Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 

EXPENSE LIMITATION AGREEMENT 

This Expense Limitation Agreement (the “Agreement”) is made this 5th day of November, 2021, by and between AB
Commercial Real Estate Private Debt Fund, LLC, a Delaware limited liability company (the “Company”), and AllianceBernstein L.P. (the “Investment Manager”). Capitalized terms that are not defined in
this Agreement shall be defined as set forth in the Company’s Amended and Restated Limited Liability Company Operating Agreement, as may be amended or restated from time to time (the “LLC Agreement”). 

WHEREAS, the Company is not registered as an investment company under the Investment Company Act of 1940, as amended (the
“Investment Company Act”), in reliance upon the exception provided by Section 3(c)(5) thereof;
 WHEREAS, the
Company has retained the Investment Manager to furnish investment management services to the Company pursuant to the terms and conditions set forth in the investment management agreement, dated November 5, 2021, entered into by and between the
Company and the Investment Manager (the “Investment Management Agreement”); 
 WHEREAS, the Company
and the Investment Manager have determined that it is appropriate and in the best interests of the Company 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 (the “Expense Cap”). 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows: 

 

	1)	 Expense Cap and Reimbursement 

 

	 	a)	 The Investment Manager shall be reimbursed by the Company for Organizational Expenses. The Expense Cap shall be
maintained until the third anniversary of the Initial Closing Date. Pursuant to the Expense Cap, any fees waived and expenses borne by the Investment Manager may be reimbursed by the Company during the three year period that the Expense Cap is in
place, provided that no reimbursement payment will be made that would cause the Company’s expenses to exceed the Expense Cap. 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 Expense Cap. 

  

	2)	 Termination and Survival 

 

	 	a)	 This Agreement shall become effective as of the date of the Company’s Initial Closing.

  

	 	b)	 This Agreement may be terminated at any time, without the payment of any penalty, by the Company or the
Investment Manager, with or without notice. 

  

	 	c)	 This Agreement shall automatically terminate in the event of (i) the termination of the Investment
Management Agreement, or (ii) the Board makes a determination to dissolve or liquidate the Company. 

  

	 	d)	 Sections 2 and 3 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to
the contrary, Section 1 of this Agreement shall survive any termination of this Agreement with respect to any amounts that have not been reimbursed by the Company to the Investment Manager. 

	3)	 Miscellaneous 

 

	 	a)	 The captions of this Agreement are included for convenience only and in no way define or limit any of the
provisions hereof or otherwise affect their construction or effect. 

  

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

  

	 	c)	 Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. 

  

	 	d)	 If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or
otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable. 

 

	 	e)	 The Company shall not assign this Agreement or any right, interest or benefit under this Agreement without the
prior written consent of the Investment Manager. 

  

	 	f)	 This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by
the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
duly authorized representatives as of the date first written 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 Secretaryex_352848.htm

Exhibit 10.1

 

TENTH AMENDMENT AGREEMENT

 

This Tenth Amendment Agreement (this “Tenth Amendment”) is made and entered into effective as of March 25, 2021 (the “Effective Date”), by and between AMERICAN SHARED RADIOSURGERY SERVICES (“ASRS”) and GKV INVESTMENTS, INC. (“GKV”).

 

WHEREAS, ASRS and GKV are parties to that certain Operating Agreement for GK Financing, LLC dated as of October 17, 1995, as amended by nine amendments thereto (as amended, the “Operating Agreement”):

 

WHEREAS, ARS and GKV desire to further amend the Operating Agreement as set forth herein;

 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, and for other valuable consideration, the adequacy and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

1.  Defined Terms. Unless otherwise defined herein, the capitalized terms used herein shall have the same meanings as set forth in the Operating Agreement.

 

2.  Amendments.

 

A. The following paragraph is hereby added to the Operating Agreement as a new Paragraph 2.15.

 

	 	
			2.15

				
			PLEDGE OF MEMBERSHIP INTERESTS

			

 

Any provision to the contrary contained in this Agreement, the Articles or any agreement to which the Company, the Policy Committee or the Manager is a party or otherwise bound notwithstanding, the Membership Interests (for purposes hereof, Membership Interests shall be deemed to be inclusive of “membership interests” and “transferable interests” under the California Revised Uniform Limited Liability Company Act) issued hereunder or covered hereby and all associated rights and powers may be pledged or assigned to any lender or lenders (or an agent therefor) as collateral for the indebtedness, liabilities and obligations of the Company and/or any of its subsidiaries or affiliates to such lender or lenders, and any such pledged or assigned membership interests and all associated rights and powers shall be subject to such lender’s or lenders’ rights under any collateral documentation governing or pertaining to such pledge or assignment. This Paragraph 2.15 shall not be amended or otherwise modified without the prior written consent of the lenders (or any representative thereof) to which the Membership Interests have been pledged as collateral.

 

B. The following paragraph is hereby added to the Operating Agreement as a new Paragraph 2.16.

 

 

 

 

	 	
			2.16

				
			UCC ARTICLE 8 OPT-IN

			

 

Any provision to the contrary contained in this Agreement notwithstanding, the Membership Interests of the Company issued hereunder or covered “are “securities” governed by Article 8 of the Uniform Commercial Code as in effect from time to time in the State of California. Certificates evidencing all such Membership Interests shall be issued by the Company. The Member may direct a new certificate to be issued in place of any certificate theretofore issued by the Company alleged to have been lost or destroyed. Upon surrender to the Company or the transfer agent of the Company of a certificate representing Membership Interests duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, a new certificate shall be issued to the person entitled thereto, and the old certificate shall be cancelled and the transaction shall be recorded upon the books of the Company. This Paragraph 2.16 shall not be amended or otherwise modified without the prior written consent of the lenders (or any representative thereof) to which the Membership Interests have been pledged as collateral.

 

C. Paragraph 3.2.D. of the Operating Agreement is hereby amended by adding the following sentence to Paragraph 3.2.D. at the end of the paragraph:

 

The Manager shall promptly provide all Members a copy of any and all notices from lenders (or any representative thereof) of a default, potential default or an event of default occurring under the applicable loan agreement.

 

D. Paragraph 9.1 of the Operating Agreement is hereby amended by deleting the language in subparagraph (i) (which relates to the dissolution of the Company upon the expiration of the period fixed for the duration of the Company term as stated in its Articles) therefrom in its entirety and replacing it with “[Reserved]”.

 

3.  Counterparts. This Tenth Amendment may be executed in one or more counterparts (including by facsimile), all of which shall be considered one and the same agreement and shall become effective on the Effective Date.

 

4.  Full Force and Effect. Except as explicitly amended by this Tenth Amendment, the provisions of the Operating Agreement shall remain unchanged and in full force and effect.

 

[Signature Page Follows]

 

 

 

 

IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals as of the date first above written.

 

 

 

	 	
			AMERICAN SHARED RADIOSURGERY SERVICES

			
	 	 	 
	 	 	 
	 	
			By:

				
			/s/ Craig Tagawa

			
	 	
			Name:

				
			Craig Tagawa

			
	 	
			Title:

				
			Chief Financial Officer

			
	 	 	 
	 	 	 
	 	
			GKV INVESTMENTS, INC.

			
	 	 	 
	 	 	 
	 	
			By:

				
			/s/ Larry Biscotti

			
	 	
			Name:

				
			Larry Biscotti

			
	 	
			Title:

				
			Executive Vice President

			

 

 

 

 

[Signature Page to Tenth Amendment]

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