Document:

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                                                                     EXHIBIT 4.8

                             HELLER FINANCIAL, INC.
                            (a Delaware corporation)

                       7 3/8% Notes Due November 1, 2009

                               PURCHASE AGREEMENT

Warburg Dillon Read LLC
Chase Securities Inc.
Credit Suisse First Boston Corporation
Salomon Smith Barney Inc.

c/o Warburg Dillon Read LLC
677 Washington Boulevard
Stamford, Connecticut 06901

Ladies and Gentlemen:

     Heller Financial, Inc. (the "Company"), a Delaware corporation, and the
several initial purchasers named in Schedule I hereto (the "Initial Purchasers")
confirm their agreement as follows: (1) the Company will issue and sell to the
Initial Purchasers $400,000,000 aggregate principal amount of 7 3/8% Notes Due
November 1, 2009 (the "Securities"), (2) the Company will issue and deliver to
Warburg Dillon Read LLC ("WDR") $200,000,000 aggregate principal amount of the
Securities and cash consideration in exchange for $200,000,000 aggregate
principal amount of the Company's Amended and Restated Floating Rate Notes due
August 15, 2009 (the "Old Notes") and (3) WDR will sell to the Initial
Purchasers $200,000,000 aggregate principal amount of the Securities, in each
case upon the terms set forth herein.  The Securities will be entitled to the
benefits of a Registration Rights Agreement dated the date hereof among the
Company and the Initial Purchasers (the "Registration Rights Agreement").

     The Securities will be offered by the Initial Purchasers without
registration under the Securities Act of 1933, as amended (the "Act"), in
reliance upon an exemption from the registration requirements of the Act.  In
connection with the resale of the Securities by the Initial Purchasers, the
Company has prepared an offering memorandum dated the date hereof (together with
all information incorporated by reference therein and any Additional Issuer
Information (as defined in Section 5 (e)) furnished by the Company prior to the
completion of the distribution of the Securities, the "Offering Memorandum"),
setting forth certain information concerning the Company and the Securities.
The Company hereby confirms that it has authorized the use of the Offering
Memorandum in connection with the offer and sale of the Securities by the
Initial Purchasers.  Unless stated to the contrary, all references herein to the
Offering Memorandum are
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to the Offering Memorandum dated as of the date hereof and are not meant to
include any amendment or supplement thereto subsequent to the date hereof.

     The Company understands that the Initial Purchasers propose to make
offerings ("Exempt Resales") of the Securities only on the terms and in the
manner set forth in the Offering Memorandum and Section 3 hereof, as soon as the
Initial Purchasers deem advisable after this Agreement has been executed and
delivered only to (i) persons in the United States whom the Initial Purchasers
reasonably believe to be "qualified institutional buyers" ("QIBs") as defined in
Rule 144A under the Act, as such rule may be amended from time to time ("Rule
144A"), or, if any such person is buying for one or more institutional accounts
for which such person is acting as fiduciary or agent, only when such person has
represented to the Initial Purchasers that each such account is a QIB, to whom
notice has been given that such sale or delivery is being made in reliance on
Rule 144A, and, in each case, in transactions under Rule 144A and (ii) non-U.S.
persons to whom offers and sales of the Securities may be made in reliance upon
Regulation S under the Act ("Regulation S"), in transactions meeting the
requirements of Regulation S.

     When used herein, the term "Operative Documents" shall refer to this
Agreement, the Registration Rights Agreement, the Securities, and the Indenture
with respect to the Securities, dated as of September 1, 1995, between the
Company and State Street Bank and Trust Company, as successor to Shawmut Bank
Connecticut, National Association, as Trustee (the "Indenture Trustee") as
amended by the First Supplemental Indenture dated as of October 13, 1995, the
Second Supplemental Indenture dated as of November 17, 1997 and the Third
Supplemental Indenture dated as of August 16, 1999 (as amended, the
"Indenture").

     1.   The Company represents and warrants to, and agrees with the Initial
Purchasers that:

          (a) The Offering Memorandum and any amendments or supplements thereto
     did not and will not, as of its date, contain an untrue statement of a
     material fact or omit to state a material fact necessary in order to make
     the statements therein, in the light of the circumstances under which they
     were made, not misleading; provided, however, that this representation and
     warranty shall not be made to the Initial Purchasers with regard to any
     statements or omissions made in reliance upon and in conformity with
     information furnished in writing to the Company by, or on behalf of, the
     Initial Purchasers;

          (b) The consolidated historical financial statements, together with
     related schedules and notes, included or incorporated by reference in the
     Offering Memorandum (and any amendment or supplement thereto), present
     fairly the consolidated financial position of the Company and its
     subsidiaries, at the respective dates indicated and the results of their
     operations and their cash flows for the respective periods indicated in
     accordance with generally accepted accounting principles consistently
     applied throughout such periods; and there has been no material adverse
     change not in the ordinary course of

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     business in the consolidated financial position of the Company since
     December 31, 1998, except as disclosed in the Offering Memorandum (and any
     amendment or supplement thereto);

          (c) Each of the Company and its "significant subsidiaries" (as defined
     in Rule 1-02(w) of Regulation S-X promulgated by the Securities and
     Exchange Commission) is a company duly incorporated and validly existing
     under the laws of the jurisdiction of its incorporation, and has the
     corporate power and authority to conduct its business in each jurisdiction
     where it carries on business;

          (d) The issue of the Securities and the performance of the obligations
     of the Company under the Operative Documents have been duly authorized by
     the Company and, upon due execution, issue, authentication (in accordance
     with the terms of the Indenture) and delivery (to WDR in exchange for the
     Old Notes or to the Initial Purchasers against payment therefor, as the
     case may be), in the case of the Securities, and the due execution and
     delivery, in the case of the other Operative Documents, the Operative
     Documents will constitute legal, valid and binding obligations of the
     Company enforceable in accordance with their respective terms, except as
     enforcement thereby may be limited by the laws of bankruptcy, insolvency,
     reorganization and receivership, moratorium and other laws of general
     applicability relating to or affecting creditors' rights, and by general
     equity principles, whether applied by a court of law or equity, and except
     that rights to indemnity and contribution under this Agreement and the
     Registration Rights Agreement may be limited by applicable law or public
     policy;

          (e) The issue and exchange, or sale, of the Securities by the Company,
     the execution and delivery of the other Operative Documents by the Company,
     and the performance of the obligations under the Operative Documents by the
     Company will not violate the provisions of the organizational documents of
     the Company and will not result in any breach of the terms of, or
     constitute a default under, any instrument, deed, indenture, mortgage, bond
     or agreement to which the Company is a party or by which it or its property
     is bound and will not infringe or constitute a default under any laws or
     regulations of any governmental or regulatory body having jurisdiction over
     the Company, except as would not have a material adverse effect on the
     business, financial condition or results of operation of the Company and
     its subsidiaries, taken as a whole;

          (f) All consents and approvals of any court, government department or
     other regulatory body required by the Company for the execution and
     delivery of the Operative Documents and the issue and exchange, or sale, of
     the Securities and the performance of the obligations assumed under the
     terms of the Securities and the Operative Documents have been obtained and
     are in full force and effect (except as may be required under applicable
     state securities or Blue Sky laws);

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          (g) No event has occurred in relation to the Company which would
     constitute (after the issue of the Securities) an Event of Default under
     the Securities or which with the giving of notice or lapse of time or other
     condition would (after the issue of the Securities) constitute such an
     Event of Default;

          (h) When the Securities are issued and delivered pursuant to this
     Agreement, the Securities will not be of the same class (within the meaning
     of Rule 144A) as securities which are listed on a national securities
     exchange registered under Section 6 of the Securities Exchange Act of 1934,
     as amended (the "Exchange Act"), or quoted in a U.S. automated inter-dealer
     quotation system;

          (i) Neither the Company, nor any affiliate of the Company, nor any
     person acting on its or their behalf (other than the Initial Purchaser, as
     to which the Company makes no representation) has offered or sold the
     Securities by means of any general solicitation or general advertising
     within the meaning of Rule 502(c) under the Act or, with respect to
     Securities sold outside the United States to non-U.S. persons (as defined
     in Rule 902 under the Act), by means of any directed selling efforts within
     the meaning of Rule 902 under the Act and the Company, any affiliate of the
     Company and any person acting on its or their behalf has complied with and
     will implement the "offering restriction" within the meaning of such Rule
     902;

          (j) The Company is not, and after giving effect to the offering and
     sale of the Securities and the application of the proceeds thereof as
     described in the Offering Memorandum, will not be, an "investment company"
     as such term is defined in the Investment Company Act of 1940, as amended;
     and

          (k)  Assuming compliance by the Initial Purchasers with their
     representations and warranties contained herein, it is not necessary in
     connection with the offer, sale and/or delivery of the Securities to the
     Initial Purchasers in the manner contemplated by this Agreement to register
     the Securities under the Act or to qualify the Indenture under the Trust
     Indenture Act of 1939, as amended.

     2.   On the basis of the representations, warranties and covenants
contained in this Agreement, and subject to the terms and conditions herein set
forth, (a) the Company agrees to issue and deliver to the Initial Purchasers for
the benefit of WDR $200,000,000 aggregate principal amount of Securities and to
pay to WDR an amount in cash equal to 0.408% of $200,000,000 (or $816,000), and
WDR agrees to deliver to the Company, in exchange for such Securities and cash
consideration, the Old Notes, (b) the Company agrees to issue and sell to the
several Initial Purchasers, and each Initial Purchaser agrees, severally and not
jointly, to purchase from the Company, the respective aggregate principal amount
of Securities set forth in Column A of Schedule I hereto opposite its name at a
purchase price of 99.592% of the principal amount thereof, (c) WDR agrees to
issue and sell to the several Initial Purchasers, and each Initial Purchaser
agrees, severally and not jointly, to purchase from WDR, the respective

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aggregate principal amount of Securities set forth in Column B of Schedule I
hereto opposite its name at a purchase price of 99.592% of the principal amount
thereof and (d) the Company agrees to pay to the Initial Purchasers a placement
fee of 0.60% of the $600,000,000 aggregate principal amount of the Securities as
compensation for placing the Securities (the "Placement Fee").  In addition, the
Company shall pay to WDR at the Time of Delivery (as defined below) all accrued
and unpaid interest on the Old Notes.

     3.   Each Initial Purchaser, severally and not jointly, hereby represents
and warrants to, and agrees with the Company that:

          (a) it (i) is a QIB, (ii) has not and will not solicit offers for, or
     offer or sell, the Securities by means of any form of general solicitation
     or general advertising within the meaning of Rule 502(c) under the Act, or
     in any manner involving a public offering within the meaning of Section
     4(2) of the Act and (iii) will solicit offers for the Securities only from,
     and will offer, sell or deliver the Securities, as part of their initial
     offering, only to (A) persons in the United States whom the Initial
     Purchaser reasonably believes to be QIBs or, if any such person is buying
     for one or more institutional accounts for which such person is acting as
     fiduciary or agent, only when such person has represented to the Initial
     Purchaser that each such account is a QIB, to whom notice has been given
     that such sale or delivery is being made in reliance on Rule 144A, and, in
     each case, in transactions under Rule 144A and (B) to non-U.S. persons to
     whom offers and sales of the Securities may be made in reliance upon
     Regulation S, in transactions meeting the requirements of Regulation S;

          (b) in connection with sales outside the United States, it will not
     offer, sell or deliver Securities to, or for the account or benefit of,
     "U.S. persons" (as defined in Rule 902 under the Act) (i) as part of the
     Initial Purchaser's distribution at any time or (ii) otherwise until the
     expiration of the applicable "distribution compliance period" within the
     meaning of Rule 903(b)(3) of Regulation S, which is currently 40 days after
     the later of the commencement of the offering of the Securities and the
     Time of Delivery, and it will send to each dealer to whom it sells
     Securities during such period a confirmation or other notice setting forth
     the restrictions on offers and sales of the Securities within the United
     States or to, or for the account or benefit of, U.S. persons;

          (c) it has (a) not offered or sold and, prior to the date six months
     after the date of issue of the Securities, will not offer or sell any
     Securities to persons in the United Kingdom except to persons whose
     ordinary activities involve them in acquiring, holding, managing or
     disposing of investments (as principal or agent) for the purposes of their
     businesses or otherwise in circumstances which have not resulted and will
     not result in an offer to the public in the United Kingdom within the
     meaning of the Public Offers of Securities Regulations 1995, (b) complied,
     and will comply, with all applicable provisions of the Financial Services
     Act 1986 of the United Kingdom with respect to anything done by it in
     relation to the Securities in, from or otherwise involving the

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     United Kingdom, and (c) only issued or passed on and will only issue or
     pass on in the United Kingdom any document received by it in connection
     with the issuance of the Securities to a person who is of a kind described
     in Article 11(3) of the Financial Services Act 1986 (Investment
     Advertisements) (Exemptions) Order 1996 of the United Kingdom or is a
     person to whom the document may otherwise lawfully be issued or passed on;

     4.   (a) The Securities to be purchased by the Initial Purchasers hereunder
will be represented by one or more global certificates in book-entry form which
will be deposited by, or on behalf of, the Company with, and shall be registered
in the name of, The Depository Trust Company ("DTC") or its designated
custodian.  The Company will deliver the Securities to the Initial Purchasers
against (i) delivery by WDR of the Old Notes and (ii) payment by the Initial
Purchasers of the purchase price referred to in clause (b) of Section 2 hereof
for $400,000,000 aggregate principal amount of Securities, less : (x) the
Placement Fee, (y) 0.408% of $200,000,000 (or $816,000) and (z) all accrued and
unpaid interest on the Old Notes, by electronic transfer to the order of the
Company in federal (same day) funds ("Wire Transfer"), by causing DTC to credit
the Securities to the respective accounts of the Initial Purchasers at DTC. The
Company will cause the certificates representing the Securities to be made
available to WDR for checking at least twenty-four hours prior to the Time of
Delivery at the office of the Indenture Trustee or its designated custodian (the
"Designated Office").  The time and date of such delivery and payment shall be
9:30 a.m., New York City time, on November 8, 1999 or such other time and date
as WDR and the Company may agree upon in writing.  Such time and date are herein
called the "Time of Delivery."

          (b) The documents to be delivered at the Time of Delivery by or on
behalf of the parties hereto pursuant to Section 7 hereof, including the cross-
receipts for the Securities and any additional documents reasonably requested by
WDR pursuant to Section 7(a) hereof, will be delivered at such time and date at
the offices of Shearman & Sterling (the "Closing Location"). The Securities will
be delivered at the Designated Office at the Time of Delivery.

     5.   The Company agrees with the Initial Purchasers:

          (a) To prepare the Offering Memorandum in a form approved by you; and,
     before amending or supplementing the Offering Memorandum, to furnish the
     Initial Purchaser a copy of such proposed amendment or supplement;

          (b) To cooperate with the Initial Purchasers and counsel to the
     Initial Purchasers to qualify the Securities for offering and sale under
     the state securities laws of such jurisdictions as you may request and to
     comply with such laws so as to permit the continuance of sales and dealings
     therein in such jurisdictions for as long as may be necessary to complete
     the Exempt Resales, provided that in connection therewith the Company shall
     not be required to register or qualify as a foreign corporation, or to take
     any action that would subject it to taxation or service of process in any
     jurisdiction;

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          (c) Prior to 3:00 p.m., New York City time, on the New York Business
     Day (as defined below) next succeeding the date of this Agreement and from
     time to time, to furnish the Initial Purchasers, in New York City, with
     copies of the Offering Memorandum and each amendment or supplement thereto,
     together with any independent accountants' report contained in the Offering
     Memorandum, and any amendment or supplement containing amendments to the
     financial statements covered by such report, signed by the accountants, and
     additional copies thereof in such quantities as you may from time to time
     reasonably request, and if, at any time prior to the consummation of any
     Exempt Resale, any event shall have occurred as a result of which the
     Offering Memorandum as then amended or supplemented would include an untrue
     statement of a material fact or omit to state any material fact necessary
     in order to make the statements therein, in the light of the circumstances
     under which they were made when the Offering Memorandum is delivered, not
     misleading, or, if for any other reason it shall be necessary or desirable,
     during such same period to amend or supplement the Offering Memorandum, to
     notify you and upon your request to prepare and furnish without charge to
     the Initial Purchasers and to any dealer in securities as many copies as
     you may from time to time reasonably request of the amended Offering
     Memorandum or supplement to the Offering Memorandum which will correct such
     statement or omission.  For the purposes of this Section 5, "New York
     Business Day" shall mean each Monday, Tuesday, Wednesday, Thursday and
     Friday which is not a day on which banking institutions in New York are
     generally authorized or obligated by law or executive order to close;

          (d) The Company will take reasonable precautions designed to insure
     that any offer or sale, direct or indirect, in the United States or to any
     U.S. person of any Securities or any substantially similar security issued
     by the Company, within six months subsequent to the date on which the
     distribution of the Securities has been completed (as notified to the
     Company by WDR), is made under restrictions and other circumstances
     reasonably designed not to affect the status of the offer and sale of the
     Securities in the United States contemplated by this Agreement as
     transactions exempt from the registration provisions of the Act;

          (e) The Company agrees with the Initial Purchasers that at any time
     when the Company is not subject to Section 13 or 15(d) of the Exchange Act,
     upon the request of any holder of Securities ("Securityholder"), the
     Company shall promptly furnish to such Securityholder or to a prospective
     purchaser of a Security designated by such Securityholder, as the case may
     be, the information required to be delivered pursuant to Rule 144A(d)(4)
     under the Act ("Additional Issuer Information") in order to permit
     compliance by such Securityholder with Rule 144A in connection with the
     resale of such Security by such Securityholder; and

          (f) During the period of time after the Time of Delivery described in
     Rule 144(k) under the Act, which is currently two years, the Company will
     not, and will not

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     permit any of its "affiliates" (as defined in Rule 144 under the Act) to,
     resell any of the Securities which constitute "restricted securities" under
     Rule 144 that have been acquired by any of them except pursuant to an
     effective registration statement under the Act.

     6.   The Company covenants and agrees with the Initial Purchasers that the
Company will pay or cause to be paid all expenses incident to the performance of
the Company's obligations under this Agreement, including the following:  (i)
the fees, disbursements and expenses of the Company's counsel and accountants in
connection with the issue of the Securities and all other expenses of the
Company in connection with the preparation, printing and filing of the Offering
Memorandum and any amendments and supplements thereto and the mailing and
delivering of copies thereof to the Initial Purchasers and dealers; (ii) the
cost of printing or producing the Operative Documents, closing documents
(including any compilations thereof) and any other documents in connection with
the offering, purchase, exchange or sale, and delivery of the Securities, except
as otherwise provided in this Agreement; (iii) all expenses in connection with
the qualification of the Securities for offering and sale under state securities
laws as provided in Section 5(b) hereof, including the reasonable fees and
disbursements of counsel for the Initial Purchaser in connection with such
qualification; (iv) any fees charged by securities rating services for rating
the Securities; (v) the cost of printing any certificates for the Securities;
(vi) the fees and expenses of the Indenture Trustee and any agent of the
Indenture Trustee and the reasonable fees and disbursements of counsel for the
Indenture Trustee in connection with the Operative Documents; and (vii) all
other costs and expenses incident to the performance of its obligations
hereunder which are not otherwise specifically provided for in this Agreement.
Except as provided in this Section and Sections 8 and 11 hereof, the Initial
Purchaser will pay all of its own costs and expenses, including the fees of its
counsel, transfer taxes on resale of any of the Securities by it and any
advertising expenses connected with any offers it may make.

     7.   The obligations of WDR in respect of the Old Notes and of the Initial
Purchasers hereunder shall be subject, in WDR's discretion, to the condition
that all representations and warranties and other statements of the Company
herein are, at and as of the Time of Delivery, true and correct in all material
respects, the condition that the Company shall have performed all of its
obligations hereunder theretofore to be performed, and the following additional
conditions:

          (a) The Initial Purchasers shall have received from their counsel,
     Shearman & Sterling, such opinion or opinions, dated the Time of Delivery,
     with respect to the issuance and exchange, or sale, of the Securities and
     other related matters as WDR may reasonably require, and the Company shall
     have furnished to such counsel such documents as they reasonably request
     for the purpose of enabling them to pass upon such matters.

          (b) There shall have been no material adverse change in the condition
     of the Company and its subsidiaries, taken as a whole, from that set forth
     in or contemplated by the Offering Memorandum; and you shall have received
     on the Time of Delivery a

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     certificate, dated the Time of Delivery and signed by an executive officer
     of the Company, to the foregoing effect.

          (c) Subsequent to the execution and delivery of this Agreement and
     prior to the Time of Delivery, there shall not have occurred any
     downgrading of, nor shall any notice have been given of any review with a
     negative implication with respect to, the rating accorded any of the
     Company's securities by any of Standard & Poor's Ratings Services, a
     Division of The McGraw-Hill Companies or Moody's Investors Service, Inc.

          (d) The Initial Purchasers shall have received on the Time of Delivery
     the opinion of Mark J. Ohringer, Deputy General Counsel of the Company,
     dated the Time of Delivery, to the effect that:

               (i)   The Company and each of its significant subsidiaries are
          duly qualified to do business and are in good standing as foreign
          corporations in each jurisdiction in which its respective ownership or
          lease of property or the conduct of their respective businesses
          requires such qualification (other than those jurisdictions in which
          the failure to so qualify would not have a material adverse effect on
          the Company or the Company and its subsidiaries taken as a whole);

               (ii)  Each of the Operative Documents (other than this Agreement
          and the Securities) has been duly authorized, executed and delivered
          by the Company and constitutes a legal, valid and binding obligation
          of the Company enforceable in accordance with its terms, except as the
          enforceability thereof may be limited by bankruptcy, insolvency,
          reorganization and receivership, moratorium and other laws of general
          applicability relating to or affecting creditors' rights, and by
          general equity principles, whether applied by a court of law or
          equity, and except that rights to indemnity and contribution under the
          Registration Rights Agreement may be limited by applicable law or
          public policy;

               (iii) The Securities have been duly authorized and, when duly
          executed by the Company, authenticated by the Indenture Trustee and
          delivered in exchange for the Old Notes to WDR, or delivered to and
          paid for by, the Initial Purchasers, as the case may be, in accordance
          with the terms of the Indenture and this Agreement, will be legal,
          valid and binding obligations of the Company enforceable in accordance
          with their terms, except as the enforceability thereof may be limited
          by bankruptcy, insolvency, reorganization and receivership, moratorium
          and other laws of general applicability relating to or affecting
          creditors' rights, and by general equity principles, whether applied
          by a court of law or equity;

               (iv)  This Agreement has been duly authorized, executed and
          delivered by the Company and is a legal, valid and binding obligation
          of the Company

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          enforceable in accordance with its terms, except as the
          enforceability hereof may be limited by bankruptcy, insolvency,
          reorganization and receivership, moratorium and other laws of general
          applicability relating to or affecting creditors' rights, and by
          general equity principles, whether applied by a court of law or
          equity, and except that rights to indemnity and contribution under
          this Agreement may be limited by applicable law or public policy;

               (v)    To such counsel's knowledge, no authorization, consent or
          approval of, or registration or filing with, any governmental or
          public body or regulatory authority is required on the part of the
          Company for the issuance of the Securities in accordance with the
          Indenture or the exchange or sale of the Securities in accordance with
          this Agreement, other than compliance with the securities or Blue Sky
          laws of various jurisdictions;

               (vi)   The execution and delivery of the Operative Documents, the
          issuance of the Securities in accordance with the Indenture, and the
          exchange or sale of the Securities in accordance with this Agreement
          do not and will not result in the violation by the Company of any of
          the terms or provisions of the organization certificate or by-laws of
          the Company or, to such counsel's knowledge, of any written indenture,
          mortgage or other agreement or instrument known to such counsel, by
          which the Company is bound, except for those violations which would
          not have a material adverse effect on the Company and its
          subsidiaries, taken as a whole;

               (vii)  To such counsel's knowledge, the execution and delivery of
          the Operative Documents to which the Company is a party and the
          issuance of the Securities in accordance with the Indenture do not and
          will not result in any violation by the Company of federal law or the
          laws of the State of Delaware that are generally applicable to
          transactions of the type contemplated by the Operative Documents,
          except for those violations which would not have a material adverse
          effect on the Company and its subsidiaries, taken as a whole and
          except to the extent that rights to indemnity and contribution under
          the Operative Documents may be limited by applicable law or public
          policy;

               (viii) The documents incorporated by reference in the Offering
          Memorandum (other than the financial, statistical and accounting data
          contained therein or omitted therefrom), at the time they were filed
          with the Commission, appear on their face to have been appropriately
          responsive in all material respects to the requirements of the
          Exchange Act and the applicable rules and regulations of the
          Commission thereunder; and

               (ix)   The statements set  forth  in  the  Offering  Circular
          under  the captions "Description of the Notes," "Exchange Offer;
          Registration Rights" and

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          "Unites States Federal Income Tax Consequences," insofar as such
          statements constitute a summary of the documents referred to therein,
          constitute fair summaries of such documents.

          (e) You shall have received on the Time of Delivery the confirmation
     by Katten Muchin & Zavis, counsel for the Company, dated the Time of
     Delivery, to the effect that they have participated in conferences with
     officers and other representatives of the Company, representatives of the
     independent certified public accountants of the Company, and
     representatives of the Initial Purchasers and their counsel at which
     conferences the contents of the Offering Memorandum and any amendment
     thereof or supplement thereto and related matters were discussed and,
     although such counsel has not independently verified and is not passing
     upon and does not assume any responsibility for the accuracy, completeness
     or fairness of the statements contained in the Offering Memorandum, or any
     amendment thereof or supplement thereto, on the basis of the foregoing,
     relying as to materiality upon the opinions of officers and representatives
     of the Company, no facts have come to the attention of such counsel which
     would lead such counsel to believe that the Offering Memorandum or any
     amendment or supplement thereto, at any time from the date thereof through
     the Time of Delivery, contained any untrue statement of a material fact or
     omitted to state a material fact required to be stated therein or necessary
     to make the statements therein, in light of the circumstances under which
     they were made, not misleading (it being understood that such counsel need
     express no view with respect to financial, statistical and accounting data
     included in the Offering Memorandum).

          (f) The Initial Purchasers shall have received, on the Time of
     Delivery, a letter, dated the Time of Delivery, in form and substance
     satisfactory to you, from Arthur Andersen LLP, independent accountants,
     containing statements and information of the type ordinarily included in
     accountants' "comfort letters" to underwriters with respect to the
     financial statements and certain financial information contained in or
     incorporated by reference into the Offering Memorandum.

     As to matters of fact, such counsel listed in subsections (a), (d) and (e)
above may rely, to the extent such counsel deems proper, on opinions of local
counsel or certificates of responsible officers and other representatives of the
Company and its subsidiaries, certificates of public officials, and certificates
or other written statements of officers of departments of various jurisdictions
having custody of documents respecting the corporate existence or good standing
of the Company and its subsidiaries.

     8.   The Company agrees to indemnify and hold harmless each Initial
Purchaser and each person, if any, who controls any Initial Purchaser within the
meaning of Section 15 of the Act or Section 20 of the Exchange Act, from and
against any and all losses, claims, damages and liabilities caused by any untrue
statement or alleged untrue statement of a material fact contained in the
Offering Memorandum (or any amendment or supplement thereto), or caused by any

                                       11
<PAGE>

omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements, in the light of the
circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
furnished in writing to the Company by, or on behalf of, any Initial Purchaser
expressly for use therein; provided, however, that the foregoing indemnity
agreement with respect to any Offering Memorandum shall not inure to the benefit
of any Initial Purchaser from whom the person asserting any such losses, claims,
damages and liabilities purchased Securities, or any person controlling such
Initial Purchaser, if copies of the most recent Offering Memorandum (as then
amended or supplemented if the Company shall have furnished any amendments or
supplements thereto) were not sent by, or delivered on behalf of, such Initial
Purchaser to such person prior to the written confirmation of the sale of the
Securities to such person, if such Offering Memorandum (as amended and
supplemented) would have cured the misstatement or alleged misstatement or
omission or alleged omission giving rise to such loss, claim, damage or
liability.

     Each Initial Purchaser agrees, severally and not jointly, to indemnify and
hold harmless the Company, its directors and its officers and any person
controlling the Company to the same extent as the foregoing indemnity from the
Company to such Initial Purchaser, but only with reference to information
relating to such Initial Purchaser furnished in writing by, or on behalf of,
such Initial Purchaser expressly for use in the Offering Memorandum.

     In case any claim, demand, action or proceeding (including any governmental
investigation) shall be brought or instituted involving any person in respect of
which indemnity may be sought pursuant to either of the three preceding
paragraphs, such person (the "indemnified party") shall promptly notify the
person against whom such indemnity may be sought (the "indemnifying party") in
writing and the indemnifying party, upon request of the indemnified party, shall
retain counsel reasonably satisfactory to the indemnified party to represent the
indemnified party and any others the indemnifying party may designate in such
proceeding and shall pay the reasonable fees and disbursements of such counsel
related to such proceeding; provided, however, that in the event the
indemnifying party shall not have employed counsel reasonably satisfactory to
the indemnified party to represent the indemnified party within a reasonable
time (not to be less than 30 days) after notice of any such proceeding, the
indemnified party shall then be entitled to retain counsel reasonably
satisfactory to itself and the indemnifying party shall pay the reasonable fees
and disbursements of such counsel related to the proceeding.  In any such
proceeding, any indemnified party shall have the right to retain its own
counsel, but the reasonable fees and expenses of such counsel shall be at the
expense of such indemnified party unless (i) the indemnifying party and the
indemnified party shall have mutually agreed to the retention of such counsel or
(ii) the named parties to any such proceeding (including any impleaded parties)
include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them (but in such case only to the extent
reasonably determined by counsel to the indemnified party to be necessary to
protect the interests of the

                                       12
<PAGE>

indemnified party) or (iii) the indemnifying party shall have failed to employ
counsel reasonably satisfactory to the indemnified party pursuant to the next
preceding sentence. It is understood that the indemnifying party shall not, in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees and expenses of more than one separate firm
(in addition to local counsel) for all such indemnified parties. Such firm shall
be designated in writing by the Initial Purchasers in the case of parties
indemnified pursuant to the second preceding paragraph and by the Company in the
case of parties indemnified pursuant to the first preceding paragraph. The
indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent but if settled with such consent or if
there be a final judgment for the plaintiff, the indemnifying party agrees to
indemnity to the extent provided in this Section 8 the indemnified party from
and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of the indemnified
party, which consent shall not be unreasonably withheld, effect any settlement
of any pending or threatened proceeding in respect of which any indemnified
party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.

     If the indemnification provided for in this Section 8 is unavailable to the
Initial Purchasers or other indemnified party in respect of any losses, claims,
damages or liabilities referred to therein, then the indemnifying party, in lieu
of indemnifying such indemnified party thereunder, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (i) in such proportion as is appropriate to
reflect the relative benefits received by the Company on the one hand and the
Initial Purchasers on the other from the offering of the Securities or (ii) if
the allocation provided by clause (i) above is not permitted by applicable law,
in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the Company on
the one hand and of the Initial Purchasers on the other in connection with the
statements or omissions which resulted in such losses, claims, damages or
liabilities, as well as any other relevant equitable considerations.  The
relative benefits received by the Company on the one hand and the Initial
Purchasers on the other shall be deemed to be in the same proportion as the
aggregate principal amount of the Securities, less the Placement Fee, bears to
the Placement Fee.  The relative fault of the Company and of the Initial
Purchasers shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission to state a
material fact relates to information supplied by the Company or by the Initial
Purchasers and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.  No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Act) shall be entitled to contribution from any person who is not guilty of
such fraudulent misrepresentation.

     9.   (a)  This Agreement shall be subject to termination in your absolute
discretion, by written notice given to the Company, if (a) prior to the Time of
Delivery (i) trading in securities on the New York Stock Exchange or the
American Stock Exchange shall have been suspended

                                       13
<PAGE>

or materially limited, (ii) trading in any securities of the Company shall have
been suspended on any national securities exchange in the United States or in
any over-the-counter market in the United States, (iii) a general moratorium on
banking activities in New York shall have been declared by federal or New York
State authorities, (iv) there shall have occurred any outbreak or escalation of
hostilities or any change in the financial markets or other calamity or crisis,
any of which is material and adverse or (v) there shall have occurred any
material adverse change in the condition, financial or otherwise, or in the
earnings, business affairs or business prospects or properties of the Company
and its subsidiaries, considered as one enterprise, not arising in the ordinary
course of business and (b) in the case of any of the events specified in clauses
(a)(i) through (iv), such event either singly or together make it, in the
reasonable judgment of WDR, impracticable to market the Securities.

     (b)  If this Agreement is terminated pursuant to this Section 9, such
termination shall be without liability of any party to any other party except as
provided in Sections 6 and 11 hereof

     10.  The respective indemnities, agreements, representations, warranties
and other statements of the Company and the Initial Purchasers, as set forth in
this Agreement or made by or on behalf of them, respectively, pursuant to this
Agreement, shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of any Initial Purchaser or any controlling person of such Initial Purchaser, or
the Company or any officer or director or controlling person of the Company, and
shall survive delivery of and payment for the Securities.

     11.  If the Securities are not delivered by or on behalf of the Company as
provided herein because of failure or refusal on the part of the Company to
comply with the terms or to fulfill any of the conditions of this Agreement
other than by reason of default by the Initial Purchasers, the Company will
reimburse the Initial Purchasers for all out-of-pocket expenses approved in
writing by the Initial Purchasers, including fees and disbursements of counsel,
reasonably incurred by the Initial Purchasers in making preparations for the
purchase, exchange or sale, and delivery of the Securities, but the Company
shall then be under no further liability to the Initial Purchasers except as
provided in Section 6 hereof; provided that in such event no provision of this
Agreement shall affect the obligations of the Company under the Old Notes.

     12.  All statements, requests, notices and agreements hereunder shall be in
writing, and if to the Initial Purchasers shall be delivered or sent by mail,
telex or facsimile transmission to WDR at 677 Washington Boulevard, Stamford,
Connecticut 06901, Attention:  John Doherty (fax:  (203) 719-3160); and if to
the Company shall be delivered or sent by mail or facsimile transmission to the
Company at Heller Financial, Inc., 500 West Monroe Street, Chicago, Illinois
60661, Attention:  Treasurer (fax:  312-441-7586), with a copy to Corporate
Legal Services (fax:  312-441-7456).  Any such statements, requests, notices or
agreements shall take effect upon receipt thereof.

                                       14
<PAGE>

     13.  This Agreement shall be binding upon, and inure solely to the benefit
of, the Initial Purchasers, the Company and, to the extent provided in Section 8
hereof, the officers and directors of the Company and each person who controls
the Company or the Initial Purchasers, and their respective heirs, executors,
administrators, successors and assigns, and no other person shall acquire or
have any right under or by virtue of this Agreement.  No purchaser of any of the
Securities from an Initial Purchaser shall be deemed a successor or assign by
reason merely of such purchase.

     14.  The Company irrevocably (i) agrees that any legal suit, action or
proceeding against it brought by any Initial Purchaser or by any person who
controls such Initial Purchaser arising out of or based upon this Agreement or
the transactions contemplated  hereby may be instituted in any New York court,
(ii) waives, to the fullest extent it may effectively do so, any objection which
it may now or hereafter have to the laying of venue of any such proceeding and
(iii) submits to the jurisdiction of such courts in any such suit, action or
proceeding.

     15.  This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

     16.  This Agreement  may be executed in any number of counterparts, each of
which shall be deemed to be an original, but all such respective counterparts
shall together constitute one and the same instrument.

                                       15
<PAGE>

     If the foregoing is in accordance with your understanding, please sign and
return to us counterparts hereof, and upon the acceptance hereof by you, this
letter and such acceptance hereof shall constitute a binding agreement between
the Initial Purchasers and the Company as of the date above written.

                                    Very truly yours,

                                    Heller Financial, Inc.

                                    By:    /s/ Kurt J. Roemer
                                        ------------------------------------
                                        Name:  Kurt J. Roemer
                                        Title: Senior Vice President,
                                               Assistant Treasurer

Confirmed and accepted as of the date hereof:

Warburg Dillon Read LLC
Chase Securities Inc.
Credit Suisse First Boston Corporation
Salomon Smith Barney Inc.

By: Warburg Dillon Read LLC

Acting on behalf of itself and
the several Initial Purchasers named in
Schedule I hereto.

By:    /s/ Bruce J. Widas
    ----------------------------------------
    Name:  Bruce J. Widas
    Title: Managing Director
           Capital Markets

By:    /s/ John Doherty
    ----------------------------------------
    Name:  John Doherty
    Title: Associate Director
           Debt Capital Markets
<PAGE>

                                                        SCHEDULE I
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
           Initial Purchaser              Principal Amount of Securities to be Purchased
----------------------------------------------------------------------------------------

                                                A               B             TOTAL
----------------------------------------------------------------------------------------
<S>                                       <C>               <C>             <C>

Warburg Dillon Read LLC                     $250,000,000    $200,000,000    $450,000,000
----------------------------------------------------------------------------------------

Chase Securities Inc.                         50,000,000               0      50,000,000
----------------------------------------------------------------------------------------

Credit Suisse First Boston Corporation        50,000,000               0      50,000,000
----------------------------------------------------------------------------------------

Salomon Smith Barney Inc.                     50,000,000               0      50,000,000
----------------------------------------------------------------------------------------

Total:                                      $400,000,000    $200,000,000    $600,000,000
----------------------------------------------------------------------------------------
</TABLE><PAGE>

                                                                     EXHIBIT 4.9

________________________________________________________________________________

                         REGISTRATION RIGHTS AGREEMENT

                            Dated November 3, 1999

                                     among

                            HELLER FINANCIAL, INC.

                                      and

                            WARBURG DILLON READ LLC
                             CHASE SECURITIES INC.
                    CREDIT SUISSE FIRST BOSTON CORPORATION
                                      and
                           SALOMON SMITH BARNEY INC.

________________________________________________________________________________
<PAGE>

                         REGISTRATION RIGHTS AGREEMENT

          THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into November 3, 1999, among HELLER FINANCIAL, INC., a Delaware
corporation (the "Company"), and WARBURG DILLON READ LLC ("WDR"), CHASE
SECURITIES INC., CREDIT SUISSE FIRST BOSTON CORPORATION and SALOMON SMITH BARNEY
INC. (the "Initial Purchasers").

          This Agreement is made pursuant to the Purchase Agreement dated
November 3, 1999, among the Company and the Initial Purchasers (the "Purchase
Agreement"), which provides for the issuance by the Company of an aggregate of
$600,000,000 principal amount of the Company's 7 3/8% Notes Due November 1, 2009
(the "Securities").  The Company shall  deliver to WDR an aggregate of
$200,000,000 principal amount of the Securities in exchange for an aggregate of
$200,000,000 principal amount of the Company's Amended and Restated Floating
Rate Note Due August 15, 2009 and deliver to the Initial Purchasers an aggregate
of $400,000,000 principal amount of the Securities against payment therefor.  In
order to induce the Initial Purchasers to enter into the Placement Agreement,
the Company has agreed to provide the registration rights set forth in this
Agreement.

          In consideration of the foregoing, the parties hereto agree as
follows:

          1.    Definitions.
                -----------

          As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

          "1933 Act" shall mean the Securities Act of 1933, as amended from time
           --------
     to time.

          "1934 Act" shall mean the Securities Exchange Act of 1934, as amended
           --------
     from time to time.

          "Closing Date" shall mean November 8, 1999.
           ------------

          "Company" shall have the meaning set forth in the preamble and shall
           -------
     also include the Company's successors.

          "Exchange Offer" shall mean the exchange offer by the Company of
           --------------
     Exchange Securities for Registrable Securities pursuant to Section 2(a)
     hereof.
<PAGE>

                                       2

          "Exchange Offer Registration" shall mean a registration under the 1933
           ---------------------------
     Act effected pursuant to Section 2(a) hereof.

          "Exchange Offer Registration Statement" shall mean a registration
           -------------------------------------
     statement on Form S-4 (or, if applicable, on another appropriate form)
     relating to an offering of Exchange Securities pursuant to an Exchange
     Offer and all amendments and supplements to such registration statement, in
     each case including the Prospectus contained therein, all exhibits thereto
     and all material incorporated by reference therein.

          "Exchange Securities" shall mean notes issued by the Company under the
           -------------------
     Indenture containing terms identical to the Securities (except that the
     Exchange Securities will not contain restrictions on transfer or terms
     regarding the payment of additional interest as provided in Section 2(d)
     hereof) and to be offered to Holders of Securities in exchange for
     Securities pursuant to the Exchange Offer.

          "Holder" shall mean WDR, for so long as it owns any Registrable
           ------
     Securities, and each of its successors, assigns and direct and indirect
     transferees who become registered owners of Registrable Securities under
     the Indenture; provided that for purposes of Sections 4 and 5 of this
                    --------
     Agreement, the term "Holder" shall include Participating Broker-Dealers (as
     defined in Section 4(a)).

          "Indenture" shall mean the Indenture relating to the Securities dated
           ---------
     as of September 1, 1995 between the Company and State Street Bank and Trust
     Company, as successor to Shawmut Bank Connecticut, National Association, as
     trustee, as supplemented by the First Supplemental Indenture dated as of
     October 13, 1995, the Second Supplemental Indenture dated as of November
     17, 1997 and the Third Supplemental Indenture dated as of August 16, 1999,
     and as the same may be amended from time to time in accordance with the
     terms thereof.

          "Majority Holders" shall mean the Holders of a majority of the
           ----------------
     aggregate principal amount of outstanding Registrable Securities; provided
                                                                       --------
     that whenever the consent or approval of Holders of a specified percentage
     of Registrable Securities is required hereunder, Registrable Securities
     held by the Company or any of its affiliates (as such term is defined in
     Rule 405 under the 1933 Act) (other than WDR or subsequent Holders of
     Registrable Securities if such subsequent Holders are deemed to be such
     affiliates solely by reason of their holding of such Registrable
     Securities) shall not be counted in determining whether such consent or
     approval was given by the Holders of such required percentage or amount.
<PAGE>

                                       3

          "Person" shall mean an individual, partnership, limited liability
           ------
     company, corporation, trust or unincorporated organization, or a government
     or agency or political subdivision thereof.

          "Prospectus" shall mean the prospectus included in a Registration
           ----------
     Statement, including any preliminary prospectus, and any such prospectus as
     amended or supplemented by any prospectus supplement, including a
     prospectus supplement with respect to the terms of the offering of any
     portion of the Registrable Securities covered by a Shelf Registration
     Statement, and by all other amendments and supplements to such prospectus,
     and in each case including all material incorporated by reference therein.

          "Purchase Agreement" shall have the meaning set forth in the preamble.
           ------------------

          "Registrable Securities" shall mean the Securities; provided, however,
           ----------------------                             --------  -------
     that the Securities shall cease to be Registrable Securities (i) when a
     Registration Statement with respect to such Securities shall have been
     declared effective under the 1933 Act and such Securities shall have been
     exchanged for Exchange Securities pursuant to an Exchange Offer
     Registration Statement or disposed of pursuant to a Shelf Registration
     Statement, as applicable, (ii) when such Securities have been sold to the
     public pursuant to Rule 144 under the 1933 Act or are saleable pursuant to
     Rule 144(k) under the 1933 Act (or any similar provisions then in force,
     but not Rule 144A) or (iii) when such Securities shall have ceased to be
     outstanding.

          "Registration Expenses" shall mean any and all expenses incident to
           ---------------------
     performance of or compliance by the Company with this Agreement, including
     without limitation: (i) all SEC, stock exchange or National Association of
     Securities Dealers, Inc. registration and filing fees, (ii) all fees and
     expenses incurred in connection with compliance with state securities or
     blue sky laws (including reasonable fees and disbursements of counsel for
     any underwriters or Holders in connection with blue sky qualification of
     any of the Exchange Securities or Registrable Securities), (iii) all
     expenses of any Persons in preparing or assisting in preparing, word
     processing, printing and distributing any Registration Statement, any
     Prospectus (including any amendments or supplements thereto), any
     underwriting agreements, securities sales agreements and other documents
     relating to the performance of and compliance with this Agreement, (iv) all
     rating agency fees, (v) all fees and disbursements relating to the
     qualification of the Indenture under applicable securities laws, (vi) the
     fees and disbursements of the Trustee and its counsel, (vii) the fees and
     disbursements of counsel for the Company and, in the case of a Shelf
     Registration Statement, the reasonable fees and disbursements of one
     counsel for the Holders (which counsel shall be selected by the Majority
     Holders and which counsel may also be counsel for WDR)
<PAGE>

                                       4

     and (viii) the fees and disbursements of the independent public accountants
     of the Company, including the expenses of any special audits or "cold
     comfort" letters required by or incident to such performance and
     compliance, but excluding fees and expenses of counsel to the underwriters
     (other than fees and expenses set forth in clause (ii) above) or the
     Holders and underwriting discounts and commissions and transfer taxes, if
     any, relating to the sale or disposition of Registrable Securities by a
     Holder.

          "Registration Statement" shall mean any registration statement of the
           ----------------------
     Company that covers any of the Exchange Securities or Registrable
     Securities pursuant to the provisions of this Agreement and all amendments
     and supplements to any such Registration Statement, including post-
     effective amendments, in each case including the Prospectus contained
     therein, all exhibits thereto and all material incorporated by reference
     therein.

          "SEC" shall mean the Securities and Exchange Commission.
           ---

          "Shelf Registration" shall mean a registration effected pursuant to
           ------------------
     Section 2(b) hereof.

          "Shelf Registration Statement" shall mean a "shelf" registration
           ----------------------------
     statement of the Company pursuant to the provisions of Section 2(b) of this
     Agreement which covers all of the Registrable Securities (but no other
     securities unless approved by the Holders of a majority of the aggregate
     principal amount of outstanding Registrable Securities that are covered by
     such Shelf Registration Statement) on an appropriate form under Rule 415
     under the 1933 Act, or any similar rule that may be adopted by the SEC, and
     all amendments and supplements to such registration statement, including
     post-effective amendments, in each case including the Prospectus contained
     therein, all exhibits thereto and all material incorporated by reference
     therein.

          "Trustee" shall mean the trustee with respect to the Securities under
           -------
     the Indenture.

          "Underwriter" shall have the meaning set forth in Section 3 hereof.
           -----------

          "Underwritten Registration" or "Underwritten Offering" shall mean a
           -------------------------      ---------------------
     registration in which Registrable Securities are sold to an Underwriter for
     reoffering to the public.

          "WDR" shall have the meaning set forth in the preamble.
           ---

          2.    Registration Under the 1933 Act.
                -------------------------------
<PAGE>

                                       5

          (a)   To the extent not prohibited by any applicable law or applicable
interpretation of the Staff of the SEC, the Company shall use its reasonable
best efforts (1) to cause to be filed an Exchange Offer Registration Statement
within 120 days following the Closing Date covering the offer by the Company to
the Holders to exchange all of the Registrable Securities for an equal aggregate
principal amount of Exchange Securities and (2) to cause such Exchange Offer
Registration Statement to become effective within 180 days following the Closing
Date. The Company shall use its reasonable best efforts to have the Exchange
Offer Registration Statement remain effective until the closing of the Exchange
Offer. The Company shall commence the Exchange Offer promptly after the Exchange
Offer Registration Statement has been declared effective by the SEC and use its
reasonable best efforts to have the Exchange Offer consummated not later than 60
days after such effective date. The Company shall commence the Exchange Offer by
mailing the related exchange offer Prospectus and accompanying documents to each
Holder stating, in addition to such other disclosures as are required by
applicable law:

          (i)   that the Exchange Offer is being made pursuant to this
     Registration Rights Agreement and that all Registrable Securities validly
     tendered will be accepted for exchange;

          (ii)  the dates of acceptance for exchange (which shall be a period of
     at least 20 business days from the date such notice is mailed) (the
     "Exchange Dates");

          (iii) that any Registrable Security not tendered will remain
     outstanding and continue to accrue interest, but will not retain any rights
     under this Registration Rights Agreement;

          (iv)  that Holders electing to have a Registrable Security exchanged
     pursuant to the Exchange Offer will be required to surrender such
     Registrable Security, together with the enclosed letters of transmittal, to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice prior to the close of
     business on the last Exchange Date; and

          (v)   that Holders will be entitled to withdraw their election, not
     later than the close of business on the last Exchange Date, by sending to
     the institution and at the address (located in the Borough of Manhattan,
     The City of New York) specified in the notice a telegram, facsimile
     transmission or letter (to be received no later than the Exchange Date)
     setting forth the name of such Holder, the principal amount of Registrable
     Securities delivered for exchange and a statement that such Holder is
     withdrawing his election to have such Securities exchanged.

          As soon as practicable after the last Exchange Date, the Company
shall:
<PAGE>

                                       6

          (i)   accept for exchange Registrable Securities or portions thereof
     validly tendered and not validly withdrawn pursuant to the Exchange Offer;
     and

          (ii)  deliver, or cause to be delivered, to the Trustee for
     cancellation all Registrable Securities or portions thereof so accepted for
     exchange by the Company and issue, and cause the Trustee to promptly
     authenticate and mail to each Holder, an Exchange Security equal in
     principal amount to the principal amount of the Registrable Securities
     surrendered by such Holder.

The Company shall use its reasonable best efforts to complete the Exchange Offer
as provided above and shall comply with the applicable requirements of the 1933
Act, the 1934 Act and other applicable laws and regulations in connection with
the Exchange Offer. The Exchange Offer shall not be subject to any conditions,
other than that the Exchange Offer does not violate applicable law or any
applicable interpretation of the Staff of the SEC. The Company shall inform WDR
(on behalf of the Initial Purchasers) of the names and addresses of the Holders
to whom the Exchange Offer is made, and WDR (on behalf of the Initial
Purchasers) shall have the right, subject to applicable law, to contact such
Holders and otherwise facilitate the tender of Registrable Securities in the
Exchange Offer.

          (b)   If:

          (i)   the Company determines that the Exchange Offer Registration
     provided for in Section 2(a) above is not available or may not be
     consummated as soon as practicable after the last Exchange Date because it
     would violate applicable law or the applicable interpretations of the Staff
     of the SEC,

          (ii)  the Exchange Offer is not for any other reason consummated
     within 240 days following the Closing Date or

          (iii) the Exchange Offer has been completed and in the written opinion
     of counsel for the Holders a Shelf Registration Statement must be filed and
     a Prospectus must be delivered by any Holder in connection with any
     reoffering or resale of Registrable Securities,

the Company shall use its reasonable best efforts to (x) file with the SEC
within 120 days of such determination, date or notice of such opinion of counsel
being given to the Company, as the case may be, a Shelf Registration Statement
providing for the resale by the Holders (other than those who fail to comply
with the paragraph immediately following clause (p) of Section 3) of all of
their Registrable Securities and to (y) have such Shelf Registration Statement
declared effective by the SEC within 180 days of such determination, date or
notice of such opinion of counsel being given to the Company, as the case may
be.  If the Company is
<PAGE>

                                       7

required to file a Shelf Registration Statement solely as a result of the
matters referred to in clause (iii) of the preceding sentence, the Company shall
use its reasonable best efforts to file and have declared effective by the SEC
both an Exchange Offer Registration Statement pursuant to Section 2(a) with
respect to all Registrable Securities and a Shelf Registration Statement (which
may be a combined Registration Statement with the Exchange Offer Registration
Statement) with respect to reoffers and resales of Registrable Securities held
by the Holders who must deliver the related Prospectus. The Company agrees to
use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective until the expiration of the period referred to in Rule
144(k) with respect to the Registrable Securities or such shorter period that
will terminate when all of the Registrable Securities covered by the Shelf
Registration Statement have been sold pursuant to the Shelf Registration
Statement or cease to be Registrable Securities within the meaning of this
Agreement. The Company further agrees to supplement or amend the Shelf
Registration Statement if required by the rules, regulations or instructions
applicable to the registration form used by the Company for such Shelf
Registration Statement or by the 1933 Act or by any other rules and regulations
thereunder for shelf registration or if reasonably requested by a Holder with
respect to information relating to such Holder, and to use its reasonable best
efforts to cause any such amendment to become effective and such Shelf
Registration Statement to become usable as soon as thereafter practicable. The
Company agrees to furnish to the Holders of Registrable Securities copies of any
such supplement or amendment promptly after its being used or filed with the
SEC.

          (c)   The Company shall pay all Registration Expenses in connection
with the registration pursuant to Section 2(a) or Section 2(b). Each Holder
shall pay all underwriting discounts and commissions and transfer taxes, if any,
relating to the sale or disposition of such Holder's Registrable Securities
pursuant to the Shelf Registration Statement.

          (d)   An Exchange Offer Registration Statement pursuant to Section
2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof
will not be deemed to have become effective unless it has been declared
effective by the SEC; provided, however, that, if, after it has been declared
                      --------  -------
effective, the offering of Registrable Securities pursuant to a Shelf
Registration Statement is interfered with by any stop order, injunction or other
order or requirement of the SEC or any other governmental agency or court, such
Registration Statement will be deemed not to have become effective during the
period of such interference until the offering of Registrable Securities
pursuant to such Registration Statement may legally resume. As provided for in
the Securities, if:

          (i)   the Exchange Offer Registration Statement and, if a Shelf
     Registration Statement is required hereby, the Shelf Registration Statement
     is not filed with the SEC on or prior to the date specified for such filing
     in Section 2(a) and Section 2(b), respectively,
<PAGE>

                                       8

          (ii)  the Exchange Offer Registration Statement and, if a Shelf
     Registration Statement is required hereby, the Shelf Registration Statement
     is not declared effective on or prior to the date specified for such
     effectiveness in Section 2(a) and Section 2(b), respectively,

          (iii) the Exchange Offer is not consummated on or prior to the date
     specified in Section 2(a), or

          (iv)  the Company has filed, and the SEC has declared effective, the
     Shelf Registration Statement and at any time prior to the expiration of the
     period referred to in Rule 144(k) with respect to the Registrable
     Securities, other than after all the Registrable Securities have been
     disposed of under the Shelf Registration Statement or cease to be
     Registrable Securities, the Shelf Registration Statement ceases to be
     effective, or fails to be usable for its intended purpose without being
     succeeded within two business days by a post-effective amendment which
     cures the failure and that is itself immediately declared effective,

then in the case of any failure set forth in (i) - (iv) above, the per annum
interest rate on the Securities will increase by 0.25% until the date that the
relevant failure is remedied.

          (e)   Without limiting the remedies available to the Holders, the
Company acknowledges that any failure by the Company to comply with its
obligations under Section 2(a) and Section 2(b) hereof may result in material
irreparable injury to the Holders for which there is no adequate remedy at law,
that it will not be possible to measure damages for such injuries precisely and
that, in the event of any such failure, any Holder may obtain such relief as may
be required to specifically enforce the Company's obligations under Section 2(a)
and Section 2(b) hereof.

          3.    Registration Procedures.
                -----------------------

          In connection with the obligations of the Company with respect to the
Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Company shall as expeditiously as possible; provided, however, that the Company
                                            --------  -------
shall not be required to take actions more promptly than required by Sections
2(a) and 2(b):

          (a)   prepare and file with the SEC a Registration Statement on the
     appropriate form under the 1933 Act, which form (x) shall be selected by
     the Company and (y) shall, in the case of a Shelf Registration, be
     available for the resale of the Registrable Securities by the selling
     Holders thereof and (z) shall comply as to form in all material respects
     with the requirements of the applicable form and include all financial
     statements required by the SEC to be filed therewith, and use its
     reasonable
<PAGE>

                                       9

     best efforts to cause such Registration Statement to become effective and
     remain effective in accordance with Section 2 hereof;

          (b)   prepare and file with the SEC such amendments and post-effective
     amendments to each Registration Statement as may be necessary to keep such
     Registration Statement effective for the applicable period and cause each
     Prospectus to be supplemented by any required prospectus supplement and, as
     so supplemented, to be filed pursuant to Rule 424 under the 1933 Act; to
     keep each Prospectus current during the period described under Section 4(3)
     and Rule 174 under the 1933 Act that is applicable to transactions by
     brokers or dealers with respect to the Registrable Securities or Exchange
     Securities;

          (c)   in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, to counsel for the Initial Purchasers, to counsel
     for the Holders and to each Underwriter of an Underwritten Offering of
     Registrable Securities, if any, without charge, as many copies of each
     Prospectus, including each preliminary Prospectus, and any amendment or
     supplement thereto and such other documents as such Holder or Underwriter
     may reasonably request, in order to facilitate the public sale or other
     disposition of the Registrable Securities; and, subject to Section 3(i),
     the Company consents to the use of such Prospectus and any amendment or
     supplement thereto in accordance with applicable law by each of the selling
     Holders of Registrable Securities and any such Underwriters in connection
     with the offering and sale of the Registrable Securities covered by, and in
     the manner described in, such Prospectus or any amendment or supplement
     thereto in accordance with applicable law;

          (d)   use its reasonable best efforts to register or qualify the
     Registrable Securities under all applicable state securities or "blue sky"
     laws of such jurisdictions as any Holder of Registrable Securities covered
     by a Registration Statement shall reasonably request in writing by the time
     the applicable Registration Statement is declared effective by the SEC, to
     cooperate with such Holders in connection with any filings required to be
     made with the National Association of Securities Dealers, Inc. and do any
     and all other acts and things which may be reasonably necessary or
     advisable to enable such Holder to consummate the disposition in each such
     jurisdiction of such Registrable Securities owned by such Holder; provided,
                                                                       --------
     however, that the Company shall not be required to (i) qualify as a foreign
     -------
     corporation or as a dealer in securities in any jurisdiction where it would
     not otherwise be required to qualify but for this Section 3(d), (ii) file
     any general consent to service of process or (iii) subject itself to
     taxation in any such jurisdiction if it is not so subject;

          (e)   in the case of a Shelf Registration, notify each Holder of
     Registrable Securities, counsel for the Holders and counsel for the Initial
     Purchasers promptly and,
<PAGE>

                                      10

     if requested by any such Holder or counsel, confirm such advice in writing
     (i) when a Registration Statement has become effective and when any post-
     effective amendment thereto has been filed and becomes effective, (ii) of
     any request by the SEC or any state securities authority for amendments and
     supplements to a Registration Statement and Prospectus or for additional
     information after the Registration Statement has become effective, (iii) of
     the issuance by the SEC or any state securities authority of any stop order
     suspending the effectiveness of a Registration Statement or the initiation
     of any proceedings for that purpose, (iv) if, between the effective date of
     a Registration Statement and the closing of any sale of Registrable
     Securities covered thereby, the representations and warranties of the
     Company contained in any underwriting agreement, securities sales agreement
     or other similar agreement, if any, relating to the offering cease to be
     true and correct in all material respects or if the Company receives any
     notification with respect to the suspension of the qualification of the
     Registrable Securities for sale in any jurisdiction or the initiation of
     any proceeding for such purpose, (v) of the happening of any event during
     the period a Shelf Registration Statement is effective which makes any
     statement made in such Shelf Registration Statement or the related
     Prospectus untrue in any material respect or which requires the making of
     any changes in such Shelf Registration Statement or Prospectus in order to
     make the statements therein not misleading and (vi) of any determination by
     the Company that a post-effective amendment to a Registration Statement
     would be appropriate;

          (f)   make every reasonable effort to obtain the withdrawal of any
     order suspending the effectiveness of a Registration Statement at the
     earliest possible moment and provide immediate notice to each Holder of the
     withdrawal of any such order;

          (g)   in the case of a Shelf Registration, furnish to each Holder of
     Registrable Securities, without charge, at least one conformed copy of each
     Registration Statement and any post-effective amendment thereto (without
     documents incorporated therein by reference or exhibits thereto, unless
     requested);

          (h)   in the case of a Shelf Registration, cooperate with the selling
     Holders of Registrable Securities to facilitate the timely preparation and
     delivery of certificates representing Registrable Securities to be sold and
     not bearing any restrictive legends and enable such Registrable Securities
     to be in such denominations (consistent with the provisions of the
     Indenture) and registered in such names as the selling Holders may
     reasonably request at least two business days prior to the closing of any
     sale of Registrable Securities;

          (i)   in the case of a Shelf Registration, upon the occurrence of any
     event contemplated by Section 3(e)(v) hereof, use its reasonable best
     efforts to prepare and
<PAGE>

                                      11

     file with the SEC a supplement or post-effective amendment to a
     Registration Statement or the related Prospectus or any document
     incorporated therein by reference or file any other required document so
     that, as thereafter delivered to the purchasers of the Registrable
     Securities, such Prospectus will not contain any untrue statement of a
     material fact or omit to state a material fact necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading. The Company agrees to notify the Holders to suspend
     use of the Prospectus as promptly as practicable after the occurrence of
     such an event, and the Holders hereby agree to suspend use of the
     Prospectus until the Company has amended or supplemented the Prospectus to
     correct such misstatement or omission;

          (j) a reasonable time prior to the filing of any Registration
     Statement, any Prospectus, any amendment to a Registration Statement or
     amendment or supplement to a Prospectus, provide copies of such document to
     WDR (on behalf of the Initial Purchasers) and its counsel (and, in the case
     of a Shelf Registration Statement, the Holders and their counsel) and make
     such of the representatives of the Company as shall be reasonably requested
     by WDR (on behalf of the Initial Purchasers) or its counsel (and, in the
     case of a Shelf Registration Statement, the Holders or their counsel)
     available for discussion of such document, and shall not at any time file
     or make any amendment to the Shelf Registration Statement, any Prospectus
     or any amendment of or supplement to a Shelf Registration Statement or a
     Prospectus, of which WDR  (on behalf of the Initial Purchasers) and its
     counsel (and, in the case of a Shelf Registration Statement, the Holders
     and their counsel) shall not have previously been advised and furnished a
     copy or to which WDR  (on behalf of the Initial Purchasers) or its counsel
     (and, in the case of a Shelf Registration Statement, the Holders or their
     counsel) shall reasonably object;

          (k) obtain a CUSIP number for all Exchange Securities or Registrable
     Securities, as the case may be, not later than the effective date of the
     applicable Registration Statement;

          (l) cause the Indenture to be qualified under the Trust Indenture Act
     of 1939, as amended (the "TIA"), in connection with the registration of the
     Exchange Securities or Registrable Securities, as the case may be,
     cooperate with the Trustee and the Holders to effect such changes to the
     Indenture as may be required for the Indenture to be so qualified in
     accordance with the terms of the TIA and execute, and use its reasonable
     best efforts to cause the Trustee to execute, all documents as may be
     required to effect such changes and all other forms and documents required
     to be filed with the SEC to enable the Indenture to be so qualified in a
     timely manner;
<PAGE>

                                      12

          (m) in the case of a Shelf Registration, make available for inspection
     by a representative of the Holders of the Registrable Securities, any
     Underwriter participating in any disposition pursuant to such Shelf
     Registration Statement, counsel for the Holders and accountants designated
     by the Holders, at reasonable times and in a reasonable manner, all
     financial and other records, pertinent documents and properties of the
     Company, and cause the respective officers, directors and employees of the
     Company to supply all information reasonably requested by any such
     representative, Underwriter, counsel for the Holders or accountant in
     connection with a Shelf Registration Statement;

          (n) use its reasonable best efforts to cause the Exchange Securities
     to continue to be rated by two nationally recognized statistical rating
     organizations (as such term is defined in Rule 436(g)(2) under the 1933
     Act), if the Registrable Securities have been rated;

          (o) if reasonably requested by any Holder of Registrable Securities
     covered by a Registration Statement, (i) promptly incorporate in a
     Prospectus supplement or post-effective amendment such information with
     respect to such Holder as such Holder reasonably requests to be included
     therein and (ii) make all required filings of such Prospectus supplement or
     such post-effective amendment as soon as the Company has received
     notification of the matters to be incorporated in such filing; and

          (p) in the case of a Shelf Registration, enter into such customary
     agreements and take all such other actions in connection therewith
     (including those reasonably requested by the Holders of a majority of the
     Registrable Securities being sold thereunder) in order to expedite or
     facilitate the disposition of such Registrable Securities thereunder
     including, but not limited to, pursuant to an Underwritten Offering and in
     such connection, (i) to the extent possible, make such representations and
     warranties to the Holders and any Underwriters of such Registrable
     Securities with respect to the business of the Company and its
     subsidiaries, the Registration Statement, Prospectus and documents
     incorporated by reference or deemed incorporated by reference, if any, in
     each case, in form, substance and scope as are customarily made by issuers
     to underwriters in underwritten offerings and confirm the same if and when
     requested, (ii) obtain opinions of counsel to the Company (which counsel
     and opinions, in form, scope and substance, shall be reasonably
     satisfactory to the Holders of a majority in principal amount of the
     Registrable Securities being sold under such Shelf Registration Statement,
     such Underwriters and their respective counsel) addressed to each selling
     Holder and Underwriter of Registrable Securities, covering the matters
     customarily covered in opinions requested in underwritten offerings, (iii)
     obtain "cold comfort" letters from the independent certified public
     accountants of the Company (and, if necessary, any other certified public
     accountant of any subsidiary of the
<PAGE>

                                    13

     Company, or of any business acquired by the Company for which financial
     statements and financial data are or are required to be included in the
     Registration Statement) addressed to each selling Holder and Underwriter of
     Registrable Securities, such letters to be in customary form and covering
     matters of the type customarily covered in "cold comfort" letters in
     connection with underwritten offerings, and (iv) deliver such documents and
     certificates as may be reasonably requested by the Holders of a majority in
     principal amount of the Registrable Securities being sold under such Shelf
     Registration Statement or the Underwriters, and which are customarily
     delivered in underwritten offerings, to evidence the continued validity of
     the representations and warranties of the Company made pursuant to clause
     (i) above and to evidence compliance with any customary conditions
     contained in an underwriting agreement.

          In the case of a Shelf Registration Statement, the Company may require
each Holder of Registrable Securities to furnish to the Company such information
regarding the Holder and the proposed distribution by such Holder of such
Registrable Securities as the Company may from time to time reasonably request
in writing.  No Holder of Registrable Securities may include its Registrable
Securities in such Shelf Registration Statement unless and until such Holder
furnishes such information to the Company.  Each Holder including Registrable
Securities in a Shelf Registration Statement shall agree to furnish promptly to
the Company all information regarding such Holder and the proposed distribution
by such Holder of such Registrable Securities required to make the information
previously furnished to the Company by such Holder not materially misleading.

          In connection with an Exchange Offer Registration, each Holder
exchanging Securities for Exchange Securities shall be required to represent
that (i) the Exchange Securities are being obtained in the ordinary course of
business of the Person receiving such Exchange Securities, whether or not such
Person is a Holder, (ii) neither such Holder nor any such other Person has an
arrangement or understanding with any Person to participate in the distribution
of Exchange Securities, (iii) other than as set forth in Section 4, if the
Holder is not a broker-dealer, or is a broker-dealer but will not receive
Exchange Securities for its own account in exchange for Securities, neither the
Holder nor any such other Person is engaged in or intends to participate in a
distribution of the Exchange Securities and (iv) neither the Holder nor any such
other Person is an "affiliate" of the Company within the meaning of Rule 405
under the Securities Act or, if such Person is an "affiliate", that such Holder
will comply with the registration and prospectus delivery requirements of the
Securities Act to the extent applicable.

          In the case of a Shelf Registration Statement, each Holder agrees
that, upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 3(e)(v) hereof, such Holder will forthwith
discontinue disposition of Registrable Securities pursuant to a Registration
Statement until such Holder's receipt of the copies of the
<PAGE>

                                      14

supplemented or amended Prospectus contemplated by Section 3(i) hereof, and, if
so directed by the Company, such Holder will deliver to the Company (at its
expense) all copies in its possession, other than permanent file copies then in
such Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. If the Company shall give any
such notice to suspend the disposition of Registrable Securities pursuant to a
Registration Statement, the Company shall extend the period during which the
Registration Statement shall be maintained effective pursuant to this Agreement
by the number of days during the period from and including the date of the
giving of such notice to and including the date when the Holders shall have
received copies of the supplemented or amended Prospectus necessary to resume
such dispositions. The Company may give such notice so long as there are no more
than 60 days during any 365 day period in which such suspensions are in effect.

          The Holders of Registrable Securities covered by a Shelf Registration
Statement who desire to do so may sell such Registrable Securities in an
Underwritten Offering.  In any such Underwritten Offering, the investment banker
or investment bankers and manager or managers (the "Underwriters") that will
administer the Underwritten Offering will be selected by the Majority Holders of
the Registrable Securities included in such Underwritten Offering; provided that
                                                                   --------
such Underwriters shall be reasonably acceptable to the Company.

          4.  Participation of Broker-Dealers in Exchange Offer.
              --------------------------------------------------

          (a) The parties hereto understand that the Staff of the SEC has taken
the position that any broker-dealer that receives Exchange Securities for its
own account in the Exchange Offer in exchange for Securities that were acquired
by such broker-dealer as a result of market-making or other trading activities
(a "Participating Broker-Dealer"), may be deemed to be an "underwriter" within
the meaning of the 1933 Act and must deliver a prospectus meeting the
requirements of the 1933 Act in connection with any resale of such Exchange
Securities.

          The Company understands that it is currently the Staff's position that
if the Prospectus contained in the Exchange Offer Registration Statement
includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange
Securities, without naming the Participating Broker-Dealers or specifying the
amount of Exchange Securities owned by them, such Prospectus may be delivered by
Participating Broker-Dealers to satisfy their prospectus delivery obligation
under the 1933 Act in connection with resales of Exchange Securities for their
own accounts, so long as the Prospectus otherwise meets the requirements of the
1933 Act.

          (b) In light of the above, notwithstanding the other provisions of
this Agreement, the Company agrees that the provisions of this Agreement as they
relate to a Shelf
<PAGE>

                                      15

Registration shall also apply to an Exchange Offer Registration to the extent,
and with such reasonable modifications thereto as may be, reasonably requested
by the Initial Purchasers or by one or more Participating Broker-Dealers, in
each case as provided in clause (ii) below, in order to expedite or facilitate
the disposition of any Exchange Securities by Participating Broker-Dealers
consistent with the positions of the Staff recited in Section 4(a) above;
provided that:
--------

          (i)  the Company shall not be required to amend or supplement the
     Prospectus contained in the Exchange Offer Registration Statement, as would
     otherwise be contemplated by Section 3(i), for a period exceeding 180 days
     after the last Exchange Date (as such period may be extended pursuant to
     the penultimate paragraph of Section 3 of this Agreement) and Participating
     Broker-Dealers shall not be authorized by the Company to deliver and shall
     not deliver such Prospectus after such period in connection with the
     resales contemplated by this Section 4; and

          (ii) the application of the Shelf Registration procedures set forth in
     Section 3 of this Agreement to an Exchange Offer Registration, to the
     extent not required by the positions of the Staff of the SEC or the 1933
     Act and the rules and regulations thereunder, will be in conformity with
     the reasonable request in writing to the Company by the Initial Purchasers
     or with the reasonable request in writing to the Company by one or more
     broker-dealers who certify to the Initial Purchasers and the Company in
     writing that they anticipate that they will be Participating Broker-
     Dealers; and provided further that, in connection with such application of
                  -------- -------
     the Shelf Registration procedures set forth in Section 3 to an Exchange
     Offer Registration, the Company shall be obligated (x) to deal only with
     one entity representing the Participating Broker-Dealers, which shall be
     WDR unless it elects not to act as such representative, (y) to pay the fees
     and expenses of only one counsel representing the Participating Broker-
     Dealers, which shall be counsel to the Initial Purchasers unless such
     counsel elects not to so act and (z) to cause to be delivered only one, if
     any, "cold comfort" letter with respect to the Prospectus in the form
     existing on the last Exchange Date and with respect to each subsequent
     amendment or supplement, if any, effected during the period specified in
     clause (i) above.

          (c) the Initial Purchasers shall have no liability to the Company,
other than as Holders in accordance with the terms hereof, or to any other
Holder with respect to any request that they may make pursuant to Section 4(b)
above.

          5.  Indemnification and Contribution.
              --------------------------------

          (a) The Company agrees to indemnify and hold harmless the Initial
Purchasers, each Holder and each Person, if any, who controls the Initial
Purchasers or any
<PAGE>

                                      16

Holder within the meaning of either Section 15 of the 1933 Act or Section 20 of
the 1934 Act, or is under common control with, or is controlled by, the Initial
Purchasers or any Holder (each, a "Participant"), from and against all losses,
claims, damages and liabilities (including, without limitation, any legal or
other expenses reasonably incurred by a Participant in connection with defending
or investigating any such action or claim) caused by any untrue statement or
alleged untrue statement of a material fact contained in any Registration
Statement (or any amendment thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the 1933 Act, including all
documents incorporated therein by reference, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, or caused by any
untrue statement or alleged untrue statement of a material fact contained in any
Prospectus (as amended or supplemented if the Company shall have furnished any
amendments or supplements thereto) forming a part of such Registration
Statement, or caused by any omission or alleged omission to state therein a
material fact necessary to make the statements therein in light of the
circumstances under which they were made not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any such untrue statement
or omission or alleged untrue statement or omission based upon information
relating to the Initial Purchasers or any Holder furnished to the Company in
writing by the Initial Purchasers or any selling Holder expressly for use
therein; provided that the foregoing indemnity with respect to any Prospectus
         --------
shall not inure to the benefit of any Holder from whom the Person asserting any
such losses, claims, damages or liabilities purchased Securities, or any Person
controlling such Holder, if a copy of the final Prospectus (as then amended or
supplemented if the Company shall have furnished any amendments or supplements
thereto) was not sent by, or delivered on behalf of, such Holder to such Person
at or prior to the written confirmation of the sale of the Securities to such
Person, if the final Prospectus (as so amended or supplemented) would have cured
the defect giving rise to such loss, claim, damage or liability.  In connection
with any Underwritten Offering permitted by Section 3, the Company will also
indemnify the Underwriters, if any, selling brokers, dealers and similar
securities industry professionals participating in such Underwritten Offering,
their officers and directors and each Person who controls such Persons (within
the meaning of the 1933 Act and the 1934 Act) to the same extent as provided
above with respect to the indemnification of the Holders, if requested in
connection with any Registration Statement for such Underwritten Offering.

          (b) Each Holder agrees, severally and not jointly, to indemnify and
hold harmless the Company, the Initial Purchasers and the other selling Holders,
and each of their respective directors, officers who sign the Registration
Statement and each Person, if any, who controls the Company, the Initial
Purchasers and any other selling Holder within the meaning of either Section 15
of the 1933 Act or Section 20 of the 1934 Act to the same extent as the
foregoing indemnity from the Company to the Initial Purchasers and the Holders
pursuant to Section 5(a), but only with reference to information relating to
such Holder furnished to the
<PAGE>

                                      17

Company in writing by such Holder expressly for use in any Registration
Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto).

          (c) In case any proceeding (including any governmental investigation)
shall be instituted involving any Person in respect of which indemnity may be
sought pursuant to either paragraph (a) or paragraph (b) above, such Person (the
"indemnified party") shall promptly notify the Person against whom such
indemnity may be sought (the "indemnifying party") in writing and the
indemnifying party, upon request of the indemnified party, shall retain counsel
reasonably satisfactory to the indemnified party to represent the indemnified
party and any others the indemnifying party may designate in such proceeding and
shall pay the fees and disbursements of such counsel related to such proceeding.
In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them.  It is understood that the indemnifying party
shall not, in connection with any proceeding or related proceedings in the same
jurisdiction, be liable for (a) the fees and expenses of more than one separate
firm (in addition to any local counsel) for the Initial Purchasers and all
Persons, if any, who control the Initial Purchasers within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act, (b) the fees and
expenses of more than one separate firm (in addition to any local counsel) for
the Company, its directors, its officers who sign the Registration Statement and
each Person, if any, who controls the Company within the meaning of either such
Section and (c) the fees and expenses of more than one separate firm (in
addition to any local counsel) for all Holders and all Persons, if any, who
control any Holders within the meaning of either such Section, and that all such
fees and expenses shall be reimbursed as they are incurred.  In such case
involving the Initial Purchasers and Persons who control the Initial Purchasers,
such firm shall be designated in writing by WDR.  In such case involving the
Holders and such Persons who control Holders, such firm shall be designated in
writing by the Majority Holders.  In all other cases, such firm shall be
designated by the Company.  The indemnifying party shall not be liable for any
settlement of any proceeding effected without its written consent but, if
settled with such consent or if there be a final judgment for the plaintiff, the
indemnifying party agrees to indemnify the indemnified party from and against
any loss or liability by reason of such settlement or judgment.  No indemnifying
party shall, without the prior written consent of the indemnified party, effect
any settlement of any pending or threatened proceeding in respect of which such
indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an
unconditional release of such indemnified party from all liability on claims
that are the subject matter of such proceeding.
<PAGE>

                                      18

          (d) If the indemnification provided for in paragraph (a) or paragraph
(b) of this Section 5 is unavailable to an indemnified party or insufficient in
respect of any losses, claims, damages or liabilities, then each indemnifying
party under such paragraph, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or parties on the one hand and of the indemnified party or parties on the
other hand in connection with the statements or omissions that resulted in such
losses, claims, damages or liabilities, as well as any other relevant equitable
considerations.  The relative fault of the Company and the Holders shall be
determined by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state
a material fact relates to information supplied by the Company or by the Holders
and the parties' relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission.  The Holders'
respective obligations to contribute pursuant to this Section 5(d) are several
in proportion to the respective principal amount of Registrable Securities of
the applicable Holder that were registered pursuant to a Registration Statement.

          (e) The Company and each Holder agree that it would not be just or
equitable if contribution pursuant to this Section 5 were determined by pro rata
                                                                        --- ----
allocation or by any other method of allocation that does not take account of
the equitable considerations referred to in paragraph (d) above.  The amount
paid or payable by an indemnified party as a result of the losses, claims,
damages and liabilities referred to in paragraph (d) above shall be deemed to
include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any such action or claim.  Notwithstanding the provisions of this
Section 5, no Holder shall be required to indemnify or contribute any amount in
excess of the amount by which the total price at which Registrable Securities
were sold by such Holder exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission.  No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be
entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation.  The remedies provided for in this Section 5 are not
exclusive and shall not limit any rights or remedies which may otherwise be
available to any indemnified party at law or in equity.

          The indemnity and contribution provisions contained in this Section 5
shall remain operative and in full force and effect regardless of (i) any
termination of this Agreement, (ii) any investigation made by or on behalf of
the Initial Purchasers, any Holder or any Person controlling the Initial
Purchasers or any Holder, or by or on behalf of the Company, its officers or
directors or any Person controlling the Company, (iii) acceptance of any of the
Exchange Securities and (iv) any sale of Registrable Securities pursuant to a
Shelf Registration Statement.
<PAGE>

                                      19

          6.  Miscellaneous.
              -------------

          (a) No Inconsistent Agreements.  The Company has not entered into, and
              --------------------------
on or after the date of this Agreement will not enter into, any agreement which
is inconsistent with the rights granted to the Holders of Registrable Securities
in this Agreement or otherwise conflicts with the provisions hereof.  The rights
granted to the Holders hereunder do not in any way conflict with and are not
inconsistent with the rights granted to the holders of the Company's other
issued and outstanding securities under any such agreements.

          (b) Amendments and Waivers.  The provisions of this Agreement,
              ----------------------
including the provisions of this sentence, may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof
may not be given unless the Company has obtained the written consent of Holders
of at least a majority in aggregate principal amount of the outstanding
Registrable Securities affected by such amendment, modification, supplement,
waiver or consent; provided, however, that no amendment, modification,
                   --------  -------
supplement, waiver or consent to any departure from the provisions of Section 5
hereof or this paragraph (b) shall be effective as against any Holder of
Registrable Securities unless consented to in writing by such Holder.

          (c) Notices.  All notices and other communications provided for or
              -------
permitted hereunder shall be made in writing by hand-delivery, registered first-
class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to
a Holder, at the most current address given by such Holder to the Company by
means of a notice given in accordance with the provisions of this Section 6(c),
which address initially is, with respect to the Initial Purchasers, the address
set forth in the Purchase Agreement; and (ii) if to the Company, initially at
the Company's address set forth in the Purchase Agreement and thereafter at such
other address, notice of which is given in accordance with the provisions of
this Section 6(c).

          All such notices and communications shall be deemed to have been duly
given:  at the time delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when receipt
is acknowledged, if telecopied; and on the next business day if timely delivered
to an air courier guaranteeing overnight delivery.

          Copies of all such notices, demands, or other communications shall be
concurrently delivered by the Person giving the same to the Trustee, at the
address specified in the Indenture.
<PAGE>

                                      20

          (d) Successors and Assigns.  This Agreement shall inure to the benefit
              ----------------------
of, and be binding upon, the successors, assigns and transferees of each of the
parties, including, without limitation and without the need for an express
assignment, subsequent Holders of Registrable Securities; provided that nothing
                                                          --------
herein shall be deemed to permit any assignment, transfer or other disposition
of Registrable Securities in violation of the terms of the Securities.  If any
transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be
held subject to all of the terms of this Agreement, and by taking and holding
such Registrable Securities such Person shall be conclusively deemed to have
agreed to be bound by and to perform all of the terms and provisions of this
Agreement and such Person shall be entitled to receive the benefits hereof.  WDR
shall have no liability or obligation to the Company with respect to any failure
by any other Holder to comply with, or any breach by any other Holder of, any of
the obligations of such Holder under this Agreement.

          (e) Purchases and Sales of Securities.  The Company shall not, and
              ---------------------------------
shall use its best efforts to cause its affiliates (as defined in Rule 405 under
the 1933 Act) not to, purchase and then resell or otherwise transfer any
Securities.

          (f) Third Party Beneficiary.  The Holders shall be third party
              -----------------------
beneficiaries to the agreements made hereunder between the Company, on the one
hand, and WDR, on the other hand, shall be bound by all of the terms and
provisions of this Agreement and shall have the right to enforce such agreements
directly to the extent it deems such enforcement necessary or advisable to
protect its rights or the rights of Holders hereunder.

          (g) Counterparts.  This Agreement may be executed in any number of
              ------------
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

          (h) Headings.  The headings in this Agreement are for convenience of
              --------
reference only and shall not limit or otherwise affect the meaning hereof.

          (i) Governing Law.  This Agreement shall be governed by the laws of
              -------------
the State of New York.

          (j) Severability.  In the event that any one or more of the provisions
              ------------
contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of
any such provision in every other respect and of the remaining provisions
contained herein shall not be affected or impaired thereby.
<PAGE>

          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.

                              HELLER FINANCIAL, INC.

                              By /s/ Kurt J. Roemer
                                 -----------------------------------
                                 Name:  Kurt J. Roemer
                                 Title: Senior Vice President,
                                        Assistant Treasurer

Confirmed and accepted as of
 the date first above written:

Warburg Dillon Read LLC
Chase Securities Inc.
Credit Suisse First Boston Corporation
Salomon Smith Barney Inc.

By: WARBURG DILLON READ LLC

Acting on behalf of itself and
the several Initial Purchasers.

By   /s/ Bruce J. Widas
   -------------------------------------
   Name:   Bruce J. Widas
   Title:  Managing Director
           Capital Markets

By   /s/ John Doherty
   -------------------------------------
   Name:   John Doherty
   Title:  Associate Director
           Debt Capital Markets

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