Miss Highwater is one of those cards players keep asking about. Here is, in plain words, what its official text says, the rulings published by Wizards of the Coast, and the combos players actually run.

Official card text

Menace Whenever Miss Highwater deals combat damage to a player who doesn't have a contract counter, they may discard their hand. If they do, they draw seven cards and get a contract counter. For as long as they have a contract counter, when they lose the game, for each artifact and creature they controlled, create a token that's a copy of it.