Common use of Equity Investment Notice Clause in Contracts

Equity Investment Notice. If Covanta decides to pursue any Project that is not an Excluded Project, Covanta shall provide a written notice to Global (an “Equity Investment Notice”) to advise Global that Covanta is proceeding with the Project, such notice to include as much detail about the Project as is available at the time, including the name of the Project, the supplier of the Feedstock for the Project, any commercial terms regarding the tipping fees for the Project and potential off-take arrangements, an estimate of the cost of developing the Project, the pro forma for the Project, if available, and any other information which is available to Covanta that might be relevant to Global making a decision to invest equity in such Project. Global shall have forty-five (45) days from the receipt of the Equity Investment Notice to review the information about the Project and decide whether Global wants to invest equity in the Project. During the forty-five (45) day period, Covanta shall use all reasonable business efforts to respond to any questions raised by Global and the Parties shall meet to discuss the Project if either Party requests to do so. Global shall have the right, in its sole discretion, to invest up to thirty-five percent (35%) of the total required equity for each Project which is the subject of an Equity Investment Notice, but in no event may Global invest less than ten percent (10%) of the total equity in such Project. If Global elects to invest in a Project, Global shall provide a written response to Covanta (the “Equity Commitment Response”) prior to the expiration of the forty-five (45) day period indicating whether Global wants to invest equity in the Project and, if so, the total percentage of the required equity that it wants to invest. If Global fails to respond in a timely manner to an Equity Investment Notice, it shall be deemed the delivery of a written notice that Global is not interested in investing equity in the Project. If the Equity Commitment Response indicates that Global is not interested in providing any of the required equity for a Project (or Global is deemed to have delivered such a notice), then Covanta shall be free to pursue the Project without any further obligation to offer Global the right to invest equity in such Project.

Equity Investment Notice. If Covanta a Finding Party decides to pursue any Project that is not an Excluded a Subject Project, Covanta the Finding Party shall provide a written notice to Global the Other Party (an “Equity Investment Notice”) to advise Global the Other Party that Covanta is proceeding with the Finding Party wants to pursue the development of a Subject Project, such notice to include as much detail about the Subject Project as is available at the time, including the name of the Subject Project, the type of waste and supplier of the Feedstock waste for the Subject Project, any commercial terms regarding the tipping fees for the Subject Project and potential off-take arrangements, an estimate of the Execution Copy 6 cost of developing the Subject Project, the pro forma for the Subject Project, if available, and any other information which is available to Covanta the Finding Party that might be relevant to Global the Other Party in making a decision to invest equity in such the Subject Project. Global The Other Party shall have forty-five (45) days from the receipt of the Equity Investment Notice to review the information about the Subject Project and decide whether Global the Other Party wants to invest equity in the Project. During the forty-five (45) day period, Covanta the Finding Party shall use all reasonable business efforts to respond to any questions that are raised by Global the Other Party, and the Parties shall meet to discuss the Subject Project if either Party requests to do so. Global The Other Party shall have the right, in its sole discretion, to invest up to thirty-five percent (35%) its maximum percentage of the total required equity for each Subject Project which that is the subject of an Equity Investment NoticeNotice as provided for in Section 2.1, but in no event may Global the Other Party invest less than ten percent (10%) its minimum percentage of the total equity required as provided for in such ProjectSection 2.1. If Global the Other Party elects to invest in a Subject Project, Global the Other Party shall provide a written response to Covanta the Finding Party (the “Equity Commitment Response”) prior to the expiration of the forty-five (45) day period indicating whether Global the Finding Party wants to invest equity in the Project and, if so, the total percentage of the required equity that it wants to invest. If Global the Other Party fails to respond in a timely manner to an Equity Investment Notice, it shall be deemed to be the delivery of a written notice that Global the Other Party is not interested in investing equity in the Subject Project. If the Equity Commitment Response indicates that Global the Other Party is not interested in providing any of the required equity for a Project (or Global if the Other Party is deemed to have delivered such a notice), then Covanta the Finding Party shall be free to pursue the Subject Project without any further obligation to offer Global the Other Party the right to invest equity in such Subject Project.