Document:

<PAGE>   1
                                                                     Exhibit 4.3

             [FORM OF LIMITED LIABILITY COMPANY OPERATING AGREEMENT]

                       LIMITED LIABILITY COMPANY OPERATING
                                    AGREEMENT

                                       OF

                          ADVANTA EQUIPMENT RECEIVABLES
                                 SERIES 200_ LLC
<PAGE>   2
                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT

                                       OF

                          ADVANTA EQUIPMENT RECEIVABLES
                                 SERIES 200  LLC

                                TABLE OF CONTENTS

Page
ARTICLE I DEFINITIONS ...............................  1
1.       Act ........................................  1
2.       Additional Member ..........................  1
3.       Admission Agreement ........................  1
4.       Affiliate ..................................  1
5.       Articles of Organization ...................  1
6.       Asset-Backed Securities ....................  1
7.       Assets .....................................  2
8.       Associate ..................................  2
9.       Assignee ...................................  2
10.      Benefit Plan Investor ......................  2
11.      Business Day ...............................  2
12.      Capital Account ............................  2
13.      Capital Contribution .......................  2
14.      Code .......................................  2
15.      Company ....................................  3
16.      Company Liability ..........................  3
17.      Company Property ...........................  3
18.      Contract ...................................  3
19.      Contributing Members .......................  3
20.      Disposition (Dispose) ......................  3
21.      Dissolution Event ..........................  3
22.      Distribution ...............................  3
23.      Effective Date .............................  3
24.      Equipment ..................................  4
25.      GAAP Capital Account .......................  4
26.      Indenture ..................................  4
27.      Independent Manager ........................  4
28.      Initial Capital Contribution ...............  5
29.      Initial Member .............................  5
30.      Insolvency Event ...........................  5
31.      Interim Agreement ..........................  5
32.      Majority-in-Interest .......................  5
33.      Management Right ...........................  5
34.      Managers ...................................  5

                                       2
<PAGE>   3

35.      Member .....................................  6
36.      Membership Interest ........................  6
37.      Money ......................................  6
38.      Net Losses .................................  6
39.      Net Profits ................................  6
40.      Non-Consolidatable Entity ..................  6
41.      Notice .....................................  6
42.      Operating Agreement ........................  7
43.      Organization ...............................  7
44.      Organization Expenses ......................  7
45.      Originating Unit ...........................  7
46.      Person .....................................  7
47.      Principal Office ...........................  7
48.      Proceeding .................................  7
49.      Property ...................................  7
50.      Receivables ................................  8
51.      Receivables Transfer Agreement .............  8
52.      Related Agreements .........................  8
53.      Related Company ............................  8
54.      Resignation ................................  8
55.      Securitization Agreements ..................  8
56.      Sharing Ratio ..............................  8
57.      Sole Member ................................  8
58.      Special Member .............................  8
59.      State ......................................  8
60.      Substitute Member ..........................  8
61.      Taxing Jurisdiction ........................  9
62.      Trust ......................................  9
63.      Trustee ....................................  9
ARTICLE II FORMATION ................................  9
1.       Organization ...............................  9
2.       Agreement ..................................  9
3.       Name .......................................  9
4.       Effective Date ............................. 10
5.       Term ....................................... 10
6.       Resident Agent and Office .................. 10
7.       Principal Office ........................... 10
ARTICLE III NATURE OF BUSINESS ...................... 10
1.       Purposes ................................... 10
2.       Limitations ................................ 12
ARTICLE IV ACCOUNTING AND RECORDS ................... 15
1.       Records to be Maintained ................... 15
2.       Accounts ................................... 16
ARTICLE V NAME AND ADDRESS OF INITIAL MEMBER ........ 16
ARTICLE VI RIGHTS AND DUTIES OF MEMBERS ............. 16
1.       Management Rights .......................... 16

                                       3
<PAGE>   4

2.       Liability of Members ....................... 16
3.       Indemnification ............................ 17
4.       Representations and Warranties ............. 17
5.       Conflicts of Interest ...................... 17
ARTICLE VII MANAGERS ................................ 18
1.       Initial Managers ........................... 18
2.       Independent Manager ........................ 18
3.       Term of Office as Managers ................. 19
4.       Authority of Members to Bind the Company
          (General Powers) .......................... 19
5.       Actions of the Managers .................... 19
6.       Compensation of Managers ................... 19
7.       Managers' Standard of Care and
           Indemnification .......................... 19
8.       Removal of Managers ........................ 20
ARTICLE VIII CONTRIBUTIONS AND CAPITAL ACCOUNTS ..... 20
1.       Capital Contributions ...................... 20
2.       Additional Contributions ................... 20
ARTICLE IX TAXES .................................... 21
1.       Elections .................................. 21
2.       Taxes of Taxing Jurisdictions .............. 21
3.       Method of Accounting ....................... 21
ARTICLE X DISPOSITION OF MEMBERSHIP INTERESTS ....... 21
1.       Disposition ................................ 21
2.       Dispositions Not in Compliance with this
           Article Void ............................. 22
ARTICLE XI ADMISSION OF ASSIGNEES AND ADDITIONAL
            MEMBERS ................................. 22
1.       Rights of Assignees ........................ 22
2.       Admission of Substitute Members ............ 22
3.       Admission of Additional Members ............ 22
4.       Forbidden Transfers and Assignments ........ 23
ARTICLE XII DISSOLUTION AND WINDING UP .............. 23
1.       Dissolution ................................ 23
2.       Effect of Dissolution ...................... 23
3.       Distribution of Assets on Dissolution ...... 23
4.       Winding Up and Certificate of Dissolution .. 24
5.       Resignation of Member ...................... 24
6.       Continuation of Company .................... 24
7.       Special Members ............................ 25
ARTICLE XIII AMENDMENT .............................. 25
1.       Operating Agreement may be Modified ........ 25
2.       Amendment or Modification of Operating
           Agreement ................................ 25
ARTICLE XIV MISCELLANEOUS PROVISIONS ................ 26
1.       Entire Agreement ........................... 26
2.       No Partnership Intended for Non-tax Purposes 26
3.       Rights of Creditors and Third Parties Under
           Operating Agreement ...................... 26

EXHIBIT A         INITIAL MEMBERS

                                       4
<PAGE>   5
                  LIMITED LIABILITY COMPANY OPERATING AGREEMENT
                                       OF
                          ADVANTA EQUIPMENT RECEIVABLES
                                 SERIES 200  LLC

                  This Limited Liability Company Operating Agreement of Advanta
Equipment Receivable Series 200 LLC, a Nevada limited liability company, is
entered into and shall be effective as of the Effective Date, by and among the
Company and the entity executing this Operating Agreement as the Initial Member.

                                    ARTICLE I

                                   DEFINITIONS

For purposes of this Operating Agreement (as defined below), unless the context
clearly indicates otherwise, the following terms shall have the following
meanings:

                  1. Act - The Nevada Limited Liability Company Act and all
amendments thereto.

                  2. Additional Member - A Member other than the Initial Member
or a Substitute Member who has acquired a Membership Interest from the Company.]

                  3. Admission Agreement - The Agreement between an Additional
Member and the Company described in Article XII.

                  4. Affiliate - An "affiliate" of a person is a person that
directly, or indirectly through one of more intermediaries, controls or is
controlled by, or is under common control with, or owns, directly or indirectly,
50% or more of, the person specified.

                  5. Articles of Organization - The Articles of Organization as
properly adopted and amended from time to time by the Members and filed with the
Secretary of State.

                  6. Asset-Backed Securities - Shall have the meaning assigned
to it in Article III hereof.

                  7. Assets - Shall have the meaning assigned to it in Article
III hereof.

                  8. Associate - The term "associate," when used to indicate a
relationship with any person, means (1) a corporation or organization of which
such person is an officer, director or partner or is, directly or indirectly,
the beneficial owner of 10% or more of any class of equity securities, (2) any
trust or other estate in which such person serves as trustee or in a similar
capacity, and (3) any relative or spouse of such person, or any relative of such
spouse, who has the same home as such person

                                       5
<PAGE>   6

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

                  10. 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 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).

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

                  12. Capital Account - The account maintained for a Member or
Assignee determined in accordance with Article VIII.

                  13. 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.

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

                  15. Company - Advanta Equipment Receivables Series 200  LLC, a
limited liability company formed under the laws of the State of Nevada, and any
successor limited liability company.

                  16. Company Liability - Any enforceable debt or obligation for
which the Company is liable or which is secured by any Company Property.

                  17. Company Property - Any Property owned by the Company.

                  18. Contract - Each of the agreements whether in the form of a
lease, loan agreement, financing agreement or any other form of written contract
or agreement evidencing the obligations of the related obligor, including, as
applicable, schedules, supplements and amendments thereto, to make payments
related to the leasing, purchase or other financing of specified Equipment.

                  19. 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).

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

                                       6
<PAGE>   7

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

                  22. Effective Date -      , 2000.

                  23. Equipment - The equipment leased, sold, or financed, as
applicable, to an obligor pursuant to any Contract.

                  24. GAAP Capital Account - The capital account maintained by
the Company for each of the Members in accordance with generally accepted
accounting principles.

                  25. Indenture - Shall have the meaning assigned to it in
Article III hereof.

                  26. Independent Manager- An Independent Manager shall be an
individual who is not, and never was and does not have any family member who is
or ever was,

                           (A)      a stockholder, director, member, manager,
officer, employee, affiliate, associate, customer or supplier of, or any person
that has received any benefit (excluding, however, any compensation received by
the manager, in such person's capacity as a manager as required by Article III
of the Articles of Organization) in any form whatever from, or any person that
has provided any service (excluding, however, any service provided by the
manager, in such person's capacity as manager as required by Article III of the
Articles of Organization) in any form whatever to, Advanta Corp., Advanta Bank
Corp., Advanta Business Services Corp. or any of their affiliates, subsidiaries,
parents or associates, or

                           (B) (i) any person owning beneficially, directly or
indirectly, any outstanding shares of common stock of Advanta Corp., Advanta
Bank Corp., Advanta Business Services Corp., or any of their affiliates,
subsidiaries, parent entities or (ii) a stockholder, director, member, manager,
officer, employee, affiliate, associate, customer or supplier of, or any person
that has received any benefit (excluding, however, any compensation received by
the manager, in such person's capacity as manager as required by Article III of
the Articles of Organization) in any form whatever from, or any person that has
provided any service (excluding, however, any service provided by the manager,
in such person's capacity as manager as required by Article III of the Articles
of Organization) in any form whatever to, such beneficial owner or any of such
beneficial owner's affiliates or associates;

                           provided, that, such Independent Manager may act as a
manager, director or officer of other special purpose corporations or special
purpose entities (an "SPE"). An Independent Manager may not be a trustee in
bankruptcy for any SPE or any Affiliate of a SPE.

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

                  28. Initial Member - The person identified on Exhibit A
attached hereto and made a part hereof by this reference who has executed this
Operating Agreement.

                                       7
<PAGE>   8
                  29. 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.

                  30. Interim Agreement - Shall have the meaning assigned to it
in Article III hereof.

                  31. Majority-in-Interest - Shall mean, except when otherwise
required by the Act, Members holding more than fifty percent (50%) of the
Membership Interest in the Company.

                  32. Management Right - Subject to [Section 2.3 of Article III
and Section 2 of Article VII,] the right of a Member to participate in the
management of the Company, including the rights to information and to consent or
approve actions of the Company.

                  33. Managers - As defined in Article VII hereof.

                  34. Member - Initial Member, Substitute Member or Additional
Member, from the date of admission of the Independent Managers as Special
Members, the Special Members, and, unless the context expressly indicates to the
contrary, includes Assignees.

                  35. Membership Interest - 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.

                  36. 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.

                  37. Net Losses - The loss and deductions of the Company
determined in accordance with accounting principles consistently applied from
year to year employed under the method of accounting adopted by the Company.

                  38. Net Profits - The income and gains of the Company
determined in accordance with accounting principles consistently applied from
year to year employed under the method of accounting adopted by the Company.

                                       8
<PAGE>   9
                  39. Non-Consolidatable Entity - Any Person or Organization
with respect to which nationally recognized bankruptcy counsel has delivered its
opinion to the effect that such Person's or Organization's assets, would not be
substantively consolidated with the assets, liabilities or other "estate" of
Advanta Corp., Advanta Bank Corp., Advanta Business Receivables Corp., or any
originating unit in a bankruptcy proceeding involving Advanta Corp., Advanta
Bank Corp., Advanta Business Receivables Corp., or any originating unit.

                  40. Notice - Any notice required to be furnished pursuant to
this Operating Agreement. Such Notice shall be in writing. Notice to the Company
shall be considered given when mailed by first-class mail, postage prepaid, or
by registered mail, certified mail, Federal Express or telecopy, 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, or by registered mail, certified mail, Federal Express or
telecopy, addressed to the Member at the address reflected in this Operating
Agreement unless the Member has given the Company a Notice of a different
address.

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

                  42. 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.

                  43. Organization Expenses - Those expenses incurred in the
organization of the Company including the costs of preparation of this Operating
Agreement and the Articles of Organization.

                  44. Originating Unit - Advanta Bank Corp. or any other
subsidiary of Advanta Corp., or Advanta Business Services Corp., which
originated or acquired the Contracts to be conveyed to the Company.

                  45. 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 of Nevada.

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

                  47. 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.

                                       9
<PAGE>   10

                  48. 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.

                  49. Receivables - Amounts to be paid by the obligors under the
contracts.

                  50. Related Agreements - Shall have the meaning set forth in
Article III hereof.

                  51. 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, Advanta Corp., Advanta Bank
Corp., or Advanta Business Services Corp.

                  52. Resignation - The act by which a Manager ceases to be a
Manager.

                  53. Securitization Agreements - Shall have the meaning
assigned to it in Article III hereof.

                  54. Sharing Ratio - With respect to any Member, a fraction
(expressed as a percentage), the numerator of which is the total of the Member's
initial Capital Account and the denominator is the total of all initial Capital
Accounts of all Members and Assignees.

                  55. Sole Member - At any time when there is only one Member of
the Company, such sole Member.

                  56. Special Member - Shall have the meaning assigned to it in
Article XIII hereof.

                  57. State - The State of Nevada.

                  58. Substitute Member - An Assignee who has been admitted to
all of the rights of membership pursuant to this Operating Agreement.

                  59. 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.

                  60. Trust - Shall have the meaning assigned to it in Article
III hereof.

                  61. Trustee - Shall have the meaning assigned to it in Article
III hereof.

                                   ARTICLE II

                                    FORMATION

                                       10
<PAGE>   11

         1. Organization - The Initial Member hereby organizes the Company as a
Nevada limited liability company pursuant to the provisions of the Act.

         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 Members executing this
Operating Agreement hereby agree to the terms and conditions of this Operating
Agreement, as it may from time to time be amended according to its terms. It is
the express intention of the Members that this Operating Agreement shall be the
sole source of agreement of the parties, and, except to the extent a provision
of this Operating 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 Operating 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 Operating Agreement is prohibited
or ineffective under the Act, this Operating Agreement shall be considered
amended to the smallest degree possible in order to make this Operating
Agreement effective under the Act. In the event the Act is subsequently amended
or interpreted in such a way to make any provision of this Operating 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 Advanta Equipment Receivables
Series 200 LLC, 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 Operating Agreement shall become effective
upon the filing of the Articles of Organization of Advanta Equipment Receivables
Series 200 LLC with the Secretary of State of the State.

         5. Term - The Company shall have perpetual duration as provided in the
Act.

         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 Articles of Organization as filed in the office of the
Secretary of State of the State. The Managers may, from time to time, change the
resident agent or office through appropriate filings with the Secretary of State
of the State. 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 c/o ___________________________________________.

                                       11
<PAGE>   12
                                   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:

         (a) to acquire from Advanta Bank Corp. (i) financial contracts and the
right to the receivables and other amounts due or to become due under such
contracts, including, but not limited to, lease contracts, loans, accounts
receivables, or installment sale or lease contracts or promissory notes, arising
out of or relating to, the purchase, lease or financing of equipment, software,
or goods, whether or not secured by such equipment, software, or goods, security
interests therein, proceeds from claims on insurance policies related thereto,
or (ii) any participation interest (including, without limitation, interest only
strips) in or security based on or backed by any of the foregoing and related
rights and other property appurtenant thereto (items in (a)(i) and (a)(ii)),
collectively, the "Assets");

         (b) to acquire, own, hold, service, sell, assign, pledge and otherwise
deal with the Assets, collateral securing or otherwise relating to the Assets,
related insurance policies, agreements with vendors or lessors or other
originators or servicers of Assets and any proceeds or further rights associated
with any of the foregoing;

         (c) to enter into agreements including, but not limited to, transfer
and servicing agreements relating to the acquisition and servicing of the Assets
(each a "Transfer and Servicing Agreement") and to enter into other agreements
relating to the servicing of the Assets including agreements relating to the
subservicing of the Assets;

         (d) to transfer or pledge from Assets to one or more trusts, banks,
financial institutions, commercial paper issuers, insurance companies or similar
entities pursuant to a servicing agreement, indenture, master facility agreement
or other agreement (each a "Securitization Agreement"), to be entered into by,
among others, the Company and the trustee named therein (the "Trustee"); and

         (e) to authorize, and cause the issuance of one series of notes or
other securities issued pursuant to the Securitization Agreement;

         (f) to authorize, borrow, issue, sell and deliver one series of bonds,
notes or other evidences of indebtedness which may include multiple classes,
secured or collateralized by one or more pools of Assets and issued under a
Securitization Agreement (collectively, the "Asset-Backed Securities"), and to
enter into agreements related to the sale and purchase of the Asset-Backed
Securities, provided that the Company shall have absolutely no liability under
any Asset-Backed Securities except to the extent of the Assets securing or
collateralizing such Asset-Backed Securities and to enter into interest rate
swaps, interest rate caps or other hedging transactions;

                                       12
<PAGE>   13
         (g) to acquire from the Trustee notes or certificates or other
subordinate Asset-Backed Securities issued under the Securitization Agreement
pursuant to which the Company transferred or pledged Assets;

         (h) to hold and enjoy all of the rights and privileges of any notes,
certificates or other subordinate Asset-Backed Securities issued to the Company
under the related agreements;

         (i) to perform its obligations under each Transfer and Servicing
Agreement and Securitization Agreement, or other agreement entered into by the
Company;

         (j) to invest proceeds from any Assets, and any other income as
determined by the Managers, including investing in other Assets;

         (k) to engage in any acts and activities and exercise any powers
permitted to limited liability companies under the laws of the State of Nevada
which are incidental to, or connected with, the foregoing, and necessary,
suitable or convenient to accomplish any of the foregoing.

         2.       Limitations.

                  (a) Notwithstanding any other provision of this Agreement or
of the Articles of Organization and any provision of law that otherwise so
empowers the Company, the Company shall not, without the approval of the
Independent Mangers under any applicable Securitization Agreement (and any
supplements thereto) and the purchaser under any applicable Receivables Transfer
Agreement, do any of the following:

                  (i) (x) consolidate or merge with or into any other entity or
convey, transfer or assign to any Related Company (as defined below), or
dissolve or transfer its properties and assets substantially as an entirety to
any entity (other than pursuant to a Transfer and Servicing Agreement or
Securitization Agreement) or lend or advance any moneys to, or make an
investment in, any person or amend or repeal Section 1 of Article III or Article
IV of the Articles of Organization or (y) engage in any other action that bears
on whether the separate legal identity of the Company and any Related Company
will be respected, including, without limitation (a) holding itself out as being
liable for the debts of any other party; or (b) acting other than in its name
and through its duly authorized Managers or agents;

                  (ii) except for the Asset-Backed Securities authorized
pursuant to Article III, incur any indebtedness, or assume or guaranty any
indebtedness of any other entity;

                  (iii) except as permitted by the Securitization Agreement,
consolidate or merge with or into any other entity or convey or transfer its
properties and assets substantially as an entirety to any entity; or

                  (iv) without the affirmative vote of 100% of the Managers of
the Company (including an affirmative vote of each Independent Manager required
by Article III of the Articles of Organization and Article VII of this Operating
Agreement), 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, liquidator, assignee, sequestrator,
trustee or any similar official for the Company or for a substantial part of the
Company's property,

                                       13
<PAGE>   14
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,
or otherwise seek any relief under any laws relating to the relief from debts or
the protection of debtors generally, or 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, or take
any action in furtherance of, any of the foregoing to be done or taken on behalf
of the Company or take any action in furtherance of any of the foregoing.

         (b) 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; 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 entity, any of
its affiliates and any other person, 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 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, and shall hold all of the Company's Assets in the Company's
name;

                  (iv) its Members 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;

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

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

                  (viii) it shall hold itself out as a separate entity from any
other person; it shall conduct business in its own name on its own stationary,
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;

                                       14
<PAGE>   15
                  (x)      it shall not act as the agent of any other person;

                  (xi) it shall pay its own liabilities and expenses (including
salaries of its employees) from its own funds, including fairly allocating
overhead expenses shared with an affiliate and paying for services performed by
any employee of 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 allocate fairly and reasonably any overhead
for shared office space;

                  (xiv) other than the pledge of the property of the Company
pursuant to a Related Agreement, 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;

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

                  (xvi) it shall enter into transactions with its affiliates
only on commercially reasonable terms and on terms similar to those of an
arms-length transaction;

                  (xvii) it shall not acquire the obligations or securities of
its affiliates or owners, including partners, members or shareholders, as
appropriate;

                  (xviii) it shall not make loans to any other person or entity
or buy or hold evidence of indebtedness issued by any other person or entity
(other than cash and investment-grade securities);

                  (xix) it shall not identify itself as a division of any other
person or entity; and

                  (xx) it shall not form, acquire or hold an interest in any
subsidiary.

                                   ARTICLE IV

                             ACCOUNTING AND RECORDS

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

                  (a) A current list of the full name and last known business
         address of each Member and each Manager, separately identifying the
         Members and Managers (including the Independent Managers) in
         alphabetical order;

                  (b) A copy of the Articles of Organization and all amendments
         thereto, together with executed copies of any powers of attorney
         pursuant to which the Articles of Organization have been executed;

                                       15
<PAGE>   16
                  (c) Copies of this Operating Agreement, including all
         amendments thereto;

         2. Accounts - The Managers shall maintain a record of the Capital
Account for each Member in accordance with Article VIII.

                                    ARTICLE V

                       NAME AND ADDRESS OF INITIAL MEMBER

         The name and address of the Initial Member is 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 MEMBERS

         1. Management Rights - Subject to Articles III and VII hereof, all
Members (other than Assignees) who have not resigned shall be entitled to vote
on any matter submitted to a vote of the Members. Notwithstanding the foregoing,
the following actions require the unanimous consent of all Members:

                  a.  any amendment to this Operating Agreement;

                  b.  the admission of Assignees to Management Rights; and

                  c. the continuation of the Company after a Dissolution Event.

         2. Liability of Members - Subject to Article XV hereof, no Member shall
be liable as such for the liabilities of the Company or any obligations of
another Member. The failure of a limited liability company to observe any
formalities or requirements relating to the exercise of its powers or management
of its business or affairs under this Operating Agreement or the Act shall not
be grounds for imposing personal liability on the Members or Managers for
liabilities of the limited liability company.

         3. Indemnification - The Company shall, subject to the second sentence
of this section, indemnify the Members, the Managers, and any agent of the
Members or the Managers for all costs, losses, liabilities, and damages paid or
accrued by such Member, such Manager or agent of such Member or such Manager in
connection with the business of the Company, as provided in the Articles of
Organization and to the fullest extent provided or allowed by the laws of the
State. Any amounts to be paid by the Company under this Article VI Section 3
shall be subordinated to the payment of any Asset-Backed Securities issued by
the Company and such indemnification shall not constitute a claim against the
Company in the event that cash flow in excess of amounts needed to pay the
Asset-Backed Securities is sufficient to make such indemnity payment.

                                       16
<PAGE>   17
         4. Representations and Warranties - Each Member, and in the case of an
Organization, the Person(s) executing this Operating Agreement on behalf of the
Organization, hereby represents and warrants to the Company and each other
Member 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 Operating 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 such 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.

         5.       Conflicts of Interest.

         (a) A 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 some of the
Members may enter into transactions that are similar to the transactions into
which the Company may enter. Notwithstanding the foregoing, Members shall
account to the Company and hold as trustee for it any property, profit, or
benefit derived by the Member, without the consent of the other Members, 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.

         (b) 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 a Member who 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 or
disinterested Members, in either case knowing the material facts of the
transaction and the Member's interest, authorize, approve, or ratify the
transaction.

                                   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 ____ (_) Managers of the Company. The initial Managers shall
be the following individuals:

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

                                       17
<PAGE>   18
         2. Independent Manager - At least two members of the Board of Managers
shall be an Independent Managers. Any vote needing the unanimous consent of the
Managers shall not be taken unless at least two Independent Managers exist. No
resignation or removal of an Independent Manger, and no appointment of a
successor Independent Manager, shall be effective until such successor (i) shall
have accepted his or her appointment as an Independent Manager by a written
instrument and (ii) shall have executed a counterpart to this Agreement. In the
event of a vacancy in the position of Independent Manager, the Member shall, as
soon as practical, appoint a successor Independent Manager. All right, power and
authority of the Independent Managers shall be limited to the extent necessary
to exercise those rights and perform those duties specifically set forth in this
Agreement. Except as provided in Section 7 of this Article VII, in exercising
their rights and performing their duties under this Agreement, any Independent
Manager shall have a fiduciary duty of loyalty and care similar to that of a
director of a business corporation under the Nevada Private Corporation Law. No
Independent Manager shall at any time serve as trustee in bankruptcy for any
Affiliate of the Company.

         3. Term of Office as Managers - No Manager shall have any contractual
right to such position. Each Manager shall be elected annually.

         4. Authority of Members to Bind the Company (General Powers) - The
Members hereby agree 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. No Member, by reason of its status as such, shall have any
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
Members.

         6. Compensation of Managers - The Members hereby agree that they shall
pay all fees and expenses incurred by the Independent Managers in the discharge
of its duties under this Operating Agreement. The Managers shall be reimbursed
all reasonable expenses incurred in

                                       18
<PAGE>   19
managing the Company. Except as otherwise set forth herein under Section 3 of
Article VI hereof, the Managers shall receive no compensation.

         7. Managers' Standard of Care and Indemnification - The Managers' duty
of care in the charge of the Managers' duties to the Company and the Members
shall be the same as a general partner's duty of care in the discharging of its
duties under applicable law. In addition, to the extent consistent with
applicable law, Managers shall take into account the interest of the Company's
creditors, as well as those of its Members

         8. Removal of Managers - The Managers may be removed by the affirmative
vote of a Majority-In-Interest of the Members. A Majority-In-Interest of the
Members may elect new Managers, subject to Section 2 of this Article VII;
provided, however, that there shall be no change of Managers without the prior
confirmation from the rating agencies then rating the Asset-Backed Securities,
if any, that such change will not result in either a downgrade or a withdrawal
of any of the then current ratings of the outstanding Asset-Backed Securities,
if any; and provided, further, however, that after any change of Managers
pursuant to this section, at least two members of the Board of Managers shall be
an Independent Manager.

                                  ARTICLE VIII

                       CONTRIBUTIONS AND CAPITAL ACCOUNTS

         1. Capital Contributions - Each Initial Member shall make the Capital
Contribution described for that 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 upon the filing of the Articles of Organization. The
value of the Capital Contributions shall be as set forth on Exhibit A. No
interest shall accrue on any Capital Contribution and no Member shall have the
right to withdraw or be repaid any Capital Contribution except as provided in
this Operating Agreement. Each Additional Member shall make the Initial Capital
Contribution described in the Admission Agreement. The value of the Additional
Member's Initial Capital Contribution and the time for making such contribution
shall be set forth in the Admission Agreement.

         2. Additional Contributions - In addition to the Initial Capital
Contributions, the Managers may 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 all Members in
writing at least two Business Days prior to the date on which such contribution
is due. Such Notice shall set forth the amount of additional contribution
needed, the purpose for which the contribution is needed, and the date by which
the Members should contribute. Each Member shall be entitled to contribute a
proportionate share of such additional contribution. No Member shall be
obligated to make any such additional contributions. In the event any one or
more Members do not make their additional contribution, the other members shall
be given the opportunity to make the contributions. Each Additional Member shall
make the Capital Contribution to which such Member has agreed, at the time or
times, and upon the terms to which the Managers and the Additional Member agree.

                                       19
<PAGE>   20
                                   ARTICLE IX

                                      TAXES

         1. Elections - The Managers may make any tax elections for the Company
allowed under the Code or the tax laws of any state or other jurisdiction having
taxing jurisdiction over the Company.

         2. Taxes of Taxing Jurisdictions - To the extent that the laws of any
Taxing Jurisdiction requires, each Member requested to do so by the Managers
will submit an agreement indicating that the Member will make timely income tax
payments to the Taxing Jurisdiction and that the Member accepts personal
jurisdiction of the Taxing Jurisdiction with regard to the collection of income
taxes attributable to the Member's income, and interest, and penalties assessed
on such income. If the Member fails to provide such agreement, the Company may
withhold and pay over to such Taxing Jurisdiction the amount of the penalty and
interest determined under the laws of the Taxing Jurisdiction with respect to
such income. Any such payments with respect to the income of a Member shall be
treated as a distribution for purposes of Article IX. The Managers may, where
permitted by the rules of any Taxing Jurisdiction, file a composite, combined or
aggregate tax return reflecting the income of the Company and pay the tax,
interest and penalties of some or all of the Members on such income to the
Taxing Jurisdiction, in which case the Company shall inform the Members of the
amount of such tax, interest and penalties so paid.

         3. Method of Accounting - The records of the Company shall be
maintained in accordance with the method of accounting selected by the Managers.

                                    ARTICLE X

                       DISPOSITION OF MEMBERSHIP INTERESTS

         4. Disposition - Any Member or Assignee may dispose of all or a portion
of the Member's or Assignee's Membership Interest upon compliance with this
Section 1. No Membership Interest shall be Disposed of:

                  (a) 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;

                  (b) 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;

                  (c) 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

                  (d) unless such disposition is made to a Non-Consolidatable
         Entity.

                                       20
<PAGE>   21
         5. Dispositions Not in Compliance with this Article Void - Any
attempted Disposition of a Membership Interest, or any part thereof, not in
compliance with this Article is null and void ab initio.

                                   ARTICLE XI

                  ADMISSION OF ASSIGNEES AND ADDITIONAL MEMBERS

         1. Rights of Assignees - The Assignee of a Membership Interest has no
Management Rights or 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 Net
Profits and Net Losses attributable to the Membership Interest.

         2. Admission of Substitute Members - An Assignee of a Membership
Interest shall be admitted as a Substitute Member and succeed to all the rights
of the Member who initially assigned the Membership Interest only with the
approval of all Members and upon execution of an Admission Agreement. The
Members may grant or withhold the approval of such admission for any Assignee or
Substitute Member in their 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 (including Management Rights). 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.
Any Substitute Member must be a Non-Consolidatable Entity.

         3. Admission of Additional Members - The Managers may permit the
admission of Additional Members and determine the Capital Contributions of such
Members; provided, however, that (i) there may never be more than ninety-nine
(99) Members at any one time and (ii) each Additional Member must be a
Non-Consolidatable Entity. Notwithstanding the foregoing, no Benefit Plan
Investor may be admitted as an Additional Member.

         4. 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 an Additional Member; provided,
however, that the Board of Managers shall have received an opinion of counsel to
the effect that such Related Company is a Non-Consolidatable Entity.

                                   ARTICLE XII

                           DISSOLUTION AND WINDING UP

         1. Dissolution - The Company shall be dissolved and its affairs wound
up, upon (i) the unanimous written agreement of the Members; or (ii) the written
consent of the Sole Member, which agreement or consent, the Member(s) agree by
execution of this Operating Agreement shall require (among other matters
mutually agreed upon by the Members) 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

                                       21
<PAGE>   22
consent to and approve the dissolution of the Company pursuant to the terms set
forth in the unanimous written consent of the Members; and (b) so long as any of
the Related Agreements are outstanding at the time of dissolution, the related
controlling party (as set forth in each such Related Agreement) shall consent in
writing to and approve the dissolution of the Company pursuant to the terms set
forth in the unanimous written consent of the Members.

         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:

                  (a) to creditors, including Members who are creditors, to the
         extent permitted by law, in satisfaction of Company Liabilities;

                  (b) to Members in accordance with positive Capital Account
         balances taking into account all Capital Account adjustments for the
         year in which the liquidation occurs. 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 partly in both, as determined by the Managers; and

                  (c) notwithstanding the foregoing, the Company Property may
         not be liquidated without the consent of 100% of the holders of the
         Asset-Backed Securities then outstanding.

         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 Members. Upon the completion of winding up of the
Company, a certificate of dissolution shall be delivered to the Secretary of
State of the State for filing. The certificate of dissolution shall set forth
the information required by the Act.

         5. Resignation of Member. Each Member shall be prohibited from
resigning, withdrawing or dissociating as a Member of the Company.
Notwithstanding the foregoing, the resignation, withdrawal, dissociation or
bankruptcy of a Member or Members shall not cause such Member or Members to
cease to be a Member or Members of the Company and upon the occurrence of such
an event, the business of the Company shall continue without dissolution. Upon
the dissolution, resignation, withdrawal or dissociation of the last remaining
Member, the Managers may admit as an Additional Member any other person or
entity, as provided in Article XII, and take such other action as may be
necessary or desirable to continue the business of the Company.

         6. Continuation of Company. Notwithstanding any other provision of this
Operating Agreement, the occurrence of an Insolvency Event with respect to the
Sole Member shall not

                                       22
<PAGE>   23
cause the Sole Member to cease to be a member of the Company and upon the
occurrence of such an event, the business of the Company shall continue without
dissolution. Notwithstanding any other provision of the Operating Agreement, the
Sole Member waives any right that it might have under Section 86-491(3) of the
Act to agree in writing to dissolve the Company. In the event of the dissolution
of the Sole Member or the occurrence of any other event that causes the Sole
Member to cease to be a member of the Company, to the fullest extent permitted
by law, the [personal representative] of the Sole Member shall, immediately upon
the occurrence of such event, agree in writing to continue the Company and to
the admission of such [personal representative] or its nominee or designee as a
member of the Company effective as of the dissolution of the Sole Member or such
other event and the Company shall continue without dissolution.

         7. Special Members. Upon the occurrence of any event that causes the
Sole Member to cease to be a member of the Company (other than (i) 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 or (ii) the
resignation of the Member and the admission of an Additional Member of the
Company pursuant to Article XII), each person acting as an Independent Manager
pursuant to Article VII shall by virtue of such person's signature on this
agreement, without any action of any Person and simultaneously with the Member
ceasing to be a member of the Company, automatically be admitted to the Company
as a special member (a "Special Member") and the Company shall continue 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 Article VII; provided, however, that 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
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. Notwithstanding
the provisions 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, but shall have the right to vote on and approve
the actions herein specified to be voted on or approved by the Members. A
Special Member, in its capacity as a Member, shall have no authority to act for
or bind the Company. In order to implement the admission to the Company of each
Special Member, each person acting as an Independent Manager pursuant to Article
VII 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 Article VII shall not be a member of the Company.

                                  ARTICLE XIII

                                    AMENDMENT

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

                                       23
<PAGE>   24
         2. Restriction on Modification of Purposes - Nothing in the Articles of
Organization nor in this Agreement shall be deemed to allow Advanta Bank Corp.
or any other Member to amend the Articles of Organization or this Agreement is
such a way as to change the purposes and powers of the Company as set forth in
Article IV of the Articles of Organization and in Article III Section 1 of this
Agreement, and neither Advanta Bank Corp. nor any other Member shall have any
power to amend the purposes and powers of the Company.

         3. Amendment or Modification of Operating Agreement - This Operating
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 unanimous consent of the Members; provided, however, that for so
long as any Asset-Backed Securities are outstanding, any amendment or
modification to Article III, Article VII(1) and (2), Article XI, Article XII or
this Article XIII shall require prior notice to the rating agencies then rating
the outstanding Asset-Backed Securities, if any, and confirmation from such
rating agencies that such amendment or modification would not result in the
qualification, withdrawal of downgrade of any securities rating.

                                   ARTICLE XIV

                            MISCELLANEOUS PROVISIONS

         1. Entire Agreement - This Operating Agreement represents the entire
agreement among all the Members and between the Members and the Company.

         2. No Partnership Intended for Non-tax Purposes - The Members have
formed the Company under the Act, and expressly do not intend hereby to form a
partnership under either the Nevada Uniform Partnership Act nor the Nevada
Uniform Limited Partnership Act. The Members do not intend to be partners one to
another, or partners as to any third party. To the extent any Member, by word or
action, represents to another person that any other Member is a partner or that
the Company is a partnership, the Member making such wrongful representation
shall be liable to any other Member who incurs personal liability by reason of
such wrongful representation.

         3. Rights of Creditors and Third Parties Under Operating Agreement -
Except and only to the extent provided herein or by applicable statute, no
creditor of the Company or any other third party shall have any rights under
this Operating Agreement or any agreement between the Company and any Member
with respect to any Capital Contribution or otherwise.

                                       24
<PAGE>   25
IN WITNESS WHEREOF, the undersigned have hereunto executed this Operating
Agreement as of the Effective Date.

                                                     By:______________________
                                                          Name:
                                                          Title:

Agreed and Acknowledged:

Independent Manager

By:____________________
         Name:

Independent Manager

By:____________________
         Name:

Special Member

By:____________________
         Name:

Special Member

By:____________________
         Name:

                                       25
<PAGE>   26
                                    EXHIBIT A

                                 INITIAL MEMBERS

MEMBER                 MEMBERSHIP INTEREST          INITIAL CAPITAL CONTRIBUTION
Advanta Bank Corp.     100%                         $100<PAGE>   1
                                                                     Exhibit 4.3

                                   ECOGEN INC.
                                STOCK OPTION PLAN
                                  October, 1987

1.    Purpose.

            The purpose of this plan (the "Plan") is to secure for ECOGEN INC.
(the "Company") and its stockholders the benefits arising from capital stock
ownership by directors and key employees of the Company and its parent and
subsidiary corporation, if any, who are expected to contribute to the Company's
future growth and success.

2.    Types of Options and Administration.

      (a) Types of Options. Options granted pursuant to the Plan shall be
authorized by action of the Board of Directors of the Company (or a Committee
designated by the Board of Directors) and may be either incentive stock options
("Incentive Stock Options") meeting the requirements of Section 422A of the
Internal Revenue Code of 1986, as amended (the "Code") or non-statutory options
which are not intended to meet the requirements of Code Section 422A.

      (b) Administration. The Plan will be administered by the Board of
Directors of the Company, whose construction and interpretation of the terms and
provisions of the Plan shall be final and conclusive. Except as provided in
subsection 2(c) below, the Board of Directors may in its sole discretion grant
options to purchase shares of such options as provided in the Plan. The Board
shall have authority, subject to the express provisions of the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, to
determine the terms and provisions of the respective option agreements, which
need not be identical, to advance the lapse of any waiting or installment
periods and exercise dates, and to make all other determinations in the judgment
of the Board of Directors necessary or desirable for the administration of the
Plan. The Board of Directors may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or in any option agreement in the manner
and to the extent it shall deem expedient to carry the Plan into effect and it
shall be the sole final judge of such expediency. No director shall be liable
for any action or determination taken or made under or with respect to the Plan
or any option in good faith. The Board of Directors may, to the full extent
permitted by law, delegate any or all of its powers under the Plan to a
committee (the "Committee") appointed by the Board of Directors, and if the
Committee is so appointed all references to the Board of Directors in the Plan
shall mean and relate to such Committee.

      (c) Grant of Options to Directors. Options may be granted to directors of
the Company, and the terms and provisions of such options may be determined,
only by the Committee and only if the Committee consists entirely of persons who
have not been eligible to participate in the Plan at any time within one year
prior to their appointment to the Committee.
<PAGE>   2
3.    Eligibility.

            Options shall be granted only to persons who are, at the time of
grant, officers, employees or directors (provided, in the case of Incentive
Stock Options, such directors or officers are then also employees) of the
Company or of any Parent Corporation or Subsidiary (as defined in Section 18
hereof). Directors who are members of the Committee or who have waived their
right to receive options shall be ineligible to receive options under this Plan.
No person shall be granted any Incentive Stock Option under the plan who, at the
time such option is granted, owns, directly or indirectly, Common Stock of the
Company possessing more than 10% of the total combined voting power of all
classes of stock of the Company or of any Parent Corporation or Subsidiary,
unless the requirements of paragraph (b) of Section 11 are satisfied. A person
who has been granted an option may, if he or she is otherwise eligible, be
granted an additional option or options if the Board of Director shall so
determine.

4.    Stock Subject to Plan.

            Subject to adjustment as provided in Section 14 and 15 below, the
maximum number of shares of Commons Stock of the Company which may be issued and
sold under the Plan is 750,000 shares. Such shares may be authorized and
unissued shares or may be shares issued and thereafter acquired by the Company.
If an option granted under the Plan shall expire or terminate for any reason
without having been exercised in full, the unpurchased shares subject to such
option shall again be available for subsequent option grants under the Plan.
Stock issuable upon exercise of an option granted under the Plan may be subject
to such restrictions on transfer, repurchase rights or other restrictions as
shall be determined by the Board of Directors.

5.    Forms of Options Agreements.

            As a condition to the grant of an option under the Plan, each
recipient of an option shall execute an option agreement, substantially in the
form of Exhibit A to the Plan (in the case of Incentive Stock Options) or
Exhibit B to the Plan (in the case of non-statutory options) or in such other
form not inconsistent with the Plan as shall be specified by the Board of
Directors at the time such option is authorized to be granted.

6.    Purchase Price

            The purchase price per share of stock deliverable upon the exercise
of an option shall be determined by the Board of Directors on the date such
option is authorized to be granted, provided, however, that in the case of an
Incentive Stock Option, the exercise price shall not be less than 100% of the
fair market value of such stock, as determined by the Board of Directors, at the
grant of such option, or less than 110% of such fair market value in the case of
options described in paragraph (b) of Section 11. Payment of the exercise price
of an option shall be in cash or, in the sole discretion of the Board of
Directors, in capital stock of the Company, by purchase money

                                       2
<PAGE>   3
note bearing interest at a rate and coming due in installments determined by the
Board of Directors at the time the option is granted, or by any other lawful
means.

7.    Option Period.

            Each option and all rights thereunder shall be expressed to expire
on such date as the Board of Directors shall determine on the date such option
is authorized to be granted, but in no event after the expiration of ten years
from the day on which the option is granted (or five years in the case of
options described in paragraph (b) of Section 11), and shall be subject to
earlier termination as provided in the Plan.

8.    Exercise of Options.

            Each option granted under the Plan shall be exercisable either in
full or in installments at such time or times and during such period as shall be
set forth in the agreement evidencing such option; provided, however, that no
option granted under the Plan shall have a term in excess of ten years from the
date of grant (or five years in the case of options described in paragraph (b)
of Section 11).

9.    Nontransferability of Options.

            No option granted under the Plan shall be assignable or transferable
by the person to whom it is granted, either voluntarily or by operation of law,
except by will or the laws of descent and distribution. During the life of the
recipient, the option shall be exercisable only by or on behalf of such person.

10.   Effect of Termination of Employment.

            No option may be exercised unless, at the time of such exercise, the
optionee is, and has been continuously since the date of grant of his or her
option, employed by one or more of the Company, a Parent Corporation or a
Subsidiary, except that if and to the extent the option agreement or instrument
so provides:

      (a) the option may be exercised within the period of three months after
the date the optionee ceases to be an employee of any of the foregoing entities
(or within such lesser period as may be specified in the option agreement or
instrument);

      (b) if the optionee dies while in the employ of the Company, a Parent
Corporation or a Subsidiary or within three months after the optionee ceases to
be such an employee, the option may be exercised by the person to whom it is
transferred by will or the laws of descent and distribution within the period of
one year after the date of death (or within such lesser period as may be
specified in the option agreement or instrument); and

                                       3
<PAGE>   4
      (c) if the optionee becomes disabled (within the meaning of Section
22(e)(3) of the Code) while in the employ of the Company, a Parent Corporation
or a Subsidiary, the option may be exercised within the period of one year after
the date the optionee ceases to be an employee of any of the foregoing entities
because of such disability (or within such lesser period as may be specified in
the option agreement or instrument); provided, however, that in no event may any
option be exercised after the expiration date of the option. For all purposes of
the Plan and any option granted hereunder, "employment" shall be defined in
accordance with the provisions of Section 1.421-7(h) of the Income Tax
Regulations (or any successor regulations).

11.   Incentive Stock Options.

            Options granted under the Plan which are intended to be Incentive
Stock Options shall be specifically designated as Incentive Stock Options and
shall be subject to the following additional terms and conditions:

      (a) Dollar Limitation.

            (i) The aggregate fair market value (determined as of the respective
date or dates of grant) of the Common Stock with respect to which Incentive
Stock Options granted to any employee under the Plan (and under any other
incentive stock option plans of the Company, and any Parent Corporation and
Subsidiary) are exercisable for the first time shall not exceed $100,000 in any
one calendar year.

            (ii) In the event that Section 422A of the Code is amended to alter
the limitation set forth therein so that following such amendment such
limitation shall differ from the limitation set forth in this paragraph (a), the
limitation of this paragraph (a) shall be automatically adjusted accordingly.

      (b) 10% Stockholder. If any employee to whom an Incentive Stock Option is
to be granted under the Plan is at the time of the grant of such option the
owner of stock possessing more than 10% of the total combined voting power of
all classes of stock of the Company or of any Parent Corporation or any
Subsidiary, then the following special provisions shall be applicable to the
Incentive Stock Option granted to such individual:

            (i) The purchase price per share of the Common Stock subject to such
Incentive Stock Option shall not be less than 110% of the fair market value of
one share of Common Stock at the time of grant; and

            (ii) The option exercise period shall not exceed five years from the
date of grant.

            Except as modified by the preceding provisions of this Section 11,
all the provisions of the Plan shall be applicable to Incentive Stock Options
granted hereunder.

                                       4
<PAGE>   5
12.   General Restrictions.

      (a) Investment Representations. The Company may require any person to whom
an option is granted, as a condition of exercising such option, to give written
assurances in substance and form satisfactory to the Company to the effect that
such person is acquiring the Common Stock subject to the option for his own
account for investment and not with any present intention of selling or
otherwise distributing the same, and to such other effects as the Company deems
necessary or appropriate in order to comply with federal and applicable state
securities laws.

      (b) Compliance With Securities Laws. Each option shall be subject to the
requirement that, if at any time counsel to the Company shall determine that the
listing, registration or qualification of the shares subject to such option upon
any securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, is necessary as a condition of,
or in connection with, the issuance or purchase of shares thereunder, such
option may not be accepted or exercised in whole or in part unless such listing,
registration, qualification, consent or approval shall have been effected or
obtained on conditions acceptable to the Board of Directors. Nothing herein
shall be deemed to require the Company to apply for or to obtain such listing,
registration or qualification.

13.   Rights as Stockholder.

            The holders of an option shall have no rights as a stockholder with
respect to any shares covered by the option for such shares. Except as otherwise
expressly provided in the Plan, no adjustments shall be made for dividends or
other rights for which the record date is prior to the date such stock
certificate is issued.

14.   Recapitalization.

            In the event that the outstanding shares of Common Stock of the
Company are changed into or exchanged for a different number or kind of shares
or other securities of the Company by reason of any recapitalization,
reclassification, stock split, stock dividend, combination or subdivision,
appropriate adjustment shall be made in the number and kind of shares available
under the Plan and under any options granted under the Plan. Such adjustment to
outstanding options shall be made without change in the total price applicable
to the unexercised portion of such options, and a corresponding adjustment in
the applicable option price per share shall be made. No such adjustment shall be
made which would, within the meaning of any applicable provisions of the Code,
constitute a modification, extension or renewal of any option or a grant or
additional benefits to the holder of an option.

                                       5
<PAGE>   6
15.   Reorganization or Change in Control of the Company.

            (a) Reorganization. In case (i) the Company is merged or
consolidated with another corporation and the Company is not the surviving
corporation, (ii) all or substantially all of the assets or more than 50% of the
outstanding voting stock of the Company is acquired by any other corporation or
(iii) of a reorganization or liquidation of the Company, the Board of Directors
of the Company, or the board of directors of any corporation assuming the
obligations of the Company, shall, as to outstanding options, either (x) make
appropriate provision for the protection of any such outstanding options by the
substitution on an equitable basis of appropriate stock of the Company, or of
the merged, consolidated or otherwise reorganized corporation which will be
issuable in respect of the shares of Common Stock of the Company, provided that
no additional benefits shall be conferred upon optionees as a result of such
substitution, and the excess of the aggregate fair market value of the shares
subject to the options immediately after such substitution over the purchase
price thereof is not more than the excess of the aggregate fair market value of
the shares subject to the option immediately before such substitution over the
purchase price thereof, or (y) upon written notice to the optionees, provide
that all unexercised options must be exercised within a specified number of days
of the date of such notice or they will be terminated. In any such case, the
Board of Directors may, in its discretion, accelerate the exercise dates of
outstanding options; provided, however, that paragraph (b) below shall govern
acceleration of options with respect to the events described in clauses (i),
(ii) and (iii) of such paragraph.

            (b) Change in Control. In case of (i) any merger or consolidation
(an "Event") involving the Company, if the shareholders of the Company
immediately before such Event do not own, directly or indirectly, immediately
following such Event, more than fifty percent (50%) of the combined voting power
of the outstanding voting securities of the corporation resulting from such
Event in substantially the same proportion as their ownership of the shares of
Common Stock immediately before such Event; (ii) any sale, lease, license,
exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, of the business and/or assets of the
Company or assets representing over 50% of the operating revenue of the Company;
or (iii) any person (as such term is used in Sections 13(d) and 14(d) of the
Exchange Act) who was not, on December 2, 1998, a "controlling person" (as
defined in Rule 405 under the Securities Act of 1933, as amended) (a
"Controlling Person") of the Company shall become (x) the beneficial owner
(within the meaning of Rule 13d-3 under the Exchange Act) of over 50% of the
combined voting power of the Company's then outstanding voting securities
entitled to vote generally or (y) a Controlling Person of the Company, all
outstanding Options, regardless of the date of such Options, shall immediately
become exercisable with respect to 100% of the Common Stock subject to such
Options.

16.   No Special Employment Rights.

                                       6
<PAGE>   7
            Nothing contained in the Plan or in any option granted under the
Plan shall confer upon any option holder any right with respect to the
continuation of his or her employment by the Company (or any Parent Corporation
or Subsidiary) or interfere in any way with the right of the Company (or any
Parent Corporation or Subsidiary), subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease the compensation of the option holder from the rate
in existence at the time of the grant of an option. Whether an authorized leave
of absence, or absence in military or government service, shall constitute
termination or cessation of employment for purposes of this Plan shall be
determined by the Board of Directors.

17.   Other Employee Benefits.

            The amount of any taxable income deemed to be received by an
employee as a result of the exercise of an option or the sale of shares received
upon such exercise will not constitute "earnings" with respect to which any
other employee benefits of such employee are determined, including without
limitation benefits under any pension, profit sharing, life insurance or salary
continuation plan.

18.   Definition of Subsidiary and Parent Corporation.

      (a) Subsidiary. The term "Subsidiary" as used in the Plan shall mean any
corporation in an unbroken chain of corporations beginning with the Company if
each of the corporations other than the last corporation in the unbroken chain
owns stock possessing 50% or more of the total combined voting power of all
classes of stock in one of the other corporations in such chain.

      (b) Parent Corporation. The term "Parent Corporation" as used in the Plan
shall mean any corporation (other than the Company) in an unbroken chain of
corporations ending with the Company if each of the corporations other than the
Company owns stock possessing 50% or more of the combined voting power of all
classes of stock in one or the other corporations in such chain.

19.   Amendment of the Plan.

            The Board of Directors may at any time and from time to time modify
or amend the Plan in any respect, except that without the approval of the
stockholders of the Company, the Board of Directors may not (a) materially
increase the benefits accruing to individuals who participate in the Plan, (b)
materially increase the maximum number of shares which may be issued under the
Plan (except for permissible adjustments provided in the Plan), or (c)
materially modify the requirements as to eligibility for participation in the
Plan. The termination or any modification or amendment of the Plan shall not,
without the consent of an optionee, affect his or her rights under an option
affected, the Board of Directors may amend outstanding option agreements in a
manner not inconsistent with the Plan. The Board of Directors shall have the
right to amend or

                                       7
<PAGE>   8
modify the terms and provisions of the Plan and of any outstanding Incentive
Stock Options granted under the Plan to the extent necessary to qualify any or
all such options for such favorable federal income tax treatment (including
deferral of taxation upon exercise) as may be afforded incentive stock options
under Section 422A of the Code.

20.   Withholding.

            The Company's obligation to deliver shares upon the exercise of any
option granted under the Plan shall be subject to the option holder's
satisfaction of all applicable federal, state and local income and employment
tax withholding requirements.

21.   Effective Date and Duration of the Plan.

      (a) Effective Date. The Plan shall become effective when adopted by the
Board of Directors, but no Incentive Stock Option granted under the Plan shall
become exercisable unless and until the Plan shall have been approved by the
Company's stockholders. If such stockholder approval is not obtained within
twelve months after the date of the Board's adoption of the Plan, any Incentive
Stock Options previously granted under the Plan shall terminate and no further
Incentive Stock Options shall be granted. Subject to this limitation, options
may be granted under the Plan at any time after the effective date and before
the date fixed for termination of the Plan.

      (b) Termination. The Plan shall terminate upon the earlier of (i) the
close of business on the day next preceding the tenth anniversary of the date of
its adoption by the Board of Directors, or (ii) the date on which all shares
available for issuance under the Plan shall have been issued pursuant to the
exercise or cancellation of options granted under the Plan. If the date of
termination is determined under (i) above, then options outstanding on such date
shall continue to have force and effect in accordance with the provisions of the
instruments evidencing such options.

                                      Adopted by the Board of Directors on
                                      October 7, 1987; and hereby, as amended on
                                      December 9, 1999 (no shareholder action
                                      required).

                                       8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00002-of-00352.parquet"}]]