Document:

KW 2013 Exhibit 4.27

NINETEENTH SUPPLEMENTAL INDENTURE
dated as of January 6, 2014
among
KENNEDY-WILSON, INC.,
KW EU INVESTORS I, LLC
KW VICTORY LAND LOAN, LLC,
KW VICTORY PLAZA LOAN, LLC, 
and
WILMINGTON TRUST, NATIONAL ASSOCIATION 
as Trustee
_________________________
8.750% Senior Notes due 2019

THIS NINETEENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of January 6, 2014, among Kennedy-Wilson, Inc., a Delaware corporation (the “Company”), the Subsidiary Guarantors party hereto (the “New Guarantors”) and Wilmington Trust, National Association (as successor by merger to Wilmington Trust FSB), as trustee (the “Trustee”).
RECITALS
WHEREAS, the Company, the Guarantors party thereto and Wilmington Trust FSB entered into the Indenture, dated as of April 5, 2011 (the “Base Indenture,” and the Base Indenture, as supplemented or amended before the date hereof, the “Indenture”), relating to the Company’s 8.750% Senior Notes due 2019 (the “Notes”);
WHEREAS, the Trustee succeeded Wilmington Trust FSB, as trustee under the Indenture as of July 1, 2011, pursuant to the provisions of Section 7.09 of the Base Indenture;
WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any newly acquired or created domestic Restricted Subsidiaries, other than Non-Material Subsidiaries and other than any Restricted Subsidiary prohibited from providing a Guarantee by any agreement governing Non-Recourse Indebtedness (or the terms of the relevant partnership agreement, limited liability company operating agreement or other governing document of the entity that is the borrower under any Non-Recourse Indebtedness), any joint venture agreement or the terms of any Co-investment Vehicle or any separate account or investment program managed, operated or sponsored by an Investment Subsidiary, to provide Guaranties.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual covenants hereof and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:
Section 1.Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.
Section 2.    Each New Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof.
Section 3.    This Supplemental Indenture and the Guarantee of the New Guarantors, including any claim or controversy arising out of or relating to this Supplemental Indenture or such Guarantee, shall be governed by and construed in accordance with the laws of the State of New York (without regard to the conflicts of laws provisions thereof other than Sections 5-1401 and 5-1402 of the General Obligations Law).
Section 4.    This Supplemental Indenture may be signed in various counterparts that together will constitute one and the same instrument.
Section 5.    This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.
[Remainder of Page Intentionally Left Blank; Signature Page Follows]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

KENNEDY-WILSON, INC.

		
	By:
	 /s/ KENT MOUTON     
Name:    Kent Mouton 

		
	Title:
	General Counsel 

KW EU INVESTORS I, LLC

		
	By:
	/s/ KENT MOUTON     
Name:    Kent Mouton 

Title:    Vice President 

KW VICTORY LAND LOAN, LLC

		
	By:
	/s/ KENT MOUTON     
Name:    Kent Mouton 

Title:    Vice President 

KW VICTORY PLAZA LOAN, LLC

		
	By:
	/s/ KENT MOUTON         
Name:    Kent Mouton 

Title:    Vice President 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:
	    /s/ JANE SCHWEIGER         
Name:    Jane Schweiger

Title:    Vice President

 LA\3438099.1KW 2013 Exhibit 4.28

EXECUTION VERSION

TWENTIETH SUPPLEMENTAL INDENTURE
dated as of January 16, 2014
among
Kennedy-Wilson, Inc.,
The Released Subsidiaries Party Hereto, 
and
Wilmington Trust, National Association 
as Trustee
_________________________
8.750% Senior Notes due 2019

THIS TWENTIETH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of January 16, 2014, among Kennedy-Wilson, Inc., a Delaware corporation (the “Company”), KW UR Investments 1, LLC, a Delaware limited liability company, KW UR Investments 2, LLC, a Delaware limited liability company (each a “Released Subsidiary” and collectively, the “Released Subsidiaries”), and Wilmington Trust, National Association (as successor by merger to Wilmington Trust FSB), as trustee (the “Trustee”).
RECITALS
WHEREAS, the Company, the Guarantors party thereto and Wilmington Trust FSB, as trustee, entered into the Indenture, dated as of April 5, 2011 (as supplemented or amended prior to the date hereof, the “Indenture”), relating to the Company’s 8.750% Senior Notes due 2019 (the “Notes”);
WHEREAS, the Trustee succeeded Wilmington Trust FSB, as trustee under the Indenture as of July 1, 2011, pursuant to the provisions of Section 7.09 of the Indenture;
WHEREAS, Section 10.09 of the Indenture provides that under certain circumstances the Guaranty (as defined in the Indenture) of a Released Subsidiary will terminate;
WHEREAS, (a) the Released Subsidiaries have been designated as Unrestricted Subsidiaries in accordance with Section 4.17 of the Indenture, (b) the Released Subsidiaries are no longer required to be Subsidiary Guarantors or to issue Guaranties pursuant to Section 10.09(3) the Indenture, and (c) the Company and the Released Subsidiaries desire to provide for the termination of such Guaranties by the Released Subsidiaries;
WHEREAS, the Company and the Released Subsidiaries have duly authorized the execution and delivery of this Supplemental Indenture, subject to the terms and conditions described herein; 
WHEREAS, the Company and the Released Subsidiaries have requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms and to give effect to the terms and conditions set forth herein and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects; and
WHEREAS, pursuant to Sections 9.01 and  10.09 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows:
Section 1.Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.
Section 2.    The Guaranty of each Released Subsidiary named above is hereby terminated pursuant to Section 10.09 of the Indenture.
Section 3.    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York.
Section 4.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.
Section 5.    The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Released Subsidiaries.
Section 6.    This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.
Kennedy-Wilson, Inc., as Company
		
	By:
	/s/ JUSTIN ENBODY     
Name: Justin Enbody 
Title:   Chief Financial Officer

Each of the Guarantors named in Exhibit A hereto
		
	By:
	/s/ IN KU LEE     
Name: In Ku Lee 
Title:   Vice President

Wilmington Trust, National Association, as Trustee
		
	By:
	/s/ JANE SCHWEIGER     
Name: Jane Schweiger 
Title: Vice President

Exhibit A
Released Subsidiaries
KW UR INVESTMENTS 1, LLC
KW UR INVESTMENTS 2, LLC

 LA\3441538.2KW 2013 Exhibit 4.36

KENNEDY-WILSON, INC.,

as Issuer 

KW EU INVESTORS I, LLC,

KW VICTORY LAND LOAN, LLC,

KW VICTORY PLAZA LOAN, LLC,
 

and

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee
                    
SUPPLEMENTAL INDENTURE NO. 7
Dated as of January 6, 2014

to

INDENTURE

Dated as of November 28, 2012
                    

7.75% SENIOR NOTES DUE 2042

SUPPLEMENTAL INDENTURE NO. 7 (the “Supplemental Indenture”), dated as of January 6, 2014, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), the Subsidiary Guarantors party hereto (the “New Guarantors”) and Wilmington Trust, National Association, as trustee (the “Trustee”).
WITNESSETH THAT:
WHEREAS, the Issuer and the Trustee have executed and delivered a base indenture, dated as of November 28, 2012 (as amended, supplemented or otherwise modified from time to time, and, together with the First Supplemental Indenture (as defined below, the “Indenture”) to provide for the future issuance of the Issuer’s debt securities to be issued from time to time in one or more series; and
WHEREAS, the Issuer, the Guarantors party thereto and the Trustee entered into that certain Supplemental Indenture No. 1, dated as of November 28, 2012 (the “First Supplemental Indenture”) , relating to the Issuer’s 7.75% Senior Notes due 2042 (the “Notes”);
WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause certain of its domestic Restricted Subsidiaries to provide Guaranties after the Issue Date (as defined in the Indenture); and
WHEREAS, the Issuer desires, and this Supplemental Indenture is being executed and delivered pursuant to Sections 4.09 and 9.01(iv) of the First Supplemental Indenture, to cause the New Guarantors to provide a Guaranty and become Subsidiary Guarantors;
NOW, THEREFORE:
Each party hereto agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined herein) of the Notes.
Section 1.    Capitalized terms used herein without definition shall have the respective definitions ascribed to them in the Indenture.
Section 2.    Each of the New Guarantors, by its execution of this Supplemental Indenture, agrees to be Guarantors under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article XI of the First Supplemental Indenture.
Section 3.    Notwithstanding anything herein to the contrary, this Supplemental Indenture shall be subject, without limitation, to the last paragraph of Section 10.09 of the First Supplemental Indenture with the same force an effect as if such paragraph were reproduced herein.
Section 4.    THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES OF THE NEW GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTEES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW).
Section 5.    This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument.
Section 6.    No past, present or future director, officer, employee, incorporator, member or stockholder or control person of the Issuer, the Parent or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Issuer, the Parent or any Subsidiary Guarantor under the Notes, any Guaranty, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of such obligations or their creation.  Each Holder of the Notes by accepting a Note or any Guaranty waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes or any Guaranty.
Section 7.    This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and all subsequent supplements thereto, including this Supplemental Indenture, shall be read together.
[Remainder of this Page Intentionally Left Blank; Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written.

KENNEDY-WILSON, INC.

		
	By:
	 /s/ KENT MOUTON     
Name:    Kent Mouton 

		
	Title:
	General Counsel 

KW EU INVESTORS I, LLC

		
	By:
	/s/ KENT MOUTON     
Name:    Kent Mouton 

Title:    Vice President 

KW VICTORY LAND LOAN, LLC

		
	By:
	    /s/ KENT MOUTON     
Name:    Kent Mouton 

Title:    Vice President 

KW VICTORY PLAZA LOAN, LLC

		
	By:
	    /s/ KENT MOUTON         
Name:    Kent Mouton 

Title:    Vice President 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

		
	By:
	    /s/ JANE SCHWEIGER         
Name:    Jane Schweiger

Title:    Vice President

    

 LA\3438100.1

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