Document:

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                                                                   Exhibit 10.11

                                   HPSC, INC.

                     1998 OUTSIDE DIRECTOR STOCK BONUS PLAN

                                As Amended 3/8/01

         1. Purpose. The purpose of this Plan is to advance the interests of
HPSC, Inc. (the "Company") and its shareholders by strengthening the ability of
the Company to attract, retain and motivate outside directors with a high level
of training, experience and ability, by providing outside directors with an
opportunity to acquire common stock of the Company under this Plan, thereby
permitting such persons to share in the Company's success while aligning their
interest with those of the Company's shareholders.

         2. Effective Date. This Plan is effective as of April 23, 1998.

         3. Stock Subject to the Plan. The number of shares that may be issued
under this Plan (the "Bonus Shares") shall not exceed in the aggregate 50,000
shares of the Common Stock, $.01 par value, of the Company. Any Bonus Shares
which for any reason are reacquired by the Company may again be issued under the
Plan. Bonus Shares issued under the Plan may, in whole or in part, be either
authorized but unissued shares or issued shares reacquired by the Company.

         4. Administration. This Plan shall be administered by the Board of
Directors of the Company. Subject to the provisions of this Plan, the Board of
Directors shall have full power to construe and interpret the Plan and to
establish, amend and rescind rules and regulations for its administration.

         5. Eligible Participants. Members of the Board of Directors who are not
employees of the Company ("Outside Directors") are eligible to receive Bonus
Shares. Each such director who is awarded Bonus Shares under the Plan shall be
deemed a "Participant" for purposes of this Plan.

         6. Awards of Bonus Shares. Commencing on the date of adoption of this
Plan, one thousand (1,000) Bonus Shares shall be awarded annually at the
conclusion of the regular Annual Meeting of the Company's stockholders (the
"Annual Meeting") to each Outside Director who is such at the beginning of the
Annual Meeting, and who will continue to serve on the Board thereafter. Bonus
Shares issued under this Plan shall be issued in consideration of services
previously rendered to the Company.

         7. Duration of the Plan. This Plan shall terminate five (5) years from
the effective date hereof, unless terminated earlier pursuant to Paragraph 10
hereafter, and no Bonus Shares may be issued thereafter.
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         8. Rights as Stockholder. Each Participant shall have all of the rights
of a stockholder of the Company with respect to the Bonus Shares registered in
his or her name, including the right to vote such shares and receive the
dividends and other distributions paid or made with respect to such Bonus
Shares.

         9. Stock Dividends; Stock Splits; Stock Combinations;
Recapitalizations. The Board of Directors shall make appropriate adjustment in
the maximum number of shares of Common Stock subject to the Plan to give effect
to any stock dividends, stock splits, stock combinations, recapitalizations and
other similar changes in the capital structure of the Company after the
effective date of the Plan. The provisions contained in the Plan shall apply
equally to any other shares of the Company's capital stock, and any other
securities, which may be acquired by the Participant as a result of a stock
dividend, stock split, stock combination, or exchange for other securities
resulting from any recapitalization, reorganization or any other transaction
affecting the Bonus Shares.

         10. Termination or Amendment of Plan. The Board of Directors may at any
time terminate the Plan or make such changes in or additions to the Plan as it
deems advisable, provided that no such termination or amendment shall adversely
affect or impair any then issued and outstanding Bonus Shares without the
consent of the Participant holding such Bonus Shares.

                                       2<PAGE>   1

                                                                   Exhibit 10.12

                                 DESCRIPTION OF

                                   HPSC, INC.
                               STOCK LOAN PROGRAM

                             adopted January 5, 1995
                         as amended as of July 28, 1997
                   as further amended as of December 14, 2000

         HPSC, Inc.'s Stock Loan Program (the "Program") is designed to
encourage eligible employees of HPSC, Inc. to acquire and hold HPSC stock and to
provide liquidity for HPSC stock. Eligibility requirements for the Program have
been determined by the Compensation Committee of the Board of Directors of HPSC,
based upon the compensation level of employees of HPSC.

         Under the Program, HPSC may make loans to eligible employees for the
following purposes: (i) the purchase of HPSC stock on the American Stock
Exchange; (ii) the purchase of HPSC stock through the exercise of stock options;
(iii) the payment of taxes (including alternative minimum taxes) due upon the
exercise of options or upon the vesting of restricted stock granted under HPSC's
stock incentive plans. The maximum amount of all loans under the Program shall
be no more than $800,000, provided, however, that the principal amount of loans
outstanding at any time to any individual under the program shall not exceed
$400,000. Once the maximum amount has been loaned under the Program, HPSC shall
make no further loans under the Program, except that additional loans may be
made under the Program to the extent that the principal amount of loans
previously made is repaid. Each loan under the Program shall be approved by the
Chief Executive Officer of the Company, except that all loans to the Chief
Executive Officer of the Company shall be approved by the Chief Financial
Officer of the Company.
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         Each participant in the Program shall be required to execute an
Investment Agreement, Promissory Note and Pledge Agreement. Every loan offered
to an eligible employee under this Program shall be a full recourse loan
evidenced by the Promissory Note. The loan and Promissory Note shall be secured,
pursuant to the Pledge Agreement, by the shares of HPSC stock acquired by the
employee with funds advanced by HPSC. Loans made for the purposes of purchasing
HPSC stock on the American Stock Exchange shall be secured by stock having a
value of at least 200% of the amount loaned for such purpose. Such valuation
shall be made on the date of the loan. In the case of loans made to pay
alternative minimum tax payments due upon the vesting of restricted stock, there
shall be no requirement that shares of HPSC stock be pledged to secure such
loans, unless the approving officer determines that the pledge of shares is
necessary to provide adequate security for the loan.

         The principal amount of a loan made under this Program shall be due and
payable no later than sixty (60) months after the date of the loan. In addition,
in order to defray the costs to HPSC of administering the Program, each loan
shall bear interest at a rate equal to 50 basis points above the cost to HPSC of
borrowing the amounts advanced to the employee. Interest on each loan shall be
due and payable annually and shall be deductible by HPSC from payroll checks
issued by HPSC to the eligible employee. Periodic principal payments on the loan
shall be made by HPSC deducting an amount equal to twenty percent (20%) of the
borrower's after-tax bonus.

         If an employee who has purchased HPSC stock with funds loaned under
this Program sells any stock purchased with funds provided under this Program,
the employee shall apply all proceeds from the sale of the stock to the payment
of the loan until the loan is paid in full. An employee must repay any
outstanding loan to him or her under the Program if the employee is no longer
employed by HPSC.

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         Disbursement of loans under the Program shall be made (i) in the case
of stock acquired by purchase on the American Stock Exchange, to the broker
handling the stock purchase for the employee, against presentation to HPSC of a
confirmation of the purchase; (ii) in the case of stock acquired by an option
exercise, to HPSC upon presentation of an option exercise form; (iii) in the
case of a loan to cover income tax (including alternative minimum tax) liability
upon the exercise of HPSC stock options, to the employee upon HPSC's withholding
of the required tax as a result of the option exercise; or (iv) in the case of a
loan to pay alternative minimum taxes due upon the vesting of restricted stock,
upon presentation of proper documentation of tax payments due. In the case of a
purchase on the American Stock Exchange, the broker shall be instructed to
deliver to HPSC the stock certificates for the stock purchased with a loan under
the Program. HPSC shall retain the stock certificates for stock acquired by an
employee by option exercise with proceeds of a loan under the Program. The
employee shall execute such stock powers regarding such stock certificates as
HPSC shall request.

         This Program may be amended or terminated at any time by HPSC, except
with respect to the outstanding loans.

                                     NOTICE

         PARTICIPATION IN THIS PROGRAM HAS RISKS. ALL LOANS MADE UNDER THIS
PROGRAM ARE FULL RECOURSE LOANS AND WILL BE REPAYABLE IN FULL BY THE EMPLOYEE
FROM HIS OWN FUNDS EVEN IF THE STOCK PURCHASED UNDER THIS PROGRAM DECLINES IN
VALUE AND IS WORTH LESS THAN THE AMOUNT OF THE LOAN. THE LOAN WILL ALSO BE
PAYABLE IN FULL IF THE EMPLOYEE CEASES TO BE AN EMPLOYEE OF HPSC.

                                       3<PAGE>   1
                                                                   EXHIBIT 10.27

--------------------------------------------------------------------------------
                                FIRST AMENDMENT
                                       TO
                  FOURTH AMENDED AND RESTATED CREDIT AGREEMENT
--------------------------------------------------------------------------------

     First Amendment dated as of December 1, 2000 to the Fourth Amended and
Restated Credit Agreement (the "Amendment"), by and among HPSC, INC., a Delaware
corporation (the "Borrower"), AMERICAN COMMERCIAL FINANCE COMPANY, a Delaware
corporation (the "Guarantor" or "ACFC"), FLEET NATIONAL BANK and the other
lending institutions listed on Schedule I to the Credit Agreement (as
hereinafter defined) (the "Banks"), and Fleet National Bank as agent for the
Banks (in such capacity, the "Agent"), amending certain provisions of the Fourth
Amended and Restated Credit Agreement dated as of May 12, 2000 (as amended and
in effect from time to time, the "Credit Agreement") by and among the Borrower,
the Guarantor, the Banks and the Agent. Terms not otherwise defined herein which
are defined in the Credit Agreement shall have the same respective meanings
herein as therein.

     WHEREAS, the Borrower and the Banks have agreed to modify certain terms and
conditions of the Credit Agreement as specifically set forth in this Amendment;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
contained herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

     ss1. AMENDMENT TO SECTION 1 OF THE CREDIT AGREEMENT.

     (a) Section 1.1 of the Credit Agreement is hereby amended by adding the
following new definitions in the appropriate alphabetical order:

     NEWCO. Collectively, HPSC Equipment Receivables 2000-1 LLC I and HPSC
Equipment Receivables 2000-1 LLC II, each a Delaware limited liability company
and wholly-owned subsidiary of the Borrower.

     NEWCO INDENTURE. The Indenture dated as of December 1, 2000 among Newco,
the Borrower, ACFC, an Indenture Trustee and certain other parties named
therein.

     NEWCO TRIGGER EVENT. Any event or condition identified as an "Event of
Default", an "Event of Servicing Termination" or any similar trigger event or
termination event in the Newco Facility Documents.

     NEWCO FACILITY DOCUMENTS. Collectively, the Newco Indenture, the Newco
Receivables Transfer Agreement and all other agreements, documents and
instruments entered into pursuant thereto or in connection therewith.

     NEWCO RECEIVABLES TRANSFER AGREEMENT. The Receivables Transfer Agreement
dated as of December 1, 2000 among Newco, the Borrower, ACFC and certain other
parties named therein.

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                                       -2-

     NEWCO TRANSFERRED ASSETS. The accounts, chattel paper, instruments, and
other assets related thereto, comprised in the Collateral which are sold or
otherwise transferred to Newco pursuant to the Newco Receivables Transfer
Agreement.

     (b) Section 1.1 of the Credit Agreement is hereby amended by deleting the
following definitions in their entirety and restating such definitions as
follows:

     SECURITIZATION SUBSIDIARIES. Together, Bravo, Capital and Newco.

     TRANSFERRED ASSETS. Collectively, the Bravo Transferred Assets, the Capital
Transferred Assets and the Newco Transferred Assets.

     (c) Section 1.1 of the Credit Agreement is hereby amended by deleting
clauses (xiv) and (xv) of the definition of "Eligible Accounts Receivable" and
replacing them with the following new clauses (xiv) and (xv):

(xiv) that have not been transferred to Bravo pursuant to the Bravo Purchase
Agreement, Capital pursuant to the Capital Purchase Agreement or Newco pursuant
to the Newco Receivables Transfer Agreement; (xv) that are not subject to any
lien or negative pledge pursuant to the Bravo Credit Agreement, the Capital
Lease-Receivables Purchase Agreement or the Newco Facility Documents;

     ss2. AMENDMENT TO SECTION 9.4 OF THE CREDIT AGREEMENT. Section 9.4 of the
Credit Agreement is hereby amended by deleting paragraph (h) thereof and
replacing it with the following new paragraph (h):

          (h) within 5 days of receipt of the same by the Borrower copies of the
     monthly settlement reports under the Bravo Facility Documents, the Capital
     Facility Documents and the Newco Facility Documents and from time to time
     if the Agent or any Bank so requests copies of (i) other reports delivered
     under the Bravo Facility Documents, the Capital Facility Documents and the
     Newco Facility Documents and (ii) other financial data and information with
     respect to the Borrower or any of its Subsidiaries;

     ss3. AMENDMENT TO SECTION 10.1 OF THE CREDIT AGREEMENT. Section 10.1 of the
Credit Agreement is hereby amended by deleting paragraph (1) thereof and
replacing it with the following new paragraph (1):

          (1) Indebtedness incurred by Bravo pursuant to the Bravo Facility
     Documents and Indebtedness incurred by Newco pursuant to the Newco Facility
     Documents; and

     ss4. AMENDMENT TO SECTION 10.2 OF THE CREDIT AGREEMENT. Section 10.2 of the
Credit Agreement is hereby amended by deleting paragraph (1) thereof and
replacing it with the following new paragraph (1):

          (1) liens granted by Bravo in connection with the Bravo Facility
     Documents and liens granted by Newco in connection with the Newco Facility
     Documents; and

<PAGE>   3
                                       -3-

     ss5. AMENDMENT TO SECTION 10.3 OF THE CREDIT AGREEMENT. Section 10.3 of the
Credit Agreement is hereby amended by deleting paragraph (f) thereof and
replacing it with the following new paragraph (f):

          (f) Investments consisting of the Guaranty, Investments by the
     Borrower in Subsidiaries of the Borrower existing on the Closing Date,
     Investments made pursuant to the Bravo Facility Documents, Investments in
     connection with the Capital Lease-Receivables Purchase Agreement and
     Investments in Newco pursuant to the Newco Facility Documents;

     ss6. AMENDMENT TO SECTION 10.5.2 OF THE CREDIT AGREEMENT. Section 10.5.2 of
the Credit Agreement is hereby amended by deleting Section 10.5.2 thereof and
replacing it with the following new Section 10.5.2:

               10.5.2 DISPOSITION OF ASSETS. The Borrower will not, and will not
          permit any of its Subsidiaries to, become a party to or agree to or
          effect any disposition of assets, other than the disposition of assets
          in the ordinary course of business, consistent with industry
          practices, PROVIDED, HOWEVER, that such disposition of assets in the
          ordinary course of business shall not include a transfer of a material
          amount of Customer Receivables without the prior written approval of
          the Banks. Notwithstanding the foregoing provisions of this ss10.5.2
          and so long as no Event of Default has occurred and is continuing, the
          Borrower and its Subsidiaries may dispose of assets pursuant to the
          Bravo Purchase Agreement, the Capital Lease-Receivables Purchase
          Agreement, the Bravo Lease Receivables Purchase Agreement, the Newco
          Receivables Transfer Agreement and the Sale Agreements; PROVIDED that
          the sum of (i) aggregate principal amount of Indebtedness outstanding
          under the Sale Agreements plus (ii) all other proceeds received by the
          Borrower under such Sale Agreements and not characterized as
          Indebtedness shall not in any event exceed $50,000,000.

     ss7. AMENDMENT TO SECTION 10.8 OF THE CREDIT AGREEMENT. Section 10.8 of the
Credit Agreement is hereby amended by deleting Section 10.8 thereof and
replacing it with the following new Section 10.8:

     10.8 OTHER DEBT. The Borrower will not, and will not permit any of its
Subsidiaries to, (a) amend, supplement or otherwise modify the terms of any
Subordinated Debt or prepay, redeem or repurchase any Subordinated Debt (other
than, so long as no Default or Event of Default exists or would result from any
such repurchase, repurchases of Subordinated Debt pursuant to Section 4.16 of
the Senior Subordinated Note Indenture that do not exceed (i) $250,000 in
principal amount (plus accrued interest), in the aggregate with respect to all
holders of Subordinated Debt, in any calendar year or (ii) $25,000 in principal
amount (plus accrued interest), in the aggregate with respect to any single
holder of Subordinated Debt, in any calendar year) or (b) other than the
Securitization Subsidiaries, prepay, redeem or repurchase Indebtedness
outstanding under the Bravo Credit Agreement, the Capital Purchase Agreement,
the Newco Facility Documents or the Sale Agreements.

<PAGE>   4
                                      -4-

     ss8. AMENDMENT TO SECTION 14.1 OF THE CREDIT AGREEMENT. Section 14.1 of the
Credit Agreement is hereby amended by adding the following new paragraph (v)
after paragraph (u):

          or (v) the holders of all or any part of the Indebtedness under the
     Newco Facility Documents shall accelerate the maturity of all or any part
     of such Indebtedness or such Indebtedness shall be prepaid, redeemed or
     repurchased in whole or in part; or the occurrence of a Newco Trigger Event
     and the expiration of any applicable cure period available to Newco under
     the Newco Facility Documents;

     ss9. AMENDMENT TO SECTION 16.1 OF THE CREDIT AGREEMENT. Section 16.1 of the
Credit Agreement is hereby amended by adding the following sentence to the end
of paragraph (c) thereof:

Each of the Banks and the Agent acknowledge and agree that (i) the Agent is
authorized to release the security interest created by the Security Documents in
the Newco Transferred Assets and that (ii) the Agent is authorized to execute
and deliver, on behalf of the Banks and the Agent, such partial releases under
the Uniform Commercial Code as may be necessary or desirable to accomplish a
release of the security interest created by the Security Documents in the Newco
Transferred Assets.

     ss10. CONDITIONS TO EFFECTIVENESS. This Amendment shall not become
effective until the Agent receives (a) a counterpart of this Amendment, executed
by the Borrower, the Guarantor and each of the Banks, (b) a true and complete
copy of each of the Newco Facility Documents and (c) such other documents as the
Agent may request.

     ss11. REPRESENTATIONS AND WARRANTIES. The Borrower hereby repeats, on and
as of the date hereof, each of the representations and warranties made by it in
ss8 of the Credit Agreement, and such representations and warranties remain
true as of the date hereof (except to the extent of changes resulting from
transactions contemplated or permitted by the Credit Agreement and the other
Loan Documents, and to the extent that such representations and warranties
relate expressly to an earlier date), PROVIDED, that all references therein to
the Credit Agreement shall refer to such Credit Agreement as amended hereby. In
addition, the Borrower hereby represents and warrants that the execution and
delivery by the Borrower of this Amendment and the performance by the Borrower
of all of its agreements and obligations under the Credit Agreement as amended
hereby are within the corporate authority of the Borrower and has been duly
authorized by all necessary corporate action on the part of the Borrower.

     ss12. RATIFICATION, ETC. Except as expressly amended hereby, the Credit
Agreement, the Security Documents and all documents, instruments and agreements
related thereto are hereby ratified and confirmed in all respects and shall
continue in full force and effect. The Credit Agreement and this Amendment shall
be read and construed as a single agreement. All references in the Credit
Agreement or any related agreement or instrument to the Credit Agreement shall
hereafter refer to the Credit Agreement as amended hereby.

<PAGE>   5
                                       -5-

     ss13. NO WAIVER. Nothing contained herein shall constitute a waiver of,
impair or otherwise affect any Obligations, any other obligation of the Borrower
or any rights of the Agent or the Banks.

     ss14. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original but which together shall
constitute one and the same instrument.

     ss15. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS (WITHOUT
REFERENCE TO CONFLICT OF LAWS).

<PAGE>   6

                                       -6-

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment as a
sealed instrument as of the date first set forth above.

                                        HPSC, INC.

                                        By: /s/ Rene Lefebvre
                                            ------------------------------------
                                            Name: RENE LEFEBVRE
                                            Title: VP, CFO

                                        FLEET NATIONAL BANK, individually and
                                        as Agent

                                        By: /s/ Harvey H. Thayer, Jr.
                                            ------------------------------------
                                            Name: HARVEY H. THAYER, JR.
                                            Title: MANAGING DIRECTOR

                                        KEYBANK NATIONAL ASSOCIATION

                                        By: /s/ Mitchell B. Feldman
                                            ------------------------------------
                                            Name: Mitchell B. Feldman
                                            Title: SVP

                                        NATIONAL BANK OF CANADA

                                        By: /s/ A. Keith Broyles
                                            ------------------------------------
                                            Name: A. Keith Broyles
                                            Title: Vice President & Manager

                                        By: /s/ Leonard J. [illegible]
                                            ------------------------------------
                                            Name: Leonard J. [illegible]
                                            Title: Vice President

<PAGE>   7
                                       -7-

                                        FIRST MASSACHUSETTS BANK, N.A.
                                        (f/k/a FAMILY BANK, FSB)

                                        By: /s/ Jon R. Sundstrom
                                            ------------------------------------
                                            Name: JON R. SUNDSTROM
                                            Title: SENIOR VICE PRESIDENT

                                        CITIZENS BANK OF MASSACHUSETTS

                                        By: /s/ Lune G. Bomms
                                            ------------------------------------
                                            Name: LUNE G. BOMMS
                                            Title: VICE PRESIDENT

<PAGE>   8
                                       -8-

                            RATIFICATION BY GUARANTOR

     The undersigned Guarantor hereby acknowledges and consents to the foregoing
Amendment as of December __, 2000 and agrees that the Guaranty dated as of June
23, 1994 from the undersigned in favor of the Agent and each of the Banks, as
amended by Omnibus Amendment No. 4 to Security Documents, dated as of May 12,
2000, and each of the other Security Documents to which it is a party remain in
full force and effect, and the Guarantor confirms and ratifies all of its
obligations thereunder.

                                        AMERICAN COMMERCIAL
                                        FINANCE CORPORATION

                                        By: /s/ John W. Everett
                                            ------------------------------------
                                            Name: John W. Everett
                                            Title:

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