36PU Elan Inst Nts40

    RNS Number : 1330K
  E.L.A.N. Ld
  15 December 2008
   
    For Immediate Release
    15 December 2008
    IRISH STOCK EXCHANGE

    COMPANY ANNOUNCEMENT
    E.L.A.N. LIMITED
    (a public company with limited liability incorporated under the laws of Ireland with registered number 74996)
                                Series 2005-08
 USD100,000,000 Zero Coupon Secured Credit Linked Notes due 2015 (the "Notes")
                             (ISIN: XS0223866467)
                   issued by E.L.A.N. Limited (the "Issuer")
    Notice of amendment to the Swap Agreement

    NOTICE IS HEREBY GIVEN that, with the consent of the holders of all of the outstanding Notes and with effect from 12 December 2008, the
definition of "Loss Determination Amount" in paragraph 1 (General Terms) of the swap agreement entered into by the Issuer on 30 June 2005 in
connection with the issue of the Notes has been amended by the addition of the following:
    "Notwithstanding the above paragraph, if, in connection with a Reference Entity and an Event Determination Date, (i) a protocol or other
market standard agreement for the valuation of obligations of that Reference Entity in respect of the related Credit Event, sponsored by the
ISDA or any other internationally recognized association or organization, is published by such association or organization (the "Protocol")
on or before the related Valuation Date, (ii) the Buyer is bound by, or adheres to, the Protocol and the Swap Counterparty notifies the
Issuer that the MS Hedge Counterparty is also bound by, or adheres to, the Protocol, and (iii) the Protocol provides for the selection of an
obligation of the same seniority as the obligation specified opposite such Reference Entity in Schedule 1 hereto or (as the case may be) any
Reference Obligation specified in the Reference Obligation Notification, then the final price determined under such Protocol for the
obligation of the same seniority as the relevant Reference Obligation specified in the Reference Obligation Notification shall apply as the Final Price for the amount (as specified in the
Reference Obligation Notification or, if there is only one Reference Obligation specified in the Reference Obligation Notification, the
Reference Entity Notional Amount of the Defaulted Reference Obligation) of such Reference Obligation to be valued on the Valuation Date. For
the avoidance of doubt, if more than one Reference Obligation is specified in a Reference Obligation Notification, the provisions of the
above paragraph shall apply separately to each Reference Obligation specified in the Reference Obligation Notification provided, as required
by the terms of this Confirmation, the sum of the amounts to be valued in respect of all Reference Obligations specified in the Reference
Obligation Notification shall not exceed the Reference Entity Notional Amount in respect of the Defaulted Reference Entity.
    "MS Hedge Counterparty" means the party to any hedge transaction entered into by the Buyer to hedge its exposure to the Transaction.".
 Enquiries:  Elaine O'Donoghue 
             Administrator 
             Ogier Corporate Services (Ireland) Limited


             Tel: 00 353 (0) 1 775 2613


             Email: Elaine.Toner@ogier.ie


    This announcement has been issued through the Companies Announcement Service of
    the Irish Stock Exchange.



This information is provided by RNS
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