Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 198

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 198
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 senior indebtedness does not include:

| ● | any                                                                                                                                       
 indebtedness which expressly provides that such indebtedness shall not be senior in right of payment to the subordinated debt securities, 
 or that such indebtedness shall be subordinated to any other of our indebtedness, unless such indebtedness expressly provides that such   
 indebtedness shall be senior in right of payment to the subordinated debt securities;                                                     |

| ● | any                                                                                                               
 of our obligations to our subsidiaries or of a subsidiary guarantor to us or any other of our other subsidiaries; |

| ● | any                                                                                                 
 liability for federal, state, local or other taxes owed or owing by us or any subsidiary guarantor, |

| ● | any                                                                                                                                            
 accounts payable or other liability to trade creditors arising in the ordinary course of business (including guarantees thereof or instruments 
 evidencing such liabilities);                                                                                                                  |

| ● | any                                            
 obligations with respect to any capital stock; |

| ● | any                                                                                                                                     
 indebtedness incurred in violation of the indenture, provided that indebtedness under our credit facilities will not cease to be senior 
 indebtedness under this bullet point if the lenders of such indebtedness obtained an officer’s certificate as of the date of incurrence 
 of such indebtedness to the effect that such indebtedness was permitted to be incurred by the indenture; and                            |

| ● | any                                                                 
 of our indebtedness in respect of the subordinated debt securities. |

Senior indebtedness shall continue to be senior
indebtedness and be entitled to the benefits of the subordination provisions irrespective of any amendment, modification or waiver of
any term of such senior indebtedness.

Unless otherwise noted in an accompanying prospectus
supplement, if we default in the payment of any principal of (or premium, if any) or interest on any senior indebtedness when it becomes
due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise, then, unless and until such default
is cured or waived or ceases to exist, we will make no direct or indirect payment (in cash, property, securities, by set-off or otherwise)
in respect of the principal of or interest on the subordinated debt securities or in respect of any redemption, retirement, purchase or
other requisition of any of the subordinated debt securities.

In the event of the acceleration of the maturity
of any subordinated debt securities, the holders of all senior debt securities outstanding at the time of such acceleration, subject to
any security interest