Amended and Restated Administration Agreement



 Exhibit 10.2 

AMENDED AND RESTATED 

ADMINISTRATION AGREEMENT 

AMENDED AND RESTATED ADMINISTRATION AGREEMENT (this “Agreement”) made as of March 18, 2010 by and between Apollo
Investment Corporation, a Maryland corporation (hereinafter referred to as the “Corporation”), and Apollo Investment Administration, LLC, a Delaware limited liability company, (hereinafter referred to as the “Administrator”).

 W I T N E S S E T H: 

WHEREAS, the Corporation is a newly organized closed-end management investment company that has elected to be treated as a business
development company under the Investment Company Act of 1940 (hereinafter referred to as the “Investment Company Act”); 

WHEREAS, the Corporation desires to retain the Administrator to provide administrative services to the Corporation in the manner and on
the terms hereinafter set forth; 
 WHEREAS, the Corporation’s investment adviser is the Administrator’s sole member;
and 
 WHEREAS, the Administrator is willing to provide administrative services to the Corporation on the terms and conditions
hereafter set forth. 
 NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Corporation and the Administrator hereby agree as follows: 
  

	1.	Duties of the Administrator  


(a) Employment of Administrator. The Corporation hereby employs the Administrator to act as administrator of the Corporation, and
to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Directors of the Corporation, for the period and on the terms and
conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the
reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to
act for or represent the Corporation in any way or otherwise be deemed agents of the Corporation. 
 (b) Services. The
Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Corporation. Without limiting the generality of the foregoing, the Administrator shall provide the
Corporation with office facilities, equipment, clerical, bookkeeping and record keeping services at such facilities and such other services as the Administrator, subject to review by the Board of Directors of the Corporation, shall from time to time
determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Corporation, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other
stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Administrator shall make
reports to the Directors of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Corporation as it shall

  

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determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, provide any advice or recommendation relating to the
securities and other assets that the Corporation should purchase, retain or sell or any other investment advisory services to the Corporation. The Administrator shall be responsible for the financial and other records that the Corporation is
required to maintain and shall prepare reports to stockholders, and reports and other materials filed with the Securities and Exchange Commission (the “SEC”). The Administrator will provide on the Corporation’s behalf significant
managerial assistance to those portfolio companies to which the Corporation is required to provide such assistance. In addition, the Administrator will assist the Corporation in determining and publishing the Corporation’s net asset value,
overseeing the preparation and filing of the Corporation’s tax returns, and the printing and dissemination of reports to stockholders of the Corporation, and generally overseeing the payment of the Corporation’s expenses and the
performance of administrative and professional services rendered to the Corporation by others. 
  

	2.	Records 

 The
Administrator agrees to maintain and keep all books, accounts and other records of the Corporation that relate to activities performed by the Administrator hereunder and, if required by the Investment Company Act, will maintain and keep such books,
accounts and records in accordance with that Act. In compliance with the requirements of Rule 31a-3 under the Investment Company Act, the Administrator agrees that all records which it maintains for the Corporation shall at all times remain the
property of the Corporation, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records which
it maintains for the Corporation pursuant to Rule 31a-1 under the Investment Company Act will be preserved for the periods prescribed by Rule 31a-2 under the Investment Company Act unless any such records are earlier surrendered as provided above.
Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement. 

 

	3.	Confidentiality 

 The
parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party
hereto, including nonpublic personal information pursuant to Regulation S-P of the SEC, shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out
this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available
other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

  

	4.	Compensation; Allocation of Costs and Expenses  


In full consideration of the provision of the services of the Administrator, the Corporation shall reimburse the Administrator for the
costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder. 

The Corporation will bear all costs and expenses that are incurred in its operation and transactions and not specifically assumed by the
Corporation’s investment adviser (the “Adviser”), pursuant to that certain Amended and Restated Investment Advisory Management Agreement, dated as of March 18, 2010 by and between the Corporation and the Adviser. Costs and expenses to
be borne by the Corporation include, but are not limited to, those relating to: organization and offering; calculating the Corporation’s net asset value (including the cost and expenses of any independent valuation firm); expenses incurred by
the Adviser payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for the Corporation and in monitoring the Corporation’s investments and performing due diligence on its prospective
portfolio companies; interest payable on debt, if any, incurred to finance the Corporation’s investments; offerings of the Corporation’s 

 

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common stock and other securities; investment advisory and management fees; administration fees, if any, payable under this Agreement; fees payable to third parties, including agents, consultants
or other advisors, relating to, or associated with, evaluating and making investments; transfer agent and custodial fees; federal and state registration fees; all costs of registration and listing the Corporation’s shares on any securities
exchange; federal, state and local taxes; independent Directors’ fees and expenses; costs of preparing and filing reports or other documents required by the SEC; costs of any reports, proxy statements or other notices to stockholders, including
printing costs; the Corporation’s allocable portion of the fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums; direct costs and expenses of administration, including printing,
mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and all other expenses incurred by the Corporation or the Administrator in connection with administering the Corporation’s
business, including payments under this Agreement based upon the Corporation’s allocable portion of the Administrator’s overhead in performing its obligations under this Agreement, including rent and the allocable portion of the cost of
the Corporation’s chief compliance officer and chief financial officer and their respective staffs. 
  

	5.	Limitation of Liability of the Administrator; Indemnification  


The Administrator (and its officers, managers, partners, agents, employees, controlling persons, members, and any other person or entity
affiliated with the Administrator, including without limitation its sole member, the Adviser) shall not be liable to the Corporation for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its
duties or obligations under this Agreement or otherwise as administrator for the Corporation, and the Corporation shall indemnify, defend and protect the Administrator (and its officers, managers, partners, agents, employees, controlling persons,
members, and any other person or entity affiliated with the Administrator, including without limitation the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the “Indemnified Parties”) and hold them
harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed
action, suit, investigation or other proceeding (including an action or suit by or in the right of the Corporation or its security holders) arising out of or otherwise based upon the performance of any of the Administrator’s duties or
obligations under this Agreement or otherwise as administrator for the Corporation. Notwithstanding the preceding sentence of this Paragraph 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties
against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Corporation or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful
misfeasance, bad faith or negligence in the performance of the Administrator’s duties or by reason of the reckless disregard of the Administrator’s duties and obligations under this Agreement (to the extent applicable, as the same shall be
determined in accordance with the Investment Company Act and any interpretations or guidance by the SEC or its staff thereunder). 
  

	6.	Activities of the Administrator  


The services of the Administrator to the Corporation are not to be deemed to be exclusive, and the Administrator and each affiliate is
free to render services to others. It is understood that directors, officers, employees and stockholders of the Corporation are or may become interested in the Administrator and its affiliates, as directors, officers, members, managers, employees,
partners, stockholders or otherwise, and that the Administrator and directors, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Corporation as
stockholders or otherwise. 
  

	7.	Duration and Termination of this Agreement  


This Agreement became effective as of March 25, 2004 and was amended and restated on March 18, 2010. This Agreement shall remain
in force with respect to the Corporation for two years from the date of effectiveness, and thereafter continue from year to year, but only so long as such continuance is specifically 

 

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approved at least annually by (i) the Board of Directors of the Corporation and (ii) a majority of those Directors who are not parties to this Agreement or “interested
persons” (as defined in the Investment Company Act) of any such party. 
 This Agreement may be terminated at any time,
without the payment of any penalty, by vote of the Directors of the Corporation, or by the Administrator, upon 60 days’ written notice to the other party. This Agreement may not be assigned by a party without the consent of the other party.

  

	8.	Amendments of this Agreement  


This Agreement may be amended pursuant to a written instrument by mutual consent of the parties. 

 

	9.	Governing Law  

 This
Agreement shall be construed in accordance with laws of the State of New York and the applicable provisions of the Investment Company Act, if any. To the extent that the applicable laws of the State of New York, or any of the provisions herein,
conflict with the applicable provisions of the Investment Company Act, if any, the latter shall control. 
  

	10.	Entire Agreement 

 This
Agreement contains the entire agreement of the parties and supercedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. 
  

	11.	Notices 

 Any notice under
this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office. 

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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	APOLLO INVESTMENT CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	APOLLO INVESTMENT ADMINISTRATION, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	


  

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