Derivative Demand definition

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 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.

Examples of Derivative Demand in a sentence

• 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 Insurer shall pay Investigation Costs on behalf of an Insured Entity that such Insured Entity incurs resulting from a Derivative Demand first made during the Policy Period or Extended Reporting Period, if applicable.

• The Insurer will pay Investigative Costs on behalf of the Company that the Company has incurred as a result of a Securities Holder Derivative Demand first made during the Policy Period or Discovery Period, if applicable.

• The Insurer will pay all covered Defence Costs, Investigation Costs, Regulatory Crisis Event Costs, Extradition Costs, Prosecution Costs, Assets and Liberty Defence Costs, Assets and Liberty Expenses, and Derivative Demand Investigation Costs, Tax Liability, within fifteen (15) days of the Insurer receiving sufficiently detailed invoices and supporting documents for those costs.

• The Insurer shall pay on behalf of the Company the Derivative Costs incurred by the Company in response to a Derivative Demand first made during the Policy Period (or Discovery Period, if applicable) for any Wrongful Act of any Executive, and reported to the Insurer in accordance with Section V.

More Definitions of Derivative Demand

Derivative Demand means a written demand by shareholders upon the board of directors (or equivalent management body) of a Company asking it to bring, on behalf of the Company, a civil proceeding in a court of law against any Insured Person of the Company for a Wrongful Act of such Insured Person.

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 Entity to bring a civil proceeding against a Manager for a Wrongful Act of such Manager if such demand is made without the assistance, participation or solicitation of any Manager. A Derivative Demand shall be deemed commenced by the receipt of such demand.

Derivative Demand means a written demand by one or more shareholders of the Company upon the Company’s Board of Directors, to bring a civil proceeding on behalf of the Company against an Executive for a Wrongful Act.

Derivative Demand means a written demand by shareholders or creditors upon the board of directors (or equivalent management body) of a Company requesting that it file, on behalf of the Company, a civil proceeding in a court of law against any Executive of the Company for a Wrongful Act of such Executive in order to obtain relief from damages arising out of such Wrongful Acts.

Derivative Demand means a written demand by one or more shareholders 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 any written demand by any security holder of a REIT, in their capacity as such, upon the board of directors or other governing board of such REIT to bring a civil proceeding against an Insured Person for a Wrongful Act.