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                                                                 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,


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     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.


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<TABLE>
<CAPTION>
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
-----------------------------------------------------------------------------------------------------------------
<S>                                              <C>          <C>      <C>               <C>          <C>
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

</TABLE>


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<TABLE>
<CAPTION>

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
-------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>        <C>       <C>             <C>          <C>
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
</TABLE>


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