Document:

EX-4.27

 Exhibit 4.27 

KENNEDY-WILSON, INC., 
 as
Issuer 
 KWF MANAGER XIII, LLC 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 as Trustee 
  

 
 SUPPLEMENTAL
INDENTURE NO. 4 
 Dated as of July 15, 2013 

to 
 INDENTURE 

Dated as of November 28, 2012 
  

 
 7.75%
SENIOR NOTES DUE 2042 

 SUPPLEMENTAL INDENTURE NO. 4 (the “Supplemental
Indenture”), dated as of July 15, 2013, among Kennedy-Wilson, Inc., as issuer (the “Issuer”), the Subsidiary Guarantor party hereto (the “New Guarantor”) 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, the “Base Indenture,” and, together with the First Supplemental Indenture (as defined below), the Supplemental Indenture No. 2, dated as of February 14,
2013, and the Supplemental Indenture No. 3, 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 Guarantor to provide a Guaranty and become a Subsidiary Guarantor; 
 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.
        The 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 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 GUARANTY OF THE NEW GUARANTOR, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH GUARANTY, 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). 

  
 - 1 - 

 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] 

  
 - 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.
		
	By:	 	 /s/

		 	Name: Kent Mouton
		 	Title:   General Counsel
	
	KWF MANAGER XIII, LLC
		
	By:	 	 /s/

		 	  Name: Kent Mouton
		 	  Title:   Vice President

  
 [Signature page to
Supplemental Indenture No. 4] 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as

Trustee

		
	By:	 	            /s/                        
                            
		 	Name: Jane Schweiger
		 	Title:   Vice President

  
 [Signature page to
Supplemental Indenture No. 4]EX-4.28

 Exhibit 4.28 
  

KENNEDY-WILSON, INC., 
 as
Issuer 
 KWF MANAGER XV, LLC, 

KW EU LOAN PARTNERS III, LLC, 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION 
 as Trustee 
  

 
 SUPPLEMENTAL
INDENTURE NO. 5 
 Dated as of September 6, 2013 

to 
 INDENTURE 

Dated as of November 28, 2012 
  

 
 7.75%
SENIOR NOTES DUE 2042 

 SUPPLEMENTAL INDENTURE NO. 5 (the “Supplemental
Indenture”), dated as of September 6, 2013, 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 (together
with the First Supplemental Indenture (as defined below) and as amended, supplemented or otherwise modified from time to time, 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 each New Guarantor to provide a Guaranty and become a Subsidiary Guarantor (as defined in the First Supplemental Indenture); 

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 New Guarantor, by its execution of this Supplemental Indenture, agrees to
be a Subsidiary Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Subsidiary 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 GUARANTIES OF THE NEW
GUARANTORS, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR SUCH 

  
 - 1 - 

 
GUARANTIES, 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] 

  
 - 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.
		
	By:	 	 /s/

		 	 Name: Barry S. Schlesinger
		 	 Title:   Chief Administrative Officer
	
	SUBSIDIARY GUARANTORS:
	
	KWF MANAGER XV, LLC
		
	By:	 	 /s/

		 	 Name: Barry S. Schlesinger
		 	 Title:   President
	
	KW EU LOAN PARTNERS III, LLC
		
	By:	 	 /s/

		 	 Name: Barry S. Schlesinger
		 	 Title:   President

 [Signature page to Supplemental Indenture No. 5] 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION, as

        Trustee

		
	By:	 	 /s/

		 	Name: Jane Schweiger
		 	Title: Vice President

  
 [Signature page to
Supplemental Indenture No. 5]

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