Document:

10th: Exhibit 4.11

Exhibit 4.11

TENTH SUPPLEMENTAL INDENTURE
dated as of June 12, 2012
among
Kennedy-Wilson, Inc.,
The Guarantors Party Hereto
and
Wilmington Trust, National Association
as Trustee
_________________________
8.750% Senior Notes due 2019

THIS TENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of June 12, 2012, among Kennedy-Wilson, Inc., a Delaware corporation (the “Company”), Meyers Research, LLC, a Delaware limited liability company (“Meyers”), KW Armacost, LLC, a Delaware limited liability company (“Armacost”), Santa Maria Land Partners Manager, LLC, a Delaware limited liability company (“Santa Maria”), KW Investment Adviser, LLC, a Delaware limited liability company (“Investment Adviser”), NWLACDFI - Southern Oaks, LLC, a Delaware limited liability company (“Southern Oaks”), Kennedy-Wilson Capital, a California corporation (“KW Capital”), KW Captowers Partners, LLC, a Delaware limited liability company (“KW Captowers”), KW Four Points, LLC, a Delaware limited liability company (“KW Four Points”) and KW Loan Partners VII, LLC, a Delaware limited liability company (“KW Loan Partners VII” and together with Meyers, Armacost, Santa Maria, Investment Adviser, Southern Oaks, KW Capital, KW Captowers, KW Four Points and KW Loan Partners VII, each an “Undersigned”) and Wilmington Trust, National Association, 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 “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, 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 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.Each Undersigned, 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 11 thereof.
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.This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

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/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	Chief Administrative Officer
	 

	
					
	 
	Meyers Research, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	President
	 

	
					
	 
	KW Armacost, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	Vice President
	 

	
					
	 
	Santa Maria Land Partners Manager, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	Vice President
	 

	
					
	 
	KW Investment Adviser, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	President
	 

[Supplemental Indenture Signature Page]

	
					
	 
	NWLACDFI - Southern Oaks, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	President
	 

	
					
	 
	Kennedy-Wilson Capital
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ MARY RICKS
	 

	 
	 
	Name:
	Mary Ricks
	 

	 
	 
	Title:
	President
	 

	
					
	 
	KW Captowers Partners, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	President
	 

	
					
	 
	KW Four Points, LLC
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ KENT MOUTON
	 

	 
	 
	Name:
	Kent Mouton
	 

	 
	 
	Title:
	Vice President
	 

	
					
	 
	KW Loan Partners VII, 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
	 

[Supplemental Indenture Signature Page]11th: Exhibit 4.12

Exhibit 4.12

ELEVENTH SUPPLEMENTAL INDENTURE
dated as of November 21, 2012
among
Kennedy-Wilson, Inc.,
Kennedy-Wilson Holdings, Inc.,
The Released Entity Party Hereto, 
The Guarantors Party Hereto
and
Wilmington Trust, National Association
as Trustee
_________________________
8.750% Senior Notes due 2019

THIS ELEVENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of November 21, 2012, among Kennedy-Wilson, Inc., a Delaware corporation (the “Company”), NWLACDFI-Southern Oaks, LLC, a Delaware limited liability company (the “Released Entity”), the Guarantors (as defined in the Indenture referred to below), Kennedy-Wilson Holdings, Inc., a Delaware corporation, as the Parent Guarantor (the “Parent Guarantor”), and Wilmington Trust, National Association, 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 1, 2011 (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 Entity will terminate;
WHEREAS, the Company and the Released Entity have duly authorized the execution and delivery of this Supplemental Indenture, subject to the terms and conditions described herein; 
WHEREAS, the Company, the Released Entity, the Parent Guarantor and the Guarantors 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 Section 9.01 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 Entity 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 Entity.

1

Section 6.This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture will henceforth be read together.

2

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
	 

	
					
	 
	Kennedy-Wilson Holdings, Inc., as Parent Guarantor
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ JUSTIN ENBODY
	 

	 
	 
	Name:
	Justin Enbody
	 

	 
	 
	Title:
	Chief Financial Officer
	 

	
					
	 
	Each of the Guarantors named in Exhibit A hereto
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	Vice President
	 

	
					
	 
	NWLACDFI-Southern Oaks, LLC, as Released Entity
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ BARRY S. SCHLESINGER
	 

	 
	 
	Name:
	Barry S. Schlesinger
	 

	 
	 
	Title:
	Vice President
	 

	
					
	 
	Wilmington Trust, National Association as Trustee
	 

	 
	 
	 
	 
	 

	 
	By:
	/s/ JANE SCHWEIGER
	 

	 
	 
	Name:
	Jane Schweiger
	 

	 
	 
	Title:
	Vice President
	 

[Supplemental Indenture Signature Page]

Exhibit A
Guarantors
Kennedy-Wilson Properties, Ltd., a Delaware corporation  
Kennedy-Wilson Property Services, Inc., a Delaware corporation  
Kennedy-Wilson Property Services II, Inc., a Delaware corporation  
Kennedy Wilson Property Services III, L.P., a Delaware limited partnership  
Kennedy-Wilson Property Equity, Inc., a Delaware corporation  
Kennedy-Wilson Property Equity II, Inc., a Delaware corporation  
Kennedy-Wilson Property Special Equity, Inc., a Delaware corporation  
Kennedy-Wilson Property Special Equity II, Inc., a Delaware corporation  
Kennedy-Wilson Property Special Equity III, LLC, a Delaware limited liability company
K-W Properties, a California corporation  
Kennedy Wilson Property Services III GP, LLC, a Delaware limited liability company  
KW BASGF II Manager, LLC, a Delaware limited liability company  
KWF Investors I, LLC, a Delaware limited liability company  
KWF Investors II, LLC, a Delaware limited liability company  
KWF Investors III, LLC, a Delaware limited liability company  
KWF Manager I, LLC, a Delaware limited liability company  
KWF Manager II, LLC, a Delaware limited liability company  
KWF Manager III, LLC, a Delaware limited liability company  
Kennedy Wilson Overseas Investments, Inc., a Delaware corporation  
Fairways 340 Corp., a Delaware corporation  
KW - Richmond, LLC, a Delaware limited liability company  
SG KW Venture I Manager LLC, a Delaware limited liability company  
KW Loan Partners I LLC, a Delaware limited liability company  
KW Loan Partners II LLC, a California limited liability company  
KW Summer House Manager, LLC, a Delaware limited liability company  
KW Montclair, LLC, a Delaware limited liability company  
KW Blossom Hill Manager, LLC, a Delaware limited liability company  
KW Serenade Manager, LLC, a Delaware limited liability company  
K-W Santiago Inc., a California corporation  
KW Redmond Manager, LLC, a Delaware limited liability company  
Dillingham Ranch Aina LLC, a Delaware limited liability company  
68-540 Farrington, LLC, a Delaware limited liability company  
KW Dillingham Aina LLC, a Delaware limited liability company  
Kennedy Wilson Fund Management Group, LLC, a California limited liability company  
Kennedy-Wilson International, a California corporation  
Kennedy-Wilson Tech, Ltd., a California corporation  
KWP Financial I, a California corporation  
Kennedy Wilson Auction Group Inc., a California corporation  
Kenney-Wilson Properties, LTD., an Illinois corporation
KWF Manager IV, LLC, a Delaware limited liability company  
KWF Manager V, LLC, a Delaware limited liability company  
KW Ireland, LLC, a Delaware limited liability company  
Kennedy Wilson Property Equity IV, LLC, a Delaware limited liability company  

KW Residential Group, Inc., a California corporation
KWF Fund IV - Kohanaiki, LLC, a Delaware limited liability company  
KW Telstar Partners, LLC, a Delaware limited liability company  
KWF Investors IV, LLC, a Delaware limited liability company  
KWF Investors V, LLC, a Delaware limited liability company  
Meyers Research, LLC, a Delaware limited liability company
KW Armacost, LLC, a Delaware limited liability company
Santa Maria Land Partners Manager, LLC, a Delaware limited liability company
KW Investment Adviser, LLC, a Delaware limited liability company
Kennedy-Wilson Capital, a California Corporation
KW Captowers Partners, LLC, a Delaware limited liability company
KW Four Points, LLC, a Delaware limited liability company
KW Loan Partners VII, LLC, a Delaware limited liability company

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