Derivative Demand definition

Derivative Demand means a written demand by one or more security holders of a Company, without the assistance, participation or solicitation of any Executive, upon the board of directors (or equivalent management body) of such Company requesting that it file on behalf of the Company a civil proceeding in a court of law against any Executive for a Wrongful Act.
Derivative Demand means a written demand by any member of an Insured Organization, in such member’s capacity as such, upon the board of directors or managers of such Insured Organization to bring a civil proceeding on behalf of an Insured Organization against an Insured Person for a Wrongful Act of such Insured Person if such demand is made without the assistance, participation or solicitation of any Executive. A Derivative Demand shall be deemed commenced by the receipt by the board of directors or managers of such demand.
Derivative Demand means a written demand by any security holder of an Insured Entity upon the board of directors (or equivalent management body) of such Insured Entity to commence a civil action on behalf of the Insured Entity against any Manager of the Insured Entity for any actual or alleged wrongdoing on the part of such Manager.

Examples of Derivative Demand in a sentence

Derivative Investigationan internal inquiry or investigation undertaken by the Insured Entity or on behalf of the Insured Entity by its board of directors (or equivalent management body) or any committee of the board of directors (or equivalent management body) as to how the Insured Entity should respond after the receipt by an Insured Entity of a Derivative Suit or a Derivative Demand.

The Insurer shall pay on behalf of an Insured Entity all Shareholder Derivative Demand Investigation Costs resulting from any Shareholder Derivative Demand first made during the Policy Period or the Extended Reporting Period, if applicable, for any Wrongful Act.

In addition, other than with respect to the Investment Adviser Professional Liability Coverage Part, a Claimincludes a Shareholder Derivative Demand.

Nothing in this Coverage Section, including Coverage D, shall be construed to afford coverage for any Claim brought by the Company against one or more of its own Executives, other than Investigation Costs incurred in a covered Derivative Demand or as otherwise provided under Section III.F. of this Coverage Section.

The Underwriters shall pay on behalf of the Insured Organization all Costs of Investigation resulting from any Derivative Demand first made and reported in writing to the Underwriters during the Policy Period or Optional Reporting Period, if applicable, for a Wrongful Act.


More Definitions of Derivative Demand

Derivative Demand means a written demand by one or more owners of voting securities of the Insured Organization upon the board of directors of the Insured Organization to bring a civil proceeding in a court of law against any of the Insured Persons for a Wrongful Act.
Derivative Demand means a written demand by one or more equity or security holders of the Company upon the Company’s board of directors to bring a civil proceeding on behalf of the Company against any Executive for a Wrongful Act.
Derivative Demand means a written demand by one or more owners or directors of the Insured Organization to bring a civil proceeding in a court of law against any of the Insured Persons for a Wrongful Act, subject to the sublimit specified in Item4. of the Declarations.
Derivative Demand means any written demand by any security holders of an Insured Entity, in their capacity as such, upon the board of directors or managers of such Insured
Derivative Demand means a written demand by one or more shareholders of the Insured Organization upon its board of Directors (or equivalent governing body) to bring a civil proceeding in a court of law against an Executive for a Wrongful Act.
Derivative Demand means any written demand by one or more securities holder(s) of an Entity in his, her or its capacity as such, upon the board of directors or board of managers (or equivalent management body) of such Entity to bring a Derivative Action.
Derivative Demand means a written demand by one or more shareholders, members or equity owners of the Company upon the Company’s Board of Directors (or equivalent management body), to bring a civil proceeding against any Executive of the Company for a Wrongful Act.