ISDA International Swaps and Derivatives Association, Inc.
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
U.S.A.
Phone: (212) 332-1200
Fax: (212) 332-1212
Website: www.isda.org


M E M O R A N D U M



TO:		ISDA Credit Derivatives Market Practice Committee 

FROM:	Louise Marshall (lmarshall@isda.org); Katia D'Hulster
(kdhulster@isda-eur.org)

DATE:		December 4, 2001

RE:		Credit Derivatives Documentation; Review of 1999 Definitions


Three Supplements and Commentaries have been published on ISDA's website
relating to amendments to the 1999 ISDA Credit Derivatives Definitions (the
"Definitions").  These three Supplements to the Definitions are: (i) the
Restructuring Supplement published on May 11, 2001; (ii) the Supplement
Relating to Convertible, Exchangeable or Accreting Obligations, published on
November 9, 2001; and (iii) the Supplement on Successor and Credit Events,
published on November 28, 2001.  As indicated at the Credit Derivatives
Market Practice Committee meeting on November 5 in London and New York, ISDA
will publish a Supplement that rolls all three Supplements into one, for
ease of reference.  We will also do the same for the Commentaries. 

ISDA has received member feedback that it would be useful to update the
Definitions in 2002.  Accordingly, taking into account that the three
Supplements have already been published, we would like to receive any
additional comments that you might have on other areas of the Definitions.
Please direct your comments to Kimberly Summe at ksumme@isda.org by Friday,
January 18.  Once comments are received and reviewed, we will hold another
Credit Derivatives Market Practice Committee meeting, probably in February
2002. Details will be sent out in January 2002.

Also, as a reminder, final comments are due on the User's Guide (also to
ksumme@isda.org) by Monday, January 7, 2002.  

Thank you in advance for your consideration.