Company: APO
Filing Date: 2025-09-02
Form Type: 424B7
Source: 0000950142-25-002341
Chunk: 43

Company: Apollo Global Management, Inc.
Filing Date: 2025-09-02
Form: 424B7
Chunk 43
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 or otherwise; and                                                     |

| • | all renewals, extensions or refundings of indebtedness of the kinds described in the first, second or fourth bullet point above and 
 all renewals or extensions of leases of the kinds described in the third or fourth bullet point above;                              |

unless, in the case of any particular indebtedness, lease,
renewal, extension or refunding, the instrument or lease creating or evidencing it or the assumption or guarantee relating to it expressly
provides that such indebtedness, lease, renewal, extension or refunding is not superior in right of payment to the subordinated debt securities.
Our senior debt securities, and any unsubordinated guarantee obligations of ours or any guarantor to which we and the guarantors are a
party, including the guarantors’ guarantees of our debt securities and other indebtedness for borrowed money, constitute Senior
Indebtedness for purposes of the subordinated indenture.

| 13 |

Pursuant to the subordinated indenture, the subordinated
indenture may not be amended, at any time, to alter the subordination provisions of any outstanding subordinated debt securities without
the consent of the requisite holders of each outstanding series or class of Senior Indebtedness (as determined in accordance with the
instrument governing such Senior Indebtedness) that would be adversely affected.

Certain Covenants

Limitation on Consolidation, Merger, Conveyance or Transfer on Certain Terms

For so long as any debt securities are outstanding,
except as described in the applicable prospectus supplement relating to such debt securities, the Company will not consolidate with or
merge into any other Person or convey or transfer its properties and assets substantially as an entirety to any Person, unless:

(1) the Person formed by such consolidation
or into which the Company is merged or the Person that acquires by conveyance or transfer the properties and assets of the Company substantially
as an entirety shall be organized and existing under the laws of the United States of America or any State or the District of Columbia,
and will expressly assume, by supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee,
the due and punctual payment of the principal of (and premium, if any) and interest on all the debt securities and the performance of
every covenant of the applicable indenture (as supplemented from time to time) on the part of the Company to be performed or observed;

(2) immediately after giving effect to such