Pre-Exchange Listing Distributions of Distributable. Cash and Payments of Pre-Exchange Listing Incentive Fee. Subject to the requirements of Section 852(a) of the Code, the Fund will make distributions of Distributable Cash and payments of the Pre-Exchange Listing Incentive Fee out of two categories: Current Proceeds and Disposition Proceeds (collectively referred to as “Investment Proceeds”). The Fund shall apportion each Member’s share of Investment Proceeds between Current Proceeds and Disposition Proceeds. Subject to Section 6.4, immediately prior to any distribution of Investment Proceeds attributable to all or any part of any Portfolio Investment(s), such amount shall initially be apportioned among the Members pro rata in accordance with their respective Capital Contributions in respect of such Portfolio Investment. Amounts apportioned to the Investment Manager shall be distributed to the Investment Manager. Investment Proceeds shall be divided between and distributed to all Members, on the one hand, and paid to the Investment Manager as a Pre-Exchange Listing Incentive Fee, on the other hand, in the following amounts and order of priority: (i) Disposition Proceeds apportioned to Members shall be divided between and distributed to Members, on the one hand, and paid to the Investment Manager as a Pre-Exchange Listing Incentive Fee, on the other hand, in the following amounts and order of priority:
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Sources: Limited Liability Company Agreement (SLR Private Credit BDC II LLC), Limited Liability Company Agreement (SLR Private Credit BDC II LLC)