{
  "measure": {
    "id": "ctl-us-chips-usar-2026-covenants",
    "eventId": "evt-us-chips-usar-2026",
    "measureType": "contractual_ownership_covenant",
    "direction": "inbound_investment",
    "clause": "Funding Agreements, covenants (iv) and (xi)",
    "targetScopes": [
      "end_users"
    ],
    "targetJurisdictions": [],
    "targetEntities": [],
    "targetEndUsersAsStated": [
      "foreign countries and entities of concern"
    ],
    "targetEndUsesAsStated": [],
    "materialIds": [
      "rare-earth-elements",
      "gallium",
      "dysprosium",
      "terbium",
      "ndfeb-magnets"
    ],
    "materialAttribution": "includes_untracked",
    "untrackedMaterialsAsStated": [
      "hafnium",
      "zirconium"
    ],
    "productScopeAsStated": "restrictions on joint research and transactions with foreign countries and entities of concern; ... restrictions on mergers, dispositions, and change of control transactions without consent of the DOC",
    "productCodes": [],
    "controlledItemTypes": [],
    "controlledStages": [],
    "legalBasisEventIds": [],
    "legalBasisAsStated": "Direct Funding Agreement and Loan Guarantee Agreement under the CHIPS Act of 2022",
    "modifiesMeasureIds": [],
    "modifiesExternalInstruments": [],
    "statusHistory": [
      {
        "status": "in_force",
        "date": "2026-06-03",
        "sourceId": "src-usar-8k-2026-06-03",
        "until": null,
        "note": "Covenants of the Funding Agreements entered into on 3 June 2026; the filing does not state their duration."
      }
    ],
    "evidence": [
      {
        "sourceId": "src-usar-8k-2026-06-03",
        "supports": [
          "measure_type",
          "direction",
          "clause",
          "targets",
          "materials",
          "product_scope",
          "legal_basis",
          "status"
        ],
        "evidence": "explicit",
        "locator": "Item 1.01, Representations, Warranties and Covenants",
        "note": null
      }
    ],
    "notes": "Contractual conditions attached to public money, recorded as a control in the same way as the DoD–MP ownership covenants: a restriction on dealings with foreign entities of concern and on changes of control without the Department of Commerce's consent. It binds the company, not third parties."
  },
  "event": {
    "id": "evt-us-chips-usar-2026",
    "date": "2026-01-26",
    "jurisdiction": "us",
    "titleEn": "Commerce's CHIPS Program letter of intent with USA Rare Earth, and the funding and loan guarantee agreements that followed",
    "documentNumber": null
  },
  "modifiedBy": [],
  "sources": [
    {
      "id": "src-usar-8k-2026-06-03",
      "title": "USA Rare Earth, Inc. Form 8-K (June 3, 2026): Direct Funding Agreement and Loan Guarantee Agreement with the Department of Commerce",
      "publisher": "USA Rare Earth, Inc. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1970622/000121390026064453/ea0293402-8k_usarare.htm",
      "language": "en",
      "datePublished": "2026-06-03",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "The recipient's binding filing, read in a browser on 2026-09-23. Item 1.01 describes the Direct Funding Agreement (up to $277.0 million in five project awards) and the Loan Guarantee Agreement (the DOC guarantees $1.3 billion of Federal Financing Bank advances in five project tranches), both entered into on 3 June 2026 under the \"CHIPS Incentives Program—Facilities for Semiconductor Materials and Manufacturing Equipment\"; milestone-based disbursement; equity-raise requirements; covenants; and the Securities Issuance Agreement (16,132,790 shares and a warrant for 17,600,584 shares at $17.17 to the DOC). Cover page: incorporated in Delaware. It supports contract and financing facts it states directly and is attributed to the company."
    }
  ]
}