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Exhibit 10.13

IAC, LP. TO TIC

AMENDED AND RESTATED LOAN AGREEMENT

                              This Amended and Restated Loan Agreement (this
“Agreement”) is entered into as of the 30th day of June, 2003, by and between
IRVINE APARTMENT COMMUNITIES, L.P., a Delaware limited partnership (“Lender”),
and THE IRVINE COMPANY, a Delaware corporation (“Borrower”).

R E C I T A L S

                              A.     Lender has previously loaned to Borrower
and Borrower has borrowed from Lender certain funds pursuant to various oral and
written agreements (the “Prior Loans”).

                              B.     The parties have agreed to amend and
restate all prior oral and written agreements between them relating to the Prior
Loans on the terms contained herein (except with respect to that certain Amended
and Restated Letter of Credit Reimbursement Agreement dated as of March 15, 2003
between Lender and Borrower and the various agreements among Lender, Borrower
and the other parties thereto relating to the projects commonly known as Park
West and Rancho San Joaquin).

                              C.     Lender desires to loan to Borrower and
Borrower desires to borrow from Lender certain additional funds in accordance
with the terms and conditions set forth herein (collectively with the Prior
Loans, the “Loan”).

AGREEMENT

                              NOW, THEREFORE, in consideration of the foregoing
Recitals and subject to the terms and conditions set forth below, Lender and
Borrower amend and restate all of their prior oral and written agreements with
respect to the Prior Loans (except as set forth in the Recitals above) as
follows:

 

1.     Terms of Loan

 

 

 

            (a)     Agreement to Lend and Borrow.  Subject to the terms and
conditions in this Agreement, Lender agrees to lend to Borrower, from time to
time, at Borrower’s request, funds in an amount no less than One Hundred
Thousand Dollars ($100,000) (the “Minimum Advance”) up to an aggregate amount
outstanding at any time not in excess of Two Hundred Million Dollars
($200,000,000).  Each individual borrowing made under the terms of this
Agreement shall hereinafter be referred to as a “Tranche” in the singular and
“Tranches” in the plural, and each such Tranche may be repaid and reborrowed
without premium or penalty except as set forth below.

 

 

 

            (b)     Promissory Note.  All Tranches borrowed pursuant to the
terms of this Agreement shall be evidenced by a single Master Promissory Note
executed by Borrower and attached hereto as Exhibit A (the “Promissory Note”). 
The Promissory Note shall

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contain a schedule upon which the date, amount, loan type (Fixed Rate or
Variable Rate, both as defined below), index, margin, interest rate and payment
method of each Tranche shall be entered.

 

 

 

            (c)     Interest Rate.  So long as no Event of Default has occurred
and is continuing, at Borrower’s option each Tranche shall bear interest on its
unpaid principal amount from the date made until paid in full.  Interest shall
be calculated daily and compounded monthly:

 

 

 

 

 

                     (i)     at a fixed rate as quoted by Lender (the “Fixed
Rate”); or

 

 

 

 

 

                     (ii)     at a variable rate as quoted by Lender (the
“Variable Rate”).  In no event will the Variable Rate be less than the “Minimum
Variable Rate”, determined as follows:

 

 

 

 

 

 

 

                    (a)     if The Irvine Company has any principal outstanding
under either of its corporate revolving credit lines (collectively the “The
Irvine Company Corporate Revolver and Bridge”), the Minimum Variable Rate shall
be the weighted average interest rate on the outstanding principal balance of
The Irvine Company Corporate Revolver and Bridge, inclusive of the index and
margin but exclusive of any other costs or fees; or

 

 

 

 

 

 

 

                    (b)     if no principal is outstanding under The Irvine
Company Corporate Revolver and Bridge, the Minimum Variable Rate shall be the
LIBOR rate applicable to deposits in United States dollars for a period of one
month or less.

 

 

 

 

 

If Borrower does not notify Lender, concurrently with each borrowing under this
Agreement, of its election of a Fixed Rate or Variable Rate, the Loan shall bear
interest at the Minimum Variable Rate.

 

 

 

Notwithstanding the above, and in any event, the interest rate shall not be
lower than the applicable federal rate as determined by the Internal Revenue
Service, as adjusted from time to time (as defined in 1986 Internal Revenue Code
Section 1274(d), as amended from time to time).

 

 

 

If an Event of Default has occurred and is continuing, interest shall accrue at
the Default Rate pursuant to Section 4(c) of this Agreement.

 

 

 

            (d)     Payments.  Unless sooner accelerated pursuant to the terms
of this Agreement:

 

 

 

 

 

 

 

 

          (i)

Monthly Interest Payments.  Interest accrued on each Tranche as of the last day
of each calendar

 

 

month (“Monthly Interest Payments”) shall be:

 

 

 

 

 

 

 

                    (a)  due and payable on the fifth calendar day of the
following month; provided that if such date falls on a day other than a
Saturday, Sunday or other day when banks are authorized or required to be closed
in California, Minnesota, North Carolina or New York (a

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“Banking Day”), interest shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

                    (b)  with Lender’s consent, accrued on the fifth calendar
day of the following month; provided that if such date falls on a day other than
Banking Day, interest shall be accrued beginning on the next Banking Day, and
compounded monthly until the principal balance of such Tranche is repaid, at
which time such accrued and compounded interest shall be due and payable.  The
Minimum Advance requirement does not apply to interest accrued.

 

 

 

 

 

 

           (ii)     

Principal Payments:

 

 

 

 

 

 

 

                    (a)  Mandatory Repayment.  The entire unpaid principal
amount of the Loan and all accrued interest thereon shall be due and payable at
the sooner of five (5) Banking Days after a demand therefor by Lender or the
expiration of this Agreement.

 

 

 

 

 

 

 

                    (b)  Optional Prepayment.  If Lender does not notify
Borrower, concurrently with the borrowing of a Tranche under this Agreement,
that a prepayment penalty shall be applicable with respect to such Tranche, such
Tranche may be prepaid on any Banking Day in any principal amount without
premium or penalty.  If Lender notifies Borrower, concurrently with the
borrowing of a Tranche under this Agreement, that a prepayment penalty shall be
applicable with respect to such Tranche, such Tranche may be prepaid subject to
the terms of such prepayment penalty.

 

 

 

 

 

 

          (iii)     

Intercompany Charges.  Lender and Borrower have established procedures whereby
Lender and

 

 

Borrower have agreed to provide services to, and incur expenditures on behalf
of, the other party (collectively “Intercompany Charges”); such amounts
explicitly exclude amounts owing under other loan agreements, if any, between
Lender and Borrower.  Intercompany Charges shall be accounted for by The Irvine
Company using generally accepted accounting principles.  A monthly accounting of
the Intercompany Charges shall be presented to both Lender and Borrower by the
fifteenth calendar day of the following month and shall be deemed final on the
22nd calendar day of the following month (or such earlier date as mutually
agreed to by Lender and Borrower).

 

 

 

 

 

 

 

                       (a)     If the sum of the Intercompany Charges (the “Net
Intercompany Charges”) require that Lender make a payment to Borrower, such
amount shall be:

 

 

 

 

 

 

 

 

                           (i)     due and payable to Borrower on the
twenty-third calendar day of the following month; provided that if such date
falls on a day other than a Banking Day, the

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Net Intercompany Charges shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

 

 

                          (ii)     at Lender’s sole option, applied, on the date
that such Net Intercompany Charges are deemed final, to amounts owed by Borrower
under this Agreement.  To the extent that the Net Intercompany Charges owed by
Lender exceed amounts outstanding under this Agreement, Lender shall pay the
remaining amount due as provided in Section 1(d)(iii)(a)(i); or

 

 

 

 

 

 

 

 

                       (b)     If the Net Intercompany Charges require that
Borrower make a payment to Lender, such amount shall be:

 

 

 

 

 

 

 

 

 

                           (i)     due and payable on the twenty-third calendar
day of the following month; provided that if such date falls on a day other than
a Banking Day, interest shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

 

 

                          (ii)     with Lender’s consent, accrued on the date
that such Net Intercompany Charges are deemed final; provided that if such date
falls on a day other than Banking Day, interest shall be accrued beginning on
the next Banking Day, and compounded monthly until the principal balance of such
Tranche is repaid, at which time such accrued and compounded interest shall be
due and payable.  The Minimum Advance requirement does not apply to Net
Intercompany Charges.

 

 

 

 

 

 

Notwithstanding the above, Lender may consent, either in a specific instance or
generally, to allow Borrower to defer the payment or accrual of Monthly Interest
Payments required by Section 1(d)(i), or to defer the payment or accrual of Net
Intercompany Charges due to Lender from Borrower required by Section 1(d)(iii),
or both, to a date mutually agreeable to Lender and Borrower, provided that in
no event will the payment or accrual of such amounts occur later than the last
Banking Day of the following month.

 

 

 

          (e)     Expiration of Agreement.  Unless terminated sooner pursuant to
Section 5(b), Lender’s commitment hereunder shall expire on June 30, 2006, and
the Loan and all other amounts owed hereunder with respect to the Loan and the
Lender’s commitment hereunder shall be paid in full no later than that date.

 

 

 

          (f)     Subordination.  Payment of the principal of, interest on, and
any applicable prepayment penalties with respect to, this Agreement and the
Promissory Note is expressly subordinated in right and time of payment to the
payment in full of the obligations of Borrower under, and the termination of all
commitments to lend or otherwise advance credit under, The Irvine Company
Corporate Revolver and Bridge, the New Term Loan

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Agreement dated as of December 27, 2000, the First Amended and Restated Term
Loan Agreement dated as of December 27, 2000, and the private placement note
agreements dated as of March 1, 1996, November 5, 1997 and November 15, 2000,
respectively, each among Borrower and the financial institutions party thereto.

 

 

 

 

2.     Covenants and Continuing Agreements

 

 

 

                    During the term of this Agreement, and thereafter for so
long as there are any amounts outstanding hereunder to Borrower, Borrower
covenants that it shall preserve and maintain its separate legal existence and
all rights, privileges, and franchises in connection therewith.

 

 

 

2.     Representations and Warranties 

 

 

 

                    Lender and Borrower hereby represent and warrant that this
Agreement, and in Borrower’s case the Promissory Note executed of even date
herewith, have been duly authorized, executed and delivered by Lender and
Borrower, respectively.

 

 

 

3.     Events of Default; Rights and Remedies on Default

 

 

 

           (a)  Events of Default.  The occurrence of any one or more of the
following events shall constitute an “Event of Default”:

 

 

 

 

 

          (i)     Non-payment.  The failure of Borrower to pay any installment
of principal, interest or prepayment penalty owing hereunder when due.

 

 

 

 

 

          (ii)     Insolvency, etc.  Borrower shall (a) apply for, suffer the
appointment of or consent to the appointment of, or the taking of possession by,
a receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its property, (b) admit in writing its inability, or be
generally unable, to pay its debts as they become due or cease operations of its
present business, (c) make a general assignment for the benefit of creditors,
(d) commence a voluntary case under the federal bankruptcy laws (as now or
hereafter in effect), (e) be adjudicated a bankrupt or insolvent, (f) file a
petition seeking to take advantage of any other law providing for the relief of
debtors, (g) acquiesce to, or fail to have dismissed, within thirty (30) days,
any petition filed against it in any involuntary case under such bankruptcy
laws, or (h) take any action for the purpose of effecting any of the foregoing.

 

 

 

 

           (b)     Acceleration of the Obligations.  Upon the occurrence of any
Event of Default pursuant to this Agreement, all unpaid interest, principal,
prepayment penalties, if any, fees or other charges outstanding under this
Agreement shall be immediately due and payable, without notice or demand by
Lender.  Borrower shall forthwith pay to Lender, in immediately available funds,
the entire principal amount together with any interest accrued thereon.

 

 

 

 

           (c)     Default Rate.  If an Event of Default has occurred and is
continuing and Borrower has not immediately paid all amounts due, interest on
all unpaid amounts shall accrue and compound daily at the lesser of:

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          (i)     the prime rate quoted by Wells Fargo Bank, N.A. plus three
percent (3%) per annum, compounded on the first Banking Day of each month; or

 

 

 

 

 

          (ii)     the maximum rate permitted by law.

 

 

 

 

          (d)     Upon the occurrence and during the continuance of any Event of
Default, all commitments to lend additional funds to Borrower will be suspended
without notice to or demand upon Borrower, and all rights of Borrower under this
Agreement will be suspended without notice to Borrower.

 

 

 

5.     Miscellaneous

 

 

 

             (a)     Modification of Agreement.  This Agreement may not be
modified, altered or amended, except by an agreement in writing signed by each
of the parties hereto.

 

 

 

             (b)     Termination of Agreement.  This Agreement may be terminated
by either party at any time in a writing delivered by the party terminating this
Agreement to the other party.  Upon any such termination, the entire unpaid
amount of principal, accrued interest and prepayment penalties, if any, under
this Agreement shall be due and payable on the fifth Banking Day thereafter,
interest on such entire amount accruing thereafter at the Default Rate.

 

 

 

             (c)     Successors and Assigns.  This Agreement shall inure to the
benefit of the parties hereto, their successors and assigns; provided, however,
that neither party hereto may make an assignment of its obligations or
liabilities under this Agreement without the prior written consent of the other
party.

 

 

 

             (d)  Execution in Counterparts.  This Agreement may be executed in
counterparts, each of which when so executed and delivered shall be deemed to be
an original and all of which counterparts taken together shall constitute one
and the same instrument.

 

 

 

            (e)  Entire Agreement.  This Agreement, together with all other
instruments, agreements and certificates executed by the parties in connection
herewith, embody the entire understanding and agreement between the parties
hereto and thereto with respect to the subject matter hereof and thereof, and
supersede all prior agreements, understandings and inducements, whether express
or implied, oral or written.

 

 

 

             (f)   Governing Law.  This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of California
excluding any laws that require the application of another jurisdiction’s laws.

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                    IN WITNESS WHEREOF, Lender and Borrower have duly executed
this Agreement as of the day and year first written above.

LENDER:

IRVINE APARTMENT COMMUNITIES, L.P.,

 

a Delaware limited partnership

 

 

 

 

By:

IRVINE APARTMENT COMMUNITIES, LLC,

 

 

a Delaware limited liability company

 

 

 

 

By:

THE IRVINE COMPANY,

 

 

a Delaware corporation

 

 

 

 

By:

/s/  MARC D. LEY

 

 

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Marc D. Ley,

 

 

Group Senior Vice President & Chief
Financial Officer

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

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Robert M. Lang,

 

 

Vice President, Capital Markets

 

BORROWER:

 

THE IRVINE COMPANY,

 

 

a Delaware corporation

 

 

 

 

By:

/s/  MARC D. LEY

 

 

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Marc D. Ley,

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

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Robert M. Lang,

 

 

Vice President, Capital Markets

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EXHIBIT A

FORM OF PROMISSORY NOTE

          FOR VALUE RECEIVED, the undersigned, THE IRVINE COMPANY, a Delaware
corporation (“Borrower”), hereby promises to pay to IRVINE APARTMENT
COMMUNITIES, L.P., a Delaware limited partnership (“Lender”), or its order, in
lawful money of the United States of America, the principal sum of the loan
amount or loan amounts, shown in Schedule 1, attached hereto and incorporated
herein by this reference, together with interest on the unpaid principal balance
of this Note from the date hereof until paid in full at a rate of interest equal
to the interest rate or interest rates shown in Schedule 1, but in no event at a
rate higher than the maximum permitted by law.  This Note is issued pursuant to
that certain Amended and Restated Loan Agreement dated as of June 30, 2003, by
and between Lender and Borrower, and all of the terms, covenants and conditions
therein, as may be amended from time to time (the “Loan Agreement”).  All
capitalized terms herein, unless otherwise specifically defined, shall have the
meanings given them by the Loan Agreement.

          This Note shall mature and all payments of principal and accrued but
unpaid interest and any prepayment penalties shall be due and payable five (5)
Banking Days after a demand therefor by Lender.

          It shall be an event of default (i) if Borrower fails to make any
payment under this Note or (ii) if Borrower becomes insolvent, commences a
bankruptcy case or makes an assignment for the benefit of creditors.  Upon the
occurrence of an event of default, the entire unpaid amount of principal and
accrued interest hereunder may be declared by Lender to be immediately due and
payable, interest on such entire amount accruing thereafter at the Default Rate.

          This Note may be prepaid, in part or in full by Borrower, at the times
and on the terms specified in the Loan Agreement, by payment of all principal,
interest accrued thereon to the date of prepayment and any applicable prepayment
penalty, together with any other sums owed to Lender hereunder.  Any partial
prepayment shall be applied first, to any sums other than principal and interest
owed to Lender hereunder, second, to accrued, but unpaid interest and the
balance, if any, to the principal amount of this Note.

          The undersigned hereby waives presentment, notice of nonpayment or
dishonor, protest, notice of protest, demand and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of this
Note.  The holder hereof shall not be deemed, by any act of omission or
commission, to have waived any of its rights or remedies hereunder unless such
waiver is in writing and signed by such holder and then only to the extent
specifically set forth in writing.  A waiver with reference to one event shall
not be construed as continuing or as a bar to or waiver of any right or remedy
as to a subsequent event.  No delay or omission of the holder hereof to exercise
any right, whether before or after a default hereunder, shall impair any such
right or shall be construed to be a waiver of any right or default, and the
acceptance at any time by the holder hereof of any past due amounts shall not be
deemed to be a waiver of the right to require prompt payment when due of any
other amounts then or thereafter due and payable.

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          The undersigned promises to pay costs of collection, including
attorneys’ fees, whether or not suit is filed, upon the nonperformance by the
undersigned of any duty or obligation arising out of or in connection with this
Note.

          Time is of the essence hereof. Upon the occurrence of any event of
default hereunder, the holder hereof may exercise all rights and remedies
provided for herein and by law including, but not limited to, the right to
enforce immediate payment in full of this Note.

          The remedies of the holder hereof as provided herein or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of the holder hereof, and may
be exercised as often as occasion therefor shall occur; and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.

          Whenever used, the words “undersigned” and “Lender” shall be deemed to
include the respective successors and assigns of each.

          This Note has been delivered to and accepted by Lender in Newport
Beach, California.  This Note shall be governed and construed in accordance with
and pursuant to the laws of the State of California excluding any laws that
require the application of another jurisdiction’s laws.

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          IN WITNESS WHEREOF, the undersigned, intending to be legally bound
hereby, has duly executed this Note the day and year first above written.

 

THE IRVINE COMPANY,

 

a Delaware corporation

 

 

 

 

By:

/s/  MARC D. LEY

 

 

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Marc D. Ley,

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

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Robert M. Lang,

 

 

Vice President, Capital Markets

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SCHEDULE 1
TO
PROMISSORY NOTE

Schedule 1 to Promissory Note for Loan Agreement Between IAC, L.P. and TIC

Positive amounts show the amount due from IAC, L.P. to The Irvine Company
Negative amounts show the amount due from The Irvine Company to IAC, L.P.
($ in 000s)

Date

 

Starting
Balance

 

Cash Borrowed
(Repaid)

 

Changes in Net Intercompany
Charges and/or Interest Accrued

 

Ending
Balance

 

Interest Rate
Mode

 

1-Mo.
LIBOR

 

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7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Date

 

Revolver WAIR
(Weighted Avg.
Interest Rate)

 

Federal
AFR
(Monthly Rate)

 

Applicable
Rate

 

Daily
Interest

 

Month-End
Interest

 

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7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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PROMISSORY NOTE

          FOR VALUE RECEIVED, the undersigned, THE IRVINE COMPANY, a Delaware
corporation (“Borrower”), hereby promises to pay to IRVINE APARTMENT
COMMUNITIES, L.P., a Delaware limited partnership (“Lender”), or its order, in
lawful money of the United States of America, the principal sum of the loan
amount or loan amounts, shown in Schedule 1, attached hereto and incorporated
herein by this reference, together with interest on the unpaid principal balance
of this Note from the date hereof until paid in full at a rate of interest equal
to the interest rate or interest rates shown in Schedule 1, but in no event at a
rate higher than the maximum permitted by law.  This Note is issued pursuant to
that certain Amended and Restated Loan Agreement dated as of June 30, 2003, by
and between Lender and Borrower, and all of the terms, covenants and conditions
therein, as may be amended from time to time (the “Loan Agreement”).  All
capitalized terms herein, unless otherwise specifically defined, shall have the
meanings given them by the Loan Agreement.

          This Note shall mature and all payments of principal and accrued but
unpaid interest and any prepayment penalties shall be due and payable five (5)
Banking Days after a demand therefor by Lender.

          It shall be an event of default (i) if Borrower fails to make any
payment under this Note or (ii) if Borrower becomes insolvent, commences a
bankruptcy case or makes an assignment for the benefit of creditors.  Upon the
occurrence of an event of default, the entire unpaid amount of principal and
accrued interest hereunder may be declared by Lender to be immediately due and
payable, interest on such entire amount accruing thereafter at the Default Rate.

          This Note may be prepaid, in part or in full by Borrower, at the times
and on the terms specified in the Loan Agreement, by payment of all principal,
interest accrued thereon to the date of prepayment and any applicable prepayment
penalty, together with any other sums owed to Lender hereunder.  Any partial
prepayment shall be applied first, to any sums other than principal and interest
owed to Lender hereunder, second, to accrued, but unpaid interest and the
balance, if any, to the principal amount of this Note.

          The undersigned hereby waives presentment, notice of nonpayment or
dishonor, protest, notice of protest, demand and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of this
Note.  The holder hereof shall not be deemed, by any act of omission or
commission, to have waived any of its rights or remedies hereunder unless such
waiver is in writing and signed by such holder and then only to the extent
specifically set forth in writing.  A waiver with reference to one event shall
not be construed as continuing or as a bar to or waiver of any right or remedy
as to a subsequent event.  No delay or omission of the holder hereof to exercise
any right, whether before or after a default hereunder, shall impair any such
right or shall be construed to be a waiver of any right or default, and the
acceptance at any time by the holder hereof of any past due amounts shall not be
deemed to be a waiver of the right to require prompt payment when due of any
other amounts then or thereafter due and payable.

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          The undersigned promises to pay costs of collection, including
attorneys’ fees, whether or not suit is filed, upon the nonperformance by the
undersigned of any duty or obligation arising out of or in connection with this
Note.

          Time is of the essence hereof. Upon the occurrence of any event of
default hereunder, the holder hereof may exercise all rights and remedies
provided for herein and by law including, but not limited to, the right to
enforce immediate payment in full of this Note.

          The remedies of the holder hereof as provided herein or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of the holder hereof, and may
be exercised as often as occasion therefor shall occur; and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.

          Whenever used, the words “undersigned” and “Lender” shall be deemed to
include the respective successors and assigns of each.

          This Note has been delivered to and accepted by Lender in Newport
Beach, California.  This Note shall be governed and construed in accordance with
and pursuant to the laws of the State of California excluding any laws that
require the application of another jurisdiction’s laws.

[Signatures on Next Page]

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          IN WITNESS WHEREOF, the undersigned, intending to be legally bound
hereby, has duly executed this Note the day and year first above written.

 

THE IRVINE COMPANY,

 

a Delaware corporation

 

 

 

 

By:

/s/  MARC D. LEY

 

 

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

 

 

Marc D. Ley,

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

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

 

 

Robert M. Lang,

 

 

Vice President, Capital Markets

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SCHEDULE 1
TO
PROMISSORY NOTE

Schedule 1 to Promissory Note for Loan Agreement Between IAC, L.P. and TIC

Positive amounts show the amount due from IAC, L.P. to The Irvine Company
Negative amounts show the amount due from The Irvine Company to IAC, L.P.
($ in 000s)

Date

 

Starting
Balance

 

Cash Borrowed
(Repaid)

 

Changes in Net Intercompany
Charges and/or Interest Accrued

 

Ending
Balance

 

Interest Rate
Mode

 

1-Mo.
LIBOR

 

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7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Date

 

Revolver WAIR
(Weighted Avg.
Interest Rate)

 

Federal
AFR
(Monthly Rate)

 

Applicable
Rate

 

Daily
Interest

 

Month-End
Interest

 

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

 

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7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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TIC TO IAC, LP.

AMENDED AND RESTATED LOAN AGREEMENT

                              This Amended and Restated Loan Agreement (this
“Agreement”) is entered into as of the 30th day of June, 2003, by and between
THE IRVINE COMPANY, a Delaware corporation (“Lender”), and IRVINE APARTMENT
COMMUNITIES, L.P., a Delaware limited partnership (“Borrower”).

R E C I T A L S

                              A.     Lender has previously loaned to Borrower
and Borrower has borrowed from Lender certain funds pursuant to various oral and
written agreements (the “Prior Loans”).

                              B.     The parties have agreed to amend and
restate all prior oral and written agreements between them relating to the Prior
Loans on the terms contained herein (except with respect to that certain Amended
and Restated Letter of Credit Reimbursement Agreement dated as of March 15, 2003
between Lender and Borrower and the various agreements among Lender, Borrower
and the other parties thereto relating to the projects commonly known as Park
West and Rancho San Joaquin).

                              C.     Lender desires to loan to Borrower and
Borrower desires to borrow from Lender certain additional funds in accordance
with the terms and conditions set forth herein (collectively with the Prior
Loans, the “Loan”).

AGREEMENT

                              NOW, THEREFORE, in consideration of the foregoing
Recitals and subject to the terms and conditions set forth below, Lender and
Borrower amend and restate all of their prior oral and written agreements with
respect to the Prior Loans (except as set forth in the Recitals above) as
follows:

 

1.     Terms of Loan

 

 

 

            (a)     Agreement to Lend and Borrow.  Subject to the terms and
conditions in this Agreement, Lender agrees to lend to Borrower, from time to
time, at Borrower’s request, funds in an amount no less than One Hundred
Thousand Dollars ($100,000) (the “Minimum Advance”) up to an aggregate amount
outstanding at any time not in excess of Two Hundred Million Dollars
($200,000,000).  Each individual borrowing made under the terms of this
Agreement shall hereinafter be referred to as a “Tranche” in the singular and
“Tranches” in the plural, and each such Tranche may be repaid and reborrowed
without premium or penalty except as set forth below.

 

 

 

            (b)     Promissory Note.  All Tranches borrowed pursuant to the
terms of this Agreement shall be evidenced by a single Master Promissory Note
executed by Borrower and attached hereto as Exhibit A (the “Promissory Note”). 
The Promissory Note shall

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contain a schedule upon which the date, amount, loan type (Fixed Rate or
Variable Rate, both as defined below), index, margin, interest rate and payment
method of each Tranche shall be entered.

 

 

 

            (c)     Interest Rate.  So long as no Event of Default has occurred
and is continuing, at Borrower’s option each Tranche shall bear interest on its
unpaid principal amount from the date made until paid in full.  Interest shall
be calculated daily and compounded monthly:

 

 

 

 

 

                     (i)     at a fixed rate as quoted by Lender (the “Fixed
Rate”); or

 

 

 

 

 

                    (ii)     at a variable rate as quoted by Lender (the
“Variable Rate”).  In no event will the Variable Rate be less than the “Minimum
Variable Rate”, determined as follows:

 

 

 

 

 

 

 

                    (a)     if The Irvine Company has any principal outstanding
under either of its corporate revolving credit lines (collectively the “The
Irvine Company Corporate Revolver and Bridge”), the Minimum Variable Rate shall
be the weighted average interest rate on the outstanding principal balance of
The Irvine Company Corporate Revolver and Bridge, inclusive of the index and
margin but exclusive of any other costs or fees; or

 

 

 

 

 

 

 

                    (b)     if no principal is outstanding under The Irvine
Company Corporate Revolver and Bridge, the Minimum Variable Rate shall be the
LIBOR rate applicable to deposits in United States dollars for a period of one
month or less.

 

 

 

 

 

If Borrower does not notify Lender, concurrently with each borrowing under this
Agreement, of its election of a Fixed Rate or Variable Rate, the Loan shall bear
interest at the Minimum Variable Rate.

 

 

 

Notwithstanding the above, and in any event, the interest rate shall not be
lower than the applicable federal rate as determined by the Internal Revenue
Service, as adjusted from time to time (as defined in 1986 Internal Revenue Code
Section 1274(d), as amended from time to time).

 

 

 

If an Event of Default has occurred and is continuing, interest shall accrue at
the Default Rate pursuant to Section 4(c) of this Agreement.

 

 

 

            (d)     Payments.  Unless sooner accelerated pursuant to the terms
of this Agreement:

 

 

 

 

          (i)

Monthly Interest Payments.  Interest accrued on each Tranche as of the last day
of each calendar month (“Monthly Interest Payments”) shall be:

 

 

 

 

 

 

 

                    (a)  due and payable on the fifth calendar day of the
following month; provided that if such date falls on a day other than a
Saturday, Sunday or other day when banks are authorized or required

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to be closed in California, Minnesota, North Carolina or New York (a “Banking
Day”), interest shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

                    (b)  with Lender’s consent, accrued on the fifth calendar
day of the following month; provided that if such date falls on a day other than
Banking Day, interest shall be accrued beginning on the next Banking Day, and
compounded monthly until the principal balance of such Tranche is repaid, at
which time such accrued and compounded interest shall be due and payable.  The
Minimum Advance requirement does not apply to interest accrued.

 

 

 

 

 

 

           (ii)     

Principal Payments:

 

 

 

 

 

 

 

                    (a)  Mandatory Repayment.  The entire unpaid principal
amount of the Loan and all accrued interest thereon shall be due and payable at
the sooner of five (5) Banking Days after a demand therefor by Lender or the
expiration of this Agreement.

 

 

 

 

 

 

 

                    (b)  Optional Prepayment.  If Lender does not notify
Borrower, concurrently with the borrowing of a Tranche under this Agreement,
that a prepayment penalty shall be applicable with respect to such Tranche, such
Tranche may be prepaid on any Banking Day in any principal amount without
premium or penalty.  If Lender notifies Borrower, concurrently with the
borrowing of a Tranche under this Agreement, that a prepayment penalty shall be
applicable with respect to such Tranche, such Tranche may be prepaid subject to
the terms of such prepayment penalty.

 

 

 

 

 

 

          (iii)     

Intercompany Charges.  Lender and Borrower have established procedures whereby
Lender and Borrower have agreed to provide services to, and incur expenditures
on behalf of, the other party (collectively “Intercompany Charges”); such
amounts explicitly exclude amounts owing under other loan agreements, if any,
between Lender and Borrower.  Intercompany Charges shall be accounted for by The
Irvine Company using generally accepted accounting principles.  A monthly
accounting of the Intercompany Charges shall be presented to both Lender and
Borrower by the fifteenth calendar day of the following month and shall be
deemed final on the 22nd calendar day of the following month (or such earlier
date as mutually agreed to by Lender and Borrower).

 

 

 

 

 

 

 

                       (a)     If the sum of the Intercompany Charges (the “Net
Intercompany Charges”) require that Lender make a payment to Borrower, such
amount shall be:

 

 

 

 

 

 

 

 

                           (i)     due and payable to Borrower on the
twenty-third calendar day of the following month; provided that if such date
falls on a day other than a Banking Day, the

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Net Intercompany Charges shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

 

 

                          (ii)     at Lender’s sole option, applied, on the date
that such Net Intercompany Charges are deemed final, to amounts owed by Borrower
under this Agreement.  To the extent that the Net Intercompany Charges owed by
Lender exceed amounts outstanding under this Agreement, Lender shall pay the
remaining amount due as provided in Section 1(d)(iii)(a)(i); or

 

 

 

 

 

 

 

 

                       (b)     If the Net Intercompany Charges require that
Borrower make a payment to Lender, such amount shall be:

 

 

 

 

 

 

 

 

 

                           (i)     due and payable on the twenty-third calendar
day of the following month; provided that if such date falls on a day other than
a Banking Day, interest shall be due and payable on the next Banking Day; or

 

 

 

 

 

 

 

 

 

                           (ii)     with Lender’s consent, accrued on the date
that such Net Intercompany Charges are deemed final; provided that if such date
falls on a day other than Banking Day, interest shall be accrued beginning on
the next Banking Day, and compounded monthly until the principal balance of such
Tranche is repaid, at which time such accrued and compounded interest shall be
due and payable.  The Minimum Advance requirement does not apply to Net
Intercompany Charges.

 

 

 

 

 

 

Notwithstanding the above, Lender may consent, either in a specific instance or
generally, to allow Borrower to defer the payment or accrual of Monthly Interest
Payments required by Section 1(d)(i), or to defer the payment or accrual of Net
Intercompany Charges due to Lender from Borrower required by Section 1(d)(iii),
or both, to a date mutually agreeable to Lender and Borrower, provided that in
no event will the payment or accrual of such amounts occur later than the last
Banking Day of the following month.

 

 

 

          (e)     Expiration of Agreement.  Unless terminated sooner pursuant to
Section 5(b), Lender’s commitment hereunder shall expire on June 30, 2006, and
the Loan and all other amounts owed hereunder with respect to the Loan and the
Lender’s commitment hereunder shall be paid in full no later than that date.

 

 

 

2.     Covenants and Continuing Agreements

 

 

 

                    During the term of this Agreement, and thereafter for so
long as there are any amounts outstanding hereunder to Borrower, Borrower
covenants that it shall preserve and maintain its separate legal existence and
all rights, privileges, and franchises in connection therewith.

4

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2.     Representations and Warranties

 

 

 

                    Lender and Borrower hereby represent and warrant that this
Agreement, and in Borrower’s case the Promissory Note executed of even date
herewith, have been duly authorized, executed and delivered by Lender and
Borrower, respectively.

 

 

 

3.     Events of Default; Rights and Remedies on Default

 

 

 

           (a)  Events of Default.  The occurrence of any one or more of the
following events shall constitute an “Event of Default”:

 

 

 

 

          (i)     Non-payment.  The failure of Borrower to pay any installment
of principal, interest or prepayment penalty owing hereunder when due.

 

 

 

 

 

          (ii)     Insolvency, etc.  Borrower shall (a) apply for, suffer the
appointment of or consent to the appointment of, or the taking of possession by,
a receiver, custodian, trustee or liquidator of itself or of all or a
substantial part of its property, (b) admit in writing its inability, or be
generally unable, to pay its debts as they become due or cease operations of its
present business, (c) make a general assignment for the benefit of creditors,
(d) commence a voluntary case under the federal bankruptcy laws (as now or
hereafter in effect), (e) be adjudicated a bankrupt or insolvent, (f) file a
petition seeking to take advantage of any other law providing for the relief of
debtors, (g) acquiesce to, or fail to have dismissed, within thirty (30) days,
any petition filed against it in any involuntary case under such bankruptcy
laws, or (h) take any action for the purpose of effecting any of the foregoing.

 

 

 

 

           (b)     Acceleration of the Obligations.  Upon the occurrence of any
Event of Default pursuant to this Agreement, all unpaid interest, principal,
prepayment penalties, if any, fees or other charges outstanding under this
Agreement shall be immediately due and payable, without notice or demand by
Lender.  Borrower shall forthwith pay to Lender, in immediately available funds,
the entire principal amount together with any interest accrued thereon.

 

 

 

           (c)     Default Rate.  If an Event of Default has occurred and is
continuing and Borrower has not immediately paid all amounts due, interest on
all unpaid amounts shall accrue and compound daily at the lesser of:

 

 

 

 

          (i)     the prime rate quoted by Wells Fargo Bank, N.A. plus three
percent (3%) per annum, compounded on the first Banking Day of each month; or

 

 

 

 

 

          (ii)     the maximum rate permitted by law.

 

 

 

          (d)     Upon the occurrence and during the continuance of any Event of
Default, all commitments to lend additional funds to Borrower will be suspended
without notice to or demand upon Borrower, and all rights of Borrower under this
Agreement will be suspended without notice to Borrower.

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5.     Miscellaneous

 

 

 

             (a)     Modification of Agreement.  This Agreement may not be
modified, altered or amended, except by an agreement in writing signed by each
of the parties hereto.

 

 

 

             (b)     Termination of Agreement.  This Agreement may be terminated
by either party at any time in a writing delivered by the party terminating this
Agreement to the other party.  Upon any such termination, the entire unpaid
amount of principal, accrued interest and prepayment penalties, if any, under
this Agreement shall be due and payable on the fifth Banking Day thereafter,
interest on such entire amount accruing thereafter at the Default Rate.

 

 

 

             (c)     Successors and Assigns.  This Agreement shall inure to the
benefit of the parties hereto, their successors and assigns; provided, however,
that neither party hereto may make an assignment of its obligations or
liabilities under this Agreement without the prior written consent of the other
party.

 

 

 

             (d)     Execution in Counterparts.  This Agreement may be executed
in counterparts, each of which when so executed and delivered shall be deemed to
be an original and all of which counterparts taken together shall constitute one
and the same instrument.

 

 

 

             (e)     Entire Agreement.  This Agreement, together with all other
instruments, agreements and certificates executed by the parties in connection
herewith, embody the entire understanding and agreement between the parties
hereto and thereto with respect to the subject matter hereof and thereof, and
supersede all prior agreements, understandings and inducements, whether express
or implied, oral or written.

 

 

 

             (f)     Governing Law.  This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of California
excluding any laws that require the application of another jurisdiction’s laws.

[Signatures on Next Page]

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                    IN WITNESS WHEREOF, Lender and Borrower have duly executed
this Agreement as of the day and year first written above.

 

LENDER:

THE IRVINE COMPANY,

 

a Delaware corporation

 

 

 

By:

/s/  MARC D. LEY

 

 

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

 

 

Marc D. Ley,

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

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

 

 

Robert M. Lang,

 

 

Vice President, Capital Markets

 

 

BORROWER:

IRVINE APARTMENT COMMUNITIES, L.P.,

 

a Delaware limited partnership

 

 

 

 

By:

IRVINE APARTMENT COMMUNITIES, LLC,

 

 

a Delaware limited liability company

 

 

 

 

 

By:

THE IRVINE COMPANY,

 

 

 

a Delaware corporation

 

 

 

 

 

 

By:

/s/  MARC D. LEY

 

 

 

 

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

 

 

 

 

Marc D. Ley,

 

 

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

 

 

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

 

 

 

 

Robert M. Lang,

 

 

 

 

Vice President, Capital Markets

S-1

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EXHIBIT A

FORM OF PROMISSORY NOTE

          FOR VALUE RECEIVED, the undersigned, IRVINE APARTMENT COMMUNITIES,
L.P., a Delaware limited partnership (“Borrower”), hereby promises to pay to THE
IRVINE COMPANY, a Delaware corporation (“Lender”), or its order, in lawful money
of the United States of America, the principal sum of the loan amount or loan
amounts, shown in Schedule 1, attached hereto and incorporated herein by this
reference, together with interest on the unpaid principal balance of this Note
from the date hereof until paid in full at a rate of interest equal to the
interest rate or interest rates shown in Schedule 1, but in no event at a rate
higher than the maximum permitted by law.  This Note is issued pursuant to that
certain Amended and Restated Loan Agreement dated as of June 30, 2003, by and
between Lender and Borrower, and all of the terms, covenants and conditions
therein, as may be amended from time to time (the “Loan Agreement”).  All
capitalized terms herein, unless otherwise specifically defined, shall have the
meanings given them by the Loan Agreement.

          This Note shall mature and all payments of principal and accrued but
unpaid interest and any prepayment penalties shall be due and payable five (5)
Banking Days after a demand therefor by Lender.

          It shall be an event of default (i) if Borrower fails to make any
payment under this Note or (ii) if Borrower becomes insolvent, commences a
bankruptcy case or makes an assignment for the benefit of creditors.  Upon the
occurrence of an event of default, the entire unpaid amount of principal and
accrued interest hereunder may be declared by Lender to be immediately due and
payable, interest on such entire amount accruing thereafter at the Default Rate.

          This Note may be prepaid, in part or in full by Borrower, at the times
and on the terms specified in the Loan Agreement, by payment of all principal,
interest accrued thereon to the date of prepayment and any applicable prepayment
penalty, together with any other sums owed to Lender hereunder.  Any partial
prepayment shall be applied first, to any sums other than principal and interest
owed to Lender hereunder, second, to accrued, but unpaid interest and the
balance, if any, to the principal amount of this Note.

          The undersigned hereby waives presentment, notice of nonpayment or
dishonor, protest, notice of protest, demand and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of this
Note.  The holder hereof shall not be deemed, by any act of omission or
commission, to have waived any of its rights or remedies hereunder unless such
waiver is in writing and signed by such holder and then only to the extent
specifically set forth in writing.  A waiver with reference to one event shall
not be construed as continuing or as a bar to or waiver of any right or remedy
as to a subsequent event.  No delay or omission of the holder hereof to exercise
any right, whether before or after a default hereunder, shall impair any such
right or shall be construed to be a waiver of any right or default, and the
acceptance at any time by the holder hereof of any past due amounts shall not be
deemed to be a waiver of the right to require prompt payment when due of any
other amounts then or thereafter due and payable.

A-1

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          The undersigned promises to pay costs of collection, including
attorneys’ fees, whether or not suit is filed, upon the nonperformance by the
undersigned of any duty or obligation arising out of or in connection with this
Note.

          Time is of the essence hereof. Upon the occurrence of any event of
default hereunder, the holder hereof may exercise all rights and remedies
provided for herein and by law including, but not limited to, the right to
enforce immediate payment in full of this Note.

          The remedies of the holder hereof as provided herein or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of the holder hereof, and may
be exercised as often as occasion therefor shall occur; and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.

          Whenever used, the words “undersigned” and “Lender” shall be deemed to
include the respective successors and assigns of each.

          This Note has been delivered to and accepted by Lender in Newport
Beach, California.  This Note shall be governed and construed in accordance with
and pursuant to the laws of the State of California excluding any laws that
require the application of another jurisdiction’s laws.

[Signatures on Next Page]

A-2

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          IN WITNESS WHEREOF, the undersigned, intending to be legally bound
hereby, has duly executed this Note the day and year first above written.

 

IRVINE APARTMENT COMMUNITIES, L.P.,

 

a Delaware limited partnership

 

 

 

By:

IRVINE APARTMENT COMMUNITIES, LLC,

 

 

a Delaware limited liability company

 

 

 

 

 

By:

THE IRVINE COMPANY,

 

 

 

a Delaware corporation

 

 

 

 

 

 

 

By:

/s/  MARC D. LEY

 

 

 

 

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

 

 

 

 

Marc D. Ley,

 

 

 

 

Group Senior Vice President & Chief
Financial Officer

 

 

 

 

 

 

 

 

By:

/s/  ROBERT M. LANG

 

 

 

 

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

 

 

 

 

Robert M. Lang,

 

 

 

 

Vice President, Capital Markets

A-3

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SCHEDULE 1
TO
PROMISSORY NOTE

Schedule 1 to Promissory Note for Loan Agreement Between IAC, L.P. and TIC

Positive amounts show the amount due from IAC, L.P. to The Irvine Company
Negative amounts show the amount due from The Irvine Company to IAC, L.P.
($ in 000s)

Date

 

Starting
Balance

 

Cash Borrowed
(Repaid)

 

Changes in Net Intercompany
Charges and/or Interest Accrued

 

Ending
Balance

 

Interest Rate
Mode

 

1-Mo.
LIBOR

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

 

Date

 

Revolver WAIR
(Weighted Avg.
Interest Rate)

 

Federal
AFR
(Monthly Rate)

 

Applicable
Rate

 

Daily
Interest

 

Month-End
Interest

 

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

 

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

 

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

 

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

 

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

 

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

 

7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

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

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

 

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

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

 

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

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

 

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

 

 

 

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PROMISSORY NOTE

          FOR VALUE RECEIVED, the undersigned, IRVINE APARTMENT COMMUNITIES,
L.P., a Delaware limited partnership (“Borrower”), hereby promises to pay to THE
IRVINE COMPANY, a Delaware corporation (“Lender”), or its order, in lawful money
of the United States of America, the principal sum of the loan amount or loan
amounts, shown in Schedule 1, attached hereto and incorporated herein by this
reference, together with interest on the unpaid principal balance of this Note
from the date hereof until paid in full at a rate of interest equal to the
interest rate or interest rates shown in Schedule 1, but in no event at a rate
higher than the maximum permitted by law.  This Note is issued pursuant to that
certain Amended and Restated Loan Agreement dated as of June 30, 2003, by and
between Lender and Borrower, and all of the terms, covenants and conditions
therein, as may be amended from time to time (the “Loan Agreement”).  All
capitalized terms herein, unless otherwise specifically defined, shall have the
meanings given them by the Loan Agreement.

          This Note shall mature and all payments of principal and accrued but
unpaid interest and any prepayment penalties shall be due and payable five (5)
Banking Days after a demand therefor by Lender.

          It shall be an event of default (i) if Borrower fails to make any
payment under this Note or (ii) if Borrower becomes insolvent, commences a
bankruptcy case or makes an assignment for the benefit of creditors.  Upon the
occurrence of an event of default, the entire unpaid amount of principal and
accrued interest hereunder may be declared by Lender to be immediately due and
payable, interest on such entire amount accruing thereafter at the Default Rate.

          This Note may be prepaid, in part or in full by Borrower, at the times
and on the terms specified in the Loan Agreement, by payment of all principal,
interest accrued thereon to the date of prepayment and any applicable prepayment
penalty, together with any other sums owed to Lender hereunder.  Any partial
prepayment shall be applied first, to any sums other than principal and interest
owed to Lender hereunder, second, to accrued, but unpaid interest and the
balance, if any, to the principal amount of this Note.

          The undersigned hereby waives presentment, notice of nonpayment or
dishonor, protest, notice of protest, demand and all other notices in connection
with the delivery, acceptance, performance, default or enforcement of this Note.
 The holder hereof shall not be deemed, by any act of omission or commission, to
have waived any of its rights or remedies hereunder unless such waiver is in
writing and signed by such holder and then only to the extent specifically set
forth in writing.  A waiver with reference to one event shall not be construed
as continuing or as a bar to or waiver of any right or remedy as to a subsequent
event.  No delay or omission of the holder hereof to exercise any right, whether
before or after a default hereunder, shall impair any such right or shall be
construed to be a waiver of any right or default, and the acceptance at any time
by the holder hereof of any past due amounts shall not be deemed to be a waiver
of the right to require prompt payment when due of any other amounts then or
thereafter due and payable.

2

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          The undersigned promises to pay costs of collection, including
attorneys’ fees, whether or not suit is filed, upon the nonperformance by the
undersigned of any duty or obligation arising out of or in connection with this
Note.

          Time is of the essence hereof. Upon the occurrence of any event of
default hereunder, the holder hereof may exercise all rights and remedies
provided for herein and by law including, but not limited to, the right to
enforce immediate payment in full of this Note.

          The remedies of the holder hereof as provided herein or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of the holder hereof, and may
be exercised as often as occasion therefor shall occur; and the failure to
exercise any such right or remedy shall in no event be construed as a waiver or
release thereof.

          Whenever used, the words “undersigned” and “Lender” shall be deemed to
include the respective successors and assigns of each.

          This Note has been delivered to and accepted by Lender in Newport
Beach, California.  This Note shall be governed and construed in accordance with
and pursuant to the laws of the State of California excluding any laws that
require the application of another jurisdiction’s laws.

[Signatures on Next Page]

3

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TABLE OF CONTENTS

                    IN WITNESS WHEREOF, the undersigned, intending to be legally
bound hereby, has duly executed this Note the day and year first above written.

 

IRVINE APARTMENT COMMUNITIES, L.P.,

 

a Delaware limited partnership

 

 

 

By:

IRVINE APARTMENT COMMUNITIES, LLC,

 

 

a Delaware limited liability company

 

 

 

 

 

By:

THE IRVINE COMPANY,

 

 

 

a Delaware corporation

 

 

 

 

 

 

 

By:

/s/ MARC D. LEY

 

 

 

 

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Marc D. Ley,

 

 

 

 

Group Senior Vice President & Chief Financial Officer

 

 

 

 

 

 

 

 

By:

/s/ ROBERT M. LANG

 

 

 

 

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Robert M. Lang,

 

 

 

 

Vice President, Capital Markets

4

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TABLE OF CONTENTS

SCHEDULE 1
TO
PROMISSORY NOTE

Schedule 1 to Promissory Note for Loan Agreement Between IAC, L.P. and TIC

Positive amounts show the amount due from IAC, LP to The Irvine Company
Negative amounts show the amount due from The Irvine Company to IAC, LP
($ in 000s)

Date

 

Starting
Balance

 

Cash Borrowed
(Repaid)

 

Changes in Net Intercompany
Charges and/or Interest Accrued

 

Ending
Balance

 

Interest Rate
Mode

 

1-Mo.
LIBOR

 

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7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Date

 

Revolver WAIR
(Weighted Avg.
Interest Rate)

 

Federal
AFR
(Monthly Rate)

 

Applicable
Rate

 

Daily
Interest

 

Month-End
Interest

 

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

 

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

 

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

 

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

 

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

 

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

 

7/1/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/2/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/3/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/4/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/5/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/6/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/7/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/8/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/9/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/10/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/11/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/12/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/13/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/14/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/15/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/16/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/17/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/18/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/19/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/20/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/21/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/22/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/23/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/24/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/25/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/26/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/27/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/28/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/29/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7/30/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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7/31/03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Sch-1