Common use of Subsidiary Governance Clause in Contracts

Subsidiary Governance. The Company and each Shareholder agree that the Board of Directors of Watford Re at the date hereof shall be comprised of the individuals who are serving as directors on the Board in accordance with this Agreement (including pursuant to Section 2.04) and, subject to Section 2.02, the bye-laws of Watford Re. After the date hereof, any vacancies shall be filled in accordance with this Agreement and subject to Section 2.02, the bye-laws of Watford Re.

Subsidiary Governance. The Company and each Shareholder agree that the Board of Directors of Watford Re at the date hereof shall be comprised of the individuals who are serving as directors on the Board in accordance with this Agreement, the Common Shareholders Agreement (including pursuant to Section 2.04) and, subject to Section 2.02, and the bye-laws of Watford Re. After the date hereof, any vacancies shall be filled in accordance with this Agreement, the Common Shareholders Agreement and, subject to the Common Shareholders Agreement and subject to Section 2.022.02 hereof, the bye-laws of Watford Re.