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Document/Exhibit Description Pages Size
1: S-4 Registration of Securities Issued in a HTML 990K
Business-Combination Transaction
2: EX-3.03 Articles of Incorporation/Organization or By-Laws HTML 72K
3: EX-3.06 Articles of Incorporation/Organization or By-Laws HTML 59K
4: EX-3.29 Articles of Incorporation/Organization or By-Laws HTML 64K
5: EX-3.47 Articles of Incorporation/Organization or By-Laws HTML 55K
6: EX-3.48 Articles of Incorporation/Organization or By-Laws HTML 116K
7: EX-3.49 Articles of Incorporation/Organization or By-Laws HTML 121K
8: EX-5.1 Opinion re: Legality HTML 88K
9: EX-5.2 Opinion re: Legality HTML 87K
10: EX-10.44 Material Contract HTML 69K
11: EX-21 Subsidiaries HTML 157K
12: EX-23.1 Consent of Experts or Counsel HTML 45K
13: EX-25.1 Statement re: Eligibility of Trustee -- Form T-1|2 HTML 269K
14: EX-99.1 Miscellaneous Exhibit HTML 179K
15: EX-99.2 Miscellaneous Exhibit HTML 62K
16: EX-99.3 Miscellaneous Exhibit HTML 50K
17: EX-99.4 Miscellaneous Exhibit HTML 59K
| EX-5.1 |
Exhibit 5.1
| 355 South Grand Avenue, Suite 100 Los Angeles, California 90071-1560 Tel: +1.213.485.1234 Fax: +1.213.891.8763
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Kennedy-Wilson, Inc.
151 S. El Camino Drive
| Re: | Registration Statement on Form S-4 Relating to Exchange Offer for up to $250,000,000 in Aggregate Principal Amount of Kennedy-Wilson, Inc.’s 5.875% Senior Notes Due 2024 |
Ladies and Gentlemen:
We have acted as special counsel to Kennedy-Wilson, Inc., a Delaware corporation (the “Company”), in connection with the issuance of up to $250,000,000 in aggregate principal amount of its 5.875% Senior Notes due 2024 (the “Exchange Notes”) and the guarantees of the Exchange Notes (the “Guarantees”) by each of the entities listed on Exhibit A hereto (the “Guarantors”), pursuant to an indenture (the “Base Indenture”) dated as of March 25, 2014 between the Company, and Wilmington Trust, National Association as trustee (the “Trustee”), as supplemented by Supplemental Indenture No. 1 (“Supplemental Indenture No. 1”) dated as of March 25, 2014 among the Company, Kennedy-Wilson Holdings, Inc., a Delaware Corporation (the “Parent”), each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 2 (“Supplemental Indenture No. 2”) dated as of September 5, 2014 among the Company, the Parent, the subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 3 (“Supplemental Indenture No. 3”) dated as of November 11, 2014 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 4 (“Supplemental Indenture No. 4”) dated as of January 22, 2016, among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 5 (“Supplemental Indenture No. 5”) dated as of February 11, 2016 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 6 (“Supplemental Indenture No. 6”) dated as of May 19, 2016 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 7
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(“Supplemental Indenture No. 7”) dated as of April 13, 2017 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, Supplemental Indenture No. 8 (“Supplemental Indenture No. 8”) dated as of February 16, 2018 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee and Supplemental Indenture No. 9 (such supplemental indenture, together with the Base Indenture, Supplemental Indenture No. 1, Supplemental Indenture No. 2, Supplemental Indenture No. 3, Supplemental Indenture No. 4, Supplemental Indenture No. 5, Supplemental Indenture No. 6, Supplemental Indenture No. 7 and Supplemental Indenture No. 8, the “Indenture”) dated as of March 2, 2018 among the Company, the Parent, each subsidiary of the Company named therein and the Trustee, and a registration statement on Form S-4 under the Securities Act of 1933, as amended (the “Act”), filed with the Securities and Exchange Commission (the “Commission”) on June 18, 2018 (the “Registration Statement”). The Exchange Notes and the Guarantees will be issued in exchange for certain of the Company’s outstanding 5.875% Senior Notes due 2024 (the “Private Notes”), and the related guarantees, on the terms set forth in the prospectus contained in the Registration Statement (the “Prospectus”). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or Prospectus, other than as expressly stated herein with respect to the issue of the Exchange Notes and Guarantees.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company, the Guarantors and others as to factual matters without having independently verified such factual matters. We are opining herein as to the internal laws of the State of New York, and we express no opinion with respect to the applicability thereto, or the effect thereon, of the laws of any other jurisdiction or as to any matters of municipal law or the laws of any local agencies within any state. Various matters concerning the laws of the States of California, Delaware and Illinois are addressed in the letter of Kulik, Gottesman & Siegel, LLP, which has been separately provided to you. We express no opinion with respect to those matters herein, and, to the extent elements of those opinions are necessary to the conclusions expressed herein, we have, with your consent, assumed such matters.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, when the Exchange Notes have been duly executed, issued and authenticated in accordance with the terms of the Indenture and delivered in exchange for the Private Notes in the circumstances contemplated by the Registration Statement and Prospectus, the Exchange Notes and the Guarantees will be legally valid and binding obligations of the Company and the Guarantors, respectively, enforceable against the Company and the Guarantors, respectively, in accordance with their respective terms.
Our opinion is subject to the following: (i) the effect of bankruptcy, insolvency, reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and remedies of creditors; (ii) the effect of general principles of equity, whether considered in a proceeding in equity or at law (including the possible unavailability of specific performance or injunctive relief), concepts of materiality, reasonableness, good faith and fair dealing and the discretion of the
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court before which a proceeding is brought; (iii) the invalidity in certain circumstances under law or court decisions of provisions providing for the indemnification of or contribution to a party with respect to a liability, where such indemnification or contribution is contrary to public policy; and (iv) we express no opinion as to (a) any provision for liquidated damages, default interest, late charges, monetary penalties, make-whole premiums or other economic remedies to the extent such provisions are deemed to constitute a penalty, (b) consents to, or restrictions upon, governing law, jurisdiction, venue, arbitration, remedies or judicial relief, (c) the waiver of rights or defenses contained in Section 4.4 of the Base Indenture, (d) any provision requiring the payment of attorneys’ fees, where such payment is contrary to law or public policy, (e) any provision permitting, upon acceleration of the Exchange Notes, collection of that portion of the stated principal amount thereof that might be determined to constitute unearned interest thereon, (f) provisions purporting to make a guarantor primarily liable rather than as a surety and provisions purporting to waive modifications of any guaranteed obligation, to the extent such modification constitutes a novation, (g) advance waivers of claims, defenses, rights granted by law, notice, opportunity for hearing, evidentiary requirements, statutes of limitation, trial by jury or at law or other procedural rights, (h) waivers of broadly or vaguely stated rights, (i) covenants not to compete, (j) provisions for exclusivity, election or cumulation of rights or remedies, (k) provisions authorizing or validating conclusive or discretionary determinations, (l) grants of setoff rights, (m) proxies, powers and trusts, (n) provisions prohibiting, restricting or requiring consent to assignment or transfer of any right or property, and (o) the severability, if invalid, of provisions to the foregoing effect. We express no opinion or view as to federal or state securities laws, tax laws, antitrust or trade regulation laws, insolvency or fraudulent transfer laws, antifraud laws, compliance with fiduciary duty requirements, pension or employee benefit laws, usury laws, environmental laws, margin regulations, rules of the Financial Industry Regulatory Authority, Inc. or stock exchange rules (without limiting other laws excluded by customary practice).
With your consent, we have assumed that (a) the Indenture, the Exchange Notes and the Guarantees (collectively, the “Documents”) have been duly authorized, executed and delivered by the parties thereto other than the Company and the Guarantors, (b) the Documents constitute legally valid and binding obligations of the parties thereto other than the Company and the Guarantors, enforceable against each of them in accordance with their terms and (c) the status of the Documents as legally valid and binding obligations of the parties is not affected by any (i) breaches of, or defaults under, agreements or instruments, (ii) violations of statutes, rules, regulations or court or governmental orders or (iii) failures to obtain required consents, approvals or authorizations from, or make required registrations, declarations or filings with, governmental authorities.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm contained in the Prospectus under the heading “Legal Matters.” In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
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Exhibit A
Guarantors
| 1. | Kennedy-Wilson Holdings, Inc., a Delaware corporation |
| 2. | Kennedy-Wilson Properties, Ltd., a Delaware corporation |
| 3. | Kennedy-Wilson Property Services, Inc., a Delaware corporation |
| 4. | Kennedy-Wilson Property Services II, Inc., a Delaware corporation |
| 5. | Kennedy Wilson Property Services III, L.P., a Delaware limited partnership |
| 6. | Kennedy-Wilson Property Equity, Inc., a Delaware corporation |
| 7. | Kennedy-Wilson Property Equity II, Inc., a Delaware corporation |
| 8. | Kennedy-Wilson Property Special Equity, Inc., a Delaware corporation |
| 9. | Kennedy-Wilson Property Special Equity II, Inc., a Delaware corporation |
| 10. | Kennedy Wilson Property Special Equity III, LLC, a Delaware limited liability company |
| 11. | K-W Properties, a California corporation |
| 12. | Kennedy Wilson Property Services III GP, LLC, a Delaware limited liability company |
| 13. | KW BASGF II Manager, LLC, a Delaware limited liability company |
| 14. | KWF Investors I, LLC, a Delaware limited liability company |
| 15. | KWF Investors III, LLC, a Delaware limited liability company |
| 16. | KWF Manager I, LLC, a Delaware limited liability company |
| 17. | KWF Manager II, LLC, a Delaware limited liability company |
| 18. | KWF Manager III, LLC, a Delaware limited liability company |
| 19. | Kennedy Wilson Overseas Investments, Inc. a Delaware corporation |
| 20. | Fairways 340 Corp., a Delaware corporation |
| 21. | KW—Richmond, LLC, a Delaware limited liability company |
| 22. | SG KW Venture I Manager LLC, a Delaware limited liability company |
| 23. | KW Loan Partners I LLC, a Delaware limited liability company |
| 24. | KW Summer House Manager, LLC, a Delaware limited liability company |
| 25. | KW Montclair, LLC, a Delaware limited liability company |
| 26. | KW Serenade Manager, LLC, a Delaware limited liability company |
| 27. | K-W Santiago Inc., a California corporation |
| 28. | KW Redmond Manager, LLC, a Delaware limited liability company |
| 29. | Dillingham Ranch Aina LLC, a Delaware limited liability company |
| 30. | 68-540 Farrington, LLC, a Delaware limited liability company |
| 31. | KW Dillingham Aina LLC, a Delaware limited liability company |
| 32. | Kennedy Wilson Fund Management Group, LLC, a California limited liability company |
| 33. | Kennedy-Wilson International, a California corporation |
| 34. | Kennedy-Wilson Tech, Ltd., a California corporation |
| 35. | KWP Financial I, a California corporation |
| 36. | Kennedy-Wilson Properties, LTD., an Illinois corporation |
| 37. | Kennedy Wilson Auction Group Inc., a California corporation |
| 38. | KWF Manager IV, LLC, a Delaware limited liability company |
| 39. | KW Ireland, LLC, a Delaware limited liability company |
| 40. | Kennedy Wilson Property Equity IV, LLC, a Delaware limited liability company |
| 41. | Kennedy Wilson Real Estate Sales & Marketing, a California corporation |
| 42. | KWF Investors IV, LLC, a Delaware limited liability company |
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| 43. | KWF Investors V, LLC, a Delaware limited liability company |
| 44. | Meyers Research, LLC, a Delaware limited liability company |
| 45. | KW Armacost, LLC, a Delaware limited liability company |
| 46. | Santa Maria Land Partners Manager, LLC, a Delaware limited liability company |
| 47. | KW Investment Adviser, LLC, a Delaware limited liability company |
| 48. | Kennedy-Wilson Capital, a California corporation |
| 49. | KW Four Points LLC, a Delaware limited liability company |
| 50. | KW Loan Partners VII, LLC, a Delaware limited liability company |
| 51. | KWF Investors VII, LLC, a Delaware limited liability company |
| 52. | KWF Manager VII, LLC, a Delaware limited liability company |
| 53. | KW Residential Capital, LLC, a Delaware limited liability company |
| 54. | KW Boise Plaza, LLC, a Delaware limited liability company |
| 55. | KW Loan Partners VIII, LLC, a Delaware limited liability company |
| 56. | Kennedy Wilson Property Services IV, L.P., a Delaware limited partnership |
| 57. | Kennedy Wilson Property Services IV GP, LLC, a Delaware limited liability company |
| 58. | KW EU Loan Partners II, LLC, a Delaware limited liability company |
| 59. | KW 1200 Main, LLC, a Delaware limited liability company |
| 60. | KW Harrington LLC, a Delaware limited liability company |
| 61. | KW 5200 Lankershim Manager, LLC, a Delaware limited liability company |
| 62. | KWF Manager X, LLC, a Delaware limited liability company |
| 63. | KWF Manager XI, LLC, a Delaware limited liability company |
| 64. | KWF Manager XII, LLC, a Delaware limited liability company |
| 65. | KW Real Estate Venture XIII, LLC, a Delaware limited liability company |
| 66. | KWF Manager XIII, LLC, a Delaware limited liability company |
| 67. | KW EU Loan Partners III, LLC, a Delaware limited liability company |
| 68. | KW EU Investors I, LLC, a Delaware limited liability company |
| 69. | KW Richfield Plaza, LLC, a Delaware limited liability company |
| 70. | KW Currier Square Shopping Center, LLC, a Delaware limited liability company |
| 71. | KW Creekview Shopping Center, LLC, a Delaware limited liability company |
| 72. | KW Securities, LLC, a Delaware limited liability company |
| 73. | KW Victory Land Loan, LLC, a Delaware limited liability company |
| 74. | KW Victory Plaza Loan, LLC, a Delaware limited liability company |
| 75. | Country Ridge IX, LLC, a Delaware limited liability company |
| 76. | KW EU Investors VIII, LLC, a Delaware limited liability company |
| 77. | KW Park Santa Fe, LLC, a Delaware limited liability company |
| 78. | KW Cypress, LLC, a Delaware limited liability company |
| 79. | KW Tacoma Condos, LLC, a Delaware limited liability company |
| 80. | KW Desert Ramrod Sponsor, LLC, a Delaware limited liability company |
| 81. | KW 9350 Civic Center Drive, LLC, a Delaware limited liability company |
| 82. | KW Taylor Yard 55, LLC, a Delaware limited liability company |
| 83. | KW Red Cliff Shopping Center, LLC, a Delaware limited liability company |
| 84. | KW Holiday Village Shopping Center, LLC, a Delaware limited liability company |
| 85. | KW Hilltop Manager II, LLC, a Delaware limited liability company |
| 86. | KW Bozeman Investors, LLC, a Delaware limited liability company |
| 87. | KW One Baxter Way GP, LLC, a Delaware limited liability company |
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| 88. | KW Riverdale and 36, LLC, a Delaware limited liability company |
| 89. | KW 400 California Member, LLC, a Delaware limited liability company |
| 90. | KW CIG Management Services, LLC, a Delaware limited liability company |
| 91. | KW Terra West Sponsor, LLC, a Delaware limited liability company |
| 92. | KW Hanover Quay, LLC, a Delaware limited liability company |
| 93. | Kennedy Wilson Property Equity VI, LLC, a Delaware limited liability company |
| 94. | Kennedy Wilson Property Services VI, LLC, a Delaware limited liability company |
| 95. | KW LV 3 Sponsor, LLC, a Delaware limited liability company |
| 96. | KW NB LLC, a Delaware limited liability company |
| 97. | KW Camarillo Land, LLC, a Delaware limited liability company |
| This ‘S-4’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed as of: | 6/19/18 | |||
| Filed on: | 6/18/18 | |||
| 3/2/18 | 8-K | |||
| 2/16/18 | ||||
| 4/13/17 | ||||
| 5/19/16 | 8-K | |||
| 2/11/16 | SC 13G/A | |||
| 1/22/16 | ||||
| 11/11/14 | 424B3, 8-K | |||
| 9/5/14 | ||||
| 3/25/14 | 4, 8-K | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/27/18 SEC UPLOAD¶ 7/27/18 1:118K KW EU Investors V, LLC |
