Exhibit 10.15

SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT

THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this "Amendment") dated as of
August 14, 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 (as amended
prior to the date hereof, 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.Amendments to Credit Agreement.The parties hereto agree that, effective as of the date
hereof, the Credit Agreement shall be amended as follows:



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Section 2.Release.Effective upon the consummation of any Disposition by KKR Financial of all of the
common stock of KKR Financial Corp., the Administrative Agent and the Lenders hereby release KKR Financial Corp. as a Borrower and Loan Party under the Credit Agreement and the other Loan Documents.
The Borrowers consent to the release of KKR Financial Corp. effected hereby, and ratify and reaffirm all of their joint and several obligations under the Credit Agreement and the other Loan Documents,
as modified hereby. The parties acknowledge and agree that, upon the consummation of such Disposition, KKR Financial Corp. shall no longer be a Subsidiary of KKR Financial.

Section 3.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 4.Effect of Amendment.

(a)   Each
of the Borrowers agrees that there is no Default nor Event of Default in existence, nor would a Default nor an Event of Default be caused by this Amendment or the
implementation of the matters reflected herein.

(b)   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.

(c)   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 5.Fee; Expenses.The Borrowers agree to pay to the Administrative Agent for the ratable benefit
of each of the Lenders executing and delivering this Amendment a non-refundable amendment fee of 0.05% of the aggregate Commitments of such Lenders. The Borrowers 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.

Section 6.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 7.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.

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Section 8.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 9.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.

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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:                            

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| |  | 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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| |  | JPMORGAN CHASE BANK, N.A., as a
Syndication Agent and 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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| |  | ROYAL BANK OF CANADA, as a Lender
| |  | ---------------------------------
| |  | 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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