QuickLinks -- Click here to rapidly navigate through this document
THIRD AMENDMENT TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT
This THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this " Agreement ") dated
as of December 14, 2007, to the Second Amended and Restated Credit Agreement dated as of May 4, 2007 (as amended, the "
Credit Agreement ;" capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed to such
terms in the Credit Agreement) is entered into 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 ("
Administrative Agent ") and Swingline Lender.
WHEREAS, the Borrowers have requested that the Required Lenders agree to amend certain provisions of the Credit
Agreement in the manner set forth herein;
WHEREAS, the Lenders signatory to this Agreement are agreeable to such amendments on the terms and subject to the
conditions set forth herein; and
WHEREAS, pursuant to Section 10.01 of the Credit Agreement, the consent of the Required Lenders is required to effec