Company: RAYA
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001185185-25-001296
Chunk: 197

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-09-29
Form: 424B5
Chunk 197
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 respect of sale and leaseback transactions; |

| ● | all                                                                                                                                     
 obligations representing the balance deferred and unpaid of the purchase price of any property or services, which purchase price is due 
 more than six months after the date of placing such property in service or taking delivery and title thereto, except any such balance   
 that constitutes an accrued expense or trade payable or any similar obligation to trade creditors;                                      |

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| ● | all                                                                                                                                      
 of our obligations in respect of interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate 
 cap agreements and interest rate collar agreements; other agreements or arrangements designed to manage interest rates or interest rate  
 risk; and other agreements or arrangements designed to protect against fluctuations in currency exchange rates or commodity prices;      |

| ● | all                                                                                                                                     
 obligations of the types referred to above of other persons for the payment of which we are responsible or liable as obligor, guarantor 
 or otherwise; and                                                                                                                       |

| ● | all                                                                                                                                   
 obligations of the types referred to above of other persons secured by any lien on any property or asset of ours (whether or not such 
 obligation is assumed by us).                                                                                                         |

However, 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