vioravis,
This code is lookings to see if two ranges intersect. The first range, Target, is the cell that has been changed on the worksheet. The second range has been defined as the cells that contain your X and Y values. Therefore, if the Target cell is either X or Y, you have an interection and your code fires.
The If statement is basicly a double negative (Not Nothing) which gives you a positive. If something is Not Nothing then it is Something, is another way of explaining it. If the intersection is nothing then you don't have an intersection so the Else part of the If statement is performed. If the intersection is Not Nothing then you have an intersection and the Then part of your If statement is performed.
Jason, please correct me if my explanation is incorrect. I am answering this question to make sure my thinking is correct.
Hope this helps.
Bookmarks