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EPIL |
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As of January 7, 2005, the outstanding balance, including interest, of the EPIL note payable was $3,306,000. The amendment to the EPIL III Guarantee Agreement eliminated many of the restrictive covenants contained in the EPIL III Guarantee Agreement and the consent agreement under the Convertible Note Indenture effectively permanently waived compliance with all of the restrictive covenants contained in the Convertible Note Indenture that restrict certain activities of Elan and its subsidiaries without the prior consent of a majority in aggregate principal amount of the outstanding Notes. As a result of the receipt of the requisite consents, Elan expects to enter into an amendment to the guarantee agreement governing Elan's guarantee of the Notes (the "EPIL III Guarantee Agreement") to eliminate many of the restrictive covenants contained in the EPIL III Guarantee Agreement, and a consent agreement under the indenture governing the 6. |
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