Document:

Amended and Restated Letter of Credit Reimbursement Agreement

  Exhibit 10.15
  AMENDED AND RESTATED LETTER OF CREDIT REIMBURSEMENT AGREEMENT BETWEEN
TIC AND IAC, L.P.
            This Amended and Restated Letter of Credit Reimbursement Agreement (this “Agreement”) is
entered into as of the 15th day of March, 2003, by and between THE IRVINE COMPANY, a Delaware corporation (“TIC”), and IRVINE APARTMENT COMMUNITIES, L.P., a Delaware limited partnership
(“IAC”).
  R E C I T A L S
            A.     Pursuant to that certain Indenture of Trust dated as of August 1, 2001, by and between the California Statewide Communities
Development Authority (the “Authority”) and U.S. Bank Trust National Association, as Trustee (the “Trustee”), the Authority has issued The California Statewide Communities Development Authority Multifamily Housing
Revenue Bonds (IAC Project) Series 2001 W-1, Multifamily Housing Revenue Refunding Bonds (IAC Project) Series 2001 W-2 and Multifamily Housing Revenue Refunding Bonds (IAC Project) Series 2001 W-3 (collectively, the “Bonds”) for
purposes of providing a loan (the “Loan”) to IAC.  
            B.     The Loan was made
pursuant to a Loan Agreement dated as of August 1, 2001 between the Authority and IAC (as it may have been or in the future be amended (the “Loan Agreement”).  The Loan Agreement requires IAC to pay, in addition to the fees and
expenses of the Authority and the Trustee and certain other costs, amounts sufficient for the payment of principal and premium, if any, and interest on the Bonds, as such payment become due.  
           C.     As a condition precedent to the issuance of the Bonds and the making of the Loan to IAC, the Authority required that IAC obtain
and deliver to the Trustee, for the benefit of Trustee and the holders of the Bonds an irrevocable direct-pay letter of credit (the “Bond Letter of Credit”) to secure payment of principal and interest in respect of the Bonds
and the purchase price of the Bonds tendered for purchase pursuant to the Indenture.
            D.     IAC
requested that TIC (i) cause the Bond Letter of Credit to be issued by the issuing bank under TIC’s revolving credit facility or another issuing bank acceptable to IAC and (ii) from time to time, upon request by IAC and agreement by TIC, cause
other letters of credit necessary or desirable for IAC’s business purposes to be issued.  
            E.     TIC agreed to cause the Bond Letter of Credit to be issued under its existing revolving credit facility and, from time to time,
upon request of IAC and agreement by TIC to cause the Bond Letter of Credit to be renewed and other letters of credit to be issued for IAC’s benefit on the terms and conditions contained herein.
            F.     The parties have agreed to amend and restate all prior oral and written agreements between them relating to the issuance
of the Bond Letter of Credit and other letters of credit TIC has caused to be provided on IAC’s behalf to be amended and restated on the terms contained herein.
   

   AGREEMENT
                      NOW, THEREFORE, in consideration of the foregoing Recitals and subject to the terms and conditions
set forth below, TIC and IAC amend and restate all of their prior written and oral agreement with respect to the Bond Letter of Credit and any other letters of credit TIC has caused to be issued for the benefit of or otherwise at the request of IAC
as follows:

	   
 	  1.       Letters of Credit
 
	   
 	   
 
	   
 	            (a)     Issuance of Letters of Credit on Behalf of IAC.At IAC’s request, TIC, in
its sole discretion, has caused the Bond Letter of Credit and other letters of credit to be issued and may, in TIC’s sole discretion cause the Bond Letter of Credit and such other letters of credit to be renewed and additional letters of credit
to be issued under TIC’s revolving credit facilities or other credit arrangements with TIC’s lenders on IAC’s behalf.  The Bond Letter of Credit and any other letters of credit that TIC causes to be issued at IAC’s request
or on IAC’s behalf hereunder are collectively referred to herein as the “IAC LCs”).  IAC acknowledges however that TIC is under no obligation to IAC to facilitate the issuance of new IAC LCs or to renew outstanding IAC
LCs.  IAC acknowledges that TIC may at any time require IAC to cause any IAC LCs to be replaced or cash collateralized on five business days notice prior to any IAC LCs’ stated expiration dates.
 
	   
 	   
 
	  
 	            (b)     TIC is a Facilitator for IAC, Not an Obligor or an LC Provider.  IAC
acknowledges that any TIC action to facilitate the provision or maintenance of IAC LCs does not create or imply an obligation to guaranty, assume or otherwise become obligated to repay IAC’s obligations or to cause any IAC LCs to be issued or
renewed.  IAC further acknowledges that TIC is not an issuer of letters of credit and has no obligation to issue any letters of credit on IAC’s behalf.
 
	   
 	   
 
	   
 	            (c)     Reimbursement for Drawings.  Except as otherwise provided in Section
4(g) IAC hereby promises to immediately pay to and reimburse TIC for (or, at TIC’s election, to pay to and reimburse the issuer of any IAC LC directly for) any and all drawings under the IAC LCs.
 
	   
 	   
 
	   
 	            (d)     Payments to TIC of Costs and Expenses.  IAC shall reimburse TIC for
direct or indirect costs, fees and expenses incurred by TIC in connection with the IAC LCs within three business days after notice thereof, including, without limitation any fees or expenses incurred in connection with causing any  IAC LCs to
be issued, maintained, renewed or replaced.
 
	  
 	   
 
	   
 	            (e)     Election to Treat Amounts Due as a Loan.  Notwithstanding the above, TIC
may elect, in its sole discretion, either in a specific instance or generally, to allow IAC to defer amounts due to TIC to a date acceptable to TIC.  The terms of such repayments, including the interest rate and due date, may be set by TIC,
provided that if no terms are specified but TIC has elected in its sole discretion to treat the applicable amounts as a loan, the outstanding balance shall accrue interest at a variable rate determined as follows:
 
	   
 	   
 
	   
 	   
 	            (i)     If TIC has any principal outstanding under either of its corporate revolving credit
lines (collectively the “The Irvine Company Corporate Revolver 
 

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 	  and Bridge”), the applicable interest 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.
 
	   
 	   
 	   
 
	   
 	   
 	            (ii)     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.
 
	   
 	   
 	   
 
	   
 	   
 	            (iii)     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).
 
	   
 	   
 	   
 
	   
 	   
 	            (iv)     Any such interest accrued as of the last day of each calendar month (“Monthly Interest
Payments”) shall be (x) 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 “Banking Day”), interest shall be due and payable on the next Banking Day or (y) with TIC’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 loan is repaid, at which time such accrued and compounded interest shall be due and
payable.
 
	  
 	   
 	   
 
	   
 	            (f)     Certain Acknowledgements/Conflicts of Interest.
 
	   
 	   
 	   
 
	   
 	   
 	            (i)     IAC acknowledges and agrees that, TIC may take any and all actions necessary or desirable, in
TIC’s discretion, without notice to or the consent of IAC, to amend, modify, extend, terminate or otherwise change the terms of TIC’s revolving credit facilities or any other credit arrangements, including but not limited to changes that
may impact the pricing, terms, expiration date or other provisions of the IAC LCs.
 
	   
 	   
 	   
 
	   
 	   
 	            (ii)     As between TIC and IAC, IAC assumes all risks of the acts or omission of the Trustee and any
other beneficiary of any IAC LC provided that this assumption shall not impair IAC’s rights and remedies against Trustee or any other such beneficiary.  IAC acknowledges and agrees that TIC shall not be responsible for (i) the use made of
any IAC LC; (ii) the validity, sufficiency or genuineness of any documents or endorsements delivered in connection with any IAC LC, even if such documents should in fact provide to be in any or all respects invalid, insufficient, fraudulent or
forged; (ii) payment by the issuing bank of any IAC LC against presentation of documents which do not comply with the terms of the IAC LC or (iv) any other circumstances of the issuer of an IAC LC making or failing to make payment under the IAC
LC.
 

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 	            (g)     Expiration of Agreement.  Either party may terminate this Agreement at
any time upon ninety (90) days prior written notice to the other.  Upon the termination date of this Agreement, all amounts payable hereunder shall be immediately due and payable and any IAC LCs shall be replaced or, if approved by TIC, cash
collateralized upon terms acceptable to TIC in its sole discretion.
 
	   
 	   
 
	   
 	  2.     Covenants and Continuing Agreements
 
	   
 	   
 
	   
 	            During the term of this Agreement, IAC covenants that it shall:
 
	   
 	   
 
	  
 	            (a)     timely pay all amounts due and perform all obligations under the Loan Agreement and
any other obligations credit enhanced or otherwise supported by any IAC LCs issued hereunder.
 
	   
 	   
 
	   
 	            (b)     preserve and maintain its separate legal existence and all rights, privileges, and
franchises in connection therewith.
 
	   
 	   
 
	   
 	  3.     Representations and Warranties
 
	   
 	   
 
	   
 	            TIC and IAC hereby represent and warrant that this Agreement has been duly authorized, executed and delivered by TIC
and IAC, respectively.
 
	   
 	   
 
	  
 	  4.     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 IAC to make any payments due or perform any
other obligations hereunder.
 
	   
 	   
 	   
 
	   
 	   
 	            (ii)     Insolvency, etc.  IAC 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 amounts or other charges outstanding under this Agreement shall be immediately due and payable, without demand, present or any other requirements of any kind (all of which are hereby expressly waived by
IAC) and IAC shall cause any IAC LCs issued hereunder to be replaced or, if approved by TIC, cash collateralized in a manner satisfactory to TIC in its sole discretion.
 

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 	            (c)     Default Rate.  If an Event of Default has occurred and IAC 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 business day of each month; or
 
	   
 	   
 	   
 
	   
 	   
 	                      (ii)     The maximum rate permitted by
law.
 
	   
 	   
 	   
 
	   
 	  Payment or acceptance of the increased rates of interest provided for in this Section 4(c) is not a permitted alternative to timely payment and shall not constitute a waiver of
any Event of Default or otherwise prejudice or limit any rights or remedies of TIC hereunder.
 
	   
 	   
 	   
 
	  
 	            (d)     Remedies Cumulative.  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 TIC, and may be exercised as often as occasion therefore shall occur; and the failure to exercise any
such right or remedy shall in no event be construed as a waiver or release thereof.
 
	   
 	   
 	   
 
	   
 	  5.     Miscellaneous
 
	   
 	   
 	   
 
	   
 	            (a)     No Obligation to Provide Information.  This Agreement does not obligate
TIC to provide, nor entitle IAC to obtain, any financial or other information relating to TIC or any affiliated or related person, corporation, partnership or entity.  IAC specifically acknowledges that it is not authorized to obtain TIC’s
credit facility agreements or related information.
 
	   
 	   
 	   
 
	  
 	            (b)     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.
 
	   
 	   
 	   
 
	   
 	            (c)     Payment of Costs of Collection.  IAC shall pay costs of collection,
including attorneys’ fees, whether or not suit is filed, upon the nonperformance by IAC of any duty or obligation arising out of or in connection with the Agreement.
 
	   
 	   
 	   
 
	   
 	            (d)     Time of the Essence.  Time is of the essence with respect to this
Agreement and each provision hereof.
 
	   
 	   
 	   
 
	  
 	            (e)     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.
 
	   
 	   
 	   
 
	   
 	            (f)     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.
 
	   
 	   
 	   
 
	   
 	            (g)     Entire Agreement.  This Agreement, together with all other instruments,
agreements and certificates executed by the parties in connection herewith, embody 
 

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 	  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.
 
	   
 	   
 	   
 
	   
 	            (h)     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, TIC and IAC have duly
executed this Agreement as of the day and year first written above.

	   
 	  TIC:
 	  THE IRVINE COMPANY,
 	   
 
	  
 	  a Delaware corporation
 	   
 
	   
 	   
 	   
 	   
 
	   
 	  By:
 	  /s/ MARC D. LEY
 	   
 
	   
 	   
 	 
 	   
 
	   
 	   
 	  Marc D. Ley, 
 Group  Senior Vice President 
 and Chief Financial Officer
 	   
 
	   
 	   
 	  
 	   
 
	  
 	  By:
 	  /s/ ROBERT M. LANG
 	   
 
	   
 	   
 	 
 	   
 
	   
 	   
 	  Robert M. Lang,  
 Vice President, Capital Markets
 	   
 
					

   

	   
 	  IAC:
 	  IRVINE APARTMENT  COMMUNITIES,L.P., 
 a Delaware limited partnership
 	   
 
	  
 	   
 	   
 	   
 
	   
 	  By:
 	  IRVINE APARTMENT COMMUNITIES, LLC,
 	   
 
	   
 	   
 	  a Delaware limited liability company
 	   
 
					

   

	   
 	  By:
 	  THE IRVINE COMPANY
 	   
 

  

	   
 	  By:
 	  /s/ MARC D. LEY
 	   
 
	   
 	   
 	 
 	   
 
	   
 	   
 	  Marc D. Ley, 
 Group  Senior Vice President 
 and Chief Financial Officer
 	   
 
	   
 	   
 	  
 	   
 
	   
 	  By:
 	  /s/ ROBERT M. LANG
 	   
 
	  
 	  
 	 
 	  
 
	  
 	  
 	 Robert M. Lang, 
 Vice President, Capital Markets
 	  
 

 S-1<PAGE>

                                                                    Exhibit 10.8

                            BAXTER INTERNATIONAL INC.
         Non-Employee Director Stock Option Plan adopted April 30, 2001
                             [Plan for Annual Grant]
                              Terms and Conditions
                  As amended and restated effective May 6, 2003

1.   Purpose

This Non-Employee Director Stock Option Plan (the "Plan") is adopted by the
Compensation Committee (the "Committee") of the Board of Directors (the "Board")
of Baxter International Inc. ("Baxter"). This Plan is adopted pursuant to the
Baxter International Inc. 2001 Incentive Compensation Program (the "Program"),
for the purposes stated in the Program. Capitalized terms defined in the Program
that are used without being defined in the Plan will have the same meaning as in
the Program.

2.   Participants

Each member of the Board who is not an employee of Baxter or any of its
subsidiaries shall participate in the Plan (a "Participant").

3.   Awards

     3.1A Notwithstanding any other provision of this Plan and for the avoidance
          of any doubt, no Options may be granted under this Plan on the date of
          Baxter's annual meeting of stockholders in May 2003, or thereafter.

     3.1  On the date of Baxter's annual meeting of stockholders (the "Annual
          Meeting") in each year beginning with the Annual Meeting on May 1,
          2001 and prior to the Annual Meeting on May 6, 2003, and subject to
          availability of shares of Common Stock under Section 4.2, each
          Participant upon completion of the Annual Meeting shall, automatically
          and without necessity of any action by the Board or any committee
          thereof, be granted an option (an "Option") to purchase the number of
          shares of Common Stock determined pursuant to Section 4.1 of this
          Plan.

     3.2  Each Participant elected or appointed on a date other than the date of
          an Annual Meeting and prior to the Annual Meeting on May 6, 2003,
          shall, on the date of such election or appointment and automatically
          and without necessity of any action by the Board or any committee
          thereof, be granted an Option to purchase that number of shares of
          Common Stock equal to the product of (A) the Annual Stock Option Grant
          Amount

<PAGE>

          (as defined in Section 4.1) for each Option granted on the date of the
          immediately preceding Annual Meeting, multiplied by (B) the quotient
          of (i) the number of full calendar months before the next Annual
          Meeting divided by (ii) 12 (rounded to the nearest whole number which
          is a multiple of ten). The number of shares of Common Stock subject to
          any Option granted under this Section 3.2 shall not exceed the number
          available under Section 4.2 on the date of grant.

     3.3  The purchase price for each share of Common Stock subject to an Option
          shall be the Fair Market Value of a share of Common Stock on the date
          of grant. The terms of each Option will be as set forth in the Plan
          and the Program. To the extent that any provision of the Plan is
          inconsistent with the Program, the Program shall control. The Options
          are not intended to qualify as Incentive Stock Options within the
          meaning of Section 422 of the United States Internal Revenue Code.

4.   Number of Shares

     4.1  The number of shares of Common Stock subject to each Option granted
          pursuant to this Plan on the date of an Annual Meeting ("Annual Stock
          Option Grant Amount") shall be determined in accordance with this
          Section 4.1. Each Participant shall be assigned an annual stock option
          target equal to 10,000 shares of Common Stock, subject to adjustment
          in accordance with the Program ("Annual Stock Option Target"). The
          Annual Stock Option Grant Amount shall be equal to the product of (A)
          the Annual Stock Option Target multiplied by (B) the stock performance
          multiplier ("Stock Performance Multiplier") set forth on Exhibit A
          attached to this Plan, which is based on Baxter's total shareholder
          return ("Baxter TSR") compared to the total shareholder return for the
          Standard and Poor's (S&P) 500 Health Care Index ("HCI TSR") for the
          12-month period ending on the most recent September 30 prior to the
          date of an Annual Meeting. The Annual Stock Option Grant Amount shall
          not be more than 150% of the Annual Stock Option Target or less than
          75% of the Annual Stock Option Target.

     4.2  The total number of shares of Common Stock available for Options
          granted under this Plan shall be 316,250 shares, subject to adjustment
          in accordance with the Program. If on any grant date, the number of
          shares of Common Stock which would otherwise be subject to Options
          granted under the Plan shall exceed the number of shares of Common
          Stock then remaining available under the Plan, the available shares
          shall be allocated among the Options to be granted Participants in
          proportion to the number of shares subject to Options that
          Participants would otherwise be entitled to receive.

5.   Exercise and Expiration

<PAGE>

     5.1  Subject to Section 11.10 of the Program and except as expressly
          provided in Sections 5.5, 5.6 and 5.7, Options shall first become
          exercisable on the first anniversary of the date of grant, or if that
          date is not a Business Day, then on the next succeeding Business Day.
          A "Business Day" is any day on which the Common Stock is traded on the
          New York Stock Exchange.

     5.2  After an Option becomes exercisable and until it expires, it may be
          exercised in whole or in part, in the manner specified by the Company.
          Under no circumstances may an Option be exercised after it has
          expired. Shares of Common Stock may be used to pay the purchase price
          for shares of Common Stock to be acquired upon exercise of an Option
          in accordance with the requirements specified by the Company.

     5.3  Except as provided in Sections 5.5, 5.6 and 5.7, if a Participant
          ceases service as a member of the Board before his or her Option
          becomes exercisable, the Option will expire when the Participant
          ceases service as a member of the Board.

     5.4  If a Participant ceases service as a member of the Board after his or
          her Option becomes exercisable, the Option will not expire but will
          remain exercisable. Subject to Sections 5.5, 5.6, 5.7 and 5.8, the
          Option will expire three months after the Participant ceases service
          as a member of the Board, unless the Participant dies or becomes
          disabled during such three month period in which case the Option will
          expire on the first anniversary of the date the Participant ceased
          serving as a member of the Board.

     5.5  If a Participant dies while serving as a member of the Board, his or
          her Option will not expire and will remain, or immediately become,
          fully exercisable, as the case may be. Subject to Sections 5.7 and
          5.8, the Option will expire on the first anniversary of the
          Participant's death.

     5.6  If a Participant becomes disabled and unable to continue service as a
          member of the Board, his or her Option will not expire and will
          remain, or when the Participant ceases to serve as member of the Board
          become, fully exercisable, as the case may be. Subject to Sections 5.7
          and 5.8, the Option will expire on the first anniversary of the date
          the Participant ceases service as a member of the Board.

     5.7  If a Participant who has served as a member of the Board for a
          continuous period of at least ten years or who is at least 72 years of
          age ceases to serve as a member of the Board (including without
          limitation by reason of death or disability), his or her Option will
          not expire and will remain, or when the Participant ceases to serve as
          member of the Board become, fully exercisable, as the case may be.
          Subject to Section 5.8, the Option will expire on the fifth
          anniversary of the date the Participant ceases service as a member of
          the Board.

<PAGE>

     5.8  Options that have not previously expired will expire at the close of
          business on the tenth anniversary of the date of grant. If an Option
          would expire on a date that is not a Business Day, it will expire at
          the close of business on the last Business Day preceding that date.

     5.9  An exercisable Option may only be exercised by the Participant, his or
          her legal representative, or a person to whom the Participant's rights
          in the Option are transferred by will or the laws of descent and
          distribution or in accordance with rules and procedures established by
          the Committee.

6.   General Provisions

     6.1  Subject to the limitations contained in Section 11.9 of the Program,
          the Board or the Committee may, at any time and in any manner, amend,
          suspend, or terminate the Plan or any Option outstanding under the
          Plan.

     6.2  Participation in the Plan does not give any Participant any right to
          continue as a member of the Board for any period of time or any right
          or claim to any benefit unless such right or claim has specifically
          accrued hereunder.

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