KKR Investment

KKR Investment. The acquisition by KKR, or by any "group" (as defined in section 13(d) of the Securities Exchange Act of 1934, as amended) that includes KKR, of beneficial ownership of equity securities of Covanta (or the ultimate parent entity having Control of Covanta) representing the right to vote more than 50% of the total number of votes that may be cast for the election of directors of Covanta (or such ultimate parent entity).