EX-10.112 4 doc4.txt Exhibit 10.112 SENIOR SUBORDINATED SECURED PROMISSORY NOTE $201,875.00 November 1,2002 Campbell, California FOR VALUE RECEIVED and intending to be legally bound hereby, the undersigned, P-Com, Inc, a Delaware corporation("Maker"), promises to pay to the order of BBT FUND LP, a Grand Cayman limited liability partnership ("Payee") the promised sum of TWO HUNDRED 0NE THOUSAND EIGHT HUNDRED SEVENTY FIVE DOLLARS(201,875.00), or such lesser amount as may, at the time of maturity hereof, be outstanding hereunder, together with interest thereon from the date hereof until maturity on the principal sum remaining from time to time unpaid, at a rate equal to seven percent (7.0%) per annum, payable in lawful money of the United States, Maker shall pay all unpaid principal and accrued interest hereunder on May 1,2003. Interest on this Note will accrue from November 1, 2002 and will be computed on the basis of a 360-day year of twelve 3O-day months. After maturity, whether by acceleration or otherwise, interest shall accrue at the rate of nine percent (9.0%) per annum until all sums due hereunder are paid. Maker reserves the right to prepay in whole or in part the principal of this Note at any time or from time to time without premium or penalty. Any payment hereunder ,shall be applied first to accrued interest, and the balance, if any, to principal. No prepayment shall obligate the holder hereof to make additional advances. The undersigned, as Maker, and all others who are or who shall become parties primarily or secondarily liable on this Note, whether as endorsers, guarantors or otherwise hereby agree to waive presentment, demand for payment, protest and notice of nonpayment or &honor and agree that failure of the holder to exercise any of its rights hereunder in any instance shall not constitute a waiver thereof in that or any other instance. In case suit shall be brought on this Note, Maker agrees to pay Payee's reasonable attorney's fees and court costs. Conditioned solely upon receipt of consent of Silicon Valley Bank, this Note is secured by a lien on such assets of Maker as are included on Attachment A or suitable replacement items in the event of their approved sales in the normal course of business and as may be covered by a security agreement to be dated as of the date hereof between Maker and Payee. The obligations of Maker hereunder shall constitute indebtedness that is senior to the Maker's existing 3-year Notes outstanding dated November 1,2002, but shall be junior in right of payment to Maker's obligations to Silicon Valley Bank pursuant to (i) that certain Loan and Security Agreement dated as of September 20,2002 among the Maker, P-Com Network Services, Inc and Silicon Valley Bank or (ii) that certain Loan and Security Agreement (EXIM Program) dated as of September 20,20Q2 among the Maker, P-Corn Network Services, Inc. and Silicon Valley Bank, This Note shall be governed by and shall be construed in accordance with the internal laws of the Sate of New York. Executed as of the day and year first above written. P-COM, INC. By: /s/ Leigh J. Stephens --------------------------------------- Vice President and Chief Financial Officer BBT Fund LP By: /s/ William Kennan ---------------------------------------- BBT-FW, Inc. general partner of BBT Genpar, L.P., genera1 partner of BBT Fund, L.P.
P Corn. Inc List of Equipment Proposed Collateral for BBT Fund Note As of 11/11/02 ----------------------------------------------------------------------------------------------------------------- Description Location Dept Vendor Net Book Value Acquired VALUE ----------------------------------------------------------------------------------------------------------------- SYSTEM LAB) UPGRADE DEVICE FOR RADIOWAVE SIGNAL DELL 421 QUASAR 3,724 4,560 TEMP CHAMBER MDIVC-32-27 DELL 120 3,575 16.500 SYSTEM LAD UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR Supp 8 RAC DELL 421 SORENSEN ELEGIAC 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-IBE PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-1 8E PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAJ 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAF 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAF 2,980 3,849 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAF 2,980 3,649 SYSTEM LAB UPGRADE DCS60-18E PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-1 8E PWR SUPP & RAC DELL 421 SORENSEN ELGAI 2,980 3,649 SYSTEM LAB UPGRADE DCS60-IBE PWR SUPP & RAC DELL 421 SORENSEN ELGAF 2,980 3,649 -------------------------- 239,908 301,140
P Cam, Toe List of Equipment Proposed Collateral for BBT Fund Note As of 11/11/02 ------------------------------------------------------------------------------------------------------------------- Description Location Dept Vendor Net Book Value Acquired Value ------------------------------------------------------------------------------------------------------------------- RF SPECTRUM ANALYSER WITH RACKMOUNT KIT DELL 480 AGILENT TECH 28,283 34,632 RF SPECTRUM ANALYSER WITH RACKMOUNT KIT DELL 480 AGILENT TECH 28,283 34,632 RF SPECTRUM ANALYSER 30HZ to 6.5 HZ DELL 480 AGILENT 14,142 17,316 RF SPECTRUM ANALYSER 30112 to 6,5 HZ DELL 480 AGILENT 14,142 17,316 AIRPRO GOLD 75 COAXIAL. CABLE SIMULATOR 100 MI DELL 480 MOUNTAIN 9,032 11,060 SYSTEM LAB UPGRADE DUAL M96-C$ CUSTOM CHAM DELL 421 SIGMA SYS 8,419 10,309 AIRPRO GOLD 75 COAXIAL CABLE SIMULATOR 100 MF DELL 480 MOUNTAIN 8,052 9,860 AIRPRO PROGRAMMABLE NOISE GENERATOR DELL 480 NOISE COM 7.285 8,020 AIRPRO - PROGRAMMABLE NOISE GENERATOR DELL 480 NOISE COM 7,285 8,820 AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD DELL 480 SUMMIT TECH 6,841 6,258 SYSTEM LAB UPGRADE FLEX ENDS DELL 421 VBS INDUS 5,182 8.345 AIRPRO GOLD 15 COAXIAL SIMULATOR 100 MHZ DELL 480 Mountain & T 5,059 5,519 AIRPRO GOLD 75 COAXIAL SIMULATOR 100 MHZ DELL 480 Mountain & T 5,059 5,519 AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD DELL 480 SUMMIT TECH 4,880 5,323 AtRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT DELL 480 AGILENT 4,863 5,954 AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT DELL 480 AGILENT 4,863 5,954 AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT DELL 480 AGILENT 4,663 5,964 AIRPRO GOLD POWER SUPPLY GPIB QUAD OUTPUT DELL 480 AGILENT 4,863 5,964 SYSTEM LAB UPGRADE DEVICE FOR RADLOWAVE SIGNAL DELL. 421 QUASAR 4,860 5,951 AIRPRO GOLD BED OF NAILS FIXTURE MODEM BOARD DELL 480 SUMMIT TECH 4,827 5,288 AIRPRO GOLD-SHORT LINE SIMULATOR 22AWG+75 CC DELL 480 Mountain & T 4,509 4,919 AIRPRO GOLD-SHORT LINE SIMULATOR 22AWG+75 CC DELL 480 Mountain & T 4,509 4,919 LAB UPGRADE DELL 421 SAN JOSE 3,878 4,749 SYSTEM LAB UPGRADE CANON CAMERA DELL 421 SAN JOSE 3,870 4,739