Exhibit 10.14

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") dated as of August 8, 2007, by and among (i) KKR FINANCIAL
HOLDINGS LLC, a Delaware limited liability company ("KKR Financial"), KKR FINANCIAL CORP., a Maryland corporation ("KKR
Financial Corp.") KKR TRS HOLDINGS, INC., a Delaware corporation ("KKR TRS"), KKR TRS HOLDINGS, LTD., a Cayman
Islands company ("KKR TRS LTD"), KKR FINANCIAL HOLDINGS II, LLC, a Delaware limited liability company ("KKR
Holdings II"), KKR FINANCIAL HOLDINGS III, LLC, a Delaware limited liability company ("KKR Holdings III"), KKR FINANCIAL
HOLDINGS, INC., a Delaware corporation ("KKR Holdings"), and KKR FINANCIAL HOLDINGS, LTD., a Cayman Islands company
("KKR Holdings LTD," and collectively with KKR Financial, KKR Financial Corp., KKR TRS, KKR TRS LTD, KKR Holdings II, KKR Holdings III and
KKR Holdings, the "Borrowers" and each, individually, a "Borrower"), (ii) each lender party
hereto (collectively, the "Lenders" and individually, a "Lender"), and (iii) BANK OF AMERICA,
N.A., as Administrative Agent and Swingline Lender.

WHEREAS,
the Borrowers, the Lenders and the Administrative Agent have entered into that certain Second Amended and Restated Credit Agreement, dated as of May 4, 2007 (the
"Credit Agreement;" capitalized terms used herein and not defined to have the meanings ascribed to such terms in the Credit Agreement); and

WHEREAS,
the Borrowers, the Lenders and the Administrative Agent desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows:

Section 1.Amendment to Credit Agreement.The parties hereto agree that, effective as of the date hereof,
Section 7.05(b) of the Credit Agreement shall be amended to read as follows:



Section 2.Conditions Precedent.The effectiveness of this Amendment is subject to receipt by the
Administrative Agent of an original counterpart of this Amendment duly executed by each of the Borrowers, Required Lenders and the Administrative Agent.

Section 3.Effect of Amendment.

(a)   Except
as specifically modified by this Amendment, the terms and provisions of the Credit Agreement are ratified and confirmed by the parties hereto and remain in full
force and effect.

(b)   Each
of the Borrowers, the Administrative Agent and each Lender agrees that this Amendment shall constitute a Loan Document and, upon the effectiveness of this
Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein" or words of like import referring to the Credit Agreement, and each reference in the other Loan
Documents to the "Credit Agreement", "thereunder", "thereof", "therein" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by
this Amendment.

Section 4.Expenses.The Borrower shall reimburse the Administrative Agent upon demand for all reasonable
out-of-pocket costs and expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees, charges and disbursements of counsel for the
Administrative Agent) in connection with the preparation, negotiation, execution, delivery and administration of this Amendment and any other agreements and documents executed and delivered in
connection herewith.

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Section 5.Successors and Assigns.The provisions of this Amendment shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns.

Section 6.GOVERNING LAW.THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CHOICE OF LAW PROVISIONS THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.

Section 7.Effect.Except as expressly herein amended, the terms and conditions of the Credit Agreement
and the other Loan Documents remain in full force and effect. The amendments contained herein shall be deemed to have prospective application only, unless otherwise specifically stated herein.

Section 8.Counterparts; Integration.This Amendment may be executed in counterparts (and by different
parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.

2

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IN
WITNESS WHEREOF, the parties hereto have caused this First Amendment to Second Amended and Restated Credit Agreement to be executed as of the date first above written.

| |  | KKR FINANCIAL HOLDINGS LLC     
| |  | -------------------------------
| |  | By:                            
| |  | KKR FINANCIAL HOLDINGS II, LLC 
| |  | By:                            
| |  | KKR FINANCIAL HOLDINGS III, LLC
| |  | By:                            
| |  | KKR FINANCIAL HOLDINGS, INC.   
| |  | By:                            
| |  | KKR FINANCIAL HOLDINGS, LTD.   
| |  | By:                            
| |  | KKR FINANCIAL CORP.            
| |  | By:                            
| |  | KKR TRS HOLDINGS, INC.         
| |  | By:                            
| |  | KKR TRS HOLDINGS, LTD.         
| |  | By:                            

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| |  | BANK OF AMERICA, N.A., as
Administrative Agent
| |  | ----------------------------------------------
| |  | By:                                           

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| |  | BANK OF AMERICA, N.A., as a Lender,
and Swingline Lender
| |  | --------------------------------------------------------
| |  | By:                                                     

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| |  | CITIGROUP GLOBAL MARKETS INC., as
a Syndication Agent
| |  | -----------------------------------------------------
| |  | By:                                                  

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| |  | CITICORP NORTH AMERICA, INC., as a
Lender
| |  | -----------------------------------------
| |  | By:                                      

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| |  | BANK OF NOVA SCOTIA, as a Lender
| |  | --------------------------------
| |  | By:                             

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| |  | CREDIT SUISSE, CAYMAN ISLANDS
BRANCH, as a Lender
| |  | -------------------------------------------------
| |  | By:                                              
| |  | By:                                              

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| |  | GOLDMAN SACHS & CO. INC., as a Lender
| |  | -------------------------------------
| |  | By:                                  

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| |  | ROYAL BANK OF CANADA, as a Lender
| |  | ---------------------------------
| |  | By:                              

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| |  | COMMERZBANK
AKTIENGESELLSCHAFT, as a Lender
| |  | -------------------------------------------
| |  | By:                                        
| |  | By:                                        

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| |  | FORTIS CAPITAL CORP., as a Lender
| |  | ---------------------------------
| |  | By:                              
| |  | By:                              

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| |  | MIZUHO CORPORATE BANK, LTD., as a
Lender
| |  | ----------------------------------------
| |  | By:                                     

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| |  | WACHOVIA BANK, NATIONAL
ASSOCIATION, as a Lender
| |  | ------------------------------------------------
| |  | By:                                             

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| |  | FIRST COMMERCIAL BANK, LOS
ANGELES BRANCH, as a Lender
| |  | ------------------------------------------------------
| |  | By:                                                   

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