Document:

<PAGE>

                                                                   Exhibit 10.99

                                   P-COM, Inc.

Issued as of December 1, 2001                 (1)  Aggregate Price: $612,000

                                              (2)  Initial Warrant Price: $0.204

                                              (3)  Number of Shares Initially
                                                   Subject to Warrant 3,000,000

NEITHER THIS WARRANT, NOR THE COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF,
HAS BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("1933
SECURITIES ACT"), OR QUALIFIED OR REGISTERED UNDER CALIFORNIA OR OTHER
APPLICABLE SECURITIES LAWS ("STATE SECURITIES LAWS"), AND THIS WARRANT HAS BEEN,
AND THE COMMON STOCK TO BE ISSUED UPON EXERCISE HEREOF WILL BE, ACQUIRED FOR
INVESTMENT AND NOT WITH A VIEW TO, OR FOR RESALE IN CONNECTION WITH, ANY
DISTRIBUTION THEREOF. NO SUCH SALE OR OTHER DISPOSITION MAY BE MADE WITHOUT AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 SECURITIES ACT AND COMPLIANCE
WITH THE APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL, REASONABLY
SATISFACTORY TO THE ISSUER AND ITS COUNSEL, THAT SAID REGISTRATION IS NOT
REQUIRED UNDER THE 1933 SECURITIES ACT AND THAT APPLICABLE STATE SECURITIES LAWS
HAVE BEEN SATISFIED.

                              COMMON STOCK WARRANT

     This certifies that Cagan McAfee Capital Partners, LLC whose address for
notice is 10600 N. De Anza Boulevard, Cupertino, CA 95014, or any party to whom
this Warrant is assigned in compliance with the terms hereof (Purchaser and any
such assignee being hereinafter sometimes referenced as "Holder"), is entitled
to subscribe for and purchase, during the period commencing at the issue date
set forth above and ending at 5:00 p.m., California, local time, on the Tenth
(10th) anniversary of such issue date, the number of shares of fully paid and
nonassessable unregistered, restricted Common Stock ("Common Stock") of P-Com,
Inc., a Delaware corporation, (the "Company"), that have an aggregate purchase
price equal to the Aggregate Price as defined below. The purchase price of each
such share shall be equal to the Warrant Price, as defined below.

                                    ARTICLE 1
                                   DEFINITIONS

1.1 "Aggregate Price" shall be $612,000.

1.2 "Warrant Price" shall be Twenty and Four-tenths Cents ($0.204) per share, as
adjusted herein.

                                    ARTICLE 2
                              EXERCISE AND PAYMENT

2.1 Cash Exercise. The purchase rights represented by this Warrant may be
exercised by Holder, in whole or in part, by the surrender of this Warrant at
the principal office of the Company, located at the address set forth on the
signature page hereof, accompanied by the form of Notice of Cash Exercise
attached hereto as Exhibit "A-1", and by the payment to the Company, by cash or
by certified, cashier's or other check acceptable to the Company, or by delivery
to the Company of evidence of cancellation of indebtedness of the Company to
such Holder, or by wire transfer to the account of the Company, of an amount
equal to the aggregate Warrant Price of the shares being purchased.

                                       1

<PAGE>

2.2 Net Issue Exercise. In lieu of exercising this Warrant pursuant to Section
2.1, Holder may elect to receive shares of Common Stock equal to the value of
this Warrant determined in the manner described below (or of any portion thereof
remaining unexercised) by surrender of this Warrant at the principal office of
the Company together with the form of Notice of Cashless Exercise attached
hereto as Exhibit "A-2", in which event the Company shall issue to Holder a
number of shares of the Company's Common Stock computed using the following
formula:

                           X = Y (A-B)
                                   A

Where X = the number of shares of Common Stock to be issued to Holder.

      Y = the number of shares of Common Stock purchasable under this
              Warrant (at the date of such calculation).

      A = the fair market value of one share of the Company's Common
              Stock (at the date of such calculation).

      B = Warrant Price.

2.3 Fair Market Value. For purposes of this Article II, fair market value of one
share of the Company's Common Stock shall mean:

     (i) The average of the closing bid and asked prices of the Common Stock
     quoted in the Over-The-Counter Market Summary, the last reported sale price
     of the Common Stock or the closing price quoted on the Nasdaq National
     Market System ("NMS") or on any exchange on which the Common Stock is
     listed, whichever is applicable, as published in the Western Edition of The
     Wall Street Journal for the trading day prior to the date of determination
     of fair market value; or

     (ii) If the Common Stock is not traded Over-The-Counter, on the NMS or on
     an exchange, the per share fair market value of the Common Stock shall be
     as determined by mutual agreement of the Company and the Holder; provided,
     however that if such agreement cannot be reached within twenty (20)
     calendar days, such value shall be determined by an independent appraiser
     appointed in good faith by the Company's Board of Directors. The cost of
     such appraisal shall be borne equally by the Company and the Holder. Such
     appraiser shall meet the following criteria: (a) it shall not be associated
     or affiliated with the Company in any fashion and shall not have previously
     provided services to the Company; (b) the appraiser shall have reasonable
     qualifications to appraise the value of the Common Stock; (c) it is not
     (and none of its affiliates is) a promoter, director or officer of the
     Company or any of its affiliates or an underwriter with respect to any of
     the securities of the Company; and (d) it does not provide any advice or
     opinions of the Company except as an appraiser under this section. In the
     event such an appraisal is required it should be conducted under the
     following procedures: the Company shall select the appraiser within ten
     (10) days of receipt of written notice from the Holder that agreement
     cannot be reached and the Company shall submit the name of such appraiser
     to Holder. Twenty (20) days after selection of the appraiser, the Company
     and the Holder shall each submit to the appraiser a single value
     representing such party's contention as to the fair market value of one
     share of the Company's Common Stock. Within fifteen (15) days after receipt
     of the submission of the Company and the Holder, the appraiser shall select
     one of the two values submitted by the parties, and such value shall be the
     fair market value of one share of the Common Stock for purpose of this
     Warrant. The appraiser shall have no discretion to take any action other
     than selection of one of the two values submitted to the appraiser. The
     parties may submit to the appraiser and one another, at the time they
     submit their respective single values, such supporting documentation as
     they deem necessary or appropriate. The parties shall have the opportunity
     seven (7) business days after receipt of the other party's proposed
     valuation and supporting documentation to provide the appraiser and each
     other with supplemental written information. The appraiser may, in its
     discretion, hold a single six (6) hour hearing on valuation issues. If a
     hearing is held, each party shall be allocated three (3) hours. The
     appraiser may conduct the hearing in accordance with any rules of procedure
     it deems appropriate. The value selected by the appraiser shall be final
     and binding upon the parties without any further right of appeal.

                                       2

<PAGE>

2.4 Stock Certificates. In the event of any exercise of the rights represented
by this Warrant, certificates for the shares of Common Stock so purchased shall
be delivered to Holder within a reasonable time and, unless this Warrant has
been fully exercised or has expired, a new Warrant representing the remaining
unexercised Aggregate Price shall also be issued to Holder at such time.

2.5 Automatic Exercise. To the extent this Warrant is not previously exercised,
and if the fair market value of one share of the Company's Common Stock is
greater than the Warrant Price, as adjusted, this Warrant shall be deemed
automatically exercised in accordance with Section 2.2 hereof (even if not
surrendered) immediately before its expiration. For purposes of such automatic
exercise, the fair market value of one share of the Company's Common Stock upon
such expiration shall be the fair market value determined pursuant to Section
2.3 above. To the extent this Warrant or any portion thereof is deemed
automatically exercised pursuant to this Section 2.5, the Company agrees to
notify Holder within a reasonable period of time of the number of shares of the
Company's Common Stock, if any, Holder is to receive by reason of such automatic
exercise.

2.6 Stock Fully Paid; Reservation of Shares. The Company covenants and agrees
that all Common Stock which may be issued upon the exercise of the rights
represented by this Warrant will, upon issuance, be fully paid and nonassessable
and free from all taxes, liens and charges with respect to the issue thereof
(excluding taxes based on the income of Holder). The Company further covenants
and agrees that during the period within which the rights represented by this
Warrant may be exercised, the Company will at all times have authorized and
reserved for issuance a sufficient number of shares of its Common Stock or other
securities as would be required upon the full exercise of the rights represented
by this Warrant.

2.7 Fractional Shares. No fractional share of Common Stock will be issued in
connection with any exercise hereof; in lieu of a fractional share upon complete
exercise hereof, Holder may purchase a whole share by delivering payment equal
to the appropriate portion of the then effective Warrant Price.

                                    ARTICLE 3
      CERTAIN ADJUSTMENTS OF NUMBER OF SHARES PURCHASABLE AND WARRANT PRICE

     The number and kind of securities purchasable upon the exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time
upon the happening of certain events, as follows:

3.1 Reclassification, Consolidation or Merger. In case of: (i) any
reclassification or change of outstanding securities issuable upon exercise of
this Warrant; (ii) any consolidation or merger of the Company with or into
another corporation (other than a merger with another corporation in which the
Company is a continuing corporation and which does not result in any
reclassification, change or exchange of outstanding securities issuable upon
exercise of this Warrant); or (iii) any sale or transfer to another corporation
of all, or substantially all, of the property of the Company, then, and in each
such event, the Company or such successor or purchasing corporation, as the case
may be, shall execute a new Warrant of like form, tenor and effect and which
will provide that Holder shall have the right to exercise such new Warrant and
purchase upon such exercise, in lieu of each share of Common Stock theretofore
issuable upon exercise of this Warrant, the kind and amount of securities, money
and property receivable upon such reclassification, change, consolidation,
merger, sale or transfer by a holder of one share of Common Stock issuable upon
exercise of this Warrant had this Warrant been exercised immediately prior to
such reclassification, change, consolidation, merger, sale or transfer. Such new
Warrant shall be as nearly equivalent in all substantive respects as practicable
to this Warrant and the adjustments provided in this Article III and the
provisions of this Section 3.1, shall similarly apply to successive
reclassifications, changes, consolidations, mergers, sales and transfers.

3.2 Subdivision or Combination of Shares. If the Company shall at any time while
this Warrant remains outstanding and less than fully exercised: (i) divide its
Company Stock, the Warrant Price shall be proportionately reduced; or (ii) shall
combine shares of its Common Stock, the Warrant Price shall be proportionately
increased.

                                       3

<PAGE>

3.3 Stock Dividends. If the Company, at any time while this Warrant is
outstanding and unexpired, shall pay a dividend payable in, or make any other
distribution to holders of, Common Stock (except any distribution described in
Sections 3.1 and 3.2 hereof) then the Warrant Price shall be adjusted to that
price determined by multiplying the Warrant Price then in effect by a fraction,
the numerator of which shall be the total number of shares of Common Stock
outstanding immediately prior to such dividend or distribution, and the
denominator of which shall be the total number of shares of Common Stock
outstanding immediately after such dividend or distribution.

3.4 Other Action Affecting Common Stock. If the Company takes any action
affecting its Common Stock after the date hereof (including dividends and
distributions), other than an action described in any of Sections 3.1 and 3.2
hereof, which would have an adverse effect upon Holder's rights hereunder, the
Warrant Price shall be adjusted downward in such manner and at such time as the
Board of Directors of the Company shall in good faith determine to be equitable
under the circumstances.

3.5 Time of Adjustments to the Warrant Price. All adjustments to the Warrant
Price and the number of shares purchasable hereunder, unless otherwise specified
herein, shall be effective as of the earlier of:

     (i) the date of issue of the security causing the adjustment;

     (ii) the date of sale of the security causing the adjustment;

     (iii) the effective date of a division or combination of shares;

     (iv) the record date of any action of holders of any class of the Company's
     capital stock taken for the purpose of entitling shareholders to receive a
     distribution or dividend payable in equity securities, provided that such
     division, combination, distribution or dividend actually occurs.

3.6 Notice of Adjustments. In each case of an adjustment in the Warrant Price
and the number of shares purchasable hereunder, the Company, at its expense,
shall cause the Chief Financial Officer of the Company to compute such
adjustment and prepare a certificate setting forth such adjustment and showing
in detail the facts upon which such adjustment is based. The Company shall
promptly mail a copy of each such certificate to Holder pursuant to Section 6.7
hereof.

3.7 Duration of Adjusted Warrant Price. Following each adjustment of the Warrant
Price, such adjusted Warrant Price shall remain in effect until a further
adjustment of the Warrant Price.

3.8 Adjustment of Number of Shares. Upon each adjustment of the Warrant Price
pursuant to this Article III, the number of shares of Common Stock purchasable
hereunder shall be adjusted to the nearest whole share, to the number obtained
by dividing the Aggregate Price by the Warrant Price as adjusted.

                                    ARTICLE 4
                           TRANSFER, EXCHANGE AND LOSS

4.1 Securities Laws. Upon any issuance of shares of Common Stock upon exercise
of this Warrant, if required by the Company, in connection with each issuance of
shares of Common Stock upon exercise of this Warrant, the Holder will give: (i)
assurances in writing, satisfactory to the Company, that such shares are not
being purchased with a view to the distribution thereof in violation of
applicable laws, (ii) sufficient information, in writing, to enable the Company
to rely on exemptions from the registration or qualification requirements of
applicable laws, if available, with respect to such exercise, and (iii) its
cooperation to the Company in connection with such compliance.

4.2 Exchange. This Warrant is exchangeable at the principal office of the
Company for Warrants which represent, in the aggregate, the Aggregate Price
hereof; each new Warrant to represent the right to purchase such portion of the
Aggregate Price as Holder shall designate at the time of such exchange. Each new
Warrant shall be identical in form and content to this Warrant, except for
appropriate changes

                                       4

<PAGE>

in the number of shares of Common Stock covered thereby, the percentage stated
in Section 4.1 above, and any other changes which are necessary in order to
prevent the Warrant exchange from changing the respective rights and obligations
of the Company and the Holder as they existed immediately prior to such
exchange.

4.3 Loss or Mutilation. Upon receipt by the Company of evidence satisfactory to
it of the ownership of, and the loss, theft, destruction or mutilation of, this
Warrant and (in the case of loss, theft, or destruction) of indemnity
satisfactory to it, and (in the case of mutilation) upon surrender and
cancellation hereof, the Company will execute and deliver in lieu hereof a new
Warrant.

                                    ARTICLE 5
                                  HOLDER RIGHTS

5.1 No Shareholder Rights Until Exercise. No Holder hereof, solely by virtue
hereof, shall be entitled to any rights as a shareholder of the Company. Holder
shall have all rights of a shareholder with respect to securities purchased upon
exercise hereof at the time: (i) the cash exercise price for such securities is
delivered pursuant to Section 2.1 hereof and this Warrant is surrendered, (ii)
of delivery of notice of cashless exercise pursuant to Section 2.2 hereof and
this Warrant is surrendered, or (iii) of automatic exercise hereof (even if not
surrendered) pursuant to Section 2.5 hereof.

5.2 Registration Rights. The Company is obligated to register the shares of
Common Stock underlying the Warrant pursuant to that certain Registration Rights
Agreement between the Company and Holder dated of even date herewith.

                                    ARTICLE 6
                                  MISCELLANEOUS

6.1 GOVERNING LAWS. IT IS THE INTENTION OF THE PARTIES HERETO THAT EXCEPT AS SET
FORTH BELOW, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA, U.S.A. (IRRESPECTIVE
OF ITS CHOICE OF LAW PRINCIPLES) SHALL GOVERN THE VALIDITY OF THIS WARRANT, THE
CONSTRUCTION OF ITS TERMS, AND THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS
AND DUTIES OF THE PARTIES HERETO.

6.2 Binding Upon Successors and Assigns. Subject to, and unless otherwise
provided in, this Warrant, each and all of the covenants, terms, provisions, and
agreements contained herein shall be binding upon, and inure to the benefit of
the permitted successors, executors, heirs, representatives, administrators and
assigns of the parties hereto.

6.3 Severability. If any one or more provisions of this Warrant, or the
application thereof, shall for any reason and to any extent be invalid or
unenforceable, the remainder of this Warrant and the application of such
provisions to other persons or circumstances shall be interpreted so as best to
reasonably effect the intent of the parties hereto. The parties further agree to
replace any such void or unenforceable provisions of this Warrant with valid and
enforceable provisions which will achieve, to the extent possible, the economic,
business and other purposes of the void or unenforceable provisions.

6.4 Default, Amendment and Waivers. This Warrant may be amended upon the written
consent of the Company and the Holder. The waiver by a party of any breach
hereof for default in payment of any amount due hereunder or default in the
performance hereof shall not be deemed to constitute a waiver of any other
default or any succeeding breach or default. The failure to cure any breach of
any term of this Warrant within ten (10) days of written notice thereof shall
constitute an event of default under this Warrant.

6.5 No Waiver. The failure of any party to enforce any of the provisions hereof
shall not be construed to be a waiver of the right of such party thereafter to
enforce such provisions.

                                       5

<PAGE>

6.6 Attorneys' Fees. Should suit be brought to enforce or interpret any part of
this Warrant, the prevailing party shall be entitled to recover, as an element
of the costs of suit and not as damages, reasonable attorneys' fees to be fixed
by the court (including without limitation, costs, expenses and fees on any
appeal). The prevailing party shall be the party entitled to recover its costs
of suit, regardless of whether such suit proceeds to final judgment. A party not
entitled to recover its costs shall not be entitled to recover attorneys' fees.
No sum for attorneys' fees shall be counted in calculating the amount of a
judgment for purposes of determining if a party is entitled to recover costs or
attorneys' fees.

6.7 Notices. Whenever any party hereto desires or is required to give any
notice, demand, or request with respect to this Warrant, each such communication
shall be in writing and shall be effective only if it is delivered by personal
service or mailed, United States certified mail, postage prepaid, return receipt
requested, addressed as follows:

          Company:   P-COM, Inc.
                     3175 S. Winchester Boulevard
                     Campbell, CA 95008

          Holder:    Cagan McAfee Capital Partners, LLC
                     10600 N. De Anza Boulevard
                     Suite 250
                     Cupertino, CA 95014

Such communications shall be effective when they are received by the addressee
thereof; but if sent by certified mail in the manner set forth above, they shall
be effective three (3) business days after being deposited in the United States
mail. Any party may change its address for such communications by giving notice
thereof to the other party in conformity with this Section.

6.8 Time. Time is of the essence of this Warrant.

6.9 Construction of Agreement. A reference in this Warrant to any Section shall
include a reference to every Section the number of which begins with the number
of the Section to which reference is specifically made (e.g., a reference to
Section 3 shall include a reference to Sections 3.5 and 3.7). The titles and
headings herein are for reference purposes only and shall not in any manner
affect the interpretation of this Warrant.

6.10 No Endorsement. Holder understands that no federal or state securities
administrator has made any finding or determination relating to the fairness of
investment in the Company or purchase of the Common Stock hereunder and that no
federal or state securities administrator has recommended or endorsed the
offering of securities by the Company hereunder.

6.11 Pronouns. All pronouns and any variations thereof shall be deemed to refer
to the masculine, feminine or neuter, singular or plural, as the identity of the
person, persons, entity or entities may require.

                                       6

<PAGE>

6.12 Further Assurances. Each party agrees to cooperate fully with the other
parties and to execute such further instruments, documents and agreements and to
give such further written assurances, as may be reasonably requested by any
other party to better evidence and reflect the transactions described herein and
contemplated hereby, and to carry into effect the intents and purposes of this
Warrant.

                                             P-Com, Inc., a Delaware Corporation

                                             By:
                                                --------------------------------
                                                George P. Roberts
                                                Chairman and CEO

                                       7

<PAGE>

                                   Exhibit A-1

                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
                        BY CASH PAYMENT OF WARRANT PRICE

                                  DATE:
                                        ---------

<TABLE>
<S>                                     <C>
P-Com, Inc.                             Aggregate Price of Warrant $
                                                                     -----------------
3175 S. Winchester Boulevard            Before Exercise:           $
                                                                     -----------------
Campbell, CA 95008                      Aggregate Price            $
                                                                     -----------------
Attn:  Chief Financial Officer          Being Exercised:           $
                                                                     -----------------

                                        Warrant Price:    $                 per share
                                                           ----------------

                                        Number of Shares of Common Stock to be Issued
                                        Under this Notice:
                                                          -----------------

                                        Remainder Aggregate
                                        Price (if any) After Issuance: $
                                                                       ---------
</TABLE>

                                  CASH EXERCISE

Gentlemen:

     The undersigned registered Holder of the Common Stock Warrant delivered
herewith ("Warrant"), hereby irrevocably exercises such Warrant for, and
purchases thereunder, shares of the Common Stock of P-Com, Inc., a Delaware
corporation, as provided below. Capitalized terms used herein, unless otherwise
defined herein, shall have the meanings given in the Warrant. The portion of the
Aggregate Price (as defined in the Warrant) to be applied toward the purchase of
Common Stock pursuant to this Notice of Exercise is $              , thereby
                                                      -------------
leaving a remainder Aggregate Price (if any) equal to $         . Such exercise
                                                       ---------
shall be pursuant to the cash exercise provisions of Section 2.1 of the Warrant.
Therefore, Holder makes payment with this Notice of Exercise by way of
                                      in the amount of $               . Such
--------------- ---------------------                   --------------
amount is payment in full under the Warrant for shares of Common Stock based
upon the Warrant Price of $            per share, as currently in effect under
                           -----------
the Warrant. Holder requests that the certificates for the purchased shares of
Common Stock be issued in the name of and delivered to
"                           ". To the extent the foregoing exercise is for less
 --------------------------
than the full Aggregate Price, a Replacement Warrant representing the remainder
of the Aggregate Price and otherwise of like form, tenor and effect should be
delivered to Holder along with the share certificates evidencing the Common
Stock issued in response to this Notice of Exercise.

                                             By:
                                                --------------------------------
                                                [NAME]

                                      NOTE

     The execution to the foregoing Notice of Exercise must exactly correspond
to the name of the Holder on the Warrant.

                                       8

<PAGE>

                                   Exhibit A-2

                   NOTICE OF EXERCISE OF COMMON STOCK WARRANT
             PURSUANT TO NET ISSUE ("CASHLESS") EXERCISE PROVISIONS

                                  DATE
                                       ---------

<TABLE>
<S>                                     <C>
P-Com, Inc.                             Aggregate Price of Warrant $
                                                                     -----------------
3175 S. Winchester Boulevard            Before Exercise:           $
                                                                     -----------------
Campbell, CA 95008                      Aggregate Price            $
                                                                     -----------------
Attn:  Chief Financial Officer          Being Exercised:           $
                                                                     -----------------

                                        Warrant Price:    $                 per share
                                                           ----------------

                                        Number of Shares of Common Stock to be Issued
                                        Under this Notice:
                                                           -----------------------

                                        Remainder Aggregate
                                        Price (if any) After Issuance: $
                                                                        -----------
</TABLE>

                                CASHLESS EXERCISE

Gentlemen:

     The undersigned, registered Holder of the Common Stock Warrant delivered
herewith ("Warrant"), hereby irrevocably exercises such Warrant for, and
purchases thereunder, shares of the Common Stock of P-Com, Inc., a Delaware
corporation, as provided below. Capitalized terms used herein, unless otherwise
defined herein, shall have the meanings given in the Warrant. The portion of the
Aggregate Price (as defined in the Warrant) to be applied toward the purchase of
Common Stock pursuant to this Notice of Exercise is $           , thereby
                                                     ----------
leaving a remainder Aggregate Price (if any) equal to $             . Such
                                                       -------------
exercise shall be pursuant to the net issue exercise provisions of Section 2.2
of the Warrant; therefore, Holder makes no payment with this Notice of Exercise.
The number of shares to be issued pursuant to this exercise shall be determined
by reference to the formula in Section 2.2 of the Warrant which, by reference to
Section 2.3, requires the use of the current per share fair market value of the
Company's Common Stock. The current fair market value of one share of the
Company's Common Stock shall be determined in the manner provided in Section
2.3, which amount has been determined or agreed to by Holder and the Company to
be $        , which figure is acceptable to Holder for calculations of the
    -------
number of shares of Common Stock issuable pursuant to this Notice of Exercise.
Holder requests that the certificates for the purchased shares of Common Stock
be issued in the name of and delivered to "                                   ".
                                           -----------------------------------
To the extent the foregoing exercise is for less than the full Aggregate Price
of the Warrant, a replacement Warrant representing the remainder of the
Aggregate Price (and otherwise of like form, tenor and effect) shall be
delivered to Holder along with the share certificate evidencing the Common Stock
issued in response to this Notice of Exercise.

                                                  By:
                                                     ---------------------------
                                                      [NAME]

                                      NOTE

     The execution to the foregoing Notice of Exercise must exactly correspond
to the name of the Holder on the Warrant.

                                       9

<PAGE>

                       INVESTMENT REPRESENTATION STATEMENT

PURCHASER:   CAGAN MCAFEE CAPITAL PARTNERS, INC.
COMPANY:     P-COM, INC.
SECURITY:    WARRANTS FOR COMMON STOCK
AMOUNT:      3,000,000 WARRANTS
DATE:        DECEMBER 1, 2001

     In connection with the purchase of the Securities, the Purchaser represents
to P-COM, Inc. the following:

     (a) I am aware of P-COM, Inc.'s business affairs and financial condition,
and have acquired sufficient information about P-COM, Inc. to reach an informed
and knowledgeable decision to acquire the Securities. I am purchasing these
Securities for my own account for investment purposes only and not with a view
to, or for the resale in connection with, any "distribution" thereof for
purposes of the Securities Act of 1933 ("Securities Act").

     (b) I understand that the Securities have not been registered under the
Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of my investment intent
as expressed herein.

     (c) I further understand that the Securities must be held indefinitely
unless subsequently registered under the Securities Act or unless an exemption
from registration is otherwise available. In addition, I understand that the
certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such
registration is not required in the opinion of counsel for the Purchaser
satisfactory to P-COM, Inc. or receipt of a no-action letter from the Securities
and Exchange Commission.

     (d) I am aware of the provisions of Rule 144, promulgated under the
Securities Act, which, in substance, permits limited public resale of
"restricted securities" acquired, directly or indirectly, from the issuer
thereof (or from an affiliate of such issuer), in a non-public offering subject
to the satisfaction of certain conditions, if applicable, including, among other
things: the availability of certain public information about the Partnership;
the resale occurring not less than one year after the party has purchased and
paid for the securities to be sold; the sale being made through a broker in an
unsolicited "broker's transaction" or in transactions directly with a market
maker (as said term is defined under the Securities Exchange Act of 1934); and
the amount of securities being sold during any three month period not exceeding
the specified limitations stated therein.

     (e) I further understand that at the time I wish to sell the Securities
there may be no public market upon which to make such a sale, and that, even if
such a public market then exists, P-COM, Inc. may not be satisfying the current
public information requirements of Rule 144, and that, in such event, I may be
precluded from selling the Securities under Rule 144 even if the one-year
minimum holding period had been satisfied.

     (f) I further understand that in the event all of the requirements of Rule
144 are not satisfied, registration under the Securities Act, compliance with
Regulation A, or some other registration exemption will be required; and that,
notwithstanding the fact that Rule 144 is not exclusive, the Staff of the SEC
has expressed its opinion that persons proposing to sell private placement
securities other than in a registered offering and otherwise than pursuant to
Rule 144 will have a substantial burden of proof in establishing that an
exemption from registration is available for such offers or sales, and that such
persons and their respective brokers who participate in such transactions do so
at their own risk.

Date:  December 1, 2001
                                             -----------------------------------
                                             Cagan McAfee Capital Partners, LLC

                                       10<PAGE>

                                                                  Exhibit 10.100

                                     [LOGO]
                               Silicon Valley Bank
                                3003 Tasman Drive
                             Santa Clara, Ca. 95054
                       (408) 654-1000 - Fax (408) 980-6410

                     ACCOUNTS RECEIVABLE PURCHASE AGREEMENT

          This Accounts Receivable Purchase Agreement (the "Agreement") is made
on this 26th day of June 2002, by and between Silicon Valley Bank ("Buyer")
having a place of business at the address specified above and P-COM, INC., a
                 corporation, ("Seller") having its principal place of business
----------------
and chief executive office at 3175 S. Winchester Boulevard, Campbell, CA 95008
and with a FAX number of               .
                         --------------

1. Definitions. When used herein, the following terms shall have the following
meanings.

          "Account Balance" shall mean, on any given day, the gross amount of
all Purchased Receivables unpaid on that day.

          "Account Debtor" shall have the meaning set forth in the California
Uniform Commercial Code and shall include any person liable on any Purchased
Receivable, including without limitation, any guarantor of the Purchased
Receivable and any issuer of a letter of credit or banker's acceptance.

          "Adjustments" shall mean all discounts, allowances, returns, disputes,
counterclaims, offsets, defenses, rights of recoupment, rights of return,
warranty claims, or short payments, asserted by or on behalf of any Account
Debtor with respect to any Purchased Receivable.

          "Administrative Fee" shall have the meaning as set forth in Section
3.3 hereof.

          "Advance" shall have the meaning set forth in Section 2.2 hereof.

          "Collateral" shall have the meaning set forth in Section 8 hereof.

          "Collections" shall mean all good funds received by Buyer from or on
behalf of an Account Debtor with respect to Purchased Receivables.

          "Compliance Certificate" shall mean a certificate, in a form provided
by Buyer to Seller, which contains the certification of the chief financial
officer of Seller that, among other things, the representations and warranties
set forth in this Agreement are true and correct as of the date such certificate
is delivered.

          "Event of Default" shall have the meaning set forth in Section 9
hereof.

          "Finance Charges" shall have the meaning set forth in Section 3.2
hereof.

          "Invoice Transmittal" shall mean a writing signed by an authorized
representative of Seller which accurately identifies the receivables which
Buyer, at its election, may purchase, and includes for each such receivable the
correct amount owed by the Account Debtor, the name and address of the Account
Debtor, the invoice number, the invoice date and the account code.

          "Obligations" shall mean all advances, financial accommodations,
liabilities, obligations, covenants and duties owing, arising, due or payable by
Seller to Buyer of any kind or nature, present or future, arising under or in
connection with this Agreement or under any other document, instrument or
agreement, whether or not evidenced by any note, guarantee or other instrument,
whether arising on account or by overdraft, whether direct or indirect
(including those acquired by assignment) absolute or contingent, primary or
secondary, due or to become due, now owing or hereafter arising, and however
acquired; including, without limitation, all Advances, Finance Charges,
Administrative Fees, interest, Repurchase Amounts, fees, expenses, professional
fees and attorneys' fees and any other sums chargeable to Seller hereunder or
otherwise.

          "Prime Rate" shall mean the Buyer's most recently announced "prime
rate," even if it is not Buyer's lowest rate.

          "Purchased Receivables" shall mean all those accounts, receivables,
chattel paper, instruments, contract rights, documents, general intangibles,
letters of credit, drafts, bankers acceptances, and rights to payment, and all
proceeds thereof (all of the foregoing being referred to as "receivables"),
arising out of the invoices and other agreements identified on or delivered with
any Invoice Transmittal delivered by Seller to Buyer which Buyer elects to
purchase and for which Buyer makes an Advance.

          "Refund" shall have the meaning set forth in Section 3.5 hereof.

          "Reserve" shall have the meaning set forth in Section 2.4 hereof.

          "Repurchase Amount" shall have the meaning set forth in Section 4.2
hereof.

          "Reconciliation Date" shall mean the last calendar day of each
Reconciliation Period.

          "Reconciliation Period" shall mean each calendar month of every year.

2. Purchase and Sale of Receivables.

     2.1. Offer to Sell Receivables. During the term hereof, and provided that
there does not then exist any Event of Default or any event that with notice,
lapse of time or otherwise would constitute an Event of Default, Seller may
request that Buyer purchase receivables and Buyer may, in its sole discretion,
elect to purchase receivables. Seller shall deliver to Buyer an Invoice
Transmittal with respect to any receivable for which a request for purchase is
made. An authorized representative of Seller shall sign each Invoice Transmittal
delivered to Buyer. Buyer shall be entitled to rely on all the information
provided by

                                                                     Page 1 of 7

<PAGE>

Seller to Buyer on or with the Invoice Transmittal and to rely on the signature
on any Invoice Transmittal as an authorized signature of Seller.

     2.2. Acceptance of Receivables. Buyer shall have no obligation to purchase
any receivable listed on an Invoice Transmittal. Buyer may exercise its sole
discretion in approving the credit of each Account Debtor before buying any
receivable. Upon acceptance by Buyer of all or any of the receivables described
on any Invoice Transmittal, Buyer shall pay to Seller 70(%) percent of the face
amount of each receivable Buyer desires to purchase, provided Seller deposits
all the payments received from Buyer in its depository and operating accounts
held with Buyer. Such payment shall be the "Advance" with respect to such
receivable. Buyer may, from time to time, in its sole discretion, change the
percentage of the Advance. Upon Buyer's acceptance of the receivable and payment
to Seller of the Advance, the receivable shall become a "Purchased Receivable."
It shall be a condition to each Advance that (i) all of the representations and
warranties set forth in Section 6 of this Agreement be true and correct on and
as of the date of the related Invoice Transmittal and on and as of the date of
such Advance as though made at and as of each such date, and (ii) no Event of
Default or any event or condition that with notice, lapse of time or otherwise
would constitute an Event of Default shall have occurred and be continuing, or
would result from such Advance. Notwithstanding the foregoing, in no event shall
the aggregate amount of all Purchased Receivables outstanding at any time exceed
Four Million Two Hundred Fifty Thousand Dollars ($4,250,000).

     2.3. Effectiveness of Sale to Buyer. Effective upon Buyer's payment of an
Advance, and for and in consideration therefor and in consideration of the
covenants of this Agreement, Seller hereby absolutely sells, transfers and
assigns to Buyer, all of Seller's right, title and interest in and to each
Purchased Receivable and all monies due or which may become due on or with
respect to such Purchased Receivable. Buyer shall be the absolute owner of each
Purchased Receivable. Buyer shall have, with respect to any goods related to the
Purchased Receivable, all the rights and remedies of an unpaid seller under the
California Uniform Commercial Code and other applicable law, including the
rights of replevin, claim and delivery, reclamation and stoppage in transit.

     2.4. Establishment of a Reserve. Upon the purchase by Buyer of each
Purchased Receivable, Buyer shall establish a reserve. The reserve shall be the
amount by which the face amount of the Purchased Receivable exceeds the Advance
on that Purchased Receivable (the "Reserve"); provided, the Reserve with respect
to all Purchased Receivables outstanding at any one time shall be an amount not
less than 30(%) percent of the Account Balance at that time and may be set at a
higher percentage at Buyer's sole discretion. The reserve shall be a book
balance maintained on the records of Buyer and shall not be a segregated fund.

3. Collections, Charges and Remittances.

     3.1. Collections. Upon receipt by Buyer of Collections, Buyer shall
promptly credit such Collections to Seller's Account Balance on a daily basis;
provided, that if Seller is in default under this Agreement, Buyer shall apply
all Collections to Seller's Obligations hereunder in such order and manner as
Buyer may determine. If an item of collection is not honored or Buyer does not
receive good funds for any reason, the amount shall be included in the Account
Balance as if the Collections had not been received and Finance Charges under
Section 3.2 shall accrue thereon.

     3.2. Finance Charges. On each Reconciliation Date Seller shall pay to Buyer
a finance charge in an amount equal to 2.5% percentage points above Prime Rate
per annum of the gross average daily Account Balance outstanding during the
applicable Reconciliation Period (the "Finance Charges"). Notwithstanding the
foregoing, on each Reconciliation Date, Seller shall pay to Buyer a minimum
$500.00 Finance Charge. Buyer shall deduct the accrued Finance Charges from the
Reserve as set forth in Section 3.5 below.

     3.3. Administrative Fee. On each Reconciliation Date Seller shall pay to
Buyer an Administrative Fee equal to 1 (%) percent of the face amount of each
Purchased Receivable first purchased during that Reconciliation Period (the
"Administrative Fee"). Buyer shall deduct the Administrative Fee from the
Reserve as set forth in Section 3.5 below.

     3.4. Accounting. Buyer shall prepare and send to Seller after the close of
business for each Reconciliation Period, an accounting of the transactions for
that Reconciliation Period, including the amount of all Purchased Receivables,
all Collections, Adjustments, Finance Charges, and the Administrative Fee. The
accounting shall be deemed correct and conclusive unless Seller makes written
objection to Buyer within thirty (30) days after the Buyer mails the accounting
to Seller.

     3.5. Refund to Seller. Provided that there does not then exist an Event of
Default or any event or condition that with notice, lapse of time or otherwise
would constitute an Event of Default, Buyer shall refund to Seller by check
after the Reconciliation Date, the amount, if any, which Buyer owes to Seller at
the end of the Reconciliation Period according to the accounting prepared by
Buyer for that Reconciliation Period (the "Refund"). The Refund shall be an
amount equal to:

          (A)  (1) The Reserve as of the beginning of that Reconciliation
               Period, plus

               (2) the Reserve created for each Purchased Receivable purchased
               during that Reconciliation Period, minus

          (B) The total for that Reconciliation Period of:

               (1)  the Administrative Fee;

               (2)  Finance Charges;

               (3)  Adjustments;

                                                                     Page 2 of 7

<PAGE>

               (4)  Repurchase Amounts, to the extent Buyer has agreed to accept
                    payment thereof by deduction from the Refund;

               (5)  the Reserve for the Account Balance as of the first day of
                    the following Reconciliation Period in the minimum
                    percentage set forth in Section 2.4 hereof; and

               (6) all amounts due, including professional fees and expenses,
as set forth in Section 12 for which oral or written demand has been made by
Buyer to Seller during that Reconciliation Period to the extent Buyer has agreed
to accept payment thereof by deduction from the Refund.

In the event the formula set forth in this Section 3.5 results in an amount due
to Buyer from Seller, Seller shall make such payment in the same manner as set
forth in Section 4.3 hereof for repurchases. If the formula set forth in this
Section 3.5 results in an amount due to Seller from Buyer, Buyer shall make such
payment by check, subject to Buyer's rights under Section 4.3 and Buyer's rights
of offset and recoupment.

     3.6. Facility Fee. A fully earned, non-refundable facility fee of
$42,500.00 shall be due upon the disbursement of the initial Advance.

     3.7. Due Diligence Fee. A fully earned, non-refundable due diligence fee of
$15,000.00 was received by Buyer.

     3.8. Early Termination Fee. A fully earned, non-refundable early
termination fee of $85,000.00 shall be due upon voluntary or involuntary payment
in full of Seller's Obligations unless the Obligations are paid in full via
initial advance from a loan agreement entered into with Silicon Valley Bank.

4. Recourse and Repurchase Obligations.

     4.1. Recourse. Buyer's acquisition of Purchased Receivables from Seller
shall be with full recourse against Seller. In the event the Obligations exceed
the amount of Purchased Receivables and Collateral, Seller shall be liable for
any deficiency.

     4.2. Seller's Agreement to Repurchase. Seller agrees to pay to Buyer on
demand, the full face amount, or any unpaid portion, of any Purchased
Receivable:

          (A) which remains unpaid ninety (90) calendar days after the invoice
          date; or

          (B) which is owed by any Account Debtor who has filed, or has had
          filed against it, any bankruptcy case, assignment for the benefit of
          creditors, receivership, or insolvency proceeding or who has become
          insolvent (as defined in the United States Bankruptcy Code) or who is
          generally not paying its debts as such debts become due; or

          (C) with respect to which there has been any breach of warranty or
          representation set forth in Section 6 hereof or any breach of any
          covenant contained in this Agreement; or

          (D) with respect to which the Account Debtor asserts any discount,
          allowance, return, dispute, counterclaim, offset, defense, right of
          recoupment, right of return, warranty claim, or short payment;

together with all reasonable attorneys' and professional fees and expenses and
all court costs incurred by Buyer in collecting such Purchased Receivable and/or
enforcing its rights under, or collecting amounts owed by Seller in connection
with, this Agreement (collectively, the "Repurchase Amount").

     4.3. Seller's Payment of the Repurchase Amount or Other Amounts Due Buyer.
When any Repurchase Amount or other amount owing to Buyer becomes due, Buyer
shall inform Seller of the manner of payment which may be any one or more of the
following in Buyer's sole discretion: (a) in cash immediately upon demand
therefor; (b) by delivery of substitute invoices and an Invoice Transmittal
acceptable to Buyer which shall thereupon become Purchased Receivables; (c) by
adjustment to the Reserve pursuant to Section 3.5 hereof; (d) by deduction from
or offset against the Refund that would otherwise be due and payable to Seller;
(e) by deduction from or offset against the amount that otherwise would be
forwarded to Seller in respect of any further Advances that may be made by
Buyer; or (f) by any combination of the foregoing as Buyer may from time to time
choose.

     4.4. Seller's Agreement to Repurchase All Purchased Receivables. Upon and
after the occurrence of an Event of Default, Seller shall, upon Buyer's demand
(or, in the case of an Event of Default under Section 9(B), immediately without
notice or demand from Buyer) repurchase all the Purchased Receivables then
outstanding, or such portion thereof as Buyer may demand. Such demand may, at
Buyer's option, include and Seller shall pay to Buyer immediately upon demand,
cash in an amount equal to the Advance with respect to each Purchased Receivable
then outstanding together with all accrued Finance Charges, Adjustments,
Administrative Fees, attorney's and professional fees, court costs and expenses
as provided for herein, and any other Obligations. Upon receipt of payment in
full of the Obligations, Buyer shall immediately instruct Account Debtors to pay
Seller directly, and return to Seller any Refund due to Seller. For the purpose
of calculating any Refund due under this Section only, the Reconciliation Date
shall be deemed to be the date Buyer receives payment in good funds of all the
Obligations as provided in this Section 4.4.

5. Power of Attorney. Seller does hereby irrevocably appoint Buyer and its
successors and assigns as Seller's true and lawful attorney in fact, and hereby
authorizes Buyer, regardless of whether there has been an Event of Default, (a)
to sell, assign, transfer, pledge, compromise, or discharge the whole or any
part of the Purchased Receivables; (b) to demand, collect, receive, sue, and
give releases to any Account Debtor for the monies due or which may become due
upon or with respect to the Purchased Receivables and to compromise, prosecute,
or defend any action, claim, case or proceeding relating to the Purchased
Receivables, including the filing of a claim or the voting of such claims in any
bankruptcy case, all in Buyer's name

                                                                     Page 3 of 7

<PAGE>

or Seller's name, as Buyer may choose; (c) to prepare, file and sign Seller's
name on any notice, claim, assignment, demand, draft, or notice of or
satisfaction of lien or mechanics' lien or similar document with respect to
Purchased Receivables; (d) to notify all Account Debtors with respect to the
Purchased Receivables to pay Buyer directly; (e) to receive, open, and dispose
of all mail addressed to Seller for the purpose of collecting the Purchased
Receivables; (f) to endorse Seller's name on any checks or other forms of
payment on the Purchased Receivables; (g) to execute on behalf of Seller any and
all instruments, documents, financing statements and the like to perfect Buyer's
interests in the Purchased Receivables and Collateral; and (h) to do all acts
and things necessary or expedient, in furtherance of any such purposes. If Buyer
receives a check or item which is payment for both a Purchased Receivable and
another receivable, the funds shall first be applied to the Purchased Receivable
and, so long as there does not exist an Event of Default or an event that with
notice, lapse of time or otherwise would constitute an Event of Default, the
excess shall be remitted to Seller. Upon the occurrence and continuation of an
Event of Default, all of the power of attorney rights granted by Seller to Buyer
hereunder shall be applicable with respect to all Purchased Receivables and all
Collateral.

6. Representations, Warranties and Covenants.

     6.1. Receivables' Warranties, Representations and Covenants. To induce
Buyer to buy receivables and to renders its services to Seller, and with full
knowledge that the truth and accuracy of the following are being relied upon by
the Buyer in determining whether to accept receivables as Purchased Receivables,
Seller represents, warrants, covenants and agrees, with respect to each Invoice
Transmittal delivered to Buyer and each receivable described therein, that:

          (A) Seller is the absolute owner of each receivable set forth in the
          Invoice Transmittal and has full legal right to sell, transfer and
          assign such receivables;

          (B) The correct amount of each receivable is as set forth in the
          Invoice Transmittal and is not in dispute;

          (C) The payment of each receivable is not contingent upon the
          fulfillment of any obligation or contract, past or future and any and
          all obligations required of the Seller have been fulfilled as of the
          date of the Invoice Transmittal;

          (D) Each receivable set forth on the Invoice Transmittal is based on
          an actual sale and delivery of goods and/or services actually
          rendered, is presently due and owing to Seller, is not past due or in
          default, has not been previously sold, assigned, transferred, or
          pledged, and is free of any and all liens, security interests and
          encumbrances other than liens, security interests or encumbrances in
          favor of Buyer or any other division or affiliate of Silicon Valley
          Bank;

          (E) There are no defenses, offsets, or counterclaims against any of
          the receivables, and no agreement has been made under which the
          Account Debtor may claim any deduction or discount, except as
          otherwise stated in the Invoice Transmittal;

          (F) Each Purchased Receivable shall be the property of the Buyer and
          shall be collected by Buyer, but if for any reason it should be paid
          to Seller, Seller shall promptly notify Buyer of such payment, shall
          hold any checks, drafts, or monies so received in trust for the
          benefit of Buyer, and shall promptly transfer and deliver the same to
          the Buyer;

          (G) Buyer shall have the right of endorsement, and also the right to
          require endorsement by Seller, on all payments received in connection
          with each Purchased Receivable and any proceeds of Collateral;

          (H) Seller, and to Seller's best knowledge, each Account Debtor set
          forth in the Invoice Transmittal, are and shall remain solvent as that
          term is defined in the United States Bankruptcy Code and the
          California Uniform Commercial Code, and no such Account Debtor has
          filed or had filed against it a voluntary or involuntary petition for
          relief under the United States Bankruptcy Code;

          (I) Each Account Debtor named on the Invoice Transmittal will not
          object to the payment for, or the quality or the quantity of the
          subject matter of, the receivable and is liable for the amount set
          forth on the Invoice Transmittal;

          (J) Seller will remit all payments for accounts to Buyer by the close
          of business on each Friday along with a detailed cash receipts journal
          and shall immediately notify and direct all of the Seller's Account
          Debtor's to make all payments for Seller's accounts to a lockbox
          account established with Buyer ("Lockbox") or to wire transfer
          payments to a cash collateral account that Buyer controls. It will be
          considered an immediate Event of Default if the Lockbox is not set-up
          and operational within 45 days from the date of this Agreement; and

          (K) All receivables forwarded to and accepted by Buyer after the date
          hereof, and thereby becoming Purchased Receivables, shall comply with
          each and every one of the foregoing representations, warranties,
          covenants and agreements referred to above in this Section 6.1.

     6.2. Additional Warranties, Representations and Covenants. In addition to
the foregoing warranties, representations and covenants, to induce Buyer to buy
receivables and to render its services to Seller, Seller hereby represents,
warrants, covenants and agrees that:

          (A) Seller will not assign, transfer, sell, or grant , or permit any
          lien or security interest in any Purchased Receivables or Collateral
          to or in favor of any other party, without Buyer's prior written
          consent;

          (B) The Seller's name, form of organization, chief executive office,
          and the place where the records concerning all Purchased Receivables
          and Collateral are kept is set forth at the beginning of this
          Agreement, Collateral is located only at the location set forth in the
          beginning of this Agreement, or, if located at any additional
          location, as set forth on a schedule attached to this Agreement, and
          Seller will give Buyer at least thirty (30) days prior written notice
          if such name, organization, chief executive office or other locations
          of Collateral or records concerning Purchased Receivables or
          Collateral is changed or added and shall execute any documents
          necessary to perfect Buyer's interest in the Purchased Receivables and
          the Collateral;

          (C) Seller shall (i) pay all of its normal gross payroll for
          employees, and all federal and state taxes, as and when due, including
          without limitation all payroll and withholding taxes and state sales
          taxes; (ii) deliver at any time and from time to time at Buyer's
          request, evidence satisfactory to Buyer that all such amounts have
          been paid to the proper taxing

                                                                     Page 4 of 7

<PAGE>

          authorities; and (iii) if requested by Buyer, pay its payroll and
          related taxes through a bank or an independent payroll service
          acceptable to Buyer.

          (D) Seller has not, as of the time Seller delivers to Buyer an Invoice
          Transmittal, or as of the time Seller accepts any Advance from Buyer,
          filed a voluntary petition for relief under the United States
          Bankruptcy Code or had filed against it an involuntary petition for
          relief;

          (E) If Seller owns, holds or has any interest in, any copyrights
          (whether registered, or unregistered), patents or trademarks, and
          licenses of any of the foregoing, such interest has been disclosed to
          Buyer and is specifically listed and identified on a schedule to this
          Agreement, and Seller shall immediately notify Buyer if Seller
          hereafter obtains any interest in any additional copyrights, patents,
          trademarks or licenses that are significant in value or are material
          to the conduct of its business;

          (F) Seller shall provide Buyer with: (i) a Compliance Certificate on a
          monthly basis to be received by Buyer no later than the 30th calendar
          day following each calendar month or on a more frequent or other basis
          if and as requested by Buyer, (iii) balance sheet and income statement
          of Seller within 30 days after the end of each month together with
          aged listings of accounts receivable and accounts payable (by invoice
          date);

          (G) Seller shall provide Buyer with a deferred revenue listing upon
          request;

          (H) On request by Buyer, Seller will promptly furnish any information
          Buyer may reasonably request to determine financial condition of
          Seller, including, but not limited to all of Seller's Obligations, and
          the condition of any of Seller's receivables which may include but are
          not limited to Purchased Receivables; and

          (I) Seller will maintain its primary banking relationship with Buyer,
          which relationship shall include Seller maintaining account balances
          in any accounts at or through Buyer representing 100% of all account
          balances of Buyer at any financial institution. Seller agrees to
          transfer its funds from another financial institutions to Buyer no
          later than August 25, 2002.

7. Adjustments. In the event of a breach of any of the representations,
warranties, or covenants set forth in Section 6.1, or in the event any
Adjustment or dispute is asserted by any Account Debtor, Seller shall promptly
advise Buyer and shall, subject to the Buyer's approval, resolve such disputes
and advise Buyer of any adjustments. Unless the disputed Purchased Receivable is
repurchased by Seller and the full Repurchase Amount is paid, Buyer shall remain
the absolute owner of any Purchased Receivable which is subject to Adjustment or
repurchase under Section 4.2 hereof, and any rejected, returned, or recovered
personal property, with the right to take possession thereof at any time. If
such possession is not taken by Buyer, Seller is to resell it for Buyer's
account at Seller's expense with the proceeds made payable to Buyer. While
Seller retains possession of said returned goods, Seller shall segregate said
goods and mark them "property of Silicon Valley Bank."

8. Security Interest. To secure the prompt payment and performance to Buyer of
all of the Obligations, Seller hereby grants to Buyer a continuing lien upon and
security interest in all of Seller's now existing or hereafter arising rights
and interest in the following, whether now owned or existing or hereafter
created, acquired, or arising, and wherever located (collectively, the
"Collateral"):

          (A) All accounts, receivables, contract rights, chattel paper,
          instruments, documents, letters of credit, bankers acceptances,
          drafts, checks, cash, securities, and general intangibles (including,
          without limitation, all claims, causes of action, deposit accounts,
          guaranties, rights in and claims under insurance policies (including
          rights to premium refunds), rights to tax refunds, copyrights,
          patents, trademarks, rights in and under license agreements, and all
          other intellectual property);

          (B) All inventory, including Seller's rights to any returned or
          rejected goods, with respect to which Buyer shall have all the rights
          of any unpaid seller, including the rights of replevin, claim and
          delivery, reclamation, and stoppage in transit;

          (C) All monies, refunds and other amounts due Seller, including,
          without limitation, amounts due Seller under this Agreement (including
          Seller's right of offset and recoupment);

          (D) All equipment, machinery, furniture, furnishings, fixtures, tools,
          supplies and motor vehicles;

          (E) All farm products, crops, timber, minerals and the like (including
          oil and gas);

          (F) All accessions to, substitutions for, and replacements of, all of
          the foregoing;

          (G) All books and records pertaining to all of the foregoing; and

          (H) All proceeds of the foregoing, whether due to voluntary or
          involuntary disposition, including insurance proceeds.

          Seller is not authorized to sell, assign, transfer or otherwise convey
any Collateral without Buyer's prior written consent, except for the sale of
finished inventory in the Seller's usual course of business. Seller agrees to
sign UCC financing statements, in a form acceptable to Buyer, and any other
instruments and documents requested by Buyer to evidence, perfect, or protect
the interests of Buyer in the Collateral. Seller agrees to deliver to Buyer the
originals of all instruments, chattel paper and documents evidencing or related
to Purchased Receivables and Collateral.

9. Default. The occurrence of any one or more of the following shall constitute
an Event of Default hereunder.

          (A) Seller fails to pay any amount owed to Buyer as and when due;

          (B) There shall be commenced by or against Seller any voluntary or
          involuntary case under the United States Bankruptcy Code, or any
          assignment for the benefit of creditors, or appointment of a receiver
          or custodian for any of its assets;

          (C) Seller shall become insolvent in that its debts are greater than
          the fair value of its assets, or Seller is generally not paying its
          debts as they become due or is left with unreasonably small capital;

          (D) Any involuntary lien, garnishment, attachment or the like is
          issued against or attaches to the Purchased Receivables or any
          Collateral;

          (E) Seller shall breach any covenant, agreement, warranty, or
          representation shall constitute an immediate default hereunder;

                                                                     Page 5 of 7

<PAGE>

          (F) Seller is not in compliance with, or otherwise is in default
          under, any term of any document, instrument or agreement evidencing a
          debt, obligation or liability of any kind or character of Seller, now
          or hereafter existing, in favor of Buyer or any division or affiliate
          of Silicon Valley Bank, regardless of whether such debt, obligation or
          liability is direct or indirect, primary or secondary, joint, several
          or joint and several, or fixed or contingent, together with any and
          all renewals and extensions of such debts, obligations and
          liabilities, or any part thereof;

          (G) An event of default shall occur under any guaranty executed by any
          guarantor of the Obligations of Seller to Buyer under this Agreement,
          or any material provision of any such guaranty shall for any reason
          cease to be valid or enforceable or any such guaranty shall be
          repudiated or terminated, including by operation of law;

          (H) A default or event of default shall occur under any agreement
          between Seller and any creditor of Seller that has entered into a
          subordination agreement with Buyer;

          (I) Any creditor that has entered into a subordination agreement with
          Buyer shall breach any of the terms of or not comply with such
          subordination agreement; or

          (J) (i) There is a material adverse change in the business,
          operations, or condition (financial or otherwise) of the Seller, or
          (ii) there is a material impairment of the prospect of repayment of
          any portion of the Obligations or (iii) there is a material impairment
          of the value or priority of Buyer's security interests in the
          Collateral.

10. Remedies Upon Default. Upon the occurrence of an Event of Default, (1)
without implying any obligation to buy receivables, Buyer may cease buying
receivables or extending any financial accommodations to Seller; (2) all or a
portion of the Obligations shall be, at the option of and upon demand by Buyer,
or with respect to an Event of Default described in Section 9(B), automatically
and without notice or demand, due and payable in full; and (3) Buyer shall have
and may exercise all the rights and remedies under this Agreement and under
applicable law, including the rights and remedies of a secured party under the
California Uniform Commercial Code, all the power of attorney rights described
in Section 5 with respect to all Collateral, and the right to collect, dispose
of, sell, lease, use, and realize upon all Purchased Receivables and all
Collateral in any commercial reasonable manner. Seller and Buyer agree that any
notice of sale required to be given to Seller shall be deemed to be reasonable
if given five (5) days prior to the date on or after which the sale may be held.
In the event that the Obligations are accelerated hereunder, Seller shall
repurchase all of the Purchased Receivables as set forth in Section 4.4.

11. Accrual of Interest. If any amount owed by Seller hereunder is not paid when
due, including, without limitation, amounts due under Section 3.5, Repurchase
Amounts, amounts due under Section 12, and any other Obligations, such amounts
shall bear interest at a per annum rate equal to the per annum rate of the
Finance Charges until the earlier of (i) payment in good funds or (ii) entry of
a final judgment thereof, at which time the principal amount of any money
judgment remaining unsatisfied shall accrue interest at the highest rate allowed
by applicable law.

12. Fees, Costs and Expenses; Indemnification. The Seller will pay to Buyer
immediately upon demand all fees, costs and expenses (including fees of
attorneys and professionals and their costs and expenses) that Buyer incurs or
may from time to time impose in connection with any of the following: (a)
preparing, negotiating, administering, and enforcing this Agreement or any other
agreement executed in connection herewith, including any amendments, waivers or
consents in connection with any of the foregoing, (b) any litigation or dispute
(whether instituted by Buyer, Seller or any other person) in any way relating to
the Purchased Receivables, the Collateral, this Agreement or any other agreement
executed in connection herewith or therewith, (c) enforcing any rights against
Seller or any guarantor, or any Account Debtor, (d) protecting or enforcing its
interest in the Purchased Receivables or the Collateral, (e) collecting the
Purchased Receivables and the Obligations, and (f) the representation of Buyer
in connection with any bankruptcy case or insolvency proceeding involving
Seller, any Purchased Receivable, the Collateral, any Account Debtor, or any
guarantor. Seller shall indemnify and hold Buyer harmless from and against any
and all claims, actions, damages, costs, expenses, and liabilities of any nature
whatsoever arising in connection with any of the foregoing.

13. Severability, Waiver, and Choice of Law. In the event that any provision of
this Agreement is deemed invalid by reason of law, this Agreement will be
construed as not containing such provision and the remainder of the Agreement
shall remain in full force and effect. Buyer retains all of its rights, even if
it makes an Advance after an Event of Default. If Buyer waives an Event of
Default, it may enforce a later Event of Default. Any consent or waiver under,
or amendment of, this Agreement must be in writing. Nothing contained herein, or
any action taken or not taken by Buyer at any time, shall be construed at any
time to be indicative of any obligation or willingness on the part of Buyer to
amend this Agreement or to grant to Seller any waivers or consents. This
Agreement has been transmitted by Seller to Buyer at Buyer's office in the State
of California and has been executed and accepted by Buyer in the State of
California. This Agreement shall be governed by and interpreted in accordance
with the internal laws of the State of California.

14. Lockbox Account Collection Services. Seller shall enter into a three party
agreement (the "Lockbox Agreement") with Buyer and a lockbox provider (the
"Lockbox Provider"). The Lockbox Agreement and Lockbox Provider shall be
acceptable to Buyer. Seller shall use the lockbox address as the payment address
on all invoices issued by Seller and shall direct all its Account Debtors to
remit their payments to the lockbox address. The Lockbox Agreement shall provide
that the Lockbox Provider shall remit all collections received in the lockbox to
Buyer. Upon Buyer's receipt of such collections, and provided that there does
not then exist an Event of Default or event that with notice, lapse or time or
otherwise would constitute an Event of Default, and subject to Buyer's rights in
the Collateral, Buyer agrees to remit promptly to Seller the amount of the
receivables collections it receives with respect to receivables other than
Purchased Receivables. It is understood and agreed by Seller that this Section
does not impose any affirmative duty on Buyer to do any act other than to turn
over such amounts. All such receivables and collections are Collateral and in
the event of Seller's default hereunder, Buyer shall have no duty to remit

                                                                     Page 6 of 7

<PAGE>

collections of Collateral and may apply such collections to the obligations
hereunder and Buyer shall have the rights of a secured party under the
California Uniform Commercial Code.

15. Notices. All notices shall be given to Buyer and Seller at the addresses or
faxes set forth on the first page of this Agreement and shall be deemed to have
been delivered and received: (a) if mailed, three (3) calendar days after
deposited in the United States mail, first class, postage pre-paid, (b) one (1)
calendar day after deposit with an overnight mail or messenger service; or (c)
on the same date of confirmed transmission if sent by hand delivery, telecopy,
telefax or telex.

16. Jury Trial. SELLER AND BUYER EACH HEREBY (a) WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL ON ANY CLAIM OR ACTION ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT, ANY RELATED AGREEMENTS, OR ANY OF THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY; (b) RECOGNIZE AND AGREE THAT THE FOREGOING WAIVER CONSTITUTES
A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT; AND (c) REPRESENT AND
WARRANT THAT IT HAS REVIEWED THIS WAIVER, HAS DETERMINED FOR ITSELF THE
NECESSITY TO REVIEW THE SAME WITH ITS LEGAL COUNSEL, AND KNOWINGLY AND
VOLUNTARILY WAIVES ALL RIGHTS TO A JURY TRIAL.

17. Term and Termination. The term of this Agreement shall be for one (1) year
from the date hereof, and from year to year thereafter unless terminated in
writing by Buyer or Seller. Seller and Buyer shall each have the right to
terminate this Agreement at any time. Notwithstanding the foregoing, any
termination of this Agreement shall not affect Buyer's security interest in the
Collateral and Buyer's ownership of the Purchased Receivables, and this
Agreement shall continue to be effective, and Buyer's rights and remedies
hereunder shall survive such termination, until all transactions entered into
and Obligations incurred hereunder or in connection herewith have been completed
and satisfied in full.

18. Titles and Section Headings. The titles and section headings used herein are
for convenience only and shall not be used in interpreting this Agreement.

19. Other Agreements. The terms and provisions of this Agreement shall not
adversely affect the rights of Buyer or any other division or affiliate of
Silicon Valley Bank under any other document, instrument or agreement. The terms
of such other documents, instruments and agreements shall remain in full force
and effect notwithstanding the execution of this Agreement. In the event of a
conflict between any provision of this Agreement and any provision of any other
document, instrument or agreement between Seller on the one hand, and Buyer or
any other division or affiliate of Silicon Valley Bank on the other hand, Buyer
shall determine in its sole discretion which provision shall apply. Seller
acknowledges specifically that any security agreements, liens and/or security
interests currently securing payment of any obligations of Seller owing to Buyer
or any other division or affiliate of Silicon Valley Bank also secure Seller's
obligations under this Agreement, and are valid and subsisting and are not
adversely affected by execution of this Agreement. Seller further acknowledges
that (a) any collateral under other outstanding security agreements or other
documents between Seller and Buyer or any other division or affiliate of Silicon
Valley Bank secures the obligations of Seller under this Agreement and (b) a
default by Seller under this Agreement constitutes a default under other
outstanding agreements between Seller and Buyer or any other division or
affiliate of Silicon Valley Bank.

20. Conditions to the initial Advance. Seller shall pay in full the initial
Advance no later than July 15, 2002.

                                                                     Page 7 of 7

<PAGE>

     IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement on the
day and year above written.

SELLER: P-COM, INC.

By :  /s/ Leighton J. Stephenson
     ---------------------------------
Title     Chief Financial Officer
      --------------------------------

BUYER: SILICON VALLEY BANK

By:   /s/ Jeff Strawn
    ----------------------------------
Title   Vice President
      --------------------------------

                                                                     Page 8 of 7

<PAGE>

                                   EXHIBIT "A"

                  TO FINANCING STATEMENT AND SECURITY AGREEMENT

This FINANCING STATEMENT and SECURITY AGREEMENT covers the following types or
items of property (in addition to, and without limiting the types of property
set forth on page 1 hereof):

A)   All accounts, receivables, contract rights, chattel paper, instruments,
     documents, letters of credit, bankers acceptances, drafts, checks, cash,
     securities, deposit accounts, and general intangibles (including, without
     limitation, all claims, causes of action, guaranties, rights in and claims
     under insurance policies (including rights to premium refunds), rights to
     tax refunds, copyrights, patents, trademarks, rights in and under license
     agreements, and all other intellectual property);

B)   All inventory, including Seller's rights to any returned or rejected goods,
     with respect to which Buyer shall have all the rights of any unpaid seller,
     including the rights of replevin, claim and delivery, reclamation, and
     stoppage in transit;

C)   All monies, refunds and other amounts due Seller, including, without
     limitation, amounts due Seller under this Agreement (including Seller's
     right of offset and recoupment);

D)   All equipment, machinery, furniture, furnishings, fixtures, tools, supplies
     and motor vehicles;

E)   All farm products, crops, timber, minerals and the like (including oil and
     gas);

F)   All accessions to, substitutions for, and replacements of, all of the
     foregoing;

G)   All books and records pertaining to all of the foregoing; and

H)   All proceeds of the foregoing, whether due to voluntary or involuntary
     disposition, including insurance proceeds.

Initials      /s/  LJS                 Leighton J. Stephenson
         ----------------------------

<PAGE>

                                     [LOGO]
                               Silicon Valley Bank
                                3003 Tasman Drive
                          Santa Clara, California 95054
                       (408) 654-1000 - Fax (408) 980-6410

                            CERTIFICATION of OFFICERS

     The undersigned, being all the officers of P-COM, INC., a corporation (the
"Corporation"), hereby certify to Silicon Valley Bank ("SVB") that:

     1. The correct name of the Corporation is P-COM, INC., as set forth in the
Articles of Incorporation.

     2. The Corporation was incorporated on             , under the laws of the
                                            -----------
State of , and is in good standing under such laws.

     3. The Corporation's place of business and chief executive office being the
place at which the Corporation maintains its books and records pertaining to
accounts, accounts receivables, contract rights, chattel paper, general
intangibles, instruments, documents, inventory, and equipment, is located at:

            3175 S. Winchester Boulevard
            Campbell, CA 95008

     4. The Corporation has other places of business at the following
addressees:

     Yes

     5. There is no provision in the Certificate of Incorporation, Articles of
Incorporation, or Bylaws of the Corporation, or in the laws of the State of its
incorporation, requiring any vote or consent of shareholders to authorize the
sale of receivables or the grant of a security interest in any assets of the
Corporation. Such power is vested exclusively in the Corporation's Board of
Directors.

     6. The officers of the Corporation, and their respective titles and
signatures are as follows:

President:

  ------------------------------------------------------------------------------
                                   (Signature)
Vice President:

                           /s/ Leighton J. Stephenson
--------------------------------------------------------------------------------
                                   (Signature)

Secretary:

                            /s/ Caroline Baldwin Kahl
  ------------------------------------------------------------------------------
                                   (Signature)

Treasurer:

  ------------------------------------------------------------------------------
                                   (Signature)

Other Officer:
Title:

--------------------------------------------------------------------------------
                                   (Signature)

<PAGE>

     7. Except as indicated in this paragraph 7, each of the officers listed in
paragraph 6 has signatory powers with respect to all the Corporation's
transactions with SVB. Explanation of exceptions:

     8. The undersigned shall give SVB prompt written notice of any change or
amendment with respect to any of the foregoing. Until such written notice is
received by SVB, SVB shall be entitled to rely upon the foregoing in all
respects.

     IN WITNESS WHEREOF, the undersigned have executed this Certification of
Officers on June 26, 2002.

President:
                  --------------------------------------------------------------
Vice President:
                  --------------------------------------------------------------
Secretary:
                  --------------------------------------------------------------
Treasurer:
                  --------------------------------------------------------------

<PAGE>

                               Silicon Valley Bank
                                3003 Tasman Drive
                          Santa Clara, California 95054
                       (408) 654-1000 - Fax (408) 980-6410

                      SECRETARY'S CERTIFICATE OF RESOLUTION

     The undersigned, as Secretary of P-COM, INC., a corporation (the
"Corporation"), hereby certifies to Silicon Valley Bank that at a meeting duly
convened at which a quorum was present the following resolutions were adopted by
the Board of Directors of the Corporation and that such resolutions have not
been modified, amended, or rescinded in any respect and are in full force and
effect as of today's date.

     RESOLVED, that this corporation be and hereby is authorized to sell this
corporation's accounts receivable to Silicon Valley Bank, and to grant Silicon
Valley Bank a security interest in this corporation's assets, including, without
limitation, accounts, accounts receivable, contract rights, chattel paper,
general intangibles, instruments, documents, letters of credit, drafts,
inventory and equipment, presently owned or hereafter acquired and proceeds and
products of the foregoing (the " Collateral," as defined in the Accounts
Receivable Purchase Agreement).

     RESOLVED, that this corporation be and hereby is authorized and directed to
execute and deliver certain agreements in connection with the sale of
receivables, and granting of security interests in the Collateral to Silicon
Valley Bank including, without limitations, a Accounts Receivable Purchase
Agreement and UCC-1 financing statement.

     RESOLVED, that the following named officers of this corporation
("Authorized Officers") be, and any of them hereby are, authorized, empowered,
and directed to execute and deliver to Silicon Valley Bank on behalf of this
corporation all such further agreements and instruments as may be deemed
necessary or advisable in order to fully effectuate the purposes and intent of
the foregoing resolutions.

 Print Names of Authorized Officers:                     Title:

-------------------------------------      -------------------------------------

-------------------------------------      -------------------------------------
           George Roberts                       Chief Executive Officer
-------------------------------------      -------------------------------------
         Leighton Stephenson                    Chief Financial Officer
-------------------------------------      -------------------------------------

-------------------------------------      -------------------------------------

-------------------------------------      -------------------------------------

          RESOLVED, that the Secretary or Assistant Secretary of this
corporation be, and hereby is authorized, empowered and directed to certify to
the passage of the foregoing resolutions under the seal of this corporation.

IN WITNESS WHEREOF, the undersigned has duly executed this Certificate this 26th
day of June 2002.

                        /s/ Caroline Baldwin Kahl
                        --------------------------------------------------------
                        Signature

                        Secretary of P-COM, INC.  Caroline Baldwin Kahl

<PAGE>

                               Consent and Release

Silicon Valley Bank sincerely appreciates your business and would like to
publicize your Company recently joining our "family". In order to do so, kindly
complete the following and return to us.

P-COM, INC. ("Client") consents to and releases Silicon Valley Bank ("Bank")
from any liability in its use of (check all that apply):

                           Company Name                    X
                                                        -------
                           Individual Name
                                                        -------
                           Quotation
                                                        -------
                           Photograph
                                                        -------
                           Client Reference
                                                        -------
                           Type of Credit Facility
                                                        -------
                           Amount of Credit Facility
                                                        -------

in Bank's written and oral presentations, advertising and promotional materials
and Internet Web site.

Client Name:

P-COM, INC.

/s/ Leighton J. Stephenson
--------------------------
Signature

Chief Financial Officer
--------------------------
Name and Title

6-28-02
--------------------------
Date

<PAGE>

[LOGO]

                               SILICON VALLEY BANK

                       PRO FORMA INVOICE FOR LOAN CHARGES

BORROWER:                P-COM, INC.

LOAN OFFICER:            Scott Chamberlin

DATE:                    June 26, 2002

                         UCC Search Fee            300.00
                         UCC Filing Fee             60.00
                         IP Filing Fee             550.00

                         TOTAL FEE DUE            $910.00

                  {} Debit DDA                       for the total amount.
                                ---------------------

                  {} A check for the total amount is attached.

P-COM, INC.

----------------------------------
Authorized Signer           (Date)

-----------------------------------
Silicon Valley Bank           (Date)
Account Officer's Signature

<PAGE>

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

     This Intellectual Property Security Agreement (this "IP Agreement") is made
as of the 26th day of June, 2002 by and between P-COM, INC. ("Grantor"), and
Silicon Valley Bank, a California banking corporation ("Bank").

                                    RECITALS

     A. Bank will make advances to Grantor ("Advances") as described in the
Accounts Receivable Purchase Agreement (the "Purchase Agreement"), but only if
Grantor grants Bank a security interest in its Copyrights, Trademarks, Patents,
and Mask Works. Defined terms used but not defined herein shall have the same
meanings as in the Purchase Agreement.

     B. Pursuant to the terms of the Purchase Agreement, Grantor has granted to
Bank a security interest in all of Grantor's right title and interest, whether
presently existing or hereafter acquired in, to and under all of the Collateral.

     NOW, THEREFORE, for good and valuable consideration, receipt of which is
hereby acknowledged and intending to be legally bound, as collateral security
for the prompt and complete payment when due of Grantor's Indebtedness under the
Purchase Agreement, Grantor hereby represents, warrants, covenants and agrees as
follows:

     1. Grant of Security Interest. As collateral security for the prompt and
complete payment and performance of all of Grantor's present or future
Indebtedness, obligations and liabilities to Bank, Grantor hereby grants a
security interest in all of Grantor's right, title and interest in, to and under
its Intellectual Property Collateral (all of which shall collectively be called
the "Intellectual Property Collateral"), including, without limitation, the
following:

          (a) Any and all copyright rights, copyright applications, copyright
registrations and like protections in each work or authorship and derivative
work thereof, whether published or unpublished and whether or not the same also
constitutes a trade secret, now or hereafter existing, created, acquired or
held, including without limitation those set forth on Exhibit A attached hereto
(collectively, the "Copyrights");

          (b) Any and all trade secrets, and any and all intellectual property
rights in computer software and computer software products now or hereafter
existing, created, acquired or held;

          (c) Any and all design rights which may be available to Grantor now or
hereafter existing, created, acquired or held;

          (d) All patents, patent applications and like protections including,
without limitation, improvements, divisions, continuations, renewals, reissues,
extensions and continuations-in-part of the same, including without limitation
the patents and patent applications set forth on Exhibit B attached hereto
(collectively, the "Patents");

          (e) Any trademark and servicemark rights, whether registered or not,
applications to register and registrations of the same and like protections, and
the entire goodwill of the business of Grantor connected with and symbolized by
such trademarks, including without limitation those set forth on Exhibit C
attached hereto (collectively, the "Trademarks")

          (f) All mask works or similar rights available for the protection of
semiconductor chips, now owned or hereafter acquired, including, without
limitation those set forth on Exhibit D attached hereto (collectively, the "Mask
Works");

<PAGE>

          (g) Any and all claims for damages by way of past, present and future
infringements of any of the rights included above, with the right, but not the
obligation, to sue for and collect such damages for said use or infringement of
the intellectual property rights identified above;

          (h) All licenses or other rights to use any of the Copyrights,
Patents, Trademarks, or Mask Works and all license fees and royalties arising
from such use to the extent permitted by such license or rights; and

          (i) All amendments, extensions, renewals and extensions of any of the
Copyrights, Trademarks, Patents, or Mask Works; and

          (j) All proceeds and products of the foregoing, including without
limitation all payments under insurance or any indemnity or warranty payable in
respect of any of the foregoing.

     2. Authorization and Request. Grantor authorizes and requests that the
Register of Copyrights and the Commissioner of Patents and Trademarks record
this IP Agreement.

     3. Covenants and Warranties. Grantor represents, warrants, covenants and
agrees as follows:

          (a) Grantor is now the sole owner of the Intellectual Property
Collateral, except for non-exclusive licenses granted by Grantor to its
customers in the ordinary course of business.

          (b) Performance of this IP Agreement does not conflict with or result
in a breach of any IP Agreement to which Grantor is bound, except to the extent
that certain intellectual property agreements prohibit the assignment of the
rights thereunder to a third party without the licensor's or other party's
consent and this IP Agreement constitutes a security interest.

          (c) During the term of this IP Agreement, Grantor will not transfer or
otherwise encumber any interest in the Intellectual Property Collateral, except
for non-exclusive licenses granted by Grantor in the ordinary course of business
or as set forth in this IP Agreement;

          (d) To its knowledge, each of the Patents is valid and enforceable,
and no part of the Intellectual Property Collateral has been judged invalid or
unenforceable, in whole or in part, and no claim has been made that any part of
the Intellectual Property Collateral violates the rights of any third party;

          (e) Grantor shall promptly advise Bank of any material adverse change
in the composition of the Collateral, including but not limited to any
subsequent ownership right of the Grantor in or to any Trademark, Patent,
Copyright, or Mask Work specified in this IP Agreement;

          (f) Grantor shall (i) protect, defend and maintain the validity and
enforceability of the Trademarks, Patents, Copyrights, and Mask Works, (ii) use
its best efforts to detect infringements of the Trademarks, Patents, Copyrights,
and Mask Works and promptly advise Bank in writing of material infringements
detected and (iii) not allow any Trademarks, Patents, Copyrights, or Mask Works
to be abandoned, forfeited or dedicated to the public without the written
consent of Bank, which shall not be unreasonably withheld, unless Grantor
determines that reasonable business practices suggest that abandonment is
appropriate.

          (g) Grantor shall promptly register the most recent version of any of
Grantor's Copyrights, if not so already registered, and shall, from time to
time, execute and file such other instruments, and take such further actions as
Bank may reasonably request from time to time to perfect or continue the
perfection of Bank's interest in the Intellectual Property Collateral;

<PAGE>

          (h) This IP Agreement creates, and in the case of after acquired
Intellectual Property Collateral, this IP Agreement will create at the time
Grantor first has rights in such after acquired Intellectual Property
Collateral, in favor of Bank a valid and perfected first priority security
interest in the Intellectual Property Collateral in the United States securing
the payment and performance of the obligations evidenced by the Purchase
Agreement upon making the filings referred to in clause (i) below;

          (i) To its knowledge, except for, and upon, the filing with the United
States Patent and Trademark office with respect to the Patents and Trademarks
and the Register of Copyrights with respect to the Copyrights and Mask Works
necessary to perfect the security interests created hereunder and except as has
been already made or obtained, no authorization, approval or other action by,
and no notice to or filing with, any U.S. governmental authority of U.S.
regulatory body is required either (i) for the grant by Grantor of the security
interest granted hereby or for the execution, delivery or performance of this IP
Agreement by Grantor in the U.S. or (ii) for the perfection in the United States
or the exercise by Bank of its rights and remedies thereunder;

          (j) All information heretofore, herein or hereafter supplied to Bank
by or on behalf of Grantor with respect to the Intellectual Property Collateral
is accurate and complete in all material respects.

          (k) Grantor shall not enter into any agreement that would materially
impair or conflict with Grantor's obligations hereunder without Bank's prior
written consent, which consent shall not be unreasonably withheld. Grantor shall
not permit the inclusion in any material contract to which it becomes a party of
any provisions that could or might in any way prevent the creation of a security
interest in Grantor's rights and interest in any property included within the
definition of the Intellectual property Collateral acquired under such
contracts, except that certain contracts may contain anti-assignment provisions
that could in effect prohibit the creation of a security interest in such
contracts.

          (l) Upon any executive officer of Grantor obtaining actual knowledge
thereof, Grantor will promptly notify Bank in writing of any event that
materially adversely affects the value of any material Intellectual Property
Collateral, the ability of Grantor to dispose of any material Intellectual
Property Collateral of the rights and remedies of Bank in relation thereto,
including the levy of any legal process against any of the Intellectual Property
Collateral.

     4. Bank's Rights. Bank shall have the right, but not the obligation, to
take, at Grantor's sole expense, any actions that Grantor is required under this
IP Agreement to take but which Grantor fails to take, after fifteen (15) days'
notice to Grantor. Grantor shall reimburse and indemnify Bank for all reasonable
costs and reasonable expenses incurred in the reasonable exercise of its rights
under this section 4.

     5. Inspection Rights. Grantor hereby grants to Bank and its employees,
representatives and agents the right to visit, during reasonable hours upon
prior reasonable written notice to Grantor, and any of Grantor's plants and
facilities that manufacture, install or store products (or that have done so
during the prior six-month period) that are sold utilizing any of the
Intellectual Property Collateral, and to inspect the products and quality
control records relating thereto upon reasonable written notice to Grantor and
as often as may be reasonably requested, but not more than one (1) in every six
(6) months; provided, however, nothing herein shall entitle Bank access to
Grantor's trade secrets and other proprietary information.

     6. Further Assurances; Attorney in Fact.

          (a) On a continuing basis, Grantor will, subject to any prior
licenses, encumbrances and restrictions and prospective licenses, make, execute,
acknowledge and deliver, and file and record in the proper filing and recording
places in the United States, all such instruments, including appropriate
financing and continuation statements and collateral agreements and filings with
the United States Patent and Trademarks Office and the Register of Copyrights,
and take all such action as may reasonably be deemed necessary or advisable, or
as requested by Bank, to perfect Bank's security interest in all Copyrights,

<PAGE>

Patents, Trademarks, and Mask Works and otherwise to carry out the intent and
purposes of this IP Agreement, or for assuring and confirming to Bank the grant
or perfection of a security interest in all Intellectual Property Collateral.

          (b) Grantor hereby irrevocably appoints Bank as Grantor's
attorney-in-fact, with full authority in the place and stead of Grantor and in
the name of Grantor, Bank or otherwise, from time to time in Bank's discretion,
upon Grantor's failure or inability to do so, to take any action and to execute
any instrument which Bank may deem necessary or advisable to accomplish the
purposes of this IP Agreement, including:

               (i) To modify, in its sole discretion, this IP Agreement without
first obtaining Grantor's approval of or signature to such modification by
amending Exhibit A, Exhibit B, Exhibit C, and Exhibit D hereof, as appropriate,
to include reference to any right, title or interest in any Copyrights, Patents,
Trademarks or Mask Works acquired by Grantor after the execution hereof or to
delete any reference to any right, title or interest in any Copyrights, Patents,
Trademarks, or Mask Works in which Grantor no longer has or claims any right,
title or interest; and

               (ii) To file, in its sole discretion, one or more financing or
continuation statements and amendments thereto, relative to any of the
Intellectual Property Collateral without the signature of Grantor where
permitted by law.

     7. Events of Default. The occurrence of any of the following shall
constitute an Event of Default under this IP Agreement:

          (a) An Event of Default occurs under the Purchase Agreement; or

          (b) Grantor breaches any warranty or agreement made by Grantor in this
IP Agreement.

     8. Remedies. Upon the occurrence and continuance of an Event of Default,
Bank shall have the right to exercise all the remedies of a secured party under
the California Uniform Commercial Code, including without limitation the right
to require Grantor to assemble the Intellectual Property Collateral and any
tangible property in which Bank has a security interest and to make it available
to Bank at a place designated by Bank. Bank shall have a nonexclusive, royalty
free license to use the Copyrights, Patents, Trademarks, and Mask Works to the
extent reasonably necessary to permit Bank to exercise its rights and remedies
upon the occurrence of an Event of Default. Grantor will pay any expenses
(including reasonable attorney's fees) incurred by Bank in connection with the
exercise of any of Bank's rights hereunder, including without limitation any
expense incurred in disposing of the Intellectual Property Collateral. All of
Bank's rights and remedies with respect to the Intellectual Property Collateral
shall be cumulative.

     9. Indemnity. Grantor agrees to defend, indemnify and hold harmless Bank
and its officers, employees, and agents against: (a) all obligations, demands,
claims, and liabilities claimed or asserted by any other party in connection
with the transactions contemplated by this IP Agreement, and (b) all losses or
expenses in any way suffered, incurred, or paid by Bank as a result of or in any
way arising out of, following or consequential to transactions between Bank and
Grantor, whether under this IP Agreement or otherwise (including without
limitation, reasonable attorneys fees and reasonable expenses), except for
losses arising from or out of Bank's gross negligence or willful misconduct.

     10. Reassignment. At such time as Grantor shall completely satisfy all of
the obligations secured hereunder, Bank shall execute and deliver to Grantor all
deed, assignments, and other instruments as may be necessary or proper to
reinvest in Grantor full title to the property assigned hereunder, subject to
any disposition thereof which may have been made by Bank pursuant hereto.

<PAGE>

     11. Course of Dealing. No course of dealing, nor any failure to exercise,
nor any delay in exercising any right, power or privilege hereunder shall
operate as a waiver thereof.

     12. Attorneys' Fees. If any action relating to this IP Agreement is brought
by either party hereto against the other party, the prevailing party shall be
entitled to recover reasonable attorneys' fees, costs and disbursements.

     13. Amendments. This IP Agreement may be amended only by a written
instrument signed by both parties hereto.

     14. Counterparts. This IP Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute the same instrument.

     15. Law and Jurisdiction. This IP Agreement shall be governed by and
construed in accordance with the laws of the State of California, without regard
for choice of law provisions. Grantor and Bank consent to the nonexclusive
jurisdiction of any state or federal court located in Santa Clara County,
California.

     16. Confidentiality. In handling any confidential information, Bank shall
exercise the same degree of care that it exercises with respect to its own
proprietary information of the same types to maintain the confidentiality of any
non-public information thereby received or received pursuant to this IP
Agreement except that the disclosure of this information may be made (i) to the
affiliates of the Bank, (ii) to prospective transferee or purchasers of an
interest in the obligations secured hereby, provided that they have entered into
comparable confidentiality agreement in favor of Grantor and have deliver a copy
to Grantor, (iii) as required by law, regulation, rule or order, subpoena
judicial order or similar order and (iv) as may be required in connection with
the examination, audit or similar investigation of Bank.

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

Address of Grantor:                         GRANTOR:

3175 S. Winchester Boulevard                P-COM, INC.
Campbell, CA  95008

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

<PAGE>

Exhibit "A" attached to that certain Intellectual Property Security Agreement
dated June 26, 2002.

                                   EXHIBIT "A"

                                   COPYRIGHTS

SCHEDULE A - ISSUED COPYRIGHTS

 COPYRIGHT    REGISTRATION   DATE OF
DESCRIPTION      NUMBER      ISSUANCE
-----------   ------------   --------

SCHEDULE B - PENDING COPYRIGHT APPLICATIONS

                                                  FIRST DATE
 COPYRIGHT    APPLICATION   DATE OF   DATE OF     OF PUBLIC
DESCRIPTION     NUMBER      FILING    CREATION   DISTRIBUTION
-----------   -----------   -------   --------   ------------

SCHEDULE C - UNREGISTERED COPYRIGHTS (Where No Copyright Application is Pending)
--------------------------------------------------------------------------------
                                                            DATE AND
                                                          RECORDATION
                                                           NUMBER OF
                                                        IP AGREEMENT TO
                                                            OWNER OF
                                          ORIGINAL        GRANTOR (IF
                                          AUTHOR OR     ORIGINAL AUTHOR
                                          OWNER OF        OR OWNER OF
                          FIRST DATE      COPYRIGHT       COPYRIGHT IS
 COPYRIGHT    DATE OF         OF        (IF DIFFERENT   DIFFERENT FROM
DESCRIPTION   CREATION   DISTRIBUTION   FROM GRANTOR)       GRANTOR)
-----------   --------   ------------   -------------   ---------------

<PAGE>

Exhibit "B" attached to that certain Intellectual Property Security Agreement
dated June 26, 2002.

                                   EXHIBIT "B"

                                     PATENTS
  PATENT
DESCRIPTION   DOCKET NO.   COUNTRY   SERIAL NO.   FILING DATE   STATUS
-----------   ----------   -------   ----------   -----------   ------

<PAGE>

Exhibit "C" attached to that certain Intellectual Property Security Agreement
dated June 26, 2002.

                                   EXHIBIT "C"

                                   TRADEMARKS

DESCRIPTION   COUNTRY   SERIAL NO.   REG. NO   STATUS
-----------   -------   ----------   -------   ------

<PAGE>

Exhibit "D" attached to that certain Intellectual Property Security Agreement
dated June 26, 2002.

                                   EXHIBIT "D"

                                   MASK WORKS

MASK WORK
DESCRIPTION   COUNTRY   SERIAL NO.   REG. NO   STATUS
-----------   -------   ----------   -------   ------

<PAGE>

                        DEPOSIT ACCOUNT CONTROL AGREEMENT

TO:                                   (Financial Institution)
      -------------------------------

      -------------------------------

      -------------------------------

      -------------------------------
      Attention:
                ---------------------

June 26, 2002

Dear            :
     -----------

     P-COM, INC. ("Borrower") and Silicon Valley Bank ("SVB") have entered into
a Loan and Security Agreement dated as of June 26, 2002 (the "Loan Agreement")
pursuant to which a security interest, in all present and future deposit
accounts of the Borrower whether by assignment, assumption or otherwise,
including account number                  and any replacements, additions and
                        -----------------
proceeds, maintained with you in the name of Borrower (the "Deposit Account(s)",
were granted by the Borrower to the SVB (the "Pledge"). In connection with the
Pledge, the Borrower and the SVB hereby instruct you and you acknowledge and
agree that:

     1.   The assets contained from time to time in the Deposit Account(s) are
          pledged according to the terms of the Loan Agreement. As long as the
          assets are pledged to SVB, Financial Institution will not set-off the
          assets to cover any other obligations of Borrower to Financial
          Institution, except for payment of its customary fees in connection
          with the maintenance and use of the Deposit Account(s) and pursuant to
          the agreement with Borrower governing the Deposit Account(s), and
          except for reimbursement of any provisional credits granted by
          Financial Institution in connection with the Deposit Account to the
          extent, in each case, that Borrower has not separately paid or
          reimbursed Financial Institution therefor. Financial Institution
          acknowledges that neither it, its subsidiaries nor its affiliates has
          a present lien on the pledged assets and has not received notice of
          any other security interest in such assets. In the event any such
          notice is received, Financial Institution will promptly notify SVB.
          Borrower herein represents that the pledged assets are free and clear
          of any other lien or encumbrances, and agrees that no further or
          additional liens or encumbrances will be placed on the pledged assets
          without the express written consent of SVB and Financial Institution.

     2.   So long as Financial Institution has not received notice of an "Event
          of Default" under the Loan Agreement from SVB, Borrower may withdraw
          and deposit funds from the Deposit Account(s).

     Upon written notice by SVB that an "Event of Default" exists as of the date
thereof under the Loan Agreement (a "Notice of Default"), Financial Institution
shall accept instructions regarding the Deposit Account(s) only from SVB and
shall dispose of or transfer the assets in the Deposit Account(s) as directed by
SVB. Such instructions may include the giving of stop payment orders for any
items being presented to the Deposit Account for payment. Borrower agrees and
confirms that Financial Institution should follow such instructions from SVB
even if the result of following such instructions from SVB is that Financial
Institution dishonors items presented for payment from the Deposit Account, and
Financial Institution shall have no liability to Borrower for wrongful dishonor
of such items in following such instructions from SVB. Financial Institution
shall have no duty or obligation whatsoever of any kind or character to have
knowledge of the terms of the Loan Agreement or to determine whether or not an
"Event of Default" exists. Borrower hereby agrees to indemnify and hold harmless
Financial Institution, its affiliates, officers

<PAGE>

and employees from and against any and all claims, causes of action,
liabilities, lawsuits, demands and/or damages including, without limitation, any
and all court costs and reasonable attorneys' fees, that may result by reason of
Financial Institution complying with such instructions.

     Notwithstanding anything to the contrary contained herein or in the Loan
Agreement, this Agreement shall not impose or create any obligations or duties
upon Financial Institution greater than or in addition to the customary and
usual obligations and duties of Financial Institution to Borrower except and to
the extent that Financial Institution shall accept instructions in connection
with the Deposit Account(s) as provided in this Agreement.

     The parties acknowledge that the Deposit Account(s) constitute(s) a
"Deposit Account" within the meaning of Section 9102 of the Uniform Commercial
Code of the State of California ("UCC"), and Financial Institution is a "Bank"
within the meaning of Section 9102 of the UCC. The provisions of this agreement
constitute "Control" over the Deposit Account(s) within the meaning of Section
9104 of the UCC.

     This Agreement shall be binding upon and inure to the benefit of the heirs,
successors and assigns of the respective parties hereto and shall be construed
in accordance with the laws of the State of California without regard to its
conflict of law principles and the rights and remedies of the parties shall be
determined in accordance with such laws. Financial Institution and Borrower
agree that the account agreement relating to the establishment and general
operation of the Deposit Account provides that the laws of the State of
California govern secured transactions relating to the Deposit Account and the
governing law provision shall not be amended.

     If any term or provision of this Agreement is determined to be invalid or
unenforceable, the remainder of this Agreement shall be construed in all
respects as if the invalid or unenforceable term or provision were omitted. This
Agreement may not be altered or amended in any manner without the express
written consent of Borrower, SVB and Financial Institution. This Agreement may
be executed in any number of counterparts, all of which shall constitute one
original agreement.

     Borrower and SVB have caused this Agreement to be executed by their duly
authorized officers all as of the date first above written.

<PAGE>

BORROWER

P-COM, INC.

By:
      ---------------------------------------------------------
Name:
      ---------------------------------------------------------
Title:
      ---------------------------------------------------------

SVB

SILICON VALLEY BANK

By:
      ----------------------------------------------------------
Name:
      ----------------------------------------------------------
Title:
      ----------------------------------------------------------

ACKNOWLEDGED AND AGREED:

      Financial Institution

      ---------------------

      By:                                                  Date:
         ------------------------------------------------       ----------------
         (Title                         )
               -------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]