Demand Registration After the earlier of the first anniversary ------------------- of the Initial Public Offering Date and May 15, 1997, upon receipt of the written request of one or more Registration Rights Holders (as defined in section 12.2) (the "Initiating Holders") that the Company effect the registration under the 1933 Act of all or part of such Initiating Holders' Shares having a current per share market price of not less than $50,000,000 (a "Demand Request"), the Company shall promptly give written notice of such Registration Request to all other Registration Rights Holders, if any, and thereafter shall use all reasonable efforts to file a registration statement on a form to be selected by the Company and to effect the registration under the 1933 Act of the Shares designated in the Demand Request (a "Demand Registration") and all other Shares the Company has been requested to register by any other Registration Rights Holders entitled to request registration pursuant to section 10.2 (the "Other Holders") by written request given to the Company within 15 calendar days after the giving of such written notice by the Company. The Company shall be obligated to effect three Demand Registrations; however, notwithstanding anything to the contrary in this agreement, if, for any reason (other than the fault of any Registration Rights Holder), the registration fails to become effective and provide for the distribution of all the Shares specified in the Demand Request, or the effectiveness is not maintained for at least 60 days in accordance with section 10.4(e) or the Company fails to perform all its obligations under this section 10.1 with respect to that registration, that Demand Registration shall not reduce the number of Demand Registrations the Company was required to effect under this section 10.1 prior to that Demand Registration. The Company's obligations under this section 10.1 shall terminate on the earlier of the tenth anniversary of this agreement and the first date on which the Fraction is less than one-tenth, and the Company shall not be obligated to effect more than one Demand Registration in any period of 365 days.