Company: SERV
Filing Date: 2025-03-06
Form Type: S-3
Source: 0001213900-25-021234
Chunk: 29

Company: Serve Robotics Inc. /DE/
Filing Date: 2025-03-06
Form: S-3
Chunk 29
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 to any series of debt securities (except in payment of principal of or interest or premium
on, or sinking fund payment in respect of, the debt securities) if and so long as the board of directors, the executive committee or a
trust committee of directors of the trustee and/or responsible officers of the trustee in good faith determine that the withholding of
such notice is in the best interest of the holders of securities of such series.

The indenture contains a provision entitling the
trustee to be indemnified by the holders before proceeding to exercise any trust or power under the indenture at the request of such holders.
The indenture provides that the holders of a majority in aggregate principal amount of the then outstanding debt securities of any series
may direct the time, method and place of conducting any proceedings for any remedy available to the trustee or of exercising any trust
or power conferred upon the trustee with respect to the debt securities of such series; provided, however, that the trustee may decline
to follow any such direction if, among other reasons, the trustee determines in good faith that the actions or proceedings as directed
may not lawfully be taken or would be unduly prejudicial to the holders of the debt securities of such series not joining in such direction.
The right of a holder to institute a proceeding with respect to a series of debt securities will be subject to certain conditions precedent
including, without limitation, that in case of an event of default specified in clause (a), (b) or (e) of the first paragraph above under
“- Events of Default,” holders of at least 25%, or in case of an event of default other than specified in clause (a), (b)
or (e) of the first paragraph above under “- Events of Default”, holders of at least a majority, in aggregate principal amount
of the debt securities of such series then outstanding make a written request upon the trustee to exercise its powers under such indenture,
indemnify the trustee and afford the trustee reasonable opportunity to act. Notwithstanding the foregoing, the holder has an absolute
right to receipt of the principal of, premium, if any, and interest when due on the debt securities, to require conversion of debt securities
if such indenture provides for convertibility at the option of the holder and to institute suit for the enforcement thereof.

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Consolidation, Merger and Sale of Assets

The indenture provides that the Company may not
directly or indirectly consolidate with