Document:

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                                                                     Exhibit 4.7

                             HELLER FINANCIAL, INC.

                                      and

                      STATE STREET BANK AND TRUST COMPANY

                                   as Trustee

                           _________________________

                     Subordinated Deferrable Notes due 2006

                           _________________________

                     FORM OF SECOND SUPPLEMENTAL INDENTURE

                           _________________________

                          Dated as of __________, 2001
<PAGE>

          SECOND SUPPLEMENTAL INDENTURE, dated as of __________, 2001 (this
"Second Supplemental Indenture"), between HELLER FINANCIAL, INC., a Delaware
corporation (the "Company"), and STATE STREET BANK AND TRUST COMPANY, as Trustee
(the "Trustee") under the Indenture referred to below.

                                  WITNESSETH:

          WHEREAS, the Company and the Trustee, as the successor trustee to
Shawmut Bank Connecticut, N.A., have entered into an Indenture, dated as of
September 1, 1995, in respect of subordinated securities, as amended by a First
Supplemental Indenture dated as of October 13, 1995 (as so amended, the
"Indenture") pursuant to which the Company, from time to time, may issue
subordinated securities (the "Securities"), the form and terms of which are to
be established as set forth in Section 3.01 of the Indenture; and

          WHEREAS, Section 11.01(d) of the Indenture provides, among other
things, that the Company and the Trustee may enter into indentures supplemental
to the Indenture for, among other things, the purpose of establishing the form
or terms of the Securities of any series as permitted in Section 3.01 of the
Indenture; and

          WHEREAS, the Company desires to create a series of the Securities in
an aggregate principal amount of up to $___________ to be designated the
"Subordinated Deferrable Notes due 2006" (the "Subordinated Notes"), and all
action on the part of the Company necessary to authorize the issuance of the
Subordinated Notes under the Indenture and this Second Supplemental Indenture
has been duly taken; and

          WHEREAS, all acts and things necessary to make the Subordinated Notes,
when executed by the Company and completed, authenticated and delivered by the
Trustee as provided in the Indenture and this Second Supplemental Indenture, the
valid and binding obligations of the Company, and to make this Second
Supplemental Indenture the valid and binding supplemental indenture and
agreement of the Company according to its terms, have been done and performed;
and

          WHEREAS, HFI Trust I, a Delaware statutory business trust (the
"Trust"), has offered to the public up to $___________ in aggregate liquidation
amount of its Trust Preferred Securities (the "Preferred Securities") and, in
connection therewith, the Company has agreed to purchase up to $___________ in
value of the aggregate liquidation amount of the Trust's common securities (the
"Common Securities" and together with the Preferred Securities, the "Trust
Securities"), each representing an undivided beneficial interest in the assets
of the Trust, and the Trust proposes to invest the proceeds from such offerings
in up to $___________ in aggregate principal amount of the Subordinated Notes;

          In consideration of the above statements, and other good and valuable
consideration the receipt and adequacy of which is hereby acknowledged, the
parties agree that all the Subordinated Notes are to be executed, authenticated
and delivered subject to the further covenants and conditions hereinafter set
forth; and the Company, for itself and its successors, does hereby covenant and
agree to and with the Trustee and its successors in such trust, for the benefit
of those who shall hold the Subordinated Notes, or any of them, as follows:
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                                   ARTICLE I
                                  DEFINITIONS

          Section 1.1 Definition of Terms. Unless the context otherwise
                      requires:

                  (a)  any term defined anywhere in this Second Supplemental
                       Indenture has the same meaning throughout;

                  (b)  any term not defined herein that is defined in the
                       Indenture has the same meaning when used in this Second
                       Supplemental Indenture;

                  (c)  any term not defined herein or in the Indenture that is
                       defined in the Amended and Restated Declaration of Trust
                       of the Trust, dated _________, 2001 (the "Declaration"),
                       has the same meaning when used in this Second
                       Supplemental Indenture.

                                  ARTICLE II
                  TERMS AND ISSUANCE OF THE SUBORDINATED NOTES

          Section 2.1 Issue of Subordinated Notes. A series of Securities which
shall be designated the "Subordinated Deferrable Notes due 2006" shall be
executed, authenticated and delivered in accordance with the provisions of, and
shall in all respects be subject to, the terms, conditions and covenants of the
Indenture and this Second Supplemental Indenture (including the forms of
Subordinated Note set forth as Exhibits A and B hereto). The aggregate principal
amount of Subordinated Notes of the series created hereby which may be
authenticated and delivered under the Indenture shall not, except as permitted
by the provisions of the Indenture, exceed $___________. The Subordinated Notes
shall be initially issued in certificated form to the Trust (the "Initial
Subordinated Notes") and shall be substantially in the Form of Exhibit B hereto.
The terms of such Subordinated Notes are herein incorporated by reference and
made part of this Second Supplemental Indenture.

          Section 2.2 Maturity. Unless a Tax Event Redemption occurs, the entire
principal amount of the Subordinated Notes will mature and become due and
payable, together with any accrued and unpaid interest thereon, on _________,
2006 (the "Maturity Date").

          Section 2.3 Global Subordinated Notes. In the event of an involuntary
or voluntary liquidation and dissolution of the Trust:

                  (a) if the Preferred Securities are held in book-entry form,
the Initial Subordinated Notes may be presented to the Trustee by the Property
Trustee in exchange for a Global Security in the form of Exhibit A in an
aggregate principal amount equal to all Outstanding Subordinated Notes (a
"Global Subordinated Note"). The Depositary for the Global Subordinated Note
will be The Depository Trust Company. The Global Subordinated Note will be
registered in the name of the Depositary or its nominee, Cede & Co., and
delivered by the Trustee to the Depositary or a custodian appointed by the
Depositary for crediting to the accounts of its participants pursuant to the
instructions of the Property Trustee. The Company upon any such presentation
shall execute a Global Subordinated Note in such aggregate principal amount and
deliver the same to the Trustee for authentication and delivery in accordance
with

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the Indenture and this Second Supplemental Indenture. Payments on the
Subordinated Notes issued as a Global Subordinated Note will be made to the
Depositary or its nominee.

                  (b) if any Preferred Securities are held in non book-entry
certificated form ("Non-Book-Entry Preferred Securities"), the Initial
Subordinated Notes may be presented to the Trustee by the Property Trustee, and
such Non Book-Entry Preferred Securities will be deemed to represent beneficial
interests in Subordinated Notes presented to the Trustee by the Property Trustee
having an aggregate principal amount equal to the aggregate liquidation amount
of the Non-Book-Entry Preferred Securities until the Preferred Security
Certificates representing such Non-Book-Entry Preferred Securities are presented
to the Security Registrar for transfer or reissuance, at which time such
Preferred Security Certificates will be canceled and a Subordinated Note
registered in the name of the holder of the Preferred Security Certificate or
the transferee of the holder of such Preferred Security Certificate, as the case
may be, with an aggregate principal amount equal to the aggregate liquidation
amount of the Preferred Security Certificate canceled will be executed by the
Company and delivered to the Trustee for authentication and delivery in
accordance with the Indenture and this Second Supplemental Indenture. On issue
of such Subordinated Notes, Subordinated Notes with an equivalent aggregate
principal amount that were presented by the Property Trustee to the Trustee will
be deemed to have been canceled.

          Section 2.4 Interest. (a) Each Subordinated Note will bear interest at
the rate of ____% per annum from __________, 2001 until the Purchase Contract
Settlement Date, and at the Reset Rate thereafter, payable quarterly in arrears
on __________, __________, ___________ and ____________ of each year, commencing
__________, 2001 (the "Interest Payment Dates").

                  (b) The record dates for the payment of interest on the
Subordinated Notes on any Interest Payment Date, shall be (i) as long as the
Subordinated Notes are represented by a Global Subordinated Note or the Initial
Subordinated Notes, the Business Day preceding each Interest Payment Date or
(ii) if the Subordinated Notes are issued pursuant to Section 2.3(b) above, the
fifteenth Business Day prior to each Interest Payment Date.

                  (c) The interest rate on the Subordinated Notes outstanding on
and after the Remarketing Date will be reset to the Reset Rate. The Reset Rate
will equal the rate per annum that results from the Remarketing, provided that
if a Failed Remarketing occurs, the Reset Rate will equal the sum of (i) the
Two-Year Benchmark Treasury Rate and (ii) the Applicable Spread; provided
however, that if the Two-Year Benchmark Treasury Rate is not displayed in the
Telerate system, the Reset Rate will be calculated by the Remarketing Agent as
provided in the Declaration.

                  (d) The amount of interest payable on the Subordinated Notes
for any period will be computed (i) for any full quarterly period on the basis
of a 360-day year of twelve 30-day months and (ii) for any period shorter than a
full quarterly period, on the basis of a 30-day month and, for any period less
than a month, on the basis of the actual number of days elapsed per 30-day
month. In the event that any date on which interest is payable on the
Subordinated Notes is not a Business Day, then payment of the interest payable
on such date will

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be made on the next day that is a Business Day (and without interest or other
payment in respect of any such delay), except that, if such Business Day is in
the next calendar year, then such payment will be made on the preceding Business
Day.

          Section 2.5 Redemption. (a) If a Tax Event occurs and is continuing,
the Company may, at its option and upon not less than 30 nor more than 60 days'
notice to the Holders of the Subordinated Notes, redeem the Subordinated Notes
in whole (but not in part) within 90 days following the occurrence of such Tax
Event, at a price equal to, for each Subordinated Note, the Redemption Amount,
plus any accrued and unpaid interest. The aggregate Redemption Amount, plus any
accrued and unpaid interest, shall be paid prior to 12:00 noon, New York City
time, on the date of redemption (the "Tax Event Redemption Date") or such
earlier time as the Company determines, provided that the Company shall have
deposited with the Trustee an amount sufficient to pay the aggregate Redemption
Amount, plus any accrued and unpaid interest, by 10:00 a.m. on the Tax Event
Redemption Date. The Company shall appoint a Quotation Agent in connection with
a Tax Event Redemption. Such redemption shall otherwise be in accordance with
the provisions of Article IV of the Indenture.

                  (b) Except as provided in Section 2.5(a), the Company will
have no right to redeem the Subordinated Notes.

                  (c) The Subordinated Notes will not be subject to a sinking
fund provision.

                  (d) The Company will have no right to satisfy and discharge
any of its obligations on the Subordinated Notes by making, or causing to be
made, any deposit of cash or Government Obligations provided for by Subsection
(1)(B) of Section 6.01 of the Indenture.

          Section 2.6 Events of Default. So long as the Subordinated Notes are
held by the Trust, it shall be an Event of Default with respect to the
Subordinated Notes if the Trust shall have voluntarily or involuntarily
dissolved, wound up its business or otherwise terminated its existence except in
connection with (i) the distribution of the Subordinated Notes held by the Trust
to the holders of the Preferred Securities and Common Securities in liquidation
of their interests in the Trust; (ii) the redemption of all of the outstanding
Preferred Securities and Common Securities or (iii) a consolidation, conversion,
amalgamation, merger or other transaction involving the Trust that is permitted
under Section 3.15 of the Declaration.

          Section 2.7 Paying Agent; Securities Registrar. If the Subordinated
Notes are issued in certificated form, the Paying Agent and the Securities
Registrar for the Subordinated Notes shall be the Property Trustee.

          Section 2.8 Extension of Interest Payment Period. The Company shall
have the right at any time and from time to time, so long as no Event of Default
with respect to the Subordinated Notes has occurred and is continuing, to defer
payments of interest by extending the interest payment period of such
Subordinated Notes for a period not exceeding 20 consecutive quarters or
extending beyond ________, 2006 (an "Extension Period"), during which Extension
Period no interest shall be due and payable. To the extent permitted by
applicable law, interest, the payment of which has been deferred because of the
extension of the

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interest payment period pursuant to this Section 2.8, will bear interest thereon
at the rate of ____% per annum until _______, 2004, and at the Reset Rate
thereafter, compounded quarterly for each quarter of such Extension Period
("Compounded Interest"). At the end of such Extension Period, the Company shall
pay all interest accrued and unpaid on the Subordinated Notes and Compounded
Interest (together, "Deferred Interest") that shall be payable to the Holders of
the Subordinated Notes in whose names the Subordinated Notes are registered in
the Securities Register on the first record date after the end of the Extension
Period. Prior to the expiration of any Extension Period, the Company may further
extend such period, provided that such period together with all such previous
and further extensions thereof shall not exceed 20 consecutive quarters or
extend beyond __________, 2006. Upon termination of any Extension Period and the
payment of all Deferred Interest then due, the Company may commence a new
Extension Period, provided that such Extension Period, together with all
extensions thereof, may not exceed 20 consecutive quarters or extend beyond
_____, 2006. No interest shall be due and payable during an Extension Period
except at the end thereof, but the Company, at its option, may prepay on any
Interest Payment Date all or any portion of the interest accrued during the
then-elapsed portion of an Extension Period.

         Section 2.9 Notice of Extension. The Company shall give written notice
to the Trustee of its election of any Extension Period (or any further extension
thereof) at least five Business Days before the earlier of (i) the date on which
interest on the Subordinated Notes would have been payable except for the
election to begin or extend the Extension Period (whether or not an Interest
Payment Date), (ii) the record date therefor, or (iii) the date the Trustee is
required to give notice to any securities exchange or to Holders of Subordinated
Notes of such date on which interest on Subordinated Notes would have been
payable or of the record date therefor.

          Section 2.10 Place of Payment. The Place of Payment will be initially
the principal corporate trust office of the Trustee which, at the date hereof,
is located at Goodwin Square, 225 Asylum Street, Hartford, Connecticut 06103,
Attention: Corporate Trust Administration Department.

                                  ARTICLE III
                                    EXPENSES

         Section 3.1 Payment of Expenses. In connection with the offering, sale
and issuance of the Subordinated Notes to the Trust in connection with the sale
of the Preferred Securities and Common Securities by the Trust, the Company
will:

                  (a) pay for all costs and expenses relating to the offering,
sale and issuance of the Subordinated Notes, including compensation of the
Trustee under the Indenture in accordance with the provisions of Section 8.07 of
the Indenture; and

                  (b) pay for all costs and expenses of the Trust, including,
but not limited to, costs and expenses relating to the organization of the
Trust, the offering, sale and issuance of the Trust Securities; the fees and
expenses of the Property Trustee (including, without limitation, those incurred
in connection with the enforcement by the Property Trustee of the rights of the
holders of the Preferred Securities), the Delaware Trustee and the Regular
Trustees; the costs and

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expenses relating to the operation of the Trust (including, without limitation,
costs and expenses of accountants, attorneys, statistical or bookkeeping
services, expenses for printing and engraving and computing or accounting
equipment, paying agent(s), registrar(s), transfer agent(s), duplicating, travel
and telephone and other telecommunications expenses); and costs and expenses
incurred in connection with the acquisition, financing and disposition of Trust
assets;

                  (c) be primarily liable for any indemnification obligations
arising with respect to the Declaration; and

                  (d) pay any and all taxes (other than United States
withholding taxes attributable to the Trust or its assets), and all liabilities,
costs and expenses with respect to such taxes, of the Trust.

                                  ARTICLE IV
                                   COVENANTS

          Section 4.1 Covenants during an Extension Period or in the Event of an
Event of Default. During an Extension Period or if an Event of Default with
respect to the Subordinated Notes occurs and is continuing, then the Company
shall not:

                  (a) declare or pay any dividends or distributions on, or
redeem, purchase, acquire, or make a liquidation payment with respect to, any of
its capital stock; or

                  (b) make any payment of principal, interest or premium, if
any, on or repay, repurchase or redeem any debt securities issued by the Company
that rank on a parity with, or junior in right of payment to, the Subordinated
Notes or make any guarantee payments with respect to any guarantee by the
Company of the debt of any subsidiary of the Company if such guarantee ranks on
parity with, or junior in right of payment to, the Subordinated Notes.

Notwithstanding the foregoing, the Company may (i) purchase or acquire capital
stock of the Company in connection with the satisfaction by the Company of its
obligations under any employee benefit plans or pursuant to any contract or
security outstanding on the first day of any such Extension Period or on the
date of such Event of Default, as the case may be, requiring the Company to
purchase capital stock of the Company, (ii) reclassify, exchange or convert one
class or series of the Company's capital stock for another class or series of
the Company's capital stock, (iii) purchase fractional interests in shares of
the Company's capital stock pursuant to the conversion or exchange provisions of
such capital stock or the security being converted or exchanged, (iv) declare
dividends or distributions in capital stock of the Company, (v) redeem or
repurchase any rights pursuant to a rights agreement or (vi) make payments under
the Guarantee.

          Section 4.2 Additional Covenants Relating to the Trust. As long as the
Preferred Securities remain outstanding, the Company will:

                  (a) maintain, directly or indirectly, 100% ownership of the
Common Securities;

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                  (b) cause the Trust to remain a statutory business trust and
not to voluntarily dissolve, wind up, liquidate or be terminated, except as
permitted by the Declaration;

                  (c) use its commercially reasonable efforts to ensure that the
Trust will not be an "investment company" required to be registered under the
Investment Company Act of 1940;

                  (d) not take any action that would be reasonably likely to
cause the Trust to be classified as an association or a publicly traded
partnership taxable as a corporation for United States federal income tax
purposes; and

                  (e) pay all of the debts and obligations of the Trust (other
than with respect to the securities issued by the Trust) and all costs and
expenses of the Trust (including, but not limited to, all costs and expenses
relating to the organization of the Trust, the fees and expenses of the Property
Trustee, the Delaware Trustee and the Regular Trustees and all costs and
expenses relating to the operation of the Trust) and any and all taxes, duties,
assessments or governmental charges of whatever nature (other than withholding
taxes) imposed on the Trust by the United States, or any other taxing authority,
so that the net amounts received and retained by the Trust after paying such
expenses will be equal to the amounts the Trust would have received had no such
debts, obligations, costs, expenses, taxes, duties, assessments or governmental
charges been incurred by or imposed on the Trust.

                                   ARTICLE V
                      ORIGINAL ISSUE OF SUBORDINATED NOTES

          Section 5.1 Original Issue of Subordinated Notes. Subordinated Notes
in an aggregate principal amount of up to $__________ may, upon execution of
this Second Supplemental Indenture, be executed by the Company and delivered to
the Trustee for authentication, and the Trustee shall thereupon authenticate and
deliver said Subordinated Notes upon receipt of a Company Order for
authentication and delivery, without any further action by the Company.

                                  ARTICLE VI
                   RIGHTS OF HOLDERS OF PREFERRED SECURITIES

          Section 6.1 Preferred Security Holders' Rights. Notwithstanding
Section 7.07 of the Indenture, if the Property Trustee fails to enforce its
rights under the Subordinated Notes after a holder of Preferred Securities has
made a written request, the holder of Preferred Securities may, to the fullest
extent permitted by law, institute a legal proceeding directly against the
Company to enforce the Property Trustee's rights under the Indenture without
first instituting any legal proceeding against the Property Trustee or any other
Person.

          Section 6.2 Direct Action. Notwithstanding any other provision of the
Indenture, for as long as any Preferred Securities remain outstanding, to the
fullest extent permitted by law, if an Event of Default has occurred and is
continuing and such event is attributable to the failure of the Company to pay
interest or principal on the Subordinated Notes on the date such interest or
principal is otherwise payable (or in the case of redemption, the

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<PAGE>

redemption date), then a holder of Preferred Securities may institute a
proceeding directly against the Company (a "Direct Action") to enforce payment
to such holder of the principal or interest on Subordinated Notes having an
aggregate principal amount equal to the aggregate liquidation amount of the
Preferred Securities of such holder.

          Section 6.3 Payments Pursuant to Direct Actions. The Company will have
the right to set off against its obligations to the Trust, as Holder of the
Subordinated Notes, any payment made to a holder of Preferred Securities in
connection with a Direct Action.

          Section 6.4 Modifications. So long as any Preferred Securities remain
outstanding, (i) no amendment to this Indenture shall be made that adversely
affects the holders of the Preferred Securities in any material respect, and no
termination of this Indenture shall occur, and no waiver of any Event of Default
or compliance with any covenant under this Indenture shall be effective, without
the prior consent of the holders of at least a Majority in Liquidation Amount of
the Preferred Securities then outstanding unless and until the principal of (and
premium, if any, on) the Subordinated Notes and all accrued and unpaid interest
thereon have been paid in full, and (ii) no amendment shall be made to this
Article VI of this Second Supplemental Indenture that would impair the rights of
the holders of the Preferred Securities without the prior consent of the holders
of each Preferred Security then outstanding unless and until the principal of
(and premium, if any, on) the Subordinated Notes and all accrued and unpaid
interest thereon have been paid in full.

                                  ARTICLE VII
                                  REMARKETING

          Section 7.1 Effectiveness of this Article. Upon a distribution of the
Subordinated Notes upon the liquidation and dissolution of the Trust which
occurs prior to the Remarketing of the Preferred Securities pursuant to the
Declaration, the Subordinated Notes shall be Remarketed in accordance with the
Remarketing procedures of the Declaration where all references in the
Remarketing procedures to (i) Preferred Securities shall be read as references
to the Subordinated Notes, and (ii) the Property Trustee shall be read as
references to the Indenture Trustee, unless the context requires otherwise.
Until such a distribution, or if such distribution occurs after the Remarketing
of the Preferred Securities pursuant to the Declaration, this Article VII will
have no effect.

                                 ARTICLE VIII
                            ACCELERATION OF MATURITY

          Section 8.1 Automatic Acceleration. Notwithstanding Section 7.02 of
the Indenture, if an Event of Default with respect to the Subordinated Notes
specified in clause (e) or (f) of Section 7.01 of the Indenture occurs and is
continuing, the principal of the Subordinated Notes shall become due and payable
immediately, without any declaration, notice or other act on the part of the
Trustee or any holder thereof.

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<PAGE>

                                  ARTICLE IX
                                 MISCELLANEOUS

          Section 9.1 Execution of Supplemental Indenture. This Second
Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Indenture, and, as provided in the Indenture, this Second
Supplemental Indenture forms a part thereof.

          Section 9.2 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof which is required
to be included in this Second Supplemental Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control.

          Section 9.3 Construction. The Article and Section headings herein are
for convenience only and shall not affect the construction hereof. Unless
otherwise indicated herein, a reference to a Section or Article is to a Section
or Article of this Second Supplemental Indenture.

          Section 9.4 Successors and Assigns. All covenants and agreements in
this Second Supplemental Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

          Section 9.5 Separability Clause. In case any provision in this Second
Supplemental Indenture or in the Subordinated Notes shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

          Section 9.6 Benefits of Second Supplemental Indenture. Nothing in this
Second Supplemental Indenture or in the Subordinated Notes, express or implied,
shall give to any Person, other than the parties hereto and their successors
hereunder and the holders, any benefit or any legal or equitable right, remedy
or claim under this Second Supplemental Indenture.

          Section 9.7 Governing Law. This Second Supplemental Indenture and each
Subordinated Note shall be deemed to be a contract made under the laws of the
State of New York, and for all purposes shall be governed by and construed in
accordance with the laws of said State.

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<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this Second
Supplemental Indenture to be duly executed and attested and have caused their
respective corporate seals to be hereunto affixed and attested, all as of the
day and year first above written.

                                    HELLER FINANCIAL, INC.

[Seal]                              By:
                                       ----------------------------------------
                                    Name:
                                         --------------------------------------
                                    Title:
                                          -------------------------------------

Attest:

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

----------------, ----------
                                    STATE STREET BANK AND TRUST COMPANY, as
                                    Trustee

[Seal]                              By:
                                       ----------------------------------------
                                      Name:
                                           ------------------------------------
                                      Title:
                                            -----------------------------------
Attest:

----------------------------
Name:

Title:
<PAGE>

STATE OF ILLINOIS     )
                      )  ss.:
COUNTY OF COOK        )

          On the ____ day of __________ 2001, before me personally came
_______________, to me known, who, being by me duly sworn, did depose and say
that he is __________________ of Heller Financial, Inc., the corporation
described in and which executed the foregoing instrument; that he knows the seal
of said corporation; that the seal affixed to said instrument is such corporate
seal; that it was so affixed by authority of the Board of Directors of said
corporation, and that he signed his name thereto by like authority.

                                    -------------------------------------------
                                    Notary Public,
                                    State of Illinois

STATE OF             )
         --------
                     ) ss.:

COUNTY OF            )
         --------

          On the ____ day of ___________ 2001, before me personally came
________________, to me known, who, being by me duly sworn, did depose and say
that he is __________ of State Street Bank and Trust Company, one of the
corporations described in and which executed the foregoing instrument; that he
knows the seal of said association; that the seal affixed to said instrument is
such association seal; that it was so affixed by authority of the Board of
Directors of said association, and that he signed his name thereto by like
authority.

                                    -------------------------------------------
                                    Notary Public,
                                    State of Connecticut
<PAGE>

                                                                       EXHIBIT A

                      [FORM OF FACE OF SUBORDINATED NOTE]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE OF A DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY
IN THE LIMITED CIRCUMSTANCES HEREINAFTER DESCRIBED AND MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A
NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY
OR BY THE DEPOSITARY OR ANY NOMINEE OF THE DEPOSITARY TO A SUCCESSOR OF THE
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR.

REGISTERED                                                            REGISTERED

                             HELLER FINANCIAL, INC.

                     SUBORDINATED DEFERRABLE NOTE DUE 2006

                                                                    $
                                                                     ___________

          HELLER FINANCIAL, INC., a corporation duly organized and existing
under the laws of Delaware (herein called the "Company," which term includes any
successor corporation under the Indenture hereinafter referred to herein), for
value received, hereby promises to pay HFI Trust I, or registered assigns, the
principal sum of $________________ (____________________ Dollars) on
____________, 2006, and to pay interest on said principal sum from __________,
2001, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, quarterly in arrears on ___________, _____________,
____________ and ___________ of each year (an "Interest Payment Date")
commencing ____________, 2001, at the rate of ___% per annum until ___________,
2004, and at the Reset Rate thereafter, until the principal hereof shall have
become due and payable, and on any

                                      A-1
<PAGE>

overdue principal and premium, if any, to pay interest (without duplication and
to the extent that payment of such interest is enforceable under applicable law)
on any overdue installment of interest at the rate of ___% per annum until
___________, 2004, and at the Reset Rate thereafter, compounded quarterly. Any
deferred interest shall accrue interest at the rate set forth in the Second
Supplemental Indenture, dated as of __________, 2001 (the "Second Supplemental
Indenture"), between the Company and State Street Bank and Trust Company, as
Trustee. The amount of interest payable for any period will be computed (1) for
any full quarterly period on the basis of a 360-day year of twelve 30-day months
and (2) for any period shorter than a full quarterly period, on the basis of a
30-day month and, for any period less than a month, on the basis of the actual
number of days elapsed per 30-day month. In the event that any date on which
interest is payable is not a Business Day, then payment of the interest payable
on such date will be made on the next day that is a Business Day (and without
any interest or other payment in respect of such delay), except that, if such
Business Day is in the next calendar year, then such payment will be made on the
preceding Business Day. The interest installment so payable, and punctually paid
or duly provided for, on any Interest Payment Date will, as provided in the
Indenture referred to herein, be paid to the Holder in whose name this Security
(or one or more Predecessor Securities, as defined in said Indenture) is
registered at the close of business on the record date for such interest
installment, which, shall be the close of business on the Business Day preceding
such Interest Payment Date. Any such interest installment not punctually paid or
duly provided for shall forthwith cease to be payable to the Holder on such
record date, and may be paid to the Holder in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on a
special record date to be fixed by the Trustee referred to on the reverse side
hereof for the payment of such defaulted interest, notice whereof shall be given
to the Holders of this Security not less than 10 days prior to such special
record date, or may be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this
Security may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture.

          Payment of the principal of and premium, if any, and interest on this
Security will be made at the office or agency of the Trustee maintained for that
purpose in such coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts.  The
Company may pay principal and interest by check payable in such money mailed to
the Holder's registered address or by wire transfer to a dollar account
designated by the Holder.

          Interest on this Security is deferrable, at the election of the
Company, in accordance with the terms of the Second Supplemental Indenture.

          This Security is, to the extent provided in the Indenture, unsecured
and will rank in right of payment equally with all other Subordinated Debt of
the Company, junior in right of payment to Senior Debt of the Company and senior
in right of payment to Junior Subordinated Debt of the Company.

          Additional provisions of this Security are set forth on the reverse
side hereof, and such provisions shall for all purposes have the same effect as
though fully set forth at this place.

                                      A-2
<PAGE>

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                                      A-3
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                    HELLER FINANCIAL, INC.

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

                                    Attest:

                                    By:
                                       ----------------------------------------

                    (FORM OF CERTIFICATE OF AUTHENTICATION)

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series referred to in the within-
mentioned Indenture.

Dated:                              STATE STREET BANK AND TRUST
                                    COMPANY, as Trustee

                                    By:
                                       ----------------------------------------
                                       Authorized Signatory

                                      A-4
<PAGE>

                     (FORM OF REVERSE OF SUBORDINATED NOTE)

                             HELLER FINANCIAL, INC.

                     SUBORDINATED DEFERRABLE NOTE DUE 2006

          This Subordinated Deferrable Note is one of a duly authorized series
of securities of the Company (herein called the "Securities") issued and to be
issued in one or more series under the Indenture for Subordinated Securities,
dated as of September 1, 1995 (herein, together with all indentures supplemental
thereto, called the "Indenture"), between the Company and State Street Bank and
Trust Company, as successor to Shawmut Bank, Connecticut, N.A., as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and the terms upon which the Securities are, and are
to be, authenticated and delivered.  This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
$___________.

          All terms used in this Security that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

          This Security is not subject to any sinking fund, nor may this
Security be redeemed at the option of the Company prior to the Maturity Date
except upon the occurrence of a Tax Event as described below.

          The indebtedness of this Security will not be subject to defeasance
pursuant to the Indenture.

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          If a Tax Event occurs and is continuing, the Company may, at its
option and upon not less than 30 nor more than 60 days' notice to the Holders of
the Securities, redeem the Securities in whole (but not in part) within 90 days
following the occurrence of such Tax Event at the Redemption Amount, plus any
accrued and unpaid interest.  The Redemption Amount, plus any accrued and unpaid
interest, shall be paid prior to 12:00 noon, New York City time, on the Tax
Event Redemption Date, by check or wire transfer in immediately available funds
at such place and to such account as may be designated by each such Holder.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority

                                      A-5
<PAGE>

in aggregate principal amount of the Outstanding Securities at the time of each
series to be affected (voting as a class). The Indenture also contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of each series at the time, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

          No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and premium, if any, and
interest, if any, on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

          This Security shall be exchangeable for Securities registered in the
names of Persons other than the Depositary with respect to such series or its
nominee only as provided in this paragraph.  This Security shall be so
exchangeable if (x) the Depositary is at any time unwilling or unable to
continue as Depositary for such series or no longer eligible or in good standing
under the Securities Exchange Act of 1934, as amended, or other applicable
statute or regulation, or, (y) the Company executes and delivers to the Trustee
a Company Order providing that this Security shall be so exchangeable.
Securities so issued in exchange for this Security shall be of the same series,
having the same interest rate, if any, and maturity and having the same terms as
this Security, in authorized denominations and in the aggregate having the same
principal amount as this Security and registered in such names as the Depositary
for such Global Security shall direct.

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of a Security of the series of which this
Security is a part is registrable in the Securities Register, upon surrender of
this Security for registration of transfer at the office or agency of the
Company to be maintained by the Trustee for that purpose in the Borough of
Manhattan, the City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in the form attached hereto and by such other documents
satisfactory to the Company and the Securities Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.  The Securities Registrar initially appointed under the Indenture
for the Securities is State Street Bank and Trust Company.

          The Securities of the series of which this Security is a part are
issuable only in registered form without coupons in denominations of $25 and in
integral multiples thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

                                      A-6
<PAGE>

          No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

          Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Holder in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

          No recourse under or upon any obligation, covenant or agreement of the
Company in the Indenture or in this Security, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or of any successor corporation, either directly or indirectly through
the Company or any successor corporation, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or penalty or
by any legal or equitable proceeding or otherwise, all such liability being
expressly waived and released by the acceptance hereof and as a condition of and
as part of the consideration for the issue hereof.

          This Security shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

                                      A-7
<PAGE>

                                 ABBREVIATIONS

The following abbreviations, when used in the inscription of the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

                    TEN COM      - as tenants in common
                    TEN ENT      - as tenants by the entireties
                    JT TEN       - as joint tenants with right of survivorship
                                   and not as tenants in common

UNIF GIFT MIN ACT -

                              _________________    Custodian
                              _______________

                                       (Cust)
                                       (Minor)
Under Uniform Gifts to Minors Act
____________________________

Additional abbreviations may also be used though not in the above list.

_____________________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________
      (Please Print or Typewrite Name and Address of Assignee)

the within instrument of HELLER FINANCIAL, INC. and does hereby irrevocably
constitute and appoint
___________________________________________________________________  Attorney to
transfer said instrument on the books of the within-named corporation, with full
power of substitution in the premises.

                                       Dated: __________________
                                       ___________________________

Signature

NOTICE:  The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration by enlargement or any change whatever.

                                      A-8
<PAGE>

                                                                       EXHIBIT B

                      [FORM OF FACE OF SUBORDINATED NOTE]

REGISTERED                                                            REGISTERED

                             HELLER FINANCIAL, INC.

                     SUBORDINATED DEFERRABLE NOTE DUE 2006

                                                                    $
                                                                     -----------

          HELLER FINANCIAL, INC., a corporation duly organized and existing
under the laws of Delaware (herein called the "Company," which term includes any
successor corporation under the Indenture hereinafter referred to herein), for
value received, hereby promises to pay HFI Trust I, or registered assigns, the
principal sum of $________________ (____________________ Dollars) on
____________, 2006, and to pay interest on said principal sum from __________,
2001, or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, quarterly in arrears on ___________, _____________,
____________ and ___________ of each year (an "Interest Payment Date")
commencing ____________, 2001, at the rate of ___% per annum until ___________,
2004, and at the Reset Rate thereafter, until the principal hereof shall have
become due and payable, and on any overdue principal and premium, if any, to pay
interest (without duplication and to the extent that payment of such interest is
enforceable under applicable law) on any overdue installment of interest at the
rate of ___% per annum until ___________, 2004, and at the Reset Rate
thereafter, compounded quarterly.  Any deferred interest shall accrue interest
at the rate set forth in the Second Supplemental Indenture, dated as of
__________, 2001 (the "Second Supplemental Indenture"), between the Company and
State Street Bank and Trust Company, as Trustee.  The amount of interest payable
for any period will be computed (1) for any full quarterly period on the basis
of a 360-day year of twelve 30-day months and (2) for any period shorter than a
full quarterly period, on the basis of a 30-day month and, for any period less
than a month, on the basis of the actual number of days elapsed per 30-day
month.  In the event that any date on which interest is payable is not a
Business Day, then payment of the interest payable on such date will be made on
the next day that is a Business Day (and without any interest or other payment
in respect of such delay), except that, if such Business Day is in the next
calendar year,

                                      B-1
<PAGE>

then such payment will be made on the preceding Business Day. The interest
installment so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture referred to herein, be
paid to the Holder in whose name this Security (or one or more Predecessor
Securities, as defined in said Indenture) is registered at the close of business
on the record date for such interest installment, which, shall be the close of
business on the Business Day preceding such Interest Payment Date. Any such
interest installment not punctually paid or duly provided for shall forthwith
cease to be payable to the Holder on such record date, and may be paid to the
Holder in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a special record date to be fixed by the
Trustee referred to on the reverse side hereof for the payment of such defaulted
interest, notice whereof shall be given to the Holders of this Security not less
than 10 days prior to such special record date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange on which this Security may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in the Indenture.

          Payment of the principal of and premium, if any, and interest on this
Security will be made at the office or agency of the Trustee maintained for that
purpose in such coin or currency of the United States of America that at the
time of payment is legal tender for payment of public and private debts.  The
Company may pay principal and interest by check payable in such money mailed to
the Holder's registered address or by wire transfer to a dollar account
designated by the Holder.

          Interest on this Security is deferrable, at the election of the
Company, in accordance with the terms of the Second Supplemental Indenture.

          This Security is, to the extent provided in the Indenture, unsecured
and will rank in right of payment equally with all other Subordinated Debt of
the Company, junior in right of payment to Senior Debt of the Company and senior
in right of payment to Junior Subordinated Debt of the Company.

          Additional provisions of this Security are set forth on the reverse
side hereof, and such provisions shall for all purposes have the same effect as
though fully set forth at this place.

          Unless the certificate of authentication hereon has been executed by
or on behalf of the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

                                      B-2
<PAGE>

          IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

                                    HELLER FINANCIAL, INC.

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

                                    Attest:

                                    By:
                                       ----------------------------------------

                    (FORM OF CERTIFICATE OF AUTHENTICATION)

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series referred to in the within-
mentioned Indenture.

Dated:                              STATE STREET BANK AND TRUST
                                    COMPANY, as Trustee

                                    By:
                                       ----------------------------------------
                                       Authorized Signatory

                                      B-3
<PAGE>

                     (FORM OF REVERSE OF SUBORDINATED NOTE)

                             HELLER FINANCIAL, INC.

                     SUBORDINATED DEFERRABLE NOTE DUE 2006

          This Subordinated Deferrable Note is one of a duly authorized series
of securities of the Company (herein called the "Securities") issued and to be
issued in one or more series under the Indenture for Subordinated Securities,
dated as of September 1, 1995 (herein, together with all indentures supplemental
thereto, called the "Indenture"), between the Company and State Street Bank and
Trust Company, as successor to Shawmut Bank, Connecticut, N.A., as Trustee
(herein called the "Trustee," which term includes any successor trustee under
the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Securities and the terms upon which the Securities are, and are
to be, authenticated and delivered.  This Security is one of the series
designated on the face hereof, limited in aggregate principal amount to
$___________.

          All terms used in this Security that are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

          This Security is not subject to any sinking fund, nor may this
Security be redeemed at the option of the Company prior to the Maturity Date
except upon the occurrence of a Tax Event as described below.

          The indebtedness of this Security will not be subject to defeasance
pursuant to the Indenture.

          If an Event of Default with respect to Securities of this series shall
occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture.

          If a Tax Event occurs and is continuing, the Company may, at its
option and upon not less than 30 nor more than 60 days' notice to the Holders of
the Securities, redeem the Securities in whole (but not in part) within 90 days
following the occurrence of such Tax Event at the Redemption Amount, plus any
accrued and unpaid interest.  The Redemption Amount, plus any accrued and unpaid
interest, shall be paid prior to 12:00 noon, New York City time, on the Tax
Event Redemption Date, by check or wire transfer in immediately available funds
at such place and to such account as may be designated by each such Holder.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority

                                      B-4
<PAGE>

in aggregate principal amount of the Outstanding Securities at the time of each
series to be affected (voting as a class). The Indenture also contains
provisions permitting the Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of each series at the time, on
behalf of the Holders of all Securities of such series, to waive compliance by
the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Security.

          No reference herein to the Indenture and no provision of this Security
or of the Indenture shall alter or impair the obligation of the Company, which
is absolute and unconditional, to pay the principal of and premium, if any, and
interest, if any, on this Security at the times, place and rate, and in the coin
or currency, herein prescribed.

          As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of a Security of the series of which this
Security is a part is registrable in the Securities Register, upon surrender of
this Security for registration of transfer at the office or agency of the
Company to be maintained by the Trustee for that purpose in the Borough of
Manhattan, the City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in the form attached hereto and by such other documents
satisfactory to the Company and the Securities Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Securities of this series, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or
transferees.  The Securities Registrar initially appointed under the Indenture
for the Securities is State Street Bank and Trust Company.

          The Securities of the series of which this Security is a part are
issuable only in registered form without coupons in denominations of $25 and in
integral multiples thereof.  As provided in the Indenture and subject to certain
limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering
the same.

          No service charge shall be made for any such registration of transfer
or exchange, but the Company may require payment of a sum sufficient to cover
any tax or other governmental charge payable in connection therewith.

          Prior to due presentment of this Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Holder in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the
contrary.

          No recourse under or upon any obligation, covenant or agreement of the
Company in the Indenture or in this Security, or because of the creation of any
indebtedness represented thereby, shall be had against any incorporator,
stockholder, officer or director, as

                                      B-5
<PAGE>

such, past, present or future, of the Company or of any successor corporation,
either directly or indirectly through the Company or any successor corporation,
under any rule of law, statute or constitutional provision or by the enforcement
of any assessment or penalty or by any legal or equitable proceeding or
otherwise, all such liability being expressly waived and released by the
acceptance hereof and as a condition of and as part of the consideration for the
issue hereof.

          This Security shall for all purposes be governed by, and construed in
accordance with, the laws of the State of New York.

                                      B-6
<PAGE>

                                 ABBREVIATIONS

The following abbreviations, when used in the inscription of the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

                    TEN COM      - as tenants in common
                    TEN ENT      - as tenants by the entireties
                    JT TEN       - as joint tenants with right of survivorship
                                   and not as tenants in common

UNIF GIFT MIN ACT -

                              _________________    Custodian
                              _______________

                                       (Cust)
                                       (Minor)

Under Uniform Gifts to Minors Act

____________________________

Additional abbreviations may also be used though not in the above list.

_____________________________

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

________________________________________________________________________
      (Please Print or Typewrite Name and Address of Assignee)

the within instrument of HELLER FINANCIAL, INC. and does hereby irrevocably
constitute and appoint
___________________________________________________________________  Attorney to
transfer said instrument on the books of the within-named corporation, with full
power of substitution in the premises.

                                       Dated: __________________
                                       ___________________________

Signature

NOTICE:  The signature to this assignment must correspond with the name as
written upon the face of the within instrument in every particular, without
alteration by enlargement or any change whatever.

                                      B-7<PAGE>

                                                                     Exhibit 4.9

                           FORM OF REMARKETING AGREEMENT

                                                             _____________, 2001

J.P. MORGAN SECURITIES INC.
60 Wall Street
New York, New York  10260

Ladies and Gentlemen:

     Heller Financial, Inc., a Delaware corporation (the "COMPANY"), and HFI
Trust I, a Delaware business trust (the "TRUST"), have requested that J.P.
Morgan Securities Inc. (the "REMARKETING AGENT") act as remarketing agent in
connection with the Remarketing of the  Preferred Securities due __________,
2006 (the "TRUST PREFERRED SECURITIES"), issued by the Trust pursuant to an
Amended and Restated Declaration of Trust (the "DECLARATION"), dated as of
___________, 2001 by and among the Company, as Sponsor, Anthony O'B. Beirne,
Lauralee E. Martin and Kurt Roemer, as the initial Regular Trustees, BNY Midwest
Trust Company, as the initial Property Trustee, and The Bank of New York
(Delaware), as the initial Delaware Trustee, not in their individual capacities
but solely as Trustees, and the Holders, from time to time, of the securities
representing undivided beneficial ownership interests in the assets of the Trust
on the terms and conditions expressly set forth herein.

     Section 1.  Definitions.

     (a) Capitalized terms used and not defined in this Agreement shall have the
meanings set forth in the Purchase Contract Agreement, dated as of __________,
2001 (the "PURCHASE CONTRACT AGREEMENT"), between the Company and BNY Midwest
Trust Company, as Purchase Contract Agent (the "PURCHASE CONTRACT AGENT").

     (b) As used in this Agreement, the following terms have the following
meanings:

     "EXCHANGE ACT" means the Securities Exchange Act of 1934, as amended from
time to time, or any successor legislation.

     "PRELIMINARY PROSPECTUS" means any preliminary prospectus relating to the
Remarketed Trust Preferred Securities included in the Registration Statement,
including the documents incorporated by reference therein as of the date of such
Preliminary Prospectus; and any reference to any amendment or supplement to such
Preliminary Prospectus shall be deemed to refer to and include any documents
filed after the date of such Preliminary Prospectus, under the Exchange Act, and
incorporated by reference in such Preliminary Prospectus.

     "PROSPECTUS" means the prospectus relating to the Remarketed Trust
Preferred Securities, in the form in which first filed, or transmitted for
filing, with the Commission after the effective date of the Registration
Statement pursuant to Rule 424(b), including the documents

<PAGE>

therein as of the date of such Prospectus; and any reference to any amendment or
supplement to such Prospectus shall be deemed to refer to and include any
documents filed after the date of such Prospectus, under the Exchange Act, and
incorporated by reference in such Prospectus.

     "REGISTRATION STATEMENT" means, if required in connection with the
Remarketing pursuant to Section 5(a) hereunder, a registration statement under
the Securities Act prepared by the Company, including all exhibits thereto and
the documents incorporated by reference in the prospectus contained in such
registration statement at the time such registration statement became effective,
and any post-effective amendments thereto.

     "REMARKETED TRUST PREFERRED SECURITIES" means the Trust Preferred
Securities subject to the Remarketing, as identified to the Remarketing Agent by
the Property Trustee or the Indenture Trustee, as the case may be, after 11:00
a.m., New York City time, on the fifth Business Day immediately preceding
__________, 2004.

     "REMARKETING" means the remarketing of the Remarketed Trust Preferred
Securities pursuant to the Remarketing Procedures.

     "REMARKETING MATERIALS" means the Preliminary Prospectus, the Prospectus or
any other information furnished by the Company to the Remarketing Agent for
distribution to investors in connection with the Remarketing.

     "REMARKETING PROCEDURES" means the procedures in connection with the
Remarketing of the Trust Preferred Securities described in the Transaction
Documents.

     "SECURITIES ACT" means the Securities Act of 1933, as amended from time to
time, or any successor legislation.

     "TRANSACTION DOCUMENTS" means the Purchase Contract Agreement, the Pledge
Agreement and the Declaration, collectively.

     If a liquidation and dissolution of the Trust shall have occurred prior to
the Purchase Contract Settlement Date and the Subordinated Deferrable Notes have
been distributed to the holders of the Trust Preferred Securities all references
herein to "TRUST PREFERRED SECURITIES" shall instead be references to
"SUBORDINATED DEFERRABLE NOTES" and references to "REMARKETED TRUST  PREFERRED
SECURITIES" shall instead be references to "REMARKETED SUBORDINATED DEFERRABLE
NOTES", unless the context otherwise requires.

     Section 2.  Appointment and Obligations of the Remarketing Agent.

     (a) The Company hereby appoints J.P. Morgan Securities Inc. as exclusive
remarketing agent, and, subject to the terms and conditions set forth herein,
J.P. Morgan Securities Inc. hereby accepts appointment as Remarketing Agent, for
the purpose of (1) Remarketing Remarketed Trust Preferred Securities on behalf
of the holders thereof and (2) performing such other duties as are assigned to
the Remarketing Agent in the Remarketing Procedures, all in accordance with and
pursuant to the Remarketing Procedures.

                                       2
<PAGE>

     (b) On the third Business Day immediately preceding the Purchase Contract
Settlement Date (the "REMARKETING DATE"), the Remarketing Agent shall use
reasonable efforts to remarket, at a price equal to 100.25% of the aggregate
stated liquidation amount thereof, the Trust Preferred Securities tendered or
deemed tendered for purchase.

     (c) If, as a result of the efforts described in Section 2(b), the
Remarketing Agent has determined that it will not be able to remarket all of the
Trust Preferred Securities tendered or deemed tendered for purchase at a price
of 100.25% of the aggregate stated liquidation amount of such Trust Preferred
Securities, the Remarketing Agent shall determine the Reset Rate, which shall be
the rate per annum (rounded to the nearest one-thousandth (0.001) of one percent
per annum) sufficient to cause the then-current aggregate market value of the
Trust Preferred Securities to be equal to 100.25% of the aggregate stated
liquidation amount of such Trust Preferred Securities, which rate shall be the
lowest rate per annum that in the sole reasonable discretion of the Remarketing
Agent will enable it to remarket all of the Trust Preferred Securities tendered
or deemed tendered for Remarketing at a price of 100.25% of the aggregate stated
liquidation amount of such Trust Preferred Securities.

     (d) If none of the Holders of the Trust Preferred Securities or the holders
of the MEDS Units elect to have Trust Preferred Securities remarketed in the
Remarketing, the Reset Rate shall be the rate determined by the Remarketing
Agent, in its sole reasonable discretion, as the rate that would have been
established had a Remarketing been held on the Remarketing Date.

     (e) If, by 4:00 p.m., New York City time, on the Remarketing Date, the
Remarketing Agent is unable to remarket all of the Trust Preferred Securities
tendered or deemed tendered for purchase pursuant to the terms and conditions
hereof, a Failed Remarketing shall be deemed to have occurred, and the
Remarketing Agent shall so advise by telephone the Depositary, the Property
Trustee, the Indenture Trustee, the Trust and the Company. In the event of a
Failed Remarketing, the Reset Rate shall equal the Two-Year Benchmark Treasury
Rate plus the Applicable Spread; provided, however, that if the Two-Year
Benchmark Treasury Rate is not displayed in the Telerate system, the Reset Rate
shall be calculated by the Remarketing Agent as the yield to maturity of the
Trust Preferred Securities, expressed as a bond equivalent on the basis of a
year of 365 or 366 days, as applicable, and applied on a daily basis, and
computed by taking the arithmetic mean of the secondary market bid rates, as of
10:30 a.m., New York City time, on the third Business Day prior to the Purchase
Contract Settlement Date of three leading United States government securities
dealers selected by the Remarketing Agent (after consultation with the Company),
which may include the Remarketing Agent or an Affiliate thereof. Whether or not
there has been a Failed Remarketing will be determined in the sole reasonable
discretion of the Remarketing Agent.

     (f) By approximately 4:30 p.m., New York City time, on the Remarketing Date
(provided that there has not been a Failed Remarketing), the Remarketing Agent
shall advise, by telephone:

         (1) the Depositary, the Property Trustee, the Indenture Trustee, the
     Trust and the Company of the Reset Rate determined in the Remarketing and
     the number of Remarketed Trust Preferred Securities sold in the
     Remarketing;

                                       3
<PAGE>

         (2) each purchaser (or the Depositary Participant thereof) of
     Remarketed Trust Preferred Securities of the Reset Rate and the number of
     Remarketed Trust Preferred Securities such purchaser is to purchase; and

         (3) each purchaser to give instructions to its Depositary Participant
     to pay the purchase price on the Purchase Contract Settlement Date in same
     day funds against delivery of the Remarketed Trust Preferred Securities
     purchased through the facilities of the Depositary.

     (g) It is understood and agreed that the Remarketing Agent shall not have
any obligation whatsoever to purchase any Trust Preferred Securities, whether in
the Remarketing or otherwise, and shall in no way be obligated to provide funds
to make payment upon tender of Remarketed Trust Preferred Securities for
Remarketing or to otherwise expend or risk its own funds or incur or to be
exposed to financial liability in the performance of its duties under this
Agreement, and without limitation of the foregoing, the Remarketing Agent shall
not be deemed an underwriter of the Remarketed Trust Preferred Securities. None
of the Trust, any Trustee, the Company or the Remarketing Agent shall be
obligated in any case to provide funds to make payment upon tender of the
Remarketed Trust Preferred Securities for Remarketing.

     Section 3.  Representations and Warranties of the Company and the Trust.

     The Company and the Trust jointly and severally represent and warrant  (i)
on and as of the date any Remarketing Materials are first distributed in
connection with the Remarketing (the "COMMENCEMENT DATE"), (ii) on and as of the
Remarketing Date, and (iii) on and as of the Purchase Contract Settlement Date,
that:

     (a) Each of the representations and warranties of the Company and the Trust
as set forth in Sections 4(d)- (gg) of the Underwriting Agreement dated as of
___________, 2001 (the "UNDERWRITING AGREEMENT") among the Company, the Trust
and the Underwriters identified in Schedule I thereto, is true and correct as if
made on each of the dates specified above; provided that, for purposes of this
Section 3(a), any reference in such sections of the Underwriting Agreement to
(i) the "Registration Statement" or the "Prospectus" shall be deemed to refer to
such terms as defined herein and (ii) the "Closing Date" or the "Additional
Closing Date" shall be deemed to refer to the Remarketing Date as defined
herein.

     (b) The Registration Statement, if any, in the form heretofore delivered or
to be delivered to the Remarketing Agent, has been declared effective by the
Commission in such form; and no stop order suspending the effectiveness of the
Registration Statement has been issued and no proceeding for that purpose has
been initiated or threatened by the Commission.

     (c) The documents incorporated by reference in the Prospectus, when they
were filed with the Commission, conformed in all material respects to the
requirements of the Exchange Act and the rules and regulations of the Commission
thereunder, and none of such documents contained an 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; and any further documents so filed and
incorporated by reference in the Prospectus or any further amendment or
supplement thereto, when such

                                       4
<PAGE>

documents are filed with the Commission, will conform in all material respects
to the requirements of the Exchange Act and the rules and regulations of the
Commission thereunder, and will not contain an untrue statement of a material
fact or omit 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.

     (d) The Registration Statement, if any, conforms (and the Prospectus and
any further amendments or supplements to the Registration Statement or the
Prospectus, when they become effective or are filed with the Commission, as the
case may be, will conform) in all material respects to the requirements of the
Securities Act and the rules and regulations promulgated thereunder, and the
Registration Statement and the Remarketing Materials (and any amendment or
supplement thereto) as of their respective effective or filing dates and as of
the Commencement Date, Remarketing Date and Purchase Contract Settlement Date do
not and will not contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading; provided that no representation and warranty
is made as to any statement of eligibility on Form T-1 filed or incorporated by
reference as part of the Registration Statement.

     (e) This Agreement has been duly authorized, executed and delivered by each
of the Company and the Trust.

     Section 4.  Fees.

     For the performance of its services as Remarketing Agent hereunder, the
Remarketing Agent shall retain from the proceeds of the Remarketing an amount
equal to .25% of the $25 Stated Amount of all Remarketed Trust Preferred
Securities.

     Section 5.  Covenants of the Company.

     The Company covenants and agrees as follows:

     (a) If and to the extent the Remarketed Trust Preferred Securities are
required (in the view of counsel, which need not be in the form of a written
opinion, for either the Remarketing Agent or the Company) to be registered under
the Securities Act as in effect at the time of the Remarketing,

         (1) to prepare the Registration Statement and the Prospectus, in a form
     approved by the Remarketing Agent, to file any such Prospectus pursuant to
     the Securities Act within the period required by the Securities Act and the
     rules and regulations thereunder and to use its reasonable efforts to cause
     the Registration Statement to be declared effective by the Commission prior
     to the third Business Day immediately preceding the Remarketing Date;

         (2) to file promptly with the Commission any amendment to the
     Registration Statement or the Prospectus or any supplement to the
     Prospectus that may, in the

                                       5
<PAGE>

     reasonable judgment of the Company or the Remarketing Agent, be required by
     the Securities Act or requested by the Commission;

         (3) to advise the Remarketing Agent, promptly after it receives notice
     thereof, of the time when any amendment to the Registration Statement has
     been filed or becomes effective or any supplement to the Prospectus or any
     amended Prospectus has been filed and to furnish the Remarketing Agent with
     copies thereof;

         (4) to file promptly all reports and any definitive proxy or
     information statements required to be filed by the Company with the
     Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange
     Act subsequent to the date of the Prospectus and for so long as the
     delivery of a Prospectus is required in connection with the offering or
     sale of the Remarketed Trust Preferred Securities; and

         (5) to advise the Remarketing Agent, promptly after it receives notice
     thereof, of the issuance by the Commission of any stop order or of any
     order preventing or suspending the use of the Prospectus, of the suspension
     of the qualification of any of the Remarketed Trust Preferred Securities
     for offering or sale in any jurisdiction, of the initiation or threatening
     of any proceeding for any such purpose, or of any request by the Commission
     for the amending or supplementing of the Registration Statement or the
     Prospectus or for additional information, and, in the event of the issuance
     of any stop order or of any order preventing or suspending the use of any
     Prospectus or suspending any such qualification, to use promptly its best
     efforts to obtain its withdrawal.

         (6) to furnish promptly to the Remarketing Agent such copies of the
     following documents as the Remarketing Agent shall reasonably request: (A)
     conformed copies of the Registration Statement as originally filed with the
     Commission and each amendment thereto (in each case excluding exhibits);
     (B) the Preliminary Prospectus and any amended or supplemented Preliminary
     Prospectus, (C) the Prospectus and any amended or supplemented Prospectus;
     and (D) any document incorporated by reference in the Prospectus (excluding
     exhibits thereto); and, if at any time when delivery of a prospectus is
     required in connection with the Remarketing, any event shall have occurred
     as a result of which the Prospectus as then amended or supplemented would
     include any 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 such Prospectus
     is delivered, not misleading, or if for any other reason it shall be
     necessary during such same period to amend or supplement the Prospectus or
     to file under the Exchange Act any document incorporated by reference in
     the Prospectus in order to comply with the Securities Act or the Exchange
     Act, to notify the Remarketing Agent and, upon its request, to file such
     document and to prepare and furnish without charge to the Remarketing Agent
     and to any dealer in securities as many copies as the Remarketing Agent may
     from time to time reasonably request of an amended or supplemented
     Prospectus which will correct such statement or omission or effect such
     compliance.

         (7) prior to filing with the Commission (A) any amendment to the
     Registration Statement or supplement to the Prospectus or (B) any
     Prospectus pursuant to

                                       6
<PAGE>

     Rule 424 under the Securities Act, to furnish a copy thereof to the
     Remarketing Agent and counsel to the Remarketing Agent; and not to file any
     such amendment or supplement which shall be reasonably disapproved by the
     Remarketing Agent promptly after reasonable notice.

         (8) as soon as practicable, but in any event not later than eighteen
     months, after the effective date of the Registration Statement, to make
     "generally available to its security holders" an "earnings statement" of
     the Company and its subsidiaries complying with (which need not be audited)
     Section 11(a) of the Securities Act and the rules and regulations
     thereunder (including, at the option of the Company, Rule 158). The terms
     "GENERALLY AVAILABLE TO ITS SECURITY HOLDERS" and "EARNINGS STATEMENT"
     shall have the meanings set forth in Rule 158.

         (9) to take such action as the Remarketing Agent may reasonably request
     in order to qualify the Remarketed Trust Preferred Securities for offer and
     sale under the securities or "blue sky" laws of such jurisdictions as the
     Remarketing Agent may reasonably request; provided that in no event shall
     the Company be required to qualify as a foreign corporation or to file a
     general consent to service of process in any jurisdiction.

     (b) To pay: (1) the costs incident to the preparation and printing of the
Registration Statement, Prospectus and any other Remarketing Materials and any
amendments or supplements thereto; (2) the costs of distributing the
Registration Statement, Prospectus and any other Remarketing Materials and any
amendments or supplements thereto; (3) the fees and expenses of qualifying the
Remarketed Trust Preferred Securities under the securities laws of the several
jurisdictions as provided in Section 5(a)(9) and of preparing, printing and
distributing a Blue Sky Memorandum (including related fees and expenses of
counsel to the Remarketing Agent); (4) all other costs and expenses incident to
the performance of the obligations of the Company, hereunder; and (5) the
reasonable fees and expenses of counsel to the Remarketing Agent in connection
with their duties hereunder.

     (c) To furnish the Remarketing Agent with such information and documents as
the Remarketing Agent may reasonably request in connection with the transactions
contemplated hereby, and to make reasonably available to the Remarketing Agent
and any accountant, attorney or other advisor retained by the Remarketing Agent
such information that parties would customarily require in connection with a due
diligence investigation conducted in accordance with applicable securities laws
and to cause the Company's officers, directors, employees and accountants to
participate in all such discussions and to supply all such information
reasonably requested by any such Person in connection with such investigation.

     Section 6.  Conditions to the Remarketing Agent's Obligations.

     The obligations of the Remarketing Agent hereunder are subject to the
following conditions:

     (a) The Remarketed Trust Preferred Securities tendered or deemed to be
tendered for remarketing have not been called for redemption.

                                       7
<PAGE>

     (b) The Remarketing Agent is able to find a purchaser or purchasers for the
Remarketed Trust Preferred Securities.

     (c) No Trust Enforcement Event (as defined in the Declaration) shall have
occurred and be continuing.

     (d) The Prospectus, if any, shall have been timely filed with the
Commission; no stop order suspending the effectiveness of the Registration
Statement, if any, or any part thereof or suspending the qualification of the
Indenture shall have been issued and no proceeding for that purpose shall have
been initiated or threatened by the Commission; and any request of the
Commission for inclusion of additional information in the Registration Statement
or the Prospectus or otherwise shall have been complied with.

     (e) (1) Trading generally shall not have been suspended or materially
limited on or by, as the case may be, any of the New York Stock Exchange, the
American Stock Exchange or the National Association of Securities Dealers, Inc.,
(2) trading of any securities of the Company shall not have been suspended on
any exchange or in any over-the-counter market, (3) a general moratorium on
commercial banking activities in New York shall not have been declared by either
federal or New York State authorities or (4) there shall not have occurred any
outbreak or escalation of hostilities or any change in financial markets or any
calamity or crisis that, in judgment of the Remarketing Agent, is material and
adverse and in the case of any of the events specified in clauses (1), (2), (3)
and (4), such event, singly or together with any other such event, makes it, in
the judgment of the Remarketing Agent, impracticable to proceed with the
Remarketing.

     (f) The representations and warranties of the Company contained herein
shall be true and correct in all material respects on and as of the Remarketing
Date, and the Company, the Purchase Contract Agent, the Collateral Agent, the
Trust and the Trustees shall have performed in all material respects all
covenants and agreements herein contained to be performed on their part at or
prior to the Remarketing Date.

     (g) The Company shall have furnished to the Remarketing Agent a
certificate, dated the Remarketing Date, of the Chief Executive Officer and the
Treasurer satisfactory to the Remarketing Agent stating that: (1) no order
suspending the effectiveness of the Registration Statement, if any, or
prohibiting the sale of the Remarketed Trust Preferred Securities is in effect,
and no proceedings for such purpose are pending before or, to the knowledge of
such officers, threatened by the Commission; (2) the representations and
warranties of the Company in Section 3 are true and correct on and as of the
Remarketing Date and the Company has performed in all material respects all
covenants and agreements contained herein to be performed on its part at or
prior to the Remarketing Date; and (3) the Registration Statement, as of its
effective date, and the Remarketing Materials, as of their respective dates, did
not contain any untrue statement of a material fact and did not omit to state
any material fact required to be stated therein or necessary to make the
statements therein not misleading and the Prospectus did not contain any untrue
statement of material fact or omit 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.

                                       8
<PAGE>

     (h) On the Remarketing Date, the Remarketing Agent shall have received a
letter addressed to the Remarketing Agent and dated such date, in form and
substance satisfactory to the Remarketing Agent, of Arthur Andersen LLP,
containing statements and information of the type ordinarily included in
accountants' "comfort letters" with respect to certain financial information
contained in the Remarketing Materials, if any.

     (i) Each of (1) Mark J. Ohringer, Esq., General Counsel of the Company, and
(2) Richards, Layton & Finger, P.A., Delaware counsel to the Company and the
Trust, shall have furnished to the Remarketing Agent its opinion, addressed to
the Remarketing Agent and dated the Remarketing Date, in form and substance
reasonably satisfactory to the Remarketing Agent addressing such matters as are
set forth in such counsel's opinion furnished pursuant to Sections 5(e) and
5(f), respectively, of the Underwriting Agreement, adapted as necessary to
relate to the securities being remarketed hereunder and to the Remarketing
Materials, if any.

     (j) Katten Muchin Zavis, counsel for the Remarketing Agent, shall have
furnished to the Remarketing Agent its opinion, addressed to the Remarketing
Agent and dated the Remarketing Date, in form and substance satisfactory to the
Remarketing Agent.

     (k) Subsequent to the execution and delivery of this Agreement and prior to
the Remarketing Date, there shall not have occurred any downgrading, nor shall
any notice have been given of any intended or potential downgrading or of any
review for a possible change that does not indicate an improvement, in the
rating accorded any of the Company's securities by any "nationally recognized
statistical rating organization," as such term is defined for purposes of Rule
436(g)(2) under the Securities Act.

     (l) If at any time during the term of this Agreement, any Trust Enforcement
Event (as defined in the Declaration) has occurred and is continuing, or the
occurrence of a Trust Enforcement Event is imminent, then the obligations and
duties of the Remarketing Agent under this Agreement shall be suspended until
such Trust Enforcement Event or imminent condition has been cured or eliminated,
as the case may be. The Company and the Trust will promptly give the Remarketing
Agent notice of all Trust Enforcement Events or imminent conditions referred to
above of which the Company or the Trust is aware.

     Section 7.  Indemnification.

     (a) Each of the Company and the Trust, jointly and severally, agrees to
indemnify and hold harmless the Remarketing Agent, each affiliate of the
Remarketing Agent which assists in the Remarketing and each person, if any, who
controls the Remarketing Agent within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, from and against any and all
losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred 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 the Registration
Statement or any amendment thereof, any Preliminary Prospectus or the Prospectus
(as amended or supplemented if the Company shall have furnished any amendments
or supplements thereto) or any other Remarketing Materials, 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,
except insofar as such losses, claims,

                                       9
<PAGE>

damages or liabilities are caused by any such untrue statement or omission or
alleged untrue statement or omission based upon information relating to the
Remarketing Agent furnished to the Company in writing by the Remarketing Agent
expressly for use therein; provided that the foregoing indemnity agreement with
respect to any Preliminary Prospectus shall not inure to the benefit of the
Remarketing Agent from whom the person asserting any such losses, claims,
damages or liabilities purchased Remarketed Trust Preferred Securities, or any
person controlling such Remarketing Agent, if a copy of the Prospectus (as then
amended or supplemented if the Trust and the Company shall have furnished any
amendments or supplements thereto) was not sent or given by or on behalf of such
Remarketing Agent to such person, if required by law so to have been delivered,
at or prior to the written confirmation of the sale of the Remarketed Trust
Preferred Securities to such person, and if the Prospectus (as so amended or
supplemented) would have cured the defect giving rise to such losses, claims,
damages or liabilities, unless such failure is the result of noncompliance by
the Company with Section 5(a)(6) hereof. With respect to all other matters, the
Company also agrees to indemnify the Remarketing Agent and each person, if any,
who controls the Remarketing Agent within the meaning of either Section 15 of
the Securities Act or Section 20 of the Exchange Act, from and against any and
all losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred in connection with defending or
investigating any such action or claim) to which the Remarketing Agent, or any
person controlling such Remarketing Agent, may become subject, under the
Securities Act or otherwise, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based on this
Agreement, the Transaction Documents, the transactions contemplated hereby and
thereby, or any actions or inactions on behalf of the Remarketing Agent, or any
person controlling such Remarketing Agent, in connection therewith; provided,
however, that the Company shall not be liable for indemnification or otherwise
for any such loss, claim, damage or liability to the extent arising from gross
negligence or willful misconduct of the Remarketing Agent.

     (b) The Remarketing Agent agrees to indemnify and hold harmless the
Company, the directors of the Company, the officers of the Company who signed
the Registration Statement, the Trustees and each person, if any, who controls
the Company or the Trust within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act from and against any and all
losses, claims, damages and liabilities (including, without limitation, any
legal or other expenses reasonably incurred 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 the Registration
Statement or any amendment thereof, any Preliminary Prospectus or the Prospectus
(as amended or supplemented if the Company shall have furnished any amendments
or supplements thereto) or any other Remarketing Materials, 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, but
only with reference to information relating to such Remarketing Agent furnished
to the Company in writing by the Remarketing Agent expressly for the use in the
Registration Statement, any Preliminary Prospectus, the Prospectus or any
amendments or supplements 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 Section 7(a)or 7(b), such person (the "INDEMNIFIED PARTY") shall
promptly notify the person

                                       10
<PAGE>

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 respect of the legal expenses of any
indemnified party in connection with any proceeding or related proceedings in
the same jurisdiction, be liable for (i) the fees and expenses of more than one
separate firm (in addition to any local counsel) for the Remarketing Agent and
all persons, if any, who control the Remarketing Agent within the meaning of
either Section 15 of the Securities Act or Section 20 of the Exchange Act and
(ii) 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 that all such fees and expenses shall be
reimbursed as they are incurred. In the case of any such separate firm for the
Remarketing Agent and such control persons of the Remarketing Agent, such firm
shall be designated in writing by the Remarketing Agent. In the case of any such
separate firm for the Company, and such directors, officers and control persons
of the Company, such firm shall be designated in writing 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. Notwithstanding the foregoing sentence, if at
any time an indemnified party shall have requested the indemnifying party to
reimburse the indemnified party for fees and expenses of counsel as contemplated
by the second and third sentences of this paragraph, the indemnifying party
agrees that it shall be liable for any settlement of any proceeding effected
without its written consent if (i) such settlement is entered into more than 30
days after receipt by such indemnifying party of the aforesaid request and (ii)
such indemnifying party shall not have reimbursed the indemnified party in
accordance with such request prior to the date of such settlement. 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 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.

     Section 8.  Contribution.

     (a) To the extent the indemnification provided for in Section 7(a) or 7(b)
is unavailable to an indemnified party or insufficient in respect of any losses,
claims, damages or liabilities referred to therein, then each indemnifying party
under such subsections, in lieu of indemnifying such indemnified party
thereunder, shall contribute to the amount paid or payable

                                       11
<PAGE>

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 indemnifying party or parties on the one hand and the
indemnified party or parties on the other hand from the Remarketing 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 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 benefits received by the Company and the Trust on
the one hand and the Remarketing Agent on the other hand in connection with the
Remarketing shall be deemed to be in the same respective proportions as the
total stated liquidation amount of Remarketed Trust Preferred Securities less
the fee paid to the Remarketing Agent on the one hand and the fee paid to the
Remarketing Agent on the other hand bear to the total principal amount of the
Remarketed Trust Preferred Securities. The relative fault of the Company on the
one hand and the Remarketing Agent on the other hand 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 Remarketing Agent and
the parties' relative intent, knowledge, access to information and opportunity
to correct or prevent such statement or omission.

     (b) The Company, the Trust and the Remarketing Agent agree that it would
not be just or equitable if contribution pursuant to this Section 8 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 Section 8(a).
The amount paid or payable by an indemnified party as a result of the losses,
claims, damages and liabilities referred to in the immediately preceding
paragraph 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 8, the Remarketing Agent shall
not be required to contribute any amount in excess of the amount by which the
fees received by it under Section 4 exceed the amount of any damages that the
Remarketing Agent 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
Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. The remedies provided for in
Section 7 and this Section 8 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.

     (c) The indemnity and contribution provisions contained in Section 7 and
this Section 8 and the representations, warranties and other statements of the
Company and the Trust contained in this Agreement shall remain operative and in
full force and effect regardless of any termination of this Agreement, any
investigation made by or on behalf of the Remarketing Agent or any person
controlling the Remarketing Agent, or the Company, its officers or directors or
any person controlling the Company and the completion of the Remarketing.

                                       12
<PAGE>

     Section 9.  Resignation and Removal of the Remarketing Agent.

     The Remarketing Agent may resign and be discharged from its duties and
obligations hereunder, and the Company or the Trust may remove the Remarketing
Agent, by giving 60 days' prior written notice, in the case of a resignation, to
the Company, the Depositary, the Property Trustee, the Trust and the Indenture
Trustee and, in the case of a removal, the removed Remarketing Agent, the
Depositary, the Property Trustee, the Trust and the Indenture Trustee; provided,
however, that:

     (a)  the Remarketing Agent may not resign without reasonable cause; and

     (b) no such resignation nor any such removal shall become effective until
the Company shall have appointed at least one nationally recognized broker-
dealer as successor Remarketing Agent and such successor Remarketing Agent shall
have entered into a remarketing agreement with the Company and the Trust, in
which it shall have agreed to conduct the Remarketing in accordance with the
Remarketing Procedures in all material respects.

In any such case, the Company will use its reasonable efforts to appoint a
successor Remarketing Agent and enter into such a remarketing agreement with
such person as soon as reasonably practicable.  The provisions of Section 7 and
Section 8 shall survive the termination of this agreement and shall survive the
resignation or removal of any Remarketing Agent pursuant to this Agreement.

     Section 10.  Dealing in the Remarketed Trust Preferred Securities.

     The Remarketing Agent, when acting as a Remarketing Agent or in its
individual or any other capacity, may, to the extent permitted by law, buy,
sell, hold and deal in any of the Remarketed Trust Preferred Securities.  The
Remarketing Agent may exercise any vote or join in any action which any
beneficial owner of Remarketed Trust Preferred Securities may be entitled to
exercise or take pursuant to the Declaration with like effect as if it did not
act in any capacity hereunder.  The Remarketing Agent, in its individual
capacity, either as principal or agent, may also engage in or have an interest
in any financial or other transaction with the Company as freely as if it did
not act in any capacity hereunder.

     Section 11.  Remarketing Agent's Performance; Duty of Care.

     The duties and obligations of the Remarketing Agent shall be determined
solely by the express provisions of this Agreement and the Transaction
Documents.  No implied covenants or obligations of or against the Remarketing
Agent shall be read into this Agreement or any of the Transaction Documents.  In
the absence of bad faith on the part of the Remarketing Agent, the Remarketing
Agent may conclusively rely upon any document furnished to it, as to the truth
of the statements expressed in any of such documents.  The Remarketing Agent
shall be protected in acting upon any document or communication reasonably
believed by it to have been signed, presented or made by the proper party or
parties except as otherwise set forth herein.  The Remarketing Agent, acting
under this Agreement, shall incur no liability to the Company, the Trust or to
any holder of Remarketed Trust Preferred Securities in its individual capacity
or as

                                       13
<PAGE>

Remarketing Agent for any action or failure to act, on its part in connection
with a Remarketing or otherwise, except if such liability is judicially
determined to have resulted from its failure to comply with the material terms
of this Agreement or the gross negligence or willful misconduct on its part. The
provisions of this Section 11 shall survive the termination of this Agreement
and shall survive the resignation or removal of any Remarketing Agent pursuant
to this Agreement.

     Section 12.  Termination.

     This Agreement shall automatically terminate as to the Remarketing Agent on
the effective date of the resignation or removal of the Remarketing Agent
pursuant to Section 9.  If this Agreement is terminated pursuant to any of the
other provisions hereof, except as otherwise provided herein, the Company shall
not be under any liability to the Remarketing Agent and the Remarketing Agent
shall not be under any liability to the Company, except that if this Agreement
is terminated by the Remarketing Agent because of any failure or refusal on the
part of the Company to comply with the terms or to fulfill any of the conditions
of this Agreement, the Company will reimburse the Remarking Agent for all of its
out-of-pocket expenses (including the fees and disbursements of its counsel)
reasonably incurred by it.  Section 7, Section 8 and Section 11 hereof shall
survive the termination of this Agreement or the resignation or removal of the
Remarketing Agent.

     Section 13.  Notices.

     All statements, requests, notices and agreements hereunder shall be in
writing, and:

     (a) if to the Remarketing Agent, shall be delivered or sent by mail, telex
or facsimile transmission to J.P. Morgan Securities Inc., 60 Wall Street, New
York, New York 10260, Attention: Syndicate Department (fax: 212-483-2323);

     (b) if to the Company, shall be delivered or sent by mail, telex or
facsimile transmission to Heller Financial, Inc., 500 West Monroe Street,
Chicago, Illinois 60661, Attention: Treasurer (Fax: 312-441-7586), with a copy
to the same address, Attention: General Counsel (Fax: 312-441-7456); and

     (c) if to the Trust, shall be delivered or sent by mail, telex or facsimile
transmission to HFI Trust I, c/o Heller Financial, Inc., 500 West Monroe Street,
Chicago, Illinois 60661, Attention: Treasurer (Fax: 312-441-7586) , with a copy
to the same address, Attention: General Counsel (Fax: 312-441-7456).

Any such statements, requests, notices or agreements shall take effect at the
time of receipt thereof.

Section 14.  Persons Entitled to Benefit of Agreement.

     This Agreement shall inure to the benefit of and be binding upon the
Remarketing Agent, the Company, the Trust and their respective successors.  This
Agreement and the terms and provisions hereof are for the sole benefit of only
those persons, except that (x) the

                                       14
<PAGE>

representations, warranties, indemnities and agreements of the Company and the
Trust contained in this Agreement shall also be deemed to be for the benefit of
the Remarketing Agent and the person or persons, if any, who control the
Remarketing Agent within the meaning of Section 15 of the Securities Act and (y)
the indemnity agreement of the Remarketing Agent contained in Section 7(b) of
this Agreement shall be deemed to be for the benefit of the Company's and the
Trust's directors, officers and Trustees who sign the Registration Statement and
any person controlling the Company or the Trust within the meaning of Section 15
of the Securities Act. Nothing contained in this Agreement is intended or shall
be construed to give any person, other than the persons referred to herein, any
legal or equitable right, remedy or claim under or in respect of this Agreement
or any provision contained herein.

     Section 15.  Survival.

     The respective indemnities, representations, warranties and agreements of
the Company, the Trust and the Remarketing Agent contained in this Agreement or
made by or on behalf of them, respectively, pursuant to this Agreement, shall
survive the Remarketing and shall remain in full force and effect, regardless of
any investigation made by or on behalf of any of them or any person controlling
any of them.

     Section 16.  Governing Law.

     This Agreement shall be governed by, and construed in accordance with, the
laws of New York, without regard to conflicts of laws principles.

     Section 17.  Counterparts.

     This Agreement may be executed in one or more counterparts and, if executed
in more than one counterpart, the executed counterparts shall each be deemed to
be an original but all such counterparts shall together constitute one and the
same instrument.

     Section 18.  Headings.

     The headings herein are inserted for convenience of reference only and are
not intended to be part of, or to affect the meaning or interpretation of, this
Agreement.

     Section 19.  Severability.

     If any provision of this Agreement shall be held or deemed to be or shall,
in fact, be invalid, inoperative or unenforceable as applied in any particular
case in any or all jurisdictions because it conflicts with any provisions of any
constitution, statute, rule or public policy or for any other reason, then, to
the extent permitted by law, such circumstances shall not have the effect of
rendering the provision in question invalid, inoperative or unenforceable in any
other case, circumstance or jurisdiction, or of rendering any other provision or
provisions of this Agreement invalid, inoperative or unenforceable to any extent
whatsoever.

                                       15
<PAGE>

     Section 20.  Amendments.

     This Agreement may be amended by an instrument in writing signed by the
parties hereto.  The Company agrees that it will not enter into, cause or permit
any amendment or modification of the Transaction Documents or any other
instruments or agreements relating to the Trust Preferred Securities, the
Subordinated Deferrable Notes, the MEDS Units or Treasury MEDS Units which would
in any way affect the rights, duties and obligations of the Remarketing Agent,
without the prior written consent of the Remarketing Agent.

     Section 21.  Successors and Assigns.

     The rights and obligations of the Company hereunder may not be assigned or
delegated to any other Person without the prior written consent of the
Remarketing Agent.  The rights and obligations of the Remarketing Agent
hereunder may not be assigned or delegated to any other Person (other than an
affiliate of the Remarketing Agent) without the prior written consent of the
Company.

If the foregoing correctly sets forth the agreement between the Company, the
Trust and the Remarketing Agent, please indicate your acceptance in the space
provided for that purpose below.

                       [SIGNATURES ON THE FOLLOWING PAGE]

                                       16
<PAGE>

                              Very truly yours,

                              HELLER FINANCIAL, INC.

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

                              HFI TRUST I

                              By:  Heller Financial, Inc.,
                                   as Sponsor

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

Accepted:

J.P. MORGAN SECURITIES INC.

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

                                       17

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