Document:

<PAGE>

                                                                   EXHIBIT 10.35

               AMENDED AND RESTATED JOHN B. SANFILIPPO & SON, INC.
                   SPLIT-DOLLAR INSURANCE AGREEMENT NUMBER TWO

         THIS AMENDED AND RESTATED AGREEMENT (the "Agreement") is made and
entered into as of the 31st day of December, 2003, by and between John B.
Sanfilippo & Son, Inc., an Illinois corporation (the "Company"), Mathias
Valentine, individually, Mary Valentine, individually (collectively the
"Insureds" and individually an "Insured"), and Michael J. Valentine (the
"Trustee"), not individually, but as Trustee of the Valentine Life Insurance
Trust, dated May 15, 1991 (the "Trust").

                                    RECITALS

         WHEREAS, the Company, Mathias Valentine, Mary Valentine, and the
Trustee executed an agreement in 1992 known as the John B. Sanfilippo & Son,
Inc. Split-Dollar Insurance Agreement Number Two (the "Original Agreement"); and

         WHEREAS, pursuant to Paragraph 10 of the Original Agreement, the
parties thereto have the right to amend or modify the Original Agreement in
whole or in part by the written agreement of all of the parties; and

         WHEREAS, the parties now wish to amend and restate the Original
Agreement in its entirety so that the equity collateral assignment split-dollar
arrangement created by the Original Agreement is changed to a non-equity
endorsement split-dollar arrangement.

         NOW, THEREFORE, in consideration of the mutual promises made by the
parties herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby amend and
restate the Original Agreement in its entirety and agree as follows:

                                    AGREEMENT

         1.       ASSIGNMENT OF POLICIES TO COMPANY; CONSIDERATION.

                  (a)      ASSIGNMENT. Upon the execution of this Agreement, the
         Trustee shall take all necessary action to cause the life insurance
         policies listed on Exhibit A, which is attached hereto and incorporated
         by reference herein (collectively the "Policies" and individually a
         "Policy"), and all incidents of ownership therein, including all rights
         to the Policies' cash values, to be assigned to the Company.

                  (b)      CONSIDERATION. In consideration of the assignment of
         the Policies by the Trustee to the Company, the Company hereby agrees
         to:

                                     -1-

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                           (i)      Release and discharge the Trust from its
                  obligations under the Original Agreement to pay to the Company
                  an amount equal to the cumulative premiums paid by the Company
                  on the Policies up to the date of this Agreement;

                           (ii)     Release and discharge the security interest
                  issued by the Trust in the limited rights in the Policies as
                  set forth in Paragraph 4(b) of the Original Agreement; and

                           (iii)    Repay any and all outstanding loans on the
                  Policies that the Trust was obligated to repay as of the date
                  of this Agreement.

         2.       POLICY OWNERSHIP.

                  (a)      OWNERSHIP. Upon the execution of this Agreement and
                           the assignment of the Policies as set forth in
         Paragraph 1(a) above, the Company shall be the sole and absolute owner
         of the Policies and may exercise all ownership rights granted to the
         owner thereof by the terms of the Policies, except as may otherwise be
         provided herein. The Company shall have the full and exclusive right
         and access to the Policies' cash values, and neither the Insureds nor
         the Trustee shall have a current or future right in, or direct or
         indirect access to, the Policies' cash values. The parties hereto agree
         that the Policies shall be subject to the terms and conditions of this
         Agreement and of the endorsements to the Policies that are to be filed
         with the AmerUs Life Insurance Company, the Sun Life Assurance Company
         of Canada, and the Transamerica Occidental Life Insurance Company
         (collectively the "Insurers" and individually an "Insurer") pursuant to
         Paragraph 2(b) below. The parties hereto further agree that they will
         take all action necessary to cause the Policies to conform to the
         provisions of this Agreement.

                  (b)      ENDORSEMENTS. Contemporaneously with the execution of
         this Agreement, the Company shall complete and file endorsements with
         the Insurers, using the appropriate forms provided by the Insurers for
         such purposes, conferring upon the Trustee the right to name the
         beneficiaries of the Policies' death benefits in excess of the amounts
         to which the Company is entitled under Paragraph 5(a) hereunder.

         3.       PREMIUM PAYMENTS. On or before the due date of each Policy
premium, or within the applicable grace period provided therein, the Company
shall pay the full amount of each Policy premium to the appropriate Insurer.

         4.       BENEFICIARY DESIGNATIONS.

                  (a)      THE COMPANY. Contemporaneously with the execution of
         this Agreement, the Company shall execute and deliver to the
         appropriate Insurer corporate beneficiary designations for the
         Policies, using the appropriate forms provided by said Insurer for such
         beneficiary designations, to secure the Company's recovery of the
         amounts described in Paragraph 5(a) hereunder. The parties hereto agree
         to take all action necessary to cause such corporate beneficiary
         designations to conform to the provisions of this Agreement.

                                      -2-

<PAGE>

                  (b)      THE TRUST. Also contemporaneously with the execution
         of this Agreement, the Trustee shall execute and deliver beneficiary
         designations for the Policies to the appropriate Insurer, using the
         appropriate forms provided by the Insurers for such designations, to
         designate the requested person(s) or entity(ies) as the
         beneficiary(ies) to receive the death benefits of the Policies in
         excess of the amounts to which the Company is entitled under Paragraph
         5(a) hereunder (such designated beneficiary(ies) referred to herein as
         the "Trust Designee"). The parties hereto agree to take all action
         necessary to cause such beneficiary designations to conform to the
         provisions of this Agreement. The Company shall not terminate, alter,
         or amend the Trustee's beneficiary designations without the express
         written consent of the Trustee.

         5.       RIGHT TO POLICY PROCEEDS.

                  (a)      THE COMPANY'S RIGHTS. For so long as this Agreement
         remains in effect, upon the death of the Insured (or, in the case of a
         joint-and-survivor policy that is subject to the terms of this
         Agreement, upon the death of the last Insured to die), the Company
         shall have the unqualified right to receive from the proceeds of each
         Policy an amount equal to the cumulative premiums paid by the Company
         on each Policy from the date of the Original Agreement until the date
         of the Insured's death (or, in the case of a joint-and-survivor policy,
         the date of the death of the last Insured to die), provided that such
         amounts shall be reduced by any indebtedness against each Policy
         existing at the death of the Insured (or, in the case of a
         joint-and-survivor policy that is subject to the terms of this
         Agreement, upon the death of the last Insured to die).

                  (b)      THE TRUST DESIGNEE'S RIGHTS. For so long as this
         Agreement remains in effect, upon the death of the Insured (or, in the
         case of a joint-and-survivor policy that is subject to the terms of
         this Agreement, upon the death of the last Insured to die), the Trust
         Designee shall have the unqualified right to receive from the proceeds
         of each Policy an amount equal to the death benefit of each Policy in
         excess of the amount to which the Company is entitled to receive from
         each Policy under Paragraph 5(a) above.

                  (c)      LIMITATIONS. No amounts shall be paid from the
         Policies' death benefits to the Trust Designee until the full amounts
         due to the Company from each Policy pursuant to Paragraph 5(a) above
         have been paid. The parties hereto agree that the beneficiary
         designation provisions of each Policy shall conform to the provisions
         of this paragraph.

         6.       POLICY DIVIDENDS. The dividends on each Policy shall be
applied as elected by the Company.

         7.       SETTLEMENT OPTION. The Company and the Trust Designee may
select a settlement option as provided in the Policies at the time of
distribution.

         8.       NOTICE TO INSUREDS OF TAXABLE COST. For each year that this
Agreement is in effect, the Company shall secure from each Insurer and shall
furnish to each Insured an annual

                                      -3-

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report that includes a statement of the amounts of taxable income reportable by
the Insureds for federal and state income tax purposes as a result of the
Company's payment of the Policies' premiums. The Company shall use the
information contained in these annual reports to determine proper withholdings
and tax treatments.

         9.       COLLECTION OF DEATH BENEFITS. Upon the death of the Insured
(or, in the case of a joint-and-survivor policy that is subject to the terms of
this Agreement, upon the death of the last Insured to die), the Company and the
Trustee shall cooperate to take whatever action is necessary to collect the
death benefits provided under the Policies. Upon the collection and payment of
the Policies' death benefits as provided in this Agreement, this Agreement shall
terminate.

         10.      TERMINATION OF THE AGREEMENT DURING THE LIFETIME(S) OF THE
INSURED(S).

                  (a)      WITHOUT NOTICE. This Agreement shall terminate
         without notice during the Insured's lifetime (or, in the case of a
         joint-and-survivor policy that is subject to the terms of this
         Agreement, during the life of the surviving Insured) upon the first to
         occur of the following:

                           (i)      Surrender of the Policies by the Company,
                  which has the sole and exclusive right of surrender;

                           (ii)     Failure of the Company to make a premium
                  payment as required pursuant to Paragraph 3 hereunder;

                           (iii)    Total cessation of the Company's business;
                  or

                           (iv)     Bankruptcy, receivership, or dissolution of
                  the Company.

                  (b)      WITH NOTICE. In addition, either the Company or the
         Trustee may terminate this Agreement unilaterally and without cause, so
         long as no premium under a Policy is overdue, by written notice to the
         other party of such intent to terminate the Agreement. Such termination
         shall be effective as of the date specified in such notice.

         11.      DISPOSITION OF THE POLICIES UPON TERMINATION OF THE AGREEMENT
DURING THE LIFETIME(S) OF THE INSURED(S).

                  (a)      OPTION TO PURCHASE. For thirty (30) days after the
         date of the termination of this Agreement pursuant to Paragraph 10
         above, the Trustee shall have the option to purchase any of the
         Policies from the Corporation. The purchase price for each Policy shall
         be equal to the cash surrender value of such Policy, including dividend
         accumulations and the cash value of dividend additions existing in such
         Policy at the end of the period for which premiums have been paid. If
         the Policy shall then be encumbered by assignment, policy loan, or
         otherwise, the Company shall either remove such encumbrance, or reduce
         the sales price to the Trustee by the total amount of indebtedness
         outstanding against the Policy. Upon receipt of such amount, the
         Company shall transfer all of its rights, title, and interest in and to
         the Policy to the Trustee, by the execution and delivery of an
         appropriate instrument of transfer.

                                      -4-

<PAGE>

                  (b)      FAILURE TO EXERCISE OPTION. If the Trustee fails to
         exercise such option within such thirty (30) day period, then the
         Company may surrender or cancel the Policies for their cash surrender
         values, or it may change the beneficiary designation provisions of the
         Policies naming itself or any other person or entity as the revocable
         beneficiary thereof, or exercise any other ownership rights in and to
         the Policies, without regard to the provisions thereof. Thereafter,
         neither the Trustee, nor his successor in interest nor any of the
         Trust's beneficiaries shall have any further interest in and to the
         Policies, either under the terms thereof or under this Agreement.

         12.      LOANS. The Company may pledge or assign any of the Policies,
subject to the terms and conditions of this Agreement, for the sole purpose of
securing a loan from any of the Insurers or from a third party. The amount of
such loan, including the accumulated interest thereon, shall not exceed the
lesser of (i) the amount of the premiums on the respective Policy to which the
loan relates paid by the Company hereunder, or (ii) the cash surrender value of
the respective Policy to which the loan relates (as determined by the
appropriate Insurer) as of the date to which premiums have been paid. Interest
charges on any such loans shall be paid by the Company. If the Company so
encumbers any of the Policies, other than by policy loans from the Insurers,
then, upon the death of the Insured (or, in the case of a joint-and-survivor
policy that is subject to the provisions of this Agreement, upon the death of
the last Insured to die), or upon the election of an Insured to purchase a
Policy from the Company, the Company shall promptly take all action necessary to
secure the release or discharge of such encumbrance.

         13.      TRUSTEE'S RIGHT TO ASSIGN INTEREST. Assignment of any or all
of the rights or benefits provided under this Agreement has significant tax
consequences. Therefore, unless otherwise agreed to in writing by the Company,
the Trustee shall not assign any right or benefit provided under this Agreement
and any attempt to do so shall be void. Upon written consent of the Company, an
assignment shall be exercisable by the execution and delivery to the Company of
a written assignment, which shall be attached to the Agreement and by this
reference is made a part hereof. Upon receipt of such written assignment
executed by the Trustee, and duly accepted by the assignee thereof, the Company
shall consent thereto in writing, and shall thereafter treat the Trustee's
assignee as the sole owner of all the Trustee's right, title, and interest in
and to this Agreement and the Policy(ies). Thereafter, the Trustee shall have no
right, title, or interest in and to this Agreement or the Policy(ies), all such
rights being vested in and exercisable only by such assignee.

         14.      THE INSURERS. Each Insurer shall be bound only by the
provisions of and endorsements on the Policy issued by it, and any payments made
or actions taken by it in accordance therewith shall fully discharge it from all
claims, suits, and demands of all persons whatsoever. Each Insurer shall in no
way be bound by or be deemed to have notice of the provisions of this Agreement.

         15.      NAMED FIDUCIARY, DETERMINATION OF BENEFITS, CLAIMS PROCEDURE,
AND ADMINISTRATION.

                                      -5-

<PAGE>

                  (a)      NAMED FIDUCIARY. The Company is designated as the
         named fiduciary under this Agreement.

                  (b)      FUNDING POLICY. The funding policy under this
         Agreement is that all premiums on the Policies be remitted to the
         Insurers when due.

                  (c)      DETERMINATION OF BENEFITS. Direct payment by the
         Insurer is the basis of payment of benefits under the Agreement, with
         those benefits in turn being based on the payment of premiums as
         provided in this Agreement.

                  (d)      CLAIMS PROCEDURES.

                           (i)      For claims procedure purposes, the "Claims
                  Manager" shall be Bill Pokrajac or his designee. At any time,
                  the Company may remove the Claims Manager with or without
                  cause. Within ten (10) days of the removal of the Claims
                  Manager, the Company shall appoint a successor Claims Manager.
                  The Company shall provide written notice of such appointment
                  to all of the parties hereto within ten (10) days of the
                  appointment of a successor Claims Manager.

                           (ii)     If for any reason a claim for benefits under
                  this Agreement is denied by the Company, the Claims Manager
                  shall deliver to the claimant a written explanation setting
                  forth the specific reasons for the denial, pertinent
                  references to the section of the Agreement on which the denial
                  is based, a description of any additional material or
                  information necessary to perfect the claim, and an explanation
                  of why such material or information is necessary, such other
                  data as may be pertinent, and information on the procedures to
                  be followed by the claimant in obtaining a review of his or
                  her claim, all written in a manner calculated to be understood
                  by the claimant. For this purpose, the claimant's claim shall
                  be deemed filed when presented orally or in writing to the
                  Claims Manager. The Claims Manager's explanation shall be in
                  writing and shall be delivered to the claimant within thirty
                  (30) days of the date on which the claim is filed.

                           (iii)    The claimant (or his or her duly authorized
                  representative) shall have thirty (30) days following the
                  claimant's receipt of the denial of the claim to file with the
                  Claims Manager a written request for review of the denial. For
                  such review, the claimant (or his or her duly authorized
                  representative) may submit pertinent documents and written
                  issues and comments.

                           (iv)     The Claims Manager shall decide the issue on
                  review and furnish the claimant with a copy of his or her
                  decision within thirty (30) days of the receipt of the
                  claimant's request for review of his or her claim. The
                  decision on review shall be in writing and shall include
                  specific reasons for the decision, written in a manner
                  calculated to be understood by the claimant, as well as
                  specific references to the pertinent provisions of the
                  Agreement on which the decision is based. If a copy of the
                  decision is not so furnished to the claimant within thirty
                  (30) days, the claim shall be deemed denied on review.

                                      -6-

<PAGE>

         16.      BINDING EFFECT. Each and all of the covenants, terms,
provisions, and agreements contained herein shall be binding upon and inure to
the benefit of the parties hereto and, to the extent permitted by this
Agreement, their respective heirs, legal representatives, successors and
assigns, and to any beneficiaries of the Policies.

         17.      GOVERNING LAW. This Agreement and its interpretation shall be
governed exclusively by its terms and by the laws of the State of Illinois.

         18.      AMENDMENT. This Agreement may be amended or modified in whole
or in part by the written agreement of all the parties hereto.

         19.      NOTICE. Any notice or other communication made hereunder or
pursuant hereto shall be deemed to be given if delivered personally, mailed by
registered or certified mail, postage prepaid, or sent by facsimile
transmission, and addressed (a) in the case of the Company, to its President at
the Company's principal office, and (b) in the case of any other party, to the
address appearing below the party's signature hereto, and the same shall be
effective upon receipt if delivered personally or sent by facsimile
transmission, or if mailed, five (5) business days after it is deposited in the
mail. Any party may change the address at which the party is to receive
communications made hereunder or pursuant hereto by giving written notice of the
new address to the other parties in the manner provided in this paragraph.

         20.      SEVERABILITY. If any provision of this Agreement or the
application thereof to any person or circumstance shall be invalid, illegal, or
unenforceable to any extent, the remainder of this Agreement and the application
thereof shall not be affected and shall be enforceable to the fullest extent
permitted by law.

         21.      ENTIRE AGREEMENT. This Agreement supersedes all agreements
previously made between the parties relating to its subject matter. There are no
other understandings or agreements between them. It contains the entire
agreement of the parties. It may not be changed orally but only by an agreement
in writing pursuant to Paragraph 18 above.

         22.      WAIVER. No party hereto shall be deemed to have waived any
right hereunder unless such waiver is in writing and signed by the party claimed
to have waived such right. No delay or omission in exercising any right
hereunder shall operate as a waiver of such right or any other right. A waiver
upon any one occasion shall not be considered as a waiver of any right or remedy
on any further occasion.

         23.      HEADINGS. The headings in this Agreement are inserted for
convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision hereof.

         24.      COUNTERPARTS. This Agreement may be executed in counterparts,
each of which shall be deemed an original but all of which shall constitute one
and the same instrument.

                                      -7-

<PAGE>

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

                                    JOHN B. SANFILIPPO & SON, INC.

                                    By: /s/ William R. Pokrajac
                                        ----------------------------------------
                                    Its:      Vice President of Finance

                                    /s/ Mathias Valentine
                                    --------------------------------------------
                                    Mathias Valentine

                                    /s/ Mary Valentine
                                    --------------------------------------------
                                    Mary Valentine

                                    VALENTINE LIFE INSURANCE TRUST, DATED
                                    MAY 15, 1991

                                    By: /s/ Michael J. Valentine
                                        ----------------------------------------
                                        Michael J. Valentine, Trustee

                                      -8-

<PAGE>

                                    EXHIBIT A
                             LIFE INSURANCE POLICIES

<TABLE>
<CAPTION>
           Insurer                    Policy Number                Insured                Face Amount
           -------                    ------------                 -------                -----------
<S>                                   <C>                     <C>                         <C>
AmerUs Life Insurance Company            2692684              Mathias Valentine           $   400,000

AmerUs Life Insurance Company            2249880              Mary Valentine              $   500,000

Transamerica Occidental                                       Mathias and Mary
Life Insurance Company                  92371857              Valentine                   $ 2,000,000

Sun Life Assurance Company                                    Mathias and Mary
of Canada                                9235749              Valentine                   $ 1,500,000
</TABLE>

                                      -9-<PAGE>
                                                                 EXHIBIT 4(i)(j)

                         [FORM OF FACE OF EXCHANGE NOTE]

                           [Global Securities Legend]

         UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (THE "DEPOSITORY"), TO THE
COMPANY 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 THE DEPOSITORY, 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.

         UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL
SECURITIES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITORY.

                            COMMERCIAL METALS COMPANY

                           5.625% SENIOR NOTE DUE 2013

No.
    --------
CUSIP No.:                                                            $
           ---------------                                             --------

         Commercial Metals Company, a corporation duly organized and existing
under the laws of the State of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of _______________ DOLLARS ($____________) on November 15, 2013,
and to pay interest thereon from November 12, 2003 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on May 15 and November 15 in each year, commencing on May 15,
2004, at the rate of 5.625% per annum, until the principal hereof is paid or
made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the May 1 or November 1 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be
paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for
the

<PAGE>

payment of such Defaulted Interest to be fixed by the Trustee, as described in
the Indenture, notice whereof shall be given to Holders of Notes 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 the Notes may be listed and upon such notice as may be
required by such exchange, if such manner of payment shall be deemed practical
by the Trustee, all as more fully provided in the Indenture.

         Payment of the principal of (and premium if any) and any such interest
on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, 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.

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

         Unless the certificate of authenticity hereon has been executed by 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.

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

Dated:                                         COMMERCIAL METALS COMPANY
       ----------------

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

Attest

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

Trustee's Certificate of Authentication

This is one of the Notes of the series designated therein referred to in the
within-mentioned Indenture.

JPMORGAN CHASE BANK, as Trustee

By:
    ---------------------------
    Authorized Officer

                                        2
<PAGE>

                             [Reverse Side of Note]

1. General.

         This Security is one of the duly authorized issue of debt securities of
the Company (hereinafter called the "Securities"), issued or to be issued in one
or more series under and pursuant to an Indenture dated as of July 31, 1995, as
supplemented by the Supplemental Indenture dated as of November 12, 2003
(collectively, together with any applicable subsequent amendments or
supplements, herein called the "Indenture"; capitalized terms used and not
defined herein shall have the meaning ascribed to such terms in the Indenture),
between the Company and JPMorgan Chase Bank (successor by merger to The Chase
Manhattan Bank, N.A.), a New York banking corporation, 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 rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
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,
which series is unlimited in amount. After giving effect to the issuance of
Securities of such series on the date of the Supplemental Indenture,
$200,000,000 aggregate principal amount of Securities of such series were issued
and outstanding.

         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 any premium and any
interest on, this Security at the place, rate and respective times and in the
coin or currency herein prescribed.

2. Redemption.

         The Securities are subject to redemption, as a whole or in part, at any
time and from time to time, at the election of the Company, at a Redemption
Price equal to the greater of (1) 100% of the principal amount of the Securities
being redeemed and (2) the sum of the present values, calculated as of the
Redemption Date, of the remaining scheduled payments of principal and interest
on the Securities to be redeemed (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the then current
Treasury Rate (as defined in the Indenture) plus 20 basis points, plus, in each
case, accrued and unpaid interest on the principal amount being redeemed to the
Redemption Date.

         Notice of any redemption will be mailed at least 30 days but not more
than 60 days before the Redemption Date to each Holder of the Securities to be
redeemed. In the event of redemption of this Security in part only, a new
Security or Securities of this series and of like tenor for the unredeemed
portion hereof will be issued in the name of the Holder hereof upon cancellation
hereof.

                                        3
<PAGE>

3. Indenture.

         The terms of the Securities include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939
(15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of the Indenture (the
"TIA"). The Securities are subject to all such terms, and Holders are referred
to the Indenture and the TIA for a statement of those terms. The Securities
issued under the Indenture are senior unsecured obligations of the Company and
rank equally in right of payment with all of the Company's existing and future
senior unsecured indebtedness.

4. Paying Agent and Security Registrar.

         The Company shall maintain in the Borough of Manhattan, The City of New
York, an office or agency where the Securities may be surrendered for
registration of transfer or exchange and an office or agency where the
Securities may be presented for payment or for exchange. The Company has
initially appointed the Trustee, JPMorgan Chase Bank, as its Paying Agent and
Security Registrar. The Company reserves the right at any time to vary or
terminate the appointment of any Paying Agent or Security Registrar, to appoint
additional or other Paying Agents or other Security Registrars and to approve
any change in the office through which any Paying Agent or Security Registrar
acts.

5. Default.

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

6. Sinking Fund.

         The Notes will not be subject to any sinking fund.

7. Denominations; Transfer; Exchange

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Security is registerable 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 any
premium 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 such
Holder's attorney duly authorized in writing, and thereupon one or more
Securities of this series and of like tenor, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee
or transferees.

         The Securities are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple of $1,000 in excess 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.

                                        4
<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.

8. Persons Deemed Owners.

         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 Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security is overdue, and neither the Company, the
Trustee nor any agent shall be affected by notice to the contrary.

9. Amendment; Supplement; Waiver.

         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 Securities at
the time Outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Securities of each series at the time Outstanding, 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.

10. Proceedings.

         As provided in and subject to the provisions of the Indenture, the
Holder of this Security shall not have the right to institute any proceeding
with respect to the Indenture or for the appointment of a receiver or trustee or
for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Securities of this series, the Holders of not less than 25% in principal amount
of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of
Default as Trustee and offered the Trustee reasonable indemnity and the Trustee
shall not have received from the Holders of a majority in principal amount of
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the
enforcement of any payment of principal hereof or any interest hereof on or
after the respective due dates expressed herein.

                                        5
<PAGE>

11.      Holders' Compliance with Registration Rights Agreement.

         The Holder of this Security, by acceptance hereof, acknowledges and
agrees to the provisions of the Registration Rights Agreement, including the
obligations of the Holder with respect to a registration and the indemnification
of the Company to the extent provided therein.

12. Governing Law.

         The Securities shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to any conflict of law
principles of such state that would require the application of the laws of
another jurisdiction.

                                       6
<PAGE>

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

                                 ASSIGNMENT FORM

         To assign this Note, fill in the form below:

         I or we assign and transfer this Note to

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

--------------------------------------------------------------------------------
                  (Insert assignee's soc. sec. or tax I.D. No.)

         and irrevocably appoint ________________________ agent 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 other side of this Note.

         Signature Guarantee:
                              --------------------------------------
                                       (Signature must be guaranteed)

                  Signatures must be guaranteed by an "eligible guarantor
         institution" meeting the requirements of the Registrar, which
         requirements include membership or participation in the Security
         Transfer Agent Medallion Program ("STAMP") or such other "signature
         guarantee program" as may be determined by the Registrar in addition
         to, or in substitution for, STAMP, all in accordance with the
         Securities Exchange Act of 1934, as amended.

<PAGE>

                        [TO BE ATTACHED TO GLOBAL NOTES]

                SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

         The following increases or decreases in this Global Note have been
made:

<Table>
<Caption>
                                                   Principal          Signature of
             Amount of          Amount of          amount of this     authorized
             decrease in        increase in        Global Note        officer of
             Principal          Principal          following such     Trustee or
Date of      amount of this     amount of this     decrease or        Notes
Exchange     Global Note        Global Note        increase           Custodian
--------     --------------     --------------     --------------     ------------
<S>          <C>                <C>                <C>                <C>

</Table>

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