'We won't see any money from the AAM deal until Mac bank or...

'We won't see any money from the AAM deal until Mac bank or someone else lends the additional $90M'
The AAM deal is not dependant on any lender, be that Macquarie, KfW or any other debt lender.
I think you're getting the AAM raise risks confused with bank lending conditions.
Your prospectus paragraph simply means if ATC fails to finance the project, then AAM holders could loose all their money (along with the rest of us).
The company's intention is to deploy most of the AAM funds in Q1 2020 to ramp up plant construction, pay outstanding Q4 2019 construction costs and retain a portion for working capital.
It would have been nice if the debt component had been finalised prior to the AAM raise, meaning that specific prospectus risk sentence would not have been required.
If the AAM raise is successful, no CRs at the ATC level will be required until maybe close of finance, and perhaps not even then.
The rule with all projects is to spend equity first, secondary (mezzanine) debt next, then senior debt last.
Finance (equity + debt) must be 100% closed before any debt facilities can be drawn down.