During this time, the parties will explore alternative structures for GM's additional investment in a mutually beneficial manner. As such, the Company has agreed to forbear making a unilateral election to close the second tranche investment until December 20, 2024, to provide time for such discussions to take place.
GM's investment is subject to the conditions precedent set forth in the second tranche subscription agreement, including the execution of the loan agreement for the $2.26 billion loan from the U.S. Department of Energy under the Advanced Technology Vehicles Manufacturing Loan Program for which the DOE provided a conditional commitment.