
                                   as Grantor

                                       and

                              BANKERS TRUST COMPANY
                           as Eligible Lender Trustee

                          Dated as of _________ _, 2002

================================================================================
<PAGE>

                         ELIGIBLE LENDER TRUST AGREEMENT

            THIS ELIGIBLE LENDER TRUST AGREEMENT is made on ________ __, 2002,
by and between SLC STUDENT LOAN TRUST-I (the "Grantor") and BANKERS TRUST
COMPANY, as eligible lender trustee (the "Eligible Lender Trustee").

                            W I T N E S S E T H :

            WHEREAS, the Grantor is not an eligible lender under the Higher
Education Act of 1965, as amended, or related regulations promulgated by the
U.S. Secretary of Education (collectively, the "Act") and, as such, cannot hold
loans made and reinsured under Title IV of the Act as an eligible lender;

            WHEREAS, it is the intention of the parties that certain loans
("Student Loans") reinsured under Title IV of the Act and meeting the
qualifications described in Section 2 hereof made to persons for post-secondary
education at eligible institutions be acquired from time to time by the Eligible
Lender Trustee on behalf of the Grantor (hereinafter collectively referred to as
the "Portfolio");

            WHEREAS,  the Eligible  Lender Trustee is an eligible lender under
and as defined in the Act;

            WHEREAS, the Eligible Lender Trustee has agreed to hold legal title
to the Student Loans for the benefit of the Grantor;

            WHEREAS, the Eligible Lender Trustee and certain Guarantors have
entered or will enter into Contracts of Guarantee with respect to the Student
Loans; and

            WHEREAS, the Grantor intends to provide the Eligible Lender Trustee
with written instruction on all aspects of the management of the Student Loans;

            NOW, THEREFORE, for and in consideration of the promises and of the
mutual covenants contained herein, and for other valuable consideration, the
receipt of which is hereby acknowledged, the Grantor covenants and agrees with
the Eligible Lender Trustee as follows:

            Section 1.  Definitions.

            Capitalized terms used herein and not otherwise defined shall have
the meanings specified in this Section 1.

            "Administration Agreement" shall mean the Administration Agreement,
dated ________ __, 2002, by and among the Grantor, the Indenture Trustee and The
Student Loan Corporation, as administrator.

            "Contract of Guarantee" shall mean a contract between a Guarantor
and the Eligible Lender Trustee providing for, or a certificate or other
evidence of, the Guarantee of one or more Student Loans pursuant to the Act.

            "Custody Agreement" shall mean the Custody Agreement, dated as of
________ __, 2002, by and among the Grantor, the Eligible Lender Trustee and
[Name of servicer or sub-servicer], as custodian.

            "Guarantor" shall mean any body or organization which has entered
into a federal reinsurance agreement with the Secretary of Education pursuant to
the Act.

            "Indenture" shall mean Indenture of Trust, dated as of ________ __,
2002, by and among the Grantor, the Eligible Lender Trustee and the Indenture
Trustee.

            "Indenture Trustee" shall mean Bankers Trust Company, as indenture
trustee, pursuant to the Indenture.

            "Interest Subsidy Payments" shall mean the interest subsidy payments
authorized to be made by the Secretary of Education pursuant to Section 428 of
the Act, or similar subsidies authorized from time to time by federal law or
regulation.

            "Person" shall mean an individual, a corporation, a partnership, a
limited liability company, a trust, an unincorporated organization or a
government, or any agency or political subdivision thereof.

            "Secretary of Education" shall mean the Secretary of Education, the
United States Department of Education, or any other officer, board, body,
commission or agency succeeding to the functions thereof under the Act.

            "Servicing Agreement" shall mean the Servicing Agreement, dated
________ __, 2002, by and between the Grantor and The Student Loan Corporation,
as servicer.

            "Special Allowance Payments" shall mean special allowance payments
authorized to be made by the Secretary of Education pursuant to Section 438(b)
of the Act, or similar allowances authorized from time to time by federal law or
regulation.

            Section 2.  Creation of the Trust Estate.

            (a) The Grantor hereby assigns, transfers and sets over to the
Eligible Lender Trustee, in trust for the benefit of the Grantor, all of the
Grantor's right, title and interest in and to the Student Loans that at any time
may comprise the Portfolio, the receipt of which right, title, and interest is
hereby acknowledged by the Eligible Lender Trustee and which trust is hereby
accepted by the Eligible Lender Trustee, upon the following express terms and
conditions and with the powers and limitations hereinafter conferred and set
forth.

            (b) The Portfolio and any other properties held in trust hereunder
are collectively referred to herein as the "Trust Estate."

            Section 3.  Servicing Agreements.

            Servicing of loans included in the Portfolio shall be carried out by
an eligible third-party servicer of federally guaranteed Student Loans pursuant
to a servicing agreement executed with such entity. At the time of creation of
the Trust Estate, each loan to be included in the Trust Estate shall be a loan
serviced by The Student Loan Corporation and, if sub-serviced, sub-serviced by
Sun Tech, Inc. or by another servicer or sub-servicer mutually agreed to in
writing by the parties hereto.

            Section 4.  Eligible Lender Trustee's Execution of Agreements
Pertaining to Loans Solely in Capacity as Eligible Lender Trustee.

            The Grantor shall cause all agreements for the origination,
purchase, servicing, financing or sale of Student Loans in the Trust Estate to
which the Eligible Lender Trustee is a party to indicate clearly that the
Eligible Lender Trustee is executing each such agreement solely in its capacity
as Eligible Lender Trustee.

            This provision is not intended to apply, however, to Contracts of
Guarantee executed by the Eligible Lender Trustee pursuant to Section 7 hereof,
or to limit the Eligible Lender Trustee's legal responsibility to the Secretary
of Education under 34 CFR ss. 682.203(b).

            Section 5.  Dispositive Provisions.

            The Eligible Lender Trustee shall pay to the Indenture Trustee,
promptly upon receipt thereof, any and all income and payments (other than
payments made by the Grantor) received by the Eligible Lender Trustee in
connection with the Trust Estate, including without limitation the following
payments to be received with respect to Student Loans: scheduled payments of
principal, interest, late fees and penalties by borrowers, prepayments of
principal and interest by borrowers; all grants, subsidies, donations, Interest
Subsidy Payments, and Special Allowance Payments, and all default and other
claim payments made by any Guarantor.

            Section 6.  Reserved Rights of Invasion.

            The Grantor expressly reserves and retains the right, at any time
and from time to time, by a notice in writing signed by an authorized officer of
the Grantor and filed with the Eligible Lender Trustee, to withdraw from the
corpus of the Trust Estate any or all of the Trust Estate, so long as such
withdrawal will not adversely affect any of the benefits that the Student Loans
are entitled to under the Act.

            Subject to the terms of the Indenture, the Administration Agreement,
the Custody Agreement and the Servicing Agreement, it is an express provision
and term of this trust that any of the powers which the Grantor reserves to
itself are to be exercised only by the Grantor in its sole discretion, and not
as a power to be subject to exercise by any other Person, or under any process
of law for the Grantor's benefit, or for the benefit of the Grantor's creditors
by any other Person or court whatsoever.

            Section 7.  Eligible Lender Trustee's Duties and Powers.

            The Eligible Lender Trustee and any successor Eligible Lender
Trustee or Eligible Lender Trustees shall have only the following powers and
duties:

            (a) Upon receipt of written instructions from the Grantor, the
Eligible Lender Trustee shall execute and deliver all written instruments and
take any and all other actions that the Grantor may direct in order to (i)
maintain all Contracts of Guarantee covering the Portfolio, (ii) enter into and
take other actions with respect to further agreements as required by the Grantor
for the benefit of the Trust Estate, and (iii) enforce the rights of the
Eligible Lender Trustee under all such Contracts of Guarantee and other
agreements.

            (b) Upon receipt of written instructions from the Grantor, the
Eligible Lender Trustee shall execute and deliver all written instruments and
take any and all other actions as may be, in the judgment of the Grantor,
required from time to time in connection with the application for and receipt of
grants, subsidies, donations, Interest Subsidy Payments, Special Allowance
Payments, and default and other claim payments with respect to the Trust Estate.

            (c) The Eligible Lender Trustee shall meet the qualifications set
forth in Section 14 hereof at all times during which it holds legal title to the
Student Loans comprising the Portfolio.

            (d) Upon receipt of written instructions from the Grantor, the
Eligible Lender Trustee shall sell, exchange or liquidate all or any portion of
the Trust Estate.

            (e) The Eligible Lender Trustee shall dispose of any proceeds of
such sale, exchange or liquidation as the Grantor shall, by written instructions
to the Eligible Lender Trustee, direct.

            (f) The Eligible Lender Trustee shall report to the Grantor all
claims for taxes, insurance premiums and other legal assessments, debts, charges
or claims of any type made against any money or other assets belonging to the
Trust, or which may be due and owing in connection with the Trust Estate. When
directed in writing by the Grantor, the Eligible Lender Trustee shall satisfy
approved claims out of any money belonging to the Trust Estate, but the Grantor
expressly reserves the right to satisfy Trust debts with non-Trust assets.

            (g) Subject to the indemnification rights set forth in Section 10
hereof, with the Grantor's express written approval and indemnification, the
Eligible Lender Trustee shall compromise, settle, arbitrate or defend any claim
or demand in favor of or against the Trust Estate, and shall enter upon such
contracts and agreements and make such compromises of debts, claims or
controversies respecting the Trust Estate as the Grantor shall direct by written
instructions to the Eligible Lender Trustee.

            (h) The Eligible Lender Trustee may execute any of the trusts or
powers hereof and perform any of its duties by or through attorneys, agents,
receivers or employees and shall not be answerable for the conduct of the same
if appointed with due care hereunder, and shall be entitled to advice of counsel
concerning all matters of trusts hereof and duties hereunder, and may in all
cases pay such reasonable compensation to any attorney, agent, receiver or
employee retained or employed by it in connection herewith. The Eligible Lender
Trustee may act upon the opinion or advice of an attorney or accountant selected
by it in the exercise of reasonable care or, if selected or retained by the
Grantor, approved by the Eligible Lender Trustee in the exercise of such care.
The Eligible Lender Trustee shall not be responsible for any loss or damage
resulting from any action or nonaction based on its good faith reliance upon
such opinion or advice.

            Section 8.  Limitation on Eligible Lender Trustee's Duties.

            (a) The Eligible Lender Trustee shall perform only those duties as
may be required from time to time under the terms of this Agreement in
connection with the Eligible Lender Trustee's holding of Student Loans that
comprise the Trust Estate. The Eligible Lender Trustee shall have no obligation
to the Grantor to administer, service or collect such Student Loans or to
maintain or monitor administration, servicing or collection procedures followed
in connection with such Student Loans, except insofar as specific functions in
that regard are required of the Eligible Lender Trustee pursuant to the express
terms of Section 7 hereof and appropriate written instructions of the Grantor if
required by such Section 7. The Eligible Lender Trustee shall not be required to
expend any of its own funds in connection with this Agreement or its duties
hereunder or under any related documents or agreements pertaining to the Trust
Estate.

            (b) Notwithstanding any other provisions in this Agreement, nothing
in this Agreement shall be construed to limit the Eligible Lender Trustee's
legal responsibility to the Secretary of Education in its capacity as Eligible
Lender Trustee for any violations of statutory or regulatory requirements that
may occur with respect to Student Loans in the Portfolio, pursuant to 34 CFR ss.
682.203(b) or any successor provision thereto. The Eligible Lender Trustee
agrees not to delay paying any liability the Eligible Lender Trustee owes to the
Secretary by reason of such a violation for the purpose of first being
indemnified by the Grantor for such payment.

            (c) The Eligible Lender Trustee shall not be responsible for any
recital herein or for the recording or re-recording, filing, re-filing of any
document or any supplement or amendment thereto, or the filing of financial
statements, or for the validity of the execution by the Grantor of this
Agreement, or of any supplemental agreements or instruments of further
assurance, or for the value or title of the property herein conveyed or
otherwise as to the maintenance of the security hereof.

            (d) The Eligible Lender Trustee shall be protected in acting in
reasonable reliance upon any notice, order, requisition, request, consent,
certificate, order, opinion (including an opinion of counsel, which may be
counsel for the Grantor or the Eligible Lender Trustee's in-house counsel),
affidavit, letter, telegram or other paper or document in good faith deemed by
it to be genuine and correct and to have been signed or sent by the proper
person or persons.

            (e) As to the existence or non-existence of any fact or as to the
sufficiency or validity of any instrument, paper or proceeding, the Eligible
Lender Trustee shall be entitled to rely upon a certificate signed by an
authorized officer on behalf of the Grantor as sufficient evidence of the facts
therein contained.

            (f) The permissive right of the Eligible Lender Trustee to do things
enumerated in this Agreement shall not be construed as a duty.

            Section 9.  Administration and Servicing of Portfolio.

            (a) The Grantor is hereby appointed by the Eligible Lender Trustee
as its agent to originate, manage, service, administer, and make collections on
Student Loans in the Portfolio. The Grantor shall perform its duties with
reasonable care, following its customary standards, policies and procedures and
using that degree of skill and attention that the Grantor exercises with respect
to all comparable loans that it originates, services, or administers for itself
or others. Without limiting the generality of the foregoing, the Grantor is
authorized and empowered by the Eligible Lender Trustee to execute and deliver,
on behalf of itself, the Eligible Lender Trustee or both of them, any and all
instruments of satisfaction or cancellation, or partial or full release or
discharge, and all other comparable instruments, with respect to the Student
Loans in the Portfolio, except as otherwise required by the Act. The Eligible
Lender Trustee will furnish the Grantor with any powers of attorney or other
documents reasonably necessary or appropriate to enable the Grantor to carry out
its servicing and administrative duties hereunder.

            (b) The Grantor may at any time without notice or consent delegate
any or all of its duties under this Agreement to any person; provided that the
Grantor shall at all times retain full responsibility for the duties performed
by any such party. The Grantor may at any time perform specific duties under
this Agreement through subcontractors provided that the Grantor shall at all
times retain full responsibility for the duties performed by such
subcontractors.

            (c) To assure uniform quality in origination and servicing of the
Student Loans and to reduce administrative costs, the Eligible Lender Trustee
hereby agrees to enter into the Custody Agreement with respect to the Student
Loans in the Portfolio, which are hereby constructively delivered to the
Eligible Lender Trustee.

            Section 10. Compensation and Indemnification of Eligible Lender
Trustee.

            The Eligible Lender Trustee shall be entitled to reasonable
compensation for all services rendered by it in the execution of the trust
created hereunder and in the exercise and performance of any of the powers and
duties of the Eligible Lender Trustee hereunder. The Eligible Lender Trustee
shall also be entitled to reimbursement from the Grantor for all reasonable
costs and out-of-pocket expenses incurred by the Eligible Lender Trustee. Such
costs and expenses shall be billed to the Grantor at the cost of the Eligible
Lender Trustee. Such expenses shall include all expenses, disbursements and
advances incurred or made by the Eligible Lender Trustee in accordance with the
duties required under any of the provisions of this Agreement (including the
reasonable compensation and the expenses and disbursements of its counsel and of
all persons not regularly in its employ) and those duties expressly required by
law which may not be transferred to the Grantor.

            The Grantor hereby agrees to promptly indemnify the Eligible Lender
Trustee for, and to hold it harmless against, any loss, liability, expense or
advance incurred or made without negligence or bad faith on the part of the
Eligible Lender Trustee, including without limitation reasonable attorneys' fees
and expenses, arising out of or in connection with the acceptance or
administration of the Trust pursuant hereto, including without limitation, the
servicing of the Portfolio by third-party servicers pursuant to Section 3 above.
Such indemnification by the Grantor shall survive the termination of this
Agreement and/or resignation or removal of the Eligible Lender Trustee and shall
include, without limitation, any loss, liability, expense or advance incurred or
made by the Eligible Lender Trustee as a result of the acts or omissions of any
servicer in the organization or servicing of any of the Student Loans.

            Section 11. Resignation and Removal of Eligible Lender Trustee
and Appointment of Successor Eligible Lender Trustee.

            (a) The Eligible Lender Trustee may at any time resign by giving
written notice to the Grantor. Upon receiving such notice of resignation, the
Grantor shall promptly appoint a successor Eligible Lender Trustee by an
instrument in writing. If no successor Eligible Lender Trustee shall have been
so appointed and have accepted appointment within 90 days after the giving of
such notice of resignation, the Grantor shall have an additional 180 days to
secure a successor Eligible Lender Trustee for the Trust Estate. If the Grantor
has not appointed a successor Eligible Lender Trustee within 270 days after the
Eligible Lender Trustee has given its notice of resignation, the Eligible Lender
Trustee shall have the authority to petition, at the expense of the Grantor, a
court of competent jurisdiction to appoint a successor Eligible Lender Trustee.

            (b) The Grantor may at any time remove the Eligible Lender Trustee
and appoint a successor Eligible Lender Trustee by written instrument.

            (c) Any resignation or removal of the Eligible Lender Trustee and
appointment of a successor Eligible Lender Trustee, pursuant to any of the
provisions of this section, shall become effective only upon the effective date
of appointment by the successor Eligible Lender Trustee.

            Section 12. Assignment; Corporate Changes in Eligible Lender
Trustee.

            Any bank, corporation or other entity into which the Eligible Lender
Trustee may be merged or converted or with which it may be consolidated; any
bank, corporation or other entity resulting from any merger, conversion or
consolidation to which the Eligible Lender Trustee shall be a party; and any
bank, corporation or other entity to which the Eligible Lender Trustee's rights
and obligations hereunder are assigned, shall be the Eligible Lender Trustee
under this Agreement without any further act, provided the resulting bank,
corporation, assignee or other entity at all times meets the qualifications set
forth in Section 14 hereof. The Eligible Lender Trustee's rights and obligations
hereunder may not be assigned to an entity that would not meet the
qualifications set forth in Section 14 hereof upon receipt of such assignment.
The Eligible Lender Trustee shall take responsible steps to ensure that an
entity that becomes a successor Eligible Lender Trustee under this section meets
the qualifications set forth in Section 15 at all times during which such
successor Eligible Lender Trustee holds legal title to the Student Loans
comprising the Portfolio. The Eligible Lender Trustee shall use its best efforts
to give the Grantor at least 120 days' written notice of any corporate change
described in this Section 12.

            Section 13. Termination.

            The Grantor may at any time, in accordance with the provisions of
Section 6 hereof, direct the Eligible Lender Trustee to distribute all of the
assets then held in trust to the Grantor or such other Person as the Grantor may
designate in writing, and upon such distribution this Agreement and the Trust
created hereunder shall terminate.

            Section 14. Qualifications of Eligible Lender Trustee and
Successor Eligible Lender Trustee.

            The Eligible Lender Trustee, and any successor Eligible Lender
Trustee, shall at all times during which it holds legal title to the Student
Loans comprising the Portfolio maintain (a) eligible lender status under the
Act; (b) an eligible lender identification number, as eligible lender trustee
for the Grantor, issued by the Secretary of Education; (c) at the written
direction of the Grantor, all Contracts of Guarantee with all Guarantors on
loans as to which it holds legal title in its capacity as Eligible Lender
Trustee hereunder; and (d) all corporate powers and governmental licenses,
authorizations, consents, and approvals required for it to act as Eligible
Lender Trustee and hold legal title to the Student Loans comprising the
Portfolio.

            Section 15. Quarterly Reports to Eligible Lender Trustee.

            Not later than 60 days following the end of each calendar quarter
during the term hereof, the Grantor shall provide to the Eligible Lender Trustee
a report setting forth the total dollar amount of loan disbursements made or
acquired for the Trust Estate during such calendar quarter.

            Section 16. Governing Law.

            This Eligible Lender Trust Agreement shall be governed by the laws
of the State of New York, without giving effect to principles of conflicts of
law.

            Section 17. Miscellaneous Provisions.

            All covenants and agreements herein and statements delivered
pursuant hereto shall bind and inure to the benefit of the parties hereto and
their respective permitted successors and assigns. This agreement supersedes all
previous agreements and understandings between the parties with respect to the
subject matter hereof. The Agreement may only be changed, modified, or
discharged, and any rights or obligations hereunder may only be waived, by a
written instrument signed by a duly authorized officer of the party against whom
enforcement any such waiver, change, modification or discharge is sought.

            Section 18. Notice.

            All communications, notices and approvals provided for hereunder
shall be in writing and personally delivered or mailed by registered or
certified mail, return receipt requested, or by facsimile, to the Grantor at
[SLC Student Loan Trust-I, [c/o Wilmington Trust Company, as Delaware Trustee,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890],
Attn: Corporate Trust Administration, Facsimile No. ____________; to the
Eligible Lender Trustee at Bankers Trust Company, 100 Plaza One, Jersey City,
New Jersey 07311, Attn: ____________, Facsimile No. (201) _____-_____,](1) or at
such other address as either party may hereafter designate by notice to the
other party. Notice given in any such communication shall be deemed to have been
given upon receipt.

            Section 19. Partial Invalidity.

            Any provisions of this Eligible Lender Trust Agreement which are
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 20. Counterparts.

            This Eligible Lender Trust Agreement may be executed by the parties
hereto in separate 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.

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(1)   Need SLC Student Loan Trust-I and Eligible Lender Trustee contact
      information.
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have executed this Eligible
Lender Trust Agreement on the day and year first above written.

                                    SLC Student Loan TRUST-I, as Grantor

                                    By:   THE STUDENT LOAN CORPORATION, as
                                          Administrator

                                    By:   ____________________________________
                                          Name:
                                          Title:

                                    BANKERS TRUST COMPANY, as Eligible Lender
                                       Trustee

                                    By:   ____________________________________
                                          Name:
                                          Title:

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