Company: APO
Filing Date: 2025-09-02
Form Type: 424B7
Source: 0000950142-25-002341
Chunk: 45

Company: Apollo Global Management, Inc.
Filing Date: 2025-09-02
Form: 424B7
Chunk 45
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 “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act, as in effect on the date of the applicable indenture.

“Subsidiary” means, with
respect to any Person, any corporation more than 50% of the voting stock of which is owned directly or indirectly by such Person, and
any partnership, association, joint venture or other entity in which such Person owns more than 50% of the equity interests or has the
power to elect a majority of the board of directors or other governing body.

Defeasance

Except as otherwise set forth in the prospectus
supplement relating to the debt securities, each indenture will provide that we, at our option,

(a) will be discharged from any and all obligations
in respect of any series of debt securities (except in each case for certain obligations to register the transfer or exchange of debt
securities, replace stolen, lost or mutilated senior debt securities, maintain paying agencies and hold moneys for payment in trust),
or

(b) need not comply with the covenants described
above under “—Certain Covenants,” and any other restrictive covenants described in a prospectus supplement relating
to such series of debt securities, the guarantors will be released from the guarantees and certain Events of Default (as defined below)
(other than those arising out of the failure to pay interest or principal on the debt securities of a particular series and certain events
of bankruptcy, insolvency and reorganization) will no longer constitute Events of Default with respect to such series of debt securities,

in each case if we deposit with the Trustee, in trust, money or
the equivalent in securities of the government which issued the currency in which the debt securities are denominated or government agencies
backed by the full faith and credit of such government, or a combination thereof, which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money in an amount sufficient to pay all the principal (including any mandatory sinking
fund payments) of, and interest on, such series on the dates such payments are due in accordance with the terms of such series.

To exercise any such option, we are required,
among other things, to deliver to the Trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause
the beneficial owners of the debt securities of such series to recognize income