Common use of Other Withdrawals Clause in Contracts

Other Withdrawals. The Company will have the right to withdraw assets from the HPS Investment Account (i) to deposit into (x) the Claims Account to the extent required to satisfy any obligations set forth in Section 10(a)(ii) and (y) the Operating Account to the extent required to satisfy any obligations set forth in Section 10(a)(iii), in each case, upon as much prior written notice to the Investment Manager as reasonably practicable; provided that, in each case, if the Company withdraws assets in an amount equal to or greater than 10% of the Net Asset Value of the HPS Investment Account, the Company shall use commercially reasonable efforts to provide thirty (30) Business Days (as defined in Exhibit B) prior written notice to the Investment Manager; provided, further, that, in each case, the Company will use commercially reasonable efforts to re-contribute any excess unused withdrawn assets back into the HPS Investment Account, and (ii) to the extent that any credit facility or letter of credit facility to which the Company is a party requires such withdrawal; provided that the Company will use commercially reasonable efforts to re-contribute such withdrawn assets back into the HPS Investment Account after, and to the extent that, the applicable credit facility or letter of credit facility no longer requires such assets.

Appears in 3 contracts

Sources: Investment Management Agreement (Watford Holdings Ltd.), Investment Management Agreement (Watford Holdings Ltd.), Investment Management Agreement (Watford Holdings Ltd.)