1.7.1 The Contract shall come into full force and effect on the date (the “Effective Date”) upon which:
(a) a copy of the permit and conditions attached thereto issued in favour of the Owner by the MIC pursuant to the Foreign Investment Law (The Pyidaungsu Hluttaw Law No. 21/2012) (The 3rd Waning of Thadingyut, 1374 ME) (2 November 2012) and any rules, regulations, notifications or orders issued thereunder (the “MIC Permit”); and
(b) a letter of commitment from the Lender for the provision of debt financing in an amount sufficient (when aggregated with the equity and investment contributed or to be contributed by the Owner's sponsors and shareholders) to pay the relevant Contract Price in respect of Phase 1 following the Provisional Acceptance of Phase 1, has been issued.