Company: RAYA
Filing Date: 2025-08-01
Form Type: 424B5
Source: 0001213900-25-070321
Chunk: 197

Company: Erayak Power Solution Group Inc.
Filing Date: 2025-08-01
Form: 424B5
Chunk 197
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 convertible, unless otherwise specified in a prospectus supplement, the debt securities will be convertible
at any time up to the close of business on the expiration date set forth in the terms of such debt securities. After the close of business
on the expiration date, the debt securities not converted will be paid in accordance with their terms.

Subordination

The prospectus supplement relating to any offering
of subordinated debt securities will describe the specific subordination provisions. However, unless otherwise noted in the prospectus
supplement, subordinated debt securities will be subordinate and junior in right of payment to any existing senior indebtedness.

Unless otherwise specified in the applicable prospectus
supplement, under the subordinated indenture, “senior indebtedness” means all amounts due on obligations in connection with
any of the following, whether outstanding at the date of execution of the subordinated indenture, or thereafter incurred or created:

| ● | the                                                                                                                                    
 principal of (and premium, if any) and interest due on our indebtedness for borrowed money and indebtedness evidenced by bonds, notes, 
 debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);                               |

| ● | all                                                                                                                                 
 of our capital lease obligations or attributable debt (as defined in the indentures) in 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,