Commercial Operation Date (COD. 15.1.1 The Project shall be deemed to be complete only when the Completion Certificate is issued under the provisions of Article 14, and accordingly the commercial operation date of the Project shall be the date on which such Completion Certificate is issued (the "COD"). For avoidance of doubt, the Project shall not be deemed to be complete when the Phased Completion Certificate(s) are issued to the Concessionaire. The Project shall enter into commercial service on COD whereupon the Concessionaire shall be entitled to demand and collect Annuity Payments in accordance with the provisions of this Agreement. 15.1.2 The Concessionaire shall be eligible for release of O&M payments for Phased Completion only after achieving COD. 15.1.3 Such O&M payment shall be calculated on a pro-rata basis for each of the Units within the Project Site(s) that would have achieved Phased Completion, calculated from the relevant date of Phased Completion and till the COD, and worked out as a function of the First Year O&M Cost, the estimated O&M Payment as applicable for the construction period and the aggregate number of Units for which such O&M payment is payable. 15.1.4 For avoidance of doubt: A. Let us assume that 50 Sites achieve Phased Completion on the 120th day from the Appointed Date and these 50 Sites have, between them have 400 Units (i.e., seats/service counters), and B. Let us also assume that the First Year O&M Cost is Rs. 25 Crore for say 2300 seats/service counter under consideration.
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Sources: Concession Agreement, Concession Agreement, Concession Agreement