Company: PDCC
Filing Date: 2025-03-11
Form Type: N-CSR
Source: 0001398344-25-005419
Chunk: 30

Company: Pearl Diver Credit Co Inc.
Filing Date: 2025-03-11
Form: N-CSR
Chunk 30
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 all times, while the Company’s preferred stockholders
and common stockholders, voting together as a single class, will elect the remaining members of the Board.

Series A Term Preferred Stock

The Company is required to redeem all outstanding
shares of the Series A Term Preferred Stock on December 31, 2029 at a redemption price of $25 per share, or the “Liquidation Preference,”
plus accumulated but unpaid dividends, if any, to, but excluding, the Mandatory Redemption Date (as defined below). At any time on or
after December 31, 2026, we may, at our sole option, redeem the outstanding shares of the Series A Term Preferred Stock at a redemption
price per share equal to the Liquidation Preference plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date
(as defined below). If we fail to maintain asset coverage (as defined in Section 18(h) of the 1940 Act) of at least 200%, we will be required
to redeem the number of shares of our preferred stock (which at our discretion may include any number or portion of the Series A Term
Preferred Stock) that, when combined with any debt securities redeemed for failure to maintain the asset coverage required by the indenture
governing such securities, (1) results in us having asset coverage of at least 200%, or (2) if fewer, the maximum number of shares of
preferred stock that can be redeemed out of funds legally available for such redemption. In connection with any redemption for failure
to maintain such asset coverage, we may, in our sole option, redeem such additional number of shares of preferred stock that will result
in asset coverage up to and including 285%. In addition, in the event of a liquidation, dissolution or winding up of our affairs, holders
of shares of Series A Term Preferred Stock will be entitled to receive a liquidation distribution equal to the Liquidation Preference,
plus an amount equal to accumulated but unpaid dividends, if any, on such shares (whether or not earned or declared, but excluding interest
on such dividends) to, but excluding, the date fixed for such redemption.

8. COMMITMENTS AND CONTIGENCIES

As of December 31, 2024, the Company had no unfunded
commitments to purchase CLO equity securities related to existing investments in loan accumulation facilities.

The total commitment amount does not necessarily represent
future cash requirements. The Company is not currently subject to any material legal proceedings. From