Document:

EXHIBIT 10.2

          [FORM OF] ADMINISTRATION AGREEMENT dated as of __________, ____, among
MELLON STUDENT LOAN TRUST ___-___, a Delaware business trust (the "Issuer"),
MELLON BANK, N.A., a national banking association, as administrator (the
"Administrator"), and _______________, a __________ banking corporation, not in
its individual capacity but solely as Indenture Trustee (the "Indenture
Trustee").

                               W I T N E S S E T H

          WHEREAS the Issuer is issuing [two] classes of Floating Rate Asset
Backed Notes (the "Notes") pursuant to the Indenture dated as of __________,
____ (the "Indenture"), between the Issuer and the Indenture Trustee
(capitalized terms used herein and not defined herein shall have the meanings
assigned to such terms in Appendix A to the Indenture, which also contains rules
of usage and construction that shall be applicable herein);

          WHEREAS the Issuer has entered into certain agreements in connection
with the issuance of the Notes and the Certificates, including the Sale and
Servicing Agreement, the Note Depository Agreement, the Certificate Depository
Agreement (the Certificate Depository Agreement and the Note Depository
Agreement being collectively referred to herein as the "Depository Agreement"),
the Guarantee Agreements and the Indenture (all such agreements being
collectively referred to herein as the "Related Agreements");

          WHEREAS, pursuant to the Related Agreements, the Issuer and the
Eligible Lender Trustee are required to perform certain duties in connection
with (a) the Notes and the Collateral therefor pledged pursuant to the Indenture
and (b) the Certificates (the registered holders of the Certificates being
referred to herein as the "Owners");

          WHEREAS the Issuer and the Eligible Lender Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Eligible
Lender Trustee referred to in the preceding clause, and to provide such
additional services consistent with the terms of this Agreement and the Related
Agreements as the Issuer and the Eligible Lender Trustee may from time to time
request;

          WHEREAS the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Eligible Lender Trustee on the terms set forth herein;

          NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties agree as follows:

          1. DUTIES OF THE ADMINISTRATOR.

          (a) DUTIES WITH RESPECT TO THE INDENTURE AND DEPOSITORY AGREEMENT. The
Administrator shall perform all its duties as Administrator and the duties of
the Issuer under the Depository Agreement. In addition, the Administrator shall
consult with the Eligible Lender Trustee as the Administrator deems appropriate
regarding the duties of the Issuer under the Indenture and the Depository
Agreement. The Administrator shall monitor the performance of the Issuer and
shall advise the Eligible Lender Trustee when action is necessary to comply with
the Issuer's duties under the Indenture and the Depository Agreement. The
Administrator shall prepare for execution by the Issuer or shall cause the
preparation by other appropriate Persons of all such documents, reports,
filings, instruments, certificates and opinions as it shall be the duty of the
Issuer to prepare, file or deliver pursuant to the Indenture and the Depository
Agreement. In furtherance of the foregoing, the Administrator shall take all
appropriate action that is the duty of the Issuer to take pursuant to the
Indenture, including such of the foregoing as are required with respect to the
following matters (references are to sections of the Indenture):

          (i) the duty to cause the Note Registrar to keep the Note Register and
     to give the Indenture Trustee notice of any appointment of a new Note
     Registrar and the location, or change in location, of the Note Register
     (Section 2.04);

          (ii) the fixing or causing to be fixed of any specified record date
     and the notification of the Indenture Trustee and the holders of the Notes
     with respect to special payment dates, if any (Section 2.07(c));

          (iii) the preparation of or obtaining of the documents and instruments
     required for authentication of the Notes and delivery of the same to the
     Indenture Trustee (Section 2.02);

          (iv) the preparation, obtaining or filing of the instruments, opinions
     and certificates and other documents required for the release of collateral
     (Section 2.09);

          (v) the duty to cause the Note Registrar to maintain on behalf of the
     Issuer an office in the Borough of Manhattan, City of New York, for
     registration of transfer or exchange of Notes (Section 3.02);

          (vi) the duty to cause newly appointed Paying Agents, if any, to
     deliver to the Indenture Trustee the instrument specified in the Indenture
     regarding funds held in trust (Section 3.03);

          (vii) the direction to the Paying Agents to deposit moneys with the
     Indenture Trustee (Section 3.03);

          (viii) the obtaining and preservation of the Issuer's qualification to
     do business in each jurisdiction in which such qualification is or shall be
     necessary to protect the validity and enforceability of the Indenture, the
     Notes, the Collateral and each other instrument and agreement included in
     the Indenture Trust Estate (Section 3.04);

          (ix) the preparation of all supplements, amendments, financing
     statements, continuation statements, instruments of further assurance and
     other instruments, in accordance with Section 3.05 of the Indenture,
     necessary to protect the Indenture Trust Estate (Section 3.05);

          (x) the delivery by the Issuer of the Opinion of Counsel on the
     Closing Date and the annual delivery of Opinions of Counsel, in accordance
     with Section 3.06 of the Indenture, as to the Indenture Trust Estate, and
     the annual delivery of the Officers' Certificate of the Issuer and certain
     other statements, in accordance with Section 3.09 of the Indenture, as to
     compliance with the Indenture (Sections 3.06 and 3.09);

          (xi) the identification to the Indenture Trustee in an Officers'
     Certificate of the Issuer of a Person with whom the Issuer has contracted
     to perform its duties under the Indenture (Section 3.07(b));

          (xii) the notification of the Indenture Trustee and the Rating
     Agencies of a Master Servicer Default known to the Administrator pursuant
     to the Sale and Servicing Agreement and, if such Master Servicer Default
     arises from the failure of the Master Servicer to perform any of its duties
     under the Sale and Servicing Agreement or the Supplemental Sale and
     Servicing Agreement, the taking of all reasonable steps available to
     enforce the Issuer's rights under the Basic Documents in respect of such
     failure (Section 3.07(d));

          (xiii) the preparation and obtaining of documents and instruments
     required for the release of the Issuer from its obligations under the
     Indenture (Section 3.10);

          (xiv) the delivery of notice to the Indenture Trustee of each Event of
     Default, any Default under Section 5.01(iii) of the Indenture and each
     default by the Master Servicer, the Administrator or the Seller under the
     Sale and Servicing Agreement known to the Administrator (Section 3.18);

          (xv) the monitoring of the Issuer's obligations as to the satisfaction
     and discharge of the Indenture and the preparation of an Officers'
     Certificate of the Issuer and the obtaining of the Opinion of Counsel and
     the Independent Certificate relating thereto (Section 4.01);

          (xvi) the compliance with any written directive of the Indenture
     Trustee with respect to the sale of the Indenture Trust Estate in a
     commercially reasonable manner if an Event of Default shall have occurred
     and be continuing (Section 5.04);

          (xvii) the preparation of any written instruments required to confirm
     more fully the authority of any co-trustee or separate trustee and any
     written instruments necessary in connection with the resignation or removal
     of any co-trustee or separate trustee (Sections 6.08 and 6.10);

          (xviii) the furnishing of the Indenture Trustee with the names and
     addresses of the holders of the Notes during any period when the Indenture
     Trustee is not the Note Registrar (Section 7.01);

          (xix) the preparation and, after execution by the Issuer, the filing
     with the Commission, any applicable State agencies and the Indenture
     Trustee of documents required to be filed on a periodic basis with, and
     summaries thereof as may be required by rules and regulations prescribed
     by, the Commission and any applicable State agencies and the transmission
     of such summaries, as necessary, to the holders of the Notes (Section
     7.03);

          (xx) the opening of one or more accounts in the Issuer's name, the
     preparation of Issuer Orders, Officers' Certificates of the Issuer and
     Opinions of Counsel and all other actions necessary with respect to
     investment and reinvestment of funds in the Trust Accounts (Sections 8.02
     and 8.03);

          (xxi) the preparation of an Issuer Request and Officers' Certificate
     of the Issuer and the obtaining of an Opinion of Counsel and Independent
     Certificates, if necessary, for the release of the Indenture Trust Estate
     (Sections 8.04 and 8.05);

          (xxii) the preparation of Issuer Orders and the obtaining of Opinions
     of Counsel with respect to the execution of supplemental indentures and the
     mailing to the holders of the Notes of notices with respect to such
     supplemental indentures (Sections 9.01, 9.02 and 9.03);

          (xxiii) the preparation of or obtaining of the documents and
     instruments required for the execution and authentication of new Notes
     conforming to any supplemental indenture and the delivery of the same to
     the Eligible Lender Trustee and the Indenture Trustee, respectively
     (Section 9.06);

          (xxiv) the notification of the holders of the Notes of redemption of
     the Notes or the duty to cause the Indenture Trustee to provide such
     notification (Section 10.02);

          (xxv) the preparation of all Officers' Certificates of the Issuer,
     Opinions of Counsel and Independent Certificates with respect to any
     requests by the Issuer to the Indenture Trustee to take any action under
     the Indenture (Section 11.01(a));

          (xxvi) the preparation and delivery of Officers' Certificates of the
     Issuer and the obtaining of Independent Certificates, if necessary, for the
     release of property from the lien of the Indenture (Section 11.01(b));

          (xxvii) the preparation and delivery to the holders of the Notes and
     the Indenture Trustee of any agreements with respect to alternate payment
     and notice provisions (Section 11.06);

          (xxviii) the recording of the Indenture, if applicable (Section
     11.15); and

          (xxix) conducting on behalf of the Indenture Trustee any auction of
     the Financed Student Loans (Section 4.04).

          (b) DUTIES WITH RESPECT TO THE ISSUER. (i) In addition to the duties
of the Administrator set forth above and in the other Related Agreements, the
Administrator shall perform such calculations and shall prepare for execution by
the Issuer or the Eligible Lender Trustee or shall cause the preparation by
other appropriate Persons of all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer or the Eligible
Lender Trustee to prepare, file or deliver pursuant to the Related Agreements,
and at the request of the Eligible Lender Trustee shall take all appropriate
action that it is the duty of the Issuer to take pursuant to the Related
Agreements. Subject to Section 5 of this Agreement, and in accordance with the
directions of the Eligible Lender Trustee, the Administrator shall administer,
perform or supervise the performance of such other activities in connection with
the Collateral (including the Related Agreements) as are not covered by any of
the foregoing provisions and as are expressly requested by the Eligible Lender
Trustee and are reasonably within the capability of the Administrator.

          (ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for promptly
notifying the Eligible Lender Trustee in the event that any withholding tax is
imposed on the Issuer's payments (or allocations of income) to an Owner as
contemplated in Section 5.01(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the
Eligible Lender Trustee pursuant to such provision.

          (iii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Eligible Lender Trustee set forth in Section
5.04(a), (b), (c) and (d) of the Trust Agreement with respect to, among other
things, accounting and reports to Owners; PROVIDED, HOWEVER, that the Eligible
Lender Trustee shall retain responsibility for the distribution of the Schedule
K-1s necessary to enable each Owner to prepare its Federal and state income tax
returns.

          (iv) The Administrator shall perform the duties of the Administrator
specified in Section 10.02 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Eligible Lender Trustee, and
any other duties expressly required to be performed by the Administrator under
the Trust Agreement, the Sale and Servicing Agreement and the other Related
Agreements.

          (v) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into transactions
with or otherwise deal with any of its Affiliates; PROVIDED, HOWEVER, that the
terms of any such transactions or dealings shall be in accordance with any
directions received from the Issuer and shall be, in the Administrator's
opinion, no less favorable to the Issuer than would be available from
unaffiliated parties.

          (c) NON-MINISTERIAL MATTERS. With respect to matters that in the
reasonable judgment of the Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Eligible Lender Trustee
of the proposed action and the Eligible Lender Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include:

          (i) the amendment of or any supplement to the Indenture;

          (ii) the initiation of any claim or lawsuit by the Issuer and the
     compromise of any action, claim or lawsuit brought by or against the Issuer
     (other than in connection with the collection of the Financed Student
     Loans);

          (iii) the amendment, change or modification of the Related Agreements;

          (iv) the appointment of successor Note Registrars, successor Paying
     Agents and successor Indenture Trustees pursuant to the Indenture or the
     appointment of Successor Administrators or Successor Master Servicers, or
     the consent to the assignment by the Note Registrar, Paying Agent or
     Indenture Trustee of its obligations under the Indenture; and

          (v) the removal of the Indenture Trustee.

          (d) EXCEPTIONS. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the other Basic Documents,
the Administrator shall not be obligated to, and shall not, (i) make any
payments to the holders of the Notes under the Related Agreements, (ii) sell the
Indenture Trust Estate pursuant to Section 5.04 of the Indenture, (iii) take any
other action that the Issuer directs the Administrator not to take on its
behalf, (iv) in connection with its duties hereunder assume any indemnification
obligation of any other Person or (v) service the Financed Student Loans.

          2. RECORDS. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer at any time
during normal business hours.

          3. COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $________ per
quarter payable in arrears on each Distribution Date which shall be solely an
obligation of the Issuer.

          4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

          5. INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Eligible Lender Trustee with
respect to the manner in which it accomplishes the performance of its
obligations hereunder. Unless expressly authorized by the Issuer, the
Administrator shall have no authority to act for or represent the Issuer or the
Eligible Lender Trustee in any way and shall not otherwise be deemed an agent of
the Issuer or the Eligible Lender Trustee.

          6. NO JOINT VENTURE. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Eligible Lender
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

          7. OTHER ACTIVITIES OF ADMINISTRATOR. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its
sole discretion, from acting in a similar capacity as an administrator for any
other person or entity even though such person or entity may engage in business
activities similar to those of the Issuer, the Eligible Lender Trustee or the
Indenture Trustee.

          8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF ADMINISTRATOR. (a)
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

          (b) The provisions of Article VI and Article VIII of the Sale and
Servicing Agreement relating to the resignation or removal of the Administrator
and the failure of the Administrator to perform its duties under this Agreement
are hereby incorporated by reference herein.

          9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b) and the
Sale and Servicing Agreement, the Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to Section 8(a) deliver to the Issuer all property and documents of or
relating to the Collateral then in the custody of the Administrator. In the
event of the resignation or removal of the Administrator, the Administrator
shall cooperate with the Issuer and take all reasonable steps requested to
assist the Issuer in making an orderly transfer of the duties of the
Administrator.

          10. NOTICES. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

          (a) if to the Issuer or the Eligible Lender Trustee, to

               Mellon Student Loan Trust ___-___
               _________________________________
               _________________________________
               Attention: ______________________

          (b) if to the Administrator, to

               Mellon Bank, N.A.
               One Mellon Center
               500 Grant Street
               Pittsburgh, Pennsylvania 15258
               Attention: ______________________
                          Mellon Student Loan Trust ___-___

          (c) if to the Indenture Trustee, to

               _________________________________
               _________________________________
               Attention: ______________________

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

          11. AMENDMENTS. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the written consent of the Eligible Lender
Trustee, without the consent of the holders of the Notes and the holders of the
Certificates, for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in
any manner the rights of the holders of the Notes or the holders of the
Certificates; provided that such amendment will not, in an Opinion of Counsel
obtained on behalf of the Issuer and satisfactory to the Indenture Trustee and
the Eligible Lender Trustee, materially and adversely affect the interest of any
holder of the Notes or holder of the Certificates. This Agreement may also be
amended by the Issuer, the Administrator and the Indenture Trustee with the
written consent of the Eligible Lender Trustee, the holders of the Notes of at
least a majority in the Outstanding Amount of the Notes and the holders of the
Certificates of at least a majority of the sum of the Certificate Balances for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the holders of the Notes or the holders of the Certificates; PROVIDED,
HOWEVER, that no such amendment may (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, collections of payments with
respect to Financed Student Loans or distributions that are required to be made
for the benefit of the holders of the Notes or the holders of the Certificates
or (ii) reduce the aforesaid percentage of the holders of the Notes and the
holders of the Certificates which are required to consent to any such amendment,
without the consent of all Outstanding holders of the Notes and holders of the
Certificates. Notwithstanding the foregoing, the Administrator may not amend
this Agreement without the permission of the Depositor, which permission shall
not be unreasonably withheld. Prior to the execution of any such amendment, the
Administrator shall furnish written notification of the substance of such
amendment to each of the Rating Agencies.

          12. SUCCESSORS AND ASSIGNS. Notwithstanding anything to the contrary
contained herein, except as provided in Sections 6.05 and 6.08 of the Sale and
Servicing Agreement, this Agreement may not be assigned by the Administrator.
Subject to the foregoing, this Agreement shall bind any successors or assigns of
the parties hereto.

          l3. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, 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.

          14. HEADINGS. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

          15. COUNTERPARTS. This Agreement may be executed in counterparts, each
of which when so executed shall together constitute but one and the same
agreement.

          16. SEVERABILITY. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall 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.

          17. NOT APPLICABLE TO MELLON BANK, N.A. IN OTHER CAPACITIES. Nothing
in this Agreement shall affect any obligation Mellon Bank, N.A. may have in any
other capacity under the Basic Documents.

          18. PROVISIONS OF SALE AND SERVICING AGREEMENT CONTROL. The provisions
of the Sale and Servicing Agreement relating to the Administrator and to this
Agreement shall in all events govern and are hereby incorporated herein and, to
the extent any provision herein shall be inconsistent with any such provision of
the Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern.

          19. LIMITATION OF LIABILITY OF ELIGIBLE LENDER TRUSTEE AND INDENTURE
TRUSTEE. (a) Notwithstanding anything contained herein to the contrary, except
as provided in subsection (c) of this section, this instrument has been
countersigned by _______________ not in its individual capacity but solely in
its capacity as Eligible Lender Trustee of the Issuer and subject to the
succeeding paragraph, in no event shall _______________ in its individual
capacity, _______________ or any Owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the assets
of the Issuer. For all purposes of this Agreement, in the performance of any
duties or obligations of the Issuer hereunder, the Eligible Lender 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.

          (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by _______________ not in its individual
capacity but solely as Indenture Trustee and in no event shall _______________
have any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or in any of the certificates, notices
or agreements delivered pursuant hereto, as to all of which recourse shall be
had solely to the assets of the Issuer.

          (c) Notwithstanding any other provision in this Agreement or the other
Basic Documents, nothing in this Agreement or the other Basic Documents shall be
construed to limit the Eligible Lender Trustee's or the Indenture Trustee's
legal responsibility to the U.S. Secretary of Education or a Guarantor for any
violations of statutory or regulatory requirements that may occur with respect
to loans held by the Eligible Lender Trustee or the Indenture Trustee pursuant
to or to otherwise comply with their obligations under the Higher Education Act
or implementing regulations.

          20. THIRD-PARTY BENEFICIARIES. The Eligible Lender Trustee is a
third-party beneficiary to this Agreement and is entitled to the rights and
benefits hereunder and may enforce the provisions hereof as if it were a party
hereto.

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                        MELLON STUDENT LOAN TRUST
                                        ___-___

                                        By: _______________, not in its
                                        individual capacity but solely as
                                        Eligible Lender Trustee,

                                        By: _______________________
                                        Name:
                                        Title:

                                        _______________________, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By: _______________________
                                        Name:
                                        Title:

                                        MELLON BANK, N.A., as Administrator,

                                        By: _______________________
                                        Name:
                                        Title:Exhibit 10.21

     FORM OF WARRANT ORIGINALLY ISSUED TO DUNWOODY BROKERAGE SERVICES, INC.

          THIS WARRANT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED
OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
OR EXEMPTION FROM REGISTRATION UNDER THE FOREGOING LAWS.

          VOID AFTER 5:00 P.M. EASTERN TIME ON FEBRUARY 10, 2005 ("EXPIRATION
DATE").

                            URSUS TELECOM CORPORATION

                      WARRANT TO PURCHASE ______ SHARES OF
            COMMON STOCK, PAR VALUE $0.01 PER SHARE ("COMMON STOCK")

     For VALUE RECEIVED, ____________________________________ ("Warrantholder"),
is entitled to purchase, subject to the provisions of this Warrant, from Ursus
Telecom Corporation, a Florida corporation ("Company"), at any time not later
than 5:00 P.M., Eastern time, on the Expiration Date, at an exercise price per
share equal to $_____ (the exercise price in effect being herein called the
"Warrant Price"), _____ shares ("Warrant Shares") of Common Stock. The number of
Warrant Shares purchasable upon exercise of this Warrant and the Warrant Price
shall be subject to adjustment from time to time as described herein.

          Section 1. REGISTRATION. The Company shall maintain books for the
transfer and registration of the Warrant. Upon the initial issuance of the
Warrant, the Company shall issue and register the Warrant in the name of the
Warrantholder.

          Section 2. TRANSFERS. As provided herein, this Warrant may be
transferred only pursuant to a registration statement filed under the Securities
Act of 1933, as amended ("Securities Act") or an exemption from such
registration; provided, however, this Warrant may only be transferred to an
affiliate of the Warrantholder. Subject to such restrictions, the Company shall
transfer this Warrant from time to time upon the books to be maintained by the
Company for that purpose, upon surrender thereof for transfer properly endorsed
or accompanied by appropriate instructions for transfer and such other documents
as may be reasonably required by the Company to establish that such transfer is
being made in accordance with the terms hereof, and a new Warrant shall be
issued to the transferee and the surrendered Warrant shall be canceled by the
Company.

          Section 3. EXERCISE OF WARRANT. Subject to the provisions hereof, the
Warrantholder may exercise this Warrant in whole or in part at any time upon
surrender of the Warrant, together with delivery of the duly executed Warrant
exercise form attached hereto (the "Exercise Agreement") and payment by cash,
certified check or wire transfer of funds for the Warrant Price for that number
of Warrant Shares then being purchased, to the Company during normal business
hours on any business day at the Company's principal executive offices (or such
other office or agency of the Company as it may designate by notice to the
holder hereof). The Warrant Shares so purchased shall be deemed to be issued to
the holder hereof or such holder's designee, as the record owner of such shares,
as of the close of business on the date on which this Warrant shall have been
surrendered (or evidence of loss, theft or destruction thereof and security or
indemnity satisfactory to the Company), the Warrant Price shall have been paid
and the completed Exercise Agreement shall have been delivered. Certificates for
the Warrant Shares so purchased, representing the aggregate number of shares
specified in the Exercise Agreement, shall be delivered to the holder hereof
within a reasonable time, not exceeding seven (7) business days, after this
Warrant shall have been so exercised. The certificates so delivered shall be in
such denominations as may be requested by the holder hereof and shall be
registered in the name of such holder or such other name as shall be designated
by such holder. If this Warrant shall have been exercised only in part, then,
unless this Warrant has expired, the Company shall, at its expense, at the time
of delivery of such certificates, deliver to the holder a new Warrant
representing the number of shares with respect to which this Warrant shall not
then have been exercised.

          Section 4. COMPLIANCE WITH THE SECURITIES ACT OF 1933. Neither this
Warrant nor the Common Stock issued upon exercise hereof nor any other security
issued or issuable upon exercise of this Warrant may be offered, sold or
transferred except as provided in this agreement and in conformity with the
Securities Act, and then only against receipt of an agreement of such person to
whom such offer of sale is made to comply with the provisions of this Section 4
with respect to any resale or other disposition of such security. The Company
may cause the legend set forth on the first page of this Warrant to be set forth
on each Warrant or similar legend on any security issued or issuable upon
exercise of this Warrant, unless counsel for the Company is of the opinion as to
any such security that such legend is unnecessary.

          Section 5. PAYMENT OF TAXES. The Company will pay any documentary
stamp taxes attributable to the initial issuance of Warrant Shares issuable upon
the exercise of the Warrant; provided, however, that the Company shall not be
required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issuance or delivery of any certificates for Warrant Shares in a
name other than that of the registered holder of this Warrant in respect of
which such shares are issued, and in such case, the Company shall not be
required to issue or deliver any certificate for Warrant Shares or any Warrant
until the person requesting the same has paid to the Company the amount of such
tax or has established to the Company's satisfaction that such tax has been
paid. The holder shall be responsible for income taxes due under federal, state
or other law, if any such tax is due.

          Section 6. MUTILATED OR MISSING WARRANTS. In case this Warrant shall
be mutilated, lost, stolen, or destroyed, the Company shall issue in exchange
and substitution of and upon cancellation of the mutilated Warrant, or in lieu
of and substitution for the Warrant lost, stolen or destroyed, a new Warrant of
like tenor and for the purchase of a like number of Warrant Shares, but only
upon receipt of evidence reasonably satisfactory to the Company of such loss,
theft or destruction of the Warrant, and with respect to a lost, stolen or
destroyed Warrant, reasonable indemnity or bond with respect thereto, if
requested by the Company.

          Section 7. RESERVATION OF COMMON STOCK. The Company hereby represents
and warrants that there have been reserved, and the Company shall at all
applicable times keep reserved until issued (if necessary) as contemplated by
this Section 7, out of the authorized and unissued Common Stock, sufficient
shares to provide for the exercise of the rights of purchase represented by the
Warrant. The Company agrees that all Warrant Shares issued upon exercise of the
Warrant shall be, at the time of delivery of the certificates for such Warrant
Shares, duly authorized, validly issued, fully paid and non-assessable shares of
Common Stock of the Company.

          Section 8. ADJUSTMENTS. Subject and pursuant to the provisions of this
Section 8, the Warrant Price and number of Warrant Shares subject to this
Warrant shall be subject to adjustment from time to time as set forth
hereinafter.

               (a) If the Company shall at any time or from time to time while
the Warrant is outstanding, pay a dividend or make a distribution on its Common
Stock in shares of Common Stock, subdivide its outstanding shares of Common
Stock into a greater number of shares or combine its outstanding shares into a
smaller number of shares or issue by reclassification of its outstanding shares
of Common Stock any shares of its capital stock (including any such
reclassification in connection with a consolidation or merger in which the
Company is the continuing corporation), then the number of Warrant Shares
purchasable upon exercise of the Warrant and the Warrant Price in effect
immediately prior to the date upon which such change shall become effective,
shall be adjusted by the Company so that the Warrantholder thereafter exercising
the Warrant shall be entitled to receive the number of shares of Common Stock or
other capital stock which the Warrantholder would have received if the Warrant
had been exercised immediately prior to such event upon payment of a Warrant
Price that has been adjusted to reflect a fair allocation of the economics of
such event to the Warrantholder. Such adjustments shall be made successively
whenever any event listed above shall occur.

               (b) If any capital reorganization, reclassification of the
capital stock of the Company, consolidation or merger of the Company with
another corporation in which the Company is not the survivor, or sale, transfer
or other disposition of all or substantially all of the Company's assets to
another corporation shall be effected, then, as a condition of such
reorganization, reclassification, consolidation, merger, sale, transfer or other
disposition, lawful and adequate provision shall be made whereby each
Warrantholder shall thereafter have the right to purchase and receive upon the
basis and upon the terms and conditions herein specified and in lieu of the
Warrant Shares immediately theretofore issuable upon exercise of the Warrant,
such shares of stock, securities or assets as would have been issuable or
payable with respect to or in exchange for a number of Warrant Shares equal to
the number of Warrant Shares immediately theretofore issuable upon exercise of
the Warrant, had such reorganization, reclassification, consolidation, merger,
sale, transfer or other disposition not taken place, and in any such case
appropriate provision shall be made with respect to the rights and interests of
each Warrantholder to the end that the provisions hereof (including, without
limitations, provision for adjustment of the Warrant Price) shall thereafter be
applicable, as nearly equivalent as may be practicable in relation to any shares
of stock, securities or properties thereafter deliverable upon the exercise
thereof. The Company shall not effect any such consolidation, merger, sale,
transfer or other disposition unless prior to or simultaneously with the
consummation thereof the successor corporation (if other than the Company)
resulting from such consolidation or merger, or the corporation purchasing or
otherwise acquiring such assets or other appropriate corporation or entity shall
assume the obligation to deliver to the holder of the Warrant such shares of
stock, securities or assets as, in accordance with the foregoing provisions,
such holder may be entitled to purchase and the other obligations under this
Warrant. The provisions of this paragraph (b) shall similarly apply to
successive reorganizations, reclassifications, consolidations, mergers, sales,
transfers or other dispositions.

               (c) In case the Company shall fix a payment date for the making
of a distribution to all holders of Common Stock (including any such
distribution made in connection with a consolidation or merger in which the
Company is the continuing corporation) of evidences of indebtedness or assets
(other than cash dividends or cash distributions payable out of consolidated
earnings or earned surplus or dividends or distributions referred to in Section
8(a)), or subscription rights or warrants, the Warrant Price to be in effect
after such payment date shall be determined by multiplying the Warrant Price in
effect immediately prior to such payment date by a fraction, the numerator of
which shall be the total number of shares of Common Stock outstanding multiplied
by the Market Price per share of Common Stock (as defined below), less the fair
market value (as determined by the Company's Board of Directors in good faith)
of said assets or evidences of indebtedness so distributed, or of such
subscription rights or warrants, and the denominator of which shall be the total
number of shares of Common Stock outstanding multiplied by such Market Price per
share of Common Stock. "Market Price" shall mean the average of the twenty-five
(25) consecutive closing bid prices of the Common Stock immediately preceding
the date in question. Such adjustment shall be made successively whenever such a
payment date is fixed.

               (d) If, at any time within one year of the date of issuance of
this Warrant, the Company issues to an investor shares of common stock at a
price (the "Issue Price") lower than $17.2, then the exercise price of the
Warrant shall be adjusted to equal a price equal to 120% of the Issue Price.
This subsection (d) shall no longer apply the day after the effective date of
any public offering of common stock by the Company.

               The adjustments in this subsection (d) shall not apply to any of
the following:

                    (i) issuances of options to acquire shares of Common Stock
by the Company pursuant to the provisions of any existing shareholder-approved
option or similar employee benefit plan heretofore adopted by the Company or
issuances of up to 1,000,000 shares of Common Stock to directors or employees of
the Company pursuant to the provisions of any subsequently adopted
shareholder-approved option or similar employee benefit plan; or

                    (ii) sales of shares of Common Stock by the Company upon
conversion or exercise of any convertible securities, options or warrants
outstanding prior to the date hereof; or

                    (iii) issuances by the Company of up to 2,000,000 shares of
Common Stock in the aggregate during such one (1) year period so long as within
the following categories: (A) the issuance by the Company of up to 750,000
shares of Common Stock during the one (1) year period as consideration for the
acquisition by the Company of one or more privately held entities; (B) the
issuance by the Company of up to 750,000 shares of Common Stock during the one
(1) year period as consideration for the acquisition by the Company of one or
more publicly traded companies; (C) the issuance by the Company of up to 400,000
shares of Common Stock to corporate strategic partners of the Company in
connection with the formation of joint ventures or marketing agreements; and (D)
the issuance by the Company of up to 100,000 shares of Common Stock to
consultants of the Company in consideration for services to be rendered to the
Company.

               (e) An adjustment shall become effective immediately after the
payment date in the case of each dividend or distribution and immediately after
the effective date of each other event which requires an adjustment.

               (f) In the event that, as a result of an adjustment made pursuant
to Section 8(a), the holder of this Warrant shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock, the
number of such other shares so receivable upon exercise of this Warrant shall be
subject thereafter to adjustment from time to time in a manner and on terms as
nearly equivalent as practicable to the provisions with respect to the Warrant
Shares contained in this Warrant.

          Section 9. FRACTIONAL INTEREST. The Company shall not be required to
issue fractions of Warrant Shares upon the exercise of the Warrant. If any
fraction of a Warrant Share would, except for the provisions of this Section, be
issuable upon the exercise of the Warrant (or specified portions thereof), the
fractional share shall be disregarded and the number of shares to be issued upon
exercise shall be the number of whole shares only.

          Section 10. BENEFITS. Nothing in this Warrant shall be construed to
give any person, firm or corporation (other than the Company and the
Warrantholder) any legal or equitable right, remedy or claim, it being agreed
that this Warrant shall be for the sole and exclusive benefit of the Company and
the Warrantholder.

          Section 11. NOTICES TO WARRANTHOLDER. Upon the happening of any event
requiring an adjustment of the Warrant Price, the Company shall promptly give
written notice thereof to the Warrantholder at the address appearing in the
records of the Company, stating the adjusted Warrant Price and the adjusted
number of Warrant Shares resulting from such event and setting forth in
reasonable detail the method of calculation and the facts upon which such
calculation is based. In the event of a dispute with respect to any such
calculation, the certificate of the Company's independent certified public
accountants shall be conclusive evidence of the correctness of any computation
made, absent manifest error. Failure to give such notice to the Warrantholder or
any defect therein shall not affect the legality or validity of the subject
adjustment.

          Section 12. IDENTITY OF TRANSFER AGENT. The Transfer Agent for the
Common Stock is Continental Stock Transfer & Trust Company. Upon the appointment
of any subsequent transfer agent for the Common Stock or other shares of the
Company's capital stock issuable upon the exercise of the rights of purchase
represented by the Warrant, the Company will mail to the Warrantholder a
statement setting forth the name and address of such transfer agent.

          Section 13. NOTICES. Any notice pursuant hereto to be given or made by
the Warrantholder to or on the Company shall be sufficiently given or made if
sent by certified mail, return receipt requested, postage prepaid, addressed as
follows:

                  Ursus Telecom Corporation
                  440 Sawgrass Corporate Parkway
                  Sunrise, FL 33325
                  Attn:   Johannes Seefried
                          Chief Financial Officer
                  Fax:  (954) 846-7884

or such other address as the Company may specify in writing by notice to the
Warrantholder complying as to delivery with the terms of this Section 13.

          Any notice pursuant hereto to be given or made by the Company to or on
the Warrantholder shall be sufficiently given or made if personally delivered or
if sent by an internationally recognized courier services by overnight or
two-day service, to the address set forth on the books of the Company or, as to
each of the Company and the Warrantholder, at such other address as shall be
designated by such party by written notice to the other party complying as to
delivery with the terms of this Section 13. All such notices, requests, demands,
directions and other communications shall, when sent by courier be effective two
(2) days after delivery to such courier as provided and addressed as aforesaid.

          Section 14. REGISTRATION RIGHTS. The initial holder of this Warrant is
entitled to the benefit of certain registration rights set forth in the
Placement Agent Agreement dated February 16, 2000, between the Company and
Dunwoody Brokerage Services, Inc.

          Section 15. SUCCESSORS. All the covenants and provisions hereof by or
for the benefit of the Warrantholder shall bind and inure to the benefit of its
respective successors and assigns hereunder.

          Section 16. GOVERNING LAW. This Warrant shall be deemed to be a
contract made under the laws of the State of New York, without giving effect to
its conflict of law principles, and for all purposes shall be construed in
accordance with the laws of said State.

<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be
duly executed, as of the day and year first above written.

                                        URSUS TELECOM CORPORATION

                                        By: /s/
                                           ----------------------
                                            Name:
                                            Title:

<PAGE>

                            Ursus Telecom Corporation
                              WARRANT EXERCISE FORM

To: Ursus Telecom Corporation

          This undersigned hereby irrevocably elects to exercise the right of
purchase represented by the within Warrant ("Warrant") for, and to purchase
thereunder by the payment of the Warrant Price and surrender of the Warrant,
_______________ shares of Common Stock ("Warrant Shares") provided for therein,
and requests that certificates for the Warrant Shares be issued as follows:

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

                           --------------------------------
                           Address

                           --------------------------------
                           --------------------------------
                           Federal Tax ID or Social Security No.

   and delivered by   / /  certified mail to the above address, or
                     / /  electronically (provide DWAC Instructions:_______), or
                     / /  other (specify: _________________________________).

and, if the number of Warrant Shares shall not be all the Warrant Shares
purchasable upon exercise of the Warrant, that a new Warrant for the balance of
the Warrant Shares purchasable upon exercise of this Warrant be registered in
the name of the undersigned Warrantholder or the undersigned's Assignee as below
indicated and delivered to the address stated below.

          By exercising the rights represented by this Warrant, the undersigned
hereby certifies that, as of the date of exercise of this Warrant, the
representations and warranties contained in Section 5 of the Purchase Agreement
are true and correct in all material respects with respect to the undersigned.

Dated:___________________, ____

Note:  The signature must correspond with      Signature:______________________
the name of the registered holder as written
on the first page of the Warrant in every      ______________________________
particular, without alteration or enlargement     Name (please print)
or any change whatever, unless the Warrant
has been assigned.                             ______________________________
                                               ______________________________
                                                 Address

                                               ______________________________
                                                Federal Identification or
                                                Social Security No.

                                                Assignee:
                                                ______________________________
                                                ______________________________
                                                ______________________________

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