<PAGE>   1
                                                                   Exhibit 10.47


                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                    HPSC Equipment Receivables 2000-1 LLC II
<PAGE>   2
                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                    HPSC Equipment Receivables 2000-1 LLC II

                                TABLE OF CONTENTS
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ARTICLE I.  DEFINITIONS..........................................................................................    1
         1. ACFC ................................................................................................    1
         2. Act   ...............................................................................................    1
         3. Admission Agreement..................................................................................    1
         4. Affiliate............................................................................................    1
         5. Agreement............................................................................................    1
         6. Assignee.............................................................................................    1
         7. Benefit Plan Investor................................................................................    2
         8. Bravo ...............................................................................................    2
         9. Business Day.........................................................................................    2
         10. Capital.............................................................................................    2
         11. Capital Contribution................................................................................    2
         12. Certificate of Formation............................................................................    2
         13. Class A Note........................................................................................    2
         14. Class B-1 Note......................................................................................    2
         15. Class B-2 Note......................................................................................    2
         16. Class C Note........................................................................................    2
         17. Class D Note........................................................................................    2
         18. Class E Note........................................................................................    3
         19. Class F Note........................................................................................    3
         20. Code ...............................................................................................    3
         21. Collection  Account.................................................................................    3
         22. Company.............................................................................................    3
         23. Company Property....................................................................................    3
         24. Contracts...........................................................................................    3
         25. Contract Files......................................................................................    3
         26. Covered Person......................................................................................    3
         27. Default Interest Rate...............................................................................    3
         28. Disposition (Dispose)...............................................................................    3
         29. Dissolution Event...................................................................................    3
         30. Distribution........................................................................................    4
         31. Effective Date......................................................................................    4
         32. Equipment...........................................................................................    4
         33. HPSC ...............................................................................................    4
         34. Indenture...........................................................................................    4
         35. Indenture Trustee...................................................................................    4
         36. Independent Manager.................................................................................    4
         37. Initial Capital Contribution........................................................................    4
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<TABLE>
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         38. Initial Managers....................................................................................    4
         39. Initial Member......................................................................................    4
         40. Initial Purchaser...................................................................................    4
         41. Insolvency Event....................................................................................    5
         42. Insurance Policies..................................................................................    5
         43. Insurance Proceeds..................................................................................    5
         44. Issuers.............................................................................................    5
         45. Liquidation Proceeds................................................................................    5
         46. LLC II..............................................................................................    5
         47. Managers............................................................................................    5
         48. Member..............................................................................................    5
         49. Membership Interest.................................................................................    5
         50. Money...............................................................................................    6
         51. Notes...............................................................................................    6
         52. Notice..............................................................................................    6
         53. Obligors............................................................................................    6
         54. Organization........................................................................................    6
         55. Organization Expenses...............................................................................    6
         56. Originators.........................................................................................    6
         57. Person..............................................................................................    6
         58. Principal Office....................................................................................    6
         59. Proceeding..........................................................................................    6
         60. Property............................................................................................    7
         61. Purchase Agreement..................................................................................    7
         62. Receivables Transfer Agreement......................................................................    7
         63. Regulations.........................................................................................    7
         64. Related Company.....................................................................................    7
         65. Related Person......................................................................................    7
         66. Resignation.........................................................................................    7
         67. Servicer............................................................................................    7
         68. Servicing Agreement.................................................................................    7
         69. SPE ................................................................................................    7
         70. Special Member......................................................................................    7
         71. State...............................................................................................    7
         72. Substitute Member...................................................................................    8
         73. Taxable Year........................................................................................    8
         74. Taxing Jurisdiction.................................................................................    8
         75. Transferors.........................................................................................    8
         76. VFN Note............................................................................................    8

ARTICLE II  FORMATION............................................................................................    8
         1. Organization.........................................................................................    8
         2. Agreement............................................................................................    8
         3. Name ................................................................................................    8
         4. Effective Date.......................................................................................    9
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         5. Term ................................................................................................    9
         6. Resident Agent and Office............................................................................    9
         7. Principal Office.....................................................................................    9

ARTICLE III  NATURE OF BUSINESS..................................................................................    9
         1. Purposes.............................................................................................    9
         2. Limitations..........................................................................................   10

ARTICLE IV  ACCOUNTING AND RECORDS...............................................................................   12
         1. Records to be Maintained.............................................................................   12

ARTICLE V  NAME AND ADDRESS OF MEMBER............................................................................   13

ARTICLE VI  RIGHTS AND DUTIES OF MEMBER..........................................................................   13
         1. Management Rights....................................................................................   13
         2. Liability of Member..................................................................................   13
         3. Indemnification......................................................................................   13
         4. Representations and Warranties.......................................................................   14
         5. Conflicts of Interest................................................................................   14

ARTICLE VII  MANAGERS............................................................................................   15
         1. Initial Managers.....................................................................................   15
         2. Independent Managers.................................................................................   15
         3. Term of Office as Managers...........................................................................   15
         4. Authority of Member to Bind the Company (General Powers).............................................   15
         5. Actions of the Managers..............................................................................   15
         6. Authority to Sign Documents..........................................................................   16
         7. Compensation of Managers.............................................................................   16
         8. Managers' Standard of Care and Indemnification.......................................................   16
         9. Removal of Managers..................................................................................   16
         10. Addition or Replacement of Managers.................................................................   16

ARTICLE VIII  CONTRIBUTIONS AND CAPITAL ACCOUNTS.................................................................   17
         1. Capital Contributions................................................................................   17
         2. Additional Contributions.............................................................................   17

ARTICLE IX DISTRIBUTIONS.........................................................................................   17
         1. Interim Distributions................................................................................   17
         2. Limitations on Distributions.........................................................................   17

ARTICLE X  TAXES.................................................................................................   17
         1. Disregarded Entity Treatment.........................................................................   17
         2. Certain Standby Provisions...........................................................................   18

ARTICLE XI  DISPOSITION OF MEMBERSHIP INTERESTS..................................................................   19
         1. Disposition..........................................................................................   19
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         2. Dispositions Not in Compliance with this Article Void................................................   19

ARTICLE XII  ADMISSION OF ASSIGNEES..............................................................................   19
         1. Rights of Assignees..................................................................................   19
         2. Admission of Substitute Member.......................................................................   20
         3. Forbidden Transfers and Assignments..................................................................   20

ARTICLE XIII  DISSOLUTION AND WINDING UP.........................................................................   20
         1. Dissolution..........................................................................................   20
         2. Effect of Dissolution................................................................................   21
         3. Distribution of Assets on Dissolution................................................................   21
         4. Winding Up and Certificate of Dissolution............................................................   21
         5. Resignation of Member................................................................................   21
         6. Continuation of Company..............................................................................   22

ARTICLE XIV  AMENDMENT...........................................................................................   22
         1. Agreement may be Modified............................................................................   22
         2. Amendment or Modification of Agreement...............................................................   23

ARTICLE XV  MISCELLANEOUS PROVISIONS.............................................................................   23
         1. Entire Agreement.....................................................................................   23
         2. No Partnership Intended for Non-tax Purposes.........................................................   23
         3. Rights of Creditors and Third Parties Under Agreement................................................   23

EXHIBIT A.  INITIAL MEMBER
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                       LIMITED LIABILITY COMPANY AGREEMENT

                                       OF

                    HPSC Equipment Receivables 2000-1 LLC II

         This Limited Liability Company Agreement of HPSC Equipment Receivables
2000-1 LLC II, a limited liability company formed pursuant to the Delaware
Limited Liability Company Act, is entered into and shall be effective as of the
Effective Date, by and among the Company and the entity executing this Agreement
as the Initial Member.

                                    ARTICLE I

                                   DEFINITIONS

         Capitalized terms in this Agreement (as defined below) shall have the
meanings set forth below, or as otherwise specifically defined in this
Agreement. Capitalized terms not defined in this Agreement shall have the
meanings ascribed to them in the Annex to the Indenture, dated as of December 1,
2000, by and among the Servicer, the Issuers, the Originators and the Indenture
Trustee:

         1. ACFC. American Commercial Finance Corporation, a Delaware
corporation.

         2. Act. The Delaware Limited Liability Company Act and all amendments
to the Act.

         3. Admission Agreement. The Agreement between an Assignee and the
Company described in Article XII.

         4. Affiliate. An "affiliate" of, or a Person or Organization,
"affiliated" with, a specified Person or Organization, is (a) a Person or
Organization that directly, or indirectly through one or more intermediaries,
controls, or is controlled by, or is under common control with, the specified
Person or Organization, (b) a Person or Organization owning or controlling ten
percent or more of the outstanding voting securities of such specified Person or
Organization, (c) any officer, director, partner or general trustee of such
specified Person or Organization and (d) if such other Person or Organization is
an officer, director or partner, any company for which such Person or
Organization acts in any such capacity.

         5. Agreement. This Limited Liability Company Agreement including all
Admission Agreements and amendments adopted in accordance with this Agreement
and the Act.

         6. Assignee. A transferee of a Membership Interest who has not been
admitted as a Substitute Member.

         7. Benefit Plan Investor. A Benefit Plan Investor shall mean (a) an
"employee benefit plan" within the meaning of Section 3(3) of the Employee
Retirement Income
<PAGE>   7
Security Act of 1974, as amended ("ERISA") that is subject to the provisions of
Title I of ERISA, (b) a "plan" within the meaning of Section 4975(e)(1) of the
Code that is subject to Section 4975 of the Code and (c) any Person or
Organization that is acting on behalf of or investing the assets of a plan
described in (a) or (b).

         8. Bravo. HPSC Bravo Funding Corp., a Delaware corporation.

         9. Business Day. Any day other than Saturday, Sunday or any legal
holiday observed in the State.

         10. Capital. HPSC Capital Funding, Inc., a Delaware corporation

         11. Capital Contribution. Any contribution of Property, services or the
obligation to contribute Property or services made by or on behalf of a Member
or Assignee.

         12. Certificate of Formation. The Certificate of Formation, as properly
adopted and amended from time to time pursuant to the Act and filed with the
Secretary of State.

         13. Class A Note. Any one of the Class A Notes executed by the Issuers
and authenticated by the Indenture Trustee, substantially in the form attached
to the Indenture.

         14. Class B-1 Note. Any one of the Class B-1 Notes executed by the
Issuers and authenticated by the Indenture Trustee, substantially in the form
attached to the Indenture.

         15. Class B-2 Note. Any one of the Class B-2 Notes executed by the
Issuers and authenticated by the Indenture Trustee, substantially in the form
attached to the Indenture.

         16. Class C Note. Any one of the Class C Notes executed by the Issuers
and authenticated by the Indenture Trustee, substantially in the form attached
to the Indenture.

         17. Class D Note. Any one of the Class D Notes executed by the Issuers
and authenticated by the Indenture Trustee, substantially in the form attached
to the Indenture.

         18. Class E Note. Any one of the Class E Notes executed by the Issuers
and authenticated by the Indenture Trustee, substantially in the form attached
to the Indenture.

         19. Class F Note. Any one of the Class F Notes executed by the Issuers
and authenticated by the Indenture Trustee, substantially in the form attached
to the Indenture.

         20. Code. The Internal Revenue Code of 1986, as amended from time to
time.

         21. Collection Account. The account maintained by the Indenture Trustee
into which payments on the Contracts are made.


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         22. Company. HPSC Equipment Receivables 2000-1 LLC II, a limited
liability company formed under the laws of the State of Delaware, and any
successor limited liability company.

         23. Company Property. Any Property owned by the Company.

         24. Contracts. The agreements evidencing the indebtedness of the
related obligor, including, as applicable, schedules, supplements and amendments
thereto, under which HPSC leases or sells Equipment, or under which HPSC or ACFC
makes a loan to an obligor. Contract includes the Initial Contracts, Subsequent
Contracts, and Substitute Contracts, all as defined in the Indenture.

         25. Contract Files. The Contracts, evidence of filing of a UCC
financing statement and other original documents related to the Contracts and
any other documents required to be delivered by the Servicer to the Custodian
pursuant to the Indenture.

         26. Covered Person. As defined in Article VI thereof.

         27. Default Interest Rate. The higher of the legal rate or the
then-current prime rate quoted by the largest commercial bank in the
jurisdiction of the Principal Office plus three percent.

         28. Disposition (Dispose). Any sale, assignment, transfer, exchange,
mortgage, pledge, grant, hypothecation, or other transfer, absolute or as
security or encumbrance (including dispositions by operation of law).

         29. Dissolution Event. An event, the occurrence of which will result in
the dissolution of the Company under Article XIII.

         30. Distribution. A transfer of Property to a Member on account of a
Membership Interest as described in Article IX.

         31. Effective Date. November 13, 2000.

         32. Equipment. The equipment leased or sold, as applicable, to an
Obligor pursuant to any Contract.

         33. HPSC. HPSC, Inc., a Delaware corporation and parent of ACFC, Bravo,
and Capital.

         34. Indenture. The Indenture, dated as of December 1, 2000, among the
Issuers, the Originators, the Servicer, and the Indenture Trustee, as the same
may be amended from time to time in accordance with the terms thereof.

         35. Indenture Trustee. The institution executing the Indenture and
Servicing Agreement as Indenture Trustee, or its successor in interest, and any
successor indenture trustee

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appointed as provided therein, or any successor to the Indenture Trustee's
corporate trust business (or a substantial portion thereof), which institution
shall initially be BNY Midwest Trust Company, an Illinois corporation.

         36. Independent Manager. An individual who has not been for a period of
5 years prior to his or her appointment to the Board of Managers and continuing
through such time: (i) a director, officer, employee, creditor, supplier, family
member, manager or contractor of HPSC or any Affiliate of HPSC or of any entity
owning beneficially, directly or indirectly, more than 5% of the outstanding
shares of HPSC or any Affiliate of HPSC (other than an SPE), or (ii) a director,
officer, employee, creditor, supplier, family member, manager or contractor of
such beneficial owner's subsidiaries or Affiliates, (other than any an SPE). An
Independent Manager may not be a trustee in bankruptcy for any SPE or any
Affiliate of a SPE. The initial Independent Managers shall be Mark A. Ferrucci
and Kim E. Lutthans.

         37. Initial Capital Contribution. The Capital Contribution agreed to be
made by the Initial Member as described in Article VIII.

         38. Initial Managers. As defined in Article VII.

         39. Initial Member. The entity identified on Exhibit A attached hereto
and made a part hereof by this reference which has executed this Agreement.

         40. Initial Purchaser. Credit Suisse First Boston Corporation.

         41. Insolvency Event. With respect to any Person or Organization: (i)
the entry of a decree or order by a court, agency or supervisory authority
having jurisdiction in the premises for the appointment of a conservator,
receiver or liquidator for such Person or Organization, in any insolvency,
readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of such Person or
Organization's affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 90 consecutive days; (ii) the consent by such
member to the appointment of a conservator, receiver or liquidator in any
insolvency, readjustment of debt, marshaling of assets and liabilities or
similar proceedings of or relating to such member or of or relating to
substantially all of such Person or Organization's property; or (iii) if such
Person or Organization shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment for the
benefit of its creditors or voluntarily suspend payment of its obligations.

         42. Insurance Policies. The insurance policies maintained by the
Obligors with respect to the Equipment.

         43. Insurance Proceeds. The proceeds of the Insurance Policies.

         44. Issuers. The Company and LLC I.


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         45. Liquidation Proceeds. Proceeds from the sale and re-lease of the
related collateral, proceeds of the related insurance policy and any other
recoveries with respect to a defaulted contract and the related Equipment,
including, without limitation, any amounts collected as judgments against an
Obligor or others related to the failure of such Obligor to pay any required
amounts under the related Contract or to return the Equipment, net of (i) any
unreimbursed servicer advances with respect to such Contract or such Equipment,
(ii) any reasonably incurred out-of-pocket expenses incurred by the Servicer in
enforcing such Contract or in liquidating or remarketing such Equipment and
(iii) amounts so received that are required to be refunded to the obligor on
such Contract.

         46. LLC II. HPSC Equipment Receivables 2000-1 LLC II, a Delaware
limited liability company.

         47. Managers. As defined in Article VII hereof.

         48. Member. Initial Member or Substitute Member in their capacities as
members of the Company, and, unless the context expressly indicates to the
contrary, includes Assignees. The term "Member" shall not include Special
Members.

         49. Membership Interest. The limited liability company interest in the
Company of a Member, including the rights of a Member or, in the case of an
Assignee, the rights of the assigning Member in Distributions (liquidating or
otherwise) and allocations of the profits, losses, gains, deductions, and
credits of the Company.

         50. Money. Cash or other legal tender of the United States, or any
obligation that is immediately reducible to legal tender without delay or
discount. Money shall be considered to have a fair market value equal to its
face amount.

         51. Notes. Collectively, the Class A Notes, the Class B Notes, the
Class C Notes, the Class D Notes, the Class E Notes, the Class F Notes and the
VFN Notes.

         52. Notice. Any notice required to be furnished pursuant to this
Agreement. Such Notice shall be in writing. Notice to the Company shall be
considered given when mailed by first-class mail, postage prepaid, addressed to
the Managers in care of the Company at the address of Principal Office. Notice
as to a Member shall be considered given when mailed by first-class mail,
postage prepaid, addressed to the Member at the address reflected in this
Agreement unless the Member has given the Company a Notice of a different
address.

         53. Obligors. The obligors under the Contracts.

         54. Organization. A Person other than a natural person. Organization
includes, without limitation, corporations (both non-profit and other
corporations), partnerships (both limited and general), joint ventures, limited
liability companies, and unincorporated associations, but the item does not
include joint tenancies and tenancies by the entirety.


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         55. Organization Expenses. Those expenses incurred in the organization
of the Company including the costs of preparation of this Agreement and the
Certificate of Formation.

         56. Originators. HPSC and ACFC.

         57. Person. An individual, trust, estate, or any incorporated or
unincorporated organization permitted to be a member of a limited liability
company under the laws of the State.

         58. Principal Office. The office set forth in Article II, Section 7 of
this Agreement.

         59. Proceeding. Any administrative, judicial, or other adversary
proceeding, including, without limitation, litigation, arbitration,
administrative adjudication, mediation, and appeal or review of any of the
foregoing.

         60. Property. Any property, real or personal, tangible or intangible,
including money and any legal or equitable interest in such property, but
excluding services and promises to perform services in the future.

         61. Purchase Agreement. The two Note Purchase Agreements, dated
December 14, 2000, among the Issuers, the Originators and Credit Suisse First
Boston Corporation, as the Initial Purchaser.

         62. Receivables Transfer Agreement. The Receivables Transfer Agreement,
dated as of December 1, 2000, among the Originators, the Transferors and the
Issuers, as the same may be amended from time to time in accordance with the
terms thereof.

         63. Regulations. Except where the context indicates otherwise, the
permanent, temporary, proposed, or proposed and temporary regulations of the
Department of the Treasury under the Code as such regulations may be lawfully
changed from time to time.

         64. Related Company. Any Member of the Company other than a
Non-Consolidatable Entity or any entity other than the Company or a
Non-Consolidatable Entity now or hereafter controlled directly or indirectly by,
or under direct or indirect common control with, HPSC, Inc.

         65. Related Person. A Person having a relationship to a Member that is
described in Section 752-4(b) of the Regulations.

         66. Resignation. The act by which a Manager ceases to be a Manager.

         67. Servicer. The Person performing the duties of the Servicer under
the Indenture and the Servicing Agreement, initially HPSC.


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         68. Servicing Agreement. The Servicing Agreement, dated as of December
1, 2000, among the Issuers, the Originators, the Servicer, the Indenture
Trustee, and the Back-Up Servicer, as the same may be amended from time to time
in accordance with the terms thereof.

         69. SPE. Any special purpose Affiliate of HPSC.

         70. Special Member. As defined in Article XIII.

         71. State. The State of Delaware.

         72. Substitute Member. An Assignee who has been admitted to the Company
as a Member of the Company pursuant to this Agreement.

         73. Taxable Year. The taxable year of the Company as determined
pursuant to Section 706 of the Code.

         74. Taxing Jurisdiction. Any state, local, or foreign government that
collects tax, interest or penalties, however designated, on any Member's share
of the income or gain attributable to the Company.

         75. Transferors. Collectively, HPSC, ACFC, Bravo and Capital.

         76. VFN Note. Any one of the VFN Notes executed by the Issuers and
authenticated by the Indenture Trustee, substantially in the form of Exhibit D-6
to the Indenture.

                                   ARTICLE II

                                    FORMATION

         1. Organization. The Initial Member hereby ratifies the Company's
Certificate of Formation filed on November 13, 2000 and forms the Company as a
Delaware limited liability company pursuant to the provisions of the Act. Upon
execution of this Agreement, the Initial Member is hereby admitted to the
Company as the sole Member of the Company.

         2. Agreement. For and in consideration of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Initial Member executing this
Agreement hereby agrees to the terms and conditions of this Agreement, as it may
from time to time be amended according to its terms. It is the express intention
of the Initial Member that this Agreement shall be the sole source of agreement
of the parties, and, except to the extent a provision of this Agreement
expressly incorporates federal income tax rules by reference to sections of the
Code or Regulations or is expressly prohibited or ineffective under the Act,
this Agreement shall govern, even when inconsistent with, or different than, the
provisions of the Act or any other law or rule. To the extent any provision of
this Agreement is prohibited or ineffective under the Act, this Agreement shall
be considered amended to the smallest degree possible in order to make this
Agreement

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effective under the Act. In the event the Act is subsequently amended or
interpreted in such a way to make any provision of this Agreement that was
formerly invalid valid, such provision shall be considered to be valid from the
effective date of such interpretation or amendment.

         3. Name. The name of the Company is HPSC Equipment Receivables 2000-1
LLC I, and all business of the Company shall be conducted under that name or
under any other name, but in any case, only to the extent permitted by
applicable law.

         4. Effective Date. This Agreement shall become effective upon the
filing of the Certificate of Formation of HPSC Equipment Receivables 2000-1 LLC
II with the Secretary of State of Delaware.

         5. Term. The Company shall be dissolved and its affairs wound up in
accordance with the Act and this Agreement on December 31, 2015, unless prior to
such date the term shall be extended by amendment to this Agreement, or unless
the Company shall be sooner dissolved and its affairs wound up in accordance
with the Act or this Agreement.

         6. Resident Agent and Office. The resident agent for the service of
process and the registered office shall be that Person or Organization and
location reflected in the Certificate of Formation as filed in the office of the
Secretary of State of Delaware. The Managers may, from time to time, change the
resident agent or office through appropriate filings with the Secretary of State
of Delaware. In the event the resident agent ceases to act as such for any
reason or the registered office shall change, the Managers shall promptly
designate a replacement resident agent or file a notice of change of address as
the case may be. If the Managers shall fail to designate a replacement resident
agent or change of address of the registered office, any Member may designate a
replacement resident agent or file a notice of change of address.

         7. Principal Office. The Principal Office of the Company shall be
located at 60 State Street, Suite 3520, Boston, Massachusetts 02109-1803.

                                   ARTICLE III

                               NATURE OF BUSINESS

         1. Purposes. The business in which the Company may engage and the
powers which the Company may exercise are restricted exclusively to the
following:

                   1.1 to acquire from HPSC and the other Transferors, pursuant
to the Receivables Transfer Agreement, all right, title, and interest in and to
(i) any payments to be made by Obligors under Contracts and any Liquidation
Proceeds received thereunder; (ii) any payment for the purchase of Equipment to
be made by Obligors under Contracts; (iii) the Equipment to which the Contracts
relate; (iv) any Liquidation Proceeds received with respect to the Equipment (v)
all guaranties of an Obligor's obligations under a Contract; (iii) the related
Contract Files; (vi) all Insurance Policies and Insurance Proceeds with respect
to Contracts; (vii) all income and proceeds of the foregoing;


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                   1.2 to pledge and transfer to the Indenture Trustee pursuant
to the Indenture the property and interests described in paragraph 1.1 above;

                   1.3 to authorize, issue, and sell up to eight classes of the
Notes pursuant to the Indenture;

                   1.4 to hold financial assets that do and do not qualify for
sale accounting treatment for purposes of Financial Accounting Standards Board
Statement No. 125 ("FASB 125");

                   1.5 to hold a reversionary interest in the property and
interests pledged pursuant to paragraph 1.2 above;

                   1.6 to enter into the Servicing Agreement with respect to the
servicing of the Contracts, to enter into the Purchase Agreement, to enter into
the Indenture, and to enter into the Receivables Transfer Agreement
(collectively, the "Transaction Documents");

                   1.7 to sell from time to LLC I certain Contracts to be made
by Obligors (other than payments for the purchase of Equipment);

                   1.8 to enter into an agreement with the Servicer whereby (i)
the Servicer pays state taxes due on payments to the Company from Obligors under
the Contracts and (ii) the tax payments are properly reflected on the books of
both the Servicer and Company.

                   1.9 to distribute to the Member such of the Company's assets
as it is entitled to in accordance with the terms hereof and the terms of the
Indenture; and

                   1.10 to have and exercise all of the power and rights
conferred upon limited liability companies formed pursuant to the Act that are
necessary, convenient or incidental to any of the foregoing purposes in
subsections 1.1 to 1.9 above.

         2. Limitations.

                   2.1 Notwithstanding any other provision of this Agreement and
any provision of law that otherwise so empowers the Company, the Company shall
not, so long as any of the Notes are outstanding, do any of the following:

                         (i) dissolve (to the fullest extent permitted by law)
or liquidate, in whole or in part;

                         (ii) consolidate, convert or merge with or into any
other entity or convey or transfer all or substantially all of its properties
and assets (other than the Notes);

                         (iii) incur, assume or guarantee any indebtedness, or
pledge its assets to secure any indebtedness or hold its assets out to be
available to satisfy the obligations of any other Person or Organization; or

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                         (iv) amend, alter, change or repeal Article I, III,
VII, XI, XIII or XIV of this Agreement.

                   2.2 The Company shall conduct its affairs in accordance with
the following provisions:

                         (i) it shall not engage in any business or activity
other than as permitted by Article III hereof;

                         (ii) it shall maintain separate records, financial
statements and books of account from those of any direct or ultimate parent of
any Related Company and any other Person or Organization; provided, however,
that if in addition to such separate financial statements, the Company's
financial statements are included as a part of the consolidated financial
statements of its parent institution, any of its affiliates and any other Person
or Organization, such consolidated financial statements shall contain a footnote
to the effect that the Company has assets and liabilities separate and apart
from those of such Person or Organization and such assets are not available to
creditors and those separate assets and liabilities are shown on the separate
financial statements of the Company;

                         (iii) it shall not commingle the Company's assets with
those of any other Person or Organization;

                         (iv) its Member shall hold meetings, as appropriate to
authorize all action on behalf of the Company and observe all other
organizational formalities of the Company;


                         (v) it shall not become involved in the day to day
management of any other Person or Organization;

                         (vi) it shall operate so as not to be substantively
consolidated with any other Person or Organization;

                         (vii) it shall maintain its assets separately from
those of any Related Company or any other Person or Organization (including
through the maintenance of a separate bank account);

                         (viii) it shall hold itself out as a separate entity
from any other Person or Organization; it shall conduct business in its own name
on its own stationery, invoices and checks; and it shall correct any known
misunderstanding regarding its separate identity;

                         (ix) it shall conduct its business from an office
separate from any Member of the Company, other than any Affiliates of the
Company which are special purpose, "bankruptcy remote" entities;

                         (x) it shall not act as the agent of any other Person
or Organization;


                                      -10-
<PAGE>   16
                         (xi) it shall pay its own expenses (including salaries
of its employees) from its own funds, including fairly allocating expenses
shared with an affiliate;

                         (xii) it shall not guarantee or become obligated for
the debts of any other entity or hold out its credit as being available to
satisfy the obligations of others;

                         (xiii) it shall not acquire obligations or securities
of its members or its Affiliates;

                         (xiv) it shall allocate fairly and reasonably any
overhead for shared office space;

                         (xv) other than the pledge of Property of the Company
to the Indenture Trustee, it shall not pledge or otherwise encumber its assets
for the benefit of any other entity or make any loans or advances to any entity;

                         (xvi) it shall maintain adequate capital and a
sufficient number of employees in light of its contemplated business activities;
and

                         (xvii) it shall insure that any financial transaction
between the Company and any of its Affiliates shall be at arm's length and on
commercially reasonable terms.

                   2.3 The Company shall not, without the affirmative vote of
100% of the Managers of the Company (including an affirmative vote of each
Independent Manager required by Article VII hereof), make an assignment for the
benefit of creditors, file a petition in bankruptcy on behalf of itself,
petition or apply to any tribunal for the appointment of a custodian, receiver
or any trustee for the Company or for a substantial part of the Company's
property, commence any proceeding under any bankruptcy, reorganization,
arrangement, readjustment of debt, dissolution or liquidation law or statute of
any jurisdiction, whether now or hereinafter in effect, with respect to the
Company, consent or acquiesce to the entry of an order for relief, or in the
filing of any such petition, application, proceeding or appointment of or taking
possession by the custodian, receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or any substantial part
of the Company's property, or admit the Company's inability to pay its
respective debts generally as they become due or authorize any of the foregoing
to be done or taken on behalf of the Company.

                                   ARTICLE IV

                                     RECORDS

         1. Records to be Maintained. The Company shall maintain the following
records at its registered office:


                                      -11-
<PAGE>   17
                   1.1 A current list of the full name and last known business
address of the Member and each Manager, separately identifying the Member and
Managers (including the Independent Managers) in alphabetical order;

                   1.2 A copy of the Certificate of Formation and all amendments
thereto, together with executed copies of any powers of attorney pursuant to
which the Certificate of Formation has been executed;

                   1.3 Copies of this Agreement, including all amendments
thereto;

                                    ARTICLE V

                           NAME AND ADDRESS OF MEMBER

         The name and address of the Initial Member are as reflected on Exhibit
A attached hereto and by this reference made a part hereof as if set forth fully
herein.

                                   ARTICLE VI

                           RIGHTS AND DUTIES OF MEMBER

         1. Single Member Company. It is intended that the Company shall be a
single member limited liability company, except for the admission of Special
Members, as provided in Article XIII.

         2. Management Rights. The Member shall be entitled to the sole vote on,
and right to approve any matter submitted for vote or approval of the Member.

         3. Liability of Member. The Member shall not be liable as such for the
liabilities of the Company. The failure of the Company to observe any
formalities or requirements relating to the exercise of its powers or management
of its business or affairs under this Agreement or the Act shall not be grounds
for imposing personal liability on the Member or Managers for liabilities of the
Company.

         4. Indemnification.

                   (a) No Member nor any officer, director, employee or agent of
the Company nor any employee, representative, agent or Affiliate of the Member
(collectively, the "Covered Persons") shall be liable to the Company or any
other Person who is bound by this Agreement for any loss, damage or claim
incurred by reason of any act or omission performed or omitted by such Covered
Person in good faith on behalf of the Company and in a manner reasonably
believed to be within the scope of the authority conferred on such Covered
Person by this Agreement, except that a Covered Person shall be liable for any
such loss, damage or claim incurred by reason of such Covered Person's gross
negligence or willful misconduct.


                                      -12-
<PAGE>   18
                   (b) To the fullest extent permitted by applicable law, a
Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or
omission performed or omitted by such Covered Person in good faith on behalf of
the Company and in a manner reasonably believed to be within the scope of the
authority conferred on such Covered Person by this Agreement, except that no
Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of such Covered
Person's gross negligence or willful misconduct with respect to such acts or
omissions; provided, however, that any indemnity under this Section 3 by the
Company shall be provided out of and to the extent of Company assets only, and
the Member shall not have personal liability on account thereof; and provided
further, that so long as any obligation is outstanding, no indemnity payment
from funds of the Company (as distinct from funds from other sources, such as
insurance) of any indemnity under this Section 4 shall be payable from amounts
allocable to any other Person pursuant to the Transaction Documents.

         5. Representations and Warranties. The Member hereby represents and
warrants to the Company that: (a) it is duly organized, validly existing, and in
good standing under the laws of its state of organization and that it has full
organizational power to execute and agree to this Agreement and to perform its
obligations hereunder; (b) it is acquiring its interest in the Company for its
own account as an investment and without an intent to distribute the interest;
and (c) it acknowledges that the interests have not been registered under the
Securities Act of 1933, as amended, or any state securities laws, and may not be
resold or transferred without appropriate registration or the availability of an
exemption from such requirements.

         6. Conflicts of Interest.

                   6.1 The Member shall be entitled to enter into transactions
that may be considered to be competitive with, or a business opportunity that
may be beneficial to, the Company, it being expressly understood that the Member
may enter into transactions that are similar to the transactions into which the
Company may enter. Notwithstanding the foregoing, the Member shall account to
the Company and hold as trustee for it any property, profit, or benefit derived
by the Member in the conduct and winding up of the Company business or from a
use or appropriation by the Member of Company property including information
developed exclusively for the Company and opportunities expressly offered to the
Company.

                   6.2 A Member does not violate a duty or obligation to the
Company merely because the Member's conduct furthers the Member's own interest.
A Member may lend money to and transact other business with the Company. The
rights and obligations of the Member if it lends money to or transacts business
with the Company are the same as those of a Person who is not a Member, subject
to other applicable law. No transaction with the Company shall be voidable
solely because a Member has a direct or indirect interest in the transaction if
either the transaction is fair to the Company or the disinterested Managers, in
either case knowing the material facts of the transaction and the Member's
interest, authorize, approve, or ratify the transaction.


                                      -13-
<PAGE>   19
                                   ARTICLE VII

                                    MANAGERS

         1. Initial Managers. The ordinary and usual decisions concerning the
business affairs of the Company shall be made by the Board of Managers. There
shall initially be four (4) Managers of the Company. The Initial Managers shall
be the following individuals:

Name                                     Address
----                                     -------

Rene Lefebvre                            c/o HPSC, Inc.
                                         60 State St.
                                         Boston, MA 02109-1803

Richard Kenney                           c/o HPSC, Inc.
                                         60 State St.
                                         Boston, MA 02109-1803

Mark A. Ferrucci                         c/o Corporation Trust Center
                                         1209 Orange St.
                                         Wilmington, DE 19801

Kim E. Lutthans                          c/o Corporation Trust Center
                                         1209 Orange St.
                                         Wilmington, DE  19801


         2. Independent Managers. At least two members of the Board of Managers
shall be Independent Managers.

         3. Term of Office as Managers. No Manager shall have any contractual
right to such position. Each Manager shall serve until he shall die, resign,
become incapable of serving or be removed.

         4. Authority of Member to Bind the Company (General Powers). The Member
hereby agrees that only the Managers (acting, except as otherwise provided
herein, by majority vote) and authorized agents of the Company shall have the
authority to bind the Company. The Managers have the power, on behalf of the
Company, to do all things necessary or convenient to carry out the business of
the Company.

         5. Actions of the Managers. Subject to the delegation of rights and
powers provided for herein, the Managers shall have the sole right to manage the
business of the Company and shall have all powers and rights necessary,
appropriate or advisable to effectuate and carry out the purposes and business
of the Company. Except as otherwise provided herein, the vote of two Managers
shall be necessary to approve any action by the Board of Managers.

                                      -14-
<PAGE>   20
The Member, by reason of its status as such, shall have no authority to act for
or bind the Company but shall have only the right to vote on and approve the
actions herein specified to be voted on or approved by the Member. To the
fullest extent permitted by law, including Section 18-1101(c) of the Act, the
Managers shall consider only the interests of the Company, including its
respective creditors, in acting or otherwise voting on the matters referred to
in this Agreement. Except as provided in this Agreement, in exercising their
rights and performing their duties under this Agreement, any Manager shall have
a fiduciary duty of loyalty and care similar to that of a director of a business
corporation organized under the General Corporation Law of the State of
Delaware.

         6. Authority to Sign Documents. The Managers of the Company, and each
of them acting singly, are authorized to execute, acknowledge and deliver any
documents necessary, appropriate or advisable to effectuate and carry out the
purposes and business of the Company, and the execution and delivery by any of
such Managers of any such documents shall be conclusive evidence that such is
within the authority of such Manager so to do.

         7. Compensation of Managers. The Member hereby agrees that it shall pay
all fees and expenses incurred by each of the Independent Managers in the
discharge of its duties under this Agreement. The Managers shall be reimbursed
all reasonable expenses incurred in managing the Company. Except as otherwise
set forth herein under Section 3 of Article VI hereof, the Managers shall
receive no compensation.

         8. Managers' Standard of Care and Indemnification. The Managers' duty
of care in the discharge of the Managers' duties to the Company and the Member
shall be the same as a director's duty-of care in the discharging of its duties
under Delaware General Corporation law (subject to terms of Agreement).

         9. Removal of Managers. The Managers (other than the Independent
Managers) may be removed (with or without cause) by the affirmative vote of the
Member. The Independent Managers may be removed (with or without cause) by the
Indenture Trustee.

         10. Addition or Replacement of Managers. The Member may elect new
Managers or replace existing Managers, subject to Section 1 of this Article VII;
provided, however, that there shall be no change of or appointment of new
Managers without the prior confirmation from the rating agencies then rating the
Notes that such change will not result in either a downgrade or a withdrawal of
any of the then current ratings of the outstanding Notes; and provided, further,
however, that a new Independent Manager may be appointed only by the Indenture
Trustee.

                                  ARTICLE VIII

                       CONTRIBUTIONS AND CAPITAL ACCOUNTS

         1. Capital Contributions. The Initial Member shall make the Initial
Capital Contribution described for the Initial Member on Exhibit A at the time
and on the terms specified on Exhibit A. If no time for contribution is
specified, the Capital Contributions shall be made

                                      -15-
<PAGE>   21
upon the filing of the Certificate of Formation. The value of the Capital
Contributions shall be as set forth on Exhibit A. No interest shall accrue on
any Capital Contribution and the Member shall have no right to withdraw or be
repaid any Capital Contribution except as provided in this Agreement.

         2. Additional Contributions. In addition to the Initial Capital
Contributions, the Managers may, but are not required to, determine from time to
time that additional contributions are needed to enable the Company to conduct
its business. Upon making such a determination, the Managers shall give Notice
to the Member in writing at least two Business Days prior to the date on which
such contribution is requested such Notice shall set forth the amount of
additional contribution requested, the purpose for which the contribution is
requested, and the date by which the Member may contribute. The Member shall not
be obligated to make any such additional contributions.

                                   ARTICLE IX

                                  DISTRIBUTIONS

         1. Interim Distributions. From time to time, the Managers shall
determine in their reasonable judgment to what extent, if any, the Company's
cash on hand exceeds the current and anticipated needs, including, without
limitation, needs for operating expenses, debt service, acquisitions, reserves,
and mandatory Distributions, if any. To the extent such excess exists, the
Managers may make Distributions to the Member in accordance with the terms of
this Agreement and the Indenture. Such Distributions shall be in cash or
Property (which need not be distributed proportionately) or partly in both, as
determined by the Managers.

         2. Limitations on Distributions. No Distribution shall be declared and
paid unless, after the distribution is made, the assets of the Company are in
excess of all liabilities of the Company, except liabilities to its Member and
such distribution complies with applicable law.

                                    ARTICLE X

                                      TAXES

         1. Disregarded Entity Treatment. The Initial Member intends that, for
income tax purposes, the Company shall be treated as a security device and
disregarded as an entity and its assets shall be treated as owned in whole by
the Initial Member. The Managers and the Initial Member agree that they will
take no action contrary to the foregoing intention except as provided in Section
2 of this Article X.

         2. Certain Standby Provisions. If appropriate tax authorities require
the Company to be treated as a partnership (rather than disregarded as a
separate entity) for income tax purposes on account of the Notes being
characterized as equity and not debt, the the following provisions shall apply
and the Managers shall perform or cause to be performed the following actions:


                                      -16-
<PAGE>   22
                   2.1 A separate capital account (a "Tax Capital Account")
shall be established and maintained for each Member and each Noteholder that is
classified as a partner for income tax purposes (collectively, "Partners" and
individually, "Partner") in accordance with Treasury Regulations Section
1.704-1(b)(2)(iv). No Partner shall be entitled to interest on its Tax Capital
Account or any capital contribution made to the Company.

                   2.2 No Partner shall be required to restore any deficit
balance in its Tax Capital Account, and no Partner shall be liable for the
return of the Tax Capital Account of, or of any capital contribution made to the
Company by, another Partner.

                   2.3 Income, deductions, gain and loss shall be allocated
among the Partners for income tax purposes in a reasonable manner consistent
with the economic substance of their respective rights under the Indenture and
in accordance with Treasury Regulations promulgated under Section 704 of the
Code.

                   2.4 The Company shall deliver to the Partners, as is required
by the Code, the applicable Treasury Regulations or otherwise, such information
as may be required to enable the Partners to prepare their tax returns.

                   2.5 The Company shall prepare all applicable tax returns as
may be required by law on the basis of such fiscal year and accounting methods
as the Mangers shall reasonably determine. The Managers shall sign and file any
and all such tax returns, unless applicable law requires a Partner to sign such
documents, in which case such returns shall be signed by the Initial Member.

                   2.6 To the extent one may be required, the Initial Member
shall be the "tax matters partner" of the Company pursuant to the Code and the
applicable Treasury Regulations.

                   2.7 The Company shall make such elections as may from time to
time be required or appropriate under any applicable state or federal statute or
rule or regulation thereunder so as to maintain the Company's characterization
as a partnership for federal, state and local income tax purposes.

                                   ARTICLE XI

                       DISPOSITION OF MEMBERSHIP INTERESTS

         1. Disposition. The Initial Member or an Assignee may dispose of all,
but not less than all of the Initial Member's or Assignee's Membership Interest
upon compliance with this Section 1. No Membership Interest shall be Disposed
of:

                   1.1 if such disposition, alone or when combined with other
transactions, would result in a termination of the Company within the meaning
of Section 708 of the Code;


                                      -17-
<PAGE>   23
                   1.2 without an opinion of counsel satisfactory to the
Managers that such assignment is subject to an effective registration under, or
exempt from the registration requirements of, the applicable state and federal
securities laws;

                   1.3 unless and until the Company receives from the Assignee
the information and agreements that the Managers may reasonably require,
including but not limited to any taxpayer identification number and any
agreement that may be required by any Taxing Jurisdiction; and

                   1.4 unless such disposition is made to a Non-Consolidatable
Entity.

                   1.5 unless such disposition is to a single Assignee, and if
such Assignee is a partnership, grantor trust, S corporation or other
"flow-through" entity for tax purposes, such Assignee has provided an opinion of
counsel satisfactory to the Managers that, pursuant to Section 1.7704-1(h)(3) of
the Regulations, owners of such Assignee shall not be treated as partners in the
Company for purposes of Section 1.7704-1(h)1(ii) of the Regulations.

         2. Dispositions Not in Compliance with this Article Void. To the
fullest extent permitted by law, any attempted Disposition of a Membership
Interest, or any part thereof, not in compliance with this Article is null and
void ab initio.

                                   ARTICLE XII

                             ADMISSION OF ASSIGNEES

         1. Rights of Assignee. The Assignee of a Membership Interest has no
right to participate in the management of the business and affairs of the
Company or to become a Member. The Assignee is only entitled to receive the
Distributions and return of capital, and to be allocated the income, deductions,
gain and loss attributable to the Membership Interest in accordance with Section
2.3 of Article X.

         2. Admission of Substitute Member. The Assignee of a Membership
Interest shall be admitted as a Substitute Member and admitted to all the rights
of the Member who initially assigned the Membership Interest only with the
approval of the Member and upon execution of an Admission Agreement. The Member
may grant or withhold the approval of such admission for the Assignee in its
sole and absolute discretion. If so admitted, the Substitute Member has all the
rights and powers and is subject to all the restrictions and liabilities of the
Member originally assigning the Membership Interest. The admission of a
Substitute Member, without more, shall not release the Member originally
assigning the Membership Interest from any liability to Company that may existed
prior to the approval.

         3. Forbidden Transfers and Assignments. A Membership Interest may not
be transferred or assigned to a Related Company or a Benefit Plan Investor. A
Related Company may, however, be admitted as a Substitute Member; provided,
however, that the Board of Managers shall have received an opinion of counsel to
the effect that such Related Company's

                                      -18-
<PAGE>   24
"estate", as defined under Section 541(c) of the United States Bankruptcy Code,
would not be consolidated with the "estate" of any of the Transferors or HPSC in
a bankruptcy proceeding involving any of the Transferors or HPSC.

                                  ARTICLE XIII

                           DISSOLUTION AND WINDING UP

         1. Dissolution. The Company shall be dissolved and its affairs wound
up, upon the first to occur of the following events:

                   1.1 the expiration of the term of the Company if and as
provided in Article II, Section 5; and

                   1.2 the written consent of the Member, which consent the
Member, by executing this Agreement, agrees shall require (among other matters
agreed upon by the Member) and only become effective upon the satisfaction of
the following conditions: (a) the Managers, by unanimous written consent of the
Board of Managers (including the Independent Managers) shall consent to and
approve the dissolution of the Company pursuant to the terms set forth in the
written consent of the Member; and (b) so long as any of the Transaction
Documents are outstanding at the time of dissolution, the Majority Holders (as
defined in the Indenture) shall consent in writing to and approve the
dissolution of the Company pursuant to the terms set forth in the written
consent of the Member.

                   1.3 any other event that terminates the continued membership
of the last remaining member of the Company in the Company unless the business
of the Company is continued in a manner permitted by this Agreement or the Act;
and

                   1.4 the entry of a decree of judicial dissolution under
Section 18-802 of the Act.

         2. Effect of Dissolution. Upon dissolution, the Company shall cease
carrying on business as distinguished from the winding up of the Company
business, but the Company shall not be terminated, and shall continue until the
winding up of the affairs of the Company is completed and the Certificate of
Dissolution has been issued by the Secretary of State.

         3. Distribution of Assets on Dissolution. Upon the winding up of the
Company, the Company Property shall be distributed:

                   3.1 to the Noteholders (so long as such Noteholders are not
Affiliates of the Company) and other creditors of the Company, including the
Members (if it is a creditor) to the extent permitted by law, in satisfaction of
Company Liabilities and the balance, if any.

                   3.2 to the Member. Liquidation proceeds shall be paid within
60 days of the end of the Company's taxable year or, if later, within 90 days
after the date of liquidation. Such distributions shall be in cash or Property
(which need not be distributed proportionately) or

                                      -19-
<PAGE>   25
partly in both, as determined by the Managers. References to Member in this
Section 3.2 of Article XIII do not include Noteholders that are classified as
partners for income tax purposes under Article X.

         4. Winding Up and Certificate of Dissolution. The winding up of the
Company shall be completed when all debts, liabilities, and obligations of the
Company have been paid and discharged or reasonably adequate provision therefor
has been made, and all of the remaining property and assets of the Company have
been distributed to the Member. Upon the completion of winding up of the
Company, a certificate of cancellation shall be delivered to the Secretary of
State of the State for filing. The certificate of cancellation shall set forth
the information required by the Act. The Company shall terminate when (i) all of
the assets of the Company, after payment of or due provision for all debts,
liabilities and obligations of the Company shall have been distributed to the
Member in the manner provided for in this Agreement and (ii) the Certificate of
Formation shall have been canceled in the manner required by the Act.

         5. Resignation of Member. The Member shall be prohibited from resigning
as a member of the Company. The bankruptcy (as defined in the Act) of a Member
or a Special Member shall not cause such Member or Special Member to cease to be
a Member or Special Member of the Company and upon the occurrence of such an
event, the business of the Company shall continue without dissolution.

         6. Continuation of Company. Upon the occurrence of any event that
causes the last remaining member of the Company to cease to be a member of the
Company, to the fullest extent permitted by law, the personal representative
(which shall be an entity and not a natural person) of such member is hereby
authorized to, and shall, within 90 days after the occurrence of the event that
terminated the continued membership of such member in the Company, agree in
writing (i) to continue the Company and (ii) to the admission of the personal
representative or its nominee or designee, as the case may be, as a Substitute
Member of the Company, effective as of the occurrence of the event that
terminated the continued membership of such member in the Company.

Upon the occurrence of any event that causes the last remaining member to cease
to be a member of the Company (other than upon an assignment by the member of
all of its limited liability company interest in the Company and the admission
of the transferee pursuant to Article XII, Section 1), each Person acting as an
Independent Manager pursuant to this Agreement shall, without any action of any
Person and simultaneously with the last remaining member ceasing to be a member
of the Company, automatically be admitted to the Company as a member of the
Company (as such, a "Special Member") and shall continue the Company without
dissolution. No Special Member may resign from the Company or transfer its
rights as Special Member unless (i) a successor Special Member has been admitted
to the Company as Special Member by executing a counterpart to this Agreement,
and (ii) such successor has also accepted its appointment as Independent Manager
pursuant to this Agreement; provided, however, the Special Members shall
automatically cease to be members of the Company upon the admission to the
Company of a substitute Member. Each Special Member shall be a member of the


                                      -20-
<PAGE>   26
Company that has no interest in the profits, losses and capital of the Company
and has no right to receive any distributions of Company assets. Pursuant to
Section 18-301 of the Act, a Special Member shall not be required to make any
capital contributions to the Company and shall not receive a limited liability
company interest in the Company. A Special Member, in its capacity as Special
Member, may not bind the Company. Except as required by any mandatory provision
of the Act, each Special Member, in its capacity as Special Member, shall have
no right to vote on, approve or otherwise consent to any action by, or matter
relating to, the Company, including, without limitation, the merger,
consolidation or conversion of the Company. In order to implement the admission
to the Company of each Special Member, each Person acting as an Independent
Manager pursuant to this Agreement shall execute a counterpart to this
Agreement. Prior to its admission to the Company as Special Member, each Person
acting as an Independent Manager pursuant to this Agreement shall not be a
member of the Company.

                                   ARTICLE XIV

                                    AMENDMENT

         1. Agreement may be Modified. This Agreement may be modified as
permitted in this Article XIV (as the same may from time to time be amended). No
Member or Manager shall have any vested rights in this Agreement which may not
be modified through an amendment to this Agreement.

         2. Amendment or Modification of Agreement. This Agreement may be
amended or modified from time to time only by a written instrument adopted by
the unanimous written consent of its Board of Managers and executed by the of
the Member; provided, however, that (i) the Board of Managers shall have
received a confirmation from the rating agencies that such amendment or
modification will not cause a downgrade or withdrawal of the rating on the
Notes, and (ii) the Board of Managers shall have received an opinion of counsel
to the effect that such amendment or modification shall not affect the current
status of the Company within the meaning of Statement 125 promulgated by
Financial Accounting Standards Board.

                                   ARTICLE XV

                            MISCELLANEOUS PROVISIONS

         1. Entire Agreement. This Agreement represents the entire agreement
between the Member and the Company.

         2. No Partnership Intended for Non-tax Purposes. The Member has formed
the Company under the Act, and expressly does not intend hereby to form a
partnership under either the Delaware Revised Uniform Partnership Act nor the
Delaware Revised Uniform Limited Partnership Act.

         3. Rights of Creditors and Third Parties Under Agreement. The Indenture
Trustee and the Noteholders are intended third party beneficiaries of this
Agreement. Except and only to the extent provided herein or by applicable
statute, no creditor of the Company or any

                                      -21-
<PAGE>   27
other third party shall have any rights under this Agreement or any agreement
between the Company and the Member with respect to any Capital Contribution or
otherwise.



                                      -22-
<PAGE>   28
         IN WITNESS WHEREOF, the undersigned has hereunto executed this
Agreement as of the Effective Date.





                                            HPSC, Inc., as Initial Member

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

ACKNOWLEDGED AND AGREED:


Independent Managers:

---------------------------------
Mark A. Ferrucci

---------------------------------
Kim E. Lutthans
<PAGE>   29
                                    EXHIBIT A

                                 INITIAL MEMBER
<TABLE>
<CAPTION>
     Member                         Membership Interest                Capital Contribution
     ------                         -------------------                --------------------
<S>                                 <C>                          <C>
HPSC, Inc.                                 100%                  A.  Initial Capital Contribution
60 State Street                                                  There will be an initial Capital
Boston, MA 02109-1803                                            Contribution equal to  the Aggregate
                                                                 Outstanding Contract Balance (as defined in
                                                                 the Indenture) of the Initial Contracts
                                                                 contributed to the Company on the closing
                                                                 date of the sale of the Notes (all as defined
                                                                 in the Indenture)

                                                                 B. Discretionary Additional Contributions
                                                                 There may be discretionary subsequent Capital
                                                                 Contributions equal to the Discounted
                                                                 Contract Principal Balance and Outstanding
                                                                 Revolver Principal Balance of any Subsequent
                                                                 Contracts contributed to the Company on
                                                                 Subsequent Transfer Dates (all as defined in
                                                                 the Indenture
</TABLE>

                                       A-1