AZL General Discussion, page-14494

The escrow release conditions for the subscription receipts include delivery of a ruling under the Thacker Pass Record of Decision (“ROD”) appeal that does not result in vacatur of the ROD, and conditions related to water rights transfer for Thacker Pass among other customary closing conditions. Upon satisfaction of the escrow release conditions and the issuance of the Tranche 1 shares, the parties will execute and deliver the Offtake Agreement and the Investor Rights Agreement.

That's like investing in AZL at current price of 7 cents a share, contingent on a favorable BLM decision that is upheld by federal courts. With LAC, GM has an investment that can't lose: They get the current price with the uncertainty of court decisions, but they don't actually pay anything until and unless LAC wins.