Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 

INVESTMENT MANAGEMENT AGREEMENT 

Dated as of November 5, 2021 

This Investment Management Agreement is made and entered into as of the date set forth above by and between AB Commercial Real Estate Private
Debt Fund, LLC, a Delaware limited liability company (the “Company”) and AllianceBernstein L.P., a Delaware limited partnership (the “Investment Manager”). Capitalized terms used in the preamble and recitals of this
Agreement and not otherwise defined therein are defined in Section 1. 
 R E C I T A L S: 

WHEREAS, the Company has been organized for the purpose, among others, of investing, directly or indirectly (including through one or more
Subsidiaries), in Portfolio Investments; 
 WHEREAS, the Company desires to avail itself of the experience, sources of information, advice
and assistance of the Investment Manager and to have the Investment Manager perform various investment management services for the Company; 

WHEREAS, the Investment Manager has received a copy of the LLC Agreement in effect as of the date set forth above and the Memorandum in
effect as of the date set forth above; 
 WHEREAS, the Investment Manager is willing to perform such services under the terms and conditions
as set forth herein and in accordance with the Company Documents. 
 NOW, THEREFORE, in consideration of the mutual covenants herein
contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

Section 1. Definitions. 

(a) Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following
meanings: 
  

					
	        	 	“AB Entity”	  	means AllianceBernstein Holdings L.P., AllianceBernstein Corporation, the Investment Manager, and any and all subsidiaries of any of the foregoing.
			
		 	“Administrator”	  	means any firm or firms as the Company may select for the purpose of maintaining the Company’s books and records and performing administrative services (which may include back-office and
mid-office services), including tax and accounting functions, as well as the responsibility for calculating the Net Asset Value of the Company’s Units.

					
			
	        	 	“Advisers Act”	  	means the U.S. Investment Advisers Act of 1940, as amended.
			
		 	“Affiliate”	  	means, with respect to any Person, any other Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. Each executive officer, director or
the general partner of the Investment Manager (and each executive officer or director of such general partner), shall be deemed to be an “Affiliate” of the Company. Except as expressly provided in this Agreement, no Member shall be deemed
to be an “Affiliate” of the Company solely by reason of being a Member of the Company.
			
	 	 	 	  	For purposes of this definition, “control” (including
“controlling”, “controlled by” and “under common control
with”) means the possession, directly or indirectly, of the
power to
direct or cause the direction of the management and
policies of a Person, whether through ownership of voting
securities, by contract or otherwise.
			
		 	“Agreement”	  	means this Investment Management Agreement.
			
		 	“Business Day”	  	means a day the New York Stock Exchange, the NYSE Arca Equities or the NYSE MKT exchanges are open for business.
			
		 	“Capital Call”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Capital Commitment”	  	means, with respect to each Member, the amount of cash such Member has agreed to contribute to the Company for the purchase of Units pursuant to the related Subscription Agreement, as may be adjusted pursuant to the terms of the
LLC Agreement.
			
		 	“Capital Contribution”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Code”	  	means the Internal Revenue Code of 1986, as amended.
			
		 	“Commitment Facility”	  	shall have the meaning set forth in Section 4(a)(vii).
			
		 	“Company”	  	shall have the meaning set forth in the preamble of this Agreement.
			
		 	“Company Documents”	  	means the LLC Agreement and the Memorandum.

  
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	        	 	“Company Expenses”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	 “Expense Limitation Agreement”
	  	means the Expense Limitation Agreement by and between the Company and Investment Manager, as the same may be amended from time to time.
			
		 	“Financing Subsidiary”	  	means a direct or indirect subsidiary of the Company, including without limitation, a bankruptcy remote special purpose entity that will enter into a credit facility or issue debt.
			
		 	“Founding Member”	  	shall have the meaning set forth in Section 7(b).
			
		 	“GAAP”	  	means U.S. generally accepted accounting principles, in effect from time to time.
			
		 	“Indemnified Losses”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Initial Closing Date”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Investment”	  	means each investment made, directly or indirectly as appropriate in the context used herein (including through a Subsidiary), by the Company, including Portfolio Investments, Temporary Investments and hedging transactions,
derivatives and exchange traded funds, the securities or instruments issued as a dividend thereon, in a reclassification with respect thereto or an exchange therefor.
			
		 	“Investment Manager”	  	shall have the meaning set forth in the preamble of this Agreement.
			
		 	“Lenders”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“LLC Agreement”	  	means the Amended and Restated Limited Liability Company Operating Agreement of the Company, as the same may be amended from time to time.
			
		 	“Management Fee”	  	shall have the meaning set forth in Section 7(a).
			
		 	“Member”	  	means each Person admitted as a Member of the Company in accordance with the LLC Agreement, including any Persons hereafter admitted as Members in accordance with the LLC Agreement and excluding any Persons who cease to be
Members in accordance with the LLC Agreement.

  
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	        	 	“Memorandum”	  	means the Confidential Memorandum of the Company, as the same may be amended or supplemented from time to time.
			
		 	“Net Asset Value”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Organizational Expenses”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Other Accounts”	  	means other accounts to which the Investment Manager or any of its Affiliates provides investment services.
			
		 	“Other Agreements”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Person”	  	means an individual, a corporation, a company, a voluntary association, a partnership, a joint venture, a limited liability company, a trust, an estate, an unincorporated organization, any governmental authority or agency or
other entity.
			
		 	“Portfolio Investments”	  	means such portfolio investments that may be acquired or held by the Company as set forth in the Memorandum.
			
		 	“Post Commitment Period Capital Call”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Proceeding”	  	means any claim, demand, action, suit or proceeding (civil, criminal, administrative or investigative, which includes formal and informal inquiries and “sweep” examinations in connection with the Company’s
investment activity), actual or threatened.
			
		 	“Protected Person”	  	means: (i) each AB Entity, (ii) any member, partner, officer, employee, legal representative (e.g., executors, guardians and trustees) or Affiliate of any AB Entity, and (iii) any Person who serves at the
request of the Investment Manager hereunder on behalf of the Company as a member, partner, officer, employee or legal representative (e.g., executors, guardians and trustees) of any other Person, including, without limitation, the Company and
any AB Entity.
			
		 	“REIT”	  	means “real estate investment trust” as defined in Section 856(a) of the Code.
			
		 	“Related Investor”	  	shall have the meaning set forth in the LLC Agreement.

  
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		 	“Remaining Commitment”	  	shall have the meaning set forth in the LLC Agreement.
			
		 	“Subscription Agreement”	  	means each subscription agreement between the Company and each of the Members pursuant to which the Members acquired their Units.
			
		 	“Subsidiary”	  	means one or more subsidiary investment vehicles that are managed and/or sponsored by the Investment Manager that the Company may invest through or otherwise utilize in order to achieve certain tax, regulatory and/or
administrative efficiencies.
			
		 	“Temporary Investment”	  	means monies held by the Company invested in (i) cash, (ii) U.S. Treasury securities, (iii) short-term investment grade debt securities, (iii) money market funds, (iv) time deposits, (iv) securities
issued or guaranteed by any agency or instrumentality of the United States, and (iv) any other comparable investments approved by the Company (including investments that do not earn any interest).
			
		 	“Units”	  	means limited liability company units of the Company.

 (b) Capitalized terms that are not defined in this Agreement shall be defined as set forth in
the Memorandum. 
 Section 2. Interpretation and Construction. 

(a) In this Agreement, unless a clear contrary intention appears: 

(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or
plural, as the identity of the Person, Persons or other reference in the context requires; 
 (ii) where specific language is
used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates; 

(iii) “any” shall mean “one or more”; 

(iv) “including” (and with correlative meaning “include”) means including without limiting the generality
of any description preceding such term; and 
 (v) all references to “funds”, “dollars” or
“payments” shall mean United States dollars. 

  
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 (b) The language used in this Agreement has been chosen by the parties to
express their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any party shall apply. 

(c) Unless otherwise specified in this Agreement, all accounting terms used in this Agreement shall be interpreted and all
accounting determinations hereunder shall be made in accordance with GAAP. 
 Section 3. Appointment of the Investment Manager.
The Investment Manager shall act on behalf of the Company as its delegate and shall have all rights, power, authority, discretion, duties and responsibilities in respect of the Company, including without limitation the responsibility for the
investment and re-investment of the cash, Investments and other properties comprising the assets of the Company and the
day-to-day management and administration of the Company. The Investment Manager undertakes to give the Company the benefit of its best judgment and efforts in rendering
its services. 
 Section 4. Authority of the Investment Manager. 

(a) In connection with its obligations hereunder, the Investment Manager shall have the authority for and in the name of the
Company, subject to Section 6, to: 
 (i) provide research and analysis and direct the formulation of investment
policies and strategies for the Company; 
 (ii) make, own, manage, supervise and dispose of Investments, and to execute and
deliver in the Company’s name any and all instruments necessary to effectuate such transactions; 
 (iii) make all
elections, investigations, evaluations and decisions (including the voting or disposition of Portfolio Investments held by the Company) binding the Company thereby that may, in the reasonable judgment of the Investment Manager, be necessary or
desirable for the acquisition or disposition of any Investment by the Company or to protect or enhance the value of any Investment in connection with amendments, waivers or modifications thereof; 

(iv) enter into any hedging transaction (including without limitation hedging for interest rate, currency and other market and
investment risks) as the Investment Manager shall determine in its reasonable discretion to be necessary or desirable in connection with any Investment; and 

(v) manage the investment activities of the Company in accordance with the LLC Agreement to the extent consistent with the
provisions hereof; 

  
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 (vi) open, maintain and close accounts, including custodial accounts, with
banks, including banks located outside the United States, and wire funds, draw checks, or make other orders for the payment of monies; 

(vii) either directly or through a Financing Subsidiary, borrow funds and otherwise incur indebtedness, obtain lines of credit,
loan commitments or letters of credit for the account of the Company, from one or more Lenders, for working capital purposes (including, but not limited to, paying Company Expenses or managing cash flows from Capital Commitments), and issue
guaranties with respect to any such borrowings by any Financing Subsidiary; provided that in connection with the foregoing, any such financing and/or guaranty may be secured by an assignment, pledge, mortgage, charge or other security interest in
(i) the Capital Commitments, the Company’s right to initiate Capital Calls and Post Commitment Period Capital Calls and collect the Capital Contributions of the Members and to enforce their obligations to make Capital Contributions to
purchase Units, and (ii) a Company collateral account into which the payment by the Members of their Remaining Commitments are to be made, and all claims, rights and interests relating to or arising from clause (i) or this clause (ii)
(including, without limitation, the right to exercise any remedies of the Company under or related to the LLC Agreement in respect of any such Capital Calls and Post Commitment Period Capital Calls or such Capital Contribution), which may be granted
to the Lenders pursuant to any security documentation entered into between the Company and any Lender (any such arrangement, a “Commitment Facility”); 

(viii) subject to Section 4.10 of the LLC Agreement, enter into and perform any transaction in which the Investment
Manager or any Affiliate of the Investments Manager purchases property from, sells property to, or otherwise deals with the Company, any Member or any Affiliate of any such Persons, or obtain services from any Affiliate of the Investment Manager,
any Member or any Affiliate of such Persons; 
 (ix) incur expenses and other obligations on behalf of the Company (including
the incurrence of debt, leverage or the borrowing of money) in accordance with this Agreement, and, to the extent that funds of the Company are available for such purpose, pay all such expenses and obligations; 

(x) establish reserves for contingencies and for any other Company purpose; 

(xi) prepare and file all necessary returns and statements, pay all taxes, assessments and other impositions applicable to the
assets of the Company, and, as required by applicable law, withhold amounts with respect thereto from funds otherwise distributable to any Member, or engage a service provider on behalf of the Company to provide such services; 

  
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 (xii) prepare and cause to be prepared reports, statements and other
information for distribution to Members, or engage a service provider on behalf of the Company to provide such services; 

(xiii) maintain books and records of the Company, including pursuant to Section 9.05 of the LLC Agreement (copies of which
shall be kept at the principal place of business of the Company or other location designated by the Company), or engage a service provider on behalf of the Company to provide such services; 

(xiv) bring and defend actions and proceedings at law or in equity and before any governmental, administrative or other
regulatory agency, body or commission; 
 (xv) retain an Administrator and to cause the Company to compensate the
Administrator for administrative services; 
 (xvi) enter into Other Agreements with Members containing such terms and
conditions as determined by the Investment Manager; 
 (xvii) provide the Administrator or other service providers to the
Company with such information and instructions as may be necessary to enable such service providers to perform their duties in accordance with the applicable agreements; 

(xviii) engage attorneys, independent accountants, other service providers and such other Persons as the Investment Manager may
deem necessary or advisable; 
 (xix) to delegate the valuation of the Company’s assets to the Administrator; 

(xx) authorize any partner, member, employee or other agent of the Investment Manager or its Affiliates or other agent of the
Company to act for and on behalf of the Company in all matters incidental to the foregoing; 
 (xxi) enter into, and take any
action under, any contract, agreement or other instrument as the Investment Manager shall reasonably determine to be necessary or desirable to further the purposes of the Company, including without limitation granting or refraining from granting any
waivers, consents and approvals with respect to any of the foregoing and any matters incident thereto; and 
 (xxii) do any
and all acts on behalf of the Company as it may deem necessary or advisable in connection with the maintenance and administration of the Company and/or the preservation of the Company’s status as a REIT. 

  
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 Section 5. Status of the Investment Manager. The Investment Manager shall, for
all purposes hereof, be an independent contractor and not an employee of the Company, and nothing in this Agreement shall be construed as making the Company a partner or co-venturer with the Investment Manager
or any of its Affiliates or Other Accounts. The Investment Manager shall not have authority to act for, represent, bind or obligate the Company, except as specifically provided in this Agreement. The Investment Manager and any of its Affiliates may
serve as directors, advisers, managers or consultants to others. 
 Section 6. Investments. All investments of the
Company and other activities undertaken by the Investment Manager on behalf of the Company shall at all times conform to and be in accordance with the requirements imposed by the following: 

(a) any provisions of applicable law; 

(b) provisions of the Company Documents; provided, however, that the Investment Manager shall not be bound by any
update, modification or amendment of the Company Documents unless and until it has been given notice thereof in accordance with Section 18 and has been provided with a copy of such update, modification or amendment; 

(c) any and all requirements that must be met and maintained by the Company in order to qualify as a REIT; and 

(d) any and all requirements that must be met and maintained by the Company in order for the Company to rely upon the exception
provided by Section 3(c)(5) of the Investment Company Act of 1940, as amended, in order for the Company not to have to register as an investment company thereunder. 

Section 7. Management Fee.  

(a) The Company will pay the Investment Manager, on a quarterly basis, a management fee (the “Management
Fee”) in respect of each Member, in arrears, equal to the Applicable Percentage (as defined below) of such Member multiplied by the sum of (i) the Net Asset Value of the Units and (ii) all unfunded commitment amounts under any
Portfolio Investments with ongoing funding obligations (e.g., delayed-draw term loans), each of (i) and (ii) as of the last day of each calendar quarter. For the avoidance of doubt, the Management Fee shall not be charged with respect to any
portion of the Company’s assets that are attributable to direct leverage. A Member’s “Applicable Percentage” shall be as set forth below: 
  

					
	 Aggregate Capital Commitment of a Member
	  	Applicable Percentage	 
	$50,000 - $500,000	  	 	1.50%	 
	$500,001 - $1,000,000	  	 	1.40%	 
	$1,000,001 - $3,000,000	  	 	1.30%	 

  
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	$3,000,001 - $5,000,000  	  	 	1.15%	 
	$5,000,001 and over	  	 	1.00%	 

 (b) Notwithstanding the foregoing, with respect to any Member that makes a Capital Commitment
on the Initial Closing Date (each, a “Founding Member”), the Management Fee shall be waived (and shall not be charged) with respect to such Founding Member (including any additional Capital Commitments made by such Founding Member)
until the six month anniversary of the Initial Closing Date. 
 (c) Payment of the Management Fee shall be made within ten
(10) days of the last day of each calendar quarter, or as soon as reasonably practicable thereafter. 
 (d) The
Management Fee charged with respect to a Member shall be prorated for any Capital Contribution or repurchase of Units that is effective other than as of the first day of a calendar quarter. 

(e) The Investment Manager may, in its discretion, reduce, waive or calculate differently the Management Fee charged at the
Company level with regard to the Units held by certain Members, including, without limitation, a Related Investor, so long as such reduction, waiver or calculation does not result in a preferential dividend under Section 562(c) of the Code.

 Section 8. Expenses of the Investment Manager. In consideration for the Management Fee, the Investment Manager shall pay,
without reimbursement by the Company, all of its own ordinary administrative, operating and overhead expenses and, except as provided herein, the Investment Manager and its Affiliates shall be responsible for the expenses of providing their services
to the Company, including overhead expenses (including general systems and technology, but excluding systems, data and technology developed or purchased for the predominant benefit of the Company’s investment program), office expenses and
compensation of their respective employees. 
 Section 9. Expenses of the Company. 

(a) The Company shall bear its own expenses in accordance with the provisions of Section 4.08 of the LLC Agreement. To
the extent that expenses to be borne by the Company are paid by the Investment Manager, the Company shall reimburse the Investment Manager for such expenses. 

(b) The Investment Manager shall be reimbursed by the Company for Organizational Expenses. Pursuant to the Expense Limitation
Agreement, the Investment Manager may determine to limit Organizational Expenses and Company Expenses in the aggregate that are borne by the Company to the extent necessary to prevent Organizational Expenses and Company Expenses, on an annualized
basis, from exceeding a percentage determined by the Investment Manager in its discretion. This 

  
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limit shall be maintained until the third anniversary of the Initial Closing Date. Pursuant to such limit, any fees waived and expenses borne by the Investment Manager may be reimbursed by the
Company during the three year period that such limit is in place, provided that no reimbursement payment shall be made that would cause the Company’s expenses to exceed the same limit. Notwithstanding the foregoing, extraordinary expenses
(including, but not limited to, litigation expenses, indemnification expenses, lender liability expenses and other expenses not incurred in the ordinary course of the Company’s business), the Management Fee, the Incentive Fee, interest
expenses, financing costs and expenses, and reserves for and costs associated with determining current expected credit losses, shall not be included as Company Expenses for purposes of calculating the foregoing expense limit. 

Section 10. Exculpation; Indemnification. The Company shall exculpate and indemnify each Protected Person in accordance
with Sections 4.06 and 4.07 of the LLC Agreement. 
 Section 11. Activities of the Investment Manager and Others. The Investment
Manager and its Affiliates may engage, simultaneously with their investment management activities on behalf of the Company, in other businesses, and may render services similar to those described in this Agreement for other Persons, and shall not by
reason of such engaging in other businesses or rendering of services for others be deemed to be acting in conflict with the interests of the Company. AB Entities, in their respective individual capacities, may be Members, directors, employees,
agents or officers of the Company but shall not be deemed thereby to have interests that are in conflict with the interests of the Company. 

Section 12. Use of Name. The Company acknowledges that it adopted its name through the permission of the Investment
Manager. The Investment Manager hereby consents to the non-exclusive use by the Company of its name (i.e., “AB Commercial Real Estate Private Debt Fund, LLC”) only for so long as the
Investment Manager serves as the investment manager of the Company. The Company agrees to indemnify and hold harmless the Investment Manager and its Affiliates from and against any and all Indemnified Losses, which may arise out of the
Company’s use or misuse of the applicable name or out of any breach of or failure to comply with this Section 12. 

Section 13. Limitations on Reference to Investment Manager. The Company shall not distribute or circulate any sales
literature, promotional or other material which contains any reference to the Investment Manager without the prior approval of the Investment Manager and shall submit in draft form all such materials requiring approval of the Investment Manager,
allowing sufficient time for review by the Investment Manager and its counsel prior to any deadline for printing. If the Investment Manager ceases to furnish services to the Company, the Company at its expense: 

(a) as promptly as practicable, shall take all necessary action to cause the Company Documents to be amended to accomplish a
change of name to eliminate any reference to the Investment Manager; and 

  
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 (b) within 60 days after the date as of which the Investment Manager ceases
to furnish services to the Company, shall cease to use in any other manner, including use in any sales literature or promotional material, the name of the Investment Manager. 

Section 14. Term. This Agreement shall remain in effect until December 31, 2021, and shall automatically renew from year to
year thereafter, except that it may be terminated by the Investment Manager or by the Company upon 60 days’ prior written notice by the terminating party to the other party. 

Section 15. Choice of Law. Notwithstanding the place where this Agreement may be executed by either of the parties hereto,
the parties expressly agree that all of the terms and provisions hereof shall be governed by and construed under the laws of the State of Delaware applicable to contracts made and to be entirely performed in such state. 

Section 16. Severability. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such
provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not
affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable. 

Section 17. Forum. To the fullest extent permitted by law, in the event of any Proceeding arising out of the terms and
conditions of this Agreement, the parties hereto irrevocably (i) consent and submit to the personal jurisdiction of the Supreme Court, State of New York, New York County and of the US District Court for the Southern District of New York,
(ii) waive any defense based on doctrines of venue or forum non conveniens, or similar rules or doctrines, and (iii) agree that all claims in respect of such a Proceeding must be heard and determined exclusively in the Supreme
Court, State of New York, New York County or the US District Court for the Southern District of New York. Process in any such Proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

 Section 18. Notices. 

(a) Each notice relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by
Federal Express or similar overnight courier service or by electronic mail (e-mail) to the intended recipient as follows: 

If to the Company: 
 AB
Commercial Real Estate Private Debt Fund, LLC 
 c/o AllianceBernstein L.P. 

1345 Avenue of the Americas 
 New
York, NY 10105 
 United States 

Telephone: (212) 969-1337 

E-mail: mark.manley@alliancebernstein.com 

  
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 If to the Investment Manager: 

AllianceBernstein L.P. 
 1345
Avenue of the Americas 
 New York, NY 10105 

United States 
 Telephone: (212) 969-1337 
 E-mail: mark.manley@alliancebernstein.com 

(b) Any party hereto may designate a new address by notice to that effect given to the other party. Unless otherwise
specifically provided in this Agreement, a notice shall be deemed to have been effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a
Business Day; four Business Days after being deposited in the United States mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express or similar overnight
courier; when sent, if e-mailed on a Business Day; and the next Business Day following the day on which the e-mail is sent if
e-mailed on a day that is not a Business Day. 
 Section 19. Entire Agreement. This
Agreement contains all of the terms agreed upon or made by the parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the
parties, oral or written, respecting such subject matter. 
 Section 20. Amendments and Waivers. No provision of this
Agreement may be amended, modified, waived or discharged except as agreed to in writing by the parties hereto. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver
thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

Section 21. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Company, the
Investment Manager, each Protected Person and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits hereunder (e.g., officers, partners and
employees of the Investment Manager and others who are entitled to indemnification hereunder) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and benefits of such Person hereunder may not be
impaired without such Person’s express written consent. No assignment (as that term is defined under the Advisers Act) by either party of all or any portion of its rights, obligations or liabilities under this Agreement shall be permitted
without the prior written consent of the other party to this Agreement. 

  
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 Section 22. Headings. The headings of the Sections of this Agreement are
for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to “Section” in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless
the context clearly indicates otherwise. 
 Section 23. Discretion; Good Faith. Whenever in this Agreement the Investment
Manager is permitted or required to make a decision (i) in its “discretion” or under a grant of similar authority or latitude, the Investment Manager shall be entitled to consider such interests and factors as it desires, including
its own interests, or (ii) in its “good faith” or under another express standard, the Investment Manager shall act under such express standard, shall not be subject to any other or different standard imposed by applicable law and may
exercise its discretion differently with respect to different Members, provided that, in making any such decision described in clauses (i) and (ii) above, the Investment Manager shall act consistent with its fiduciary duties to the
Company. 
 Section 24. Counterparts. Counterparts may be executed through the use of separate signature pages or in any number
of counterparts with the same effect as if the parties executing such counterparts had all executed one counterpart. Each party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on
any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any court or arbitral panel of competent jurisdiction. 

Section 25. Survival. The provisions of Sections provisions of Section 7 (to the extent that the Management Fee is
earned by the Investment Manager prior to the termination of this Agreement), 9, 10, 12, 13, 15, 17, 18, 21, 25 and 26 shall survive the termination of this Agreement. 

Section 26. Waiver of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY
JURY TO THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE
ADVICE OF COMPETENT COUNSEL. 
 [The rest of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the
date first set forth above. 
  

			
	 AB COMMERCIAL REAL ESTATE
 PRIVATE
DEBT FUND, LLC

		
	By:	 	/s/ Bradford Stanley
		 	Name: Bradford Stanley
		 	Title: Vice President

  

			
	ALLIANCEBERNSTEIN L.P.
		
	By:	 	/s/ Bradford Stanley
		 	Name: Bradford Stanley
		 	Title: Assistant Secretary

  

  
 S-1EX-10.3

 Exhibit 10.3 

MASTER ADMINISTRATIVE SERVICES AGREEMENT 

AGREEMENT made as of October 28, 2021 by and between INTERNATIONAL FUND SERVICES (N.A.), L.L.C. a Delaware limited liability
company (the “Administrator”), and those funds set forth on Appendix A hereto (each such fund and each such fund made subject to this Agreement in accordance Section 31 below shall hereinafter be referred to as a
“Fund” and, collectively with Administrator, the “Parties” and each, a “Party”). Although the Administrator and each Fund have executed this Agreement in the form of a master agreement for administrative
convenience, this Agreement shall create a separate Agreement for each Fund, on a several basis, as though the Administrator had executed a separate Agreement with each Fund and all references to a Fund shall be to each particular fund in its
individual capacity. No rights, responsibilities or liabilities of a Fund shall be attributed to any other Fund. 
 W I T N E S S E T H:

 WHEREAS, the Administrator is in the business of providing bookkeeping, fund accounting, and certain fund administration services to
investment pools and investment managers and advisers; and 
 WHEREAS, the Fund is in the business of investing in financial instruments,
all as is more fully described in the Fund’s constitutive documents (as the same may be amended, supplemented or otherwise modified from time to time) (the “Articles of Association”); and 

WHEREAS, the Fund has appointed AllianceBernstein L.P., as the investment manager to the Fund (the “Investment Manager”); and 

WHEREAS, the Fund requires bookkeeping, fund accounting and certain other fund administration services; and 

WHEREAS, the Fund desires to retain the Administrator to perform the fund accounting and other administration services as described herein,
and wishes to enter into this Agreement in order to set forth the terms and conditions upon which the Administrator will render and implement the services specified herein. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the Parties hereto agree as follows: 
 1. Duties of the Administrator. From and after
the date of this Agreement, the Administrator agrees to provide to the Fund the services (the “Services”) listed on Exhibit A as may be amended in writing from time to time by the Parties in connection with the Fund’s business
and operations. The Administrator shall not be responsible for any revisions to the methods of calculation prescribed by the Articles of Association or adopted by the Fund with respect to the Services unless and until such revisions are communicated
in writing to the Administrator. 

  
 1 

 2. Duties of the Fund. 

(a) The Fund shall deliver to the Administrator (i) the certificate of formation of the Fund and (ii) the Articles of Association.

 (b) The Fund shall be responsible for accurately and timely supplying the Administrator with complete financial and other information
that is necessary for the Administrator to provide the Services set forth in Exhibit A, including timely prior notice to the Administrator of any modification in the manner in which calculations are to be performed and of any amendments or
supplements to the Articles of Association. 
 (c) The Fund shall be responsible for accurately and timely supplying the Administrator with
complete financial and other information from third parties retained by the Fund that is necessary for the Administrator to provide the Services set forth in Exhibit A. 

(d) The Fund acknowledges that the Administrator is not a public accounting or auditing firm, is not a fiduciary of a public accounting or
auditing firm, and does not provide public accounting or auditing services or advice. 
 (e) The Fund, and not the Administrator, shall pay
all commissions, margins, option premiums, interest charges, floor commissions and fees, and other transaction costs and expenses charged and incurred by broker-dealers and their agents. 

(f) The Fund acknowledges and agrees that it will have primary responsibility to cause investors to supply all required information and
documentation to the Administrator, as required by the Administrator. The Fund acknowledges and agrees that the Administrator, in connection with performing the Services hereunder, may contact investors in the Fund directly to obtain required
investor information. The Fund acknowledges and agrees that the Administrator may refuse to process redemption requests if it does not have all required documentation relating to such investor. The Fund further acknowledges and agrees that the
Administrator may use investor documentation obtained hereunder for purposes of anti-money laundering review and compliance relating to such investor’s investment in other funds administered by the Administrator or its affiliates. 

  
 2 

 3. Compensation. 

(a) In consideration of the Services to be rendered to the Fund by the Administrator under this Agreement, the Fund shall pay the
Administrator a quarterly service fee (“Service Fee”) as agreed upon from time to time in a written fee schedule approved by the Fund and the Administrator. If the Service Fee is based upon “Net Assets” of the Fund, “Net
Assets” shall mean total assets of the Fund less total liabilities of the Fund, including unrealized profits and losses on its open positions, its accrued income and expense, all calculated in accordance with US Generally Accepted Accounting
Principles (“US GAAP”) consistently applied under the accrual method of accounting, except as otherwise directed by the Fund, as more fully described in the Articles of Association. The fees shall be accrued daily and billed quarterly and
shall be due and payable as noted below. Upon the termination of this Agreement before the end of any quarter, the fee for the part of the quarter before such termination shall be prorated according to the proportion which such part bears to the
full quarterly period and shall be payable within ten (10) business days of the date of termination of this Agreement. In addition, the Fund shall reimburse the Administrator for its out-of-pocket costs incurred in connection with this Agreement. 
 (b) As soon as reasonably
practicable following the end of each quarter, the Administrator shall forward to the Fund a statement setting forth the calculation of the Service Fee due to the Administrator in respect to the prior quarter and any out of pocket costs. If the
Service Fee for such quarter is based upon the minimum quarterly fee, the Service Fee and any out of pocket costs will be due and payable by the Fund to the Administrator within five (5) business days of the receipt of the statement. If the
Service Fee for such quarter is based upon a percentage of “Net Assets”, the Service Fee and any out of pocket costs will be due and payable by the Fund to the Administrator within ten (10) business days of the receipt of the
statement. If subsequently the amount of the Service Fee is revised or recalculated either as a result of (i) the recalculation of “Net Assets” or (ii) objections made by the Fund to such statement within ten
(10) business days of the receipt thereof, the Service Fee for the current quarter shall include appropriate adjustments to reflect the change in the Service Fee for the prior quarter. If the Fund does not object to such statement within ten
(10) business days of the receipt thereof, such statement shall for all purposes be deemed to be conclusively correct. 
 4. Non-Exclusivity. The Services provided by the Administrator hereunder are not exclusive. The Administrator currently renders and may render bookkeeping, fund accounting, trading support and other fund
administration services, as well as provide other services, software and goods, to other clients during the term of this Agreement, and such services and goods may be the same or different or may rely on the same or different methods and programs as
are utilized in the performance of the Services for the Fund. 
 5. Confidentiality. 

The Fund expects to disclose to the Administrator confidential accounting information relating to investors set forth in the subscription
agreements of the Fund or otherwise disclosed by subscribers to the Fund or other agents of the Fund, and other business records pursuant to the terms of this Agreement. The Administrator expects to disclose certain confidential proprietary
information to the Fund, including fees and the terms and provisions of this Agreement. The party receiving confidential information (“Receiving Party”) agrees to maintain the confidentiality of all such information

  
 3 

 
(“Confidential Information”), including without limitation, by appropriately instructing employees, external counsel, auditors and others who may be accorded access to such information
by the Receiving Party (each, a “Representative”), and by not using or disclosing such Confidential Information for any purpose other than in fulfillment of the obligations of such Receiving Party under this Agreement or managing the
business of the Receiving Party and its affiliates, including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The Administrator acknowledges and agrees that the
Fund, or the Investment Manager on its behalf, may provide a copy of this Agreement to the AXA Group or its affiliates provided that the Agreement will only be used for internal purposes and this Agreement and its terms and provisions will continue
to constitute Confidential Information hereunder. The Receiving Party shall be liable for any breach of this Section 5 by its Representatives. 

Confidential Information shall not include any information that (i) is or becomes public knowledge through no act or omission of the
Receiving Party, (ii) is publicly disclosed by its proprietor, (iii) is otherwise lawfully obtained from third parties after reasonable inquiry regarding their authority to possess and disclose same, (iv) is independently developed by
the recipient in a manner that can be shown not to have used the information received, (v) is known by the Receiving Party on the date hereof other than by reason of discussions with or disclosures by the parties in negotiating this Agreement,
or (vi) is or becomes known as a result of another transaction between the parties hereto, but information referred to in this subclause (vi) shall be subject to any limitations imposed on its use and disclosure by that transaction;
provided, however, that any use of such information in connection with the provision of Services under this Agreement shall be subject to the terms and conditions of this Section 5. 

Each party hereto shall maintain a commercially reasonable information security program to safeguard the security and confidentiality of
Confidential Information. To the extent it is legally permissible to do so, in the event that a Receiving Party determines that any material unauthorized access to or disclosure of Confidential Information that has been received by the Receiving
Party has occurred or to the extent that notification is otherwise required under law applicable to the Receiving Party (an “Incident”), the Receiving Party shall notify the disclosing party of the Incident as soon as reasonably
practicable. 
 Notwithstanding any other provisions set forth herein to the contrary, the Receiving Party shall have the right to disclose
Confidential Information pursuant to one or more court, administrative, or regulatory orders or inquiries, or otherwise as required by law or regulation applicable to the Receiving Party or its parent or the
non-disclosing party; provided the Receiving Party shall inform the non-disclosing party of such order, inquiry or disclosure as soon as practicable to the extent
it is legal to do so. The party owning the Confidential Information shall be responsible for all costs and expenses associated with any request of confidential treatment of such Confidential Information. 

  
 4 

 The Administrator agrees that it will not utilize the names PCI, AllianceBernstein, AB or
any derivative thereof, or the name of any of their affiliates in connection with any press release or other written public communication related to the Fund or this Agreement, unless permission to do so is granted by the Investment Manager in
writing. 
 6. Liability. 

The Administrator shall at all times exercise reasonable care and diligence and act in good faith in the performance of its duties hereunder;
provided, however, that the Administrator shall assume no responsibility and shall be without liability for any loss, liability, claim or expense suffered or incurred by the Fund except to the extent caused by its own fraud, gross
negligence or willful misconduct or that of its agents or employees. The Administrator shall be responsible for the performance of only such duties as are set forth in this Agreement and shall have no responsibility for the actions or activities of
any other party (except its own agents or employees and as provided in Section 5), including other service providers to the Fund. 

The Administrator shall not be liable for any loss, damages, costs or expenses arising from causes beyond its reasonable control, including,
without limitation, delay or cessation of services hereunder or any damages to the Fund resulting therefrom as a result of any work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action, act of terrorism,
communications disruption or other impossibility of performance; provided, however, that the Administrator shall use commercially reasonable efforts to mitigate any such losses, damages, costs or expenses. 

The Administrator shall not be liable for any special, indirect, incidental, or consequential damages of any kind whatsoever (including,
without limitation, attorneys’ fees) in any way due to the Fund’s use of the services provided hereunder or the performance of or failure to perform the Administrator’s obligations under this Agreement, whether or not the possibility
of such damage was disclosed to the Administrator or could have been reasonably foreseen by the Administrator and whether asserted on the basis of contract, tort (including negligence and strict liability) or otherwise. 

The Administrator is authorized and instructed to rely upon the information it receives from the Fund or any third party agent (including,
without limitation, the Fund’s custodian(s), prime broker(s), and pricing services) authorized by the Fund to provide such information to the Administrator. The Fund and any third party agents from which the Administrator shall receive or
obtain certain records, reports and other data included in the Services provided hereunder are solely responsible for the contents of such information, including, without limitation, the accuracy thereof. The Administrator has no responsibility to
review, confirm or otherwise assume any duty with respect to the accuracy or completeness of any such information and shall be without liability for any loss or damage suffered by the Fund as a result of the Administrator’s reasonable reliance
on and utilization of such information. The Administrator shall have no responsibility and shall be without liability for any loss or damage caused by the failure of the Fund or any third party agent to provide it with the information required. 

  
 5 

 The Administrator shall have no liability and shall be kept indemnified by the Fund against
any loss, liability, claim or expense resulting from the offer or sale of interests in the Fund in violation of any requirement under any applicable securities laws or regulations including, but not limited to, the laws of the United States. 

Except as otherwise expressly agreed to in writing by the Administrator, the Administrator shall have no obligation to review, monitor or
otherwise ensure compliance by the Fund with the investment policies, restrictions or guidelines applicable to it or any other term or condition of the Articles of Association. 

7. Representations and Warranties. 

(a) The Fund hereby represents and warrants to the Administrator as follows: 

(i) The Fund has full power and authority and is permitted by applicable law to enter into this Agreement and to conduct its business as
described in this Agreement and the Articles of Association. 
 (ii) The Fund has duly authorized and executed this Agreement, and upon
delivery, this Agreement shall be binding on it and be enforceable against it in accordance with the terms of this Agreement, subject as to enforcement, to bankruptcy, insolvency, reorganization, conservation, moratorium and other laws of general
applicability relating to or affecting creditor’s rights and to general principles of equity (regardless of whether such enforceability is considered in equity or at law). 

(iii) The performance of the obligations under this Agreement by the Fund will not conflict with, violate the terms of, or constitute a
default under any indenture, mortgage, deed of trust, loan agreement, management or advisory agreement, or other agreement or instrument to which the Fund is a party or by which any such person is bound or to which any of the property or assets of
any such person is subject, or any order, rule, law, regulation, or other legal requirement applicable to any such person or to the property or assets of any such person. 

(iv) The Fund has complied and will continue to comply with all laws, rules, and regulations having application to its business, properties,
and assets the violation of which could reasonably be expected to materially adversely affect the Fund’s or The Administrator’s performance of their obligations under this Agreement. 

(v) The Fund is duly organized and validly existing under the laws of its jurisdiction of organization, formation or incorporation. 

  
 6 

 (vi) As of the date hereof, to the Fund’s actual knowledge, there is no administrative,
civil or criminal proceeding pending or threatened against the Fund that could reasonably be expected to have a material adverse effect on the Fund’s business or financial condition. As of the date hereof, the Fund is not aware of any other
information that would be likely to have a material adverse effect on the Fund’s business or financial condition. 
 (vii) The Fund, or
the Investment Manager on its behalf, will cooperate and assist in ensuring that investor identification and other documentation required by the Administrator pursuant to its anti-money laundering procedures is provided on a timely basis for each
transaction, or as otherwise required. 
 The foregoing representations and warranties shall be continuing during the term of this Agreement
and if at any time the Fund shall become aware of the occurrence of any event which could reasonably be expected to make any of the foregoing materially incomplete or inaccurate, the Fund shall promptly notify the Administrator of the occurrence of
such event. 
 (b) The Administrator hereby represents and warrants to the Fund as follows: 

(i) The Administrator has full power and authority and is permitted by applicable law to enter into and carry out its obligations under this
Agreement and to own its properties and conduct its business as described in this Agreement. 
 (ii) The Administrator has duly authorized
and executed this Agreement, and upon delivery, this Agreement shall be binding on it and be enforceable against it in accordance with the terms of this Agreement; subject as to enforcement, to bankruptcy, insolvency, reorganization, conservation,
moratorium and other laws of general applicability relating to or affecting creditor’s rights and to general principles of equity (regardless of whether such enforceability is considered in equity or at law). 

(iii) The performance of the obligations under this Agreement by the Administrator will not conflict with, violate the terms of, or constitute
a default under any indenture, mortgage, deed of trust, loan agreement, or other agreement or instrument to which the Administrator is a party or by which it is bound or to which any of the property or assets of the Administrator is subject, or any
order, rule, law, regulation, or other legal requirement applicable to the Administrator or to the property or assets of the Administrator. 

(iv) The Administrator has complied and will continue to comply with all laws, rules, and regulations having application to its business,
properties, and assets, the violation of which could reasonably be expected to materially adversely affect The Administrator’s performance of its obligations under this Agreement. 

(v) The Administrator is a limited liability company duly organized and validly existing under the laws of the State of New Jersey. 

  
 7 

 (vi) There is no administrative, civil or criminal proceeding pending or to its knowledge,
threatened against the Administrator that could reasonably be expected to have a material adverse effect on The Administrator’s business or financial condition. The Administrator is not aware of any other information that would be likely to
have a material adverse effect on the Administrator’s business or financial condition. 
 The foregoing representations and warranties
shall be continuing during the term of this Agreement and if at any time the Administrator shall become aware of the occurrence of any event which could reasonably be expected to make any of the foregoing materially incomplete or inaccurate, the
Administrator shall promptly notify the Fund of the occurrence of such event. 
 8. Indemnification. 

The Fund shall indemnify, hold harmless and defend the Administrator from and against any loss, liability, claim or expense (including
reasonable attorneys’ fees and disbursements) suffered or incurred by the Administrator in connection with the performance of its duties hereunder, including, without limitation, any liability or expense suffered or incurred as a result of the
acts or omissions of the Fund or any third party agent whose data or services the Administrator must rely upon in performing its duties hereunder, or as a result of acting upon any Proper Instructions; provided, however, that such
indemnity shall not apply to any liability or expense to the extent caused by or resulting from the fraud, gross negligence or willful misconduct of the Administrator or that of its affiliates, employees or agents in the performance of the Services
under this Agreement. 
 The indemnification obligations of this Section 8 shall survive termination of this Agreement. 

9. Proper Instructions. The term “Proper Instructions” shall mean instructions received by the Administrator from the Fund,
the Investment Manager, or any person duly authorized by the Fund or any person having authority to give instruction on behalf of the Fund. Such instructions may be in writing signed by the authorized person or in a communication utilizing access
codes effected between electro-mechanical or electronic devices or may be by such other means as may be agreed upon from time to time by the Administrator and the party giving such instructions (including, without limitation, oral instructions). All
oral instructions shall be promptly confirmed in writing. The Fund shall cause its duly authorized representative to certify to the Administrator in writing the names and specimen signatures of persons authorized to give Proper Instructions. The
Administrator shall be entitled to rely upon the identity and authority of such persons until it receives written notice from the Fund to the contrary. The Administrator may rely upon any Proper Instruction reasonably believed by it to be genuine
and to have been properly issued by or on behalf of the Fund. The Fund shall give timely Proper Instructions to the Administrator in regard to matters affecting its duties under this Agreement. For the avoidance of doubt, Proper Instructions shall
also include, and in supporting the transfer agency function, the Administrator shall be entitled to rely on instructions from or sent on behalf of, or purporting to be from or sent on behalf of, persons or parties the Administrator reasonably
believes are members of the Fund as well as members named as such by the Fund. 

  
 8 

 At any time, the Administrator may apply to any officer of the Fund for instructions and
may, with the prior consent of the Fund which shall not be unreasonably withheld, consult with its own legal counsel or outside counsel for the Fund or the independent accountants for the Fund at the expense of the Fund, with respect to any matter
arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted by it in good faith in reliance upon any
such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt
of written notice thereof from the Fund. Nothing in this paragraph shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received. 

10. Term. This Agreement shall commence on the date hereof and shall continue in full force and effect through one year from the date
of the agreement and thereafter will be automatically extended for one year terms; provided, however, that either party may terminate pursuant to Section 11 below. 

11. Termination. This Agreement shall terminate upon at least ninety (90) days written prior notice from the Fund to the
Administrator or Administrator to the Fund; provided, however, that the Fund or the Administrator, as applicable, may terminate this Agreement immediately if (i) the other party commits any breach of its obligations or is in
material breach of its representations under this Agreement and shall fail, within 10 business days of receipt of written notice served by the non-breaching party requiring it to do so, to cure such breach; or
(ii) the other party goes into liquidation or if a receiver is appointed of any of such party’s assets; or (iii) the notifying party believes that the other party (including any employees or agents) has committed or will commit fraud
in relation to the Fund. Notwithstanding the foregoing, the Fund may terminate this Agreement immediately upon the performance by the Administrator of any act or any omission constituting fraud, gross negligence or willful misconduct. This Agreement
shall be deemed to terminate immediately upon dissolution of the Fund. The termination of this Agreement by any one Fund shall not affect the validity of this Agreement with regard to any remaining Fund. 

Upon termination and settlement of any amounts due under this Agreement, the Administrator shall return to the Fund any Confidential
Information provided by the Fund to the Administrator pursuant to this Agreement upon request and other Fund records within the Administrator’s possession; provided the Administrator shall have the right to keep copies of Confidential
Information in order for it or any of its affiliates to observe the regulatory or legal obligations that it is subject to. All reasonable costs related to the transfer of data to the Fund will be borne by the Fund; provided that the
Administrator shall not be obligated to incur costs in connection with the transfer of data to the Fund. 

  
 9 

 In the event that the Administrator agrees, in its sole discretion, to prepare financial
statements for the Fund or perform any other transitional service(s) in respect of the Fund, in each case following a termination of this Agreement under this Section 11, (i) the Administrator shall charge the Fund such fees as shall be agreed
in writing for such service(s) and (ii) notwithstanding the termination of this Agreement, the terms of this Agreement (including, without limitation, Sections 6 and 8 hereunder) shall continue to apply in relation to the aforementioned
service(s). 
 12. Remote Access Services Addendum. The Remote Access Services Addendum to this Agreement shall be incorporated by
reference into this Agreement. The Fund acknowledges that the data and information it will be accessing from the Administrator is unaudited and may not be accurate due to inaccurate pricing of securities, delays of a day or more in updating the
account and other causes for which the Administrator will not be liable to the Fund. 
 13. Compliance with Governmental Rules and
Regulations. The Fund assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. Upon request by the Administrator on no more frequently than an annual basis, the Fund
shall use commercially reasonable efforts to provide or cause to be provided to the Administrator a certificate from each of the managing member, the Investment Manager, and the independent accountants of the Fund, and each other service provider or
agent acting on behalf of the Fund, as to such party’s compliance with such laws, rules and/or regulations to which the Fund is subject as specified by the Administrator. In each case, such certificate shall be in form and substance reasonably
satisfactory to the Administrator. 
 14. ERISA Matters. The Fund hereby covenants and agrees during the term of this
Agreement that it will promptly notify the Administrator in the event that (i) the aggregate interest in any class of membership interest of the Fund held by benefit plan investors (as such term is interpreted under The Employee Retirement
Income Security Act of 1974, as amended (“ERISA”)) or plans or accounts subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended equals or exceeds 25% of the outstanding membership interests of such class or
(ii) the assets of the Fund are deemed assets of an employee benefit plan which is subject to ERISA. The parties acknowledge and agree that the terms of this Agreement may be re-evaluated by the
Administrator if either of the foregoing events should occur. 
 15. Records. The Administrator shall create and maintain all records
relating to the Services provided hereunder. All such records shall at all times during the regular business hours of the Administrator be open for inspection by duly authorized officers, employees or agents of the Fund and employees and agents of
the regulatory agencies having jurisdiction over the Fund. The Administrator shall preserve the records required to be maintained hereunder for the period required by law unless such records are earlier surrendered in connection with the termination
of this Agreement or otherwise upon written request. 

  
 10 

 16. Successor Agent. If a successor to the Administrator shall be appointed by the
Fund, then the Fund shall deliver to the Administrator a written order designating the successor agent and the Administrator shall upon termination of this Agreement deliver to such successor agent at the office of the Administrator all books and
records of account of the Fund maintained by the Administrator hereunder and take all other steps that the Administrator reasonably considers to be commercially reasonably necessary to facilitate the transfer of the Services from the Administrator
to the new administrator. In the event this Agreement is terminated by either party without the appointment of a successor agent, the Administrator shall, upon receipt of Proper Instructions and at the expense of the Fund, deliver such properties in
accordance with such instructions. 
 In the event that no written order designating a successor agent or Proper Instructions shall have
been delivered to the Administrator on or before the effective date of such termination, then the Administrator shall have the right, at the expense of the Fund, to deliver to the offices of the Fund all property of the Fund held by the
Administrator hereunder. 
 17. Delegation. The Administrator shall retain the right to employ agents, subcontractors, consultants
and other third parties, including, without limitation, affiliates (each, a “Delegate” and collectively, the “Delegates”) to provide or assist it in the provision of any part of the Services or the discharge of any other
obligations or duties under this Agreement without the consent or approval of the Fund. The Administrator shall be responsible for the acts and omissions of any such Delegate so employed as if the Administrator had committed such acts and omissions
itself. The Administrator shall be responsible for the compensation of its Delegates. 
 18. Entire Agreement. This Agreement and
all exhibits and schedules and the addendum hereto constitute the entire agreement between the Parties hereto with respect to the matters referred to herein, and no other agreement, verbal or otherwise, shall be binding as between the Parties
unless it shall be in writing and signed by the party against whom enforcement is sought. 
 19. Assignment. This Agreement shall not
be assigned by either party hereto without the prior express written consent of the other party. 
 20. Amendment; Waiver. This
Agreement shall not be amended except by a writing signed by the parties hereto. No waiver of any provision of this Agreement shall be implied from any course of dealing between the parties hereto or from any failure by either party hereto to assert
its rights hereunder on any occasion or series of occasions. 

  
 11 

 21. Notices. All notices shall be in writing and shall be deemed given when delivered
in person, by facsimile, by overnight delivery through a commercial courier service, or by registered or certified mail, return receipt requested. Such notice shall be directed, and addressed as follows (or to such address as the party entitled to
notice shall hereafter designate in accordance with the terms hereof): 
 If to the Administrator: 

International Fund Services (N.A.), L.L.C. 

c/o Alternative Investment Solutions 

100 Summer Street 

Boston, MA 02110 

Attn.: Don Gignac 

Telephone: 617 662 7325 

If to the Fund: 

c/o AllianceBernstein L.P. 

1 North Lexington Avenue 

White Plains, NY 10601-1785 

Phone #: 914-259-7744 

Fax#: 201-633-6151 

Attn.: Chris Noone 

22. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (excluding
the law thereof which requires the application of or reference to the law of any other jurisdiction). 
 23. Consent to Jurisdiction.
The Parties hereto agree that any action or proceeding arising directly, indirectly, or otherwise in connection with, out of, related to, or from this Agreement, any breach hereof, or any transaction covered hereby, shall be resolved within the City
and State of New York. Accordingly, the Parties consent and submit to the jurisdiction of the courts and any applicable arbitral body located within the City and State of New York. The Parties further agree that any such action or proceeding brought
by either party to enforce any right, assert any claim, or obtain any relief whatsoever in connection with this Agreement shall be brought by such party exclusively in the federal or state courts, or if appropriate before any applicable arbitral
body, located within the City and State of New York. 
 24. Survival. The provisions of this Agreement shall survive the termination
hereof with respect to any matter arising while this Agreement shall be in effect. 
 25. [Intentionally Omitted] 

26. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such
counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as
original any signatures received via electronically transmitted form. 

  
 12 

 27. Headings. Headings to sections and subsections in this Agreement are for the
convenience of the Parties only and are not intended to be a part of or to affect the meaning or interpretation hereof. 
 28.
Severability. In the event any provision of this Agreement is held illegal, void or unenforceable, the balance shall remain in effect. 

29. No Third Party Beneficiaries. This Agreement is not intended to and shall not convey any rights to persons not a party to this
Agreement. 
 30. Audit Rights. Upon request of the Fund (which shall include reasonable advance notice, not less than 10 business
days), the Administrator shall allow the Fund and its auditors (including internal audit staff and external auditors) and compliance personnel to perform periodic on-site audits (including, without limitation,
at the request of the Fund, the Administrator will use reasonable efforts to facilitate similar audits of any agencies used by the Administrator) as may be reasonably required to examine the Administrator’s performance of the Services and the
Administrator’s internal controls, security and disaster recovery plans and systems. Notwithstanding the audit and inspection rights conferred by this Section 30, the Administrator reserves the right to impose reasonable limitations on the
number, frequency, timing and scope of audits and inspections requested by the Fund so as to prevent or minimize any potential impairment or disruption of its operations, distraction of its personnel or breaches of security or confidentiality. In
addition, the Administrator shall be entitled to impose a commercially reasonable per person hourly charge for the cooperation and assistance of its personnel in connection with any audit if such cooperation and assistance imposes greater than a de
minimis burden on the Administrator or its personnel. Nothing in this Agreement shall obligate the Administrator to disclose or otherwise make available to the Fund or any third party any information or access (i) to the extent that it is
subject to legal privilege and cannot by taking reasonable precautions or other steps be disclosed or otherwise made available without waiving such privilege, (ii) to the extent to do so would result in a breach of any duty of confidentiality
owed by the Administrator to a third party; or any law, enactment, order, regulation or mandatory code of conduct, (iii) that is unrelated to the Fund or the provision of the Services to the Fund, (iv) that is treated as confidential under
the Administrator’s corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports and information relating to management functions, or (v) where
such access to any part of the Administrator’s facilities would or could, in the Administrator’s judgment, compromise the security of its operations or confidentiality of its customers. 

  
 13 

 31. Additional Funds. In the event that any funds and other investment vehicles in
addition to those listed on Appendix A hereto desires to have the Administrator render services as administrator under the terms hereof, it shall so notify the Administrator in writing, and if the Administrator agrees in writing to provide such
services, such funds and other investment vehicles shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof, including, without limitation, the representations and warranties set forth in Section 7(a) above.

 32. Termination of Existing Agreements. Upon execution by the parties of this Agreement or the addition of any additional Funds
pursuant to Section 22, any administration agreement previously entered into by a Fund and the Administrator shall be deemed to have terminated as of the date of this Agreement or the date of the addition of such additional fund, respectively.

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 14 

 IN WITNESS WHEREOF, this Agreement has been executed for and on behalf of the undersigned as
of the day and year first written above. 
  

			
	INTERNATIONAL FUND SERVICES (N.A.), L.L.C.
		
	By:	 	/s/ Fred Willshire
		 	Name: Fred Willshire
		 	Title: Senior Managing Director
	
	FOR AND ON BEHALF OF THE FUNDS LISTED IN APPENDIX A
		
	By:	 	/s/ Juan Rodriguez
		 	Name: Juan Rodriguez
		 	Title: Vice President – Global Fund Administration

  
 15 

 Exhibit A 

The Services 
 The Administrator shall
perform the following services for each Fund: 
  

	I.	 Fund Accounting 

 

	 	1.	 Maintain the books and records of the Fund in accordance with the terms of the applicable operating agreement
and generally accepted accounting principles. 

  

	 	2.	 Maintain database detail of all portfolio investment transactions. 

 

	 	3.	 Calculate management fees in accordance with the applicable operating agreement and arrange for payment as
directed by the Manager. 

  

	 	4.	 Host the annual audit at the Administrator’s offices, if requested; prepare and/or gather supporting
documentation for audit review; and follow-up on questions and requests for additional information. 

  

	 	5.	 Prepare and distribute annual financial reports to investors. 

 

	II.	 Additional Work 

 

	 	6.	 Work requested of the Administrator that is considered to be outside the scope of the accounting, reporting and
investor services set forth above is subject to additional fees at the prevailing hourly rate. The Administrator shall perform such additional services as may be agreed from time to time. 

# END EXHIBIT A # 

  
 16 

 Appendix A 

List of Funds 
 Original Funds

 AB Commercial Real Estate Private Debt Fund, LLC 

  
 17 

 REMOTE ACCESS SERVICES ADDENDUM TO ADMINISTRATIVE SERVICES AGREEMENT BETWEEN THOSE ENTITIES
IN APPENDIX A HERETO (“you” or the “Customer”) AND INTERNATIONAL FUND SERVICES (N.A.), L.L.C. 
 Unless otherwise indicated,
capitalized terms used in this Addendum shall have the meanings given to them in the Administrative Services Agreement. 
 State Street
Bank and Trust Company and its direct and indirect subsidiaries, including but not limited to International Fund Services (N.A.), L.L.C. (collectively referred to in this Addendum as “State Street”) has developed and/or utilizes
proprietary or third party accounting and other systems in conjunction with the services that State Street provides to you. In this regard, State Street maintains certain information in databases under State Street ownership and/or control that
State Street makes available to customers (the “Remote Access Services”). 
 The Services 

State Street agrees to provide you, the Customer, and your designated investment advisors, consultants or other third parties who agree to
abide by the terms of this Addendum (“Authorized Designees”) with access to State Street proprietary and third party systems as may be offered by State Street from time to time (each, a “System”) on a remote basis. 

Security Procedures 
 You
agree to comply, and to cause your Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued
or required from time to time by State Street or its third party vendors for use of the System and access to the Remote Access Services. You are responsible for any use and/or misuse of the System and Remote Access Services by your Authorized
Designees. You agree to advise State Street immediately in the event that you learn or have reason to believe that any person to whom you have given access to the System or the Remote Access Services has violated or intends to violate the terms of
this Addendum and you will cooperate with State Street in seeking injunctive or other equitable relief. You agree to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State
Street may restrict access of the System and Remote Access Services by you or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time. 

  
 18 

 Fees 

Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the RAA Fee
Schedule in effect from time to time between the parties (the “RAA Fee Schedule”). You shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions
contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any
claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street. 

Proprietary Information/Injunctive Relief 

The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive
design techniques, formulae, processes, systems, software, knowhow, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to you by State Street as part of the
Remote Access Services and through the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third party vendors related thereto are the exclusive, valuable and
confidential proprietary property of State Street and its relevant licensors and third party vendors (the “Proprietary Information”). You agree on behalf of yourself and your Authorized Designees to keep the Proprietary Information
confidential and to limit access to your employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public
domain or required by law to be made public. 
 You agree to use the Remote Access Services only in connection with the proper purposes of
this Addendum. You will not, and will cause your employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote
Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior
written consent of State Street, or (iv) allow or cause any information transmitted from State Street’s databases, including data from third party sources, available through use of the System or the Remote Access Services, to be published,
redistributed or retransmitted for other than use for or on behalf of yourself, as our Customer. 
 You agree that neither you nor your
Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will you or your Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code
for all or any part of the System. 
 You acknowledge that the disclosure of any Proprietary Information, or of any information which at law
or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain
immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available. 

  
 19 

 Limited Warranties 

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote
Access Services contemplated herein. Because of the nature of computer information technology, including but not limited to the use of the Internet, and the necessity of relying upon third party sources and data and pricing information obtained from
third parties, the System and Remote Access Services are provided “AS IS” without warranty express or implied including as to availability of the System, and you and your Authorized Designees shall be solely responsible for the use of the
System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third party vendors will not be liable to you or
your Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or
nonperformance under this Addendum arising out of any cause or event beyond such party’s control. 
 EXCEPT AS EXPRESSLY SET FORTH IN
THIS ADDENDUM, STATE STREET FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT
LIMITATION ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE. 
 Infringement 

State Street will defend or, at our option, settle any claim or action brought against you to the extent that it is based upon an assertion
that access to or use of State Street proprietary systems by you under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that you notify State Street promptly in
writing of any such claim or proceeding and cooperate with State Street in the defense of such claim or proceeding and allow State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof
become, or in State Street’s opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street’s sole option, to
(i) procure for you the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this
Addendum without further obligation. This section constitutes the sole remedy available to you for the matters described in this section. 

  
 20 

 Termination 

Either party may terminate this Addendum (i) for any reason by giving the other party at least
one-hundred and eighty (180) days’ prior written notice in the case of notice of termination by State Street to you or thirty (30) days’ notice in the case of notice from you to State
Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within
ninety (90) days after the termination of any service agreement applicable to you. Your use of any third party System is contingent upon your compliance with any terms and conditions of use of such System imposed by such third party and State
Street’s continued access to, and use of, such third party System. In the event of termination, you will return to State Street all copies of documentation and other confidential information in your possession or in the possession of your
Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years. 

Miscellaneous 
 This
Addendum constitutes our entire understanding with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by both of us and shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts. 
 # END REMOTE ACCESS ADDENDUM # 

  
 21

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