Document:

<PAGE>   1
                                                                    EXHIBIT 4.4

                                  FORM OF NOTE

                                 [Face of Note]

                                                                CUSIP 860370AD7

No.                                                            **            **
    -------                                                      ------------

                            STEWART ENTERPRISES, INC.

                   10 3/4% Senior Subordinated Notes due 2008

Issue Date:___________________, 2001

         Stewart Enterprises, Inc., a Louisiana Corporation (the "Company",
which term includes any successor under this Indenture hereinafter referred to),
for value received, promises to pay to CEDE & CO., or its registered assigns,
the principal sum of _________________ on July 1, 2008.

Interest Payment Dates: January 1 and July 1, commencing January 1, 2002.

Record Dates: December 15 and June 15.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

         IN WITNESS WHEREOF, the Company has caused this Note to be signed
manually or by facsimile by its duly authorized officers.

                                STEWART ENTERPRISES, INC.

                                By:
                                   -------------------------------------------
                                   Name:  William E. Rowe
                                   Title: President and Chief Executive Officer

                                By:
                                   -------------------------------------------
                                   Name:  Kenneth C. Budde
                                   Title: Chief Financial Officer
Dated:

FIRSTAR BANK, N.A., as Trustee

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

<PAGE>   2
                                                                     EXHIBIT 4.4

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

         THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES
EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE,
(III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO
A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

                                       2
<PAGE>   3

                             [Reverse Side of Note]

                            STEWART ENTERPRISES, INC.

                   10 3/4% Senior Subordinated Notes due 2008

         Capitalized terms used herein shall have the meanings assigned to them
in this Indenture referred to below unless otherwise indicated.

         1. Interest. The Company promises to pay interest on the principal
amount of this Note at 10 3/4% per annum from the date hereof until maturity and
shall pay the Liquidated Damages, if any, payable pursuant to Section 5 of the
Registration Rights Agreement referred to below. The Company shall pay interest
and Liquidated Damages, if any, semi-annually in arrears on January 1 and July 1
of each year, or if any such day is not a Business Day, on the next succeeding
Business Day (each an "Interest Payment Date"). Interest on the Notes shall
accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of original issuance; provided that if
there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date; provided further that the first Interest
Payment Date shall be January 1, 2002. The Company shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at a rate that is 1%
per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Liquidated Damages (without regard to any
applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of
twelve 30-day months.

         2. Method of Payment. The Company shall pay interest on the Notes
(except defaulted interest) and Liquidated Damages, if any, to the Persons who
are registered Holders of Notes at the close of business on the December 15 or
June 15 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date,
except as provided in Section 2.13 of the Indenture with respect to defaulted
interest. The Notes shall be payable as to principal, premium and Liquidated
Damages, if any, and interest at the office or agency of the Company maintained
for such purpose in The City of New York maintained for such purposes, or, at
the option of the Company, payment of interest and Liquidated Damages, if any,
may be made by check mailed to the Holders at their addresses set forth in the
register of Holders, and provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of and interest,
premium and Liquidated Damages, if any, on, all Global Notes and all other Notes
the Holders of which shall have provided wire transfer instructions to the
Company or the Paying Agent. Such payment shall be in such coin or currency of
the United States of America as at the time of payment is legal tender for
payment of public and private debts.

         3. Paying Agent and Registrar. Initially, Firstar Bank, N.A., the
Trustee under the Indenture, shall act as Paying Agent and Registrar. The
Company may change any

<PAGE>   4

Paying Agent or Registrar without prior notice to any Holder. The Company or any
of its Subsidiaries may act in any such capacity.

         4. Indenture. The Company issued the Notes under an Indenture dated as
of June 29, 2001 ("Indenture") among the Company, the Guarantors and the
Trustee. The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended. The Notes are subject to all such terms, and Holders are referred to
the Indenture and such Act for a statement of such terms. To the extent any
provision of this Note conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. This Note is an
obligation of the Company limited to $_________________ in aggregate principal
amount. The Indenture pursuant to which this Note is issued provides that an
unlimited aggregate principal amount of Additional Notes may be issued
thereunder.

         5. Optional Redemption. (a) Except as set forth in paragraphs 5(b) and
8 below, the Company shall not have the option to redeem the Notes prior to July
1, 2005. On or after July 1, 2005, the Company shall have the option to redeem
the Notes, in whole or in part, upon not less than 30 nor more than 60 days'
prior notice, at the redemption prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest and Liquidated Damages,
if any, thereon to the applicable redemption date, if redeemed during the
twelve-month period beginning on July 1 of the years indicated below:

<Table>
<Caption>
         Year                                                  Percentage
         ----                                                  ----------
         <S>                                                   <C>
         2005..............................................     105.3750%
         2006..............................................     102.6875%
         2007 and thereafter...............................     100.0000%
</Table>

         (b) Notwithstanding the foregoing, at any time prior to July 1, 2004,
the Company may redeem up to 35% of the aggregate principal amount of Notes
issued under the Indenture at a redemption price of 110.75% of the principal
amount thereof, plus accrued and unpaid interest and Liquidated Damages thereon,
if any, to the redemption date, with the net cash proceeds of one or more
Qualified Equity Offerings of the Company; provided that at least 65% of the
aggregate principal amount of Notes issued under the Indenture remains
outstanding immediately after the occurrence of such redemption (excluding Notes
held by the Company and its Subsidiaries); and such redemption shall occur
within 45 days of the date of the closing of such Qualified Equity Offering.

         6. Mandatory Redemption. The Company shall not be required to make
mandatory redemption payments or sinking fund payments with respect to the
Notes.

         7. Selection and Notice of Redemption. If less than all of the Notes
are to be redeemed at any time, the Trustee will select Notes for redemption as
follows: (i) if the Notes are listed, in compliance with the requirements of the
principal national securities exchange on which the Notes are listed, or (ii) if
the Notes are not so listed, on a pro rata basis, by lot or by any method as the
Trustee deems fair and appropriate. No Notes of $1,000 or less may be redeemed
in part. Notices of redemption shall be mailed by first class mail at least 30
but not more than 60 days before the redemption date to each Holder of Notes to
be redeemed at its registered address. Notices of redemption may not be
conditional. If any Note is to be redeemed

<PAGE>   5

in part only, the notice of redemption that relates to that Note shall state the
portion of the principal amount thereof to be redeemed. A new Note in principal
amount equal to the unredeemed portion of the original Note will be issued in
the name of the Holder thereof upon cancellation of the original Note. Notes
called for redemption become due on the date fixed for redemption. On and after
the redemption date, interest and liquidated damages, if any, cease to accrue on
Notes or portions of them called for redemption.

         8. Repurchase at Option of Holder. (a) Upon the occurrence of a Change
of Control, each Holder of Notes shall have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of
such Holder's Notes pursuant to the offer described below (the "Change of
Control Offer") at an offer price in cash equal to 101% of the aggregate
principal amount repurchased plus accrued and unpaid interest and Liquidated
Damages thereon, if any, to the date of purchase (the "Change of Control
Payment"). Within 30 days following any Change of Control, the Company shall
mail a notice to each Holder describing the transaction or transactions that
constitute the Change of Control and offering to repurchase Notes on the date
specified in such notice which shall be no earlier than 30 days and no later
than 60 days from the date such notice is mailed, pursuant to the procedures
required by the Indenture and described in such notice.

         (b) When the aggregate amount of Excess Proceeds exceeds $10.0 million,
the Company will make an offer to purchase an ("Asset Sale Offer"), pursuant to
Section 4.10 of the Indenture, to all Holders of Notes and all holders of other
Indebtedness that is pari passu with the Notes containing provisions similar to
those set forth in the Indenture with respect to offers to purchase with the
proceeds of sales of assets to purchase the maximum principal amount of Notes
and such other pari passu Indebtedness that may be purchased out of the Excess
Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of
principal amount plus accrued and unpaid interest and Liquidated Damages, if
any, to the date of purchase, and will be payable in cash. If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company may use
such Excess Proceeds for any purpose not otherwise prohibited by the Indenture.
If the aggregate principal amount of Notes and such other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes and such other pari passu
Indebtedness to be purchased on a pro rata basis based on the principal amount
of Notes and such other pari passu Indebtedness tendered. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

         9. Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in denominations of $1,000 and integral multiples of $1,000. The
transfer of Notes may be registered and Notes may be exchanged as provided in
the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the
Company may require a Holder to pay any taxes and fees required by law or
permitted by the Indenture. The Company is not required to transfer or exchange
any Note selected for redemption. Also, the Company is not required to transfer
or exchange any Note for a period of 15 days before a selection of Notes to be
redeemed.

         10. Persons Deemed Owners. The registered Holder of a Note will be
treated as its owner for all purposes.

<PAGE>   6

         11. Amendment, Supplement and Waiver. Subject to certain exceptions,
the Indenture or the Notes may be amended or supplemented with the consent of
the Holders of at least a majority in principal amount of the Notes then
outstanding and Additional Notes, if any, voting as a single class (including,
without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, the Notes), and any existing Default or
compliance with any provision of the Indenture or the Notes may be waived with
the consent of the Holders of a majority in principal of the Notes then
outstanding and Additional Notes, if any, voting as a single class (including,
without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, the Notes). Without the consent of any
Holder of Notes, the Indenture or the Notes may be amended or supplemented to
cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes
in addition to or in place of Definitive Notes, to provide for the assumption of
the Company's or any Guarantor's obligations to Holders of the Notes in case of
a merger or consolidation or sale of all or substantially all of the assets of
the Company or any Guarantor, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder or to
comply with the requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the Trust Indenture Act.

         12. Defaults and Remedies. In the case of an Event of Default, as
defined in the Indenture arising from certain events of bankruptcy or insolvency
with respect to the Company or any of its Restricted Subsidiaries, all
outstanding Notes will become due and payable immediately without further action
or notice. If any other Event of Default occurs and is continuing, the Trustee
or the Holders of at least 25% in principal amount of the then outstanding Notes
may declare all the Notes to be due and payable immediately. Holders of the
Notes may not enforce the Indenture or the Notes except as provided in the
Indenture. Subject to certain limitations, Holders of a majority in principal
amount of the then outstanding Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the Notes notice of
any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest or Liquidated Damages, if any)
if it determines that withholding notice is in their interest. The Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice
to the Trustee may, on behalf of the Holders of all of the Notes, waive any
existing Default or Event of Default and its consequences under the Indenture
except a continuing Default or Event of Default in the payment of interest or
Liquidated Damages, if any, on, or the principal of, the Notes.

         In the case of any Event of Default occurring by reason of any willful
action or inaction taken or not taken by the Company or on their behalf with the
intention of avoiding payment of the premium that the Company would have had to
pay if the Company then had elected to redeem the Notes pursuant to the optional
redemption provisions of the Indenture, an equivalent premium shall also become
and be immediately due and payable to the extent permitted by law upon the
acceleration of the Notes. If an Event of Default occurs during any time that
the Notes are outstanding, by reason of any willful action (or inaction) taken
(or not taken) by the Company or on its behalf with the intention of avoiding
the prohibition on redemption of the Notes, then the premium specified in the
Indenture shall also become immediately due and payable to the extent permitted
by law upon the acceleration of the Notes.

<PAGE>   7

         13. Trustee Dealings with Company. The Trustee, in its individual or
any other capacity, may make loans to, accept deposits from, and perform
services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee.

         14. No Recourse Against Others. No director, officer, employee,
incorporator or stockholder of the Company or of any of the Guarantors as such
will have any liability for any of the Company's or any Guarantors' obligations
under the Notes, the Indenture, any Subsidiary Guarantees, or for any claim
based on, in respect of, or by reason of, these obligations or their creation.
Each Holder by accepting a Note waives and releases these individuals from this
liability. The waiver and release are part of the consideration for issuance of
the Notes.

         15. Authentication. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent.

         16. Additional Rights of Holders of Restricted Global Notes and
Restricted Definitive Notes. In addition to the rights provided to Holders under
the Indenture, Holders of Restricted Global Notes and Restricted Definitive
Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of June 29, 2001, between the Company, the Guarantors and the parties
named on the signature pages thereof or, in the case of Additional Notes,
Holders of Additional Notes shall have the rights set forth in one or more
registration rights agreements, if any, between the Company, the Guarantors and
the other parties thereto, relating to rights given by the Company and the
Guarantors to the purchasers of Additional Notes (the "Registration Rights
Agreement").

         17. CUSIP Numbers. Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused
CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made
as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the
other identification numbers placed thereon.

         The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture and/or the Registration Rights Agreement.
Requests may be made to:

         Stewart Enterprises, Inc.
         110 Veterans Memorial Boulevard
         Metairie, LA 70005
         Telecopier No.: (504) 849-2307
         Attention: Martin R. de Laureal, Vice President of Investor Relations

         with copies to:

         Jones, Walker, Waechter, Poitevent,
                  Carrere and Denegre, L.L.P.
         201 St. Charles Avenue
         New Orleans, LA  70170-5100
         Telecopier: (504) 582-8012
         Attention: L. Richards McMillan, Esq.

<PAGE>   8

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to: _________________________________
                                               (Insert assignee's legal name)

_______________________________________________________________________________
                  (Insert assignee's soc. sec. or tax I.D. no.)

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________

_______________________________________________________________________________
              (Print or type assignee's name, address and zip code)

and irrevocably appoint _______________________________________________________
to transfer this Note on the books of the Company. The agent may substitute
another to act for him.

Date:
     ----------------
                              Your Signature:
                                             -----------------------------------
                                             (Sign exactly as your name appears
                                                  on the face of this Note)

Signature Guarantee*:
                     -----------------------

----------
* Participant in a recognized Signature Guarantee Medallion Program (or other
signature guarantor acceptable to the Trustee).

<PAGE>   9

                       OPTION OF HOLDER TO ELECT PURCHASE

         If you want to elect to have this Note purchased by the Company
pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box
below:

                  [ ] Section 4.10           [ ] Section 4.15

         If you want to elect to have only part of the Note purchased by the
Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the
amount you elect to have purchased:

                                 $_____________

Date:
      ---------------------

                              Your Signature:
                                             ----------------------------------
                                             (Sign exactly as your name appears
                                                  on the face of this Note)

                              Tax Identification No.:
                                                     --------------------------

Signature Guarantee*:
                     -------

----------
*  Participant in a recognized Signature Guarantee Medallion Program (or other
   signature guarantor acceptable to the Trustee).

<PAGE>   10

              SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

                  The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note,
have been made:

<Table>
<Caption>
                                                                            Principal Amount at
                        Amount of Decrease in    Amount of Increase in            Maturity               Signature of
                         Principal Amount at      Principal Amount at       of this Global Note       Authorized Officer
                              Maturity                  Maturity               Following such            of Trustee or
   Date of Exchange      of this Global Note      of this Global Note      decrease (or increase)       Note Custodian
   ----------------     ---------------------    ----------------------    ----------------------     ------------------
<S>                     <C>                      <C>                       <C>                        <C>

</Table><PAGE>   1
                                                                     EXHIBIT 4.6

                                 [FACE OF NOTE]

         THIS SECURITY IS ISSUED IN SUBSTITUTION FOR, AND NOT IN NOVATION OF,
THAT CERTAIN 6.70% NOTE DUE 2003, DATED DECEMBER 9, 1996, BY THE COMPANY AND
PAYABLE TO CEDE & CO, OR REGISTERED ASSIGNS. THIS SECURITY IS A REGISTERED
SECURITY IN GLOBAL FORM WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION ("DTC") OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY IN DEFINITIVE REGISTERED FORM, AND NO TRANSFER
OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED IN THE NAME OF ANY PERSON
OTHER THAN DTC OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE.

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

                            STEWART ENTERPRISES, INC.

                           Secured 6.70% Note Due 2003

No.                                 $100,000              CUSIP No.: 860370 AA 3
   ----

         Stewart Enterprises, Inc., a Louisiana corporation (hereinafter called
the "Company," which term shall include any successor under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede &
Co., or registered assigns, the principal sum of $100,000 (One Hundred Thousand
Dollars) at the Company's office or agency for said purpose in the Borough of
Manhattan, the City of New York on December 1, 2003, in such coin or currency of
the United States of America as at the time of payment is legal tender for the
payment of public and private debts, and to pay the interest thereon in like
coin or currency semi-annually on December 1 and June 1 of each year, commencing
December 1, 2001, on said principal sum at the rate of 6.70% per annum at said
office or agency from the most recent Interest Payment Date to which interest on
this Note has been paid or duly provided for until payment of said principal sum
has been made or duly provided for. The interest so payable on any December 1 or
June 1 will, except as otherwise provided in the Indenture referred to on the
reverse hereof, be paid to the Person in whose name this Note is registered at
the close of business on the November 15 or May 15 preceding such December 1 or
June 1, whether or not such day is a Business Day; provided that interest may be
paid, at the option of the Company, if this Note is no longer in the form of a
Registered Security in global form, by mailing a check therefor payable to the
registered holder entitled thereto at his last address as it appears on the
Security Register. Interest on this Note shall be computed on the basis of a
360-day year consisting of twelve 30-day months.

ADDITIONAL PROVISIONS OF THIS SECURITY ARE CONTAINED ON THE REVERSE HEREOF AND
SUCH PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET
FORTH AT THIS PLACE.

         This Security shall not be entitled to any benefit under the Indenture
hereinafter referred to, or become valid or obligatory for any purpose, until
the Trustee under the Indenture shall have signed the form of certificate of
authentication endorsed hereon.

         In Witness Whereof, Stewart Enterprises, Inc. has caused this
Instrument to be duly executed.

Dated:  June 29, 2001                        STEWART ENTERPRISES, INC.

                                             By:
                                                --------------------------------
                                                         Kenneth C. Budde
                                                     Chief Financial Officer,
Attest:                                         President-Corporate Division and
        --------------------------                  Executive Vice President
             Lisa T. Winningkoff
             Assistant Secretary

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

                                     CITIBANK, N.A., as Trustee

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

<PAGE>   2

                                [Reverse of Note]

                            STEWART ENTERPRISES, INC.

                           Secured 6.70% Note due 2003

         This Security is one of a duly authorized issue of debt securities of
the Company designated as its Secured 6.70% Notes Due 2003 (the "Securities"),
limited to the aggregate principal amount of $100,000,000 (except as otherwise
provided in the Indenture mentioned below), issued or to be issued pursuant to
an indenture dated as of December 1, 1996, duly executed and delivered by the
Company to Citibank, N.A., as trustee (herein called the "Trustee," which term
includes any successor trustee under the Indenture), as supplemented by the
First Supplemental Indenture dated April 24, 1998 between the Company and the
Trustee and the Second Supplemental Indenture dated June 29, 2001 between the
Company and the Trustee, as the same shall be further amended and supplemented
from time to time as provided in the Indenture (as so amended and supplemented,
the "Indenture"). The terms of the Securities include those in the Indenture.
Reference is hereby made to the Indenture and all other indentures supplemental
thereto for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of
the Securities. Capitalized terms used but not defined herein which are defined
in the Indenture have the meanings assigned to them in 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. The Indenture provides that under certain circumstances a declaration
of acceleration and its consequences may be rescinded and annulled by the
Holders of a majority in principal amount of the Outstanding Securities of the
series.

         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 a majority in principal amount of the Outstanding
Securities of all series to be affected (acting as one class). The Indenture
provides that the Holders of a majority in principal amount of the Outstanding
Securities of any series (or, in certain cases, of all Outstanding Securities)
may, on behalf of the Holders of all the securities of such series (or, in
certain cases, of all securities under the Indenture) waive certain past
defaults under the Indenture. The Indenture also provides that the Holders of a
majority in principal amount of the Outstanding Securities of all series
affected (acting as one class) may waive compliance by the Company with certain
restrictive provisions of the Indenture. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and
upon all future Holders and owners of this Security and any Security issued in
exchange or substitution hereof or upon registration of transfer hereof, whether
or not notation of such consent or waiver is made upon this Security or such
other Securities.

         The Indenture contains provisions for the legal defeasance at any time
of the entire indebtedness of the Company on this Security upon compliance by
the Company with certain conditions set forth therein, which provisions apply to
this Security. Upon compliance with such provisions, the Company shall be deemed
to have paid and discharged the entire indebtedness on this Security and the
Company's obligation to pay the principal of (and premium, if any) and interest
on this Security shall cease, terminate and be completely discharged.

         The Indenture provides that no Holder of any Securities may enforce any
remedy under the Indenture except in the case of refusal or neglect of the
Trustee to act after notice of default and request by the Holders of 25% in
principal amount of Outstanding Securities in the series for which a remedy is
sought to be enforced and the offer to the Trustee of reasonable indemnity.

         The Securities do not have the benefit of any sinking fund obligation
and are not redeemable.

         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 interest on this
Security at the place, times, and rate, and in the currency, herein prescribed.

         The Securities of this series are issuable only in registered form
without coupons in denominations of $1,000 and any integral multiple 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 of a different authorized denomination, as
requested by the Holder surrendering the same.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the
office or agency of the Company in any place where the principal of (and
premium, if any) and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security 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.

         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 surrender of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee, may deem and
treat the registered Holder hereof as the absolute owner of this Security
(whether or not this Security shall be overdue and notwithstanding any notation
of ownership or other writing hereon), for the purpose of receiving payment of,
or on account of, the principal hereof and interest hereon and for all other
purposes, and neither the Company nor the Trustee nor any agent of the Company
or the Trustee shall be affected by any notice to the contrary.

         In order to secure the due and punctual payment of all obligations
payable by the Company under the Indenture and that certain Credit Agreement by
and among the Company, Empresas Stewart-Cementerios, Empresas Stewart-Funeraris,
Bank of America, N.A., as Collateral Agent, Administrative Agent and Lender and
the other Lenders, dated as of June 29, 2001, as amended, restated, rearranged
or otherwise modified from time to time, the Company and its Subsidiaries have
granted a first priority Lien (subject to certain exceptions permitted by the
Collateral Documents) on and security interest in the Collateral owned by it to
the Collateral Agent for the pari passu benefit of (a) the Trustee and the
Holders of the Securities and (b) the Administrative Agent, the Collateral Agent
and the Lenders, pursuant to the Indenture and the Collateral Documents.

         The Indenture and this Security shall be governed by and construed in
accordance with the laws of the State of New York.

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